Newmont reported strong Q1 2026 results with record free cash flow and maintained full-year guidance. Management highlighted portfolio resilience despite earthquake at Cadia and cost pressures. The call also addressed ongoing JV issues with Barrick and a new $6B buyback authorization. Q1 gold production of 1.3Moz, with AISC of $1,029/oz on byproduct basis.
Newmont reported strong Q1 2026 results with record free cash flow and maintained full-year guidance. Management highlighted portfolio resilience despite earthquake at Cadia and cost pressures. The call also addressed ongoing JV issues with Barrick and a new $6B buyback authorization. Q1 gold production of 1.3Moz, with AISC of $1,029/oz on byproduct basis.
Newmont reported strong Q1 2026 results with record free cash flow and maintained full-year guidance. Management highlighted portfolio resilience despite earthquake at Cadia and cost pressures. The call also addressed ongoing JV issues with Barrick and a new $6B buyback…
Q1 gold production of 1.3Moz, with AISC of $1,029/oz on byproduct basis.
Record free cash flow of $3.1B after $1.3B in tax payments.
Cadia earthquake damage limited; operations to return to 80% in 5 weeks, full by end Q2.
Management is confident in achieving full-year guidance despite Q1 operational headwinds (earthquake, weather) and cost pressures, signaling resilient portfolio and strong cost discipline.
Management noted sustaining capital is expected to increase in Q2, with full year guidance of $1.4 billion weighted to the second half, funding expansion at Sierra Negra, feasibility work at Redcrest, and the Lihir Near Shore Barrier Project. Development capital is expected to increase beginning in Q2, while sustaining capital in Q1 was $381 million.
Management highlighted strong operational and financial performance, reaffirmed guidance, and emphasized disciplined capital allocation and portfolio resilience despite headwinds.
“the period of the notice of default is open ended and we're working with them... there's a range of possibilities”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| Capex | FY2026 | $1.4B | $1.4B | MAINTAINED |
| Units | FY2026 | 5.3 | 5.3 | MAINTAINED |
Newmont and Barrick are working through a notice of default on their NGM joint venture; resolution timeline and potential remedies remain uncertain, which could affect Barrick's operations and asset control.
“we continue to engage constructively with our Nevada Gold Mines joint venture partner, with a clear focus on improving the performance of our shared assets”
… and are well positioned to drive margin expansion and generate strong free cash flow through continued cost discipline and productivity improvements across our world class portfolio, which continues to deliver stable and consistent results. Our enhanced capital allocation framework is translating that performance into shareholder returns through a predictable dividend and ongoing share repurchases supported by a new $6 billion authorisation. Looking ahead, we'll continue to leverage our industry leading portfolio and deep bench strength of expertise across all functions to build a stable and resilient future for Newmont. positioning us to generate growing free cash flow and deliver increasing returns on a per share basis, even in a dynamic macroeconomic environment. Before turning to questions, I want to briefly address that we continue to engage constructively with our Nevada Gold Mines joint venture partner, with a clear focus on improving the performance of our shared assets and delivering long-term value for Newmont shareholders. With that, we look forward to addressing your questions and I will now hand it back to Christine, our operator, to open the call for questions.
Newmont has exited its equity stake in SolGold, realizing cash proceeds; no ongoing relationship.
“we also received approximately $321 million in after-tax proceeds from the sale of equity investments in Solgold and Greatland Resources”
… further supporting our free cash flow generation and unit cost management. The performance translated into strong financial results, including $3.8 billion in cash flow from operations after working capital and $3.1 billion in free cash flow. marking another all-time quarterly record, which is especially notable given the seasonal working capital headwinds typically experienced in the first quarter of each year. During the quarter, we also received approximately $321 million in after-tax proceeds from the sale of equity investments in Solgold and Greatland Resources. along with contingent payments related to the divestments of Musselwhite and Cribble Creek and Victor last year, bringing total after-tax proceeds received from our non-core divestiture program to over $4.6 billion. Touching briefly on cost performance, which Peter will cover in a little bit more detail shortly, Over the last few weeks, the world has experienced a notable increase in energy prices and impacts to global supply chain dynamics as a result of the ongoing conflict in the Middle East. We continue to monitor the geopolitical environment and its potential impact on cost closely, but remain …
Newmont's notice of default to Barrick over Nevada Gold Mines JV indicates significant operational concerns; resolution could involve asset transfers or changes in management.