Newmont Corporation Q3 FY2025 earnings call

• Acknowledged Tom Palmer's retirement and Natascha Viljoen's appointment as CEO. - Notable milestones: Safely recovered 3 teammates at Red Chris, received $640 million in net cash proceeds from equity and asset sales, achieved record third quarter cash flow of $1.6 billion and all-time annual free cash flow of $4.5 billion. - Commercial production declared at Ahafo North. - Progress at Tanami (completed concrete lining of production shaft), Cadia (tailing from PC2-3 ongoing), and Lihir (completed Phase 14a layback engineered wall). - Stable production in Q3 with unit costs in line with Q2, and cost discipline offsetting higher costs from profit-sharing, royalties, etc. - Generated $3.3 billion in adjusted EBITDA, $1.71 per share adjusted net income, $2.3 billion cash flow from operations, and $1.6 billion free cash flow in Q3.

Newmont's segment performance was highlighted with various operational aspects. In the third quarter, they generated a record cash flow of $1.6 billion, with an all-time annual record of $4.5 billion in free cash flow so far. Key operations included stable production across sites like Brucejack, Cerro Negro, Yanacocha, Peñasquito, Ahafo South, and Lihir. Unit costs remained largely in line with the second quarter, with cost discipline and productivity offsetting higher costs from profit-sharing, royalties, and production taxes due to the stronger gold price environment. However, no detailed breakdown of product segment financial performance by absolute terms and revenue contribution % was provided as described in the query requirements.

• 2025 guidance improved for several cost metrics while maintaining production and unit cost outlook in a rising gold price environment. - 2026 gold production expected within 2025 guidance range but lower end, replaced by Ahafo North ounces, with lower Peñasquito gold, lower Yanacocha and Cadia production. - Capital spend: Sustaining and development capital spend tracking below initial guidance, 2026 capital spending expected elevated but 2-year average in line. - Committed to shareholder-focused capital allocation, with $823 million returned since last earnings call and $2.1 billion in share repurchases in 2025. - 2026 gold production from managed operations expected within 2025 range but lower end, with lower ounces from Ahafo South, Peñasquito, Yanacocha, and Cadia.

• Incident at Red Chris requiring investigation and learnings to be applied across the business. - Elevated gold prices could offset cost savings in 2026 through increased profit sharing, royalties, and production taxes.

Q: Daniel Major asked about capital allocation and balance sheet, with Natascha Viljoen responding that they remain committed to a well-defined capital allocation framework and will review returns to shareholders within that framework.

A: Natascha Viljoen stated they will remain disciplined within the capital allocation framework and review it quarterly with the Board.

Q: Matthew Murphy inquired about restructuring and the team, with Natascha Viljoen mentioning a vacancy for CFO, a strong operational team, redefined business into 2 units led by managing directors, and a strong functional team.

A: Natascha Viljoen said they have a deep bench across operational teams, redefined business into 2 units with strong managing directors, and a capable functional team.

Q: Joshua Wolfson asked about reserve pricing and 2026 guidance, with Natascha Viljoen responding that it's early in the budgeting cycle and they will provide outcomes in February 2026.

A: Natascha Viljoen stated they are in the middle of the budgeting cycle and will release results in February 2026.

Q: Lawson Winder asked about asset acquisitions and growth, with Natascha Viljoen responding they believe investing in their own assets and share buybacks is the best investment and will remain disciplined in capital allocation.

A: Natascha Viljoen said they will remain committed to their capital allocation framework and invest where value accretive.

Q: Anita Soni asked about Yanacocha and CAS, with Natascha Viljoen responding Yanacocha production will be slightly lower in Q4 and CAS is impacted by various factors including G&A cyclicality and gold price impacts.

A: Natascha Viljoen said Yanacocha production will be lower in Q4 and CAS is influenced by multiple factors including cyclical G&A and gold price effects.

Q: Tanya Jakusconek asked about Nevada Gold Mines and restructuring, with Natascha Viljoen responding they are waiting for Barrick's feasibility study on Fourmile and the restructuring includes 2 business units and a strong team.

A: Natascha Viljoen stated they are waiting for Barrick's study and the restructuring has 2 business units and a capable team.

Q: Fahad Tariq asked about 2026 production guidance and cost inflation, with Natascha Viljoen responding managed guidance for 2025 is 4.2 million, and 2026 is expected to be close to the lower end, and cost inflation includes normal labor increases and economic factors for consumables.

A: Natascha Viljoen said 2026 managed production is expected lower end of range and cost inflation includes normal labor and economic factors.

Q: Daniel Morgan asked about 2026 guidance midpoint, with Natascha Viljoen responding it's directional and driven by factors like Yanacocha, Peñasquito, and Cadia production.

A: Natascha Viljoen stated it's directional and influenced by various production factors.

Q: Hugo Nicolaci asked about project pipeline and asset monetization, with Natascha Viljoen responding they will remain disciplined in capital allocation and projects will compete for capital within the portfolio.

A: Natascha Viljoen said projects will compete for capital within the portfolio and they will make decisions when time is right.

Q: Ralph Profiti asked about Exploration and Advanced Projects, with Natascha Viljoen responding it's a deliberate review of targeting work for assets to deliver value.

A: Natascha Viljoen stated it's a deliberate review to target work for assets to deliver value