Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) said its board has authorized management to explore an initial public offering (IPO) of its North American assets, a move analysts say could lift the valuation of its holdings without a full corporate breakup.
The proposed new entity, dubbed “NewCo,” would house Barrick’s joint venture interests in Nevada Gold Mines (NGM) and Pueblo Viejo (PV), as well as the wholly owned Fourmile gold discovery in Nevada.
Barrick would retain a controlling majority stake in NewCo, allowing shareholders to maintain exposure to the company’s broader portfolio, including African mines and the Reko Diq project in Pakistan.
Jefferies analysts described the move as a strategic way to unlock value through a “cleaner” structure, rather than splitting the company entirely. “This is about valuation arbitrage,” they wrote in a note, adding that NewCo could attract interest from larger gold producers such as Newmont and Agnico Eagle.
Barrick said it is focused on maximizing shareholder value and is undertaking an operational review, with updates on the IPO expected in February 2026.
The analysts suggested the potential IPO could push their valuation range to $48 to $56 per share using EV/EBITDA multiples, and $49 to $53 per share using P/NAV multiples.
While headlines had recently speculated about a complete Barrick breakup into North America- and Africa-focused companies, the analysts emphasized that the NewCo IPO represents a more measured approach, potentially paving the way for selective asset sales over time.
Shares of Barrick rose about 2.7% to $41.34 in early trading in New York.