Newmont Reports Robust Second Quarter 2026 Results; Remains on Track to Achieve Full Year Guidance

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Postmedia has not reviewed the content. by Business Wire Newmont Reports Robust Second Quarter 2026 Results; Remains on Track to Achieve Full Year GuidanceAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountDENVER — Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced second quarter 2026 results and declared a dividend of $0.261 per share.“Newmont delivered another quarter of strong operational and financial performance, producing approximately 1.3 million attributable gold ounces and generating record second quarter free cash flow of $2.2 billion, while remaining on track to achieve our full-year 2026 guidance,” said Natascha Viljoen, Newmont’s President and Chief Executive Officer. “Supported by our strong balance sheet and consistent capital allocation framework, we returned $1.9 billion to shareholders through quarterly dividends and ongoing share repurchases executed since our last earnings call, while continuing to invest in the long-term strength of our business.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. 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Please try againOn track to meet Newmont’s full year 2026 production guidance2 of 5.3 million attributable gold ounces; produced 1.3 million attributable gold ounces, as well as 7 million ounces of silver and 17 thousand tonnes of copper, primarily from Newmont’s managed operationsGold by-product Costs Applicable to Sales (CAS) was $1,043 per ounce and All-In Sustaining Costs (AISC) was $1,621 per ounce3, with year-to-date costs tracking well below Newmont’s full year cost guidance2Reported Net Income of $2.2 billion, Adjusted Net Income (ANI)3 of $2.2 billion or $2.10 per diluted share, and Adjusted EBITDA3 of $3.8 billionGenerated $2.9 billion of cash from operating activities, net of working capital impacts of $90 million; reported record second quarter Free Cash Flow3 of $2.2 billionDelivered $1.9 billion of shareholder returns through share repurchases and dividend payments since the last earnings call4; declared a dividend of $0.26 per share of common stock for the second quarter of 2026Through the date of filing, Newmont has repurchased $1.7 billion of common stock since the last earnings call4; $4.3 billion remains under the current authorized program of $6 billion5Since February 2024, Newmont has reduced its share count by more than 100 million shares, or approximately 9 percent of shares outstanding, increasing shareholders’ exposure to the free cash flow generated by its portfolio and creating a pathway for per-share dividend growth over timeEnded the quarter with $9.0 billion of cash and $13.0 billion in total liquidity6, with a net cash position of $3.4 billion3Announced key executive appointments from Newmont’s internal talent pipeline, positioning for the next phase of delivery and creation of long-term shareholder valueReceived key regulatory approvals from the Province of British Columbia for the Red Chris Block Cave project, including an amended Environmental Assessment Certificate achieved through a consent-based process with the Tahltan Nation, as well as an amended Mines Act permit, marking a significant milestone in stage-gating as the project advances toward a final investment decisionPublished 22nd Annual Sustainability Report and 5th Annual Taxes & Royalties Contribution Report, outlining Newmont’s sustainability performance and socio-economic contributions in 2025____________________1Newmont’s Board of Directors declared a dividend of $0.26 per share of common stock for the second quarter of 2026, payable on September 28, 2026 to holders of record at the close of business on September 3, 2026.2See discussion of guidance and cautionary statement at the end of this release regarding forward-looking statements.3Non-GAAP metrics; see reconciliations at the end of this release.4Includes $1.7 billion of share repurchases since April 23, 2026, including over $600 million of share repurchases in July 2026.5The share repurchase program will be executed at the Company’s discretion. The share repurchase program permits shares to be repurchased in a variety of methods, has no time limit and may be suspended or discontinued at any time. See cautionary statement regarding forward-looking statements at end of this release.6Total liquidity as of June 30, 2026 includes $4.0 billion available on a revolving credit facility.Delivering on Newmont’s Consistent Capital Allocation FrameworkNewmont’s consistent capital allocation framework is designed to be sustainable through the commodity and investment cycles while maximizing total return of capital to shareholders, maintaining a flexible and resilient balance sheet, and focusing on high-return capital investments for long-term value creation. The capital allocation uses below are presented in order of priority.1 Newmont is consistently delivering on these priorities, supported by the robust free cash flow generated to date in 2026.Ongoing Sustaining Capital Investment in World-Class PortfolioNewmont expects to spend $1.95 billion in 2026 in sustaining capital through targeted investments in critical infrastructure, including tailings solutions, as detailed in the ‘2026 Guidance Expectations’ section below. In the first half of 2026, Newmont has invested $819 million of sustaining capital, with full-year 2026 guidance remaining unchanged.2Sustainable Through the Cycle Cash Dividend Newmont is committed to returning capital to shareholders through a sustainable cash dividend of $1.1 billion per year. Central to this framework is a dividend structured to grow on a per share basis without increasing Newmont’s financial commitment, as share repurchases executed through the cycle permanently lower the outstanding share count. The annual total per share dividend target will be calculated annually in February based on the current number of shares issued and outstanding. The dividend payment will be divided into four equal payments rounded up to the nearest $0.01, to be paid out on a quarterly basis, subject to quarterly approval by Newmont’s Board of Directors1. In line with this commitment, a dividend of $0.26 per share for the second quarter of 2026 has been declared payable on September 28, 2026, to holders of record of such common stock at the close of business on September 3, 2026. This equates to an indicated total annualized dividend of $1.04 per share, with continued per share dividend increases expected as share repurchases continue.Disciplined Approach to Development Capital ReinvestmentNewmont expects to invest $1.4 billion of development capital in 2026 as it advances the highest-return free cash flow generative projects, while continuing to study, evaluate and define the future growth profile of its portfolio. In the first half of 2026, Newmont invested $524 million in its current development projects, with full-year 2026 guidance remaining unchanged.2Maintaining an Optimized Capital Structure Through the Cycle Newmont is focused on maintaining a resilient balance sheet, anchored by a $1 billion net cash target3, with flexibility of plus or minus $2 billion depending on market conditions. During strong commodity price environments, Newmont intends to further optimize its balance sheet by actively managing gross debt, while maintaining a minimum cash balance of $5 billion through the cycle. Newmont ended the second quarter of 2026 with a cash balance of $9 billion and a net cash balance of $3.4 billion3.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Ratable Share Repurchase ProgramSince the last earnings call, Newmont executed $1.7 billion of share repurchases under the current repurchase authorization of $6.0 billion. Newmont intends to request additional approval from its Board of Directors as the current authorization approaches completion, consistent with the Company’s disciplined and repeatable approach to returning excess cash to shareholders.____________________1See cautionary statement at the end of this release. The Capital Allocation Framework is provided for illustrative purposes and remains non-binding. Guidance expectations, including capital allocation uses, future dividends, debt management and share repurchases, are forward-looking statements. An annualized dividend has not been declared by the Board of Directors.2Sustaining and development capital guidance and spend to date excludes capitalized interest.3Net cash balance is Cash and cash equivalents less Debt and Lease and other financing obligations as presented on the Consolidated Balance Sheets. Net cash balance will change based on Net cash provided by operating activities, Additions to property, plant and mine development, dividends paid to common shareholders, repayment of debt principal, and other investing and financing activities. Refer to the Net Debt reconciliation below in the Non-GAAP Financial Measures schedules in this release.20252026Q1Q2Q3Q4FYQ1Q2YTDAverage realized gold price ($/oz)$2,944$3,320$3,539$4,216$3,498$4,900$4,414$4,661Attributable gold production (Moz) (1)1.541.481.421.455.891.301.292.59Total CAS ($M) (2)$2,106$2,001$1,951$2,027$8,085$1,937$2,088$4,025Gold By-Product CAS ($/oz) (2)(3)$930$917$831$738$855$541$1,043$788Gold Co-Product CAS ($/oz) (2)(3)$1,227$1,215$1,185$1,166$1,199$1,307$1,463$1,384Gold By-Product AISC ($/oz) (3)$1,447$1,375$1,303$1,302$1,358$1,029$1,621$1,321Gold Co-Product AISC ($/oz) (3)$1,651$1,593$1,566$1,620$1,609$1,709$1,938$1,822Net income (loss) attributable to Newmont stockholders ($M)$1,891$2,061$1,832$1,301$7,085$3,262$2,202$5,464Net income (loss) attributable to Newmont stockholders per share ($/diluted share)$1.68$1.85$1.67$1.19$6.39$3.00$2.06$5.07Adjusted net income ($M) (4)$1,404$1,594$1,883$2,753$7,634$3,156$2,246$5,402Adjusted net income per share ($/diluted share) (4)$1.25$1.43$1.71$2.52$6.89$2.90$2.10$5.01Adjusted EBITDA ($M) (4)$2,629$2,997$3,309$4,545$13,480$5,154$3,757$8,911Cash from operations before working capital ($M) (5)$2,172$2,228$2,584$3,560$10,544$3,987$3,014$7,001Net cash from operating activities ($M)$2,031$2,384$2,298$3,621$10,334$3,785$2,924$6,709Capital expenditures ($M) (6)$826$674$727$808$3,035$641$719$1,360Free cash flow ($M) (7)$1,205$1,710$1,571$2,813$7,299$3,144$2,205$5,349Second Quarter 2026 Production and Financial SummaryAttributable gold production1decreased 1 percent to 1,293 thousand ounces from the prior quarter, driven by lower production at Cadia as a result of the impact of the seismic events during the quarter and lower production at Ahafo South, Peñasquito and Yanacocha as a result of lower grade from planned mine sequencing. These decreases were partially offset by increased production at Lihir and Boddington, as well as ounces delivered from the Pueblo Viejo joint venture. Operations at Cadia returned to normal levels as of mid-June after recovery from the seismic events.were 1,195 thousand ounces for the quarter.decreased 43 percent to 17 thousand tonnes compared to the prior quarter, driven by the impact of the seismic events at Cadia.decreased 22 percent to 7 million ounces,decreased 33 percent to 18 thousand tonnes anddecreased 35 percent to 40 thousand tonnes compared to the prior quarter, driven by lower co-product grade at Peñasquito.Average realized gold pricewas $4,414 per ounce, a decrease of $486 per ounce from the prior quarter. Average realized gold price includes $4,468 per ounce of gross price received, an unfavorable impact of $51 per ounce of mark-to-market on provisionally-priced sales and reductions of $3 per ounce for treatment and refining charges.Costs Applicable to Sales (CAS)2allocated to gold totaled $1.7 billion for the quarter, with an additional $339 million allocated to co-product metals.Gold by-product CAS per ounce3increased 93 percent to $1,043 for the quarter primarily driven by lower gold and co-product volumes, as well as lower silver pricing. CAS was also impacted by a full quarter of the increased royalties in Ghana and higher diesel prices. These increases were partially offset by higher copper pricing.Gold co-product CAS per ounce3Gold by-product AISC per ounce3increased 58 percent to $1,621 for the quarter. Building from CAS per ounce, the increase was primarily due to higher sustaining capital and other expense, primarily related to incremental costs incurred at Cadia during the downtime after the seismic event in April.Gold co-product AISC per ounce3Net income attributable to Newmont stockholders was $2.2 billion or $2.06 per diluted share, a decrease of $1.1 billion from the prior quarter. This decrease was primarily driven by lower revenue due to lower realized gold and silver prices, partially offset by a decrease of $452 million in income and mining tax expense.was $2.2 billion or $2.10 per diluted share, compared to $3.2 billion or $2.90 per diluted share in the prior quarter. Primary adjustments to second quarter net income include a net loss on the fair value of investments and options of $111 million and restructuring and severance charges of $12 million.Consolidated cash from operations before working capital5decreased 24 percent from the prior quarter to $3.0 billion primarily due to lower revenue from lower realized gold and silver prices and slightly higher CAS.Consolidated net cash from operating activitiesdecreased 23 percent from the prior quarter to $2.9 billion primarily due to lower consolidated cash from operations before working capital. Working capital was a net use of cash of $90 million in the second quarter, reflecting continued cash spend for previously accrued reclamation activities of $249 million, normal course inventory and stockpile builds of $131 million, and a change in accrued tax liabilities of $116 million. These impacts were partially offset by favorable accounts receivable movements of $461 million, primarily at Peñasquito and Cadia, and an $84 million beneficial change to accounts payable.Income and mining cash tax paiddecreased 15 percent from the prior quarter to $1.1 billion due to lower net income attributable to Newmont shareholders and the timing of annual tax payments accrued in 2025.decreased 30 percent from the prior quarter to $2.2 billion primarily due to a decrease in net cash provided by operating activities and higher capital investment, partially offset by a lower net unfavorable working capital impact in the current quarter.Balance sheet and liquidity remained strong in the second quarter, ending with $9.0 billion of cash and cash equivalents, with $13.0 billion of total liquidity; ended the quarter in a net cash position of $3.4 billion.Non-Managed Joint Venture and Equity Method Investments9attributable gold production increased 2 percent to 240 thousand ounces, with a 15 percent increase in CAS per ounce to $1,473 per ounce.AISC per ounce increased 13 percent from the prior quarter to $1,805 per ounce.attributable gold production increased 37 percent to 74 thousand ounces compared to the prior quarter. Cash distributions received for the Company’s equity method investment in Pueblo Viejo totaled $100 million in the second quarter. Capital contributions of $32 million were made during the quarter related to the expansion project at Pueblo Viejo.attributable gold production is reported on a quarter lag. Production reported in the second quarter of 2026 of 38 thousand ounces was consistent with the prior quarter. Cash distributions received from the Company’s equity method investment in Fruta del Norte were $93 million for the second quarter.____________________1Attributable gold production includes ounces from the Company’s equity method investment in Pueblo Viejo (40%) and in Lundin Gold (32%).2Consolidated Costs applicable to sales (CAS) excludes Depreciation and amortization and Reclamation and remediation.3Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.4Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.5Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled in the Condensed Consolidated Statements of Cash Flows.6Capital expenditures refers to Additions to property plant and mine development from the Condensed Consolidated Statements of Cash Flows, inclusive of capitalized interest.7Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities.8Non-GAAP measure. See end of this release for reconciliation.9Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag.2026 Guidance Expectations (+/-5%)Newmont remains on track to meet its previously published 2026 guidance. For more details, refer to the Company’s Fourth Quarter 2025 Earnings and 2026 Guidance press release, issued on February 19, 2026, and available on Newmont.com. Please see the cautionary statement and footnotes for additional information.Guidance Metric (+/-5%) (1)2026EAttributable Gold Production (koz)Total Newmont Attributable Gold Production5,260Gold By-Product CAS ($/oz) (2)Total Newmont Gold By-Product CAS ($/oz) (2)$1,055Gold By-Product AISC ($/oz) (2)Total Newmont Gold By-Product AISC ($/oz) (2)$1,680Sustaining Capital ($M)Total Newmont Sustaining Capital (3)$1,950Development Capital ($M)Total Newmont Development Capital (3)$1,400Co-Product ProductionCopper Production (ktonne)102Silver Production (Moz)32Lead Production (ktonne)90Zinc Production (ktonne)220Consolidated ExpensesExploration & Advanced Projects ($M)$525General & Administrative ($M)$375Interest Expense ($M) (4)$175Depreciation & Amortization ($M)$2,815Reclamation and Remediation Accretion ($M)$385Adjusted Tax Rate (5)33%Capitalized Interest ($M)$17512026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Guidance. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. See cautionary statement at the end of this release.2Presented on a consolidated basis and reflects an assumed metal price of Gold ($4,500/oz.), Copper ($5.00/lb.), Silver ($60.00/oz), Lead ($0.90/lb.) and Zinc ($1.30/lb.) and foreign exchange rates of AUD:USD ($0.70), CAD:USD ($0.75), and USD:MXN ($17.00).3Capital guidance is presented on an attributable basis and excludes non-cash capitalized interest.4Interest expense guidance is net of capitalized interest.5The adjusted tax rate excludes certain items such as tax valuation allowance adjustments.2026 SEASONALITY GUIDANCE1 AND THIRD QUARTER COMMENTARYTotal PortfolioH1 2026EH2 2026EAttributable Production49%51%Sustaining Capital42%58%Development Capital37%63%12026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of July 23, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. See cautionary statement at the end of this release.Attributable gold production in 2026 is expected to be approximately 51 percent weighted to the second half of the year, as production in the first half of the year was slightly above expectations. Yanacocha and Lihir realized ounces earlier than planned in the second quarter, in addition to consistent performance from the Nevada Gold Mines joint venture. The increase in production in the second half of the year is expected to be driven primarily by Boddington, Tanami, Lihir, Cerro Negro, and Brucejack, partially offset by lower expected ounces from Yanacocha, Ahafo South, and Merian. Ahafo North production is expected to increase sequentially throughout 2026. Overall, the change in seasonality weighting reflects timing within the year, as Newmont remains on track to achieve its full year production guidance.Sustaining capital spend in 2026 is expected to be approximately 58 percent weighted to the second half of the year. Spend in the second half is expected to be higher due to higher tailings spend at Cadia, Boddington, and Tanami as well as warmer weather surface work at Red Chris and Brucejack. Development capital spend is expected to be weighted 63 percent to the second half of 2026 primarily due to the timing of PC1-2 spend at Cadia deferred from H1 due to the seismic events, significant work at the Lihir Nearshore Barrier starting in the second half of 2026, and an increase in spend on Cerro Negro Expansion 1.Third Quarter Commentary:Newmont expects total attributable gold production in the third quarter of 2026 to be broadly in line with second quarter production. Production remains weighted toward the fourth quarter across several managed operations. Unit costs are expected to increase in the third quarter primarily due to higher sustaining capital spend, which should be partially offset by higher co-product volumes, notably silver at Peñasquito. Unit costs may also be impacted by higher oil prices and will continue to be sensitive to royalties driven by the gold price. Development capital spend is also expected to increase meaningfully in the third quarter due to the planned timing of investment. Working capital is expected to remain variable through the remainder of the year. The favorable account receivable and payable movements realized in the second quarter may partially reverse in future periods as production, shipment and collection patterns normalize.ASSUMPTIONS AND SENSITIVITIES1AssumptionChange (+/-)Revenue and Cost Impact ($M) (2)Gold ($/oz)$4,500$100$505Australian Dollar$0.70$0.05$100Canadian Dollar$0.75$0.05$30Mexican Peso$17.00$1.00$25Oil ($/bbl Brent)$70.00$10.00$60Copper ($/tonne) (3)$11,023$550$60Silver ($/oz) (4)$60.00$1.00$25Lead ($/tonne) (3)$1,894$220$20Zinc ($/tonne) (3)$2,866$220$5012026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. See cautionary statement at the end of this release.2Impacts are presented on a pretax basis.3Co-product metal pricing assumptions in imperial units equate to Copper ($5.00/lb.), Lead ($0.90/lb.) and Zinc ($1.30/lb.).4Silver revenue impact relates only to co-product silver revenue from Peñasquito, including the impact of the silver stream agreement.Excluded from the sensitivity above is a royalty, production tax, and workers participation impact of approximately $6 per ounce for every $100 per ounce change in gold price.Committed to Concurrent ReclamationAs mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental and regulatory impacts associated with the end of mining operations. Newmont’s global Closure Strategy integrates closure planning throughout each operation’s lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to recognize reclamation and remediation expense throughout the year. In the six months ended June 30, 2026, Newmont spent $458 million on reclamation activities, including $351 million on the construction of water treatment plants at Yanacocha. Newmont anticipates 2026 spending of approximately $850 million for the total portfolio and approximately $550 million on the Yanacocha water treatment plants. Total estimated spend on the Yanacocha water treatment plants is approximately $1.8 billion, with $1.1 billion spent to date. Once complete, total reclamation spend is expected to return to more normal levels of $300 to $400 million in 2028.For details on Newmont’s key projects currently in execution, refer to the Company’s Fourth Quarter 2025 Earnings and 2026 Guidance press release, issued on February 19, 2026, and available on Newmont.com. Additional project updates will be provided as they become available. Please refer to the cautionary statement and footnotes for further information.20252026Operating ResultsQ1Q2Q3Q4FYQ1Q2Q3Q4YTDSales Volumes (koz)Consolidated gold ounces sold1,4421,3801,3191,3785,5191,2321,1952,427Attributable gold ounces sold (1)1,4301,3631,3081,3585,4591,2111,1772,388Consolidated copper tonnes sold (thousands)35373131134302252Consolidated silver ounces sold (millions)67872810616Consolidated lead tonnes sold (thousands)2123272495281745Consolidated zinc tonnes sold (thousands)73566849246584098Average Realized Price ($/oz, $/lb)Average realized gold price$2,944$3,320$3,539$4,216$3,498$4,900$4,414$4,661Average realized copper price$4.65$4.37$4.67$6.04$4.89$5.68$6.82$6.15Average realized silver price$30.12$29.50$37.02$57.29$38.92$66.78$53.49$61.51Average realized lead price$0.89$0.88$0.86$0.88$0.87$0.84$0.88$0.85Average realized zinc price$1.13$1.13$1.29$1.41$1.23$1.44$1.64$1.52Attributable Gold Production (koz)Lihir164160129132585113157270Cadia10310497813859434128Tanami78901001233918290172Boddington126147146146565111160271Ahafo South (2)205197145119664128100228Ahafo North (2)———68706268130Merian (75%)474035561786656122Cerro Negro28426864202464995Yanacocha105131152127515144128272Peñasquito1231488856415543791Red Chris (70%)141515186214923Brucejack415079612315953112Managed Core Portfolio1,0341,1241,0541,0514,2639739411,914Nevada Gold Mines (38.5%)216239251293999236240476Pueblo Viejo (40%) (3)496372692535474128Fruta Del Norte (32%) (4)43384440165383876Non-Managed Core Portfolio3083403674021,417328352680Total Core Portfolio1,3421,4641,4211,4535,6801,3011,2932,594Non-Core Assets (5)19514——209———Total Attributable Gold Production1,5371,4781,4211,4535,8891,3011,2932,594Co-Product ProductionCadia copper tonnes (thousands)212222178221728Boddington copper tonnes (thousands)776424358Red Chris copper tonnes (thousands)7778296511Total copper tonnes (thousands)35363529135301747Peñasquito silver ounces (millions)6877289716Peñasquito lead tonnes (thousands)2227262398271845Peñasquito zinc tonnes (thousands)596759462316240102Total CAS ($M)Total CAS$2,106$2,001$1,951$2,027$8,085$1,937$2,088$4,025Gold By-Product CAS Consolidated ($/oz)Lihir$1,009$1,287$1,468$1,484$1,297$1,503$1,470$1,485Cadia$(643)$(514)$(593)$(1,007)$(676)$(1,062)$(945)$(1,024)Tanami$1,087$1,278$1,158$963$1,114$1,099$1,335$1,217Boddington$970$1,000$1,054$1,002$1,005$1,158$964$1,039Ahafo South$1,238$1,010$1,309$1,458$1,227$1,696$2,164$1,895Ahafo North$—$—$—$532$532$1,190$1,270$1,231Merian$1,497$1,808$1,722$1,297$1,562$1,320$1,413$1,363Cerro Negro$2,063$2,118$1,375$1,240$1,594$1,181$1,564$1,365Yanacocha$961$882$769$618$795$1,005$1,021$1,013Peñasquito$(949)$(880)$(1,882)$(3,587)$(1,578)$(10,482)$(6,201)$(8,896)Red Chris$(1,200)$71$125$(1,789)$(723)$(2,094)$(3,096)$(2,565)Brucejack$1,800$1,861$1,184$1,257$1,465$1,736$1,661$1,698Managed Core Portfolio$733$789$732$594$713$363$933$642Nevada Gold Mines (38.5%)$1,426$1,448$1,241$1,258$1,334$1,281$1,473$1,377Non-Managed Core Portfolio$1,426$1,448$1,241$1,258$1,334$1,281$1,473$1,377Total Core Portfolio$854$903$831$738$830$541$1,043$788Non-Core Assets (5)$1,410$2,032$—$—$1,456$—$—$—Total Gold By-Product CAS/oz (6)$930$917$831$738$855$541$1,043$78820252026Operating Results (continued)Q1Q2Q3Q4FYQ1Q2Q3Q4YTDGold Co-Product CAS ($/oz)Cadia$794$805$820$981$845$1,050$1,555$1,216Boddington$1,239$1,207$1,268$1,262$1,244$1,421$1,283$1,336Peñasquito$898$756$956$1,235$922$1,188$2,126$1,536Red Chris (70%)$1,106$1,475$1,492$1,352$1,358$1,658$1,600$1,630Managed Core Portfolio$1,150$1,154$1,172$1,140$1,154$1,314$1,461$1,386Total Core Portfolio$1,198$1,204$1,185$1,166$1,188$1,307$1,463$1,384Total Gold Co-Product CAS/oz (6)$1,227$1,215$1,185$1,166$1,199$1,307$1,463$1,384Co-Product CAS ($/unit)Cadia – copper ($/tonne)$3,468$3,517$3,534$4,289$3,688$2,858$4,523$3,410Boddington – copper ($/tonne)$5,423$5,163$5,048$5,548$5,287$3,912$3,778$3,828Red Chris – copper ($/tonne)$4,991$6,738$6,870$5,783$6,087$4,474$5,060$4,764Total – copper ($/tonne)$4,182$4,422$4,531$4,821$4,476$3,273$4,503$3,780Peñasquito- silver ($/ounce)$10$9$12$16$12$15$25$19Peñasquito – lead ($/tonne)$997$933$1,212$1,728$1,226$590$1,022$749Peñasquito – zinc ($/tonne)$1,499$1,376$1,743$2,433$1,723$1,156$1,603$1,341Gold By-Product AISC Consolidated ($/oz)Lihir$1,339$1,563$1,810$1,775$1,607$1,771$1,707$1,735Cadia$133$92$99$213$135$(139)$1,728$475Tanami$1,659$1,698$1,748$1,738$1,716$1,791$2,033$1,912Boddington$1,348$1,250$1,346$1,343$1,321$1,587$1,326$1,426Ahafo South$1,462$1,220$1,541$1,932$1,494$1,964$2,604$2,236Ahafo North$—$—$—$691$696$1,408$1,485$1,448Merian$1,864$2,074$2,255$1,628$1,921$1,532$1,780$1,648Cerro Negro$2,857$3,023$1,776$1,831$2,220$1,567$2,338$1,937Yanacocha$1,170$1,144$868$740$964$1,072$1,128$1,099Peñasquito$(254)$(406)$(1,216)$(2,440)$(889)$(9,318)$(4,352)$(7,478)Red Chris$(467)$1,357$1,625$(847)$398$(1,117)$(1,770)$(1,424)Brucejack$2,230$2,490$1,763$1,815$2,020$2,105$2,156$2,131Managed Core Portfolio$1,309$1,276$1,255$1,245$1,271$893$1,574$1,227Nevada Gold Mines (38.5%)$1,789$1,771$1,502$1,508$1,629$1,595$1,805$1,701Non-Managed Core Portfolio$1,789$1,771$1,502$1,508$1,629$1,595$1,805$1,701Total Core Portfolio$1,394$1,360$1,303$1,302$1,339$1,029$1,621$1,321Non-Core Assets (5)$1,787$2,550$—$—$1,845$—$—$—Total Gold By-product AISC (6)$1,447$1,375$1,303$1,302$1,358$1,029$1,621$1,321Gold Co-Product AISC ($/oz)Cadia$1,184$1,109$1,188$1,584$1,253$1,638$3,151$2,136Boddington$1,544$1,422$1,524$1,565$1,514$1,825$1,622$1,700Peñasquito$1,091$944$1,133$1,491$1,120$1,495$2,589$1,900Red Chris$1,322$1,903$2,037$1,723$1,750$2,110$2,118$2,114Managed Core Portfolio$1,596$1,542$1,582$1,651$1,592$1,736$1,972$1,852Total Core Portfolio$1,630$1,582$1,566$1,620$1,599$1,709$1,938$1,822Total Gold Co-product AISC (6)$1,651$1,593$1,566$1,620$1,609$1,709$1,938$1,822Co-Product AISC ($/unit)Cadia – copper ($/tonne)$5,316$4,909$5,187$7,106$5,584$4,466$9,370$6,091Boddington – copper ($/tonne)$6,760$5,917$5,985$6,757$6,340$4,712$4,393$4,512Red Chris – copper ($/tonne)$6,053$8,550$9,111$7,066$7,681$5,293$6,326$5,804Total – copper ($/tonne)$6,014$6,068$6,440$7,305$6,423$4,816$7,584$5,958Peñasquito – silver ($/ounce)$13$12$15$20$15$19$30$24Peñasquito – lead ($/tonne)$1,185$1,146$1,405$2,054$1,456$733$1,232$917Peñasquito – zinc ($/tonne)$2,026$1,659$2,105$2,994$2,156$1,523$2,027$1,732____________________(1)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment, and the Fruta del Norte mine, which is wholly owned by Lundin Gold, in which the Company holds a 32% interest and is accounted for as an equity method investment.(2)In the fourth quarter of 2025, the Ahafo North development project achieved commercial production and became a reportable segment. Prior to that date, Ahafo North development gold ounces of 2 thousand were included in the Ahafo South reportable segment.(3)Represents attributable gold from Newmont’s 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. Attributable gold ounces produced at Pueblo Viejo are not included in attributable gold ounces sold, as noted in endnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.(4)Represents attributable gold from Newmont’s 32% interest in Lundin Gold, which wholly owns and operates the Fruta del Norte mine and is accounted for on a quarterly lag as an equity method investment. Attributable gold ounces produced by Lundin Gold represent prior quarter production and are not included in attributable gold ounces sold, as noted in endnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.(5)The Company completed the sale of CC&V, Musselwhite, and Éléonore in the first quarter of 2025, and Porcupine and Akyem in the second quarter of 2025. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information.(6)Non-GAAP measure. See end of this release for reconciliation.NEWMONT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions except per share)2025 (1)2026 (1)Q1Q2Q3Q4FYQ1Q2Q3Q4YTDSales$5,010$5,317$5,524$6,818$22,669$7,307$6,118$13,425Costs and expenses:Costs applicable to sales (2)2,1062,0011,9512,0278,0851,9372,0884,025Depreciation and amortization5936206436652,5216326041,236Reclamation and remediation9383123(50)2497881159Exploration496165682435169120Advanced projects, research and development43404043166454792General and administrative1109586913827974153Impairment charges159397798429211(Gain) loss on sale of assets held for sale(276)(699)(99)8(1,066)—(5)(5)Other expense, net28391001192861062722,7612,2492,9483,75011,7082,8413,0225,863Other income (expense):Change in fair value of investments and options2911513812460487(111)(24)Other income (loss), net10(36)(55)8766949118Interest expense, net of capitalized interest(79)(65)(52)(33)(229)(39)(35)(74)22250(69)178381117(97)20Income (loss) before income and mining tax and other items2,4713,1182,5073,24611,3424,5832,9997,582Income and mining tax benefit (expense)(647)(1,092)(787)(2,070)(4,596)(1,404)(952)(2,356)Equity income (loss) of affiliates7849123171421149204353Net income (loss)1,9022,0751,8431,3477,1673,3282,2515,579Net loss (income) attributable to noncontrolling interests (3)(11)(14)(11)(46)(82)(66)(49)(115)Net income (loss) attributable to Newmont stockholders$1,891$2,061$1,832$1,301$7,085$3,262$2,202$5,464Weighted average common shares (millions):Basic1,1261,1101,0971,0901,1061,0851,0651,075Effect of employee stock-based awards12342222Diluted1,1271,1121,1001,0941,1081,0871,0671,077Net income (loss) attributable to Newmont stockholders per common share:Basic$1.68$1.86$1.67$1.19$6.41$3.01$2.07$5.08Diluted$1.68$1.85$1.67$1.19$6.39$3.00$2.06$5.07____________________(1)Certain amounts and disclosures have been reclassified to conform to the presentation.(2)Excludes Depreciation and amortization and Reclamation and remediation.(3)Relates to the Suriname Gold project C.V. (“Merian”) reportable segment.NEWMONT CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions)20252026MARJUNSEPDECMARJUNSEPDECASSETSCash and cash equivalents$4,698$6,185$5,639$7,647$8,775$9,009Trade receivables8876371,0471,0671,137686Investments184683285944—Inventories1,4931,5001,5041,5121,5011,478Stockpiles and ore on leach pads7927679441,1771,2111,321Other receivables428521506678538492Other current assets225219238391345320Assets held for sale2,199102166———Current assets10,74010,39910,37213,06613,51113,306Property, plant and mine development, net33,56833,59133,62133,31033,32333,583Investments4,8564,4554,1034,1864,1874,122Stockpiles and ore on leach pads2,4092,5402,5212,4102,5382,536Deferred income tax assets595540453222Goodwill2,6582,6582,6582,6582,6582,658Other non-current assets1,2291,4671,3751,4461,4211,414Total assets$55,519$55,165$54,690$57,121$57,670$57,641LIABILITIESAccounts payable$771$742$832$816$828$906Employee-related benefits502562750898795708Income and mining taxes payable3787058841,1881,3771,272Lease and other financing obligations109112116118116132Other current liabilities2,3572,5442,5002,6922,4152,208Liabilities held for sale1,30954———Current liabilities5,4264,6705,0865,7125,5315,226Debt7,5077,1325,1805,1155,0795,083Lease and other financing obligations370363355356337383Reclamation and remediation liabilities6,3766,2166,2286,2976,1696,184Deferred income tax liabilities2,7332,8902,8854,0453,9483,851Employee-related benefits575596583634604616Silver streaming agreement671646623598572546Other non-current liabilities430365339322332338Total liabilities24,08822,87821,27923,07922,57222,227EQUITYCommon stock1,8031,7721,7601,7531,7271,704Treasury stock(293)(294)(297)(301)(346)(348)Additional paid-in capital29,62429,14128,95528,84728,41728,057Accumulated other comprehensive income (loss)(39)44109137156114Retained earnings1531,4492,6993,4314,9725,716Newmont stockholders’ equity31,24832,11233,22633,86734,92635,243Noncontrolling interests183175185175172171Total equity31,43132,28733,41134,04235,09835,414Total liabilities and equity$55,519$55,165$54,690$57,121$57,670$57,641This Post contains more content. 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