Key Highlights

  • Sales rose 15% to USD 6.4 billion; adjusted Earnings hit a third-quarter record.
  • Attributable gold production was 1.3 million ounces at USD 1,454 per ounce.
  • Free Cash Flow was USD 1.9 billion, or USD 7.3 billion over nine months.
  • Full-year gold cost guidance improved to about USD 1,520 per ounce.

Profit and Output

Newmont (NYSE:NEM) reported third-quarter 2026 results on Thursday. Sales were USD 6.363 billion, up from USD 5.524 billion a year earlier, on higher realized gold and silver prices. Net Income attributable to stockholders was USD 2.475 billion, or USD 2.35 per diluted share, against USD 1.67 a year ago. Adjusted earnings were USD 2.20 per diluted share.

Attributable gold production was 1.3 million ounces, broadly in line with the second quarter. Copper production was 23,000 tonnes, helped by higher output at Cadia after a recovery from a seismic event, and silver production was 11 million ounces on higher co-product grades at Penasquito. Gold all-in sustaining costs of USD 1,454 per ounce improved from the prior quarter on higher gold and co-product volumes.

Cash, Buybacks and Liquidity

Free cash flow of USD 1.9 billion lifted the nine-month total to USD 7.3 billion. Since the last Earnings Call the company returned USD 1.9 billion through dividends and buybacks, and since July it has repurchased USD 1.6 billion of shares, leaving USD 2.8 billion under a USD 6 billion authorization. The share count is down about 10% since February 2024 after the purchase of more than 115 million shares. The board declared a quarterly Dividend of USD 0.26 per share.

Liquidity stood at USD 12.8 billion, including USD 8.8 billion in cash, and the company reported a net cash position of USD 3.2 billion. A payment of USD 1.95 billion tied to the amended Nevada Gold Mines joint venture is scheduled for the fourth quarter. The amendment brings the Fourmile, Fiberline and Mike properties into the venture.

Guidance and Growth Projects

Full-year gold all-in sustaining costs are guided at about USD 1,520 per ounce, roughly 10% below initial guidance, while attributable gold production is held at 5.3 million ounces, with 1.4 million ounces projected for the fourth quarter. Management said fourth-quarter unit costs are the highest of the year because of inflationary pressure, including fuel. Its sensitivity is USD 110 million for each USD 10 change in the oil price per barrel.

At Red Chris in British Columbia, the block cave project carries development Capital of USD 4.2 billion to USD 4.8 billion and an initial mine life of 13 years. The Government of Canada committed CAD 500 million of funding. At Tanami Expansion 2 in Australia, commercial production is now projected by the end of the second quarter of 2027, earlier than previously estimated.

For 2027, management projects development capital about USD 500 million higher, mainly for Red Chris and Lihir, and silver output about 30% lower on Penasquito mine sequencing. Reclamation spending at Yanacocha is projected USD 200 million lower in 2027 and USD 400 million lower in 2028 than in 2026.

What Comes Next

Free cash flow of USD 7.3 billion over nine months compares with USD 6.0 billion of cumulative buybacks authorized, USD 3.2 billion of net cash, and a USD 1.95 billion joint venture payment due in the fourth quarter. The quarter also carries a cost message: the full-year gold cost guide improved while management flags the fourth quarter as the year's peak for unit costs. Reference points are the 1.4 million ounce fourth-quarter production figure, costs against USD 1,520 per ounce, Lihir water conditions tied to El Nino, oil prices, and the pace of repurchases.