Newmont(US:NEM) HUAXI Securities·2025-12-01 15:03Investment Rating - The industry rating is "Recommended" [6] Core Insights - In Q3 2025, Newmont's attributable gold production decreased by 4.1% quarter-on-quarter to 1.42 million ounces (approximately 44.2 tons), and sales decreased by 4.0% to 1.308 million ounces (approximately 40.68 tons) [1] - The average realized gold price in Q3 2025 was $3,539 per ounce, reflecting a quarter-on-quarter increase of 6.6% and a year-on-year increase of 40.5% [2] - Adjusted net income for Q3 2025 was $1.883 billion, representing a quarter-on-quarter increase of 18.1% and a year-on-year increase of 101.2% [7] Production and Sales - Newmont's total gold production in Q3 2025 was impacted by lower grades at Peñasquito and Lihir mines, as well as planned shutdowns, with a notable decrease in production from the Ahafo South mine [1] - The increase in production from Brucejack, Cerro Negro, and Yanacocha mines partially offset the declines [1] Financial Performance - Total revenue for Q3 2025 was $5.524 billion, a year-on-year increase of 19.96% and a quarter-on-quarter increase of 3.9% [4] - Costs and expenses for Q3 2025 were $2.948 billion, a year-on-year decrease of 15.2% but a quarter-on-quarter increase of 31% [4] - The company reported a net income attributable to Newmont stockholders of $1.832 billion for Q3 2025 [5] Cost Metrics - The cash cost per ounce of gold sold (CAS) excluding by-product revenue was $1,185, a decrease of 2.5% quarter-on-quarter and 1.8% year-on-year [2] - The all-in sustaining cost (AISC) including by-product revenue was $1,303 per ounce, a decrease of 5.2% quarter-on-quarter and 15.5% year-on-year [3] Future Guidance - Newmont expects its attributable gold production for 2026 to remain within the guidance range set for 2025, with a focus on cost-saving initiatives and production efficiency improvements [14] - The company has adjusted its capital expenditure guidance, deferring some spending to the following year [13] Asset Divestiture - Newmont has completed the divestiture of all non-core assets, including the sale of its remaining interest in the Coffee project, which is expected to yield up to $150 million [15]