Key Highlights

• Produced 1.3 million attributable gold ounces in Q3 2026, on track for full-year guidance of 5.3 million ounces

• Free Cash Flow of US$1.9 billion in the quarter, with US$2.8 billion in operating cash flows

• Returned US$1.9 billion to shareholders through dividends and share repurchases since the last earnings call

• Ended the quarter with US$8.8 billion in cash and US$12.8 billion in total liquidity, with a net cash position of US$3.2 billion

Newmont Corporation (ASX:NEM) closed at A$174.39 on 05 November 2026, surging 13.02% for the session. The S&P/ASX 200 (XJO) gained 2.61% (+230.60 points) to 9,065.10, while the S&P/ASX 300 Metal & Mining index (XMM) advanced 7.90% (+580.50 points) to 7,930.90. Overnight Wall Street gains following Democrats' decisive U.S. midterm election victory provided a tailwind for markets globally. Gold climbed 1.77% to USD 4,145.70, silver rose 1.00% to USD 53.22, and copper edged up 0.06% to USD 14,086.00. Newmont is the world's largest gold company and a producer of copper, zinc, lead, silver, and molybdenum, listed on the NYSE, ASX, and PNGX, and the only gold producer in the S&P 500 Index.

Q3 2026 Production and Cost Performance

In its third quarter results released on 22 October 2026, Newmont produced approximately 1.3 million attributable gold ounces, along with 11 million ounces of silver and 23,000 tonnes of copper, primarily from managed operations. Gold by-product costs applicable to sales came in at US$832 per ounce, while all-in sustaining costs were US$1,454 per ounce. The company improved its full-year cost guidance, lowering CAS to US$925 per ounce and AISC to US$1,520 per ounce from previous estimates. Full-year 2026 production guidance of 5.3 million attributable gold ounces was reaffirmed.

Financial Results and Shareholder Returns

Newmont reported Net Income of US$2.5 billion for the quarter and adjusted net income of US$2.3 billion, equivalent to US$2.20 per diluted share. Adjusted EBITDA reached US$4.0 billion. Operating Cash Flow totalled US$2.8 billion, net of Working Capital impacts of US$565 million, translating into free cash flow of US$1.9 billion. The company declared a quarterly Dividend of US$0.26 per share, payable on 21 December 2026 to holders of record as at 25 November 2026.

Since the previous earnings call, Newmont returned US$1.9 billion to shareholders through a combination of share repurchases and dividend payments. The company has repurchased US$1.6 billion worth of common stock since the last call, with US$2.8 billion remaining under its US$6.0 billion authorised buyback program. Since February 2024, Newmont has reduced its total share count by over 115 million shares, representing approximately 10% of shares outstanding, increasing per-share exposure to the company's free cash flow.

Balance Sheet and Strategic Developments

Newmont ended the quarter with US$8.8 billion in cash and US$12.8 billion in total liquidity, maintaining a net cash position of US$3.2 billion. On the strategic front, the company announced an amended agreement for the Nevada Gold Mines Joint Venture with Barrick to include previously excluded assets, including Barrick's Fourmile and Newmont's Fiberline and Mike properties. Newmont is also advancing its Red Chris Block Cave project in British Columbia towards a full-funds Investment decision in early 2027, with production now expected in the first half of 2027.

Sector Context and Commodity Backdrop

The mining and metals sector experienced a broad rally on 5 November 2026, with the ASX 300 Metal & Mining index posting its 7.90% gain amid gold prices at multi-year levels above USD 4,100 per ounce. Newmont's position as the sector's largest producer provides significant Leverage to gold price movements. The company's AISC of US$1,454 per ounce against prevailing gold prices above US$4,100 implies substantial operating margins, although costs have been trending upward across the industry due to labour and energy inflation.

Risks to Watch

Key risks include potential gold price Volatility that could impact the company's elevated free cash flow generation. Rising input costs, particularly labour and energy, could compress margins if gold prices retreat. The Red Chris Block Cave development carries execution risk and capital intensity. Integration of additional Assets into the Nevada Gold Mines Joint Venture introduces operational complexity. Currency fluctuations across Newmont's geographically diverse operations in the Americas, Africa, and Australasia represent an ongoing earnings variable.

The Takeaway

Newmont's Q3 2026 results underscore the company's capacity to convert elevated gold prices into substantial cash flows, with US$1.9 billion in quarterly free cash flow and an accelerating shareholder return program. The combination of a US$3.2 billion net cash position, improving cost guidance, and a 10% reduction in shares outstanding since February 2024 positions the company to continue delivering on its capital return framework. The Red Chris investment decision and Nevada Gold Mines JV expansion remain key catalysts in the near term.