Nevada Reshuffles: Barrick, Newmont and SSR Mining Pursue New Projects – Phenom Resources in the Middle of It

Barrick Mining: Transparency Initiative and the Fourmile Project

Barrick Mining aims to bring hidden value to light. The group operates the Nevada Gold Mines joint venture with Newmont as the operating entity and holds a 61.5% stake. Because the market trades the globally diversified group at a valuation discount, leaving its profitable US operations undervalued, management plans to float a minority stake of 10 to 15% in the North American assets on the stock market. The group will retain a majority stake in the new company, North American Barrick. The deal was originally scheduled to close by the end of 2026; according to Bloomberg, Barrick is now considering postponing it to 2027. Analysts most recently valued the unit at around USD 42 billion, according to Reuters. As a sort of flagship project, the Fourmile project, which has been 100% owned by the company to date, is to be contributed to the joint venture. This deposit is considered particularly spectacular because, according to Barrick, it contains approximately 15.6 million ounces with an average grade of about 17 g/t; however, most of it is still classified as "inferred resources". A preliminary economic assessment (PEA) from 2025 projects all-in sustaining costs (AISC) of just USD 650 to USD 750 per ounce. Once Fourmile goes into production, the addition of the high-grade ore could boost the gold content of the mill feed at the Nevada complex, thereby reducing processing costs per ounce at the energy-intensive facilities.

Newmont and Barrick Settle Dispute: USD 1.95 Billion for Peace

Newmont is also restructuring its operations in Nevada, thereby ending a protracted dispute over the joint venture's direction. The partner holds a 38.5% stake in Nevada Gold Mines and had previously accused Barrick of neglecting the joint portfolio. In August, however, the parties smoothed things over: Newmont is contributing its own development projects, Fiberline and Mike, to the joint venture. As compensation for the contributed projects, most notably the high-grade Fourmile deposit, Newmont will pay Barrick USD 1.95 billion. Several analysts viewed the price as favourable for Newmont given the potential of the Fourmile deposit—Barrick's stock fell sharply on the day of the announcement. In addition, the partners agreed to a modernized joint venture agreement with expanded governance rules. Newmont also gave its approval for the planned initial public offering of the North American assets.

Phenom Resources: SSR Mining Secures the Dobbin Project

While industry leaders are dealing with billions, the developer Phenom Resources is drawing the attention of a well-capitalized producer. SSR Mining recently completed its withdrawal from Turkey. The company sold its 80% stake in the Çöpler mine and its interest in the Hod Maden project, and had cash reserves of USD 1.78 billion as of mid-year. Instead of relying on expensive acquisitions, the company is leveraging its capital through targeted investments in promising projects in North America, where the legal framework is stable. Just recently, a subsidiary of SSR Mining acquired a direct 15% stake in Phenom Resources' Dobbin project for USD 4 million. Combined with SSR's previous investment in Phenom of approximately CAD 5 million, the total financing amounts to about CAD 11 million, which, according to Phenom CEO Paul Cowley, fully funds the upcoming work through the summer of 2027. Through its subsidiary Copper One, Phenom Resources retains 85% operational control of the project. Dave Mathewson, a renowned Carlin expert who has been involved in six major gold discoveries in the past, is responsible for the project's geology. Preliminary work has traced a 2.1 km-long ground anomaly, with samples yielding grades of up to 2.73 g/t Au. Hand-dug trenches in bedrock yielded, among other results, 6.34 g/t Au over 4 m, including a 2 m sample with 10.35 g/t Au. Encouraged by these results, the company launched a core drilling program in late July; the permit allows for up to 26 drill holes to confirm the results in deeper rock layers as well.

Phenom Resources: Strategic Metals Complement the Gold Portfolio

Beyond gold exploration, Phenom Resources is diversifying its portfolio and focusing on battery metals. The company controls the Carlin Vanadium Project, which, according to the company, hosts the largest and highest-grade primary vanadium resource in North America, based on an SRK Consulting resource estimate. Although management has currently shifted its operational focus to the more cost-effective search for gold, metallurgical research for vanadium and nickel continues. In early 2026, laboratory analyses at the Crescent Valley Project also confirmed the presence of rare earth elements and critical metals, prompting the company to quickly expand its land holdings from 38 to 172 claims. The King Solomon project, for which Phenom holds an option and where historical drilling data evaluated by Phenom also indicates traces of mineralization, rounds out the project pipeline in Nevada.

Phenom Resources: Operational Catalysts on the Horizon?

The first results from the current core drilling at the Dobbin Project are expected soon—the company had originally anticipated them in September. They could provide valuable insights into the deposit's structure. If drilling confirms a deep-seated system, this could open new prospects for the company and likely draw the market's attention to Phenom Resources. While the early exploration phase always carries risks, it is likely worth continuing to monitor this young company. If sustainable geological evidence is confirmed, Phenom, together with its strategic partner SSR Mining, will be well-positioned for the future.