American Barrick files for NYSE IPO as controlled unit of parent Barrick Mining

Barrick Mining Corp (NYSE:B) is spinning off its premier North American gold portfolio into a standalone publicly traded company, filing an initial public offering registration with the U.S. Securities and Exchange Commission on Tuesday as part of a strategic reorganization under Chairman John Thornton. The newly carved-out vehicle, American Barrick Gold Corp., plans to list on the New York Stock Exchange under the ticker symbol “ABGC” and will remain a controlled subsidiary of the Canadian parent following the offering.

The transaction packages Barrick’s top-tier operating assets into a pure-play regional vehicle anchored by its controlling stakes in the world’s largest gold mining complex and regional Tier One mines. Central to the portfolio is the company’s 61.5% operating interest in Nevada Gold Mines, a joint venture with Newmont Corp. that generated 81% of American Barrick’s 2.0 million attributable ounces in 2025, alongside a 60% operating interest in the Pueblo Viejo mine in the Dominican Republic.

Proceeds from the public offering will be directed to Barrick through the repayment of a promissory note issued as a dividend immediately prior to the transaction, with the parent intending to return the capital to its own shareholders. For its part, American Barrick expects to maintain a clean balance sheet featuring approximately zero net debt at close and an targeted annualized base dividend of $1.25 billion, supplemented by potential top-up distributions funded by excess free cash flow.

Operationally, the entity is positioned to capture compounding upside from elevated bullion prices after generating $2.24 billion in attributable net earnings and $4.02 billion in adjusted EBITDA in 2025. That momentum continued through the first half of 2026, where attributable production rose 7% year over year to 951,000 ounces while all-in sustaining costs narrowed to $1,794 per ounce.

Longer-term organic expansion is set to be anchored by the high-grade Fourmile discovery in Nevada’s Cortez Complex, which was recently contributed to the joint venture following a modernized agreement with Newmont. American Barrick expects to ramp Fourmile to a full run-rate of 750,000 to 850,000 ounces annually by 2034, projecting life-of-mine all-in sustaining costs between $850 and $950 per ounce to place the project in the bottom quartile of the global cost curve.

While share counts and pricing terms remain undetermined in the preliminary filing, the carve-out creates a liquid, jurisdictionally focused equity currency aimed at closing valuation discounts relative to fragmented peers. Investors will now watch the roadshow launch for final pricing terms, valuation benchmarks, and the parent company's timetable for returning transaction proceeds to shareholders.