Newmont Corporation (ASX:NEM): What Do Third-Quarter Cash Flow and Gold Costs Reveal About 2026?

Aditi Sarkar

29 October 2026 03:15 PM AEDT

Newmont Corporation (ASX:NEM): What Do Third-Quarter Cash Flow and Gold Costs Reveal About 2026?

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Highlights

Newmont Corporation (ASX:NEM) produced 1.302 million attributable gold ounces in Q3 2026, up 1% QoQ.
Quarterly net income attributable to stockholders was USD 2.475 billion; adjusted EBITDA was USD 3.951 billion.
Free cash flow reached USD 1.912 billion, while quarter-end cash and equivalents totalled USD 8.8 billion.
Full-year 2026 guidance retained approximately 5.26 million gold ounces and reduced gold by-product AISC guidance to USD 1,520/oz.

Newmont Corporation operates gold mines and associated copper, silver, lead and zinc production across Australia, the Americas, Africa and Papua New Guinea. Its October 2026 third-quarter report detailed gold output near 1.3 million attributable ounces, lower unit costs and progress on major development projects. On 29 October 2026, Newmont Corporation (ASX:NEM) shares were trading at AUD 159.595, up 0.37% during the session. Near-term operating considerations include output in the final quarter, performance at Lihir and delivery of the Red Chris and Tanami project schedules.

Company Business

Newmont Corporation (ASX:NEM) operates a geographically diversified portfolio of mines. Australian sites include Boddington, Cadia and Tanami, while Lihir is located in Papua New Guinea. The company also operates Ahafo South and Ahafo North in Ghana and assets including Cerro Negro in Argentina, Peñasquito in Mexico and Brucejack in Canada. Its portfolio additionally includes interests in Nevada Gold Mines and Pueblo Viejo.

Gold accounts for the principal production metric, with copper and other metals contributing to reported production and costs. Red Chris in British Columbia is a key proposed underground development, while Tanami Expansion 2 is designed to support the existing Australian operation. The operational mix makes both ore grades and co-product pricing relevant to quarterly financial comparisons.

Recent Development

Newmont Corporation (ASX:NEM) announced third-quarter results on 22 October 2026. Attributable gold production of 1.302 million ounces increased 1% from the preceding quarter. Management cited higher production at Cadia following recovery from a second-quarter seismic event, improvements at Brucejack and increased output at Peñasquito. Planned maintenance at Lihir and Boddington, together with mine sequencing at Yanacocha, partly offset those gains.

Copper output increased 35% quarter on quarter to 23,000 tonnes, while silver production rose 57% to 11 million ounces. Tanami Expansion 2 completed shaft construction; Newmont now expects commercial production in the first half of 2027. At Red Chris, the company was finalising feasibility work and targeting a full-funds investment decision in early 2027. An amended Nevada Gold Mines agreement also contemplates contributions of assets previously outside the joint venture.

Financial Performance and Sector Context

Newmont Corporation (ASX:NEM) reported Q3 2026 net income attributable to stockholders of USD 2.475 billion, compared with USD 2.202 billion in Q2 2026. Adjusted net income was USD 2.309 billion, and adjusted EBITDA reached USD 3.951 billion. Operating cash flow totalled USD 2.768 billion, compared with USD 2.924 billion in the preceding quarter, while free cash flow declined to USD 1.912 billion from USD 2.205 billion.

Gold by-product costs applicable to sales decreased to USD 832 per ounce from USD 1,043 in Q2, and all-in sustaining costs fell to USD 1,454 per ounce from USD 1,621. Newmont improved its 2026 guidance for these measures to USD 925 and USD 1,520 per ounce, respectively, while maintaining attributable gold-production guidance of 5.26 million ounces. At 30 September, cash and cash equivalents were USD 8.8 billion and net cash was USD 3.2 billion.

Average realised gold prices were USD 4,317 per ounce in Q3 versus USD 4,414 in Q2. Gold pricing, fuel and labour expenses, royalty structures and exchange rates can affect revenue and unit costs, independently of output changes.

Risks to Consider

Newmont Corporation (ASX:NEM) remains exposed to shifts in metal prices and mining operating costs. Equipment interruptions, geological conditions and scheduled maintenance can affect volumes. Water shortages associated with El Niño conditions at Lihir may influence fourth-quarter production and costs. Construction, permitting and capital expenditure are relevant to Red Chris and Tanami Expansion 2. The amended Nevada Gold Mines arrangement includes a planned USD 1.95 billion payment to Barrick in Q4 2026, which would affect available cash.

What to Watch Next

Newmont expects fourth-quarter 2026 attributable gold production of approximately 1.365 million ounces, subject to guidance assumptions and operating conditions. Market observers can track the Lihir water situation, higher-grade mining at Tanami and Cerro Negro, and the ramp-up at Ahafo North. Newmont Corporation (ASX:NEM) has also indicated fourth-quarter all-in sustaining costs of approximately USD 1,900 per ounce, above the full-year average guidance, reflecting spending patterns and other factors. Red Chris feasibility work and the early-2027 investment decision are additional milestones.

Key Insights

Newmont Corporation (ASX:NEM) ended the September quarter with stable gold production, higher net income than Q2 and lower reported unit costs. Cash generation remained positive, although operating and free cash flow were below the preceding quarter. The maintained output target, reduced full-year cost guidance and upcoming project decisions provide measurable points for comparing the final 2026 results with management expectations.

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