Barrick’s Bold -or Desperate- Move: Spinning Out its American Gold Assets

Barrick’s Latest Move: IPO the Crown Jewels—But at What Price?

Following Barrick's (NYSE: B) announcement that the board has authorized management to explore an initial public offering of its Tier 1 North American gold assets, let's take a closer look at what the spinout would look like. The proposed “NewCo” would combine Nevada Gold Mines, Pueblo Viejo, and the wholly-owned Fourmile discovery into what could become one of the world’s largest pure-play gold companies.

The timing is not accidental.  Barrick has been looking at options ever since it unceremoniously bid its CEO adieu--only days after he (finally) announced some good news after years of lackluster returns. Activist investor Elliott Management has also built a stake worth at least several hundred million dollars, putting it among Barrick’s top shareholders and increasing pressure for a breakup into more focused regional entities. 

Barrick under Bristow dreadfully under performed Gold and its peers by a wide mark over the last 5 years. (To be fair, $NEM also lagged after the Newcrest merger.)  It wasn't until the end of Q2 --and after Bristow was ousted--that it finally caught up.

Ivanhoe Mines: Platreef Goes Live

PGM Game-Changer — A Multi-Commodity Transformation in Progress

Platreef is live, Kipushi is ramping, Kamoa is recovering—here's what the next three years look like.

Ivanhoe Mines officially flipped the switch on its long-awaited Platreef project in South Africa's Bushveld Complex on November 19, and if you've been tracking the platinum-group metals sector, you know this is no ordinary mine. Platreef is enormous and positioned to reshape the global PGM supply landscape over the next decade. Here's what production and revenue look like as the mine scales from Phase 1 through Phase 2. Phase 3 and beyond are not covered here. First let’s see them get through phase 2 - which is ambitious enough!

Combined with Kamoa-Kakula (copper) and Kipushi (zinc), Ivanhoe aims to transform from a copper-dominant producer into a diversified multi-commodity mining house with exposure across base metals, precious metals, and PGMs.

What Makes Platreef Unique

Gold $4000 ✅ - (Another 🥳) ATH

Gold's Historic 2025 Rally: 53 54 All-Time Highs YTD

Gold's phenomenal 2025 performance is turning heads, making everyone (finally) start to take notice. The barbarous relic is up 50% YTD and has now set 53 54* All-Time Highs (through October 7 8). We’ve now breached the $4,000/oz. $4,050/oz. mark, once thought to be just a Gold Bug’s fantasy. The combination of macro and monetary policy concerns, geopolitical uncertainties, and safe-haven demand—exacerbated by the ongoing US federal government shutdown—, has proven unstoppable, creating the perfect storm for this year’s relentless rally.

The Latest Milestone: $4,000/oz.

Gold’s bull run in 2025 reached historic heights on October 7th as COMEX Gold Futures (GC1!) surged past $4,000/oz. for the first time ever, ending the day near its high of $4,014.60/oz., only to be surpassed today by passing $4050 on the spot, with futures reaching $4074/oz., and notching the 54th All-Time High of an already legendary year.