DENVER–(BUSINESS WIRE)–Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced first quarter 2026 results and declared a dividend of $0.261 per share.
“Newmont delivered strong operational and financial performance in the first quarter, producing approximately 1.3 million attributable gold ounces and generating an all-time record $3.1 billion in quarterly free cash flow, keeping us well on track to achieve our 2026 guidance,” said Natascha Viljoen, Newmont’s President and Chief Executive Officer. “Supported by our enhanced capital allocation framework, we have doubled the size of our share repurchase program with an additional $6.0 billion authorization, following the full execution of our previous program, under which we repurchased $2.4 billion of shares since the last earnings call. We look forward to building on this momentum in the second quarter and continue delivering sustainable returns to our shareholders.”
Q1 2026 Results
- On track to meet Newmont’s full year 2026 production guidance2 of 5.3 million attributable gold ounces; produced 1.3 million attributable gold ounces, as well as 9 million ounces of silver and 30 thousand tonnes of copper, primarily from Newmont’s managed operations
- Gold by-product All-In Sustaining Costs (AISC) was $1,029 per ounce3, benefitting from favorable silver and copper sales volume and prices, ongoing cost and productivity initiatives, and lower sustaining capital spend
- Reported Net Income of $3.3 billion, Adjusted Net Income (ANI)3 of $3.2 billion or $2.90 per diluted share, and Adjusted EBITDA3 of $5.2 billion
- Generated $3.8 billion of cash from operating activities, net of working capital impacts of $202 million; reported record Free Cash Flow3 of $3.1 billion
- Delivered $2.7 billion of shareholder returns through share repurchases and dividend payments since the last earnings call4; declared a dividend of $0.26 per share of common stock for the first quarter of 2026
- Through the date of filing, Newmont has executed and settled total trades of common stock repurchases of $6.0 billion under the previously authorized share purchase programs, including $2.4 billion since the last earnings call5
- Newmont’s Board of Directors authorized an additional $6.0 billion share repurchase program to be executed at the Company’s discretion in line with Newmont’s enhanced capital allocation framework6
- Received net cash proceeds of approximately $321 million from the sale of equity investments in SolGold and Greatland Resources Limited, as well as contingency payments related to the divestments of Musselwhite and Cripple Creek & Victor last year7; generated over $4.6 billion in total after-tax proceeds from the non-core divestiture program to date
- Ended the quarter with $8.8 billion of cash and $12.8 billion in total liquidity8, with a net cash position of $3.2 billion3
| 1 | Newmont’s Board of Directors declared a dividend of $0.26 per share of common stock for the first quarter of 2026, payable on June 22, 2026 to holders of record at the close of business on May 27, 2026. |
| 2 | See discussion of guidance and cautionary statement at the end of this release regarding forward-looking statements. |
| 3 | Non-GAAP metrics; see reconciliations at the end of this release. |
| 4 | Includes $2.4 billion of share repurchases since February 19, 2026, including $556 million of share repurchases settled in April 2026. |
| 5 | Includes $1.2 billion of share purchases in 2024, $2.3 billion repurchased in 2025 and $2.5 billion through the date of filing in 2026. |
| 6 | The share repurchase program will be executed at the Company’s discretion. The share repurchase program permits shares to be repurchased in a variety of methods, has no time limit and may be suspended or discontinued at any time. See cautionary statement regarding forward-looking statements at end of this release. |
| 7 | Net proceeds includes $117 million related to the sale of Newmont’s shares in Greatland Resources Limited, $105 million related to the sale of Newmont’s shares in SolGold and $20 million of a contingent payment received from Orla Mining in relation to the sale of the Musselwhite asset, and $79 million of contingent payments from SSR Mining in relation to the sale of the CC&V asset. |
| 8 | Total liquidity as of March 31, 2026 includes $4.0 billion available on a revolving credit facility. |
Delivering on Newmont’s Enhanced Capital Allocation Framework
In February, Newmont announced an enhanced capital allocation framework, designed to be sustainable through the commodity and investment cycles while maximizing total return of capital to shareholders, maintaining a flexible and resilient balance sheet, and focusing on high-return capital investments for long-term value creation. The capital allocation uses below are presented in order of priority.1 Newmont is consistently delivering on these priorities, supported by the record free cash flow generated in the first quarter of 2026.
Ongoing Sustaining Capital Investment in World-Class Portfolio
Newmont sees a clear opportunity to enhance the longevity of its portfolio and preserve asset integrity through targeted investments in critical infrastructure, ensuring the delivery of safe production across its operations. This includes tailings solutions, primarily at Cadia and Boddington, to support near- and long-term production capacity, positioning Newmont’s world-class operations to produce well into the middle of the century. These investments will require elevated sustaining capital spend over the next few years, as planned. Reflective of this approach, Newmont expects to spend $1.95 billion in 2026, as detailed in the ‘2026 Guidance Expectations’ section below. In the first quarter, Newmont spent $381 million in sustaining capital, with spend expected to increase beginning in the second quarter, with full-year 2026 guidance remaining unchanged.2
Sustainable Through the Cycle Cash Dividend
Newmont is committed to returning capital to shareholders through a sustainable cash dividend of $1.1 billion per year. Central to this framework is a dividend structured to grow on a per share basis without increasing Newmont’s financial commitment, as share repurchases executed through the cycle permanently lower the outstanding share count. The annual total per share dividend target will be calculated annually in February based on the current number of shares issued and outstanding. The dividend payment will be divided into four equal payments rounded up to the nearest $0.01, to be paid out on a quarterly basis, subject to quarterly approval by Newmont’s Board of Directors1. In line with this commitment, a dividend of $0.26 per share for the first quarter of 2026 has been declared payable on June 22, 2026, to holders of record of such common stock at the close of business on May 27, 2026. This equates to an indicated total annualized dividend of $1.04 per share, demonstrating the initial benefit of Newmont’s ongoing share repurchase program, with continued per share dividend increases expected as share repurchases continue.
Disciplined Approach to Development Capital Reinvestment
Newmont expects to spend $1.4 billion in development capital in 2026 as it advances the highest-return free cash flow generative near-term projects, while continuing to study, evaluate and define the future growth profile of its portfolio. In the first quarter of 2026, Newmont invested $239 million in its current development projects, with full-year 2026 guidance remaining unchanged.2 Newmont will maintain a disciplined focus on capital efficiency and value creation.
Maintaining an Optimized Capital Structure Through the Cycle
Newmont is focused on maintaining a resilient balance sheet, anchored by a $1 billion net cash target3, with flexibility of plus or minus $2 billion depending on market conditions. This approach ensures Newmont’s ability to return capital to shareholders and fund capital programs across commodity price cycles to support sustainable production growth. During strong commodity price environments, Newmont intends to further optimize its balance sheet by actively managing gross debt, while maintaining a minimum cash balance of $5 billion through the cycle. Consistent with these priorities, Newmont reduced gross debt by an additional $42 million since the previous earnings call. Newmont ended the first quarter of 2026 with a cash balance of $8.8 billion and a net cash balance of $3.2 billion3.
Ratable Share Repurchase Program
Once the above priorities are complete, Newmont intends to deploy excess cash4 on a ratable basis to share repurchases, driving sustained per share growth in the dividend and improving multiple per share metrics, including providing shareholders with greater exposure to the strong free cash flow generation from Newmont’s world-class portfolio. Since the last earnings call, Newmont executed an additional $2.4 billion of share repurchases, fully exhausting the previous repurchase authorization of $6.0 billion. To continue delivering on this priority, Newmont’s Board of Directors approved an additional $6.0 billion repurchase program. Newmont intends to request additional approval from its Board of Directors as the current authorization approaches completion, consistent with the Company’s disciplined and repeatable approach to returning excess cash to shareholders.
| 1 | See cautionary statement at the end of this release. The Enhanced Capital Allocation Framework is provided for illustrative purposes and remains non-binding. Guidance expectations, including capital allocation uses, future dividends, debt management and share repurchases, are forward-looking statements. An annualized dividend has not been declared by the Board of Directors. |
| 2 | Sustaining and development capital guidance and spend to date excludes capitalized interest. |
| 3 | Net cash balance is Cash and cash equivalents less Debt and Lease and other financing obligations as presented on the Consolidated Balance Sheets. Net cash balance will change based on Net cash provided by operating activities, Additions to property, plant and mine development, dividends paid to common shareholders, repayment of debt principal, and other investing and financing activities. Refer to the Net Debt reconciliation below in the Non-GAAP Financial Measures schedules in this release. |
| 4 | Excess Cash is defined as cash available from operations (including Exploration, G&A, etc.) after funding balance sheet obligations (including debt principal repayments and reclamation spend), capital expenditures, other investing activities, paying the dividend, and achieving the net cash target. |
Summary of Results
| Metric | 2025 | 2026 | |||||
|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | YTD | |
| Avg. realized gold price ($/oz) | 2,944 | 3,320 | 3,539 | 4,216 | 3,498 | 4,900 | 4,900 |
| Gold production (Moz) | 1.54 | 1.48 | 1.42 | 1.45 | 5.89 | 1.30 | 1.30 |
| Total CAS ($M) | 2,106 | 2,001 | 1,951 | 2,027 | 8,085 | 1,937 | 1,937 |
| Gold By-Product CAS ($/oz) | 930 | 917 | 831 | 738 | 855 | 541 | 541 |
| Gold Co-Product CAS ($/oz) | 1,227 | 1,215 | 1,185 | 1,166 | 1,199 | 1,307 | 1,307 |
| Gold By-Product AISC ($/oz) | 1,447 | 1,375 | 1,303 | 1,302 | 1,358 | 1,029 | 1,029 |
| Gold Co-Product AISC ($/oz) | 1,651 | 1,593 | 1,566 | 1,620 | 1,609 | 1,709 | 1,709 |
| Net Income ($M) | 1,891 | 2,061 | 1,832 | 1,301 | 7,085 | 3,262 | 3,262 |
| EPS ($/share) | 1.68 | 1.85 | 1.67 | 1.19 | 6.39 | 3.00 | 3.00 |
| Adjusted EBITDA ($M) | 2,629 | 2,997 | 3,309 | 4,545 | 13,480 | 5,154 | 5,154 |
First Quarter 2026 Production and Financial Summary
Attributable gold production1 decreased 10 percent to 1,301 thousand ounces from the prior quarter, driven by lower production at Boddington as a result of the impact of the bushfire, lower production at Tanami as a result of lower grade from planned mine sequencing and the impact of record rainfall, and lower grade and planned maintenance at Lihir and Cerro Negro. In addition, lower production was delivered from the non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo. These decreases were partially offset by increased production at Yanacocha, Cadia, and Merian. Consolidated gold sales were 1,232 thousand ounces for the quarter.
Copper production increased 3 percent to 30 thousand tonnes compared to the prior quarter, driven by higher grade and improved throughput at Cadia. Silver production increased 29 percent to 9 million ounces, lead production increased 17 percent to 27 thousand tonnes and zinc production increased 35 percent to 62 thousand tonnes compared to the prior quarter, driven by higher co-product grade at Peñasquito.
Average realized gold price was $4,900 per ounce, an increase of $684 per ounce over the prior quarter. Average realized gold price includes $4,857 per ounce of gross price received, a favorable impact of $49 per ounce of mark-to-market on provisionally-priced sales and reductions of $6 per ounce for treatment and refining charges.
Costs Applicable to Sales (CAS)2 allocated to gold totaled $1.6 billion for the quarter, with an additional $327 million allocated to co-product metals. Gold By-Product CAS per ounce3 decreased 27 percent to $541 for the quarter primarily driven by favorable co-product volumes and sales pricing, particularly related to silver and copper. CAS also benefited from lower direct costs in the first quarter at Tanami, Lihir and Peñasquito, as well as a favorable build in inventory at Boddington. Newmont’s continued focus on cost discipline and productivity also supported the offset of higher royalty expense from a higher gold price. Gold Co-Product CAS per ounce3 was $1,307.
Gold By-Product All-In Sustaining Costs (AISC) per ounce3 decreased 21 percent to $1,029 for the quarter. Building from CAS per ounce, the decrease was primarily due to lower sustaining capital spend, G&A, and other expenses. Sustaining capital spend is expected to ramp up through the remainder of this year, with Newmont remaining on track to spend its full year guidance. Gold Co-Product AISC per ounce3 was $1,709.
Net income attributable to Newmont stockholders was $3.3 billion or $3.00 per diluted share, an increase of $2.0 billion from the prior quarter. This increase was primarily driven by higher revenues due to a higher realized gold price, slightly lower CAS, impairment charges recognized during the quarter of $9 million compared to $779 million recognized in the prior quarter primarily related to Yanacocha Sulfides, and a decrease of $666 million in income and mining tax expense, primarily due to the recognition of one-time deferred tax items in the prior quarter.
Adjusted net income4 for the quarterwas $3.2 billion or $2.90 per diluted share, compared to $2.8 billion or $2.52 per diluted share in the prior quarter. Primary adjustments to first quarter net income include a net gain on the fair value of investments and options of $87 million, partially offset by impairment charges of $9 million primarily related to assets no longer in use.
Consolidated cash from operations before working capital5 increased 12 percent from the prior quarter to $4.0 billion primarily due to higher revenue from a higher realized gold price and lower CAS.
Consolidated net cash from operating activities increased 5 percent from the prior quarter to $3.8 billion primarily due to higher consolidated cash from operations before working capital. This was partially offset by a net unfavorable working capital movement of $202 million, driven by the continued cash spend for previously accrued reclamation activities of $209 million, primarily related to the ongoing construction of the Yanacocha water treatment plants, as well as a build in inventory and stockpiles of $152 million, and an accrual of other liabilities of $118 million, primarily related to severance and employee-related liabilities. These unfavorable working capital adjustments were partially offset by an accrual for future tax payments of $200 million and an increase in accounts receivable of $70 million due to the timing of cash collections.
Income and mining cash tax paid increased 68 percent from the prior quarter to $1.3 billion due to higher net income attributable to Newmont shareholders, as well as higher cash tax paid due to the timing of annual tax payments accrued in 2025.
Free Cash Flow7 increased 12 percent from the prior quarter to $3.1 billion primarily due to an increase in net cash provided by operating activities and lower capital investment, partially offset by an unfavorable working capital impact in the current quarter compared to a favorable working capital benefit in the prior quarter.
Balance sheet and liquidity remained strong in the first quarter, ending with $8.8 billion of cash and cash equivalents, with $12.8 billion of total liquidity; ended the quarter in a net cash position of $3.2 billion.8
Non-Managed Joint Venture and Equity Method Investments9
Nevada Gold Mines (NGM) attributable gold production decreased 19 percent to 236 thousand ounces, with a 2 percent increase in CAS per ounce to $1,281 per ounce.3 AISC per ounce increased 6 percent from the prior quarter to $1,595 per ounce.3
Pueblo Viejo attributable gold production decreased 22 percent to 54 thousand ounces compared to the prior quarter. Cash distributions received for the Company’s equity method investment in Pueblo Viejo totaled $167 million in the first quarter. Capital contributions of $17 million were made during the quarter related to the expansion project at Pueblo Viejo.
Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the first quarter of 2026 decreased 5 percent to 38 thousand ounces compared to the prior quarter. Cash distributions received from the Company’s equity method investment in Fruta del Norte were $89 million for the first quarter.
| 1 | Attributable gold production includes ounces from the Company’s equity method investment in Pueblo Viejo (40%) and in Lundin Gold (32%). |
| 2 | Consolidated Costs applicable to sales (CAS) excludes Depreciation and amortization and Reclamation and remediation. |
| 3 | Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales. |
| 4 | Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders. |
| 5 | Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled in the Condensed Consolidated Statements of Cash Flows. |
| 6 | Capital expenditures refers to Additions to property plant and mine development from the Condensed Consolidated Statements of Cash Flows, inclusive of capitalized interest. |
| 7 | Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities. |
| 8 | Non-GAAP measure. See end of this release for reconciliation. |
| 9 | Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag. |
2026 Guidance Expectations (+/-5%)
Newmont remains on track to meet its previously published 2026 guidance. For more details, refer to the Company’s Fourth Quarter 2025 Earnings and 2026 Guidance press release, issued on February 19, 2026, and available on Newmont.com. Please see the cautionary statement and footnotes for additional information.
| Guidance Metric (+/-5%) (1) | 2026E |
| Attributable Gold Production (Moz) | |
| Managed Portfolio | 3,915 |
| Non-Managed Portfolio | 1,345 |
| Total Newmont Attributable Gold Production | 5,260 |
| Gold By-Product CAS ($/oz) (2) | |
| Managed Portfolio | $965 |
| Non-Managed Portfolio | $1,400 |
| Total Newmont Gold By-Product CAS ($/oz) (2) | $1,055 |
| Gold By-Product AISC ($/oz) (2) | |
| Managed Portfolio | $1,650 |
| Non-Managed Portfolio | $1,775 |
| Total Newmont Gold By-Product AISC ($/oz) (2) | $1,680 |
| Sustaining Capital($M) | |
| Managed Portfolio | $1,660 |
| Non-Managed Portfolio | $290 |
| Total Newmont Sustaining Capital (3)(4) | $1,950 |
| Development Capital ($M) | |
| Managed Portfolio | $1,160 |
| Non-Managed Portfolio | $240 |
| Total Newmont Development Capital (4) | $1,400 |
| Co-Product Production | |
| Copper Production (ktonne) | 102 |
| Silver Production (Moz) | 32 |
| Lead Production (ktonne) | 90 |
| Zinc Production (ktonne) | 220 |
| Consolidated Expenses | |
| Exploration & Advanced Projects ($M) | $525 |
| General & Administrative ($M) | $375 |
| Interest Expense ($M) (5) | $175 |
| Depreciation & Amortization ($M) | $2,815 |
| Reclamation and Remediation Accretion ($M) | $385 |
| Adjusted Tax Rate (6) | 33% |
| Capitalized Interest ($M) | $175 |
| 1 | 2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Guidance. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. See cautionary statement at the end of this release. |
| 2 | Presented on a consolidated basis and reflects an assumed metal price assumptions of Gold ($4,500/oz.), Copper ($5.00/lb.), Silver ($60.00/oz), Lead ($0.90/lb.) and Zinc ($1.30/lb.) and foreign exchange rates of AUD:USD ($0.70), CAD:USD ($0.75), and USD:MXN ($17.00). |
| 3 | Sustaining capital is presented on an attributable basis. |
| 4 | Capital guidance excludes amounts attributable to the Pueblo Viejo joint venture. |
| 5 | Interest expense guidance is net of capitalized interest. |
| 6 | The adjusted tax rate excludes certain items such as tax valuation allowance adjustments. |
2026 SEASONALITY GUIDANCE1 AND SECOND QUARTER COMMENTARY
| Total Portfolio | H1 2026E | H2 2026E |
| Attributable Production | 48% | 52% |
| Sustaining Capital | 48% | 52% |
| Development Capital | 45% | 55% |
| 1 | 2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. See cautionary statement at the end of this release. |
H1/H2 Commentary: Attributable gold production in 2026 is expected to be approximately 52 percent weighted to the second half of the year. The increase in production in the second half of the year is expected to be driven by Boddington, Tanami, Lihir, Cerro Negro and Peñasquito while Cadia, Ahafo South and Merian are expected to produce higher ounces from higher grades in the first half of the year. Ahafo North production is expected to increase sequentially throughout 2026.
Sustaining capital spend in 2026 is expected to be approximately 52 percent weighted to the second half of the year. Spend in the second and third quarters is expected to be higher due to warmer weather surface work at Red Chris and Brucejack in Northern Canada and higher tailings spend at Cadia, Boddington and Tanami in Australia. Development capital spend is expected to be weighted 55 percent to the second half of 2026 driven primarily by the timing of significant work at the Lihir Nearshore Barrier starting in the second half of 2026.
Second Quarter Commentary: Newmont expects to produce 23 percent of total attributable production in the second quarter of 2026, slightly below first quarter production. Unit costs are expected to be notably higher than the first quarter due to higher sustaining capital spend, lower silver production, and higher costs applicable to sales at Boddington, Tanami, Lihir and Peñasquito. Unit costs may also be impacted by higher oil prices and a full quarter of the increased Ghana royalty. Sustaining and development capital spend are expected to increase in the second quarter due to the planned timing of investment.
ASSUMPTIONS AND SENSITIVITIES1
| Assumption | Change (+/-) | Revenue and Cost Impact ($M) (2) | |
| Gold ($/oz) | $4,500 | $100 | $505 |
| Australian Dollar | $0.70 | $0.05 | $100 |
| Canadian Dollar | $0.75 | $0.05 | $30 |
| Mexican Peso | $17.00 | $1.00 | $25 |
| Oil ($/bbl Brent) | $70.00 | $10.00 | $60 |
| Copper ($/tonne) (3) | $11,023 | $550 | $60 |
| Silver ($/oz) (4) | $60.00 | $1.00 | $25 |
| Lead ($/tonne) (3) | $1,894 | $220 | $20 |
| Zinc ($/tonne) (3) | $2,866 | $220 | $50 |
| 1 | 2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. See cautionary statement at the end of this release. |
| 2 | Impacts are presented on a pretax basis. |
| 3 | Co-product metal pricing assumptions in imperial units equate to Copper ($5.00/lb.), Lead ($0.90/lb.) and Zinc ($1.30/lb.). |
| 4 | Silver revenue impact relates only to co-product silver revenue from Peñasquito, including the impact of the silver stream agreement. |
Excluded from the sensitivity above is a royalty, production tax, and workers participation impact of approximately $6 per ounce for every $100 per ounce change in gold price.
Ghana Stability Agreement
On March 10, 2026, the Government of Ghana enacted a sliding royalty rate of 5 percent to 12 percent dependent on gold price. Subsequently on April 1, 2026, the Government of Ghana adjusted the previously enacted Growth and Sustainability Levy from 3 percent to 1 percent. Based on these changes, Newmont anticipates a potential impact to Gold AISC of approximately $185 per ounce for our Ghana operations, with a resulting impact for total Newmont of approximately $25 per ounce. The impact of these changes was not included in 2026 guidance, but Newmont is working to offset these costs through ongoing global cost and productivity initiatives. Newmont continues to engage constructively with the Government of Ghana on matters related to taxes, royalties and the broader fiscal environment, with the objective of supporting its long‑standing partnership and maintaining Ghana as a priority destination for future investment.
Cadia Operations Update
On April 14, 2026, a magnitude 4.5Mla earthquake was recorded in the New South Wales Central West near Newmont’s Cadia operation. Safety protocols were activated immediately at the time of the event and there were no reported injuries. The assessment of the impact remains ongoing across the operation; however, initial findings suggest the damage is limited. All surface infrastructure was inspected immediately following the event and sustained no damage, including the tailings facilities. The operation is currently processing surface stockpiles and expects underground rehabilitation to be completed in the next five weeks enabling a return to 80 percent operating capacity. Full operational capacity is expected by the end of the second quarter. As a result, second quarter production at Cadia is expected to be lower due to a short gap in mill feed, with operations returning to normal levels beginning in the third quarter.
Committed to Concurrent Reclamation
As mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental and regulatory impacts associated with the end of mining operations. Newmont’s global Closure Strategy integrates closure planning throughout each operation’s lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to recognize reclamation and remediation expense throughout the year. In the three months ended March 31, 2026, Newmont spent $209 million on reclamation activities, including $169 million on the construction of water treatment plants at Yanacocha. Newmont anticipates 2026 spending of approximately $850 million for the total portfolio and approximately $550 million on the Yanacocha water treatment plants. Total estimated spend on the Yanacocha water treatment plants is approximately $1.8 billion, with $938 million spent to date. Once complete, total reclamation spend is expected to return to more normal levels of $300 to $400 million in 2028.
Projects Update
For details on Newmont’s key projects currently in execution, refer to the Company’s Fourth Quarter 2025 Earnings and 2026 Guidance press release, issued on February 19, 2026, and available on Newmont.com. Additional project updates will be provided as they become available. Please refer to the cautionary statement and footnotes for further information.
2026 Site Guidance as of February 19, 2026
| Asset | Production (Koz) | Attributable (Koz) | CAS ($/oz) | AISC ($/oz) | Sustaining Capex ($M) | Development Capex ($M) |
|---|---|---|---|---|---|---|
| Lihir | 560 | 560 | 1,475 | 1,765 | 95 | 140 |
| Cadia | 270 | 270 | (180) | 1,575 | 425 | 370 |
| Tanami | 365 | 365 | 1,250 | 2,145 | 270 | 330 |
| Boddington | 580 | 580 | 1,160 | 1,630 | 225 | — |
| Ahafo South | 440 | 440 | 1,830 | 2,160 | 115 | 10 |
| Ahafo North | 315 | 315 | 1,045 | 1,285 | 55 | 30 |
| Merian | 300 | 225 | 1,480 | 1,800 | 80 | — |
| Cerro Negro | 220 | 220 | 1,430 | 1,960 | 95 | 120 |
| Yanacocha | 460 | 460 | 1,070 | 1,170 | 10 | — |
| Peñasquito | 185 | 185 | (4,325) | (2,395) | 100 | — |
| Red Chris | 35 | 35 | 1,390 | 3,625 | 60 | 160 |
| Brucejack | 260 | 260 | 1,475 | 2,085 | 115 | — |
| 1 | 2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2026 Guidance assumes $4,500/oz Au, $5.00/lb Cu, $60.00/oz Ag, $1.30/lb Zn, $0.90/lb Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $70/barrel Brent. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Guidance. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. See cautionary statement at the end of this release. |
| 2 | All-in sustaining costs (AISC) as used in the Company’s Guidance is a non-GAAP metric; see 2026 Guidance – Gold AISC Reconciliation and related note for further information. |
| 3 | Consolidated production for Merian is presented on a total production basis for the mine site; attributable production represents a 75% interest for Merian. |
| 4 | Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM. |
| 5 | Attributable production includes Newmont’s 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. |
| 6 | Attributable production includes Newmont’s 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag. |
| Metric | 2025 Q1 | Q2 | Q3 | Q4 | FY 2025 | 2026 Q1 | YTD 2026 |
|---|---|---|---|---|---|---|---|
| Gold Sold (koz) | 1,442 | 1,380 | 1,319 | 1,378 | 5,519 | 1,232 | 1,232 |
| Attributable Gold (koz) | 1,430 | 1,363 | 1,308 | 1,358 | 5,459 | 1,211 | 1,211 |
| Metric | 2025 Q1 | Q2 | Q3 | Q4 | FY 2025 | 2026 Q1 |
|---|---|---|---|---|---|---|
| Copper (kt) | 35 | 37 | 31 | 31 | 134 | 30 |
| Silver (Moz) | 6 | 7 | 8 | 7 | 28 | 10 |
| Lead (kt) | 21 | 23 | 27 | 24 | 95 | 28 |
| Zinc (kt) | 73 | 56 | 68 | 49 | 246 | 58 |
| Commodity | 2025 Avg | 2026 Q1 |
|---|---|---|
| Gold ($/oz) | 3,498 | 4,900 |
| Copper ($/lb) | 4.89 | 5.68 |
| Silver ($/oz) | 38.92 | 66.78 |
| Lead ($/lb) | 0.87 | 0.84 |
| Zinc ($/lb) | 1.23 | 1.23 |
| Operation | 2025 Q1 | Q2 | Q3 | Q4 | FY 2025 | 2026 Q1 | YTD 2026 |
|---|---|---|---|---|---|---|---|
| Cadia | $794 | $805 | $820 | $981 | $845 | $1,050 | $1,050 |
| Boddington | $1,239 | $1,207 | $1,268 | $1,262 | $1,244 | $1,421 | $1,421 |
| Peñasquito | $898 | $756 | $956 | $1,235 | $922 | $1,188 | $1,188 |
| Red Chris (70%) | $1,106 | $1,475 | $1,492 | $1,352 | $1,358 | $1,658 | $1,658 |
| Managed Core Portfolio | $1,150 | $1,154 | $1,172 | $1,140 | $1,154 | $1,314 | $1,314 |
| Total Core Portfolio | $1,198 | $1,204 | $1,185 | $1,166 | $1,188 | $1,307 | $1,307 |
| Total Gold Co-Product CAS | $1,227 | $1,215 | $1,185 | $1,166 | $1,199 | $1,307 | $1,307 |
| (1) | Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment, and the Fruta del Norte mine, which is wholly owned by Lundin Gold, in which the Company holds a 32% interest and is accounted for as an equity method investment. |
| (2) | In the fourth quarter of 2025, the Ahafo North development project achieved commercial production and became a reportable segment. Prior to that date, Ahafo North development gold ounces of 2 thousand were included in the Ahafo South reportable segment. |
| (3) | Represents attributable gold from Newmont’s 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. Attributable gold ounces produced at Pueblo Viejo are not included in attributable gold ounces sold, as noted in endnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates. |
| (4) | Represents attributable gold from Newmont’s 32% interest in Lundin Gold, which wholly owns and operates the Fruta del Norte mine and is accounted for on a quarterly lag as an equity method investment. Attributable gold ounces produced by Lundin Gold represent prior quarter production and are not included in attributable gold ounces sold, as noted in endnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates. |
| (5) | The Company completed the sale of CC&V, Musselwhite, and Éléonore in the first quarter of 2025, and Porcupine and Akyem in the second quarter of 2025. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information. |
| (6) | Non-GAAP measure. See end of this release for reconciliation. |
NEWMONT CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(unaudited, in millions except per share)
| Metric (US$M) | Q1 2025 | FY 2025 | Q1 2026 | YTD 2026 |
|---|---|---|---|---|
| Sales | $5,010 | $22,669 | $7,307 | $7,307 |
| Costs Applicable to Sales | $2,106 | $8,085 | $1,937 | $1,937 |
| Depreciation & Amortization | $593 | $2,521 | $632 | $632 |
| Exploration | $49 | $243 | $51 | $51 |
| G&A | $110 | $382 | $79 | $79 |
| (1) | Certain amounts and disclosures have been reclassified to conform to the presentation. |
| (2) | Excludes Depreciation and amortization and Reclamation and remediation. |
| (3) | Relates to the Suriname Gold project C.V. (“Merian”) reportable segment. |
NEWMONT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
| Metric (US$M) | Mar 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|
| Cash & Cash Equivalents | $4,698 | $7,647 | $8,775 |
| Current Assets | $10,740 | $13,066 | $13,511 |
| Property, Plant & Equipment | $33,568 | $33,310 | $33,323 |
Newmont’s balance sheet strengthened significantly through 2025 and into Q1 2026, with cash increasing to $8.8 billion and current assets rising to $13.5 billion. The company maintained a stable core asset base of approximately $33 billion in property, plant and equipment, reflecting disciplined capital management while benefiting from strong cash generation.
Conference Call Information
A conference call will be held on Thursday, April 23, 2026 at 5:30 p.m. Eastern Daylight Time (3:30 p.m. Mountain Daylight Time), which is 7:30 a.m. Australian Eastern Standard Time on Friday, April 24, 2026. A replay of the webcast will be available on the Company’s website.
Webcast Details
Title: Newmont First Quarter 2026 Results Conference Call
Attendee URL: https://events.q4inc.com/attendee/351410623
Analyst Registration for Q&A: https://events.q4inc.com/analyst/351410623?pwd=1xsDlN9Y
The webcast materials will be available April 23, 2026, after North American markets close, under the “Investor Relations” section of the Company’s website. Additionally, the conference call will be archived for a limited time on the Company’s website.
About Newmont
Newmont is the world’s leading gold Company and producer of copper, zinc, lead, and silver. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925. At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont’s sustainability strategy and initiatives, go to www.newmont.com.
Cautionary Statement Regarding Forward Looking Statements, Including Outlook Assumptions, and Notes:
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as “anticipate,” “intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,” “pending” or “potential.” Forward-looking statements in this news release may include, without limitation, (i) estimates of future production and sales, including production outlook and average future production; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures, including development and sustaining capital; (iv) expectations regarding project development, including, without limitation, Tanami Expansion 2, Cadia Panel Caves, Ahafo North, Red Chris Block Cave, Nearshore Barrier at Lihir, or the Cerro Negro Expansion project, including with respect to timeline, mine life, production, and capital costs; (v) expectations regarding share and debt repurchases; (vi) estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, productivity improvements, and future cash flow enhancements, (vii) expectations regarding Newmont’s core portfolio; (viii) expectations regarding future investments or divestitures; (ix) expectations regarding free cash flow and returns to stockholders, including with respect to future dividends and future share repurchases; (x) expectations regarding exploration, including timeline, growth potential, opportunities and costs, including without limitation with respect to Brucejack and Ahafo South, and future reserve and resource development; and (xi) other financial and operating outlook, including, without limitation, 2026 Guidance and other future operating, reclamation, remediation and financial metrics. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to U.S. dollar and Canadian dollar to U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Such uncertainties could result in operating sites being placed into care and maintenance and impact estimates, costs and timing of projects. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities.
Future dividends beyond the dividend payable on June 22, 2026 to holders of record at the close of business on May 27, 2026 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. Management’s expectations with respect to future dividends are “forward-looking statements” and are non-binding. The Capital Allocation Framework is provided for illustrative purposes and remains non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board.
Investors are also cautioned that the extent to which the Company repurchases its shares under the authorized share repurchase program, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The share repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized program amount.
For a more detailed discussion of such risks and other factors that might impact future looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on, or about, February 19, 2026, under the heading “Risk Factors”, and other factors identified in the Company’s reports filed with the SEC, available on the SEC website or at www.newmont.com. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk. Investors are also encouraged to review our Form 10-Q for the quarter ended March 31, 2026, as filed on April 23, 2026.
Contacts
Investor Contact – Global
Neil Backhouse
[email protected]
Investor Contact – Asia Pacific
Clare Kasperzak
[email protected]
Media Contact – Global
Shannon Brushe
[email protected]
Media Contact – Asia Pacific
Rosalie Cobai
[email protected]
Source: Newmont Corporation
Original Press Release: https://www.businesswire.com/news/home/20260423624232/en/Newmont-Generates-Record-Quarterly-Earnings-and-Free-Cash-Flow-Reports-First-Quarter-2026-Results-and-Announces-Increased-Share-Repurchase-Authorization
