[Q2 2024 Results Highlights](index=1&type=section&id=Q2%202024%20Results%20Highlights) Newmont reported a solid second quarter for 2024, producing 2.1 million gold equivalent ounces and generating $594 million in free cash flow Q2 2024 Key Performance Indicators | Metric | Value | | :--- | :--- | | Gold Equivalent Ounce (GEO) Production | 2.1 million oz | | Free Cash Flow | $594 million | | Net Income | $857 million | | Adjusted Net Income (ANI) | $0.72 per share | | Adjusted EBITDA | $2.0 billion | | Quarterly Dividend | $0.25 per share | - Strategic capital actions in Q2 2024 included: - Announced **$527 million** in divestiture proceeds year-to-date - Completed **$250 million** in share repurchases - Repaid **$250 million** in debt - Achieved **$100 million** in synergies from the Newcrest acquisition, totaling **$205 million** to date[2](index=2&type=chunk)[5](index=5&type=chunk) [Financial and Production Summary](index=2&type=section&id=Financial%20and%20Production%20Summary) Q2 performance was driven by a significant increase in average realized gold price to $2,347/oz, boosting net income and Adjusted EBITDA despite production decreases Q2 2024 Financial and Production Summary | Metric | Q2 2024 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Average Realized Gold Price | $2,347/oz | $2,090/oz | +12.3% | | Attributable Gold Production | 1.61 Moz | 1.68 Moz | -4.2% | | Gold CAS | $1,152/oz | $1,057/oz | +9.0% | | Gold AISC | $1,562/oz | $1,439/oz | +8.5% | | Adjusted Net Income (ANI) | $834 M | $630 M | +32.4% | | Adjusted EBITDA | $1,966 M | $1,694 M | +16.1% | | Free Cash Flow (FCF) | $594 M | $(74) M | N/A | [Production and Costs](index=2&type=section&id=Production%20and%20Costs) Attributable gold production fell 4% to 1.607 million ounces due to operational suspensions, increasing Gold CAS and AISC by 9%, with production expected to be second-half weighted - The **4%** decrease in attributable gold production was primarily due to: - Suspension of operations at Cerro Negro following workforce fatalities - Suspension of operations at Telfer for tailings storage facility remediation - Lower production at Lihir (heavy rainfall) and Akyem (lower grades)[8](index=8&type=chunk) - Gold CAS and AISC both increased by **9%** QoQ, primarily due to higher sustaining capital spend, lower sales volumes, processing of stockpiles at Porcupine and Tanami, and higher third-party royalties resulting from higher gold prices[10](index=10&type=chunk) - Full-year 2024 production is expected to be second-half weighted, with a sequential increase towards the fourth quarter, driven by improved grades and throughput at key sites[8](index=8&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Benefiting from a higher average realized gold price of $2,347/oz, Newmont reported a net income of $838 million, Adjusted EBITDA of $2.0 billion, and $594 million in Free Cash Flow Q2 2024 Key Financial Results | Metric | Q2 2024 Value | | :--- | :--- | | Average Realized Gold Price | $2,347/oz | | Net Income (Continuing Operations) | $838 million | | Adjusted Net Income (ANI) | $834 million ($0.72/share) | | Adjusted EBITDA | $2.0 billion | | Net Cash from Operating Activities | $1.4 billion | | Free Cash Flow | $594 million | - The increase in net income was primarily due to the absence of a **$485 million** loss on assets held for sale recognized in Q1 2024, as well as higher realized metal prices in Q2[11](index=11&type=chunk) [Portfolio Optimization](index=2&type=section&id=Portfolio%20Optimization) Newmont is advancing portfolio optimization by monetizing deferred payment rights for the Batu Hijau mine for $153 million in cash, with total proceeds from this asset reaching $197 million in 2024 - Announced an agreement to sell deferred payment rights associated with the Batu Hijau mine for **$153 million** in cash, expected to close by September 30, 2024[6](index=6&type=chunk) - Including other payments received, total proceeds from the Batu Hijau monetization in 2024 will be **$197 million**[6](index=6&type=chunk) [Non-Managed Joint Ventures and Equity Investments](index=3&type=section&id=Non-Managed%20Joint%20Ventures%20and%20Equity%20Investments) Performance from non-managed assets was mixed in Q2, with Nevada Gold Mines and Pueblo Viejo seeing production decreases, while Fruta del Norte's attributable production increased significantly by 67% Q2 2024 Non-Managed Asset Performance (QoQ) | Asset | Attributable Gold Production | Change (QoQ) | AISC Change (QoQ) | | :--- | :--- | :--- | :--- | | Nevada Gold Mines (NGM) | 253 koz | -4% | +7% to $1,689/oz | | Pueblo Viejo (PV) | 53 koz | -2% | N/A | | Fruta del Norte (lagged) | 35 koz | +67% | N/A | [2024 Outlook](index=5&type=section&id=Newmont%27s%202024%20Outlook) Newmont reaffirmed its full-year 2024 guidance, projecting total attributable gold production of 6.93 million ounces at a Gold AISC of $1,400 per ounce, with most production from its Tier 1 portfolio 2024 Full-Year Guidance Highlights | Guidance Metric | 2024 Estimate | | :--- | :--- | | Total Attributable Gold Production | 6,930 Koz | | - Total Tier 1 Portfolio | 5,630 Koz | | Total Newmont Gold AISC | $1,400/oz | | Total Newmont Copper Production | 152 ktonne | | Sustaining Capital | $1,800 M | | Development Capital | $1,300 M | - The 2024 outlook is based on commodity price assumptions of **$1,900/oz** for gold and **$4.00/lb** for copper[20](index=20&type=chunk) [Detailed Operating Results by Asset](index=6&type=section&id=Detailed%20Operating%20Results%20by%20Asset) In Q2 2024, the Total Tier 1 Portfolio produced 1.305 million gold ounces, a decrease from Q1, with varied costs across assets and non-core assets contributing 302 koz Q2 2024 Production and Costs for Select Mines | Mine (Portfolio) | Gold Production (koz) | Gold CAS ($/oz) | Gold AISC ($/oz) | | :--- | :--- | :--- | :--- | | **Tier 1** | | | | | Ahafo | 184 | $976 | $1,123 | | Boddington | 147 | $1,022 | $1,237 | | Cadia | 117 | $624 | $1,064 | | Peñasquito | 64 | $827 | $1,038 | | Cerro Negro | 19 | $2,506 | $3,010 | | **Non-Core** | | | | | Porcupine | 91 | $1,068 | $1,366 | [Condensed Consolidated Financial Statements](index=8&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The financial statements detail Newmont's Q2 2024 performance, showing $4.4 billion in sales, $857 million net income, $55.7 billion in total assets, and $1.4 billion in net cash from operating activities [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2024, Newmont recorded sales of $4,402 million, a significant increase from Q2 2023, resulting in net income attributable to stockholders of $853 million ($0.74/share) Statement of Operations Summary (in millions, except per share) | Item | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Sales | $4,402 | $2,683 | | Costs applicable to sales | $2,156 | $1,543 | | Net income from continuing operations | $842 | $153 | | Net income attributable to stockholders | $853 | $155 | | Diluted EPS | $0.74 | $0.19 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, Newmont's balance sheet showed total assets of $55.7 billion, total liabilities of $26.1 billion, and total stockholders' equity of $29.4 billion Balance Sheet Summary (in millions) | Item | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,602 | $3,002 | | Total current assets | $12,070 | $7,512 | | Total assets | $55,678 | $55,506 | | Total current liabilities | $5,732 | $5,998 | | Total debt | $8,692 | $8,874 | | Total liabilities | $26,115 | $26,301 | | Total stockholders' equity | $29,379 | $29,027 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q2 2024, the company generated $1,394 million in net cash from continuing operating activities, while using $641 million in investing activities and $658 million in financing activities Cash Flow Summary (in millions) | Item | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net cash from operating activities | $1,428 | $663 | | Net cash from investing activities | $(641) | $(158) | | Net cash from financing activities | $(658) | $(334) | | Net change in cash | $118 | $175 | [Non-GAAP Financial Measures and Reconciliations](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section provides detailed reconciliations for non-GAAP measures, with key Q2 2024 metrics including Adjusted Net Income of $834 million, Adjusted EBITDA of $1,966 million, and Free Cash Flow of $594 million [Adjusted Net Income (ANI) and Adjusted EBITDA](index=11&type=section&id=Adjusted%20Net%20Income%20%28ANI%29%20and%20Adjusted%20EBITDA) Newmont's Q2 2024 Adjusted Net Income was $834 million ($0.72 per share), reconciled from GAAP net income, and Adjusted EBITDA was $1,966 million - Q2 2024 Adjusted Net Income of **$834 million** was reached after adjusting for several items, most notably a **$246 million** loss on assets held for sale and a **$55 million** gain on asset and investment sales[33](index=33&type=chunk) - Q2 2024 Adjusted EBITDA was **$1,966 million**, reconciled from GAAP Net Income by adding back taxes, interest, D&A, and other specific adjustments[36](index=36&type=chunk) [Free Cash Flow (FCF) and Attributable FCF](index=14&type=section&id=Free%20Cash%20Flow%20%28FCF%29%20and%20Attributable%20FCF) The company generated $594 million in Free Cash Flow in Q2 2024, a significant turnaround from Q2 2023, calculated from net cash from operations less capital expenditures Q2 2024 Free Cash Flow Calculation (in millions) | Item | Value | | :--- | :--- | | Net cash from continuing operations | $1,394 | | Less: Additions to property, plant and mine development | $(800) | | **Free Cash Flow** | **$594** | - Attributable Free Cash Flow to Newmont Stockholders for Q2 2024 was **$592 million**[42](index=42&type=chunk) [Net Debt](index=16&type=section&id=Net%20Debt) As of June 30, 2024, Newmont's Net Debt was $6,390 million, derived from total debt and lease obligations less cash and equivalents, slightly lower than year-end 2023 Net Debt Calculation as of June 30, 2024 (in millions) | Item | Value | | :--- | :--- | | Debt | $8,692 | | Lease and other financing obligations | $533 | | Less: Cash and cash equivalents | $(2,602) | | Less: Cash in assets held for sale | $(205) | | Less: Time deposits | $(28) | | **Net debt** | **$6,390** | [Costs Applicable to Sales (CAS) and All-in Sustaining Costs (AISC)](index=17&type=section&id=Costs%20Applicable%20to%20Sales%20%28CAS%29%20and%20All-in%20Sustaining%20Costs%20%28AISC%29) For Q2 2024, consolidated Gold CAS was $1,152 per ounce and Gold AISC was $1,562 per ounce, both increasing from Q2 2023, with the 2024 Gold AISC outlook at $1,400 per ounce Q2 2024 Cost Metrics (per ounce) | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Gold CAS | $1,152 | $1,054 | | Gold AISC | $1,562 | $1,472 | - The 2024 Gold AISC outlook of **$1,400/oz** is derived from estimated total all-in sustaining costs of **$9.15 billion** divided by **6.555 million ounces** sold[61](index=61&type=chunk) [Net Average Realized Price](index=24&type=section&id=Net%20Average%20Realized%20Price) The net average realized price for gold in Q2 2024 was $2,347 per ounce, a significant increase from Q2 2023, calculated by dividing net consolidated sales by ounces sold Net Average Realized Price Comparison | Metal | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Gold (per oz) | $2,347 | $1,965 | | Copper (per lb) | $4.47 | $3.26 | | Silver (per oz) | $26.20 | $20.56 | [Gold By-Product Metrics](index=27&type=section&id=Gold%20By-Product%20Metrics) Newmont provides by-product cost metrics for comparison, with Q2 2024 Total Gold CAS (by-product) at $892 per ounce and Total Gold AISC (by-product) at $1,412 per ounce Q2 2024 Gold By-Product Cost Metrics (per ounce) | Metric | Value | | :--- | :--- | | Total Gold CAS (by-product) | $892 | | Total Gold AISC (by-product) | $1,412 | [Other Information](index=4&type=section&id=Other%20Information) This section covers Newmont's commitment to concurrent reclamation, details for the investor conference call, and standard cautionary statements regarding forward-looking information [Committed to Concurrent Reclamation](index=4&type=section&id=Committed%20to%20Concurrent%20Reclamation) Newmont emphasizes its commitment to concurrent reclamation, expecting cash outflows of approximately $600 million in 2024 and $700 million in 2025, primarily for Yanacocha site activities - Newmont expects to incur reclamation cash outflows of approximately **$600 million** in 2024 and **$700 million** in 2025[17](index=17&type=chunk) - The spending is primarily related to the construction of two new water treatment plants and post-closure management at the Yanacocha site[17](index=17&type=chunk) [Conference Call Information](index=28&type=section&id=Conference%20Call%20Information) Newmont will host a conference call on Thursday, July 25, 2024, at 11:00 a.m. Eastern Time to discuss the second-quarter results - A conference call to discuss Q2 2024 results will be held on Thursday, July 25, 2024, at **11:00 a.m. Eastern Time**[73](index=73&type=chunk) [Cautionary Statements](index=29&type=section&id=Cautionary%20Statements) The report contains forward-looking statements regarding future production, costs, capital expenditures, and shareholder returns, which are subject to risks and uncertainties, and investors should consult SEC filings - The report includes forward-looking statements concerning future business, financial performance, production, costs, and returns, which are subject to significant risks and uncertainties[77](index=77&type=chunk) - Future dividend payments are not guaranteed and remain at the discretion of the Board of Directors, depending on financial results, balance sheet strength, and other factors[78](index=78&type=chunk)

draganab/iStock via Getty Images My Coverage History & Thesis I first wrote about Newmont Corporation (NYSE:NEM) in early April 2024, giving the company a “Buy” rating. At that time, I observed a logically approaching bullish catalyst in the form of a strong report for Q1 with good guidance from management. This was due to the growth of most commodities prices, particularly gold (XAUUSD:CUR), which constitutes the lion's share of the company's operations. I also assumed that Newmont stock was undervalue ...

The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Newmont Corporation (NEM) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.Newmont Corporation is a member of our Basic Materials group, which includes 238 different companies and currently sits at #8 in the Zacks Sector Rank. The Zacks Secto ...

Newmont Corporation (NEM) is slated to come up with second-quarter 2024 results after the closing bell on Jul 24. The mining giant is expected to have benefited from higher gold prices and increased production volumes in the quarter.The Zacks Consensus Estimate for second-quarter 2024 earnings has been revised 6% upward in the past 60 days. The consensus estimate for earnings is pegged at 53 cents per share, suggesting a 60.6% year-over-year rise. The Zacks Consensus Estimate for revenues currently stands a ...

UKRAINE - 2021/06/21: In this photo illustration, a Newmont Mining Corporation logo seen displayed ... [+] on a smartphone. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesNewmont Corporation (NYSE: NEM), one of the world’s largest gold miners, is expected to publish its Q2 2024 results on July 25, reporting on a quarter that saw strong gold prices. We expect revenue to come in at close to $5.70 billion for the quarter, slightly ahead of ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Newmont Corporation (NEM) .Newmont currently has an average brokerage recommendation (ABR) of 1 ...

Newmont Corporation (NEM) closed at $47.51 in the latest trading session, marking a -1.57% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.78%. Elsewhere, the Dow lost 1.29%, while the tech-heavy Nasdaq lost 0.7%.The the stock of gold and copper miner has risen by 15.51% in the past month, leading the Basic Materials sector's gain of 1.42% and the S&P 500's gain of 2.14%.The investment community will be paying close attention to the earnings performance of Newmont Cor ...

The most recent trading session ended with Newmont Corporation (NEM) standing at $47.52, reflecting a +0.74% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a gain of 0.55% for the day. At the same time, the Dow added 0.62%, and the tech-heavy Nasdaq gained 0.63%.Heading into today, shares of the gold and copper miner had gained 16.3% over the past month, outpacing the Basic Materials sector's loss of 0.79% and the S&P 500's gain of 4.28% in that time.The inv ...

Henrik Sorensen/DigitalVision via Getty Images Newmont Corporation (NYSE:NEM) stock, known for its gold production, turned to follow the price of gold. Prior to the end of February, sellers ruled the marketplace with a continual drum like a beating onslaught day after day. Last year, Newmont completed a merger/purchase with Newcrest, an Australian gold and copper company. Investors found this acquisition hard to swallow with stock dilution near four hundred million shares. Although our purpose in this a ...

Nikada Introduction I've been looking at companies that completed IPOs in 2024 and this is how renewable energy firm SolarMax Technology (NASDAQ:SMXT) popped on my radar screen. The latter raised $18 million in February, and its market capitalization doubled on the first day. However, the market valuation of SolarMax Technology eventually dropped to just $130.5 million as of the time of writing. Looking at the latest available financials, I doubt that the stock is likely to be trading near the $4.00 IPO pri ...