Financial Data and Key Metrics Changes - Newmont generated $3.3 billion in adjusted EBITDA and adjusted net income of $1.71 per share for the third quarter, a 20% increase from the second quarter and more than double last year's result [14] - The company achieved record third-quarter cash flow of $1.6 billion, contributing to an all-time annual record of $4.5 billion with one quarter remaining [8][15] - The balance sheet was strengthened, ending the quarter in a near-zero debt position after retiring $2 billion of debt [9][10] Business Line Data and Key Metrics Changes - Production was largely in line with the second quarter, driven by higher grades and improved productivity at Subika Underground, while Peñasquito delivered a lower proportion of gold [11][12] - The company completed mining at the Subika Open Pit and shifted activities to lower grades from the Awonsu Open Pit [11] - At Ahafo, the construction of the engineered wall of the Phase 14A layback was completed, preparing for future higher grades [12] Market Data and Key Metrics Changes - Newmont received nearly $640 million in net cash proceeds from equity and asset sales since the start of the third quarter, marking the successful completion of its asset divestment program [8] - Moody's upgraded Newmont's issuer credit rating to A3 with a stable outlook, reflecting the improved credit profile and financial management [10] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, funding cash-generative capital projects, and returning capital to shareholders [15][22] - Newmont is committed to a disciplined capital allocation strategy, prioritizing investments in its own assets and share buybacks [49] - The restructuring includes a decentralized organizational structure to enhance accountability and decision-making at operating sites [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year production guidance and highlighted the importance of operational performance, safety, cost, and productivity [16][21] - The company anticipates a reduction in absolute cost guidance for G&A, exploration, and advanced projects by approximately 15% [17] - Future production is expected to be within the same guidance range for 2026, but towards the lower end due to planned mine sequencing [20][71] Other Important Information - The company declared commercial production at its new mine a half mile north, which is expected to add profitable gold production over an initial 13 years [10][24] - Newmont has returned $823 million to shareholders since the last earnings call through dividends and share repurchases [10][22] Q&A Session Summary Question: Capital allocation and balance sheet management - Management remains committed to a well-defined capital allocation framework and will review returns to shareholders quarterly [30] Question: Project pipeline updates - The proposal for Red Chris remains on track for mid-next year, and all longer-dated projects will need to earn their rights for capital allocation [32] Question: Autonomy and restructuring impact - The restructuring has led to a strong leadership team with key appointments being made, focusing on operations and projects [36] Question: Production guidance for 2026 - Production for managed operations is expected to be on the lower end of the guidance range, around 4.2 million ounces [71] Question: Cost inflation and underlying cost pressures - Normal increases in labor and consumables are expected, but cost-saving initiatives are helping to offset higher royalties and taxes [72]

Financial Data and Key Metrics Changes - Newmont generated record third-quarter cash flow of $1.6 billion, leading to an all-time annual record of $4.5 billion with one quarter remaining [6][12] - Adjusted EBITDA for the third quarter was $3.3 billion, with adjusted net income of $1.71 per share, a 20% increase from the second quarter and more than double last year's result [11][12] - The company ended the quarter with $5.6 billion in cash and reduced gross debt to $5.4 billion, achieving a near-zero net debt position [20][21] Business Line Data and Key Metrics Changes - Production was largely in line with the second quarter, driven by higher grades and improved productivity at Subika Underground [9][10] - Peñasquito delivered a lower proportion of gold but steady lead, silver, and zinc production, consistent with planned sequences [9] - The new mine a half mile north is expected to add profitable gold production over an initial 13 years of mine life [8][10] Market Data and Key Metrics Changes - Newmont received nearly $640 million in net cash proceeds from equity and asset sales since the start of the third quarter, marking the successful completion of its asset divestment program [6][12] - Moody's upgraded Newmont's issuer credit rating to A3 with a stable outlook, reflecting improved credit profile and financial management [8] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, funding cash-generative capital projects, and returning capital to shareholders [12][20] - Newmont is committed to a disciplined capital allocation strategy, prioritizing investments in its own assets and share buybacks [43][44] - The restructuring into two business units aims to enhance accountability and streamline operations [7][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year production guidance and highlighted strong execution across all managed operations [13][14] - The company anticipates higher ounces from Nevada Gold Mines in the fourth quarter and is focused on cost discipline and productivity improvements [14][19] - Management acknowledged potential challenges from increased profit sharing, royalties, and production taxes due to higher gold prices but expects to offset these impacts through ongoing optimization [15][19] Other Important Information - The company has successfully completed its asset divestment program, generating over $3.5 billion in after-tax cash proceeds in 2025 [23] - Newmont's focus remains on maximizing capacity and responsible capital management, particularly regarding tailings capacity at Cadia [16][17] Q&A Session Summary Question: Capital allocation and balance sheet management - Management remains committed to a well-defined capital allocation framework and will review returns to shareholders quarterly [28] - If gold prices remain high, the company may accelerate cash returns rather than build cash reserves [29] Question: Project pipeline updates - The proposal for Red Chris is on track for mid-next year, with no delays from the recent incident [30] Question: Team structure and key appointments - The company has a vacancy for CFO and has restructured into two business units, each led by strong Managing Directors [32] Question: Production expectations for Yanacocha - Production is expected to taper slightly in the fourth quarter as mining concludes at Ketchum Mine Pit [48] Question: Cost inflation and guidance for 2026 - Management indicated that cost inflation will be part of the budgeting process, with normal increases expected for labor and consumables [61] Question: Exploration and advanced projects budget - The reduction in exploration budget is due to a deliberate review of asset potential and strategic capital allocation decisions [76][79]

Financial Data and Key Metrics Changes - Newmont generated record third quarter cash flow of $1,600 million, enabling an all-time annual record of $4,500 million with one quarter still remaining [9][13] - Adjusted EBITDA for the third quarter was $3,300 million, and adjusted net income was $1.71 per share, a 20% increase from the second quarter and more than double last year's result [13] - The company ended the quarter with $5,600 million in cash and reduced gross debt to $5,400 million, achieving a near zero net debt position [21][22] Business Line Data and Key Metrics Changes - Production was largely in line with the second quarter, driven by higher grades at Brucejack, improved productivity at Cerro Negro, and success from patented injection leaching technology at Yanacocha [11] - Penasquito delivered a lower proportion of gold but steady lead, silver, and zinc production, consistent with planned sequences [11] - Ahafo North mine declared commercial production, expanding the existing footprint in Ghana and adding profitable gold production over an initial thirteen years [10][24] Market Data and Key Metrics Changes - The company received nearly $640 million in net cash proceeds from equity and asset sales since the start of the third quarter, marking the successful completion of its asset divestment program [9][14] - Moody's upgraded Newmont's issuer credit rating to A3 with a stable outlook, reflecting improved credit profile and prudent financial management [10] Company Strategy and Development Direction - Newmont is focused on maintaining a strong balance sheet, funding cash-generative capital projects, and returning capital to shareholders [15][22] - The company has streamlined its organizational structure into two business units, enhancing decision-making authority at operating sites [9][10] - Future capital allocation will prioritize internal investments and share buybacks, with a disciplined approach to any potential acquisitions [54][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year production guidance and highlighted strong execution across all managed operations [15] - The company anticipates a reduction in absolute cost guidance for 2025 by approximately 15% due to cost-saving initiatives [16] - Management acknowledged the potential impact of elevated gold prices on profit sharing, royalties, and production taxes, but expects to offset these through ongoing optimization [20] Other Important Information - Newmont has returned $823 million to shareholders since the last earnings call through dividends and share repurchases [10][22] - The company has repaid $3.9 billion of debt over the last two years and returned over $5.7 billion to shareholders [24] Q&A Session Summary Question: Capital allocation and balance sheet strategy going into 2026 - Management remains committed to a defined capital allocation framework and will review returns to shareholders quarterly [29][30] Question: Updates on project pipeline and potential delays - Red Chris remains on track for a proposal to the Board by mid-next year, with ongoing investigations from a previous incident incorporated into feasibility studies [32] Question: Key appointments and team structure post-restructuring - The executive leadership team is capable, with a focus on operations and projects, and a key appointment for CFO is being prioritized [36][38] Question: Ahafo North ramp-up and commercial production - The ramp-up is on schedule, with commercial production declared after running for thirty days at over 65% of design capacity [39] Question: Reserve pricing and growth expectations - Management is in the middle of budgeting and resource review, with outcomes expected in February next year [44] Question: Cost inflation and underlying cost pressures - Normal increases in labor and consumables are expected, but cost-saving initiatives are helping to offset some inflationary pressures [81] Question: Exploration and advanced projects capital allocation - The reduction in exploration spending is a result of a deliberate review of asset potential and targeting dollars towards high-value areas [103]

Core Insights - Torex Gold Resources Inc. reported solid operational momentum in Q2 2025, with commercial production at Media Luna declared on May 1 and a return to positive free cash flow in June [2][3][4] - The company is on track to meet its annual production guidance of 400,000 to 450,000 gold equivalent ounces (oz AuEq) and expects all-in sustaining costs to improve significantly in the latter half of the year [4][9] Financial Performance - In Q2 2025, Torex produced 82,856 oz AuEq, with a significant increase in production to over 37,000 oz AuEq in June and over 45,000 oz AuEq in July [3][18] - Revenue for the quarter was $253.9 million, with a record average realized gold price of $3,311 per oz [18][30] - The company reported net income of $83.2 million, or $0.97 per share, and adjusted net earnings of $43.8 million, or $0.51 per share [18][20] Operational Highlights - The company achieved a lost-time injury frequency (LTIF) of 0.46 per million hours worked, maintaining a strong safety performance with no lost-time injuries during the quarter [6][18] - Non-sustaining capital expenditures for Media Luna were $48.9 million in Q2, with an upward revision of guidance to $160.0 to $170.0 million for the year due to project scope changes [8][18] Growth Strategy - Torex is executing a strategy to diversify its portfolio with the announced acquisitions of Reyna Silver Corp. and Prime Mining Corp., aimed at enhancing growth potential in the Americas [5][10] - The acquisition of Reyna Silver is valued at approximately $26 million, providing access to exploration properties in Mexico and Nevada [10][11] - The acquisition of Prime Mining is valued at $327 million, granting Torex 100% ownership of the Los Reyes Project in Sinaloa, Mexico [10][11] Future Outlook - The company anticipates robust free cash flow generation at Morelos, with expectations for positive cash flow to increase quarterly through the remainder of 2025 [9][10] - Torex is focused on advancing the EPO Underground Project, with ongoing feasibility studies and development activities aimed at initial ore production by late 2026 [10][12]

Core Insights - Kinross Gold Corporation reported record free cash flow of over $600 million for Q2 2025, driven by robust margins and operational performance [1][4][8] - The company is on track to return $650 million in capital to shareholders by 2025, including $500 million in share repurchases [1][22][21] - Development projects are progressing as planned, with a focus on extending mine life and driving margin growth [6][29][41] Financial Highlights - The company produced 512,574 gold equivalent ounces in Q2 2025, a decrease from 535,338 ounces in Q2 2024 [13][51] - The average realized gold price increased to $3,284 per ounce in Q2 2025, compared to $2,342 per ounce in Q2 2024, contributing to a 42% year-over-year revenue increase to $1,728.5 million [14][51] - Operating cash flow rose to $992.4 million in Q2 2025, up from $604.0 million in Q2 2024 [17][51] - Reported net earnings more than doubled to $530.7 million, or $0.43 per share, compared to $210.9 million, or $0.17 per share, in Q2 2024 [18][51] Operational Performance - Margins increased by 68% to $2,204 per gold equivalent ounce sold in Q2 2025, significantly outpacing the rise in average realized gold price [16][51] - Attributable all-in sustaining cost per gold equivalent ounce sold was $1,493 in Q2 2025, compared to $1,387 in Q2 2024 [16][51] - The company repurchased approximately $225 million in shares to date in 2025, with a quarterly dividend of $0.03 per common share declared [5][21][22] Development and Exploration Projects - The Great Bear Advanced Exploration program is progressing, with construction activities underway and initial development of the exploration decline on target for December 2025 [29][30] - At Round Mountain Phase X, over 4,500 meters of decline development has been completed, with strong drilling results indicating continued mineralization [33][34] - Drilling at Curlew continues to intersect high grades, with over 800 meters of underground declines developed year-to-date [36][37] Sustainability Efforts - Kinross released its 2024 Sustainability Report, emphasizing water management and efficiency, with a recycling rate of 75% [41][42] - The company is committed to maintaining compliance with the Responsible Gold Mining Principles, focusing on water quality and conservation [41][44]