Barrick Mining Corp. has initiated a structural overhaul of its North American operations by filing a registration statement with the U.S. Securities and Exchange Commission to list a newly spun-out company, American Barrick Gold Corp., on the New York Stock Exchange under the ticker symbol ABGC. The proposal creates a distinct, publicly traded vehicle focused on Barrick's premier regional gold assets while maintaining the new company as a controlled subsidiary of the Canadian parent.
The transaction consolidates Barrick's highest-quality producing assets into a pure-play regional operator. At the centre of that portfolio is the company's 61.5% operating interest in Nevada Gold Mines, the sprawling joint venture with Newmont Corp. According to Barrick's filings, Nevada Gold Mines accounted for the bulk of production: 81% of American Barrick's 2.0 million attributable ounces in 2025. The portfolio also includes a 60% operating interest in the Pueblo Viejo mine in the Dominican Republic.
Under the terms described in the filing, proceeds from the public sale will be directed to Barrick Mining via repayment of a promissory note that is to be issued as a dividend immediately before the transaction closes. Barrick has stated its intention to return the capital received back to its own shareholders. On its side, American Barrick is forecasting a conservative starting balance sheet, targeting approximately zero net debt at the time of close. Management has set a targeted annualized base dividend of $1.25 billion for the new company, with the prospect of additional top-up distributions financed by excess free cash flow.
Operational metrics in the filing present a company with significant recent earnings power. American Barrick reported $2.24 billion in attributable net earnings and $4.02 billion in adjusted EBITDA for 2025. That momentum extended into the first half of 2026, with attributable production rising 7% year over year to 951,000 ounces and all-in sustaining costs narrowing to $1,794 per ounce.
Longer-term organic growth is expected to be anchored by the Fourmile discovery within Nevada's Cortez Complex, which was contributed to the Nevada joint venture after a modernized agreement with Newmont. Barrick projects that Fourmile could be ramped to a full run-rate of 750,000 to 850,000 ounces annually by 2034, with projected life-of-mine all-in sustaining costs between $850 and $950 per ounce. Those cost assumptions would place Fourmile in the bottom quartile of the global cost curve, according to the company's filing.
Details on final share counts and pricing for the offering remain unspecified in the preliminary registration. The carve-out is presented as a jurisdictionally focused equity instrument intended to create a more liquid ownership stake in Barrick's North American production base and to narrow valuation differentials versus comparably fragmented peers. Market participants will be watching for the launch of the investor roadshow to learn final pricing, valuation benchmarks, and the parent company's timeline for distributing the offering proceeds to its shareholders.
What the filing makes clear - The new entity will list on the New York Stock Exchange as ABGC, will be structured as a controlled subsidiary of Barrick Mining, is expected to target about zero net debt at close, and has set an annualized base dividend target of $1.25 billion. The core asset base is led by a 61.5% operating interest in Nevada Gold Mines and a 60% operating interest in Pueblo Viejo.
What remains to be decided - Final share issuance, price per share, and the timetable for returning the proceeds to Barrick shareholders depend on subsequent steps in the offering process, including the roadshow and final pricing decisions.