[NEM] Newmont: Q3 2026 Earnings Preview as Cadia Restarts and Costs Test a New Floor

Newmont (NEM) is the world's largest gold producer, headquartered in Denver, with 118.2 million ounces of attributable proven and probable gold reserves at December 31, 2025, alongside copper, silver, lead and zinc output[1]. The Drillr earnings calendar, updated 2026-09-21, schedules the company's earnings call for 2026-10-22, covering the third quarter of 2026, ending September 30, 2026[2]. The latest fully disclosed quarter is Q2 2026: attributable gold production was 1,293 thousand ounces, down 1% from the prior quarter, consolidated gold sales were 1,195 thousand ounces, the average realized gold price was $4,414 per ounce, $486 below the first quarter, copper production fell 43% to 17 thousand tonnes and silver production was 7 million ounces[3]; sales were $6,118 million, net income attributable to stockholders was $2,202 million or $2.06 per share, and adjusted earnings were $2.10 per share[4]; gold by-product costs applicable to sales (CAS) were $1,043 per ounce and all-in sustaining costs (AISC) were $1,621 per ounce[5], adjusted EBITDA was $3,757 million[6], operating cash flow was $2,924 million and free cash flow was $2,205 million[7], and net cash at June 30 stood at $3,411 million[8]. The company guides only on a full-year basis, and on July 23 it reaffirmed unchanged 2026 guidance of 5,260 thousand attributable ounces (plus or minus 5%), by-product CAS of $1,055 per ounce, AISC of $1,680 per ounce, sustaining capital of $1.95 billion and development capital of $1.4 billion[9], with 51% of full-year production weighted to the second half[10]; on the call, management gave directional color for Q3: production broadly in line with Q2, sustaining capital up roughly $150 million sequentially, and unit costs rising moderately while staying inside the full-year ranges[11]. Consensus for the third quarter comes from two sources: the Nasdaq aggregate (data from Zacks) puts EPS at $1.92 from 6 analysts with a range of $1.77 to $2.04[12]; the Drillr earnings calendar carries EPS of $1.966 and revenue of $6,276 million, and the same source recorded a Q2 estimate of $2.068 against an actual $2.10[13].

Three things in this report deserve attention. First is the quality of the Cadia restart: Cadia produced only 34 thousand ounces of gold in Q2 against 104 thousand a year earlier, with co-product CAS rising to $1,555 per ounce and AISC to $3,151[14]; the company says underground mining and processing resumed in mid-June and production should return to pre-event levels in Q3[15], so the site-by-site production table will answer directly whether Cadia's gold is back above 85 thousand ounces and copper above 18 thousand tonnes, and the return of that copper decides whether company by-product CAS can fall back from $1,043. Second is whether a quarterly run-rate near 1.3 million ounces holds and where costs settle: Ahafo South production fell 49% year over year in Q2[16], Peñasquito and Yanacocha produced less on lower grades[3], and the company has staked the second-half increase on Boddington, Tanami, Lihir, Cerro Negro and Brucejack[10]; whether Q3 attributable production is at least 1,270 thousand ounces, whether by-product AISC lands between $1,650 and $1,850 and whether CAS returns below $1,100 will set the cost base for the multi-year guidance reset in February 2027. Third is how the cash gets divided: first-half free cash flow was $5,349 million and buybacks were $3,462 million[7][17], the August 10 settlement with Barrick requires a $1.95 billion payment within 30 days of Fourmile and the other projects being contributed to NGM[18], and whether Q3 free cash flow is at least $1.9 billion, whether net cash after the payment stays within the $1 billion to $3 billion target range[19] and whether quarterly buybacks are at least $1 billion will show whether the repurchase cadence was interrupted by this one-time outflow.

Company Background and Business Structure

Newmont was incorporated in 1921, is headquartered in Denver and is listed in New York, Australia and Papua New Guinea under the ticker NEM; at the end of 2025 it held 118.2 million ounces of attributable proven and probable gold reserves, a further 88.1 million ounces of measured and indicated resources and 60.6 million ounces of inferred resources, on a land position of roughly 49,800 square kilometers[1]. Today's portfolio is the product of two moves: in 2023 the company acquired Australia's Newcrest in an all-stock deal, gaining Cadia, Lihir, Brucejack and Red Chris among other mines, and in February 2024 the board approved the sale of six non-core mines, Telfer, CC&V, Musselwhite, Éléonore, Porcupine and Akyem, plus the Coffee development project, with those sales closing between the fourth quarter of 2024 and the fourth quarter of 2025[20]. The President and Chief Executive Officer is Natascha Viljoen[5], and the Chief Financial Officer is Brian Tabolt[21].

The company reports 13 segments by mine: 12 managed operations plus its 38.5% proportionate interest in Nevada Gold Mines (NGM), which Barrick owns 61.5% of and operates, and which Newmont does not directly manage[22]. The managed mines sit in Australia (Cadia, Boddington, Tanami), Papua New Guinea (Lihir), Ghana (Ahafo South and Ahafo North, which reached commercial production in the fourth quarter of 2025), Suriname (Merian, 75% owned), Argentina (Cerro Negro), Peru (Yanacocha), Mexico (Peñasquito) and Canada (Red Chris at 70%, and Brucejack)[23]. Newmont also holds 40% of Pueblo Viejo in the Dominican Republic and 32% of Lundin Gold, which operates Fruta del Norte in Ecuador; both are equity-accounted, contributed $245 million and $169 million of equity income respectively in 2025, and enter only attributable production and dividends, not sales[24].

The revenue mix is gold first and other metals second. Of Q2 2026 sales of $6,118 million, gold was $5,276 million, copper $319 million, silver $344 million, lead $32 million and zinc $147 million[4]; by mine, NGM's gold sales of $1,069 million were the largest[25], followed by Boddington at $747 million, Peñasquito at $663 million, Lihir at $640 million and Yanacocha at $581 million[26]. Product comes in two forms: doré, which brought $4,280 million of Q2 sales, and gold-copper and silver-lead-zinc concentrates, which brought $1,838 million[27]; concentrate is settled at provisional prices and later adjusted to market, and that adjustment added $572 million to 2025 sales[28]. Copper comes mainly from Cadia, whose 2026 production guidance is more than 60% of the company's 102 thousand tonne copper guidance, while all silver, lead and zinc come from Peñasquito[23]. Because copper, silver, lead and zinc revenue is netted against gold costs as a by-product credit, 2026 guidance is expressed on a by-product basis: attributable gold production of 5,260 thousand ounces, of which 3,915 thousand from the managed portfolio and 1,345 thousand from the non-managed portfolio, by-product CAS of $1,055 per ounce, AISC of $1,680 per ounce, sustaining capital of $1.95 billion and development capital of $1.4 billion[9].

Financial History and Current Position

Over the past three years Newmont's scale and earnings expanded with the gold price and the Newcrest acquisition together. Annual sales rose from $11,812 million in 2023 to $18,682 million in 2024 and $22,669 million in 2025, of which gold sales were $19,304 million in 2025; net income from continuing operations attributable to stockholders swung from a loss of $2,521 million in 2023 to a profit of $3,280 million in 2024 and $7,085 million in 2025, and 2025 adjusted net income was $7,634 million or $6.89 per share with adjusted EBITDA of $13,480 million[29]. Cash flow improved even more steeply: operating cash flow was $2,754 million in 2023, $6,318 million in 2024 and $10,334 million in 2025[29], and after $3,035 million of capital expenditure, 2025 free cash flow was $7,299 million, compared with just $88 million in 2023[30].

The 2025 operating base was as follows: consolidated gold sales of 5,519 thousand ounces[31], an average realized gold price of $3,498 per ounce and copper sales of 134 thousand tonnes[32], attributable gold production of 5,889 thousand ounces, of which 5,680 thousand from the core portfolio, and gold by-product AISC of $1,358 per ounce[33]. That year the company used $2,811 million of divestiture proceeds and operating cash to repay $3,430 million of debt, repurchase $2,303 million of stock and pay $1,106 million of dividends[30]; the three repurchase authorizations since February 2024 total $6 billion, of which $3,624 million had been executed by the end of 2025[34], and year-end net cash was $2,058 million[8].

The first half of 2026 was two quarters pointing in opposite directions. In Q1 the gold price rose to $4,900 per ounce, sales were $7,307 million, net income attributable to stockholders was $3,262 million with adjusted earnings of $2.90 per share, and free cash flow of $3,144 million set a quarterly record[35], with by-product AISC at just $1,029 per ounce[36]. In Q2 the realized price fell back to $4,414, Cadia was halted for roughly two months after the April 14 seismic event, sales dropped to $6,118 million, consolidated gold sales were 1,195 thousand ounces, net income attributable to stockholders was $2,202 million or $2.06 per share and adjusted earnings were $2.10 per share[4], by-product CAS rose to $1,043 and AISC to $1,621[5], and free cash flow was $2,205 million[7]. For the half, operating cash flow was $6,709 million, capital expenditure $1,360 million and buybacks $3,462 million[17], with free cash flow of $5,349 million[7]; at June 30, cash was $9,009 million, debt $5,083 million and net cash $3,411 million, the $4,000 million revolving credit facility was undrawn and total liquidity was $13,009 million[8], with net debt to adjusted EBITDA at -0.2x[6].

Operating Model

Newmont's sales equal consolidated gold ounces sold times the net realized gold price, plus copper, silver, lead and zinc sales. In Q2 2026 the equation read: gold of 1,195 thousand ounces × $4,414 = $5,276 million, plus copper of $319 million, silver of $344 million, lead of $32 million and zinc of $147 million, for a total of $6,118 million[4][37]. The net realized price is the gross spot-based price less the mark-to-market on provisionally priced concentrate and less treatment and refining charges; the company does not hedge gold, so price moves pass almost one for one into revenue, provisional pricing added $572 million of revenue in 2025, and 141 thousand ounces of gold concentrate were still awaiting final pricing at year-end[28]. Volumes are set by grade, mill throughput and recovery at each mine, and quarter-to-quarter differences come mostly from mine sequencing: in Q2, Ahafo South, Peñasquito and Yanacocha produced less on lower grades, Cadia was halted by the seismic event, and Lihir and Boddington produced more[3]. Attributable production also includes Pueblo Viejo (74 thousand ounces in Q2) and Fruta del Norte (38 thousand ounces), which never enter sales and show up only as equity income and dividends; Pueblo Viejo distributed $100 million in Q2[38].

Operating profit is essentially sales less costs applicable to sales (CAS), depreciation and amortization, reclamation, exploration and project expense and general and administrative expense. CAS is the cash cost of mining, processing, royalties and site administration, $2,088 million in Q2 with $1,749 million allocated to gold[4]; it does not fall with the gold price but rises with it, because third-party royalties at most sites and workers' participation in Peru accrue on revenue[39], and Ghana moved in March 2026 to a sliding royalty of 5% to 12% linked to the gold price[40]. The company measures margin with two per-ounce metrics: by-product CAS is CAS less all by-product sales divided by gold ounces sold, $1,043 in Q2; by-product AISC adds reclamation, exploration, general and administrative, other expense and sustaining capital on top, $1,621 in Q2[25]. The size of the by-product credit depends on Cadia's copper and Peñasquito's silver: with both fully present in Q1, by-product CAS was only $541[41], and with Cadia halted and Peñasquito grades lower in Q2, CAS rose by $502. Margin per ounce equals the realized price less by-product AISC, $4,414 - $1,621 = $2,793 in Q2 and $4,900 - $1,029 = $3,871 in Q1[3][36]. Depreciation and amortization ($604 million in Q2) and income and mining tax ($952 million in Q2) are the two largest deductions between operating profit and net income[6], and guidance assumes an adjusted tax rate of 33%[9].

Free cash flow equals operating cash flow less capital expenditure. Q2 operating cash flow was $2,924 million, capital expenditure $719 million and free cash flow $2,205 million, with first-half free cash flow of $5,349 million[7]; first-half operating cash flow included $458 million of cash spent on reclamation liabilities, while receivable collections contributed $531 million[17]. Capital spending comes in two kinds: sustaining capital, guided at $1.95 billion for 2026 with $819 million invested in the first half, mainly tailings facilities at Cadia, Boddington and Tanami; and development capital, guided at $1.4 billion with $524 million invested in the first half, mainly Tanami Expansion 2, the two Cadia panel caves, the Lihir nearshore barrier and the Cerro Negro expansion[42][43], with 58% and 63% respectively falling in the second half[10]. Cash is allocated in a fixed order: sustaining capital first, then a fixed dividend of about $1.1 billion a year ($0.26 per quarter), then development capital, then holding net cash near a $1 billion target with a plus or minus $2 billion band, with the remainder repurchased at a steady pace[19]. First-half buybacks were $3,462 million[17], and of the $6 billion authorization approved in April, $1.7 billion had been used by July 23 with roughly $4.3 billion remaining[44][11]; net cash of $3,411 million at the end of June was already slightly above the top of the target band[8]. The August 10 settlement with Barrick adds a one-time outflow: a $1.95 billion payment to Barrick within 30 days of Fourmile and the other projects being contributed to NGM[18].

There are five places where public data cannot complete this model. First, the company does not disclose grade, throughput or recovery figures by mine and only describes their direction in words in the 10-Q, so production changes can be attributed to "grade" or "sequencing" but not quantified[3]. Second, by-product unit costs move with copper and silver prices as well, so the price effect and the cost effect inside a quarterly AISC change cannot be fully separated from public data[25]. Third, NGM is visible only as Newmont's 38.5% aggregate share with no mine-level detail, and Pueblo Viejo shows only attributable production and dividends[38]. Fourth, the company has not disclosed how Ghana's sliding royalty bands map to gold-price levels, and the Q1 call gave only a full-year impact of roughly $25 per ounce[45]. Fifth, the company gives no quarterly guidance, so Q3 production and cost expectations rest on verbal commentary from the call, and the timing of the Cadia cave-establishment restart and the Red Chris final investment decision exists only as "working with regulators" and "year-end or early 2027"[11].

Industry and Competitive Position

Gold mining has no product differentiation, since everyone sells the same exchange-priced metal, so competition comes down to reserve life, cost per ounce and capital allocation discipline. Newmont's reserve position is a clear advantage: its 118.2 million attributable ounces are estimated at a $2,000 per ounce gold price assumption, and the company estimates that reserves would rise 5% (6.4 million ounces) or fall 2% (2.8 million ounces) for each $100 change in that assumption[46]. That assumption is more conservative than the level peers generally use, which means the reserve base's sensitivity to higher gold prices has yet to be recognized; peer reserve assumptions vary, and the description here rests only on Newmont's own disclosure.

On cost, Newmont is not the lowest. By-product AISC was $1,358 per ounce in 2025[33] and is guided at $1,680 for 2026[9], above some peers concentrated in Nevada and Canada, because of the underground block-cave method at the Newcrest assets, the geothermal and high-rainfall setting at Lihir, and the company's own warning that sustaining capital will run higher than historical levels over the next few years, mainly for tailings facilities at Cadia and Boddington[47]. Its compensation is multi-metal output: copper and silver from Cadia and Peñasquito pushed by-product CAS down to $541 per ounce in Q1 2026[41], and once Cadia was halted in Q2 it snapped back to $1,043[25]; in 2026 guidance, Cadia's by-product CAS is negative $180 per ounce and Peñasquito's is negative $4,325[23], so the by-products of these two mines are the fulcrum of the company's cost curve. Peer cost per ounce was not part of the verified material here, and the comparison is limited to figures Newmont itself has disclosed.

On capital allocation, Newmont repaid $3,430 million of debt and repurchased $2,303 million of stock in 2025[30], approved a new $6 billion repurchase authorization in April 2026[44], and held $3,411 million of net cash at the end of June[8], at the upper edge of its "net cash of $1 billion plus or minus $2 billion" target[19]. Its relationship with Barrick is a variable unique to Newmont: NGM contributed $1,069 million of gold sales in Q2, about 17% of company sales[25]; in the first quarter of 2026 Newmont notified Barrick and the NGM board that it had identified evidence of mismanagement at NGM, including diversion of NGM resources to Barrick's wholly owned Fourmile project[22]; on August 10 the two sides settled and amended the joint venture agreement, with Fourmile and Newmont's Fiberline and Mike projects contributed to NGM, all outstanding disputes concluded and Newmont consenting to Barrick's proposed North American IPO[48], and Newmont will pay $1.95 billion within 30 days of the Fourmile contribution[18].

Core Debates

After a two-month halt, does Cadia really get back to pre-quake output in the third quarter?

Cadia is one of Newmont's lowest-cost mines and the main source of its copper, so the quality of its restart decides directly whether Q3 sales can rise sequentially at a flat gold price. In Q1 2026 Cadia produced 94 thousand ounces of gold and its copper credit pushed its own by-product AISC down to negative $139 per ounce[49][33]; after the April 14 seismic event underground mining was suspended, surface processing ran on stockpiles until May 11, and underground mining and processing resumed in mid-June on a progressive ramp-up[15]. Q2 Cadia gold production was 34 thousand ounces against 104 thousand a year earlier, with co-product CAS of $1,555 per ounce and AISC of $3,151[14], copper production fell from 21 thousand tonnes in Q1 to 7 thousand tonnes[14][49], segment sales dropped from $745 million in Q1 to $345 million[26], another $28 million of non-productive costs incurred during the stoppage was booked in other expense[15], and company by-product CAS jumped from $541 to $1,043 as a result[41][25]. Cadia's 2026 guidance is 270 thousand ounces of gold and about 65 thousand tonnes of copper, more than 60% of the company's 102 thousand tonne copper guidance[23].

The same facts support two readings, and the Q3 report can separate them. The optimistic one treats the event as an external earthquake: the 10-Q says production should return to pre-event levels in Q3[15], and on the call management said the two producing caves had fully resumed by mid-June, that mature caves had returned to background seismicity, and that the company's medium-term production depends far less on Cadia's new caves than generally assumed[11]; on this view, Cadia returning to around 90 thousand ounces in Q3 is only a matter of time. The cautious reading notes that the 10-K already states that cave establishment and propagation bring higher seismic activity and a higher likelihood of damage to excavations, observed during the establishment of PC2-3 and expected during PC1-2[50]; cave establishment for the new panels remains paused pending regulatory approval of updated seismic models and safety protocols[11], and if that approval drags, grade replenishment from the new panels slips and Cadia's production curve after 2027 is flatter than the company describes. The financial transmission runs as follows: cave draw and grade set Cadia's gold and copper output, which sets segment sales and the copper by-product credit, and that credit directly lowers company by-product CAS and AISC; fixed costs and inventory write-downs during the stoppage raise unit costs; and a pause in cave establishment pushes PC1-2 and PC2-3 development capital later, with $625 million already invested in the two panel cave projects since approval[43].

Three numbers matter in the Q3 report: whether Cadia gold production is back above 85 thousand ounces and copper above 18 thousand tonnes; whether Cadia co-product CAS falls back below $1,150 and whether other expense still carries stoppage-related costs; and whether the 10-Q discloses that cave establishment on the new panels has been approved to restart, with PC2-3 drawpoint delivery still on for year-end. The observable falsifiers are Q3 Cadia gold production still below 60 thousand ounces, or the company cutting Cadia's full-year guidance of 270 thousand ounces[23]; and cave-establishment approval slipping beyond 2026, or another seismic event. Neither reading can be ruled out before Q3.

With grades sliding at three mines, can Newmont hold 1.3 million ounces in the third quarter?

Gold is 86% of Newmont's sales[4], and the company does not set the gold price, so ounces are the only lever it controls and quarterly production is the only number that can prove that 2026 is the production trough. 2026 guidance of 5,260 thousand ounces[9] is 7% below the core portfolio's 5,680 thousand in 2025[33], only 2,594 thousand ounces were delivered in the first half[37], and the company has placed 51% of the year in the second half[10]. Q2 attributable production was 1,293 thousand ounces, down 1% sequentially, with the decline coming from the Cadia seismic event and lower grades at Ahafo South, Peñasquito and Yanacocha, and the increase from Lihir, Boddington and Pueblo Viejo[3]; management said about 50 thousand of those ounces were second-half production pulled forward at Yanacocha and Lihir[11]. The 8-K names the second-half sources of increase as Boddington, Tanami, Lihir, Cerro Negro and Brucejack, the sources of decline as Yanacocha, Ahafo South and Merian, and Ahafo North as rising quarter by quarter[10].

Two interpretations coexist. One holds that the Cadia restart alone adds about 60 thousand ounces relative to Q2, enough to cover the declines at Yanacocha and Ahafo South, so that "flat" in Q3 is a conservative description; the other points out that Ahafo South's Q2 production had already halved year over year on lower grade and lower throughput[16], that it still produced 128 thousand ounces in Q1 but only 100 thousand in Q2[49][14], that Yanacocha's oxide heap-leach ounces will fall back after being pulled forward, and that Lihir still has maintenance in Q3 with the fourth quarter set to be the strongest of the year[11], so that flat in Q3 is the ceiling. The financial transmission: grade and throughput at each mine set consolidated gold production and sales, which times the gold price gives gold sales, $5,276 million in Q2[4]; the net of the Ahafo North ramp and the Ahafo South decline sets Ghana's ounces and exposure to the high-rate royalty; and if Q3 comes in below 1,270 thousand ounces, Q4 would need to exceed 1,420 thousand to hold the bottom of guidance, yet Q4 output depends on two events that have not yet happened, the end of Lihir maintenance and Ahafo North reaching full rate.

The Q3 report should show: whether attributable production is at least 1,270 thousand ounces and whether the company reaffirms the 5,260 thousand ounce guidance and the "strongest fourth quarter" statement; whether Ahafo North rises from 68 thousand ounces in Q2 to above 80 thousand and whether Ahafo South holds at 95 thousand or more[14]; and whether the timing of Lihir's maintenance and the specific sources of the Q4 increase are given on the call. The falsifiers are Q3 production below 1,200 thousand ounces together with a cut to full-year guidance, or a stalled Ahafo North ramp or extended Lihir maintenance. The site-by-site production table for Q3 can separate the two interpretations directly.

Costs jumped from $1,029 to $1,621 an ounce in one quarter. One-off, or a new floor?

How much Newmont earns per ounce equals the realized price less AISC, so where costs settle matters as much as the gold price. In Q2 the gold price was $4,414 and by-product AISC was $1,621, a margin of $2,793, 28% less than the $3,871 in Q1, and the gold price explains only half of that decline; the other half is cost[3][36]. Full-year guidance is $1,680[9] and the first-half cumulative figure is $1,321[25], so even $2,000 in the second half would not breach guidance, which means "within guidance" is not by itself information; the real question is where Q3 AISC lands, because the company plans to reset multi-year guidance in February 2027[11] and the Q3 and Q4 levels will become the cost base for that reset. Q2 by-product CAS was $1,043 and AISC $1,621[25], against $541 and $1,029 in Q1[41][36].

The 8-K attributes the AISC increase to higher sustaining capital and other expense, the latter mainly the incremental costs at Cadia during the stoppage[51]; the 10-Q says first-half CAS rose because Ahafo North entered production, direct costs at Boddington increased, and third-party royalties and workers' participation rose with the gold price[39], while Ahafo South's Q2 CAS climbed to $2,164 per ounce, up 114%, on lower ounces sold, higher government royalties and higher energy costs[14][16]. On the call, Chief Financial Officer Brian Tabolt gave the Q3 direction: sustaining capital up roughly $150 million sequentially, flat production, moderately higher unit costs, and a full-year cost impact of about $60 million for every $10 per barrel change in oil[11][21]; the guidance price assumptions are gold at $4,500 per ounce, copper at $5.00 per pound, silver at $60 per ounce and Brent at $70 per barrel[52]. The two interpretations split here: one treats Q2 as the arithmetic of the Cadia stoppage, so that once copper returns the by-product credit comes back, CAS falls below $1,000 and only the planned capital step remains in AISC; the other notes that royalties rise with the gold price, Ghana's rate tops out at 12%[40], tailings investment will run for several years[47], and the cost center has already moved from $1,358 in 2025[33] to around $1,700. The financial transmission: diesel and consumables such as explosives, cyanide and grinding media flow into each mine's CAS; a higher gold price flows into CAS through revenue-based royalties and profit sharing; Cadia copper and Peñasquito silver sales lower by-product CAS as credits; sustaining capital enters AISC on its quarterly cadence; and the gap between AISC and the realized price sets margin per ounce and operating cash flow.

The Q3 report should show: whether by-product AISC lands between $1,650 and $1,850 and whether CAS returns below $1,100; whether sustaining capital rises by roughly $150 million as the company said rather than more, from Q2 sustaining capital and lease-related costs of $462 million[25]; and whether the 10-Q's attribution of the CAS change still lists royalties and energy as primary factors. The falsifiers are AISC above $1,900 together with a raised cost guidance, or CAS still above $1,200 after the by-products return. Reading Q3 CAS and the by-product credit separately is what distinguishes "one-off" from "new floor."

After paying Barrick $1.95 billion, can Newmont keep buying back more than $1 billion a quarter?

Newmont's capital allocation framework fixes the order: sustaining capital, a $1.1 billion annual dividend, development capital, net cash of $1 billion plus or minus $2 billion, and everything left goes to buybacks[19]. First-half free cash flow was $5,349 million[7], buybacks were $3,462 million[17], repurchases over two years have cut the share count by more than 100 million shares or about 9%, and management said this supports lifting the quarterly dividend from $0.26 to $0.27 at the board's February 2027 review[11]. Q3 adds two things: capital spending steps up as planned, with sustaining and development capital each rising roughly $150 million sequentially[11], and the $1.95 billion payment to Barrick in exchange for Fourmile and the other projects being contributed to NGM[18]. Buybacks are the main source of per-share value growth at this company, so the market's concern is whether the cadence gets interrupted.

The Q2 starting point: operating cash flow of $2,924 million and free cash flow of $2,205 million[7], cash of $9,009 million, debt of $5,083 million and net cash of $3,411 million at the end of June[8], net debt to adjusted EBITDA of -0.2x[6], Q2 buybacks of $1,567 million and first-half buybacks of $3,462 million[17], more than $600 million more repurchased from July 1 to 23[21], and roughly $4.3 billion left on the $6 billion authorization[11]. The August 10 8-K says Fourmile, Fiberline and Mike will be contributed to NGM at the same time, with the $1.95 billion payable within 30 days of contribution[18], and the settlement concludes all outstanding disputes[48]. Two readings: one holds that net cash was already outside the top of the band, so $1.95 billion simply pulls it back inside, buybacks are unaffected, and the end of the NGM dispute makes them steadier; the other cautions that Q3 capital spending is about $300 million higher, working capital no longer has Q2's receivable collections behind it[17], income and mining tax expense still runs around $1 billion a quarter[6], and if the gold price falls back, free cash flow could drop to $1.5 billion, at which point holding the bottom of the net cash band would mean squeezing buybacks. The financial transmission: realized price times volume less CAS and cash taxes gives operating cash flow; less the heavier second-half sustaining and development capital gives free cash flow; less dividends of about $280 million a quarter, buybacks and the one-time $1.95 billion payment (an investing outflow) gives the change in net cash; the position of net cash against the target band sets the buyback pace; buybacks set the share count; and the share count sets the per-share dividend the framework computes in February 2027.

The Q3 report should show: whether free cash flow is at least $1.9 billion and whether working capital turns into a large outflow; whether the $1.95 billion has been paid and whether net cash afterward still sits between $1 billion and $3 billion; and whether quarterly buybacks are at least $1 billion and how much authorization remains. The falsifiers are free cash flow below $1.5 billion together with net cash falling below $1 billion, or buybacks below $500 million or a change to the net cash target. The Q3 cash flow statement and the net cash line are enough to tell the two readings apart.

Risks and Falsifiers

The gold price itself is the largest single variable, because the company does not hedge gold and revenue and cash flow track the price almost one for one. Provisional pricing added $572 million of revenue in 2025, 141 thousand ounces of gold concentrate were awaiting final pricing at year-end, and that adjustment reverses when the price falls[28]; 2026 guidance is built on $4,500 per ounce, with each $100 change in the gold price worth about $505 million of full-year revenue and cost impact[52], and on Q2 sales of 1,195 thousand ounces[37], each $100 move is worth roughly $120 million of quarterly revenue. Royalties and profit sharing on the cost side move with the gold price too, but by far less than revenue. The falsifier is a Q3 realized gold price within $300 of the Q2 level of $4,414, with no new hedging arrangement disclosed in the 10-Q.

Fiscal and permitting risk in cross-border mining is rising in several jurisdictions at once. The 10-K's royalty and tax-increase risk factor covers Argentina, Australia, Canada, Chile, the Dominican Republic, Ecuador, Ghana, Mexico, Papua New Guinea, Peru and Suriname, essentially every major operating country[53]; Cadia is currently approved to operate until 2031 and is seeking an extension from the New South Wales government, with a tailings expansion forming part of that application[54]; Red Chris carries 2026 development capital guidance of $160 million[23], management has said the original Newcrest capital cost estimate will move higher with inflation and that it will delay the final investment decision if needed[11]; and first-half cash spending on reclamation liabilities was $458 million[17]. Any one of these could change a mine's economics or defer a project decision. The falsifier is a Q3 10-Q whose risk factors and legal proceedings add no material new tax, permitting or community-event language, with the Red Chris decision timeline not pushed back again.

The seismic risk of cave mining recurs during the establishment of new panels. The 10-K states that cave establishment and propagation bring higher seismic activity, already observed at PC2-3 and expected at PC1-2, and that seismic events and associated damage may require changes to the mine plan and upgraded ground support[50]. Cadia's sales in an uninterrupted quarter are about $745 million, roughly 10% of the company[26]; the two panel cave projects have absorbed $625 million of development capital since approval, with another $370 million guided for 2026[43][23]. If regulators restrict cave establishment or require upgraded support, PC1-2 and PC2-3 slip by months and Cadia's grade replenishment after 2027 is delayed. The falsifier is a Q3 10-Q confirming that cave establishment has been approved to resume, Cadia production back above 85 thousand ounces, and no new seismic or regulatory-restriction language.

Ghana's fiscal terms keep tightening. After the stability agreement expired at the end of 2025, the maximum corporate income tax rate rose from 32.5% to 35%, customs duties on imported mining equipment run from 5% to 20%, and royalties moved to a fixed 5% from January 2026 and then, from March, to a sliding 5% to 12% linked to the gold price[40]; the 10-Q also lists a 1% growth and sustainability levy, an 8% dividend withholding tax and a mining-law amendment before Parliament that would shorten lease tenure and strengthen local participation[55]. Ahafo South and Ahafo North together had Q2 sales of $721 million, about 11.8% of the company[27], and the two mines make up 14% of 2026 production guidance[23]; the Q1 call estimated the new royalty's full-year impact at about $25 per ounce[45]; and Ahafo South's Q2 CAS had already risen to $2,164 per ounce with AISC of $2,604[14]. The falsifier is a Q3 10-Q with no escalation in its Ghana risk language, combined Ahafo South and Ahafo North production of at least 175 thousand ounces, and no new royalty or local-contracting requirement disclosed.

Inflation in oil, freight and consumables feeds through to every mine in the second half, and together with royalties and profit sharing that rise automatically with the gold price, it could lift the CAS center. Management said each $10 per barrel change in oil moves full-year costs by about $60 million, that higher freight would pass into explosives, cyanide and grinding media, and that energy costs bite hardest at the large open pits, Boddington, Peñasquito, Lihir and Merian[11]; the first-half CAS increase already listed royalties as a primary factor[39], the Ghana royalty is worth about $25 per ounce[45], and consolidated CAS was $2,088 million in Q2[4], roughly $8.4 billion annualized, so on Q2 volumes each $100 rise in AISC is about $120 million of quarterly margin. If this line holds, the multi-year cost guidance the company resets in 2027 will sit above 2026's $1,680. The falsifier is Q3 by-product AISC no higher than $1,850, total CAS no higher than $2,250 million, and no new inflation-related cost language in the 10-Q.

The NGM settlement ties Newmont more tightly to a joint venture that Barrick operates. The $1.95 billion buys Newmont its share and governance rights under the new agreement once Fourmile is contributed[18], while the Barrick North American IPO that Newmont consented to means the joint venture partner becomes a newly listed company, changing the decision process for future contributions, distributions and capital budgets[48]. NGM contributed $1,069 million of Newmont's Q2 gold sales[25] and 240 thousand attributable ounces, at CAS of $1,473 per ounce and AISC of $1,805[38]; 2026 guidance for the non-managed portfolio is 1,345 thousand attributable ounces, $290 million of sustaining capital and $240 million of development capital[9]; and the one-time $1.95 billion payment is roughly half a quarter of free cash flow[7]. The falsifier is a Q3 10-Q confirming the contribution is complete and the $1.95 billion was paid with no additional terms, NGM production of at least 230 thousand ounces and CAS no higher than $1,550 per ounce.

What to Watch Next

• Cadia restart, gold and copper production: baseline Q2 gold of 34 thousand ounces and copper of 7 thousand tonnes[14]. Watch whether gold returns above 85 thousand ounces and copper above 18 thousand tonnes. Reaching those levels confirms a return to pre-event output; gold still below 60 thousand ounces or a cut to Cadia guidance falsifies it.
• Cadia restart, co-product CAS and other expense: baseline Q2 CAS of $1,555 per ounce[14] and $28 million of stoppage costs[15]. Watch whether CAS falls back below $1,150 and whether other expense still carries stoppage costs. A fall with no new stoppage costs confirms; costs staying elevated falsifies.
• Cadia restart, cave-establishment approval: baseline is a paused new-panel program awaiting regulatory approval[11]. Watch whether the 10-Q discloses an approved restart and whether PC2-3 delivery is still on for year-end. Approval confirms; slippage beyond 2026 or another seismic event falsifies.
• Production cadence, attributable production and full-year guidance: baseline Q2 of 1,293 thousand ounces[3] against full-year guidance of 5,260 thousand[9]. Watch whether Q3 is at least 1,270 thousand ounces and whether guidance and the "strongest fourth quarter" statement are reaffirmed. Holding and reaffirming confirms; below 1,200 thousand with a guidance cut falsifies.
• Production cadence, Ahafo North and Ahafo South: baseline Q2 of 68 thousand and 100 thousand ounces[14]. Watch whether Ahafo North rises above 80 thousand and Ahafo South holds at 95 thousand or more. Both moving together confirms the ramp covers the decline; a stalled Ahafo North falsifies.
• Production cadence, Lihir maintenance and Q4 sources: baseline is a strongest fourth quarter driven by Boddington, Tanami, Lihir, Cerro Negro and Brucejack[10]. Watch whether maintenance timing and specific sources are given on the call. Verifiable sources confirm; extended maintenance falsifies.
• Unit costs, by-product AISC and CAS: baseline Q2 AISC of $1,621 and CAS of $1,043[25]. Watch whether AISC lands between $1,650 and $1,850 and CAS returns below $1,100. Inside the range with CAS falling confirms a one-off; AISC above $1,900 with raised guidance falsifies.
• Unit costs, sustaining capital: baseline Q2 sustaining capital and lease-related costs of $462 million[25], with about $150 million more expected in Q3[11]. Watch whether the increase is about $150 million rather than more. Matching confirms it is planned; a clearly larger step falsifies.
• Unit costs, attribution of the CAS change: baseline first-half attribution to royalties, the Ahafo North start-up and Boddington direct costs[39]. Watch whether royalties and energy are still listed as primary factors. CAS still above $1,200 after the by-products return falsifies "one-off."
• Cash allocation, free cash flow and working capital: baseline Q2 free cash flow of $2,205 million[7]. Watch whether it is at least $1.9 billion and whether working capital turns into a large outflow. Holding confirms; below $1.5 billion falsifies.
• Cash allocation, the $1.95 billion payment and net cash: baseline net cash of $3,411 million at the end of June[8] against a target of $1 billion plus or minus $2 billion[19]. Watch whether the payment has been made and whether net cash afterward remains between $1 billion and $3 billion. Inside the band confirms; below $1 billion falsifies.
• Cash allocation, quarterly buybacks and remaining authorization: baseline Q2 buybacks of $1,567 million[17] with about $4.3 billion of authorization left[11]. Watch whether quarterly buybacks are at least $1 billion. At least $1 billion confirms the cadence is intact; below $500 million or a changed net cash target falsifies.

Conclusion

Three lines drive Newmont's business: gold sales formed by ounces times the gold price, cost per ounce after by-product credits, and free cash flow allocated in a fixed order to sustaining capital, dividends, development capital, the net cash target and buybacks. In 2025 those lines read $22,669 million of sales and $10,334 million of operating cash flow[29] and by-product AISC of $1,358 per ounce[33]; by Q2 2026 the gold price was $4,414 and attributable production 1,293 thousand ounces[3], AISC was $1,621[25], free cash flow was $2,205 million[7] and net cash was $3,411 million[8]. The unresolved relationship is this: whether Cadia's copper credit returns in full after a two-month halt decides whether CAS can fall back from $1,043; oil, Ghana's 5% to 12% sliding royalty[40] and several years of heavier tailings investment[47] are pushing the cost center upward at the same time; and the $1.95 billion NGM payment[18] together with heavier second-half capital spending will test for the first time whether the buyback cadence survives a quarter in which free cash flow is under pressure.

Two independent views published after the Q2 results read the same report from two sides. Neils Christensen of Kitco News, writing on the evening of July 23, characterized Q2 as a quarter in which a 13% gold-price correction failed to derail the trajectory: adjusted earnings of $2.10 per share beat the analyst consensus of $1.98, the realized price of $4,414 was below Q1's $4,900 but well above $3,320 a year earlier, attributable production of 1.29 million ounces was down only 1% sequentially, and the Cadia shortfall was filled by Lihir, Boddington and Pueblo Viejo; it attributed the rise in by-product AISC from $1,029 to $1,621 to lower volumes, higher sustaining capital and the extra costs at Cadia during the shutdown, and noted that year-to-date costs remain well below full-year guidance[56]. Zacks Equity Research's July 24 call review recorded finer detail: Chief Financial Officer Brian Tabolt said Q3 sustaining capital would rise about $150 million sequentially with moderately higher unit costs, that each $10 per barrel change in oil carries a full-year impact of about $60 million and that higher freight could pass into explosives, cyanide and grinding media, and that management was holding full-year cost guidance through reduced equipment use, lower contractor reliance and site productivity programs; on Cadia, the two producing caves resumed in mid-June but cave establishment at PC1-2 and PC2-3 still needs regulatory approval; its market comparison differs from Kitco's, with adjusted earnings of $2.10 per share above the Zacks consensus of $2.05 and revenue of $6.12 billion below the $6.35 billion consensus, and it recorded management as "confident on full-year delivery but guarded about energy inflation, third-quarter costs and the timing of regulatory approvals"[21]. Both are outside interpretations rather than company disclosure, and they agree on the facts while differing in emphasis: Kitco treats the Q2 cost increase as one-off, which is the optimistic side of the cost debate; Zacks spells out the composition of the Q3 cost step and the timing variable in the Cadia approval, which is the unresolved half of the cost and Cadia debates. Both mainly relay company disclosure and neither offers an independent production or cost forecast.

What would materially strengthen or weaken the current understanding is a combination of observations. If Q3 Cadia gold production returns above 85 thousand ounces and copper above 18 thousand tonnes, company by-product CAS returns below $1,100 and AISC lands between $1,650 and $1,850, and attributable production is at least 1,270 thousand ounces with the 5,260 thousand ounce guidance reaffirmed, then the reading that Q2 was the arithmetic of the Cadia stoppage is clearly strengthened; if at the same time free cash flow is at least $1.9 billion, net cash after the $1.95 billion payment stays between $1 billion and $3 billion and quarterly buybacks are at least $1 billion, then the framework's resilience under a one-time outflow is confirmed as well. Conversely, if Cadia production stays below 60 thousand ounces or cave-establishment approval slips beyond 2026, if CAS remains above $1,200 after the by-products return with AISC above $1,900 and a raised cost guidance, or if free cash flow falls below $1.5 billion, net cash drops below $1 billion and buybacks fall below $500 million, then the "new floor" and "buybacks yield to the net cash target" side is clearly strengthened. Management's own directional statements for Q3 are themselves checkable: production broadly in line with Q2, sustaining capital up about $150 million sequentially and unit costs moderately higher[11], and which side of those statements the actual figures fall on will be the first direct evidence of which explanation is closer to the truth.

Sources

[1] NEM 10-K filed 2026-02-19 · company introduction and reserves · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[2] Drillr earnings calendar · NEM earnings call scheduled 2026-10-22 (calendar last updated 2026-09-21) · 2026-09-21 · Drillr earnings calendar

[3] NEM 8-K filed 2026-07-23 · 2Q26 production and financial summary · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/0001164727/000116472726000034/newmontq22026earningsrelea.htm

[4] NEM 10-Q filed 2026-07-23 · 2Q26 financial results · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[5] NEM 8-K filed 2026-07-23 · 2Q26 results press release · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/0001164727/000116472726000034/newmontq22026earningsrelea.htm

[6] NEM 8-K filed 2026-07-23 · net debt to adjusted EBITDA · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/0001164727/000116472726000034/newmontq22026earningsrelea.htm

[7] NEM 8-K filed 2026-07-23 · 2Q26 free cash flow reconciliation · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/0001164727/000116472726000034/newmontq22026earningsrelea.htm

[8] NEM 10-Q filed 2026-07-23 · net debt and liquidity · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[9] NEM 8-K filed 2026-04-23 · 2026 guidance summary · 2026-04-23 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=8-K&dateb=&owner=include&count=40

[10] NEM 8-K filed 2026-07-23 · 2026 second-half weighting commentary · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/0001164727/000116472726000034/newmontq22026earningsrelea.htm

[11] NEM 2Q26 earnings call 2026-07-23 · Drillr structured summary · 2026-07-23 · earnings-call · https://www.newmont.com/investors/events-and-presentations/default.aspx

[12] Nasdaq NEM earnings forecast (accessed 2026-09-21) · Sep 2026 quarter consensus EPS · 2026-09-21 · Nasdaq(数据来自 Zacks) · https://www.nasdaq.com/market-activity/stocks/nem/earnings

[13] Drillr earnings calendar (updated 2026-09-21) · NEM 2026-10-22 call and 3Q26 estimates · 2026-09-21 · Drillr earning_call_calendar · https://gateway.drillr.ai/mcp/private

[14] NEM 10-Q filed 2026-07-23 · 2Q26 production and unit costs by site · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[15] NEM 10-Q filed 2026-07-23 · Cadia seismic event footnote · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[16] NEM 10-Q filed 2026-07-23 · Ahafo South results commentary · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[17] NEM 10-Q filed 2026-07-23 · 1H26 cash flow statement · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[18] NEM 8-K filed 2026-08-13 · NGM amended JV agreement · 2026-08-13 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=8-K&dateb=&owner=include&count=40

[19] NEM 8-K filed 2026-04-23 · capital allocation framework and net cash target · 2026-04-23 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=8-K&dateb=&owner=include&count=40

[20] NEM 10-K filed 2026-02-19 · divestiture of non-core assets · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[21] Zacks Equity Research 2026-07-24 · NEM Q2 Earnings Call Centers on Costs and Capital Returns · 2026-07-24 · Zacks Equity Research · https://finance.yahoo.com/markets/stocks/articles/nem-q2-earnings-call-centers-140000078.html

[22] NEM 10-Q filed 2026-07-23 · NGM notice of mismanagement · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[23] NEM 8-K filed 2026-04-23 · 2026 guidance by site · 2026-04-23 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=8-K&dateb=&owner=include&count=40

[24] NEM 10-K filed 2026-02-19 · equity method investments · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[25] NEM 8-K filed 2026-07-23 · 2Q26 sales, CAS and by-product unit cost reconciliation · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/0001164727/000116472726000034/newmontq22026earningsrelea.htm

[26] NEM 10-Q filed 2026-07-23 · 2Q26 segment results · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[27] NEM 10-Q filed 2026-07-23 · 2Q26 sales by operation · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[28] NEM 10-K filed 2026-02-19 · provisional pricing exposure · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[29] NEM 10-K filed 2026-02-19 · FY2025 financial results · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[30] NEM 10-K filed 2026-02-19 · FY2025 cash flow statement · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[31] NEM 10-K filed 2026-02-19 · FY2025 sales volumes and realized prices · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[32] NEM 8-K filed 2026-04-23 · quarterly sales volumes, realized prices and production by site · 2026-04-23 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=8-K&dateb=&owner=include&count=40

[33] NEM 8-K filed 2026-04-23 · 2025 quarterly by-product AISC by site · 2026-04-23 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=8-K&dateb=&owner=include&count=40

[34] NEM 10-K filed 2026-02-19 · capital resources and repurchase programs · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[35] NEM 10-Q filed 2026-04-23 · 1Q26 financial results · 2026-04-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[36] NEM 8-K filed 2026-04-23 · 1Q26 results highlights · 2026-04-23 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=8-K&dateb=&owner=include&count=40

[37] NEM 10-Q filed 2026-07-23 · 2Q26 operating results · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[38] NEM 8-K filed 2026-07-23 · 2Q26 non-managed JV and equity investments · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/0001164727/000116472726000034/newmontq22026earningsrelea.htm

[39] NEM 10-Q filed 2026-07-23 · 2Q26 costs applicable to sales drivers · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[40] NEM 10-Q filed 2026-07-23 · Ghana stability agreement and royalty · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[41] NEM 8-K filed 2026-04-23 · 1Q26 sales and by-product unit costs · 2026-04-23 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=8-K&dateb=&owner=include&count=40

[42] NEM 8-K filed 2026-07-23 · capital allocation framework delivery · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/0001164727/000116472726000034/newmontq22026earningsrelea.htm

[43] NEM 10-Q filed 2026-07-23 · 1H26 capital expenditures by site and development projects · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[44] NEM 10-Q filed 2026-07-23 · share repurchase programs · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[45] NEM 1Q26 earnings call 2026-04-23 · Drillr structured summary · 2026-04-23 · earnings-call · https://www.newmont.com/investors/events-and-presentations/default.aspx

[46] NEM 10-K filed 2026-02-19 · reserve price assumption and sensitivity · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[47] NEM 10-K filed 2026-02-19 · development projects and sustaining capital outlook · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[48] NEM 8-K filed 2026-08-13 · joint press release on NGM settlement · 2026-08-13 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=8-K&dateb=&owner=include&count=40

[49] NEM 10-Q filed 2026-04-23 · 1Q26 production and unit costs by site · 2026-04-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[50] NEM 10-K filed 2026-02-19 · block cave seismicity risk at Cadia · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[51] NEM 8-K filed 2026-07-23 · 2Q26 AISC, net income and cash flow commentary · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/0001164727/000116472726000034/newmontq22026earningsrelea.htm

[52] NEM 8-K filed 2026-07-23 · 2026 guidance assumptions and sensitivities · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/0001164727/000116472726000034/newmontq22026earningsrelea.htm

[53] NEM 10-K filed 2026-02-19 · multi-jurisdiction fiscal and political risk · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[54] NEM 10-K filed 2026-02-19 · Cadia tailings capacity and continued operations approval · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/

[55] NEM 10-Q filed 2026-07-23 · Ghana political and fiscal risk factor · 2026-07-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001164727&type=10-Q&dateb=&owner=include&count=40

[56] Kitco News 2026-07-23 · Newmont shrugs off 13% gold-price correction with record second-quarter free cash flow, tops earnings estimates · 2026-07-23 · Kitco News · https://www.kitco.com/news/article/2026-07-23/newmont-shrugs-13-gold-price-correction-record-second-quarter-free-cash