Barrick Mining Corp.’s board has authorized the repurchase of as much as $3 billion of its shares, as the world’s third-largest gold producer woos investors before spinning off its North American assets later this year.

The Toronto-based mining company announced the buyback program on Monday, as it posted a decline in profit during the first quarter, from the previous three-month period. It follows Barrick’s move to repurchase $500 million of stock in the final three months of 2025 — part of Chairman John Thornton’s efforts to prioritize returning capital to shareholders as he embarks on a strategic reset of the firm.