New York, Feb 5, 2026, 09:05 EST — Premarket
- Shares fell roughly 3% in premarket trading following the quarterly results and an update on IPO preparations
- The miner raised its quarterly dividend and introduced a new payout policy tied to cash flow
- Investors are tuned in to today’s webcast, seeking clues on IPO timing, cost projections, and guidance for 2026
Barrick Mining Corporation shares dropped 2.9% to $46.00 in premarket trading Thursday, following its fourth-quarter results and announcement to move forward with an IPO for its North American gold assets. The stock had closed at $47.36 the day before. (Google)
Investors are grappling with two conflicting signals: miners promising bigger cash returns and a gold market that’s been swinging wildly, even as it stays near historic highs.
Barrick’s update is significant because the IPO and dividend changes focus on the company’s valuation, not merely its mining operations. The board described the North America listing as a move to “maximize shareholder value,” while the revised dividend formula links payouts more closely to the company’s actual cash flow.
Barrick said the IPO, targeted for late 2026, will include stakes in Nevada Gold Mines, Pueblo Viejo in the Dominican Republic, and the Fourmile project in Nevada. Barrick will keep control after the listing. Analysts value the North American assets at roughly $42 billion, Reuters reported. (Reuters)
The miner posted $6.00 billion in revenue for the quarter and said operating cash flow climbed to $2.73 billion. Free cash flow — the cash remaining after capital expenses — stood at $1.62 billion. Adjusted earnings hit $1.04 per share. CEO Mark Hill highlighted that the company “reported record quarterly cash flow” while sticking to its 2025 operating plan. (Barrick Mining Corporation)
Barrick named Hill to its board and brought on Robert Samek, a former McKinsey senior partner, as a director. Chairman John Thornton praised Hill for bringing “rigor and operational discipline” to the company as it advances what it terms its next phase of development. (Barrick Mining Corporation)
Barrick announced a $0.42 per share dividend for Q4, set to be paid on March 16 to shareholders recorded by Feb. 27. The company also introduced a new dividend policy aiming to return 50% of “attributable free cash flow” annually. This includes a $0.175 base dividend every quarter, topped up at year-end based on performance. (Q4Cdn)
The reset arrives with both a boost and a caution. A Reuters poll of analysts and traders put the median gold price forecast for 2026 at $4,746.50 an ounce. The same survey highlighted how gold has swung between new highs and steep drops in recent sessions. “We are entering a period” of unusually intense strain on global systems, said David Russell, CEO of precious-metals dealer GoldCore. (Reuters)
Barrick projected gold production for 2026 between 2.90 million and 3.25 million ounces, with copper output expected to range from 190,000 to 220,000 tonnes. The company also set all-in sustaining costs (AISC) at $1,760 to $1,950 per ounce, based on a $4,500 gold price assumption that influences royalty-related expenses.
The company flagged that its 2025 cost metrics rose due to royalties linked to higher realized prices and increased consumables costs, partly a result of tariffs. It also noted non-core asset sales brought in $2.6 billion in 2025, with a year-end cash pile of $6.71 billion—despite what it described as record shareholder returns.
Execution risks remain evident. The North American listing is still in the early stages, with plenty of ground to cover. Returns tied to commodity cash flow could evaporate fast if gold prices dip once more. Barrick also faces safety challenges: two deaths were reported in the fourth quarter, prompting the company to implement measures to avoid repeats and emphasize a renewed internal push to boost safety standards.
Investors can tune in to Barrick’s live webcast and presentation at 11:00 a.m. ET on Thursday, with an analyst Q&A to follow. This call will likely be the first chance to gauge how much detail management provides on IPO plans, cost assumptions, and 2026 spending pace. (Barrick Mining Corporation)
