OREMAVEN
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2026-11-06
◂ Monitor NEM ASX

Newmont Corporation

Producer · Gold · Copper · Silver · Lead · Zinc · Papua New Guinea · Australia · Ghana · Suriname · Argentina · Peru · Mexico · Canada · United States · Dominican Republic · Chile · Ecuador Rating locked: sign in to view v8 · nem-20261024t160226-full
Last 2026-11-06
A$171.57
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$178.8B
EV
A$173.8B
Cash
US$9B
Debt
US$5.1B

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash US$9B Self Funding
Debt US$5.1B Net cash US$3.9B
Basic shares 1B 2026-09-30
Runway Self Funding Positive cash generation; June cash is reported, interim cutoff cash estimated; construction and closure cash uses are explicitly scheduled.

Liquidity

Financial position

Reported June cash US$9.009bn plus US$4bn facility. Cutoff cash is separately estimated in valuation: US$1.7bn post-June FCF less US$1.3bn estimated settled buybacks and US$273m dividend; NGM conditional payment is a future dated claim. The estimate is frozen across future operating shocks.

Inventory composition2

Operating inventory underpins projected mine cash generation, not a separate strategic investment. Carrying value is not realizable market value; no equity-bridge addback.

Operating materials, in-process, concentrate and precious metals
US$1.5B carrying
Stockpiles and ore on leach pads
US$3.9B carrying

Capital structure

Ownership and dilution

Ordinary shares
1B
Fully diluted
1B

1:1 CDI statement: 76,139,203 CDIs plus 965,763,296 non-CDI common stock = 1,041,902,499 issuer shares. Fully diluted 1,043,902,499 adds estimated 2m awards from latest diluted-EPS increment; current total awards not precisely reconciled. No assumed future buybacks.

Security classes1
ClassTypeQuantityStrikeExpiry
Latest quarter diluted EPS increment used as an explicitly estimated current dilution proxyPerformance Right2M——

KPI history

Operating metrics · Company

Attributable gold production shown
04308611,2911,7212025 Q1: 1,537 koz Au2025 Q12025 Q2: 1,478 koz Au2025 Q22025 Q3: 1,421 koz Au2025 Q32025 Q4: 1,453 koz Au2025 Q42026 Q1: 1,301 koz Au2026 Q12026 Q2: 1,293 koz Au2026 Q2
MetricUnitTrend2025 Q12025 Q22025 Q32025 Q42026 Q12026 Q2
Attributable gold productionkoz Au2025 Q1: 1,537 koz Au2025 Q2: 1,478 koz Au2025 Q3: 1,421 koz Au2025 Q4: 1,453 koz Au2026 Q1: 1,301 koz Au2026 Q2: 1,293 koz Au1,5371,4781,4211,4531,3011,293
Gold by-product AISCUSD/oz2025 Q1: 1,447 USD/oz2025 Q2: 1,375 USD/oz2025 Q3: 1,303 USD/oz2025 Q4: 1,302 USD/oz2026 Q1: 1,029 USD/oz2026 Q2: 1,621 USD/oz1,4471,3751,3031,3021,0291,621
Free Cash FlowUSD million2025 Q1: 1,205 USD million2025 Q2: 1,710 USD million2025 Q3: 1,571 USD million2025 Q4: 2,813 USD million2026 Q1: 3,144 USD million2026 Q2: 2,205 USD million1,2051,7101,5712,8133,1442,205
RevenueUSD million2025 Q1: 5,010 USD million2025 Q2: 5,317 USD million2025 Q3: 5,524 USD million2025 Q4: 6,818 USD million2026 Q1: 7,307 USD million2026 Q2: 6,118 USD million5,0105,3175,5246,8187,3076,118
CashUSD million2025 Q1: 4,698 USD million2025 Q2: 6,185 USD million2025 Q3: 5,639 USD million2025 Q4: 7,647 USD million2026 Q1: 8,775 USD million2026 Q2: 9,009 USD million4,6986,1855,6397,6478,7759,009
Operating metric source table30
MetricProjectPeriodPeriod typeValueStatus
Attributable gold productionCompany2025 Q1Quarter1,537 koz AuReported
Attributable gold productionCompany2025 Q2Quarter1,478 koz AuReported
Attributable gold productionCompany2025 Q3Quarter1,421 koz AuReported
Attributable gold productionCompany2025 Q4Quarter1,453 koz AuReported
Attributable gold productionCompany2026 Q1Quarter1,301 koz AuReported
Attributable gold productionCompany2026 Q2Quarter1,293 koz AuReported
Gold by-product AISCCompany2025 Q1Quarter1,447 USD/ozReported
Gold by-product AISCCompany2025 Q2Quarter1,375 USD/ozReported
Gold by-product AISCCompany2025 Q3Quarter1,303 USD/ozReported
Gold by-product AISCCompany2025 Q4Quarter1,302 USD/ozReported
Gold by-product AISCCompany2026 Q1Quarter1,029 USD/ozReported
Gold by-product AISCCompany2026 Q2Quarter1,621 USD/ozReported
Free Cash FlowCompany2025 Q1Quarter1,205 USD millionReported
Free Cash FlowCompany2025 Q2Quarter1,710 USD millionReported
Free Cash FlowCompany2025 Q3Quarter1,571 USD millionReported
Free Cash FlowCompany2025 Q4Quarter2,813 USD millionReported
Free Cash FlowCompany2026 Q1Quarter3,144 USD millionReported
Free Cash FlowCompany2026 Q2Quarter2,205 USD millionReported
RevenueCompany2025 Q1Quarter5,010 USD millionReported
RevenueCompany2025 Q2Quarter5,317 USD millionReported
RevenueCompany2025 Q3Quarter5,524 USD millionReported
RevenueCompany2025 Q4Quarter6,818 USD millionReported
RevenueCompany2026 Q1Quarter7,307 USD millionReported
RevenueCompany2026 Q2Quarter6,118 USD millionReported
CashCompany2025 Q1Quarter4,698 USD millionReported
CashCompany2025 Q2Quarter6,185 USD millionReported
CashCompany2025 Q3Quarter5,639 USD millionReported
CashCompany2025 Q4Quarter7,647 USD millionReported
CashCompany2026 Q1Quarter8,775 USD millionReported
CashCompany2026 Q2Quarter9,009 USD millionReported
Company guidance16
MetricProjectPeriodLowHighStatus
Attributable Gold Productionlihir2026532,000588,000 oz AuCurrent
Attributable Gold Productioncadia2026256,500283,500 oz AuCurrent
Attributable Gold Productiontanami2026346,750383,250 oz AuCurrent
Attributable Gold Productionboddington2026551,000609,000 oz AuCurrent
Attributable Gold Productionahafo-south2026418,000462,000 oz AuCurrent
Attributable Gold Productionahafo-north2026299,250330,750 oz AuCurrent
Attributable Gold Productionmerian2026213,750236,250 oz AuCurrent
Attributable Gold Productioncerro-negro2026209,000231,000 oz AuCurrent
Attributable Gold Productionyanacocha2026437,000483,000 oz AuCurrent
Attributable Gold Productionpenasquito2026175,750194,250 oz AuCurrent
Attributable Gold Productionred-chris202633,25036,750 oz AuCurrent
Attributable Gold Productionbrucejack2026247,000273,000 oz AuCurrent
Attributable Gold Productionngm-asset2026888,250981,750 oz AuCurrent
Attributable Gold Productionpueblo-viejo2026242,250267,750 oz AuCurrent
Attributable Gold ProductionCompany20264,997,0005,523,000 oz AuCurrent
Gold By Product AISCCompany20261,5961,764 USD/oz AuCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-04-23BuybackUS$6B——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Annual baseline and Q2 derivative, investment, revenue and liability notes plus August NGM definitive agreement; site-specific statutory royalty rates and contract tariff details are not all individually disclosed.

Barrick operates NGM. August settlement resolves existing disputes, provides contribution of Fourmile, Fiberline and Mike and permits Barrick North American IPO; property reserves not yet added.

Joint Venture · Active
Applies to
Nevada Gold Mines · NGM Fourmile, Fiberline and Mike contribution · Gold · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
Newmont economic share: 38.5 %
Cash contribution commitment: 1,950,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-managed joint venture; expansion contributions and distributions influence cash access. Holding ownership is applied once.

Joint Venture · Active
Applies to
Pueblo Viejo · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Economic interest: 40 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Economic minority holdings differ by project; full Newmont reserve tables are already attributable, not gross. Minority ownership cannot be multiplied twice.

Joint Venture · Active
Applies to
Merian · Red Chris · Wafi-Golpu · NuevaUnión · Norte Abierto · Galore Creek · La Bikina · Gold · Copper
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Wheaton silver stream reduces silver realizations. Non-cash amortization into reported sales is removed conceptually from cash margin expectations; by-product costs and issuer sensitivities already reflect stream effects.

Stream · Active
Applies to
Peñasquito · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Silver production sold: 25 %
Maximum annual fixed price inflation: 1.65 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Fixed currency forwards cover selected Australian development and Australian/Canadian operating expenditures; cannot hedge all future currency exposure.

FX Hedge · Active
Applies to
Tanami · Cadia · Boddington · Brucejack · Red Chris · Gold · Copper
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
AUD development contracts: 1,734,000,000 AUD
AUD operating contracts: 4,002,000,000 AUD
CAD operating contracts: 1,088,000,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

Physical renewable electricity PPA covers approximately 40% of forecast Cadia power purchases; treated as an operating energy-cost arrangement, not a gold or copper price hedge. Standalone electricity contract valuation is not established.

Other · Active
Applies to
Cadia
Economic direction
Mixed
Period
Dates not stated
Key terms
Power purchase coverage: 40 %
Term: 15 years
How it affects our valuation

No valuation treatment is available for this arrangement.

Retained 3% Coffee royalty, no current executable delivery schedule. No separately measurable current cash-flow value is assigned; potential royalty upside is bounded in the workpaper and no construction cash flows are fabricated.

Royalty · Active
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
NSR royalty: 3 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Divestitures retain indemnity and environmental obligations; Akyem lease ratification paid deferred consideration and removed specific indemnity in 2025. General future exposures are risk considerations beyond recorded liabilities.

Other · Active
Applies to
Company-wide · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
CC&V incremental closure liability share: 90 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional Canada CA$500m support; improves optionality, no cash assumed received and no separate bridge addback.

Strategic Partnership · Conditional
Applies to
Red Chris block cave option · Gold · Copper
Economic direction
Benefit
Period
Dates not stated
Key terms
Announced support: 500,000,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.