NEM · Newmont Corporation

Newmont Corporation delivered exceptional first quarter 2026 results, reporting record GAAP net income of $3.262 billion, up significantly from $1.891 billion in Q1 2025, driven by higher gold prices averaging $4,900 per ounce and strong operational performance across its managed portfolio. Adjusted net income reached $3.156 billion or $2.90 per diluted share, reflecting adjustments for items like changes in fair value of investments, impairments, and tax effects. The company produced 1.3 million attributable gold ounces, aligning with full-year guidance of 5.3 million ounces, supported by output from key sites including Nevada Gold Mines, Cadia, and Peñasquito, despite challenges like bushfires at Boddington and rainfall at Tanami. Gold by-product AISC fell to $1,029 per ounce from $1,447 year-over-year, benefiting from robust by-product credits from copper, silver, lead, and zinc sales totaling $1.291 billion excluding treatment charges, alongside cost discipline and lower sustaining capital in the quarter. Cash generation was outstanding, with $3.785 billion from operations funding $3.144 billion in free cash flow after $641 million capex, enabling $2.7 billion in shareholder returns since the last earnings including $2.4 billion in repurchases. Balance sheet strength is evident with $8.8 billion cash exceeding $5.1 billion debt for a $3.2 billion net cash position. Management highlighted the enhanced capital allocation framework prioritizing sustaining capital ($1.95 billion guided for 2026), a sustainable $1.04 annualized dividend, development capex ($1.4 billion), and ratable buybacks, now boosted by a new $6 billion authorization following full execution of the prior program. CEO Natascha Viljoen noted momentum toward 2026 goals, with elevated sustaining capex ramping in H2 for long-term portfolio longevity.