SLAM Exploration Ltd. (TSXV: SXL)
‘Exploring for critical elements and precious metals in New Brunswick, Canada.’
Driven by parabolic rises in gold prices, Barrick Mining Corp. (TSX: ABX; NYSE: B), the world’s second-largest mining company, capped off 2025 with historic cash flow and a series of blockbuster moves. The company not only delivered soaring profits but also overhauled its capital return strategy, with its board approving preparations for an initial public offering (IPO) of its North American gold assets.
The senior gold producer reported record quarterly operating cash flow of US$2.73 billion and free cash flow of US$1.62 billion for the fourth quarter, up 13% and 9% respectively from the previous quarter. More impressively, net earnings surged to US$2.41 billion, or US$1.43 per share, while adjusted earnings came in at US$1.04 per share, marking the strongest quarterly profitability in the company’s history and significantly beating analyst expectations.
Production growth provided solid support. Fourth-quarter gold output rose 5% quarter-over-quarter to 871,000 ounces, while copper production climbed 13% to 62,000 tonnes. Full-year 2025 gold production totaled 3.26 million ounces, slightly down from the prior year but in line with guidance, whereas copper output jumped 13% to 220,000 tonnes.
Bolstered by robust cash flow, Barrick unveiled a new dividend framework targeting a total annual payout of 50% of attributable free cash flow. The policy includes a fixed base quarterly dividend of US$0.175 per share, supplemented by a performance-linked year-end top-up.
Under this new framework, the company declared a fourth-quarter dividend of US$0.42 per share—a 140% increase from the prior quarter. In 2025, Barrick returned a total of US$2.39 billion to shareholders through dividends and US$1.5 billion in share buybacks, representing approximately 3% of its outstanding shares.
CEO Mark Hill stated that the strong financial performance allows shareholders to participate more directly in the company’s success. “We reported record quarterly cash flow, delivered on our gold and copper production guidance, and successfully executed our 2025 operating plan,” Hill said in a statement.
Beyond the stellar earnings, Barrick announced a major strategic move: its board has decided to advance preparations for spinning off its North American gold business through an IPO, aiming to unlock the value of these core assets.
The newly independent entity, tentatively named NewCo, would consolidate Barrick’s key interests, including its stakes in the Nevada Gold Mines joint venture, the Pueblo Viejo mine in the Dominican Republic, and the Fourmile exploration project in Nevada. Barrick intends to retain a controlling stake post-IPO, with the transaction expected to be completed by late 2026, subject to regulatory approvals and market conditions.
Market analysts widely view the move as a clear signal to unlock asset value. Analysts at Jefferies noted that this essentially gives the green light to the spin-off plan, while RBC Dominion Securities’ Josh Wolfson suggested the spin-off “could serve as a catalyst for the share price.” Management emphasized that the move maximizes valuation potential while maintaining the company’s strategic control and financial exposure to these flagship assets.
Looking ahead to 2026, Barrick guided for gold production between 2.90 and 3.25 million ounces and copper output between 190,000 and 220,000 tonnes. Its cost guidance incorporates higher assumed commodity prices. Concurrently, the company disclosed that a comprehensive review of its US$7.7 billion Reko Diq copper-gold project in Pakistan is underway due to security incidents, with an update to be provided upon completion.
Despite facing specific challenges, the record-breaking financial performance, significantly enhanced shareholder returns, and the value-unlocking structural spin-off plan collectively paint a compelling picture of multiple positive catalysts for Barrick Mining, capturing broad market attention.
