Newmont(US:NEM)2025-10-23 20:05Financial Performance - Newmont reported a net income of $1.8 billion and adjusted net income of $1.9 billion, or $1.71 per diluted share for Q3 2025[4]. - Free cash flow reached a record $1.6 billion, marking the fourth consecutive quarter with over $1 billion in free cash flow[4]. - Newmont generated $2.3 billion in cash from operating activities, despite a $286 million unfavorable working capital impact[11]. - Newmont's adjusted EBITDA for the quarter was $3.3 billion, reflecting a 10% increase compared to the prior quarter[9]. - The company reported a net income from continuing operations of $1,843 million for Q3 2025[36]. - Net income attributable to Newmont stockholders for Q3 2025 was $1,832 million, with a year-to-date net income of $5,784 million[36]. - Adjusted net income for the three months ended September 30, 2025, was $1,883 million, or $1.72 per diluted share, compared to $936 million, or $0.82 per diluted share for the same period in 2024[48]. - Adjusted EBITDA for the nine months ended September 30, 2025, reached $8,935 million, up from $5,627 million in the same period of 2024, reflecting a year-over-year increase of 58.5%[50]. - Net cash provided by operating activities for Q3 2025 was $2.38 billion, showing a consistent operational performance[43]. - The company reported a net cash used in financing activities of $2,800 million for Q3 2025, compared to $789 million in Q3 2024, reflecting increased financing activities[52]. Production and Sales - The company produced approximately 1.4 million attributable gold ounces and 35 thousand tonnes of copper, with a decrease of 4% in gold production from the prior quarter[6]. - Newmont's attributable gold production for 2025 is projected at 5.9 million ounces, with Q4 2025 expected to be 1.415 million ounces[16]. - Total gold sold in Q3 2025 was 1,319 thousand ounces, compared to 1,568 thousand ounces in Q3 2024, a decrease of 15.9%[58]. - The company sold 4,141 thousand ounces of gold in the nine months ended September 30, 2025, compared to 4,710 thousand ounces in the same period of 2024, indicating a decrease of 12.1%[85]. - Total gold equivalent ounces produced were 552 thousand, with a total cost of $3.078 billion for the quarter[63]. - The company reported total gold sales of 5,009 thousand ounces for the nine months ended September 30, 2025, with an all-in sustaining cost of $1,605 per ounce[64]. Costs and Expenses - Average realized gold price increased to $3,539 per ounce, up $219 per ounce from the previous quarter[6]. - The total consolidated costs applicable to sales (CAS) for gold is estimated at $1,200 per ounce for 2025, with Q4 2025 expected to be $1,260 per ounce[16]. - Newmont's all-in sustaining costs (AISC) for gold is projected at $1,630 per ounce for 2025, with Q4 2025 expected to be $1,670 per ounce[16]. - Costs applicable to sales in Q3 2025 were $2,001 million, with year-to-date costs totaling $6,058 million[36]. - The average gold co-product cash costs for the total core portfolio in FY 2024 were $1,126/oz, while it was $1,210/oz in FY 2025[32]. - The total all-in sustaining costs (AISC) per ounce for gold (by-product) was $1,377 in 2025, compared to $1,445 in 2024, showing a decrease of 4.7%[86]. Debt and Liquidity - The company reduced its debt by $2 billion, ending the quarter with a near-zero net debt position of $12 million and total liquidity of $9.6 billion[11]. - Net debt as of September 30, 2025, was $12 million, a significant reduction from $5,308 million at the end of 2024, indicating improved financial flexibility[55]. - Newmont's total debt was reported at $5,180 million as of September 30, 2025[75]. Dividends and Shareholder Returns - The company declared a dividend of $0.25 per share for Q3 2025, payable on December 22, 2025[3]. - Future dividends beyond December 22, 2025, have not yet been approved or declared by the Board of Directors, and future payouts will depend on various financial factors[94]. - The extent and timing of share repurchases will depend on trading volume, market conditions, and other factors, with no obligation to repurchase a specific number of shares[95]. Strategic Initiatives and Guidance - Newmont expects to declare commercial production at the Ahafo North project in Ghana by October 23, 2025, adding profitable gold production over an initial 13-year mine life[4]. - The company has improved its 2025 guidance for General & Administrative spend by $85 million and Exploration & Advanced Projects spend by $75 million due to lower labor and contractor costs[18]. - The company plans to focus on market expansion and new product development to enhance future growth[32]. - Forward-looking statements regarding future production, costs, and capital expenditures are subject to risks and uncertainties that could materially affect actual results[93]. Sustainability and Corporate Responsibility - Newmont is the world's leading gold producer and is also involved in the production of copper, zinc, lead, and silver, with a strong portfolio in favorable mining jurisdictions[90]. - The company emphasizes its commitment to safety standards, execution, and technical expertise in its operations[90]. - Newmont's sustainability strategy and initiatives are available for review on its official website[91].