Last Updated: 7 August 2026
Newmont Corporation is the largest listed gold miner in the world by attributable production, at 5.89 million ounces in 2025, and by market capitalisation among pure gold producers. Following the November 2023 acquisition of Newcrest Mining and the completion of a seven-asset divestiture programme in April 2025, the portfolio is now a concentrated set of long-life operations across the Americas, Australia, Africa and Papua New Guinea. FY2025 revenue was $22.7bn and free cash flow $7.3bn. Newmont does not hedge its metal sales, so the earnings line is fully exposed to spot prices. This report sets out what the filings say, without opinions on the share price.
1. Company Snapshot
| Field | Value |
|---|---|
| Company | Newmont Corporation |
| Ticker / Exchange | NEM (New York Stock Exchange, primary). Also listed as CHESS Depositary Interests on the ASX and as PETS Depositary Interests on PNGX. Delisted from the Toronto Stock Exchange on 24 September 2025. |
| Sector | Materials — gold and copper mining |
| Headquarters | 6900 E Layton Ave, Denver, Colorado, United States |
| CEO / Leadership | Natascha Viljoen, President and Chief Executive Officer since 1 January 2026, the first woman to lead Newmont. Brian Tabolt has been Chief Financial Officer since 1 July 2026. Mark Rodgers is Chief Operating Officer and David Thornton Chief Technical Officer, both from 1 July 2026. Predecessor Tom Palmer stepped down as CEO on 31 December 2025. |
| Employees | Approximately 17,500 employed by Newmont and its subsidiaries at 31 December 2025, alongside approximately 26,600 people working as contractors |
| Revenue (FY2025) | $22,669m ($22.7bn), up 21.3% on FY2024 |
| Net income (FY2025) | $7,085m attributable to Newmont stockholders; diluted EPS $6.39, adjusted EPS $6.89 |
| Gold production (FY2025) | 5,889 koz attributable, of which 5,680 koz from the core portfolio |
| All-in sustaining cost (FY2025) | $1,358 per ounce on a by-product basis |
| Market capitalisation | ~$111.1bn at the close on 6 August 2026 (share price $105.43; ~1,053.7m shares outstanding at 16 July 2026) |
| Dividend | $0.26 per share quarterly, $1.04 annualised. The framework fixes the aggregate commitment at $1.1bn a year, so the per-share rate rises mechanically as buybacks shrink the share count. |
| Balance sheet | Net cash of $3,411m at 30 June 2026; cash $9,009m against non-current debt of $5,083m and no current debt; total liquidity $13.0bn |
2. Bull and Bear Case
Bull Case
- Cash generation at scale: FY2025 operating cash flow of $10,334m and free cash flow of $7,299m, followed by a record second-quarter free cash flow of $2,205m in Q2 2026 despite a gold price correction during the period.
- Net cash balance sheet: $3.4bn net cash at 30 June 2026 after repaying $3,430m of debt during 2025, taking total debt from $8,476m to $5,115m and leaving no current maturities at all.
- Aggressive share-count reduction: more than 100 million shares, roughly 9% of the company, repurchased since February 2024. The original $6.0bn programme was fully executed by April 2026 and a further $6.0bn was authorised, of which $4.3bn remained at 23 July 2026.
- A funded organic pipeline: Tanami Expansion 2 reaching commercial production in H2 2027; Cadia panel caves PC2-3 and PC1-2 running to 2034 and 2042 respectively; the Lihir Nearshore Barrier unlocking more than 5 Moz from 2028; Cerro Negro District Expansion 1 adding roughly 3.5 Moz; and Red Chris block cave, which received its amended environmental certificate and mines permit in June 2026.
- Growing copper optionality: $1,438m of copper revenue in FY2025 and 12.5 million tonnes of copper reserves alongside 118.2 Moz of attributable gold reserves, with Cadia PC1-2 alone adding more than 700 kt of copper over its life.
Bear Case
- 2026 is a step down on both production and cost: guidance of roughly 5,260 koz against 5,889 koz delivered in 2025, with by-product all-in sustaining cost guided to $1,680 per ounce against $1,358 achieved in 2025.
- Guidance assumes a gold price above spot: the 2026 plan is built on $4,500 per ounce, while gold traded at roughly $4,262 per ounce on 6 August 2026. Newmont states a policy of not hedging, and quantifies the sensitivity at roughly $505m pre-tax per $100 per ounce move.
- Cadia has stopped twice this year: a magnitude 4.5 seismic event in April 2026 and two further tremors on 19 June 2026 suspended underground operations, and Q2 2026 copper output fell 43% quarter on quarter partly as a result.
- Reclamation is a large and front-loaded cash cost: $6,297m of reclamation and remediation liabilities at 31 December 2025, with roughly $850m of 2026 spend planned, of which about $550m is on the Yanacocha water treatment plants. Total Yanacocha water treatment spend is estimated at roughly $1.8bn with $1.1bn already spent.
- Fiscal and jurisdictional terms are being reopened: Ghana's cabinet approved revised mining legislation on 15 July 2026 introducing a sliding-scale royalty and signalling the phasing out of fiscal stability agreements, which is directly relevant to Newmont's ratified Revised Investment Agreement covering Ahafo. Papua New Guinea's new Income Tax Act took effect on 1 January 2026.
- The largest revenue segment is not operated by Newmont: Nevada Gold Mines contributed $3,560m, 15.7% of FY2025 revenue, from a 38.5% non-operated stake. Newmont has served a notice of default on operator Barrick and the dispute was unresolved as at 24 July 2026.
3. Business Segments
Newmont reports by individual mine or mine complex. The table groups those into the categories that drive the business, using FY2025 revenue as filed in the 2025 Form 10-K.
| Segment / category | % of revenue | What it is |
|---|---|---|
| Australia and Papua New Guinea (Cadia, Boddington, Lihir, Tanami) | 34.7% ($7,876m) | The former Newcrest core plus Boddington and Tanami. Cadia and Boddington are gold-copper operations; Lihir is a large refractory gold mine in PNG; Tanami is an underground gold mine being expanded via a 1,460m hoisting shaft. |
| North America (Nevada Gold Mines 38.5%, Brucejack, Red Chris 70%) | 21.6% ($4,897m) | Nevada Gold Mines is a 38.5% non-operated interest in the Barrick-operated Nevada complex and was the single largest revenue line at $3,560m. Brucejack and Red Chris are British Columbia operations acquired with Newcrest. |
| Mexico (Peñasquito) | 15.1% ($3,419m) | A polymetallic open pit producing gold alongside silver, lead and zinc. It is the source of essentially all of Newmont's silver, lead and zinc revenue and the reason the by-product cost measure differs so sharply from the co-product measure. |
| Africa (Ahafo South, Ahafo North) | 11.1% ($2,508m) | Ghana. Ahafo South is a mature producer; Ahafo North declared commercial production on 24 October 2025 with an initial 13-year mine life and is guided at 315 koz in 2026. |
| South America (Yanacocha, Merian 75%, Cerro Negro) | 14.7% ($3,341m) | Peru, Suriname and Argentina. Yanacocha carries the largest reclamation obligation in the group; Cerro Negro is the subject of a district expansion adding roughly 3.5 Moz. |
| Divested assets (CC&V, Musselwhite, Porcupine, Éléonore, Akyem) | 2.8% ($628m) | Part-year revenue from the five mines sold during the first half of 2025 as the non-core divestiture programme completed. This revenue does not recur in 2026. |
By metal, FY2025 revenue was $19,304m of gold (85.2%), $1,438m of copper (6.3%), $1,080m of silver (4.8%), $664m of zinc (2.9%) and $183m of lead (0.8%). By production route, gold doré accounted for $14,330m and concentrate and other production $8,339m.
4. Business Model and Moat
How it makes money. Newmont extracts ore, processes it into doré bars or metal concentrate, and sells at spot. There is no hedge book: the FY2025 Form 10-K states a strategy of not hedging gold, copper, silver, lead or zinc sales. Revenue is therefore price times volume with no smoothing, and the margin is whatever sits between the realised price and the all-in sustaining cost. In Q2 2026 that spread was $4,414 realised against $1,621 by-product AISC. Co-product metals from Peñasquito, Cadia, Boddington and Red Chris are credited against gold costs, which is why the by-product figure of $1,621 and the co-product figure of $1,938 differ so widely.
What protects it. The moat is orebody quality and duration rather than brand or switching cost — gold is fungible, so no producer has pricing power. What Newmont has instead is 118.2 Moz of attributable gold reserves and 12.5 Mt of copper reserves in jurisdictions where permits already exist, and a set of mine lives that run to 2040 and beyond at Tanami and Lihir, to 2042 at Cadia PC1-2, beyond 2038 at Cerro Negro and into the mid-2040s at Red Chris. Replacing that would require a decade of permitting and construction. The Newcrest acquisition was the mechanism for assembling it.
How capital is allocated. The enhanced framework announced on 19 February 2026 sets a strict order: sustaining capital first at $1.95bn in 2026, then a fixed $1.1bn aggregate dividend, then $1.4bn of development capital, then a balance-sheet target of $1bn net cash within a $2bn band and a minimum $5bn cash balance through the cycle, and only then rateable buybacks of surplus cash. At $3.4bn net cash the company is currently at the top of that flexibility band, which is why buybacks have been running at pace.
Where the model is exposed. Sustaining capital is elevated and will remain so for several years, dominated by tailings work at Cadia and Boddington. Reclamation spend is running well above a normal year, guided at roughly $850m in 2026 against an expected normalised $300m to $400m from 2028 once the Yanacocha water treatment plants are complete. Both are cash costs that do not produce an ounce.
5. Financial Health
All figures below are taken from Newmont's Form 10-K filings and quarterly earnings releases, cross-checked against the SEC XBRL company facts for CIK 0001164727.
| Fiscal Year | Revenue ($m) | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| FY2021 | 12,222 | +6.3% | $1.46 | $2.96 | $2.20 | $5,565m |
| FY2022 | 11,915 | −2.5% | $(0.54) | $1.85 | $2.20 | $5,571m |
| FY2023 † | 11,812 | −0.9% | $(2.97) | $1.61 | $1.60 | $6,951m |
| FY2024 | 18,682 | +58.2% | $2.92 | $3.48 | $1.00 | $7,552m |
| FY2025 | 22,669 | +21.3% | $6.39 | $6.89 | $1.01 | $5,115m |
† Newmont completed the all-stock acquisition of Newcrest Mining on 6 November 2023, exchanging 0.400 Newmont shares for each Newcrest share and leaving legacy Newmont and Newcrest holders with roughly 69% and 31% of the combined company. FY2023 therefore contains only about eight weeks of Newcrest, and FY2024 is the first full year. The 58.2% revenue increase from FY2023 to FY2024 is substantially acquisition, not organic growth: Lihir went from $266m to $1,473m, Cadia from $422m to $1,861m, Brucejack from $72m to $610m and Red Chris from $32m to $325m. The FY2023 GAAP loss of $(2.97) per share reflects impairments and transaction costs, not the operating result.
Long-term debt above is the non-current balance. Current debt was $87m at FY2021, nil at FY2022, $1,923m at FY2023, $924m at FY2024 and nil at FY2025 — Newmont entered 2026 with no debt maturing within one year. Cash and cash equivalents were $7,647m at 31 December 2025 with a further $594m of short-term investments, producing a net cash position of $2,058m, which had risen to $3,411m by 30 June 2026.
| Quarter / Half | Revenue ($m) | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q2 2026 | 6,118 | $2.10 | $2.06 |
| Q1 2026 | 7,307 | $2.90 | $3.00 |
| Q4 2025 | 6,818 | $2.52 | $1.19 |
| Q3 2025 | 5,524 | $1.71 | $1.67 |
| Q2 2025 | 5,317 | $1.43 | $1.85 |
| FY2025 total | 22,669 | $6.89 | $6.39 |
The Q4 2025 divergence between GAAP $1.19 and adjusted $2.52 reflects $779m of impairment charges and $975m of deferred tax expense recorded in that quarter. FY2025 impairment charges totalled $842m.
FY2025 cash flow and cost detail, from the 10-K: net cash provided by operating activities $10,334m; additions to property, plant and mine development $3,035m, giving free cash flow of $7,299m; depreciation and amortisation $2,521m; costs applicable to sales $8,085m; reclamation and remediation $249m; exploration $243m; general and administrative $382m. Total costs and expenses were $11,708m against sales of $22,669m. Newmont's income statement does not present an operating income subtotal and does not tag one in XBRL; income before income and mining tax and other items was $11,342m, and adjusted EBITDA was $13,480m.
6. Valuation Metrics
Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Share price | $105.43 at the close on 6 August 2026 |
| Market cap | ~$111.1bn (~1,053.7m shares at $105.43) |
| Trailing P/E (GAAP) | ~13.3x. Trailing-twelve-month GAAP diluted EPS of $7.92 is the sum of Q3 2025 $1.67, Q4 2025 $1.19, Q1 2026 $3.00 and Q2 2026 $2.06. On trailing-twelve-month adjusted EPS of $9.23, which excludes the Q4 2025 impairment and deferred tax charges, the same share price is roughly 11.4x earnings. |
| P/E (forward) | n/m — Newmont does not publish an earnings-per-share forecast. Its 2026 guidance is expressed in ounces, all-in sustaining cost and capital spend, with a stated gold price assumption of $4,500 per ounce, so any forward multiple would be an assumed metal price rather than a company figure. |
| P/S (TTM) | ~4.31x (market cap ~$111.1bn / trailing-twelve-month revenue ~$25.8bn; TTM revenue is Q3 2025 $5,524m plus Q4 2025 $6,818m plus Q1 2026 $7,307m plus Q2 2026 $6,118m, totalling $25,767m) |
| Enterprise value | ~$107.2bn (market cap ~$111.1bn + total debt $5.08bn − cash $9.01bn, per the 30 June 2026 balance sheet). Newmont is in a net cash position, so enterprise value is below market capitalisation. Including lease and other financing obligations of $515m, enterprise value is ~$107.7bn. |
| EV/EBITDA (TTM) | ~6.8x (enterprise value ~$107.2bn / trailing-twelve-month EBITDA ~$15.75bn). Because Newmont does not report an operating income line, EBITDA is derived as sales less total costs and expenses, plus depreciation and amortisation, using the reported quarterly figures for Q3 2025 to Q2 2026: sales $25,767m less costs and expenses $12,561m gives $13,206m, plus D&A of $2,544m. This uses the cash-flow-statement D&A. Note that the derived figure is depressed by the $779m of impairment charges recorded within Q4 2025 costs; Newmont's own adjusted EBITDA measure, which excludes those, was $13,480m for FY2025 alone. |
| P/FCF | ~11.4x (market cap ~$111.1bn / trailing-twelve-month free cash flow ~$9.73bn; FCF = operating cash flow $12,628m − capital expenditure $2,895m across Q3 2025 to Q2 2026). On the FY2025 full-year figures the ratio is ~15.2x, using operating cash flow $10,334m less capex $3,035m for free cash flow of $7,299m. |
| 52-week high | $134.88 |
| 52-week low | $66.94 |
| Short interest (% of float) | 1.87%, being 19,917,795 shares short at the 15 July 2026 settlement date. Short interest has held in a 1.6% to 1.9% band all year despite the share price falling from roughly $113 in April to roughly $95 in July. |
| Days to cover | 2.9 |
| Dividend yield | ~1.0% on the $1.04 annualised rate at $105.43 |
| Gold spot price | ~$4,262 per ounce on 6 August 2026, against a 2026 record high of $5,602 set on 28 January 2026 and Newmont's guidance assumption of $4,500 |
Live price action and technical levels for this and other tickers are on the ChartsView Live Charts page.
7. What Are They Building
Tanami Expansion 2, Australia. A 1,460m hoisting shaft and associated infrastructure taking the operation to 3.3 million tonnes a year and extending mine life beyond 2040. Total capital of $1.7bn to $1.8bn, of which $1.3bn has been spent since approval including $284m in 2025. Commercial production is expected in the second half of 2027, with the production and efficiency uplift running from 2028 to 2032.
Cadia panel caves, Australia. Two caves extending mine life well beyond 2030. PC2-3 targets 1.0 Moz of gold and more than 400 kt of copper over a ten-year cave life to 2034, peaking between 2027 and 2032; its last drawbell is expected in the second half of 2026. PC1-2 is the larger prize at 4.0 Moz of gold and more than 700 kt of copper over a fifteen-year life to 2042, peaking between 2030 and 2040 at 275 to 325 koz of gold a year; its first drawbell was fired in December 2025. Newmont's post-acquisition spend on PC1-2 is $900m to $1.0bn through 2029.
Lihir Nearshore Barrier, Papua New Guinea. A water seepage barrier unlocking additional Kapit phases worth more than 5 Moz of gold and extending mine life beyond 2040. Capital of $500m to $550m with completion in 2028. Management highlighted this project specifically on the Q2 2026 call.
Red Chris block cave, British Columbia. British Columbia approved the amended Environmental Assessment Certificate on 18 June 2026 with 27 binding conditions, twelve of them co-developed with the Tahltan Central Government, alongside an amended Mines Act permit. The transition from open pit to block cave extends mine life into the mid-2040s and is expected to lift Canada's national copper production by roughly 15%. A definitive feasibility study is due in the second half of 2026, followed by a full-funds investment decision. Management flagged on 24 July 2026 that capital will likely exceed the Newcrest-era estimates.
Cerro Negro District Expansion 1, Argentina. Developing the Marianas and Eastern districts simultaneously to add roughly 3.5 Moz and extend mine life beyond 2038, at a capital cost of $550m to $600m with $171m spent since approval. The project restarted after a one-year pause for capital-allocation reassessment and safety and productivity improvements.
Ahafo North, Ghana. Commercial production was declared on 24 October 2025 with an initial 13-year mine life. 2026 is the first full year, guided at 315 koz at an all-in sustaining cost of $1,285 per ounce as the mill continues to ramp.
8. Competitive Position
Newmont is the largest of the listed gold producers on both market capitalisation and attributable production, at roughly 1.7 times Agnico Eagle and 1.8 times Barrick on output. Market capitalisations below are as at the close on 6 August 2026.
| Peer | Market cap (August 2026) | Key 2025 metric |
|---|---|---|
| Agnico Eagle Mines (AEM) | $85.2bn | FY2025 payable gold production 3,447,367 oz at an all-in sustaining cost of $1,339 per ounce; realised gold price $3,453 per ounce |
| Barrick Mining (B) | $69.3bn | FY2025 attributable gold production 3,255,000 oz at an all-in sustaining cost of $1,637 per ounce; 2026 AISC guidance $1,760 to $1,950 per ounce. Operator of Nevada Gold Mines, in which Newmont holds 38.5%. |
| AngloGold Ashanti (AU) | $44.3bn | FY2025 gold production 3.09 Moz, up 16% year on year, at an all-in sustaining cost of $1,709 per ounce; record free cash flow of $2.9bn |
| Gold Fields (GFI) | $33.4bn | FY2025 production 2.44 Moz gold-equivalent, up 18%, at an all-in sustaining cost of $1,645 per ounce; 2026 AISC guidance $1,800 to $2,000 per ounce |
| Kinross Gold (KGC) | $30.6bn | FY2025 attributable production 2,012,106 gold-equivalent ounces at an all-in sustaining cost of $1,571 per ounce sold; 2026 AISC guidance $1,730 per ounce |
Two cautions apply when reading that table. Cost conventions differ: Newmont's headline $1,358 per ounce for FY2025 is a by-product figure flattered by copper, silver, lead and zinc credits — Peñasquito's by-product AISC in Q2 2026 was negative $4,352 per ounce — whereas Newmont's own co-product measure for Q2 2026 was $1,938 against a by-product $1,621. Production conventions also differ: Gold Fields and Kinross report gold-equivalent ounces, while Newmont, Barrick, Agnico and AngloGold report gold. Separately, Zijin Mining Group carried a larger market capitalisation than Newmont in August 2026 but is classified as a diversified copper-gold miner rather than a gold producer.
9. Insider and Institutional Activity
President and Chief Executive Officer Natascha Viljoen, who took office on 1 January 2026, held 152,089 shares after her February 2026 vesting events. A review of the 55 Form 4 filings made by Newmont insiders between 1 January and 7 August 2026 shows no open-market purchases by any insider during the period. Open-market sales totalled roughly 74,956 shares for about $8.46m across six insiders, and all but one carry an explicit Rule 10b5-1 plan representation.
| Name | Date | Type | Shares | Price | Value | Plan Type |
|---|---|---|---|---|---|---|
| Peter Toth | 03 Aug 2026 | Open-market sale | 3,000 | $93.45 | $280,350 | Rule 10b5-1 plan dated 17 Dec 2025 |
| Peter Toth | 01 Jul 2026 | Open-market sale | 3,000 | $92.38 | $277,140 | Rule 10b5-1 plan dated 17 Dec 2025 |
| Natascha Viljoen | 01 Jun 2026 | Open-market sale | 3,882 | $105.32 | $408,852 | Rule 10b5-1 plan dated 23 Feb 2026 |
| Peter Wexler | 01 May 2026 | Open-market sale | 13,378 | $110.11 | $1,473,052 | Rule 10b5-1 plan dated 01 Dec 2025 |
| David Fry | 16 Mar 2026 | Open-market sale | 18,394 | $111.45 weighted average | ~$2,050,000 | No plan stated on the filing |
| David Thornton | 03 Mar 2026 | Open-market sale | 8,060 | $120.78 | $973,487 | Rule 10b5-1 plan dated 01 Dec 2025 |
| Mark Rodgers | 27 Feb 2026 | Open-market sale | 4,443 | $130.00 | $577,590 | Rule 10b5-1 plan dated 24 Nov 2025 |
Peter Toth has sold 3,000 shares a month from March to August 2026, which is characteristic of an automatic plan rather than a discretionary view. The one filing without a stated plan is David Fry's 18,394-share sale on 16 March 2026. Newmont itself has been by far the largest buyer of the stock, repurchasing $2,303m in FY2025 and $3,462m across the first half of 2026, with $4.3bn remaining under the current authorisation at 23 July 2026.
10. Key Risks
- Unhedged commodity price exposure: the 10-K states that a substantial or extended decline in gold, copper, silver, lead or zinc prices would have a material adverse effect, and that Newmont's strategy is not to hedge. Sensitivity is roughly $505m pre-tax per $100 per ounce gold move, plus about $6 per ounce of royalties and production taxes. 2026 guidance assumes $4,500 per ounce against spot of roughly $4,262 on 6 August 2026.
- Geotechnical and seismic failure: the filing warns that geotechnical, geothermal and hydrogeological challenges could adversely affect production, and that a tailings facility, dam or pit-slope failure could suspend operations and trigger investigations and penalties. This is live rather than theoretical: Cadia was suspended after a magnitude 4.5 event in April 2026 and again after two tremors on 19 June 2026, and $1.95bn of 2026 sustaining capital is dominated by tailings work at Cadia and Boddington.
- Reclamation and closure liabilities: $6,297m of reclamation and remediation liabilities at 31 December 2025. Roughly $850m of spend is planned in 2026, of which about $550m is at Yanacocha, against total estimated Yanacocha water treatment spend of roughly $1.8bn with $1.1bn already incurred. Accretion guidance of $385m for 2026 is up from a $249m expense in 2025.
- Fiscal and political risk in host countries: the 10-K names Peru, Ghana, Papua New Guinea, Argentina, Mexico, Suriname and Canada individually. Ghana's cabinet approved revised mining legislation on 15 July 2026 with a sliding-scale royalty and signalled the phasing out of the fiscal stability agreements under which Ahafo operates, and Q2 2026 costs already carried a full quarter of increased Ghanaian royalties. Papua New Guinea's Income Tax Act 2025 took effect on 1 January 2026 with limited consultation, and the Lihir special mining lease will require extension on expiry.
- Reserve replacement and estimate uncertainty: the filing warns Newmont may be unable to replace reserves as they deplete, that reserve and resource estimates are uncertain and recovered volume and grade may vary, and that project and mine-plan estimates may prove optimistic on cost and return. Management has already flagged that Red Chris capital will likely exceed the Newcrest-era estimate.
- Impairment of goodwill and long-lived assets: $2,658m of goodwill sits on the balance sheet, primarily from the Newcrest acquisition, and FY2025 already carried $842m of impairment charges including $779m in Q4 2025.
- Water availability at Peñasquito: the operation sits in an area of high baseline water stress and draws from the Cedros Aquifer, which the 10-K describes as having limited and declining yield in a dry and arid region. Peñasquito is 15.1% of revenue and the source of essentially all silver, lead and zinc credits.
- Non-operated joint-venture exposure: Nevada Gold Mines, at 38.5% and $3,560m of FY2025 revenue, is operated by Barrick, and Newmont has served a notice of default that remained unresolved as at 24 July 2026. Further non-operated interests include Pueblo Viejo at 40%, Norte Abierto and NuevaUnión at 50% each and Lundin Gold at 32%.
- Cost inflation and energy: the filing cites inflation in Argentina specifically, warns of rising energy prices or shortages across purchased electricity, diesel, heavy fuel oil and natural gas, and notes reliance on contractors and on supply chains for critical parts and equipment. Q2 2026 costs applicable to sales were explicitly affected by higher diesel prices.
- Contingent divestiture consideration: much of the headline value of the seven divested assets was structured as up-to figures with contingent components, and the 10-K states Newmont may not receive any or all of the deferred or contingent consideration, naming Telfer, CC&V, Musselwhite and Éléonore.
11. Recent Developments
- 12 Jun 2026 — LunR Royalties shares received. A Newmont subsidiary received 16,099,564 common shares of LunR Royalties Corp. as a dividend in kind from Lundin Gold, in which Newmont holds a 32% interest.
- 15 Jun 2026 — Executive team rebuilt. Brian Tabolt appointed Chief Financial Officer, Mark Rodgers Chief Operating Officer, David Thornton Chief Technical Officer and David Fry EVP Project Development, all effective 1 July 2026 and all internal promotions. Tabolt succeeded Peter Wexler, who had served as interim CFO after Karyn Ovelmen departed in July 2025.
- 18 Jun 2026 — Red Chris environmental approval granted. British Columbia approved the amended Environmental Assessment Certificate for the open-pit-to-block-cave transition with 27 binding conditions, twelve co-developed with the Tahltan Central Government, which had given notice of Tahltan consent on 22 May 2026.
- 19 Jun 2026 — Cadia suspended for a second time. Underground operations were halted after two tremors of magnitude 3.2 and 3.4 within the mine site. All personnel were reported safe. Newmont's ASX depositary interests fell 6.7% on the news.
- 15 Jul 2026 — Ghana approved a revised mining law. Ghana's cabinet approved amendments for submission to parliament, following the introduction of a price-linked sliding-scale gold royalty and signalling plans to phase out fiscal stability agreements.
- 23 Jul 2026 — Q2 2026 results. Record second-quarter free cash flow of $2,205m, revenue of $6,118m, adjusted EPS of $2.10 against $1.43 a year earlier, attributable gold production of 1,293 koz at a by-product all-in sustaining cost of $1,621 per ounce, a realised gold price of $4,414 per ounce, and full-year guidance reaffirmed. A $0.26 dividend was declared and $1.7bn of buybacks had been executed since the Q1 call.
- 24 Jul 2026 — Lihir upside and the Barrick dispute detailed on the call. Management set out the Lihir Nearshore Barrier as unlocking more than 5 Moz from 2028, guided sustaining capital up roughly $150m in Q3, confirmed more than 100 million shares repurchased to date, and said the Nevada Gold Mines dispute with Barrick remained unresolved following Newmont's notice of default.
- 06 Aug 2026 — Shares firmed with the gold price. NEM closed at $105.43, up 1.09% on the day, as gold held near its highest level since 18 June at roughly $4,262 per ounce.
12. Key Dates to Watch
- 03 Sep 2026 — record date for the Q2 2026 dividend of $0.26 per share.
- 28 Sep 2026 — payment date for the Q2 2026 dividend of $0.26 per share.
- Expected 01 Oct 2026 — confirmation of the Q3 2026 results date. Newmont has historically issued the conference-call notice roughly three weeks ahead.
- Expected 22 Oct 2026 — Q3 2026 results. Newmont had not confirmed the date as at 7 August 2026; Q3 2025 was reported on 23 October 2025, after the North American close.
- Expected Dec 2026 — last drawbell fired at the Cadia PC2-3 panel cave, and delivery of the Red Chris block cave definitive feasibility study, both guided to the second half of 2026.
- TBC — full-funds final investment decision on the Red Chris block cave, expected to follow the definitive feasibility study.
- Expected Feb 2027 — FY2026 results, 2027 guidance and the annual recalculation of the per-share dividend against the then-current share count under the $1.1bn aggregate framework.
- Expected Dec 2027 — commercial production at Tanami Expansion 2, guided to the second half of 2027.
- Expected Dec 2028 — completion of the Lihir Nearshore Barrier, and the point at which reclamation spend is expected to normalise to $300m to $400m a year once the Yanacocha water treatment plants are complete.
Undated items worth tracking: resolution of the Nevada Gold Mines notice of default served on Barrick; the passage of Ghana's revised mining legislation through parliament and its effect on Newmont's Revised Investment Agreement; the resumption schedule and any capital consequences at Cadia following the June 2026 seismic events; and receipt of contingent consideration from the divested assets. Scheduled macro releases that move the gold price are listed on the ChartsView Economic Calendar, and readers can discuss this report on the ChartsView Forum.
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