2024 Performance & 2025 Guidance - The company delivered 68Moz of gold and 153kt of copper in 2024[7] - The company generated $29B in free cash flow[7] - The company returned $11B to shareholders through quarterly dividends[9] - The company returned $12B to shareholders through share repurchases[9] - The company retired $14B in debt, reaching reduction target[11] Production Growth & Investment - Joint venture partner has guided to delivering ~20% more gold in 2027 from Nevada Gold Mines (385%) and Pueblo Viejo (40%)[30] - Lihir is expected to deliver at least ~30% more gold in 2028 due to higher grades from Phase 14a layback[31] - Peñasquito anticipates delivering ~30% more gold in 2025[31] - Boddington expects to deliver ~30% more gold production in 2027 as stripping is completed in 2026[32] - Tanami expansion is expected to deliver ~35% more gold beginning in 2028[32] 2025 Guidance - Managed operations gold production is guided at 42Moz, with non-managed operations contributing 14Moz, totaling 56Moz for the Tier 1 portfolio[47] - Managed operations gold CAS is guided at $1170/oz, with non-managed operations at $1240/oz, resulting in $1180/oz for the total Tier 1 portfolio[47] - Managed operations gold AISC is guided at $1630/oz, with non-managed operations at $1555/oz, resulting in $1620/oz for the total Tier 1 portfolio[47] - Sustaining capital for managed operations is projected at $15B, and $03B for non-managed operations, totaling $18B[47] - Development capital is projected at $11B for managed operations and $02B for non-managed operations, totaling $13B[47] Capital Allocation & Divestiture Program - The company targets maintaining financial flexibility with cash above $30B[48] - The company targets an investment-grade balance sheet with debt below $80B[48] - The company anticipates ~$18B for sustaining capital in 2025, working to decrease to ~$15B by 2028[48] - The company has a $30B share repurchase program authorized through October 2026[48] - The company expects ~$25B in net cash in 2025 from announced sales[7]

Core Insights - ArcWest Exploration Inc. has provided an update on drill results from its 2024 program at the Oweegee Dome Porphyry Cu-Au-Mo-Ag Project in British Columbia's Golden Triangle, indicating successful mineralization extensions in the Delta Zone [1][2] Drill Results Summary - The 2024 drill program, funded and operated by Sanatana Resources, targeted two areas: the Junction target and the Delta Zone, with drillholes OW24-03 and OW24-04 successfully extending the mineralized zone to the northwest [1][2] - Assay results from drillhole OW24-03 include: - 46.00m interval from 291m to 337m with 0.216% Cu, 0.148 g/t Au, 1.4 g/t Ag, and 34 ppm Mo - 2.00m interval from 349m to 351m with 0.019% Cu, 2.803 g/t Au, 19.6 g/t Ag, and 7 ppm Mo - 17.10m interval from 360.9m to 378m with 0.095% Cu, 0.366 g/t Au, 3.1 g/t Ag, and 21 ppm Mo [2] - Assay results from drillhole OW24-04 include: - 18.50m interval from 60m to 78.5m with 0.058% Cu, 0.210 g/t Au, 0.6 g/t Ag, and 7 ppm Mo - 10.00m interval from 128m to 138m with 0.061% Cu, 0.192 g/t Au, 0.5 g/t Ag, and 29 ppm Mo - 3.40m interval from 237m to 240.4m with 0.023% Cu, 1.160 g/t Au, 1.5 g/t Ag, and 2 ppm Mo [2] Geological Insights - Drillholes OW24-03 and OW24-04 were collared 207m northwest of previous holes and encountered significant mineralization hosted by porphyritic diorite and polymictic breccias, indicating a larger mineralized system beneath younger rock cover [4][6] - The Junction target did not yield significant intercepts, suggesting that the mineralization does not extend southward [5][6] Future Exploration Potential - ArcWest has identified multiple undrilled porphyry Cu-Au targets near Highway 37/Northwest Transmission Line that warrant further exploration [2] - Other underexplored zones within the Oweegee Dome project include Upper East Bear Valley, Lower East Bear Valley, Snowpatch, and Tarn Zone, which have shown promising mineralization indicators [11] Company Overview - ArcWest Exploration is focused on porphyry copper-gold exploration in western North America, holding six 100% owned projects in British Columbia's premier copper-gold districts, including the Oweegee Dome and Todd Creek projects [9] - The company is advancing its projects through partnerships with major mining firms, enhancing discovery potential while minimizing shareholder dilution [9]

Core Viewpoint - Wall Street analysts' recommendations significantly influence investor decisions, particularly regarding Newmont Corporation (NEM), but the reliability of these recommendations is questionable [1][5]. Group 1: Brokerage Recommendations - Newmont has an average brokerage recommendation (ABR) of 1.76, indicating a consensus between Strong Buy and Buy, based on 21 brokerage firms [2]. - Out of the 21 recommendations, 13 are Strong Buy and one is Buy, representing 61.9% and 4.8% of total recommendations respectively [2]. Group 2: Limitations of Brokerage Recommendations - Solely relying on brokerage recommendations for investment decisions may not be advisable, as studies show they often fail to guide investors effectively towards stocks with high price appreciation potential [5]. - Analysts from brokerage firms tend to exhibit a strong positive bias in their ratings, issuing five "Strong Buy" recommendations for every "Strong Sell" [6][10]. Group 3: Zacks Rank as an Alternative - Zacks Rank, a proprietary stock rating tool, categorizes stocks from Strong Buy to Strong Sell and is based on earnings estimate revisions, which correlate strongly with near-term stock price movements [8][11]. - The Zacks Rank is updated more frequently than the ABR, reflecting timely changes in earnings estimates and business trends [13]. Group 4: Newmont's Earnings Estimates - The Zacks Consensus Estimate for Newmont has increased by 3.4% over the past month to $4.32, indicating growing optimism among analysts regarding the company's earnings prospects [14]. - This increase in consensus estimates, along with other factors, has led to a Zacks Rank of 1 (Strong Buy) for Newmont, suggesting a favorable investment outlook [15].

Core Viewpoint - Newmont Corporation (NEM) is identified as a strong momentum stock with a Zacks Momentum Style Score of A and a Zacks Rank of 1 (Strong Buy), indicating potential for significant near-term gains [2][3][11] Momentum Characteristics - Momentum investing focuses on following a stock's recent price trends, with the expectation that established trends will continue [1] - NEM's shares have increased by 0.57% over the past week, while the Zacks Mining - Gold industry has declined by 2.5% during the same period [5] - Over the last quarter, NEM's shares have risen by 23.16%, and by 39.58% over the past year, significantly outperforming the S&P 500, which has moved 6.75% and 11.69% respectively [6] Trading Volume - NEM's average 20-day trading volume is 12,224,066 shares, indicating a bullish sign as the stock is rising with above-average volume [7] Earnings Outlook - In the past two months, four earnings estimates for NEM have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $3.77 to $4.32 for the full year [9] - For the next fiscal year, four estimates have also moved upwards without any downward revisions [9] Conclusion - Given the strong momentum indicators and positive earnings outlook, NEM is positioned as a promising investment opportunity [11]

Core Insights - Newmont Corporation (NEM) is strategically reshaping its portfolio by divesting non-core assets to focus on Tier-1 operations, completing its divestiture program in April 2025 with significant cash proceeds [1][2] - The total gross proceeds from divestitures are projected to reach $4.3 billion, which includes $3.8 billion from non-core divestitures and $527 million from other investments [1][7] - The divestments have led to a $1 billion reduction in gross debt and a record first-quarter free cash flow of $1.2 billion, enhancing the company's financial position [2][7] Financial Performance - NEM's shares have increased by 59.8% year to date, outperforming the Zacks Mining – Gold industry's rise of 54.4%, primarily due to a rally in gold prices [6] - The earnings per share (EPS) estimates for NEM indicate a projected growth of 20.1% year over year in 2025, with estimates trending higher over the past 60 days [7][9] Competitive Landscape - Other companies in the industry, such as Barrick Mining Corporation and Kinross Gold Corporation, have also divested non-core assets to focus on Tier-1 operations, indicating a broader trend in the mining sector [4][5] - Barrick has completed several divestitures, including the sale of its 50% interest in the Donlin Gold Project, while Kinross has streamlined its portfolio by selling Russian assets and interests in Ghana [4][5] Valuation Metrics - NEM is currently trading at a forward 12-month earnings multiple of 13.46, which is approximately 3.6% lower than the industry average of 13.96 [8] - The company holds a Value Score of B, reflecting its competitive positioning in the market [8]

Core Viewpoint - Newmont Corporation (NEM) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook driven by rising earnings estimates, which significantly influence stock prices [1][4][6]. Earnings Estimates and Ratings - The Zacks rating system is based on changes in a company's earnings picture, with the Zacks Consensus Estimate tracking EPS estimates from sell-side analysts [2]. - The Zacks rating upgrade for Newmont reflects an optimistic earnings outlook, likely leading to increased buying pressure and a rise in stock price [4][6]. - Newmont's earnings estimates have seen a significant increase, with a 31.4% rise in the Zacks Consensus Estimate over the past three months, projecting earnings of $4.18 per share for the fiscal year ending December 2025, showing no year-over-year change [9]. Impact of Institutional Investors - Changes in earnings estimates are strongly correlated with stock price movements, largely due to institutional investors who adjust their valuations based on these estimates [5]. - An increase in earnings estimates typically results in higher fair value for a stock, prompting institutional investors to buy or sell, which in turn affects stock prices [5]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions and potential for market-beating returns [10][11].

Industry Overview - The Zacks Mining - Gold industry is experiencing a positive outlook, driven by a 28.5% increase in gold prices this year, supported by geopolitical tensions and central bank purchases [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 and prices reaching a record high of $3,500 per ounce in April [4][6] - The industry faces challenges such as high production costs and a shortage of skilled labor, prompting companies to adopt cost-reduction strategies and digital innovations [5] Demand & Supply Dynamics - The industry is threatened by depleting resources and declining supply from old mines, leading miners to focus on acquisitions rather than new explorations [6] - Consumer demand for gold is strong, particularly in India and China, which account for about 50% of global demand, further supporting price increases [6] Industry Performance - The Zacks Mining - Gold Industry has outperformed both the broader sector and the S&P 500, with a collective growth of 53.9% over the past year compared to a 3.5% decline in the sector [9] - The industry currently trades at an EV/EBITDA of 8.06X, significantly lower than the S&P 500's 16.87X, indicating potential undervaluation [12] Company Highlights - **Franco-Nevada (FNV)**: The company has a strong portfolio of streaming and royalty agreements, is debt-free, and has seen a 7.5% share price increase over the past three months [18][19] - **Newmont (NEM)**: Following its acquisition of Newcrest Mining, Newmont has a robust portfolio and has gained 23% in share price recently, with a focus on expanding production capacity [22][23] - **Kinross Gold (KGC)**: The company has a strong production profile and has gained 26.7% in share price, with key development projects expected to boost production [26][27] - **Eldorado Gold (EGO)**: The company is set to increase annual gold production significantly by 2027, with shares rising 31.8% in the past three months [31] - **New Gold (NGD)**: The company has consolidated its interest in the New Afton mine and projects a 37% increase in gold production by 2027, with shares up 50% recently [33][34]

Core Viewpoint - Newmont Corporation's shares have increased by 22% over the past three months, driven by rising gold prices amid trade tensions and geopolitical uncertainties, particularly due to the Israel-Iran conflict [1][7]. Performance Comparison - NEM stock has outperformed the Zacks Mining – Gold industry's 17% rise and the S&P 500's increase of 5.7% [2]. - Among peers, Barrick Mining Corporation, Agnico Eagle Mines Limited, and Kinross Gold Corporation have gained 9.6%, 16.4%, and 26% respectively during the same period [2]. Technical Indicators - Technical indicators show bullish momentum for NEM, with the stock trading above its 50-day and 200-day simple moving averages (SMA), indicating a long-term uptrend [5]. Financial Strength - Newmont generated a record $1.2 billion in free cash flow in Q1 2025, showcasing solid financial strength [7]. - The company has a liquidity position of $8.8 billion, including cash and cash equivalents of approximately $4.7 billion [13]. - Operating cash flow from continuing operations increased by roughly 162% year-over-year to around $2 billion in Q1 2025 [13]. Growth Projects and Acquisitions - Newmont is pursuing several growth projects, including the Tanami Expansion 2 in Australia and the Ahafo North expansion in Ghana, aimed at expanding production capacity and extending mine life [10]. - The acquisition of Newcrest Mining Limited has created a leading portfolio with a multi-decade production profile, expected to deliver significant shareholder value and synergies of $500 million annually [11]. Divestitures - Newmont has divested non-core assets, generating total after-tax cash proceeds of approximately $2.55 billion from various sales [12]. Gold Price Dynamics - Gold prices have increased by roughly 29% this year, reaching a record high of $3,500 per ounce on April 22, 2025, driven by global trade tensions and central bank purchases [14][16]. - Currently, gold prices are hovering near $3,400 per ounce, supported by safe-haven demand due to geopolitical uncertainties [16]. Dividend and Earnings Estimates - NEM offers a dividend yield of 1.7% with a payout ratio of 24%, indicating a sustainable dividend [17]. - Earnings estimates for 2025 have been revised higher, with a Zacks Consensus Estimate suggesting a year-over-year growth of 20.1% [18]. Valuation - NEM stock is trading at a forward price/earnings ratio of 13.21X, which is about 7% lower than the industry average of 14.21X [20]. Investment Outlook - Newmont presents an attractive investment case backed by a robust portfolio of growth projects, strong performance of Tier 1 assets, and solid financial health, making it a prudent choice for investors [23].

Portfolio Composition & Growth - Gold Royalty's portfolio has 61% of its book value in Canada and 27% in the USA [20] - Over 90% of the company's value is in gold [19] - The company expects significant growth over the next five years, with attributable gold equivalent ounces (GEOs) projected to increase from 5,462 in 2024 to between 23,000 and 28,000 in 2029 [41] - The company's growth from 2024 to 2025 is projected to be 28%, and its long-term growth outlook to 2029 is 367% [44, 46] Financial Performance & Strategy - Gold Royalty Corp currently has $273 million drawn on its revolving credit facility and $40 million convertible debentures outstanding [55] - The company's 2025 outlook assumes a gold price of $2,668/oz and a copper price of $424/lb [42] - The company's 2029 outlook assumes a gold price of $2,212/oz and a copper price of $423/lb [42] - The company's scalable business model expects recurring cash operating expenses to be $7-8 million per year [50] Asset Highlights - Borborema is expected to have an average production of 83,000 GEO per year in the first three years [117] - REN project is expected to reach full production in 2027 with average yearly production of 140,000 ounces [100, 109] - Côté Gold Project is expected to have a first 6-year average production of 495,000 ounces per year [118]

Group 1: Newmont Corporation Performance - Newmont Corporation reported a decline in gold production for Q1 2025, with a year-over-year decrease of approximately 8% and a sequential decline of 19%, totaling 1.54 million ounces due to strategic divestment of non-core assets [1][7] - The company anticipates maintaining its expected gold production for 2025 at about 5.9 million ounces, with Q2 production expected to be relatively flat compared to Q1, as gains from some mines will be offset by declines in others [2][7] - Newmont's shift to a high-quality, Tier-1 portfolio is a long-term strategy aimed at reliability and efficiency, but uncertainties remain regarding the ability of these mines to ramp up production sufficiently to meet full-year targets [5] Group 2: Competitive Landscape - Barrick Mining Corporation experienced a significant decline in gold production in Q1 2025, with a 19% drop year-over-year and a 30% fall from the previous quarter, primarily due to operational challenges and disputes with the Malian government [3] - Agnico Eagle Mines Limited saw a modest year-over-year decline of around 0.5% in gold production, totaling 873,794 ounces, but remains on track to meet its 2025 production target of approximately 3.3-3.5 million ounces [4] Group 3: Market and Valuation Insights - Newmont's shares have increased by 57.2% year-to-date, slightly underperforming the Zacks Mining – Gold industry's rise of 58.5%, driven largely by a rally in gold prices [6] - The Zacks Consensus Estimate for Newmont's earnings implies a year-over-year rise of 20.1% for 2025 and 11.7% for 2026, with EPS estimates trending higher over the past 60 days [8] - Newmont is currently trading at a forward 12-month earnings multiple of 13.28, which is about 7.8% lower than the industry average of 14.4X, and carries a Value Score of B [10]