Newmont: 3 Key Takeaways for Long-Term Investors
Key Points
Newmont generated $1.9 billion of free cash flow in third quarter.
Newmont reduced full-year gold all-in sustaining cost guidance to $1,520 per ounce.
Newmont repurchased 10% of outstanding shares since February 2024.
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On its third quarter of 2026 earnings call, held on Oct. 22, 2026, Newmont (NYSE:NEM) reported $1.9 billion of free cash flow for the period. Long-term investors care because sustained cash generation fuels shareholder returns and internal growth without the company taking on debt. Three things management said stand out.
1. Operational Execution Drives Lower Full-Year Cost Guidance
Newmont reduced its full-year all-in sustaining cost estimate, which measures the complete cost to produce an ounce of gold, by 10% to $1,520 per ounce.
Robust safety and operational performance, disciplined cost management and higher silver production with realized prices enabled us to improve our full-year cost guidance, while remaining firmly on track to achieve our production, capital and other guidance metrics.
-- Natascha Viljoen, President and Chief Executive Officer
2. Nevada Joint Venture Expansion Unlocks Premier Gold District Value
Management amended its Nevada Gold Mines joint venture agreement, a combined regional mining partnership, to include three previously excluded prospective properties for $1.95 billion.
First, we announced an amended joint venture agreement from Nevada Gold Mines under which the previously excluded Fourmile, Fiber Line and Myke properties will be contributed.
-- Natascha Viljoen, President and Chief Executive Officer
3. Organic Development Projects Position Portfolio for Production Growth
Construction milestones across major operations set the stage for total output to resume climbing following a planned production low point in 2026.
As we move beyond the production trough, previously indicated for 2026, we expect production growth to begin in 2027.
-- Natascha Viljoen, President and Chief Executive Officer
Looking Ahead
Production growth returns in 2027 as project investments mature. Long-term value hinges on executing block cave mining, an underground bulk extraction method, at Red Chris and maintaining capital allocation discipline across multiyear developments.
Looking beyond the current year, we expect total portfolio production in 2027 to increase by a low to mid single digit percentage compared with 2026.
-- Brian Tabolt, Executive Vice President and Chief Financial Officer
Long-term cash generation depends on expanding high-grade ore access while controlling project capital execution.
Supported by our world class portfolio, deep technical expertise and proven project delivery capabilities we are well positioned to deliver production growth beginning in 2027.
-- Natascha Viljoen, President and Chief Executive Officer
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