Barrick (NYSE: B) lines up an IPO of its North America gold business

What happened

Barrick Mining Corporation (NYSE: B) disclosed a Form S-1 for an initial public offering of its North America gold business, American Barrick Gold Corporation.

American Barrick, now a wholly owned Barrick subsidiary, filed the registration statement on Nov. 10. Barrick gave it to shareholders because the information may matter to them. American Barrick plans to apply to list its common stock on the New York Stock Exchange under the symbol ABGC. Barrick would stay its parent and keep a controlling stake, which makes it a controlled company under NYSE rules.

American Barrick plans to use part of the net proceeds to repay a promissory note issued to Barrick as a dividend just before the offering. The rest would go to general corporate purposes. The SEC has not yet declared the registration statement effective, so no shares can be sold.

Key numbers

Metric	Latest	Change	Source
American Barrick consolidated revenue, 2025	$11.40 billion		SEC 6-K, Exhibit 99.1 (Form S-1)
Net earnings attributable to owners, 2025	$2.24 billion		SEC 6-K, Exhibit 99.1 (Form S-1)
Attributable adjusted EBITDA, 2025	$4.02 billion		SEC 6-K, Exhibit 99.1 (Form S-1)
All-in sustaining cost, 2025	$1,687 per ounce		SEC 6-K, Exhibit 99.1 (Form S-1)
Consolidated revenue, six months ended June 30, 2026	$7.26 billion		SEC 6-K, Exhibit 99.1 (Form S-1)
Subsidiary debt Barrick remains obligor on after separation	$2.75 billion		SEC 6-K, Exhibit 99.1 (Form S-1)

Read more: Barrick Mining (B) company research

Why it matters

The filing gives Barrick holders an audited look at the unit on its own. In 2025, American Barrick had consolidated revenue of $11.40 billion, net earnings attributable to owners of $2.24 billion and attributable adjusted EBITDA of $4.02 billion.

Operating figures show the cost base behind those results. The unit produced 2.0 million ounces of gold attributable to its interests in 2025 at an all-in sustaining cost of $1,687 per ounce. In the six months ended June 30, 2026, it produced 951 thousand ounces at $1,794 per ounce and had revenue of $7.26 billion.

OptimistFi has argued that Barrick is a story of scarce ore bodies, mine execution and balance-sheet leverage. The unit's 40 million ounces of attributable reserves and Nevada Gold Mines' 81% share of its 2025 attributable production speak to the first two. Barrick will still be an obligor on approximately $2.75 billion of subsidiary debt after the separation.

The carve-out statements use U.S. GAAP while Barrick reports under IFRS, so the figures may not be directly comparable with Barrick's own. The filing also says they may not reflect what the unit would earn as a standalone company.

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What's next

The offering cannot proceed until the SEC declares the registration statement effective and the IPO is completed.

Watch how much of the proceeds goes to repay the promissory note to Barrick. That sets how much cash from the offering returns to the parent.

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