Newmont Corporation Q4 FY2025 earnings call

Natascha Viljoen outlined key areas as CEO: safety as top priority, cost and capital discipline, continuous operational improvement, developing high - return projects, and enhancing shareholder returns. In 2025, Newmont achieved full - year guidance, improved operational performance, and strengthened financial position. Operationally, it met production and cost guidance. Francois Hardy discussed reserves and exploration, with a gold reserve base of 118 million ounces and 149 million ounces of gold resource, and exploration success at Brucejack and Ahafo South. Projects included the successful commissioning of Ahafo North, and advancement of projects like Tanami expansion, Cadia development, Lihir mine life extension, and Red Chris feasibility study.

The fourth quarter of 2025 was a strong finish. Newmont achieved its full - year guidance. It produced 5.7 million ounces of gold from the core portfolio, along with 28 million ounces of silver and 135,000 tonnes of copper. The gold reserve base stands at 118 million ounces, supported by an additional 149 million ounces of gold resource. For 2026, all - in sustaining costs are expected to be approximately $1,680 per ounce, assuming a $4,500 per ounce gold price, a $60 per ounce silver price, and a $5 per pound copper price.

2026 attributable production is guided to 5.3 million ounces. All - in sustaining costs are expected to be around $1,680 per ounce. Sustaining capital in 2026 is expected to be about $1.95 billion, development capital around $1.4 billion, exploration and advanced project spend around $525 million, and reclamation spend around $850 million. The enhanced capital allocation framework prioritizes net cash from operations to sustaining capital, dividend, then development capital and balance sheet targets, with excess cash going to share repurchases.

There was the tragic loss of team member Matthew Middlebrook at the Tanami operation, with an investigation underway. There are uncertainties related to the macroeconomic environment affecting costs and potential issues with the Nevada Gold Mines joint venture partner regarding operational performance and asset management.

Q: Regarding CapEx and projects such as Red Chris and Merian, A: On track to discuss Red Chris more in the second half, capital guidance allows for disciplined allocation, and Merian has future opportunities to share more details later.

Q: About the long - term growth target of 6 million ounces, A: Will provide better guidance towards the end of the year after completing asset reviews.

Q: On M&A views, A: Satisfied with the portfolio and will evaluate it discretely.

Q: On the capital allocation waterfall and buybacks, A: The assumption is accurate, share buybacks are ratable, and there is $2.4 billion left on the $6 billion approved buyback program.

Q: On the cost guidance change, A: CAS is not guided, the like - for - like AISC was $1,935, and CAS is around $1,430.

Q: On Nevada Gold Mines, A: Welcome the partnership to improve performance and there is ongoing work.

Q: On projects in Peru, A: Peru remains key, and projects are reviewed in a disciplined manner.

Q: On cost savings, A: Cost attributable to sales is constant year - on - year, savings reduced cost by $100 per ounce, G&A was reduced by 21%, and headcount reduction is completed.

Q: On Tanami, A: Operation is fully up and running after the incident, and shaft infrastructure work will start after internal investigation.

Q: On reserve and resource assumptions, A: There is a rigorous process, the gold price assumption for reserves is $2,000 an ounce, aligned with the 3 - year trailing average