Newmont Ends 2025 Strong — 2026 In Focus

Core Insights - Newmont Corporation concluded 2025 with strong Q4 results, reporting adjusted earnings of $2.52 per share and revenue of approximately $6.8 billion, driven by high gold prices and effective cost management [2] - The company generated around $2.8 billion in free cash flow during Q4, marking a year of portfolio transformation and asset divestitures [2] Production Outlook - For 2026, Newmont anticipates gold production to decline to approximately 5.3 million ounces, down from about 5.9 million ounces in 2025, due to mine sequencing and asset divestitures [5] - Management views 2026 as a transitional year rather than a structural decline in production [5] Cost Management - All-in sustaining costs are expected to rise in the short term due to decreased volumes and ongoing project investments, but capital intensity is projected to decrease post-2026 [6] Portfolio Strategy - Newmont has streamlined its portfolio by integrating acquired assets and divesting non-core mines, focusing on long-life, lower-cost jurisdictions [7] - The divestiture program has improved the balance sheet and financial flexibility, allowing for prioritization of debt reduction, dividends, and selective reinvestment [7] Shareholder Returns - The company is committed to maintaining a robust dividend framework, supported by strong free cash flow generation even under conservative gold price forecasts [8] Long-Term Growth - Beyond 2026, Newmont expects production to stabilize and improve as development projects progress, with copper exposure serving as a strategic growth lever [9] - The company enters 2026 from a position of financial strength, with the potential to emerge leaner and better positioned for sustainable cash generation [10]