What were the key takeaways from Newmont's earnings call?

What is the revenue and EPS growth rate for Newmont year over year?

What were the key takeaways from Newmont’s earnings call?

What is the market's earnings forecast for Newmont next quarter?

What is Newmont's gross profit margin?

What does Newmont do and what are its main business segments?

What is Newmont's latest dividend and current dividend yield?

What factors drove the changes in Newmont's revenue and profit?

- **Leadership Transition**: Tom Palmer retiring, Natascha Viljoen becomes CEO, ensuring continuity of $4.5B+ annual free cash flow
- **Financial Strength**: Q3 2025: $3.3B EBITDA, $1.6B free cash flow, $0 net debt; 2026 guidance: 4.2-4.6M oz gold, $1,250-1,300/oz AISC
- **Capital Allocation**: $6B share buyback program, $0.25/quarter dividend, disciplined CAPEX ($3.2B/2026)
- **Operational Momentum**: Ahafo North (300k oz/year by 2026), Cadia Phase 2-3 on track, $200M+ cost savings offsetting higher taxes
- **Project Pipeline**: Red Chris feasibility study (H1 2026), Nevada Gold Mines JV expansion (GoldRush, Fourmile) progressing

**【CEO Summary Section】**
- Announced leadership transition: Tom Palmer retiring as CEO, Natascha Viljoen appointed President & CEO. 
- Highlighted operational resilience: Q3 revenue growth driven by strong gold prices ($2,500/oz+), with $1.6B free cash flow (4Q+ guidance for $4.5B+ annual free cash flow).
- Emphasized disciplined capital allocation: $6.4B+ raised via asset sales, $2.1B+ returned to shareholders via buybacks, near-zero net debt position.
- Operational milestones: Ahafo North mine declared commercial production, Cadia Phase 2-3 expansion on track, $200M+ cost savings initiatives underway.

**【CFO Financial Commentary】**
- Q3 2025 Financials: 
  - Adjusted EBITDA: $3.3B (20% QoQ increase)
  - Free Cash Flow: $1.6B (Q3) / $4.5B+ (annualized)
  - All-in Sustaining Costs (AISC): $1,260/oz (stable vs. Q2)
  - Net Debt: $0 (after $2B debt repayment)
- 2026 Guidance: 
  - Gold production: 4.2-4.6M oz (managed operations)
  - AISC: $1,250-1,300/oz
  - Capital Expenditures: $3.2B (aligned with 2025-26 2-year plan)
- Financial flexibility: $5.6B cash on hand, $6B share buyback program remaining.

**【Q&A Key Highlights】**
- **Capital Allocation**: 
  - Share buybacks ($6B program) and dividend ($0.25/quarter) prioritized over M&A
  - 2026 CAPEX guidance unchanged at $3.2B
  - Near-zero net debt target maintained
- **Project Pipeline**: 
  - Red Chris block cave feasibility study on track for H1 2026
  - Ahafo North ramping to 300k oz/year by end-2026
  - Nevada Gold Mines (JV with Barrick) expansion projects (GoldRush, Fourmile) progressing
- **Risk Management**: 
  - $200M+ cost savings initiatives offsetting higher royalties/taxes
  - 2026 production guidance conservative at 4.2M oz (lower end of 4.2-4.6M oz range)
  - Cadia Phase 2-3 expansion on track to meet 2026 production targets

Newmont Corporation (NEM) Q3 2025 Earnings Call Transcript

- **Record Free Cash Flow**: Q2 free cash flow of $1.7B, a new company record, driven by strong operational performance and asset sales.
- **Red Chris Safety Crisis**: 3 employees trapped underground; company prioritizing rescue and investigation, with operations suspended at the site.
- **Share Buyback Expansion**: Board approves additional $3B share repurchase, bringing total authorization to $6B.
- **Copper Exposure Growth**: Organic expansion via Red Chris block cave and Ahafo North, with no immediate acquisition plans.
- **H2 Cost Headwinds**: Sustaining capital up 57% in H2, leading to higher all-in sustaining costs in Q3/Q4.
- **Divestment Proceeds**: $3B+ in after-tax cash from non-core asset sales, supporting capital returns.


**【CEO Opening Remarks】**
- Highlighted the Red Chris incident, where 3 employees were trapped underground due to a fall of ground. Operations were suspended, and the company is focused on safely rescuing the team and conducting a thorough investigation.
- Reported strong operational performance, with Q2 production of 1.5M oz gold and 36,000 tonnes copper, aligning with full-year guidance.
- Announced $1.7B quarterly free cash flow, a new record, driven by core operations generating 90% of free cash flow.
- Updated on non-core asset divestments, expecting $3B in after-tax proceeds for 2025, including $470M from Greatland Gold and Discovery Silver sales.
- Shared that the Board approved an additional $3B share repurchase program, bringing total authorization to $6B.

**【COO Operational Update】**
- Cadia delivered higher-than-expected production due to higher-grade ore, but expects a decline in H2 as it transitions to a new panel cave.
- Peñasquito exceeded gold production expectations in H1 but will shift to higher silver/lead/zinc content in Q4.
- Lihir achieved cost savings through improved water management and reduced contractor footprint, with production expected to decline in H2 due to lower-grade material.
- Ahafo North on track for Q4 commercial production, with first gold pour expected soon.
- Sustaining capital is 57% weighted to H2, driven by deferred spending at Tanami, Lihir, and Red Chris.

**【CEO Financial Review】**
- Q2 GAAP net income: $420M; Non-GAAP EPS: $1.43 (vs. $1.25 guidance), driven by strong cash flow and asset sales.
- All-in sustaining costs: $1,593/oz (co-product basis), slightly below full-year guidance, with H2 costs expected to rise due to higher sustaining capital.
- Free cash flow: $1.7B (record high), with $2.4B operating cash flow after working capital adjustments.
- Balance sheet: $6.2B cash, $7.4B debt (below $8B target), with plans to further reduce debt.
- Share buybacks: $1.5B year-to-date, with $6B total authorization remaining.

**【Q&A Highlights】**
- **Capital Allocation**: CEO emphasized internal focus (share buybacks) over acquisitions, with copper exposure to come from organic projects like Red Chris block cave.
- **Red Chris Rescue**: Company prioritizing safe extraction of trapped employees, with industry support and ongoing updates.
- **Cadia & Peñasquito Grades**: Q3 production expected to decline as Cadia transitions to lower-grade panel cave and Peñasquito shifts to lower-gold ore zones.
- **Lihir Progress**: Cost savings from water management and truck reductions, with H2 sustaining capital focused on plant reliability.
- **Divestment Proceeds**: $330M received from Greatland Gold/Discovery Silver sales, with $150M deferred payments from Discovery Silver (2027-2030) and $100M contingent from Greatland Gold.
- **Project Pipeline**: Ahafo North on track for Q4 commissioning; Tanami expansion shaft work progressing safely; Wafi-Golpu in advanced negotiations with PNG government.


Newmont Corporation (NEM) Q2 2025 Earnings Call Transcript

- **Record Q1 Performance**: $1.2 billion free cash flow and $2.6 billion EBITDA, driven by strong gold prices and operational execution.
- **Divestment Completion**: Generated $3.2 billion in proceeds, enabling $1 billion debt reduction and $1 billion+ in shareholder returns.
- **Operational Momentum**: 52% of gold production weighted to H2, with key projects (Ahafo North, Tanami) on track for 2026 ramp-up.
- **Capital Allocation**: 2025 priorities include $1.3 billion in development capital, $3 billion share buybacks, and debt reduction to $8 billion target.
- **Risk Management**: Diversified supply chains mitigate 30% tariff exposure; safety culture initiatives (Always Safe program) driving incident rate improvements.

**【CEO Summary Section】**
- Newmont achieved a strong start to 2025 with record first-quarter free cash flow of $1.2 billion and adjusted EBITDA of $2.6 billion.
- Completed the divestment of six non-core assets, generating $3.2 billion in after-tax cash proceeds and $1.2 billion in deferred consideration.
- Priorities for 2025 include: (1) enhancing safety culture through the 'Always Safe' program, (2) stabilizing 11 managed operations, and (3) returning capital to shareholders via $3 billion share buyback program.
- Retired $1.5 billion in debt over the past year, reducing outstanding principal to $7.8 billion.
- On track to meet full-year guidance, with 52% of gold production weighted to the second half of 2025.

**【COO Operational Update】**
- Q1 production: 1.5 million oz gold, 35,000 tonnes copper, and $2 billion in cash flow from operations.
- Key operational highlights:
  - **Cadia**: 60% of gold/copper production weighted to H1, with panel cave ramp-up progressing.
  - **Tanami**: 30% production step-up expected in H2, with shaft commissioning on track for 2027.
  - **Boddington**: 53% of annual gold production weighted to H2, with higher-grade ore feed expected Q4.
  - **Ahafo North**: First gold pour expected Q2, targeting 275,000-325,000 oz in 2026.
- Sustaining capital spend to increase in Q2, particularly at Cadia for tailings strategy.

**【CFO Financial Review】**
- Q1 financial highlights:
  - Free cash flow: $1.2 billion (record)
  - Adjusted EBITDA: $2.6 billion
  - All-in sustaining costs: $1,651/oz (in line with guidance)
  - Share buybacks: $755 million YTD
- Balance sheet: $4.7 billion cash, $7.8 billion debt (targeting $8 billion cap)
- 2025 capital allocation: 50%+ to operations, 30%+ to projects, 20%+ to shareholders

**【Q&A Highlights】**
- **Tariffs Impact**: 30% of cost base exposed to tariffs, but diversified supply chains mitigate risk.
- **Red Chris Project**: Block cave feasibility study progressing, potential to sanction in 2026.
- **Capital Returns**: Share buybacks will continue at $3 billion program pace, with $1 billion+ returned YTD.
- **Wafi-Golpu**: Negotiations with PNG government ongoing for mineral development contract.
- **Lihir Costs**: Q1 cost drop due to $100 million non-cash inventory adjustment; full-year guidance remains intact.


Newmont (NEM)-23 Apr 25-2025 Q1 Earnings call transcript

- **Record Cash Flow**: 2024 free cash flow $2.9B (Q4: $1.6B), driven by strong gold prices and core portfolio performance.
- **Portfolio Transformation**: 6 non-core assets divested ($4.3B pretax proceeds), positioning for decades of Tier 1 production at 6M oz/year.
- **Cost Challenges**: 2025 AISC $1,620/oz reflects $40/oz Cadia capex and co-product cost allocation, but 2028+ cost reduction via new projects (Tanami, Ahafo North) and productivity initiatives.
- **Balance Sheet Strength**: Debt $7.7B (below $8B target), $3.6B cash, and $2.5B asset sale proceeds expected H1 2025.
- **Growth Catalysts**: Cadia caves (5M oz gold/1Mt copper), Lihir Phase 14a (30%+ production lift in 2028), and Ahafo North (750K oz/year from 2026).


**【CEO Opening Remarks】**
- **Safety Focus**: Newmont prioritizes safety through cultural, systemic, and skill development initiatives. Recent programs include asset management training and accountability frameworks to empower frontline leadership.
- **2024 Milestones**: Completed integration of acquired assets (Cadia, Lihir), divested 6 non-core assets ($4.3B pretax proceeds), and stabilized production at 6.8M oz gold and 150Kt copper. Free cash flow reached $2.9B, with Q4 at $1.6B.
- **Portfolio Strength**: Core Tier 1 assets account for 85% of production, with 134M oz gold reserves and 170M oz resources. 2025 guidance: 5.6M oz gold from core portfolio, AISC of $1,620/oz, and $1.8B sustaining capex.

**【CFO Financial Highlights】**
- **2024 Results**: GAAP net income $420M, Non-GAAP EPS $1.08 (vs. $0.95 consensus). Free cash flow $2.9B, up 25% YoY. Debt reduced to $7.7B (below $8B target), with $3.6B cash.
- **2025 Outlook**: Sustaining capex $1.8B (Cadia tailings remediation), development capex $1.3B. Share buybacks ($1.2B executed in 2024) will resume post-Q1, tied to free cash flow and asset sale proceeds ($2.5B expected H1 2025).

**【Operational Updates】**
- **Cadia**: Transitioning to PC2-3 cave, with 1M t ore processed. Sustaining capex $40/oz driven by tailings upgrades. Expected to deliver 5M oz gold and 1Mt copper by mid-century.
- **Lihir**: Phase 14a layback to access higher-grade ore (30%+ production lift in 2028). Run-of-mine stockpile decouples mine and plant, improving reliability.
- **Ahafo North**: On track for H2 2025 commissioning, supporting Ahafo complex at 750K oz/year from 2026.
- **Tanami Expansion**: Shaft concrete lining complete; commercial production targeted for H2 2027 with 35% cost reduction.

**【Q&A Key Takeaways】**
- **Debt Management**: No change to $8B debt target; focus on free cash flow generation and disciplined capex allocation.
- **Project Pipeline**: Red Chris feasibility study underway; Yanacocha sulfides require water treatment plant completion. No immediate FID on new projects beyond current pipeline.
- **Cost Trajectory**: 2025 AISC $1,620/oz includes $40/oz Cadia capex and $35/oz co-product cost allocation. Long-term goal: reduce to Tier 1 levels via productivity improvements and new low-cost ounces.
- **Dividend Policy**: $1/share annual dividend unchanged; no linkage to gold price beyond current guidance.
- **Guidance Cadence**: 2025 one-year guidance due to portfolio stabilization; 2026 guidance to be issued in 2025 with potential for multi-year visibility if warranted by portfolio clarity.


NEM

NEM fundamentals

Earnings Call

You can ask Aime