Barrick Mining Corporation shares plunged 8.77% in intraday trading on Monday, as investors reacted to a disappointing second-quarter earnings report and growing opposition to the company's plan to spin off its North American gold assets. The sell-off accelerated after the opening bell, following a sharp decline in pre-market activity.

The company reported adjusted earnings of $0.82 per share, missing the average analyst estimate of $0.88 per share. While revenue surged 44% to $5.29 billion, driven by higher gold and copper prices, the earnings miss was attributed to rising production costs and retrospective tax penalties in Mali. The profit shortfall overshadowed the company's beat on gold output targets and its announcement of a $1.95 billion settlement with Newmont over their Nevada Gold Mines joint venture.

Adding to the pressure, Chairman John Thornton's plan to spin off Barrick's North American mines through an IPO faced significant opposition from major shareholders, including Van Eck Associates, Mackenzie Financial, and Franklin Equity Group. These investors cited a lack of clarity and concerns that the spinoff would partially sell off Barrick's best assets. The settlement with Newmont, while resolving outstanding disputes, clears the path for the controversial IPO, further unsettling investors. The combination of an earnings miss and uncertainty surrounding the proposed spinoff drove the steep intraday decline.