Gold and Copper Join Forces for a Surge Barrick Mining(B.US)Q4 Revenue Up 64%, Dividends Soar 140% MoM! Announces IPO Spin-off of North American Gold Assets

Headquartered in Canada, the global gold mining leader Barrick Gold (B.US) announced strong financial results and made a major announcement to spin off its top North American gold assets through an IPO. At the time of this IPO announcement, this second-largest gold producer worldwide is trying to regroup and capitalize on the unprecedented surge in gold prices to achieve stronger profits, after years of lagging behind competitors in the gold mining industry. Media reports indicate that the aggressive activist investment firm Elliott Investment Management has purchased a large stake in Barrick Gold, and stocks of companies in which Elliott invests often experience significant upward movements.

Latest financial reports show that Barrick Gold’s quarterly cash flow and earnings per share hit record highs, with 2025 gold and copper production roughly in line with analyst expectations. In Q4, Barrick’s gold production increased by 5% quarter-over-quarter to 871,000 ounces. Total revenue for Q4 was approximately $6 billion, representing a substantial year-over-year increase of 64.4%, exceeding market expectations by about $840 million, and a quarter-over-quarter increase of 45%.

Benefiting from a 70% surge in gold prices in 2025 and a significant rise in LME international copper prices driven by AI data center construction and new energy sectors since the second half of 2025, Barrick achieved record quarterly cash flow in Q4. Operating cash flow was approximately $2.73 billion, with free cash flow around $1.62 billion, up 13% and 9% respectively from Q3. The gold giant’s Q4 earnings per share also hit a quarterly high, thanks to strong gold and copper prices. The company reported GAAP EPS of $1.43 and non-GAAP adjusted EPS of $1.04, representing quarter-over-quarter increases of 88% and 79%, respectively, both well above Wall Street consensus estimates.

Additionally, the company announced a quarterly dividend of $0.42 per share—an increase of 140% from Q3. Starting from Q4 2025, the new quarterly dividend policy aims to allocate at least 50% of attributable free cash flow to dividends, including a substantial 40% increase in the basic quarterly dividend to $0.175 per share, with additional dividends at year-end based on performance. For 2026, the company expects gold production between 2.9 million and 3.25 million ounces, and copper output between 190,000 and 220,000 tons.

On Thursday, Barrick stated in a release that it will sell a minority stake in its newly established North American mining subsidiary while reaffirming its intention to retain a “substantially large” majority stake. The management team expects the IPO to be completed by the end of 2026.

The spinoff will include the mining giant’s joint venture interests in Nevada, USA, as well as its latest exploration and mining activities at Fourmile, and a mine in the Dominican Republic. The company added that assets in high-risk jurisdictions such as Africa and Pakistan will remain under the parent company’s ownership.

The statement from Barrick read: “After careful analysis, the board has decided to proceed with preparations for the IPO of Barrick North America gold assets to maximize shareholder value.”

Bloomberg Intelligence analyst Grant Sporre noted that if investors assign a similar premium to Barrick’s North American assets as they do to its North American competitor Agnico Eagle Mines Ltd., the value of Barrick’s North American gold assets could approach $62 billion. However, the spinoff of subsidiaries could also make the new business units more susceptible to acquisition interest.

Since the sudden departure of former CEO Mark Bristow in September and the emergency appointment of interim CEO Mark Hill, significant restructuring has taken place, including reorganizing regional operations and reshuffling senior management. During a period of rising gold prices, Barrick’s gold production had declined for several consecutive years, which contributed to its valuation being lower than its peers.