Newmont Corporation

Newmont reported Q2 2026 adjusted EBITDA of $3.8 billion and adjusted net income of $2.10 per share. Realized gold price averaged $4,414 per ounce, with 1.3 million ounces of gold, 17,000 tonnes of copper, and 7 million ounces of silver produced from the full portfolio. Cash flow from operations after working capital was $2.9 billion and free cash flow was a quarterly record $2.2 billion. Gold all-in sustaining costs were $1,621 per ounce on a byproduct basis, below the company’s full-year guidance of $1,680 per ounce. Looking ahead, management reaffirmed full-year 2026 guidance, said Q3 production should be broadly in line with Q2, and still expects Q4 to be the strongest quarter as Lihir completes planned maintenance and Ahafo North reaches full run rate. Sustaining capital guidance remains $1.95 billion and development capital guidance remains $1.4 billion; net cash ended at $3.4 billion.

Natascha Viljoen emphasized that the quarter showed disciplined execution, strong free cash flow conversion, and the company’s ability to keep 2026 guidance intact despite higher costs and operational disruptions. She highlighted the new leadership appointments as part of building a “future-ready” organization and stressed that the team is focused on safe, consistent performance, project delivery, and cost and capital discipline. Her tone was confident and constructive, especially around Red Chris, Cadia recovery, Lihir improvements, and the broader portfolio pipeline.

Brian Tabolt said Q2 financial performance was supported by stable operations and cost management, with $3.8 billion of adjusted EBITDA, $2.10 per share of adjusted net income, $2.9 billion of operating cash flow after working capital, and $2.2 billion of free cash flow. He noted working capital used cash modestly due to reclamation spending at Yanacocha, inventory/stockpile builds, and tax timing, partly offset by receivables at Peñasquito and Cadia, and warned some of that receivable benefit could unwind later in the year. He also said sustaining capital was $438 million in Q2 and development capital was $285 million, net cash was $3.4 billion, and the company repurchased $1.7 billion of shares since the last call, with about $4.3 billion still remaining under the authorization.

Analysts focused on cost inflation, Red Chris funding and timing, Cadia restart details, the path back to 6 million ounces, and capital allocation as spending rises in the second half. Management said oil and diesel costs are pressuring Q3, with roughly a $60 million full-year impact for every $10 per barrel move in oil, but they still expect productivity actions across assets like Boddington, Peñasquito, Lihir, Merian and Cerro Negro to help offset inflation. On Red Chris, Newmont said it is still working through the MOU with Canada on the grant terms and expects higher capital than Newcrest’s original numbers, while on Cadia the operating caves resumed in mid-June but cave-establishment work still needs further regulatory and technical work before full restart.