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.

Orion & US in talks to set up $1.2 Billion fund for overseas mining projects

US' International Development Finance Corporation & Orion Resource Partners would each invest $600mn or more in the new fund — potentially alongside other SWF & US agencies—, as Washington seeks to counter Chinese dominance of critical minerals.

Of the US' $600 Billion contribution, $100MM would be for equity stakes in mining projects & $500MM for debt.

The DFC has already made a range of mining investments, including

Anglo-Teck

"Merger of Equals" puts Anglo in charge with 62% of the new company, after the Keevils won enough concessions to sell the transaction at home…

Anglo-Teck merger creates a 1.2MM Tons Copper producer, combining Collahuasi and Quebrada Blanca 2 mines in Chile for significant cost savings. However, other companies like Glencore, BHP, or Rio might make a better offer for either Anglo or Teck before the deal closes.

The new 1.2MM Tons Copper producer's main benefit is

$3500 Gold!

It’s been a long slog, but here we are! 

Gold made a clear break through $3500 this week hitting new highs— over $3600/oz. on the futures—, as lower rates, persistent inflation, tariffs uncertainty and geopolitical tensions linger in the air. 

We will see if we close this week above $3500. A correction could be in order in the short term—it’s up 5% in a week—, as it catches its breath before it takes on $4000!  😉

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MasterMetals

@MasterMetals

$NDM.TO / $NAK Insiders Dump Shares Before EPA Suit

Northern Dynasty Insiders Dump Shares Before EPA Suit $NDM.TO / $NAK

Just when the market believed the worst of the insider sales spree at Northern Dynasty Minerals ($NDM.TO, $NAK) was behind us, CEO & Chairman Ronald Thiessen decided to upstage the entire board.  On Friday night—precisely at 11:21 PM— he delivered the coup de grâce filing a late disclosure that he had sold 600,000 shares on July 14 at just over C$3.00 per share, pocketing a tidy C$1.8 million, and capping the relentless wave of selling by nearly every major executive and director at the company. The cherry on the Northern Dynasty insider selling cake, this came after market close and with no word yet on whether these sales involved his options at $2.01 that expired on July 17.

The Timeline: How NDM's Insider Capitulation Unfolded

1. July 16: First Red Flag

Massive insider selling rocks Northern Dynasty, as directors and senior management disclose they had disposed of over 2.6 million shares worth nearly C$6 million throughout July.

So, the rumors were true, $AU is out of $GTWO.TO—but who’s in?

AngloGold Ashanti has officially exited its investment in G2 Goldfields, selling its entire 14.95% stake (35,948,965 shares) in a single market transaction on July 8, 2025, at 2.75/share for just under CAD 99 Million.

The shares were placed with two “large European institutional investors”, with one taking up approximately 23 million shares, about 9.5% of $GTWO —just under the 10% threshold where they would have to disclose and register as an insider to the TSX… Interested to know if it’s a passive or active fund (a la La Mancha)?

This opens up the playing field once again.

In February we asked, “Will Platinum ever regain its lustre?”

Well, we had to wait several more months since that post, but I’d say, with Platinum up 20% since then, the answer is Yes!

Gold overtakes Euro as global reserve asset, ECB

Central banks continue to accumulate gold at a record pace.

Bullion accounted for 20% of global official reserves last year, outstripping the Euro's 16% and second only to the USD at 46%, an ECB report published on Wednesday showed.

Central banks acquired more than 1,000 tonnes of gold in 2024 for the 3rd year in a row. 20% of the total global annual production and 2X the annual amount of the 2010s.

The stock of gold held by central banks worldwide is approaching

Amplats is now Valterra $VALT.L

Anglo American’s Platinum Spinoff is Off to the Races!

Anglo American $AAL.L has now completed the demerger of Amplats, with the renamed Valterra Platinum Limited trading under ticker symbol VALT in London and on the Johannesburg Stock Exchange. The spinoff comes at the perfect moment just as Platinum seems to be finally coming out of its funk after years of challenging market conditions for PGM’s.

Anglo distributed 51% of Amplats, with Shareholders receiving 110 shares in Valterra Platinum for every 1,075 Anglo American shares held. Simultaneously, Anglo American underwent a share consolidation, issuing 96 new shares for every 109 previously held. Following the spinoff, Anglo retains a 19.9% stake in Valterra, having already reduced its holding through earlier disposals.

On its first day on the London Stock Exchange, Valterra shares started trading at around 29.30 pence, valuing the world's largest platinum group metals mining company at around GBP 7.77 billion (US$10.45 billion)— and Anglo American's 19.9% retained stake at around GBP 1.55 billion. The stock has increased 10% as Platinum wakes up from its slumber.

Copper Treatment Charges plunge deep below zero

The unrelenting expansion of Chinese copper processing capacity over past few years seems to be the culprit.

Chilean miner Antofagasta Plc has proposed negative charges for contracted supplies to smelters in the second half.

The situation is putting pressure on smelters worldwide, with high-cost facilities facing losses and older European copper smelters at risk, while Japanese plants may be sheltered due to their parent companies' stakes in Chilean mines. 

Granted, the plunge in fees is partly due to relatively slow growth in mine output worldwide— coupled with recent mine failures in the DRC ($IVN.TO) and elsewhere— but it’s primarily driven by the rapid increase in Chinese smelting capacity. 

Platinum: Another year, another deficit—but when will the price move?! WPIC Q1 ‘25

Q1 2025 Snapshot

·       Q1 2025 Supply: 1,458 koz (down 10% year-on-year)

·       Q1 2025 Demand: 2,274 koz (up 10% year-on-year)

·       Q1 2025 Deficit: 816 koz (largest quarterly deficit in six years)[¹]

 

Platinum Market Deficit Deepens in 2025

The platinum market is heading for its third straight annual deficit in 2025, with the World Platinum Investment Council (WPIC) forecasting a shortfall of 966,000 ounces (koz), or 12% of total demand. This deepening deficit is driven by both falling supply and resilient demand, despite global economic and trade uncertainties^[1].

Platinum Supply, Demand, and Balance: Q1 2024 vs Q1 2025

What ASX African Explorers Look Interesting?

After Montage Gold’s $MAU.TO latest Aussie-listed African investments, what Other ASX African explorers look interesting?

Golden Start of the Year

It’s been Gold’s year! 28 New All-Time Highs so far this year!

YTD it’s Up $675.80 or 25.70%.

Front Month Comex Gold for May delivery finished at $3305/oz., a gain of $182.20, or 5.83% this month.

After hitting its All-Time High of $3500/oz. on April 22nd, it’s only down 2.97%.

Up 43.76% from its 52-week low of $2299.00 hit Friday, May 3, 2024.

Will it be Sell in May and Go Away? Let’s see what May has in store for Gold— a little consolidation would do it some good before charging ahead again…

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MasterMetals

@MasterMetals

$BHP - Q3 2025 Activities Report

Copper production: 1.5MM T, +10%, Escondida +20%

Iron Ore production unchanged

It's been a rough year for BHP, like all base metal miners, let's see if fortunes change…

CEO expects "limited direct impact of tariffs" but 

Trump & Metals

It’s been three weeks since President Trump announced his Immediate Measures to Increase American Mineral Production 

Trump’s Immediate Measures to Increase American Mineral Production

Within a month we should supposedly get a list of priority projects “that can be immediately approved or for which permits can be immediately issued, and take all necessary or appropriate actions within the… https://t.co/sY4JxkzQKo

— MasterMetals (@MasterMetals) March 21, 2025

Today he issued an Executive Order dealing specifically with Critical Metals.

Gold Miners (Finally) Performing

The largest gold miners (+2 Million oz./yr.) have been having a stellar year as Gold rallies to new highs.

As usual, the most levered companies, $AU & $GFI, have been the out-performers.

Barrick $GOLD still underperforming

Gold Just Had Its Best Day Since 2023

Market Updates

GOLD +0.17% NEM +8.43% ABX +6.20% GFI +3.31% XAGUSD1! PL1!

News

Gold prices, which had tumbled from record highs over the past week, reversed course and rose roughly 3% today, the biggest percentage jump since October 2023.

Spot gold was up 3.4% at $3,085.50/ounce. At $88.10 a troy ounce, gold futures' daily gain was the precious metal's largest in dollar terms since March 24, 2020, when markets were being convulsed by Covid lockdown orders and investors were fleeing into the haven asset.

Today's move came amid a bond market rout overnight and in the morning, followed by a historic surge in stock prices in the afternoon after President Trump’s reversal authorizing a 90-day pause on new tariffs for many countries—except for China which got hit with a 125% rate, effective immediately.

Silver gained 3.1% to $30.80/oz., Platinum slipped 1.2% to $931.87, and Palladium was up 1.9% at $923.75

Shares of top miners Newmont NEM and Barrick Gold ABX up ~8% and 4.9%, respectively

U.S.-listed shares of South African miners: Gold Fields GFI up 7.5%, AngloGold Ashanti AU rises 8.9%, Harmony Gold HAR jumps 13.8% and Sibanye Stillwater SW.N> soars nearly 19%

Shares of Canadian miners: Kinross Gold K and Agnico Eagle Mines AEM up 7.6% and 4.5%, respectively.

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MasterMetals

@MasterMetals

Niche “Strategic” Minerals Surging in Price as Defense Spending Booms & Shortages Loom

Hafnium —which you’ve probably never heard of— went up 7X in 16 months!

Antimony’s price has jumped ~+375% since start of 2024

Rhenium, ~+100% YOY

Gold rally finally attracts investors back to mining stocks after months of outflows

According to LSEG Lipper data, funds investing in physical gold and gold derivatives attracted a net $17.8 billion in 2024, the highest in five years, while funds investing in gold miners lost a net $4.6 billion, the most in a decade. 

Gold mining Funds saw their first net monthly inflow in six months in March, attracting $555.3 million, the highest since November 2023, according to Lipper data.

The Gold ETF's have seen continued interest all around the world:

Global Inflows: Gold ETFs have seen significant inflows in 2025, with a total of

$3000 Gold

Gold’s outperformance continues unabated. It took some time, but we’re finally here!

It would be healthy to see it consolidate at these levels before racing further ahead—but a bull is hard to tame! 

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MasterMetals
@MasterMetals

To those who say you can’t have too much of a good thing…meet Cobalt

DRC suspends cobalt exports for four months trying to rein in oversupply on the international market, as prices crash below $10/lb. Cobalt hydroxide, main form of the metal produced in Congo, slid below $6/lb.—levels not breached for 21 years,apart from a brief dip in late 2015, according to Fastmarkets data.

Cobalt production in the DRC– which produces about 75% of the material used in electric-vehicle batteries – has soared in recent years, as China's CMOC Group Ltd. ramped up output at two large mines in the country causing supply to race ahead of demand and prices to tumble. 

About two-thirds of global cobalt mine supply is owned by companies from China, which accounted for an equivalent share of cobalt demand last year, according to specialist trading house Darton Commodities.

$NGEX.TO Drills 53.50m @ 7.79% CuEq, 75.45m @ 4.95% CuEq, & 15.25m @ 16.56% CuEq at Lunahuasi

Some more excellent results from $NGEX.

DPDH028 (53.5m @7.79% CuEq) and DPDH029 (157m @ 2.16%CuEq) are large step-outs from previously intercepted mineralization.

DPDH028 is deeper and to the west of all previous holes and is open in all directions.

Drilling to date has now encountered mineralization over a minimum north-south extent of just over 1km from DPDH025 in the north to DPDH029 in the south, a minimum vertical extent of just over 1km and a minimum east-west extent of also just over 1km.—That's a lot of Rock—and Copper! 🪨

‘The Opec of nickel’: Indonesia controls the critical metal

Indonesia controls more of the world's supply of nickel than Opec did of oil at the cartel's peak in the 1970s of a critical metal

In 2014 the Indonesian government took the drastic step of announcing a ban on all exports of raw nickel.

The decision encouraged Chinese companies to spend billions of dollars to set up processing plants in Bahodopi and across other parts of the country of 281 million.

The transformation has been a remarkable turnaround for a country that a decade ago was not even a major player in nickel. Although Indonesia held the world's largest reserves — about 55mn tonnes as of 2024, according to the US Geological Survey — most of it was low-grade nickel that it had not yet figured out how to process efficiently.

With the help of Chinese technology, huge investments from Beijing and a dose of protectionism, Indonesia has gained control of the market and cemented itself as the epicentre of global nickel production for years to come.

Last year, Indonesia accounted for 61% of the global refined nickel supply up from just

$GOLD Barrick Q4, 2024 results

Finally some cash generation!

Production 3.91MM Oz. Gold @ AISC $1451/oz.

Net earnings +69% to $2.14 billion,

Adjusted net earnings +51% to $2.21 billion,

Attributable EBITDA +30% to $5.19 billion for 2024 — highest in a decade. 

YOY operating cash flow +20% to $4.49 billion,

Free cash flow, +100% to $1.32 billion,

Quarterly dividend of $0.10/share maintained, bringing total annual dividend paid to shareholders to $696 million, and a further $498 million in share buybacks.

Webinar: https://event.choruscall.com/mediaframe/webcast.html?webcastid=AGDEs6Zp

Full release here:
https://www.barrick.com/English/news/news-details/2025/q4-2024-results/default.aspx

Gulf States' Attraction to Metals Continues

Gulf states are getting further involved in the metals & energy supply chain, setting up trading units for their own production and needs, and setting up funds to take stakes in mining companies and projects.

Abu Dhabi-based International Resources Holding, the mining company part of the conglomerate chaired by powerful Emirati royal Sheikh Tahnoon bin Zayed al-Nahyan, and owner of 51% of Zambia's Mopani Copper mine, has built out a 60-person trading unit to handle energy and metals. 

Minerals Development Oman, the state-owned mining company, is also in the process of hiring a top executive to lead a 25-person trading team, according to MDO's chief executive, Mattar Al Badi.

Saudi Arabia's State-owned miner

WPIC expects platinum market to remain in deficit through 2029

WPIC expects platinum market to remain in deficit through 2029f, averaging 672 koz pa from 2026 to 2029, or ~ 8% of demand.

Expect deficits in Palladium to 2027f (previously 2025f) before market surpluses emerge from 2028f.

The themes previously highlighted are persisting.

Investment demand: forecasts stable growth of ~150 koz off 2024 levels for platinum, using 10-year historic averages.

Automotive sector: slowing demand growth in light vehicle electrification is entrenched. Accordingly, WPIC expects a long tail in automotive platinum group metals (PGM) demand, with modest erosion of -1.4% CAGR for platinum and -1.0% CAGR for palladium through 2029f. Updated automotive outlook includes a deferred fuel cell electric vehicle ramp up.

Jewellery and industrial applications: platinum demand is forecast to record 1% growth p.a. in both to 2029f, while palladium's price pull-back should incentive great use in jewellery and industrial applications over the next five years.

https://platinuminvestment.com/investment-research/essentials/jan25-five-year-supply-demand-outlook-platinum-deficits-persist-palladiums-are-deeper-and-last-longer

See more on Platinum's insufferable price action here: 

Will Platinum ever regain its lustre?: https://mastermetalsblog.blogspot.com/2025/02/will-platinum-ever-regain-its-lustre.html

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bit.ly/MasterMetals

Marking to Market US Gold Reserves would inject ~$800 Billion to Treasury

Those coins in the couch are worth a lot!

FT's Gillian Tett reports, "Hedge fund contemporaries of Scott Bessent, the hedgie-turned-US Treasury secretary, are speculating about a revaluation of America's gold stocks. Currently, these are valued at just $42 an ounce in national accounts. But knowledgeable observers reckon that if these were marked at current values

Gold Miners waking up!

Nice day for the larger miners -- large cap no longer applies to these minnows... the biggest, $NEM & $AEM @ ±USD50BN each, are still worth less than what the mag 7 lose in a day... pic.twitter.com/1v3bDAVNfg

— MasterMetals (@MasterMetals) February 6, 2025

Break out spreading out among the Gold producers—even $SSRM. Can’t really say the same for $BTG… $AAUC.TO $AEM $LUG.TO $FVI.TO $FSM $EQX $MKO.V $CXB.TO $GMIN.TO $SKE.TO pic.twitter.com/M9ZMsbLdEn

— MasterMetals (@MasterMetals) February 5, 2025

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MasterMetals

@MasterMetals

Will Platinum ever regain its lustre?

Some of us remember a time when Platinum traded at a premium to Gold.

Since 2008, the premium turned to a discount—and it has never recovered…

Gold has doubled since then, while platinum is now down 30%…

Will Platinum ever shine again?

https://www.tradingview.com/x/dUiPvtmI/

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MasterMetals

@MasterMetals

Gold hits record high on safe-haven demand amid tariff threats

Spot gold was up 1.4% at $2,796.15/oz. at 11:07 AM (1603 GMT), hitting a record high at $2798.24 earlier in the session. Futures were up +2% at $2825/oz. in early trading.

Spot silver was up 2.2% at $31.48per ounce.

….

The Fed, meanwhile, held rates steady on Wednesday, in line with expectations, with Chair Jerome Powell saying there would be no rush to cut them again.

Data showed that U.S. economic growth slowed in the fourth quarter, but robust domestic demand will probably keep the Fed on a slow interest rate cut path.

https://www.tradingview.com/news/moneycontrol:9705cf8c4094b:0-gold-hits-record-high-on-safe-haven-demand-amid-tariff-threats/

Greenland for Critical Minerals Is Utter Nonsense

Rare earths are a bit of a misnomer — they are quite abundant. The problem is that rarely are they abundant in a concentration worth mining for…

Are the Greenlandic reserves of rare earths large? Not as far as we know. According to the US Geological Survey, considered an authority in the field, the island contains 1.5 million tons. That puts Greenland in the world's top 10, but well behind the US itself, as well as China, Brazil, Vietnam, India and Australia. Very likely, mining for rare earths in all of those countries would be easier and cheaper than in Greenland.

What about the geopolitical considerations? Let me put it this way: Rare earths aren't oil. Or copper; or uranium; or natural gas. In 2023, the total value of the rare earth compounds and metals the US imported was $190 million. The price of rare earth can surge by 50 times and not be more than a blip for the US economy. And at those prices, American companies would find many projects at home before Greenland. 

See the whole article on Bloomberg here: 

Trump's Folly? Greenland for Critical Minerals Is Utter Nonsense

https://www.bloomberg.com/opinion/articles/2025-01-15/trump-s-folly-greenland-for-critical-minerals-is-utter-nonsense

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bit.ly/MasterMetals