Newmont reported strong Q3 2025 results with record free cash flow, maintained full-year guidance, and announced commercial production at Ahafo North. Management provided qualitative 2026 outlook signaling lower production but offsetting cost savings. The call highlighted the completion of asset divestitures and a near-zero net debt position. Q3 adjusted EPS of $1.71 and free cash flow of $1.6B, both record levels for the quarter.
Newmont reported strong Q3 2025 results with record free cash flow, maintained full-year guidance, and announced commercial production at Ahafo North. Management provided qualitative 2026 outlook signaling lower production but offsetting cost savings. The call highlighted the completion of asset divestitures and a near-zero net debt position. Q3 adjusted EPS of $1.71 and free cash flow of $1.6B, both record levels for the quarter.
Newmont reported strong Q3 2025 results with record free cash flow, maintained full-year guidance, and announced commercial production at Ahafo North. Management provided qualitative 2026 outlook signaling lower production but offsetting cost savings. The call highlighted the…
Guidance tone
2025 production guidance maintained; 2026 managed production expected at lower end of the ~4.2Moz range.
Ahafo North declared commercial production, adding low-cost ounces in Q4.
Management expressed confidence in meeting 2025 guidance and highlighted record free cash flow while noting 2026 production will be at the lower end of the range due to mine sequencing, but cost savings should offset headwinds.
Management expects capital spending to be elevated in 2026, following an anticipated $200 million improvement to 2025 capital guidance, keeping the two-year average largely in line with expectations. Development capital is tracking below initial guidance due to a deliberate shift in timing of spend related to the Red Chris expansion project study and underground development work. Sustaining capita
Management expressed confidence in achieving 2025 guidance, highlighted record free cash flow and successful portfolio optimization, and emphasized discipline in capital allocation.
Newmont has a joint venture option with Barrick on the Four Mile project and is awaiting a feasibility study before committing capital.
“we are waiting for Barrick to give us more information so that we can make an informed decision”
Okay, fantastic. And in that same vein, I mean, there will be an opportunity to consider a significant investment into Nevada gold mines from the point of view of Four Mile, which is now 100% controlled by Barrick. I mean, there's also a demonstrated significant upside at Gold Rush as a result of the work that's been done at Four Mile. I mean, how do you think about those two investment options? Is one preferred over the other? And when you look at Four Mile potentially coming into the portfolio several years down the road, do you think of it as another project to which to allocate capital, or is that a separate decision from the project delegation?
Thank you, Lawson. Firstly, Gold Rush is already part of Nevada Gold Mine, so already included in that portfolio, and the capital required is included in the capital forecast as we have it from Barry today. From a formal point of view, and if you look at that Nevada Gold Mine district, we know that it's a district that still has a wealth of capital resources and a long um a long future in terms of mining and as barrick has concluded the pre-feasibility last year and from the results that we have seen which is the same results that you have seen and just from what we know from that district we're very excited about the opportunity that we have that's included in the current agreement for us to have an option to continue our share of that project as well. So we are waiting for Barrick to give us more information so that we can make an informed decision. And as you would have indicated a little bit earlier, it will be a project that will compete for capital against all of our other projects. And we will be disciplined in also making this capital decision. when we have the information available as per our JIVA agreement.