American Barrick Gold Revenue Climbs 61% As It Files To Go Public

American Barrick Gold, a gold producer separating from Barrick's North American business, grew first-half revenue 61% to $7.3 billion, from $4.5 billion, according to its IPO filing Tuesday. The company attributed the increase primarily to higher gold prices, with increased sales volumes also contributing.

Gold Prices Outpaced Production

Earnings attributable to owners reached $1.8 billion for the first half of 2026, compared with $673 million a year earlier. The company's realized gold price increased 51%, while production attributable to its ownership interests rose 7% to 951,000 ounces.

The gap between price and production also shaped 2025: revenue increased 46% to $11.4 billion even as attributable output fell 2%. First-half costs to produce gold and sustain operations declined to $1,794 per ounce from $1,850 a year earlier. American Barrick attributed that improvement to lower controllable cash costs despite higher royalties and tariffs.

American Barrick's operations center on a 61.5% controlling stake in Nevada Gold Mines and a 60% controlling stake in Pueblo Viejo in the Dominican Republic, both joint ventures with Newmont. Nevada Gold Mines supplied 81% of attributable production in 2025.

These results describe businesses managed within Barrick, rather than an already-independent operator. The historical accounts combine those operations and allocate expenses from the parent; American Barrick cautioned that its costs as a standalone company could differ materially.

Barrick Keeps The Decision-Making Power

Barrick expects to retain majority ownership after the offering. Its proposed rights would let it select a majority of directors while it remains the majority shareholder, and veto changes to the CEO and dividend policy while its ownership stays at or above 35%.

American Barrick expects an annual base dividend of $1.25 billion, distributed quarterly. Payments would depend on board decisions, financial conditions and applicable restrictions. It also expects surplus free cash flow above its targeted net cash level to support special dividends, at the board's discretion.

Cash stood at $2.8 billion on June 30, 2026, versus $1.75 billion at the end of 2025. After the separation, the company would remain responsible for approximately $2.75 billion of outstanding subsidiary debt.

Barrick authorized IPO preparations on December 1, 2025. American Barrick plans a NYSE listing under ABGC, with Goldman Sachs, BofA Securities, Citigroup and RBC Capital Markets leading the offering; the share count, proposed price range and offering size remain blank.

Two Growth Projects, Different Risks

At Pueblo Viejo, a pending constitutional appeal seeks to halt construction of the Naranjo mine-waste storage facility and revoke its environmental license on alleged environmental and human rights grounds. The facility and a completed processing expansion are designed to extend the mine's life through 2048.

In Nevada, American Barrick is advancing Fourmile within the Cortez Complex. Its preliminary assessment estimates approximately $2.6 billion in project capital and a full-production annual run rate of 750,000 to 850,000 ounces on a 100% ownership basis. Approximately 83% of the resources used in that economic analysis are inferred—too geologically speculative to count as mineral reserves—and the company cautioned that the assessment may not be realized.

American Barrick expects Fourmile to reach run-rate production by 2034. Neither that target nor the Pueblo Viejo expansion is completed production.

American Barrick expects to submit Naranjo starter-dam permit applications to the Dominican hydraulic resources authority in the first quarter of 2027. Those permits are required before construction can begin.

Sources

• S-1 — American Barrick Gold Corp — SEC EDGAR