Newmont Corporation

What they do

Newmont primarily produces gold, with significant operations in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. It also produces copper, silver, lead, and zinc as by-products. The company operates 13 reportable segments, including its 38.5% interest in Nevada Gold Mines (NGM).

Revenue drivers

• Gold production — Attributable gold ounces produced were 5.889 million in 2025, with Q2 2026 production at 1.3 million ounces. Gold is the primary revenue driver, with second quarter 2026 gold by-product costs applicable to sales of $1,043 per ounce.
• Other metals (copper, silver, lead, zinc) — Q2 2026 production included 7 million ounces of silver and 17 thousand tonnes of copper, contributing to gold equivalent ounces and providing diversification.
• Managed operations — Key mines include Lihir, Cadia, Boddington, Ahafo North, and Peñasquito, each with significant quarterly production and varying cost profiles.

Recent performance

In Q2 2026, Newmont produced approximately 1.3 million attributable gold ounces and generated record second quarter free cash flow of $2.2 billion. Reported net income was $2.2 billion, with adjusted net income of $2.2 billion or $2.10 per diluted share. The company generated $2.9 billion of cash from operating activities and ended the quarter with $9.0 billion in cash and $13.0 billion in total liquidity.

Strategy

Newmont focuses on a consistent capital allocation framework prioritizing shareholder returns, balance sheet strength, and high-return investments. It has reduced share count by over 100 million shares since February 2024 and has $4.3 billion remaining under its $6 billion repurchase program. The company is advancing the Red Chris Block Cave project in British Columbia, having received key regulatory approvals, and continues to evaluate Pillar II tax rules.

Risks

• Commodity price volatility — A substantial or extended decline in gold, copper, silver, lead, or zinc prices would materially adversely affect Newmont's financial results.
• Operational cost pressures — Costs applicable to sales vary significantly by site, with some operations like Cadia and Ahafo South experiencing much higher costs per ounce (e.g., $3,151 and $2,604 in Q2 2026, respectively).
• Regulatory and permitting risks — Mining projects require extensive environmental and other permits; delays or denials could affect project timelines and costs, as seen with the Red Chris Block Cave permitting process.
• Tax changes — The Pillar II global minimum tax of 15% is in effect, and while Newmont does not currently believe it will have a material impact, the company is still examining its applicability.

Outlook

Management says it remains on track to achieve full-year 2026 production guidance of 5.3 million attributable gold ounces. Year-to-date costs are tracking below full-year cost guidance. The company expects to continue executing its capital allocation framework, including share repurchases and dividends.