Newmont Mining Corporation 8-K
PositiveEarningsGuidance lowered
FY2026 gold cost outlook lowered; Nevada Gold Mines deal adds Fourmile, Fiberline and Mike, with $1.95B due to Barrick in Q4.
Filed 2026-10-22 16:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results with updated FY2026 guidance. Revenue rose 15% Y/Y; Newmont reported record adjusted net income and $1.9B of free cash flow, and lowered its full-year gold cost outlook while keeping production and capital guidance unchanged. It declared a $0.26/share dividend, payable 12/21/2026 to holders of record 11/25/2026.
Key Figures
| Metric | Q3 2026 | YTD 2026 |
|---|---|---|
| Revenue | $6.36B, +15% Y/Y | $19.8B, +25% Y/Y |
| Attributable gold production | 1.30Moz, -8% Y/Y | 3.90Moz, -12% Y/Y |
| Net income attributable to Newmont stockholders | $2.48B, +35% Y/Y | $7.94B, +37% Y/Y |
| Adjusted net income, non-GAAP | $2.31B, +23% Y/Y | $7.71B, +58% Y/Y |
| Diluted EPS | $2.35, vs $1.67 | $7.43, vs $5.20 |
| Adjusted diluted EPS, non-GAAP | $2.20, vs $1.71 | $7.22, vs $4.39 |
| Net cash from operating activities | $2.77B, +20% Y/Y | $9.48B, +41% Y/Y |
| Free cash flow, non-GAAP | $1.91B, +22% Y/Y | $7.26B, +62% Y/Y |
- Higher gold sales volumes and copper prices supported revenue and cash from operations; Q3 working capital was a $565M use of cash, including an unfavorable $318M receivables movement. Gold by-product CAS was $832/oz and AISC was $1,454/oz.
- Cash was $8.8B, total liquidity $12.8B and net cash $3.2B at quarter-end, before a planned $1.95B payment to Barrick in Q4. Newmont repurchased $1.6B of shares since its last earnings call, with $2.8B remaining under the $6.0B authorization; since February 2024, its share count has fallen by over 115M shares, or about 10%.
- The amended Nevada Gold Mines agreement adds previously excluded Barrick assets Fourmile and Newmont assets Fiberline and Mike; the $1.95B payment to Barrick is expected in Q4. Red Chris Block Cave’s estimated development capital is $4.2B–$4.8B on a 100% basis, net of the anticipated CAD$500M Canadian government contribution. Its initial phase is expected to produce 3.0Moz of gold and over 850kt of copper over 13 years; Newmont owns 70%.
Guidance
2026 guidance metrics carry a ±5% range unless noted. Production and capital guidance remain unchanged; full-year unit cost guidance improved.
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Attributable gold production | FY2026 | 5.26Moz | — | Reaffirmed |
| Attributable gold production | Q4 2026 | 1.365Moz | — | — |
| Gold by-product CAS | FY2026 | $925/oz | — | Lowered |
| Gold by-product CAS | Q4 2026 | $1,250/oz | — | — |
| Gold by-product AISC | FY2026 | $1,520/oz | — | Lowered |
| Gold by-product AISC | Q4 2026 | $1,900/oz | — | — |
| Sustaining capital | FY2026 | $1.95B | — | Reaffirmed |
| Sustaining capital | Q4 2026 | $600M | — | — |
| Development capital | FY2026 | $1.4B | — | Reaffirmed |
| Development capital | Q4 2026 | $520M | — | — |
| Copper production | FY2026 | 102kt | — | — |
| Silver production | FY2026 | 32Moz | — | — |
| Lead production | FY2026 | 90kt | — | — |
| Zinc production | FY2026 | 220kt | — | — |
| 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 gold production growth vs FY2026 | 2027 | Low-to-mid single-digit percentage | — | — |
| Development capital change vs FY2026 | 2027 | Increase of ≈$500M; ≈$200M expected to be funded by reallocated reclamation spending | — | — |
Guidance changes, derived from earlier filings
| Metric | Period | Earlier guidance | Guidance now | Change |
|---|---|---|---|---|
| Attributable gold production | FY2026 | 5,260 koz | 5.26Moz | lowered |
| Gold by-product CAS | FY2026 | $1,055/oz | $925/oz | lowered |
| Gold by-product AISC | FY2026 | $1,680/oz | $1,520/oz | lowered |
| Sustaining capital | FY2026 | $1.95B | $1.95B | reaffirmed |
| Development capital | FY2026 | $1.4B | $1.4B | reaffirmed |
| Copper production | FY2026 | 102 kt | 102kt | reaffirmed |
| Silver production | FY2026 | 32 Moz | 32Moz | reaffirmed |
| Lead production | FY2026 | 90 kt | 90kt | reaffirmed |
| Zinc production | FY2026 | 220 kt | 220kt | reaffirmed |
| Exploration and advanced projects expense | FY2026 | $525M | $525M | reaffirmed |
| General and administrative expense | FY2026 | $375M | $375M | reaffirmed |
| Interest expense, net of capitalized interest | FY2026 | $175M | $175M | reaffirmed |
| Depreciation and amortization | FY2026 | $2.815B | $2.815B | reaffirmed |
| Reclamation and remediation accretion | FY2026 | $385M | $385M | reaffirmed |
| Adjusted tax rate | FY2026 | 33% | 33% | reaffirmed |
| Capitalized interest | FY2026 | $175M | $175M | reaffirmed |
Investor Takeaways
- Q4 production and unit costs versus guidance; drought conditions at Lihir could affect production and costs.
- Red Chris feasibility work, finalization of the Canadian grant terms expected before year-end, and the anticipated full-funds investment decision in early 2027.
- Tanami Expansion 2 commercial production is expected in the first half of 2027, ahead of schedule.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-22 22:46:43Z