Barrick Mining stock has more than doubled in six months. Why Elliott’s activism could drive further upside - Article

Company: Barrick Mining (B)

Business: Barrick Mining, formerly Barrick Gold Corporation, is a global gold and copper producer involved in exploration, mining and development. The company owns gold mines in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Papua New Guinea, Tanzania and the United States. Its copper operations are in Zambia, Chile and Saudi Arabia. Major sites include Nevada Gold Mines, Bulyanhulu, Hemlo, Jabal Sayid, Kibali, Loulo-Gounkoto, Lumwana, North Mara, Porgera, Pueblo Viejo, Tongon, Veladero and Zaldivar.

Activist: Elliott Investment Management
Ownership: Not disclosed
Average Cost: Not disclosed

Activist commentary: Elliott Investment Management is a multistrategy firm overseeing about $76.1 billion in assets as of June 30, 2025. It is known for deep diligence, long investment horizons and highly engaged activism across sectors and regions.

What’s happening

On Nov. 18, Elliott disclosed a position in Barrick Mining and said it supports a potential split between the company’s North American assets and its operations in higher-risk regions across Asia and Africa. On Dec. 1, Barrick announced that its board has authorized an exploration of that separation.

Behind the scenes

Barrick is headquartered in Toronto and operates 14 gold mines along with three copper mines. Its crown jewel is its North American gold portfolio, anchored by Nevada Gold Mines, a joint venture with Newmont in which Barrick owns 61.5% and serves as operator. The company also runs mines across Africa, the Middle East, Latin America and Asia. Its copper business is concentrated in Africa and the Middle East and includes the Reko Diq development in Pakistan.

A surge in gold prices has driven Barrick’s stock up more than 100% over the past six months. Even with that rally, the shares still trade at roughly 0.9 times price to net asset value, well below North American peers that trade above 1x. Agnico Eagle, considered best in class, trades around 1.5x.

Investors favor gold producers with strong operational performance that best capture gold price exposure. Barrick has lagged peers on operations, leading to the abrupt departure of its CEO in September. Mark Hill, the former COO, is now interim CEO.

An interim CEO creates two openings for an activist investor. First, it gives Elliott influence over the search for a permanent CEO. No executive is likely to take the role without confidence that Elliott supports the appointment. Second, leadership transitions often create space to evaluate strategic alternatives, including a potential breakup. The idea of separating Barrick’s North American assets has long hovered over the company.

Barrick’s exposure to higher-risk regions has weighed on the valuation of its North American mines. Breaking out those assets could help close the discount relative to peers like Agnico Eagle. Management itself highlighted the value of a potential separation in a May presentation, noting that applying a peer multiple to the North American assets could unlock up to 49% of unrealized value. Since then, gold prices have risen more than 70%, and Barrick’s stock is up over 100%, meaning part of that upside has been realized. Some value, however, may still remain.

Elliott typically seeks board seats only when its nominees can add clear shareholder value. With the board already discussing strategic options, including a possible split, Elliott’s presence alone gives it significant influence over the CEO search and the company’s next steps.

The firm is known for patience rather than impulsive activism. It likely began building its position months ago and has already benefited from the stock’s rally. Elliott is unlikely to escalate unless the board pursues a direction the firm opposes, or unless Barrick invites Elliott to join the board to support upcoming decisions.