Is the dispute between Barrick Mining and Newmont escalating? Gold gem DRC Gold finally gains momentum!

DRC Gold: Shares gain momentum

The shares of this gold gem are finally picking up speed. We are referring to DRC Gold, formerly AJN Resources. The name change is intended to reflect the clear focus on gold and strengthen the company's perception on the capital market. The first successes are already visible. However, even after a rally of more than 30%, the market capitalization is only around CAD 30 million. This seems anything but expensive.

The company is led by experienced geologist Klaus Eckhof. He has been active in Africa for decades and has built up an important network that extends into the political sphere. The company is currently benefiting noticeably from this and is well-positioned to capitalize on a strong gold market.

DRC Gold is currently pushing ahead with the acquisition of a 55% majority stake in the Giro Gold project in the Democratic Republic of Congo. It covers an area of 497 sq km and is located in the renowned Kilo Moto greenstone belt. A direct neighbor is the Kibali mine, one of the most productive gold mines in Africa, which is majority-owned and operated by Barrick Mining and AngloGold Ashanti. The Giro Gold project already has two historic gold deposits with the potential for over 1 million ounces and the necessary mining permits. DRC plans to start production here quickly. In addition, it is conceivable that further projects in the Democratic Republic of Congo could be taken on, enabling the company to become one of the country's leading gold producers.

Regional diversification is another argument in favor of buying DRC shares. Two projects are also being pursued in Ethiopia, even though the focus is currently on Giro. Overall, there are many indications that the share price has only just begun to gain momentum.

Note: Those who would like to learn more about the prospects for DRC Gold firsthand should register for the virtual International Investment Forum ii-forum.com on February 25, 2026. CEO Klaus Eckhof will be presenting live.

Barrick: IPO plans not well received everywhere

Barrick Mining is pushing ahead with its plan to spin off its North American gold assets into a separate entity ("NewCo"). It then intends to sell a minority stake of around 10% to 15% to new investors as part of an initial public offering. The mining giant hopes this will reveal the undervaluation of this asset and boost its own share price. In the current environment, a gold producer focused on North America should be valued very differently. For Barrick, the move is also a signal to the capital market that, after years of portfolio expansion, it is once again focusing more on structural measures to increase value.

This is precisely where Newmont comes into play. The core of its North American operations is the Nevada Gold Mines joint venture, in which Barrick holds a 61.5% stake and Newmont the remaining 38.5%. Despite its minority stake, Newmont has contractual protection and approval rights that could prove decisive in the event of transfers or structural changes.

Is Newmont serious?

Newmont is not fundamentally opposed to a transaction but is publicly highlighting operational shortcomings. It points to underperformance in the Nevada operations and demands that this be remedied before agreeing to an IPO structure. This creates a sensitive issue for Barrick, as an IPO requires structural stability within the joint venture. A dispute among the major shareholders would likely result in a valuation discount. Barrick, by contrast, argues with greater focus, transparency, and valuation leverage. In the current bull market, investors would accept a valuation premium for a pure play.

Could the dispute escalate? Yes. A hostile takeover of Barrick by Newmont would likely be the biggest escalation. Strategically, it could be argued that Newmont would thus gain full control over Nevada and end the IPO discussion in one fell swoop. In practical terms, however, the price (takeover premium), financing/ratings, antitrust review, and integration risks argue against this. Such rumors were already circulating at the end of 2025. At that time, it was said that Newmont was exclusively interested in North America. The other gold projects and the copper business would be sold or floated on the stock market. However, implementation would certainly not be a sure-fire success. It would tie up important resources at both companies and distract them from their core business. In addition, following the sharp rise in its share price, Barrick Mining is now worth over USD 80 billion on the stock market. Newmont is worth USD 130 billion, but this would first have to be financed.

DRC Gold holds interesting prospects. If the course taken in recent months continues, the share price is also likely to continue its upward march. Barrick's IPO plans are likely to continue to occupy the stock market. Can an agreement be reached with Newmont, or will the situation escalate? If so, a hostile takeover attempt would also be possible. Whether this would make sense for both companies is another question.