Barrick Gold Corporation (NYSE: GOLD) has seen its shares rise more than 120% since early June 2025, following the departure of its CEO in September. The move has intensified scrutiny on the company’s strategic direction, with activist investor Elliott Management positioning itself to push for transformative changes.
- Barrick Gold (GOLD) shares up 120% from June to November 2025
- CEO Mark Bristow departed in September 2025, triggering corporate governance scrutiny
- Elliott Management holds a substantial stake and is pushing for strategic reforms
- Barrick’s debt totaled $11.3 billion as of Q3 2025
- Current valuation at 1.8x book value and 11.4x forward P/E, below sector average
- Potential for re-rating if capital allocation and asset portfolio are optimized
Barrick Gold Corporation’s stock has gained over 120% from a low of $16.20 in early June 2025 to a peak of $35.80 in late November, significantly outperforming the broader mining sector. This surge follows the abrupt departure of CEO Mark Bristow in September 2025, who had led the company since 2015. His exit created a leadership vacuum and heightened expectations for strategic reassessment. Elliott Management, which has held a significant stake in Barrick since 2023, is now seen as a pivotal force in shaping the company’s future. The firm has previously signaled plans to advocate for improved capital allocation, cost optimization, and accelerated asset divestitures. With Barrick’s market capitalization now exceeding $45 billion, Elliott is believed to be pushing for a more aggressive focus on high-margin projects and a reduction in debt, which stands at approximately $11.3 billion as of Q3 2025. Analysts note that Barrick’s current valuation, trading at 1.8x book value and 11.4x forward earnings, remains below historical averages for major gold miners, suggesting room for re-rating if strategic reforms are implemented. Elliott’s activism could catalyze changes such as a potential spin-off of non-core assets or a shift toward greater shareholder returns through dividends and buybacks. The market reaction has been immediate, with Barrick’s share price gaining more than 50% since the CEO’s exit. Investors are closely watching for formal engagement from Elliott, which may present a formal proposal at the upcoming 2026 annual shareholder meeting. The outcome could influence not only Barrick’s trajectory but also investor sentiment toward other large-cap miners under activist scrutiny.