Barrick Mining (NYSE:GOLD) is evaluating the possibility of publicly listing a minority stake in its North American gold assets, a move the company says has been authorized unanimously by its board as it confronts rising costs and a difficult operating year. The miner disclosed that management has been granted approval to study an initial public offering that would place a portion of its gold-producing assets into a new subsidiary while preserving Barrick’s majority ownership.

The assets being considered for the new listing include Barrick’s interests in Nevada Gold Mines and the Pueblo Viejo operation, alongside the company’s wholly owned Fourmile discovery in Nevada. Interim chief executive Mark Hill said in recent comments that the structure under review would create what he described as a pure gold vehicle centered on stable mining jurisdictions, with only a small minority stake offered to public shareholders. According to Hill, such a listing could introduce additional flexibility for investors seeking focused gold exposure without separating Barrick from operational oversight.

The potential IPO comes after sustained debate among shareholders over the company’s asset mix and geographical risk profile. Elliott Investment Management LP, a US activist investor that has built a $1-billion position in Barrick, has promoted a more substantial separation between North American assets and the company’s mining interests in Africa as well as the Reko Diq project in Pakistan. The option now being evaluated falls short of that full division.

Market response was immediate after Barrick’s announcement. In New York pre-market trading, shares were up 4.4% at $43.15, while Toronto-listed stock gained 1.6% to C$58.43. The company has trailed competitors such as Agnico Eagle Mines over the past year as investors scrutinized the miner’s exposure to jurisdictions including Pakistan, Mali, the Democratic Republic of Congo, Tanzania and Papua New Guinea, in addition to copper projects in Africa and Saudi Arabia.

Operational setbacks have added to the company’s challenges. Barrick cited a long-running dispute over a gold mine in Mali that resulted in a $1-billion write-off, contributing to what it described as a difficult year overall. The sudden departure of former CEO Mark Bristow further disrupted the company’s leadership during the same period.

Barrick said the proposed IPO will remain under review into early 2026. The company plans to update the market on the status of the evaluation alongside its full-year 2025 results, expected in February next year.