纽蒙特2025Q4权益黄金产量环比增加2%至45.1吨，调整后净利润环比增长46%至27.53亿美元

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q4 2025, Newmont's attributable gold production increased by 2% quarter-on-quarter to 145,000 ounces (approximately 45.1 tons), but decreased by 24% year-on-year. This growth was primarily driven by new low-cost gold production from the Ahafo North mine and improved grades at the Tanami and Merian mines [1] - The average realized gold price in Q4 2025 was $4,216 per ounce, reflecting a 19% increase quarter-on-quarter and a 60% increase year-on-year. For the full year 2025, the average realized gold price was $3,498 per ounce, up 45% year-on-year [2] - Newmont's Q4 2025 adjusted net income was $2.753 billion, a 46% increase quarter-on-quarter and a 73% increase year-on-year. The full year adjusted net income reached $7.634 billion, a 91% increase year-on-year [7] Production and Financial Performance - In Q4 2025, Newmont's total sales revenue was $6.818 billion, a 23% increase quarter-on-quarter and a 21% increase year-on-year. The total sales revenue for 2025 was $22.669 billion, also reflecting a 21% year-on-year growth [6] - The company's cash flow from operations before working capital adjustments in Q4 2025 was $3.560 billion, a 38% increase quarter-on-quarter and a 48% increase year-on-year. For the full year 2025, this figure was $10.544 billion, up 44% year-on-year [8] Cost Metrics - In Q4 2025, the cash cost per ounce of gold sold (CAS) excluding by-product credits was $1,166, down 2% quarter-on-quarter but up 6% year-on-year. The full year CAS was $1,199, also up 6% year-on-year [2] - The all-in sustaining cost (AISC) per ounce of gold sold excluding by-product credits in Q4 2025 was $1,620, up 3% quarter-on-quarter and up 11% year-on-year. The full year AISC was $1,609, reflecting a 6% year-on-year increase [3] Future Guidance - Newmont expects its attributable gold production in 2026 to be primarily driven by the planned mining sequence of large, long-life assets. The company is focusing on maintaining low-cost gold production from the Ahafo North mine and extending operations at the Yanacocha mine [10][11] - The company anticipates that unit costs in 2026 will be higher than in 2025, mainly due to a decrease in gold production and expected increases in royalties and production taxes due to rising gold prices [12]