Gold Majors Settle Nevada Standoff, Clearing Board for IPO

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Major gold producers Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX) and Barrick Mining Corp. (ABX:TSX; B:NYSE) have agreed to bring several excluded properties into the Nevada Gold Mines (NGM) joint venture, resolving all remaining disputes between the companies over the partnership, according to a release on August 10.

The properties include Barrick's Fourmile development and Newmont's Fiberline and Mike projects.

The dispute centered on Nevada Gold Mines (NGM), the Barrick-operated joint venture in which Barrick holds 61.5% and Newmont 38.5%. As Investing News Network's Giann Liguid reported on August 10, Newmont issued a notice of default in February 2026, alleging that Barrick had allowed NGM's operational performance to degrade over six years and had diverted resources from the joint venture to benefit its wholly owned Fourmile project — and it moved to block Barrick's planned spin-off and IPO of its North American gold assets.

With the disputes settled and the properties added to NGM, Newmont has also approved Barrick's proposed initial public offering of its North American gold assets. The revised joint venture agreement strengthens governance arrangements and provides for Newmont to pay Barrick US$1.95 billion in consideration for the contributed properties.

The companies said the agreement gives both parties a stronger framework to maximize the joint venture's value, according to the release. Newmont and Barrick will continue working together to improve NGM's safety and operating performance, realize the full potential of its assets, and support the venture's long-term success for all stakeholders.

Company Catalysts: Agreement Clears Way for Barrick Spin Out

The near-term catalysts for the two majors diverge. For Barrick, the marquee event is the planned IPO of its North American gold assets, which it targets completing by the end of 2026 — with a primary New York listing and secondary Toronto listing — now cleared by Newmont's consent under the Nevada settlement.

Beyond the listing itself, analysts have flagged the gold-price trajectory and Fourmile's continued advancement as key value drivers. Barrick has already delivered major Fourmile resource updates — most recently in February 2026, when it doubled the resource for a second straight year to roughly 15.6 million ounces (Moz) — and the next formal milestone is a pre-feasibility study targeted for completion by the end of 2028. Post-IPO lock-up expiry and secondary offerings loom over the following 12–24 months.

For Newmont, the catalysts are more operational and capital-return oriented: the company is reaffirming full-year 2026 guidance of 5.3 million attributable gold ounces and executing a fresh US$6 billion buyback on top of a completed US$6 billion program.

Both Majors Have Global Reach

Newmont describes itself as the world's leading gold company. It also produces copper, zinc, lead, silver, and molybdenum. Founded in 1921 and publicly traded since 1925, the company said it is the only gold producer included in the S&P 500 Index and emphasizes environmental, social, and governance practices.

Barrick is a global mining, exploration, and development company with a portfolio of long-life gold and copper assets across 17 countries and five continents, the release noted. The company is also the largest gold producer in the United States and says it focuses on creating long-term value through responsible mining, partnerships, and disciplined growth.

Expert: Agreement Settles 'Major Concern' for Barrick

The agreement concludes all outstanding disputes between the parties related to the NGM JV, wrote Robert Sinn of Goldfinger Capital on his Substack on August 10.

"A news release that says only what needs to be said, but not a letter more than what was necessary," Sinn said of the announcement. "It is clear from what is said in this news release that governance of the Nevada Gold Mines JV was a point of major contention between the two senior gold producers."

He continued, "Newmont's accusations that NGM JV assets had been improperly diverted to Barrick's 100% owned assets (Fourmile) was a major concern for Barrick. A concern that held enough weight that it could have caused a lengthy delay to Barrick's planned North American IPO."

Settlement 'Below What Some Investors Were Expecting'?

According to a report by Carl Surran for Seeking Alpha on August 10, Barrick Mining shares dropped 7.3% in Monday trading after investors reacted negatively to the terms of the settlement.

Bloomberg Intelligence analysts Grant Sporre and Emmanuel Munjeri said the settlement value "looks a little too low given the quality of the asset, even if it clears a key obstacle to the North American IPO and resets relations with Newmont," according to a note quoted by Surran.

Citi analyst Alexander Hacking said the agreement removes an important obstacle to Barrick's planned North American IPO of its gold assets, although the payment for Fourmile "may be below what some investors were expecting," according to the report. "Investor consensus seemed to be that Fourmile was a US$10 billion-US$20 billion asset," he said, implying that Newmont's payment for its 38.5% interest "could be in the US$4 billion-US$8 billion range."

TD Cowen analyst Steven Green said Newmont is acquiring its interest in the Nevada joint venture at an attractive valuation, noting that the payment to Barrick is "well below" his US$6.6 billion implied valuation of Newmont's 38.5% Fourmile stake, Surran reported. Green described the transaction as a "very attractive price" for Newmont and estimated that it could increase the company's value by US$4.7 billion.

Green also said Barrick benefits from bringing Fourmile into Nevada Gold Mines sooner, potentially avoiding the need for an expensive bankable feasibility study, using existing infrastructure, and saving the joint venture more than US$1 billion.

How Do Analysts Rate the Companies?

Per TipRanks, sentiment on Newmont is predominantly bullish as 10 of its 11 most recent ratings are Buys with targets clustered above the roughly US$118 level of the stock at the time of writing. The lone holdout is Scotiabank's Tanya Jakusconek, who reiterated a Hold on August 12, nudging her target to US$149 from US$147 (about 25.94% upside). The most bullish Buy is CIBC's Anita Soni at US$168 (about 42%), even after trimming from US$175, ahead of Bernstein's Bob Brackett (US$147, 24.25%) and Jefferies (US$146, 23.4%). The newest Buy came on August 11 from BMO Capital's Matt Murphy at US$135 (14.11%), and the only rating change was TD Cowen's Steven Green, who upgraded on July 17 to a US$127 target. Several analysts cut targets while keeping Buys, including Argus Research's Alexandra Yates to US$110 from US$125 (now about 7.02% downside) and Citi's Alexander Hacking to US$125 from US$150, tempering price expectations against a still-constructive stance.

Opinion on Barrick was more evenly split, TipRanks reported. Bernstein's Brackett stands well apart at US$86 (about 107.93% upside), followed by TD Cowen's Green (Buy, US$59, 42.65%) and Bank of America's Lawson Winder (US$56, 35.40%). The latest note came August 12, when Scotiabank's Jakusconek assigned a Hold at US$55 (still 32.98% upside) — one of three around August 11–12, alongside TD Cowen's Buy and BMO Capital's Matt Murphy, who held at US$44.51. The cautious camp sits near the current price: ATB Cormark's Richard Gray (Hold, US$40.92), Citi's Alexander Hacking (Hold, US$41), and Barclays' Richard Garchitorena (Hold, US$39) all imply slight downside. Even bulls trimmed — J.P. Morgan's Bennett Moore cut to US$50 from US$58.

Inflation Pressure Helps Gold Advance

U.S. inflation increased in July at the pace economists expected, helping gold reach a new session high as the data eased concerns about accelerating price pressures, reported Ernest Hoffman for Kitco News on August 12. The headline Consumer Price Index rose 0.1% from June, when it declined 0.4%, according to the U.S. Bureau of Labor Statistics. Annual headline inflation slowed to 3.4% from 3.5% in June, matching the consensus forecast.

Core CPI, which excludes food and energy, advanced 0.2% in July, in line with expectations and up from a flat reading in June. Annual core inflation eased to 2.5% from 2.6%, also matching economists' estimates, he said.

Gold climbed to a session peak of US$4,438.30 following the report, while spot gold last traded at US$4,435.58 an ounce, up 1.54% for the day.

Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management, said the inflation figures give the Federal Reserve additional flexibility, particularly alongside a recent weak jobs report.

"The big surprise with a report that had no surprises (all of the data came perfectly in line with the estimates) is that a situation where inflation isn't reaccelerating, coupled with the most recent, weak jobs report, gives the Fed more time to wait," he said, according to Hoffman's report. "Typically, the market would be buoyed by the thought of rate cuts, but in a world where many are expecting rate hikes, anything that can delay – or squash the need for – rate hikes will be viewed positively. The market and the Fed won't stop worrying about inflation, and there are another set of reports before the next Fed meeting, but these two reports (Jobs and CPI) are going to go a long way toward keeping the bulls running in the near term."

In 2026, gold has proven difficult to trade, retreating as much as 18% from its early-year peak above US$5,300 an ounce, according to Goldprice.org, noted Kevin Williams writing for CNBC on August 12. The precious metal nevertheless posted its strongest weekly performance since January last week, while gold-mining shares recorded their best five-day stretch since 2008. With gold's recent swings leaving its year-to-date performance roughly flat, some investors believe the upward trend could continue, although risks remain. Despite the recent volatility, gold has still gained more than US$1,000 over the past year.

"Gold is the new gold," said Pippa Malmgren, a former special assistant to President George W. Bush and member of the National Economic Council.

Malmgren said the factors driving investors toward gold remain intact, with concerns that U.S. fiscal spending is excessive and that economic growth outside the U.S. could remain weak, Williams reported. "This implies inflation," Malmgren said. She also pointed to the Trump administration's costly foreign military engagements and support for cryptocurrencies as additional sources of uncertainty for some investors.

"This makes nervous investors turn to conservative methods for preserving value, such as buying gold," Malmgren said.

Central banks globally are also increasing their gold reserves, which she said reflects diminishing confidence in fiat currencies, with China continuing to play a major role in official-sector purchases, he wrote.

Billionaire hedge-fund manager John Paulson also remains optimistic about gold, recently telling CNBC that the metal is still in the early phases of a prolonged advance. He attributed his bullish outlook to declining confidence in paper currencies and unchecked government spending, continuing a view he has held since becoming a gold bull in 2009.

Ownership and Share Structure¹

About 0.07% of Newmont is held by insiders and management, about 0.02% by strategic investors, and about 82.15% by institutions. The rest is retail. Its market cap is US$123.5 billion with more than 1 billion shares outstanding. It trades in a 52-week range of US$67.20 and US$134.88.

Barrick's market cap is US$65.97 billion with more than 1.6 billion shares outstanding. It trades in a 52-week range of US$22.95 and US$54.69.

About 0.37% of the company is owned by insiders and management, and about 67.2% by institutions. The rest is retail.

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