Newmont Mining Corporation 8-K

PositiveEarningsGuidance reaffirmed

Higher gold prices lifted earnings despite lower output; Cadia’s seismic event weighed on production and raised unit costs.

Filed 2026-07-23 16:05 ET

Summary

Q2 2026 results with the company remaining on track to achieve its previously published FY2026 guidance. Higher realized gold prices lifted sales and earnings Y/Y despite lower gold production; the Cadia seismic event weighed on production and drove higher unit costs.

Key Figures

Metric Q2 2026 Q2 2025 Y/Y
Sales $6.12B $5.32B +15%
Attributable gold production 1.29 Moz 1.48 Moz -12%
Average realized gold price $4,414/oz $3,320/oz +33%
Net income attributable to Newmont stockholders $2.20B $2.06B +6.8%
Adjusted net income, non-GAAP $2.25B $1.59B +41%
Diluted EPS $2.06 $1.85 +11%
Adjusted diluted EPS, non-GAAP $2.10 $1.43 +47%
Net cash from operating activities $2.92B $2.38B +23%
Free cash flow, non-GAAP $2.21B $1.71B +29%
  • Gold by-product costs applicable to sales (CAS) were $1,043/oz and all-in sustaining costs (AISC) were $1,621/oz. Both rose sharply Q/Q as lower gold and co-product volumes, the Cadia downtime, higher royalties and diesel prices pressured unit costs.
  • The company ended the quarter with $9.0B cash, $13.0B total liquidity and $3.4B net cash. Since the prior earnings call, it returned $1.9B through dividends and repurchases, including $1.7B in repurchases; $4.3B remains on the $6B authorization. Since February 2024, the share count has fallen by more than 100M shares, or approximately 9%.
  • The declared Q2 dividend is $0.26/share, payable 9/28/2026 to holders of record 9/3/2026.

Guidance

Metric Period Guidance Prior Direction
Attributable gold production FY2026 5,260 koz — —
Gold by-product CAS, non-GAAP FY2026 $1,055/oz — —
Gold by-product AISC, non-GAAP FY2026 $1,680/oz — —
Sustaining capital FY2026 $1.95B — Reaffirmed
Development capital FY2026 $1.4B — Reaffirmed
Copper production FY2026 102 kt — —
Silver production FY2026 32 Moz — —
Lead production FY2026 90 kt — —
Zinc production FY2026 220 kt — —
Exploration and advanced projects expense FY2026 $525M — —
General and administrative expense FY2026 $375M — —
Interest expense, net of capitalized interest FY2026 $175M — —
Depreciation and amortization FY2026 $2.815B — —
Reclamation and remediation accretion FY2026 $385M — —
Adjusted tax rate FY2026 33% — —
Capitalized interest FY2026 $175M — —
Attributable production weighting H1/H2 2026 49% / 51% — —
Sustaining capital weighting H1/H2 2026 42% / 58% — —
Development capital weighting H1/H2 2026 37% / 63% — —
Total portfolio reclamation spend FY2026 ≈$850M — —
Yanacocha water-treatment plant reclamation spend FY2026 ≈$550M — —
Yanacocha water-treatment plant total spend Project total ≈$1.8B — —
Reclamation spend after water-treatment work 2028 $300M-$400M — —
Cash dividend commitment under capital allocation framework Annual $1.1B — —
Indicated annualized dividend per share, not declared Current indicated rate $1.04 — —

The FY2026 guidance estimates carry a ±5% range; the company says it remains on track to meet them. Q3 attributable gold production is expected to be broadly in line with Q2, while unit costs are expected to rise, partly offset by higher co-product volumes. Production is weighted to H2, with the increase driven primarily by Boddington, Tanami, Lihir, Cerro Negro and Brucejack. Reclamation spend is elevated by Yanacocha water-treatment work.

Investor Takeaways

  • Q3 production versus the expected Q2-level result, and unit costs versus the expected increase, will indicate how operations and spending timing are tracking.
  • H2 delivery against the production and capital weightings will be important to achieving the FY2026 outlook.
  • Watch for a final investment decision on Red Chris Block Cave as the project advances following regulatory approvals.

The summary is written by an AI model reading the filing.

Model 005 · prompt 01d34d48e3

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