Elliott Management's Activism and Barrick Mining's Strategic Shift

On November 18, 2025, Elliott Management announced its investment in Barrick Mining, a Toronto-based global mining company primarily focused on gold. Barrick operates 14 gold mines and has a significant presence in North America, particularly through its Nevada Gold Mines joint venture with Newmont, where it holds a 61.5% stake. The company also has operations in Africa, the Middle East, Latin America, and Asia, with a copper portfolio centered in Africa and the Middle East, including the Reko Diq project in Pakistan. Despite a recent bull market for gold, which has seen Barrick's stock more than double in six months, the company trades at a price-to-net asset value ratio of 0.9, significantly lower than its North American peers, such as Agnico Eagle, which trades at approximately 1.5.

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Elliott's interest lies in the potential separation of Barrick's North American assets from its higher-risk operations in Asia and Africa. This strategic move has been discussed by Barrick's management, which indicated that applying a peer-like multiple to its North American assets could unlock as much as 49% of unrealized value. The board of Barrick authorized the exploration of this separation on December 1, 2025, suggesting that the company is seriously considering this option to close the valuation gap with its competitors.

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Following the abrupt departure of Barrick's former CEO in September 2025, Mark Hill was appointed as interim CEO. This leadership change presents a unique opportunity for Elliott Management, as the presence of an interim CEO allows for strategic discussions regarding the company's future direction. Elliott's influence is expected to be significant in the selection of a new CEO, as no candidate would likely accept the position without Elliott's approval. The activist investor's history indicates a careful approach to activism, suggesting they have held their position in Barrick for several months and are not likely to escalate their activism unless the board's decisions diverge from their expectations.

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While Elliott Management's involvement may drive positive changes for Barrick, there are concerns regarding the implications of such activism. Critics argue that aggressive shareholder activism can lead to short-term decision-making that may not align with the long-term health of the company. The potential separation of assets could also disrupt existing operations and relationships in higher-risk regions, raising questions about the overall strategy and sustainability of Barrick's business model.

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Barrick's management has acknowledged the discussions surrounding the potential separation of its North American assets, emphasizing that this strategic move could significantly enhance shareholder value. Elliott Management has not publicly commented on specific strategies but is known for its calculated approach to activism, focusing on adding value for shareholders.

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• “In a presentation released in May, management demonstrated that applying a peer-like multiple to Barrick's North American assets could unlock as much as 49% of unrealized value.” — Barrick Management Presentation, May 2025

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• “Moreover, Elliott does not act impetuously in its activism.” — Ken Squire, Founder of 13D Monitor

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As Barrick Mining navigates this pivotal moment, the influence of Elliott Management and the potential separation of its North American assets will be critical in shaping the company's future trajectory.

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