Newmont Delivers Stellar Q3 Performance, Sets Stage for Future Growth
NEW YORK, NY – Newmont, a leading gold mining company, reported a strong third quarter performance, exceeding expectations and setting the stage for future growth. The company's robust safety and operational record, coupled with disciplined cost management and higher silver production, enabled it to improve its full-year cost guidance while remaining firmly on track to achieve its production, capital, and other guidance metrics.
"We're pleased with our stable third quarter performance," said Natascha Viljoen, President and Chief Executive Officer of Newmont. "Our operational performance translated into strong financial results, including $1.9 billion of free cash flow and an adjusted net income of $2.20 per share, representing a third quarter record."
Newmont's operational highlights included the safe production of approximately 1.3 million ounces of gold, 23,000 tons of copper, and a notable 11 million ounces of silver in the third quarter. The company also announced an amended joint venture agreement for Nevada Gold Mines, under which the previously excluded Fourmile, Fiberline, and Mike properties will be contributed.
"We're very pleased with the outcome of this agreement," said Viljoen. "It aligns the interests of both partners and positions us to maximize the value of one of the world's premier gold districts."
Newmont also made progress on several key projects, including the second expansion at Tanami, where construction on the 1.5 km shaft has been completed. The company expects commercial production by the end of the second quarter of 2027, earlier than previously anticipated.
"We're excited about the progress we've made on our development pipeline," said Viljoen. "Our focus will shift towards commissioning as we move into 2027, with ramp-up activities continuing to the end of the year."
The company's strong cash generation continues to support its balanced approach to capital allocation, with approximately $1.9 billion returned to shareholders through quarterly dividends and share repurchases since February 2024.
Newmont's ability to deliver a stable third quarter performance while maintaining its focus on future growth is a testament to the company's resilience and commitment to value generation. As the company looks to the future, it remains well-positioned to capitalize on opportunities in the gold mining sector.
