Barrick Names Spin-Off Leadership as Nevada Legal Dispute Clouds IPO Timeline

The gold miner has put names to its North American restructuring plan, but a simmering legal battle with joint venture partner Newmont threatens to derail the entire exercise before it even begins.

Barrick Gold has appointed Mark Hill as chief executive of the planned spin-off entity, tentatively called "North American Barrick," with Wessel Hamman as chief financial officer and Tim Cribb as chief operating officer. The trio will focus exclusively on the portfolio of Tier-One assets being carved out, including Barrick's stake in the Nevada Gold Mines complex — operations at Carlin, Cortez, and Turquoise Ridge — plus the Pueblo Viejo mine in the Dominican Republic and the wholly owned Fourmile project in Nevada, which the company has described as one of the most significant gold discoveries of the century.

These assets produced roughly 2.0 million ounces of gold in 2025. Barrick intends to retain a majority stake after the minority IPO, keeping its hand in the cash flow from these high-margin operations. The listing is penciled in for late 2026, with New York as the primary exchange and Toronto as a secondary listing, subject to regulatory approvals and market conditions.

The Newmont Problem

That timeline now looks increasingly ambitious. Nevada Gold Mines accounts for approximately 60 percent of Barrick's market value, and the joint venture is mired in a legal dispute that shows no signs of resolution.

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Newmont confirmed during its first-quarter 2026 earnings call that the notice of default against the joint venture remains active with no end in sight. Interim-CFO and Chief Legal Officer Peter Wexler said the process is "iterative" — Newmont asks questions, Barrick responds — and there is no fixed timetable for a resolution. The 30-day cure period expired in March without an agreement, and formal court proceedings are now underway in Nevada, with initial hearings scheduled for May 2026.

At the heart of the dispute is Fourmile. Newmont alleges that Barrick has diverted resources from the joint venture to benefit Fourmile and Barrick itself. CEO Natascha Viljoen told analysts the company is still gathering information on Fourmile and conducting technical assessments, but declined to confirm any concrete talks about integrating the project into the joint venture.

The ownership structure adds another layer of complexity: Barrick holds 61.5 percent of Nevada Gold Mines and operates it, while Newmont owns 38.5 percent. Pueblo Viejo is also a joint venture with Newmont, and insiders say the miner believes its consent is required for the planned listing.

Market Pressure Mounts

The gold price has provided little cover. The metal swung between nearly $5,600 an ounce in January and below $4,900 in March during the first quarter of 2026, though it still ended the period roughly 7 percent higher. Barrick's stock has fared worse, trading at C$53.21 — about 26 percent below its January high of C$71.86 and well below its 50-day moving average.

Scotiabank maintains an "Outperform" rating on Barrick with a C$63.00 price target, though it trimmed its full-year 2026 earnings estimate to $3.28 per share. The company beat expectations in the fourth quarter of 2025 with revenue of $6.0 billion and adjusted earnings of $1.04 per share.

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RBC analyst Josh Wolfson has described Nevada Gold Mines as the core of Barrick's investment case, warning that without the asset, the stock loses its appeal for many investors.

Two Key Dates on the Calendar

Barrick holds its annual general meeting on May 8, 2026 — a virtual-only affair — followed by first-quarter results on May 11. The subsequent analyst call will almost certainly be dominated by questions about the Nevada conflict and its implications for the spin-off.

The company's gold production fell to its lowest level in at least 25 years in 2025, and the 2026 guidance sits at 2.9 million to 3.25 million ounces. The IPO was supposed to mark a strategic reset. Whether it proceeds as planned now depends heavily on how Newmont plays its hand in Nevada.

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