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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NEM

NEM fundamentals

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