Newmont Corporation

Q2 2026 results included $3.8 billion of adjusted EBITDA and adjusted net income of $2.10 per share. Newmont realized an average gold price of $4,414 per ounce, produced 1.3 million ounces of gold, 17,000 tonnes of copper and 7 million ounces of silver, generated $2.9 billion of cash flow from operations after working capital, and delivered a record $2.2 billion of free cash flow. Gold all-in sustaining costs were $1,621 per ounce on a byproduct basis, below the full-year guidance of $1,680 per ounce. For capital allocation, Q2 sustaining capital was $438 million and development capital was $285 million; the company ended Q2 with $3.4 billion of net cash. Management reiterated 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 maintenance ends and Ahafo North reaches full run rate.

Natascha Viljoen framed the quarter as proof that the portfolio can convert solid operating execution into strong free cash flow and shareholder returns. She emphasized the new executive leadership team, saying the appointments strengthen financial, operational, technical and project-development capabilities and support a “future-ready” organization. Her tone was confident and measured: she repeatedly stressed discipline, portfolio quality, and a focus on safe, consistent delivery, cost control and investing only in the highest-return opportunities.

Brian Tabolt highlighted the financial leverage in the business, noting that realized gold prices were up about $1,100 per ounce, or about 33% year over year, while absolute cost applicable to sales increased just 4%. He said working capital was a modest use of cash because of reclamation spending at Yanacocha, inventory and stockpile builds, and tax timing, partly offset by receivable movements at Peñasquito and Cadia. He reiterated that sustaining capital of $438 million and development capital of $285 million were on track versus full-year guidance of $1.95 billion and $1.4 billion, respectively, and said the company ended with $3.4 billion of net cash, above its target range. He also noted $1.7 billion of share repurchases since the last call and said the framework would support a $0.27 quarterly dividend at the next annual review, subject to board approval.

Analysts pressed management on rising oil, diesel, freight and broader inflation pressures; Brian said Q2 CAS reflected fuel costs near $100 per barrel and that some diesel impact would continue into Q3, while other indirect costs were being monitored rather than flagged as a major concern. Questions on Red Chris focused on the $500 million Canadian government support, with Natascha saying the company is still working through the MOU and is encouraged by the government’s support. Cadia was another major topic: management explained that the operating caves resumed in mid-June, while cave-establishment work for the new caves still needs regulatory restart and additional learning from the seismic event. On Barrick/NGM and Fourmile, Natascha reiterated that Newmont will consider synergies and offsets from its processing interests, but declined to discuss the legal dispute in detail.