The Conversation (0)
- Experienced and proven management team appointed, dedicated exclusively to North American gold assets
- North American Barrick to include Barrick's stakes and operatorship of Nevada Gold Mines and Pueblo Viejo, as well as the Fourmile project
- North American Barrick's gold assets had approximately ~2.0Moz attrib. gold production in 2025, with opportunity for significant growth
- Barrick will maintain a significant controlling interest in North American Barrick
- IPO targeted for completion by end of 2026
Barrick Mining Corporation (NYSE:B) (TSX:ABX) ("Barrick" or the "Company") today announced several executive appointments and provided an update regarding the planned initial public offering (the "IPO") of a minority stake of a new company that will hold its North American Gold Assets ("North American Barrick").
Advantages of North American Barrick will include:
Dedicated and Experienced Management Team: An executive leadership team dedicated exclusively to North American Barrick has been appointed. They have been working successfully together for many months. The team consists of experienced and proven Barrick veterans with deep expertise in operations, exploration, and development. The team reports to Mark Hill, Barrick President and CEO, and is comprised of:
-
- Tim Cribb, Chief Operating Officer
- Wessel Hamman, Chief Financial Officer
- Joe Heckendorn, Chief Legal Officer & Corporate Secretary
- Megan Tibbals, Chief Technical Officer
- Richard Barley, Chief HR Officer
- Javier Ortuzar, Vice President – Exploration
- Amanda Steensen, Vice President – Sustainability
Mark Hill said: "With our renewed focus and discipline, Barrick has been delivering extremely positive results in North America. The IPO is expected to accelerate this momentum by giving North American Barrick its own dedicated management team and highlighting the attractiveness of these gold assets in one of the premier gold districts in the world."
Tier One North America-Focused Portfolio: Portfolio of four Tier One gold assets located in premier mining jurisdictions in North America: Carlin, Cortez, and Turquoise Ridge in the Nevada Gold Mines complex ("NGM"), and the Pueblo Viejo mine in the Dominican Republic. North American Barrick's assets produced approximately 2.0Moz of gold production in 2025 attributable to Barrick's interests.
Growth Profile Driven by Fourmile: North American Barrick will also include Barrick's wholly-owned Fourmile gold project, located adjacent to NGM. Barrick believes Fourmile is one of the most significant gold discoveries of this century and will be a significant high-grade and low-cost growth opportunity in North American Barrick's portfolio. It is anticipated that Fourmile will eventually be contributed to the NGM joint venture, in accordance with the NGM Joint Venture Agreement.
Barrick has identified what it believes to be the optimal structure for the IPO of its North American assets. North American Barrick is expected to have its primary listing in New York, with a secondary listing in Toronto, subject to customary SEC registration and Canadian prospectus qualification processes. Barrick is on track to complete the IPO by the end of 2026, subject to market and other conditions and necessary approvals.
The anticipated IPO will abide by all applicable commitments in Barrick's Joint Venture Agreements. Barrick's leaders have been meeting with their counterparts at Newmont to discuss improving performance at NGM, the proposed IPO, and the timeline of the vend-in on Fourmile. While Barrick is free to pursue the IPO unilaterally, it is working in close collaboration with its Joint Venture partner to ensure value is created and maximized for all.
About Barrick Mining Corporation
Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick's operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B' and on the Toronto Stock Exchange under the symbol ‘ABX'.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended, and applicable Canadian securities laws.
Investor Relations Contact
Barrick Mining Corporation
Cleve Rueckert, +1 775 397 5443
cleveland.rueckert@barrick.com
Media Contact
Brunswick Group
Carole Cable, +44 7974 982 458
barrick@brunswickgroup.com
Cautionary Statement on Forward-Looking Information
Certain information contained in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements" and "forward-looking information" within the meaning of applicable U.S. and Canadian securities laws (collectively, "forward-looking statements"). All statements herein, other than statements of historical fact, are forward-looking statements. The words "expect", "will", "anticipate", "target", "continue", "believe", "plan", "ongoing", "future", "could", "would", "should", "may" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick's intention to pursue and the expected timing for and potential benefits of the IPO; the listing of the shares in New York and Toronto; the assets that will comprise the North American Gold Assets included in the IPO, including the anticipated contribution of Fourmile to the NGM joint venture in the future; the expected management team of Barrick North America; Barrick's intention to maintain a significant controlling interest in Barrick North America; and the structure and the ability of the IPO to generate significant value for Barrick and Newmont.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: failure to obtain necessary regulatory and shareholder approvals; changes in the IPO transaction structure due to regulatory, legal or tax requirements; the ability for Barrick North America to meet listing standards (specifically, no application has been made to list the shares in New York or Toronto, listing is subject to the approval of the relevant stock exchanges in accordance with their original listing requirements, and no stock exchange has conditionally approved the listing and there is no assurance that any listing will be approved); failure to realize anticipated benefits from the IPO; risks associated with working with partners in jointly controlled assets; risks related to the demands placed on Barrick's management and the ability of management to implement its business strategy; risks related to competition in the mining industry; employee relations including loss of key employees; transaction-related costs and current and future macroeconomic and geopolitical conditions.
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Annual Report on Form 40-F and Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
