Key Highlights

  • Newmont (ASX:NEM) reported attributable gold production of 1,302 koz for the September 2026 quarter and said it remains on track to meet full-year production guidance.
  • Net income attributable to stockholders was US$2,475 million, and gold by-product AISC was US$1,454 per ounce.
  • A full-funds Investment decision on the Red Chris block cave is expected in early 2027, subject to joint venture board approval.

Newmont Corporation (ASX:NEM) has released its September 2026 quarter results, reporting attributable gold production of 1,302 thousand ounces and saying it remains on track to meet full-year production guidance. In the same release the company updated its full-year cost guidance, left production and Capital guidance unchanged, and set out early indications for 2027. Its Form 10-Q, filed alongside the Earnings release, adds detail on liquidity, Debt and contingent liabilities.

Attributable gold production rose 1% on the June quarter from 1,293 koz, taking year-to-date output to 3,896 koz. Co-product output also rose on the prior quarter, with copper at 23 kt, silver at 11 Moz, lead at 22 kt and zinc at 67 kt.

Net income attributable to stockholders was US$2,475 million, or US$2.35 per diluted share, against US$2,202 million in the June quarter. Adjusted Net Income was US$2,309 million (US$2.20 per share), and adjusted EBITDA was US$3,951 million, up from US$3,757 million. The average realised gold price was US$4,317 per ounce, US$97 lower than in the June quarter.

Gold by-product all-in sustaining costs (AISC) fell to US$1,454 per ounce from US$1,621, while by-product cost applicable to sales fell to US$832 per ounce. Newmont attributed part of the change to the absence of the incremental costs that followed the April 2026 seismic event at Cadia.

Cash flow, Balance Sheet and returns

Net cash from Operating Activities was US$2,768 million, after a US$565 million Working Capital outflow, and free Cash Flow was US$1,912 million. Cash at quarter end was US$8,827 million and total Liquidity US$12.8 billion, including US$4.0 billion on the revolving facility. Debt was US$5,087 million, resulting in net cash of about US$3.2 billion. The company said that figure excludes a planned US$1.95 billion payment to Barrick, expected in the fourth quarter.

Newmont declared a Dividend of US$0.26 per share, payable on 21 December 2026 to holders of record on 25 November 2026. Since its July Earnings Call it has returned US$1.9 billion, including about US$1.6 billion of buybacks, leaving US$2.8 billion of the US$6.0 billion authorisation. The company said it intends to seek board approval for further repurchases as that authorisation nears completion.

Guidance and 2027 indications

Newmont (ASX:NEM) now guides to attributable gold production of 5,260 koz for 2026 (plus or minus 5%), with gold by-product CAS of US$925 per ounce and AISC of US$1,520 per ounce. Sustaining capital is US$1,950 million and development capital US$1,400 million. The company expects the fourth quarter to have the highest production of the year at 1,365 koz, with unit costs rising to AISC of US$1,900 per ounce on higher sustaining capital and lower co-product volumes.

For 2027, Newmont expects attributable gold production to rise by a low-to-mid single-digit percentage, with unit costs higher on Inflation above 3%, diesel prices, a weaker Australian dollar and gold-linked royalties. Development capital is expected to increase by about US$500 million, partly offset by around US$200 million of reallocated Yanacocha reclamation spending.

Projects and contingent items

At Cadia, the PC2-3 project is on track for completion by the end of 2026, and cave establishment at PC1-2 has resumed following regulatory approvals.

For the Red Chris block cave, a full-funds investment decision is expected in early 2027, subject to joint venture board approval. Estimated capital is US$4.2 billion to US$4.8 billion on a 100% basis, net of a CAD$500 million Canadian government contribution that is still being finalised. The first phase is described as 3.0 Moz of gold and over 850 kt of copper over 13 years, with commercial production planned for 2033.

The 10-Q notes the NGM agreement with Barrick under which Fourmile and other properties are to be contributed to Nevada Gold Mines, with the US$1.95 billion payable within 30 days of the Fourmile contribution. It also states that ongoing water-quality studies could materially increase the Yanacocha reclamation obligation, which stands at US$3,387 million within total reclamation liabilities of US$6,773 million.