Barrick Mining Corp. (NYSE:B) is exploring a potential IPO for its top-tier North American gold holdings. The move could reshape its portfolio structure and offer investors targeted exposure to some of the world’s highest-grade gold assets—while the company retains strategic control.

The Toronto-based gold and copper producer’s board authorized management to begin evaluating the spinoff of a new publicly traded company. This would consolidate assets like Nevada Gold Mines, Pueblo Viejo in the Dominican Republic, and the Fourmile discovery in Nevada.

The stock jumped 4.5% in premarket trading Monday, extending an already explosive year. Barrick has rallied 162% year-to-date as of Friday’s close, outpacing sector rival Newmont Corp. (NYSE:NEM), whose shares are up 140% in the same period.

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Barrick Considers IPO: What's Happening And Why It Matters

The company is calling the potential spinoff "NewCo"—a placeholder name for what would become a separately ...