Newmont filed a notice of default in early February under the 2019 joint venture agreement, citing evidence that Barrick diverted resources from Nevada Gold Mines to its wholly owned Fourmile project. The notice triggers a 30-day period for Barrick to remedy the alleged breaches or face potential litigation in Nevada courts. Barrick holds 61.5% of Nevada Gold Mines, with Newmont owning the remaining 38.5%, and has formally disputed the diversion claims while constrained by JV confidentiality terms. The core tension arises from operational underperformance at NGM, which Newmont argues must be addressed before any related asset listing. Barrick intends to spin off 10%-15% of its North American assets, including its NGM stake, later this year, but the ongoing default dispute could complicate execution. Newmont cautions that protracted disagreements may materially impair its interest in NGM, the venture’s performance and its broader growth strategy.