Core Viewpoint - Newmont Corp. has significantly outperformed the market in 2025, with a year-to-date increase of 106% as of September 15, driven by rising gold prices amid inflation and geopolitical tensions [1][2]. Group 1: Stock Performance - Newmont's stock has reached a 52-week high of $80.07, compared to a low of $36.86, showcasing substantial growth [6]. - The NEM/SPY ratio has nearly doubled from 0.0636 in late 2024 to 0.1205 by mid-September 2025, indicating Newmont's strong performance relative to the S&P 500 [5]. - Over the past six months, Newmont's stock has increased by 66.77%, significantly outpacing the S&P 500's 15.91% and the SPDR Gold Trust's 21.21% [7]. Group 2: Market Context - The surge in Newmont's stock is attributed to soaring gold prices, which are currently around $3,600 per ounce, driven by persistent inflation concerns and geopolitical instability [2][8]. - The SPDR Gold Trust has seen a year-to-date increase of 36.67%, but Newmont's operational leverage has enhanced its equity returns [6]. Group 3: Investment Insights - Newmont offers a dividend yield of 1.26%, appealing to investors seeking returns in a volatile market [7]. - A breakout above the NEM/SPY ratio of 0.12 could target 0.15 if gold prices continue to rise, indicating potential for further gains [8].

Core Viewpoint - Newmont Corporation has agreed to sell its Coffee Project in Yukon, Canada to Fuerte Metals Corporation for up to $150 million, with the transaction expected to close in the fourth quarter of 2025, pending certain conditions [1]. Group 1 - The total consideration for the sale of the Coffee Project is up to $150 million [1]. - The transaction is anticipated to close in the fourth quarter of 2025, subject to the satisfaction of specific conditions [1]. - Newmont expects to receive gross proceeds of up to $150 million from this agreement [1].

Industry Overview - The Zacks Mining - Gold industry has experienced a 38.5% growth in gold prices this year, driven by geopolitical tensions and central bank buying [1][4] - The industry involves complex processes of gold extraction from both underground and open-pit mines, requiring significant financial resources and time [3] Major Trends - Gold prices are expected to continue rising due to a demand-supply imbalance, with central banks accumulating gold reserves [2][6] - The industry faces challenges such as high production costs and a shortage of skilled labor, prompting companies to focus on cost-reduction strategies and digital innovation [5] Demand & Supply Dynamics - Depleting resources and declining supply from old mines are significant threats, while demand from sectors like energy and technology is increasing [6] - India and China account for approximately 50% of global consumer gold demand, with strong demand expected to persist in India [6] Industry Performance - The Mining-Gold Industry has outperformed the S&P 500 Index and the Basic Material sector, with a collective gain of 67.3% compared to the sector's 6.6% and the S&P 500's 19.1% [9] - The industry currently trades at an EV/EBITDA of 9.04X, significantly lower than the S&P 500's 18.23X and the Basic Material sector's 14.11X [11] Company Highlights - **Agnico Eagle Mines (AEM)**: Focused on extending mine life and optimizing costs, with a projected 64% year-over-year earnings growth for 2025 [18][17] - **Barrick Mining (B)**: Positioned to benefit from key growth projects, with a projected 56.4% year-over-year earnings growth for 2025 [23][22] - **Newmont (NEM)**: Created an industry-leading portfolio through the acquisition of Newcrest Mining, with a projected 52% year-over-year earnings growth for 2025 [26][25] - **Franco-Nevada (FNV)**: Expected to see a 51.4% year-over-year earnings growth for 2025, focusing on cost management and a healthy portfolio of agreements [30][29] - **Kinross Gold (KGC)**: Anticipates a remarkable 103% year-over-year earnings growth for 2025, supported by strong liquidity and development projects [32][34]

Core Insights - The Canadian government has launched the Major Projects Office (MPO) to streamline regulatory approvals and attract large-scale investments in resource and infrastructure projects [1][7] - The first five projects under review by the MPO represent a total investment of over $43 billion, with a focus on enhancing Canada's economic strength and job creation [2][6] Project Summaries - **LNG Canada Phase 2**: This project in Kitimat, British Columbia, aims to double liquefied natural gas output, making it the second-largest facility globally. It will supply Asian and European markets and has a projected carbon intensity 60% lower than the global average [2] - **Darlington New Nuclear Project**: This initiative could position Canada as the first G7 country with an operational small modular reactor (SMR), powering 300,000 homes and creating thousands of jobs [3] - **Contrecœur Terminal Expansion**: This expansion will increase the Port of Montreal's handling capacity by 60%, generating $140 million annually in economic benefits and creating thousands of jobs across Quebec and Canada [4] - **McIlvenna Bay Copper-Zinc Project**: Developed in partnership with the Peter Ballantyne Cree Nation, this project will be Canada's first net-zero copper mine, generating 400 jobs and supporting clean energy transitions [5] - **Newmont's Red Chris Copper Mine Expansion**: This expansion will increase Canada's annual copper production by 15%, create 1,500 new jobs, and reduce greenhouse gas emissions by over 70% [6] Government Objectives - The MPO aims to recommend efficient pathways for project approvals, facilitating timely investment decisions and enhancing Canada's economic sovereignty [7]

Market Overview - The current investment landscape appears stable but is experiencing underlying chaos due to geopolitical tensions, deglobalization, rising debt levels, and supply chain disruptions [2] - Nominal growth is faster but also more volatile and unpredictable, with companies needing to find internal resilience as external support from low interest rates and inflation diminishes [2] Structural Innovations - Innovations such as AI, blockchain, GLP-1 therapies, and decarbonization are fundamentally reshaping business growth [3] - Traditional business models, particularly in software, are threatened by AI's ability to produce similar outputs at low costs [3] Economic Shifts - The year 2025 is seen as a pivotal point marking the end of the initial phase of significant economic regime shifts, with multiple macroeconomic pillars unwinding simultaneously [5] - The U.S. Treasury is now offering meaningful yields on new debt, leading to an annual interest expense approaching $1 trillion, which presents immediate fiscal challenges [10] Supply Chain and Inflation - Governments are localizing supply chains and building strategic stockpiles, leading to inefficiencies and increased costs in infrastructure and manufacturing [11][12] - A new regime of persistent inflation is anticipated, driven by constrained supply and inelastic demand, affecting affordability for consumers and corporations [13] Corporate Performance - The ClearBridge Value Strategy outperformed its benchmark, with strong contributions from sectors like utilities and communication services, particularly benefiting from AI-related developments [19][20] - The health care sector faced challenges due to regulatory concerns and rising medical costs, impacting major companies like UnitedHealth Group [21] Portfolio Positioning - A shift towards value-oriented investments is noted, with sectors tied to industrial activity and energy production expected to benefit from infrastructure rebuilding [23] - The strategy emphasizes the importance of companies with pricing power and real assets, as traditional safe havens face valuation pressures [23] Outlook - The U.S. economy is currently supported by fiscal expansion, but concerns about sustainability are rising, with tariffs and immigration policies likely to increase inflation and reduce growth [26][27] - Opportunities are identified in real assets like gold and copper, which serve as hedges against inflation and geopolitical risks [27]

Core Viewpoint - Newmont Corporation has applied for a voluntary delisting of its common shares from the Toronto Stock Exchange, expected to be effective around September 24, 2025, while maintaining its primary listing on the New York Stock Exchange and supporting its listing on the Australian Securities Exchange [1]. Group 1 - Newmont Corporation's common shares will be delisted from the Toronto Stock Exchange [1]. - The delisting is anticipated to take effect on or about the close of trading on September 24, 2025 [1]. - The company continues to support its listings on the Australian Securities Exchange in addition to its primary listing on the New York Stock Exchange [1].

Company Insights - Pneumont has been upgraded to outperform at RBC, with a year-to-date stock increase of 51%, attributed to better business management and rising gold prices [1][2] - United Health has been reiterated to outperform at Morgan Stanley, although shares have pulled back by approximately 1.3% [2] - Citizens Financial, Mnt Bank, and Regions Financial have been initiated as overweight by Caner Fitzgerald, with Citizens Financial showing the best performance among regional banks [5] - The stock of United Health has seen a decline of 32% since April, but recent investments from notable figures like Buffett have provided some momentum [3][4] Industry Trends - The regional banks are experiencing a divergence in performance, with some losing positive momentum due to local economic conditions and labor market weaknesses [6][7] - The insurance industry is facing a weaker environment, with companies like Progressive seeing a neutralization of momentum and weakening pricing power after a strong two-year period [9][10]

Newmont Corporation (NYSE:NEM) ranks among the best performing S&P 500 stocks in the last 3 months. On September 2, Macquarie lowered its rating of Newmont Corporation (NYSE:NEM) from Outperform to Neutral, with a $72 price target. The downgrade came as the mining behemoth beat its contemporaries in the gold mining industry by a significant margin. According to Macquarie, Newmont Corporation (NYSE:NEM) recently finished a number of strategic stages, such as renationalizing its portfolio, selling off non-c ...

JR Research is an opportunistic investor. He was recognized by TipRanks as a Top Analyst. He was also recognized by Seeking Alpha as a "Top Analyst To Follow" for Technology, Software, and Internet, as well as for Growth and GARP. He identifies attractive risk/reward opportunities supported by robust price action to potentially generate alpha well above the S&P 500. He has also demonstrated outperformance with his picks. He focuses on identifying growth investing opportunities that present the most attracti ...

JR Research is an opportunistic investor. He was recognized by TipRanks as a Top Analyst. He was also recognized by Seeking Alpha as a "Top Analyst To Follow" for Technology, Software, and Internet, as well as for Growth and GARP. He identifies attractive risk/reward opportunities supported by robust price action to potentially generate alpha well above the S&P 500. He has also demonstrated outperformance with his picks. He focuses on identifying growth investing opportunities that present the most attracti ...