Aug 10, 2026 earnings call — Newmont deal and North America IPO
Barrick agreed a package with Newmont worth approximately $4 billion and advanced plans for a North America pure-gold IPO, with most proceeds to be returned to shareholders.
Revenue $5.2B (est $5.1B) · EPS $0.82 (est $0.81)
Key quotes
"So firstly, the total value of that package approximately $4 billion."
"And what I am pleased to share is that the board has selected me to lead the new company as a CEO on launch."
"Our dividend policy provides for a quarterly base dividend of 17.5¢ per share. With an additional performance top up at year end to target a total payout of 50% of attributable free cash flow."
"Fourmile, we ramped up to ramped up the drilling to 20 active rigs."
Analyst Q&A 11
Breakdown of agreement components and values
Q (Josh Wolfson · RBC): The analyst asked how the agreement value split across Mike, Fiberline and Fourmile was calculated, and what adjustments were made for prior disputes.
A: Management said they will not provide a breakdown and cannot give a number for the prior disputes. They said they will now optimize the structure for the IPO and expect synergies from combining the assets and teams. They noted the overall value on the table was about $4 billion.
"So the Josh, just to be clear, I am not gonna break it down." — Mark F. Hill (CEO)
Use of cash and IPO next steps
Q (Tanya Jakusconek): She asked whether the $4 billion plus a $2 billion top-up equals $6 billion, whether Newmont's cash will go into the IPO or be returned to shareholders, and what remains to launch the IPO.
A: Management said the package is $4 billion in total. They said the majority of the cash received would be returned to shareholders. They added they are very close on IPO work but will recheck structures now that they have Newmont's consent.
"So I would say we are actually very close." — George Joannou
Fourmile timing and IPO size
Q (Lawson Winder · BofA): Can Fourmile be developed faster than the PEA schedule, and is the company considering an IPO larger than the previously discussed 10% to 15% minority?
A: Management said they intend to accelerate Fourmile where possible, especially by advancing processing work in parallel with declines and drilling, though timeline limits may prevent earlier start. They said the goal is faster ramp and higher production when it comes on. They also said the IPO will stay at 10% and there is no change to go past 10%.
"Now that I have sort of got through this process, I think that allows us to accelerate it for sure." — Mark F. Hill (CEO)
Roaster cost and MGM capex
Q (Anita Soni · CIBC): What capital would a new roaster or similar facility require, and what should be expected for MGM capital going forward?
A: Management said the roaster would be around $2.5 billion, though Mark said he was not certain. They said that roaster would offset other infrastructure needs. Management also said the conceptual PA range for Fourmile spending was given and they expect total North America capital roughly in line with prior guidance while pulling some capital forward for truck fleet replacement.
"I would have said it is $2.5 billion." — Mark F. Hill (CEO)
PEA filing and asset split
Q (Anita Soni · CIBC): Why was the Fourmile PEA not followed by a technical report as expected, and can management give round numbers for what Fiberline and Mike add to the transaction?
A: Management said the PEA was conceptual and a technical report still needs to be filed; they will try to provide better information. They refused to give a detailed breakdown of the settlement amounts but said they are paying for 61.5% of Mike and Fiberline and will not disclose the other settlement amount. They apologized for not providing the breakdown.
"So the right way is just we are paying for 61.5% of Mike and Fiberline." — Mark F. Hill (CEO)
$4 billion composition and costs
Q (Daniel Major · UBS): Is the $4 billion the combined value of Fourmile (38.5%) netted with 61.5% of Fiberline and Mike, and would AISC stay similar after added downstream capex? Also, how advanced is recruiting for senior management?
A: Management confirmed the $4 billion number reflects the value of Fourmile at 38% netted off the value of 61.5% of Fiberline and Mike, plus some amount to settle legacy disputes, and noted Barrick benefits from reduced IPO friction. They said all-in sustaining cost would be comparable and that at $3.6 thousand per ounce there is about a $100 sensitivity. They said recruiting for senior management is advanced and they will update the market shortly.
"So to get to the $4 billion number, it is the value of Fourmile, the 38%, then you have to net off the value of 61.5% of Fiberline and Mike." — Mark F. Hill (CEO)
Loulo-Gounkoto ramp and guidance
Q (Bennett Moore · JPMorgan): What are the ramp plans for Loulo-Gounkoto, timing for open-pit ore, expected capex, and how conservative is current production guidance? Also, how did turnover trend at MGM?
A: Management said Loulo-Gounkoto is now self-sustaining and expected growth next year will come from deeper pushbacks and starting open pits probably in Q3 or mid-year. They said guidance will be met but is not conservative and noted some portfolio disruptions were weather or dam-related. On turnover, management did not provide a definitive current rate and said they would follow up with the exact number.
"So what it has become is it is become self sustaining." — George Joannou
Non-North America portfolio plans
Q (Bernstein): Will the North America IPO slow portfolio management of ex-North America assets, and are there any contingent payments in the Newmont agreement?
A: Management said the rest of the world portfolio is a major growth engine and the company plans to optimize it through partnerships and brownfield growth like Lumwana, so it remains a focus. They also said the Newmont agreement is done and there are no contingent payments tied to future exploration upside.
"Actually so, Bob, the rest of the world portfolio is actually 1 of our biggest growth engines." — Mark F. Hill (CEO)
Permits and status of Fiberline/Mike
Q (Steven Green · TD Cowen): What permitting is required to optimize MGM and accelerate Fourmile, and are the 6.4 million ounces at Fiberline and Mike inferred and how advanced are those assets?
A: Management said they need to understand processing options before they can start permitting for the full decline, so timing is unclear but permitting work will be accelerated now that the joint venture is settled. They said they did not know the breakdown of the 6.4 million ounces and will get back with that detail. They added Fiberline is close to Turquoise Ridge infrastructure as an open-pit satellite and Mike has not had much value assigned to it so far.
"I have to get some I have to understand what we can do as far as process before I can even start the permitting." — Mark F. Hill (CEO)
Loulo-Gounkoto retro fees and IPO question
Q (Martin Pradier · Veritas Investment): Have you considered floating 10% of non-North America assets, and was the $200 million other expense for Loulo-Gounkoto part of the original agreement and why was it not included previously?
A: Management said floating 10% of the non-North America portfolio has not been discussed and is not on the table. They said the Loulo-Gounkoto charges are additional royalties, penalties and interest from retrospective application of the 2023 mining code for 2024 and 2025; they paid cash of $400 million in April and received a further payment demand of $48 million in July. Management explained the original agreement only covered up to 2023 so a reconciliation was required for 2024 and 2025.
"In terms of the amount paid, we paid cash of $400 million." — Hongyu Cai (CFO)
Newmont's operational rights and CEO search
Q (Lawson Winder · BofA): How much additional say does Newmont have over MGM operations and technical reports under the revised JV, and is there a preference for an internal or external candidate for the parent CEO?
A: Management said Newmont will have certain rights, including a consent right when appointing the general manager of MGM, and they plan to embed a Newmont employee in MGM's executive team to aid information transfer. On the CEO, Mark said his preference is internal but both internal and external candidates are being considered.
"But when we appoint the general manager of MGM, we have to get their consent to who that is." — Mark F. Hill (CEO)