Core Viewpoint - Newmont Corporation (NEM) is expected to report its fourth-quarter 2025 results on February 19, with anticipated benefits from higher gold prices despite challenges from weaker production [1][7]. Earnings Estimates - The Zacks Consensus Estimate for fourth-quarter earnings has been revised upward to $1.81 per share, indicating a 29.3% year-over-year increase [2][3]. - The consensus estimate for fourth-quarter revenues is projected at $5.76 billion, reflecting a roughly 2% increase from the previous year [2]. Production and Pricing Factors - Higher realized gold prices are expected to positively impact Newmont's revenues and margins for the fourth quarter [6][10]. - Gold prices increased nearly 13% in the fourth quarter and surged approximately 65% in 2025, with an average realized price for Newmont estimated at $3,560 per ounce, a 34.7% year-over-year rise [10][8]. - Newmont's production is anticipated to decline by about 25% year-over-year, with expected production of 1.415 million ounces for the fourth quarter, influenced by strategic divestments and lower grades [12][11]. Stock Performance and Valuation - Newmont's shares have increased by 170.1% over the past year, outperforming the Zacks Mining – Gold industry, which rose by 143.7% [13]. - The company is currently trading at a forward 12-month earnings multiple of 15.14, which is a 7.8% premium to the peer group average of 14.05 [17]. Growth and Strategic Positioning - Newmont is positioned for growth with a strong portfolio of projects aimed at expanding production capacity and extending mine life, which should drive revenues and profits [18]. - The acquisition of Newcrest Mining Limited is expected to enhance Newmont's portfolio and deliver significant shareholder value [18]. - The company's focus on high-return, long-life assets supports its long-term sustainability [19]. Financial Health - Newmont maintains a strong liquidity position and generates substantial cash flows, enabling it to fund growth projects and meet short-term obligations [19]. - The anticipated production decline due to divestments and lower grades may impact profitability goals [19]. Investment Outlook - Newmont is well-positioned for future expansion, supported by solid performance from its Tier 1 assets and a robust project pipeline [20]. - Elevated gold prices are expected to enhance margins and cash flow generation, although softer production levels could pressure near-term results [20].

Core Insights - Newmont Corporation's shares have surged 79% in the past six months, driven by rising gold prices and strong earnings performance, supported by operational efficiency and a robust Tier 1 portfolio [1][7]. Stock Performance - NEM stock has outperformed the Zacks Mining – Gold industry's growth of 54.8% and the S&P 500's increase of 16% [2]. - Among peers, Barrick Mining Corporation, Agnico Eagle Mines Limited, and Kinross Gold Corporation have seen stock increases of 104.4%, 42%, and 81.7%, respectively, over the same period [2]. Technical Indicators - Technical indicators show bullish momentum for NEM, with the stock trading above its 200-day simple moving average (SMA) since April 9, 2025, indicating a long-term uptrend [5]. - A golden crossover occurred on April 16, 2025, with the 50-day SMA surpassing the 200-day SMA, further indicating a bullish trend [5]. Growth Projects and Portfolio Actions - Newmont is investing in growth projects, including the Ahafo North expansion in Ghana and the Cadia Panel Caves and Tanami Expansion 2 in Australia, aimed at increasing production capacity and extending mine life [10]. - The Ahafo North project is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years, with an initial production of 50,000 ounces expected this year [11]. - The acquisition of Newcrest Mining Limited has created a leading portfolio with a multi-decade production profile in favorable mining jurisdictions, achieving $500 million in annual run-rate synergies post-acquisition [12]. Strategic Focus and Divestitures - Newmont has divested non-core businesses to focus on Tier 1 assets, completing its non-core divestiture program in April 2025, which included the sale of operations in Ghana and Canada [13]. - The company anticipates generating $3 billion in after-tax cash proceeds from its 2025 divestiture program, supporting its capital allocation strategy [14]. Financial Health - Newmont has a strong liquidity position of $9.6 billion, including cash and cash equivalents of approximately $5.6 billion, and its free cash flow has more than doubled year-over-year to $1.6 billion [15]. - Over the past two years, Newmont has returned more than $5.7 billion to shareholders through dividends and share repurchases, with a commitment to deleveraging and reducing debt by roughly $2 billion [16]. Gold Price Dynamics - Gold prices have increased approximately 60% this year, driven by aggressive trade policies and central bank accumulation of gold reserves, which are expected to sustain the upward trend [17][18]. - The Federal Reserve's interest rate reductions and concerns over the labor market have contributed to the rally, pushing gold prices above $4,000 per ton for the first time [18]. Earnings Estimates and Valuation - Newmont's earnings estimates for 2025 have risen, with the Zacks Consensus Estimate currently at $6.06, indicating a year-over-year growth of 74.1% [20][21]. - The stock is trading at a forward price/earnings ratio of 12.56X, slightly below the industry's average of 12.74X, and offers a dividend yield of 1.1% with a payout ratio of 17% [19][21]. Investment Outlook - Newmont presents a compelling investment opportunity, supported by a strong pipeline of growth projects, solid Tier 1 operations, and a healthy financial foundation [24]. - The strategic focus on high-return, long-life assets, along with rising earnings estimates and favorable gold market trends, positions Newmont as an attractive option for investors [24].

Core Insights - AngloGold Ashanti plc has successfully completed the acquisition of Augusta Gold Corp, enhancing its presence in the Beatty District of Nevada, a significant emerging gold district in the U.S. [1][2] - The acquisition was funded with cash at a price of C$1.70 (approximately $1.24) per share, resulting in an equity value of C$152 million (around $111 million) [1][2]. - The deal includes the Reward project, which is construction-ready and expected to commence production within 12 months, targeting an annual output of 150,000 ounces of gold by 2027 [2][7]. Acquisition Details - The acquisition was approved by Augusta Gold shareholders on October 20, 2025, and adds the Bullfrog deposit and surrounding tenements to AngloGold Ashanti's portfolio, strengthening its position in the U.S. gold market [2][3]. - The adjacent properties are expected to significantly enhance AngloGold Ashanti's mineral resources [3]. Industry Context - Competitors in the industry are also pursuing acquisitions, such as Coeur Mining's acquisition of New Gold, which aims to create a leading North American precious metals producer with a projected output of 900,000 ounces of gold and 20 million ounces of silver by 2026 [4]. - Newmont Corporation's acquisition of Newcrest Mining is expected to generate substantial synergies and deliver significant value to shareholders, with $500 million in annual run-rate synergies achieved post-acquisition [5]. Financial Performance - AngloGold Ashanti's stock has appreciated 265.4% over the past year, outperforming the Zacks Mining – Gold industry, which saw a 125.1% increase [6]. - The company is currently trading at a forward 12-month earnings multiple of 13.33X, slightly below the industry average of 13.42X [9]. - The Zacks Consensus Estimate for 2025 sales is $9.67 billion, reflecting a 66.9% year-over-year increase, while earnings are expected to rise by 158.3% to $5.71 per share [11].

Core Insights - Newmont Corporation's shares have increased by 150.5% year to date, driven by rising gold prices and strong earnings performance [1][6] - The company's stock has outperformed the Zacks Mining – Gold industry and the S&P 500, with notable gains among its peers [2] Financial Performance - Newmont's liquidity stands at $9.6 billion, with free cash flow reaching $1.6 billion, reflecting a significant year-over-year increase [14] - The company has distributed over $5.7 billion to shareholders through dividends and share repurchases in the past two years [15] - Newmont's earnings estimates for 2025 have risen, with a projected year-over-year growth of 71.3% [20] Growth Projects and Strategic Focus - Newmont is investing in growth projects, including the Ahafo North expansion and other projects in Australia, aimed at increasing production capacity [9][10] - The acquisition of Newcrest Mining Limited has enhanced Newmont's portfolio, expected to generate $500 million in annual run-rate synergies [11] - The company has divested non-core assets to focus on Tier 1 assets, anticipating $3 billion in after-tax cash proceeds from its divestiture program [12][13] Market Conditions and Valuation - Gold prices have surged approximately 60% this year, influenced by global trade tensions and central bank purchases [18] - Newmont's current forward price/earnings ratio is 13.11X, in line with the industry average, and the company is trading at a discount compared to some peers [21] Investment Outlook - Newmont is positioned for attractive returns due to its strong project portfolio, financial health, and favorable market conditions for gold [24]

Core Insights - Barrick Mining Corporation and Newmont Corporation are two leading gold mining companies with extensive global operations and diversified portfolios, making them relevant for investors amid rising gold prices driven by economic uncertainties [1][11]. Gold Market Overview - Gold prices have surged to unprecedented levels this year, reaching over $4,000 per ton, primarily due to safe-haven demand amid global trade tensions, geopolitical issues, a weak dollar, and increased central bank purchases [2][3]. - The Federal Reserve's interest rate cuts and concerns over the labor market and U.S.-China trade tensions have further fueled this rally, with gold prices increasing approximately 56% year-to-date [3]. Barrick Mining Corporation - Barrick is advancing key growth projects, including Goldrush and the Lumwana Super Pit expansion, which are expected to significantly enhance production [5][7]. - The Goldrush mine aims for 400,000 ounces of annual production by 2028, while the Reko Diq project in Pakistan is projected to produce 460,000 tons of copper and 520,000 ounces of gold annually starting in 2028 [6]. - Barrick's liquidity position is strong, with cash and cash equivalents around $4.8 billion and operating cash flows of approximately $1.3 billion in Q2 2025, reflecting a 15% year-over-year increase [8]. - The company returned $1.2 billion to shareholders in 2024 and has a dividend yield of 1.7% with a sustainable payout ratio of 25% [9][10]. - However, Barrick faces challenges with rising costs, with cash costs per ounce of gold and all-in-sustaining costs increasing by approximately 17% and 12% year-over-year, respectively [12][13]. Newmont Corporation - Newmont is strategically investing in growth projects, including the Ahafo North expansion and the Cadia Panel Caves, which are expected to enhance production capacity [15]. - The Ahafo North project is anticipated to produce between 275,000 and 325,000 ounces of gold annually, with commercial production planned for late 2025 [16]. - The acquisition of Newcrest Mining has strengthened Newmont's portfolio, generating $500 million in annual run-rate synergies [17]. - Newmont has a robust liquidity position with $10.2 billion in total liquidity and $6.2 billion in cash and cash equivalents, alongside a free cash flow of $1.7 billion [20]. - The company has distributed around $2 billion to shareholders and has a dividend yield of 1.1% with a payout ratio of 20% [21]. Comparative Analysis - Year-to-date, Barrick's stock has risen by 103.2%, while Newmont's stock has increased by 131.9%, both underperforming compared to the Zacks Mining – Gold industry's growth of 136% [23]. - Newmont trades at a premium with a forward earnings multiple of 13.91, while Barrick trades at 12.57, representing a 23% discount to the industry average [25][26]. - Newmont's return on equity stands at 17.9%, significantly higher than Barrick's 8.2%, indicating more efficient use of shareholder funds [27]. - The consensus estimates for 2025 suggest Barrick's sales and EPS will grow by 19.4% and 65.1%, respectively, while Newmont's growth is projected at 11.3% and 60.1% [29][32]. Investment Outlook - Both companies are well-positioned to benefit from favorable gold prices, with strong project pipelines and financial health. However, Barrick's higher production costs and declining production outlook may pose risks, making Newmont a more favorable investment option at this time [33].

Core Insights - Newmont Corporation (NEM) is expected to report third-quarter 2025 results on October 23, with anticipated benefits from higher gold prices despite cost challenges [1][6] - The Zacks Consensus Estimate for earnings is $1.27 per share, reflecting a 56.8% year-over-year increase, while revenues are projected at $4.97 billion, indicating an 8% rise from the previous year [2] Earnings Performance - NEM has outperformed the Zacks Consensus Estimate for earnings in three of the last four quarters, with an average earnings surprise of 32.8% [3] - The company has an Earnings ESP of +1.32% and holds a Zacks Rank 1 (Strong Buy), suggesting a high likelihood of an earnings beat this quarter [4][5] Factors Influencing Q3 Results - Higher gold prices are expected to positively impact NEM's top line and margins, with average realized prices estimated at $3,357 per ounce, a 33.3% year-over-year increase [6][9] - The company's strategic focus on Tier 1 assets is anticipated to support growth, despite rising production costs [10] Market Conditions - Gold prices have surged approximately 17% in the third quarter and about 65% year-to-date, driven by factors such as geopolitical tensions, a weak dollar, and increased central bank purchases [8] - The Federal Reserve's interest rate cuts have further fueled the rally in gold prices [8] Cost Considerations - NEM is facing higher unit costs, with costs applicable to sales and all-in-sustaining costs (AISC) rising around 6% and 2% year-over-year, respectively [11] - Sustaining capital spending is expected to increase significantly in the third quarter due to planned investments [11] Stock Performance and Valuation - NEM's shares have increased by 61.8% over the past year, underperforming the Zacks Mining – Gold industry's 70.1% rise but outperforming the S&P 500's 16.3% increase [12] - The company is trading at a forward 12-month earnings multiple of 15.29, slightly below the peer group average of 15.49 [15] Investment Thesis - Newmont is positioned for growth with a strong project portfolio that is expected to enhance production capacity and extend mine life [19] - The acquisition of Newcrest Mining Limited is anticipated to create significant shareholder value and synergies [19] - NEM's robust liquidity and cash flow generation capabilities support its growth initiatives and shareholder value [20] Conclusion - Investing in NEM stock ahead of its earnings announcement is seen as a compelling opportunity due to its strong market position, financial health, and favorable growth outlook [21]

Core Insights - Newmont Corporation's shares have increased by 61.8% over the past six months, driven by record-high gold prices and strong earnings performance [1][7] - The stock has outperformed the Zacks Mining – Gold industry's rise of 44.7% and the S&P 500's increase of 28% [2] Financial Performance - Newmont reported robust liquidity of $10.2 billion, including approximately $6.2 billion in cash and cash equivalents [15] - Free cash flow surged nearly threefold year-over-year to $1.7 billion, with net cash from operating activities increasing by 17% from the prior quarter to $2.4 billion [15] - The company has distributed around $2 billion to shareholders through dividends and share repurchases, while reducing debt by $1.4 billion since the beginning of 2025 [15] Growth Projects - Newmont is pursuing several growth projects, including the Ahafo North expansion in Ghana, which is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years [10][11] - The acquisition of Newcrest Mining Limited has created a leading portfolio with a multi-decade production profile in favorable mining jurisdictions, achieving $500 million in annual run-rate synergies [12] Market Conditions - Gold prices have increased by approximately 58% this year, driven by global trade tensions and central banks accumulating gold reserves [16][17] - Current gold prices are hovering near $4,200 per ounce, influenced by factors such as U.S.-China trade tensions and expectations of interest rate cuts [17] Valuation and Earnings Outlook - Newmont's forward price/earnings ratio is 16.21X, slightly below the industry's average of 16.56X [20] - Earnings estimates for 2025 have been revised upward, with a Zacks Consensus Estimate of $5.50, indicating a year-over-year growth of 58.1% [19] Investment Case - Newmont presents a compelling investment opportunity, supported by a strong portfolio of growth projects, solid financial health, and rising earnings estimates [23] - The company's focus on high-return, long-life assets underpins its long-term sustainability, making it a prudent choice for investors looking to capitalize on favorable gold market conditions [23]

Core Viewpoint - Newmont Corporation (NEM) and Kinross Gold Corporation (KGC) are positioned to benefit from soaring gold prices driven by the Federal Reserve's dovish stance and global trade tensions [1][2][3] Gold Market Overview - Gold prices have surged approximately 43% this year, reaching over $3,700 per ton for the first time, influenced by central bank purchases and geopolitical uncertainties [3] - Central banks globally are accumulating gold reserves due to risks associated with aggressive trade policies [2] Newmont Corporation (NEM) - Newmont is investing in growth projects such as the Ahafo North expansion in Ghana and the Cadia Panel Caves in Australia, aimed at increasing production capacity and extending mine life [5] - The acquisition of Newcrest Mining Limited has enhanced Newmont's portfolio, expected to generate $500 million in annual run-rate synergies [6] - Newmont's divestiture program is projected to yield $3 billion in after-tax cash proceeds, reinforcing its capital allocation strategy [8] - The company reported a liquidity position of $10.2 billion, with free cash flow increasing to $1.7 billion, and has returned approximately $2 billion to shareholders [9] - Newmont offers a dividend yield of 1.2% with a sustainable payout ratio of 20% [10] Kinross Gold Corporation (KGC) - Kinross has a strong production profile with key projects like Great Bear in Ontario and Round Mountain Phase X in Nevada, expected to enhance cash flow [12] - Tasiast and Paracatu are significant contributors to cash flow, with Tasiast being the lowest-cost asset [13] - Kinross ended Q2 2025 with liquidity of approximately $2.8 billion and reported a free cash flow increase of 87% year-over-year [14] - The company repaid $800 million of debt in 2024, improving its net debt position to around $100 million [15] - Kinross has a dividend yield of 0.5% with a payout ratio of 10% [15] Financial Performance and Valuation - Year-to-date, NEM stock has increased by 127.5%, while KGC stock has risen by 164.1%, outperforming the industry average of 117.7% [18] - KGC trades at a forward earnings multiple of 16.52, while NEM trades at 15.38, indicating a discount for Newmont [19][20] - The Zacks Consensus Estimate for NEM's 2025 sales and EPS indicates growth of 10.7% and 57.5%, respectively, while KGC's estimates imply growth of 27.8% and 108.8% [24][25] Investment Consideration - Both companies are well-positioned to capitalize on high gold prices, with strong financial health and development pipelines [27] - Newmont is viewed as a more attractive investment option due to its higher dividend yield and favorable valuation compared to Kinross [27]

Core Viewpoint - Newmont Corporation's shares have surged 35.6% in the past three months, driven by rising gold prices and strong earnings performance, supported by operational efficiency and a robust Tier 1 portfolio [1][7]. Group 1: Stock Performance - NEM stock has outperformed the Zacks Mining – Gold industry's 29% rise and the S&P 500's increase of 11.4% [2]. - Among peers, Barrick Mining Corporation, Agnico Eagle Mines Limited, and Kinross Gold Corporation have seen stock increases of 36%, 24.1%, and 49%, respectively [2]. Group 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]. Group 3: Growth Projects and Strategic Focus - Newmont is investing in growth projects like the Ahafo North expansion in Ghana and the Cadia Panel Caves in Australia, 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]. - Newmont has divested non-core businesses, completing a divestiture program that is expected to generate $3 billion in after-tax cash proceeds in 2025 [12]. Group 4: Financial Health - Newmont has a strong liquidity position with $10.2 billion in liquidity, including $6.2 billion in cash and cash equivalents, and a free cash flow of $1.7 billion, up 42% from the prior quarter [13]. - The company has returned approximately $2 billion to shareholders through dividends and share repurchases and reduced debt by $1.4 billion since the beginning of 2025 [13]. Group 5: Gold Price Dynamics - Gold prices have surged 40% this year, driven by geopolitical tensions and central bank purchases, with prices exceeding $3,600 per ton for the first time [16]. - Newmont stands to benefit from the strength in gold prices, which is expected to enhance profitability and cash flow generation [14]. Group 6: Cost Challenges - Newmont faces challenges from rising production costs, with costs applicable to sales and all-in-sustaining costs (AISC) increasing by around 6% and 2% year over year, respectively [18]. - The company anticipates AISC for its total portfolio to rise to $1,630 per ounce in 2025, up from $1,516 per ounce in 2024 [19]. Group 7: Earnings Estimates - Newmont's earnings estimates for 2025 have been revised upward, with the Zacks Consensus Estimate for 2025 earnings at $5.30, indicating a year-over-year growth of 52.3% [20]. Group 8: Valuation - Newmont is currently trading at a forward price/earnings ratio of 14.88X, which is a discount compared to the industry's average of 15.59X [21]. Group 9: Investment Outlook - Newmont presents an attractive investment case with a robust portfolio of growth projects and solid financial health, although higher production costs may impact margins [24].

Core Insights - Newmont Corporation's shares have increased by 85.4% year-to-date, driven by a rise in gold prices due to trade and geopolitical uncertainties, along with strong earnings performance [1][6] - The stock has outperformed the Zacks Mining – Gold industry's increase of 72.2% and the S&P 500's rise of 9.6% [1] - Newmont's peers, including Barrick Mining, Agnico Eagle Mines, and Kinross Gold, have seen stock increases of 56.5%, 70.7%, and 109.1% respectively [1] Financial Performance - Newmont's liquidity stands at $10.2 billion, with free cash flow reaching $1.7 billion, supporting dividends and share repurchases [6][12] - The company has reduced debt by $1.4 billion since the beginning of 2025 and has authorized an additional $3 billion share repurchase program [12] - Newmont's earnings estimates for 2025 have been revised upward, with a projected growth of 51.4% year-over-year [17] Growth Strategy - Newmont is investing in growth projects such as the Tanami Expansion 2 in Australia and the Ahafo North expansion in Ghana, aimed at increasing production capacity [9] - The acquisition of Newcrest Mining has enhanced Newmont's portfolio, expected to deliver $500 million in annual run-rate synergies [10] - The company has divested non-core assets, generating approximately $470 million in cash proceeds, and anticipates $3 billion from its 2025 divestiture program [11] Market Conditions - Gold prices have increased by roughly 27% this year, reaching a record high of $3,500 per ounce in April 2025, currently hovering above $3,300 [13][15] - The demand for gold is supported by central bank purchases and geopolitical tensions, which are expected to sustain favorable bullion prices [15] Valuation Metrics - Newmont is trading at a forward price/earnings ratio of 13.12X, slightly below the industry average of 13.45X [19] - The company has a Value Score of B, indicating a competitive valuation compared to peers [19] Investment Outlook - Newmont presents a strong investment case with a robust portfolio, solid financial health, and rising earnings estimates, making it a favorable choice for investors looking to capitalize on the gold market [22]