Barrick shares fall as gold miner posts strong Q4, prepares North American IPO
Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) shares fell nearly 5% on Thursday despite reporting a sharp jump in quarterly earnings, as the miner outlined plans to spin off its top North American assets through an initial public offering (IPO). The Toronto-based company said fourth-quarter net...
Barrick Gold Corp.(TSX:ABXNYSE:GOLD) View Price & Profile Barrick shares fall as gold miner posts strong Q4, prepares North American IPO
Published: 12:03 05 Feb 2026 EST
Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) shares fell nearly 5% on Thursday despite reporting a sharp jump in quarterly earnings, as the miner outlined plans to spin off its top North American assets through an initial public offering (IPO).
The Toronto-based company said fourth-quarter net earnings rose 151% year-on-year to $1.43 per share, driven by higher gold prices and robust operational performance.
Attributable EBITDA reached $3.08 billion, up 82% from the same period a year earlier, while operating cash flow climbed 96% to $2.73 billion. Free cash flow more than tripled to $1.62 billion.
The company confirmed it will move ahead with an IPO of its North American gold assets, including stakes in Nevada Gold Mines, the Pueblo Viejo project in the Dominican Republic, and its wholly owned Fourmile discovery in Nevada. Barrick will retain a controlling interest in the new entity and has appointed Mark Hill as CEO through the IPO process, expected to be completed by late 2026.
Analysts at Jefferies maintained a “Buy” rating on Barrick, citing a strong fourth-quarter earnings beat and what they described as conservative 2026 guidance. The firm expects 2026 gold production of roughly 3.1 million ounces at all-in sustaining costs (AISC) of about $1,855 per ounce, above consensus due in part to an assumed gold price of $4,500 per ounce.
Barrick’s quarterly production totaled 871,000 ounces of gold, slightly below Jefferies’ estimate of 875,000 ounces but above consensus of 864,000 ounces. Cash costs came in at $1,205 per ounce, higher than analyst projections, while AISC reached $1,581 per ounce.
The company also provided a three-year production outlook, forecasting attributable gold output of 2.9 to 3.25 million ounces in 2026, rising to 3.3 to 3.65 million ounces in 2027 and 3.4 to 3.75 million ounces in 2028. Copper production is expected to range between 190,000 and 220,000 tonnes in 2026, at C1 cash costs of $2.20 to $2.45 per pound.