1911 Gold Corporation (TSXV: AUMB; OTCQX: AUMBF)
1911 Gold is Manitoba’s Gold Standard - Ready, Permitted and High-Grade 1911 Gold is an Emerging Gold Producer, with Significant Cash Flow Generation and District-Scale Growth Potential
Agnico Eagle Mines Ltd., (TSX: AEM, NYSE: AEM) one of the world’s three largest gold producers, has ruled out investing in Barrick Mining Corp.’s (TSX: ABX, NYSE: B) planned initial public offering of its North American gold assets, according to its chief executive. The decision defies widespread market expectations that top-tier peers would buy into the spin-off, heaping additional pressure on Barrick’s signature value-unlocking initiative.
“It would not make sense for us to buy into their North America IPO,” Ammar Al-Joundi said in an interview with Reuters. The call is driven by strategic priorities rather than concerns over valuation or deal attractiveness, he explained. “Strategically we have our own business and it is looking pretty good.” Al-Joundi added that any potential acquisition of Barrick’s Nevada assets would ultimately rest with Barrick’s board and management. A Barrick spokesperson declined to comment on the remarks.
Barrick is pursuing the North American spin-off and IPO to sharpen operational focus, unlock value from its premium portfolio, and separate its mature North American operations from assets in higher-risk jurisdictions including Mali and Pakistan. The proposed standalone entity would center on Barrick’s stake in the Nevada Gold Mines complex, the Pueblo Viejo mine, and its wholly owned Fourmile discovery in Nevada. Those assets produced approximately 2 million attributable ounces of gold in 2025. Barrick will retain majority control of the new company, with only a small minority interest set to be listed publicly.
The rejection from Agnico Eagle directly undercuts a key market narrative. Analysts at Jefferies had previously predicted that the standalone business—with its smaller scale and lack of non-core assets in challenging regions—would be a more palatable acquisition target than Barrick as a whole, and would draw interest from major gold producers including Newmont Corp. and Agnico Eagle. That thesis has now been publicly invalidated.
Barrick’s board first greenlit exploration of the North American IPO in December 2025. The company had aimed to wrap up the listing by the end of 2026, with Mark Hill tapped to lead the new North American company and Sebastiaan Bock set to become CEO of Barrick’s remaining operations. But people familiar with the matter say Barrick, working with Goldman Sachs Group Inc. and other advisory banks, is now weighing a delay to 2027. Preparations remain underway, and details including the exact offering window and size are still subject to change.
To remove a major legal roadblock for the IPO, Barrick reached a $1.95 billion settlement with Newmont in August to end their years-long dispute over the Nevada Gold Mines joint venture. The agreement folded Barrick’s Fourmile project and Newmont’s Fiberline and Mike projects into the Nevada Gold Mines portfolio, and secured Newmont’s consent for the planned IPO. Still, Barrick’s share price dropped after the deal was announced, reflecting investor disappointment with the transaction’s value.
Deeper tensions persist at the shareholder level. The spin-off plan has faced opposition from some of Barrick’s largest investors, with at least one major shareholder publicly calling for chairman John Thornton to retire. Thornton has helmed Barrick since 2014, first as executive chairman and later as chairman. Under his leadership, Barrick’s stock has consistently underperformed rivals Newmont and Agnico Eagle, and the company fell to third place among global gold producers last year after being overtaken by Agnico Eagle.
Barrick has grappled with a string of setbacks over the past year: a protracted dispute at its Mali gold mine led to a $1 billion write-down, long-time CEO Mark Bristow departed abruptly, and elevated operating costs have squeezed margins. Even after a 22% jump in its US-listed shares in August—fueled by a flight to gold amid US debt management concerns and a weaker dollar—the stock is roughly flat for the year.
