Newmont posted a strong Q2 with record free cash flow, maintained full-year guidance, and noted productivity gains across sites. The company also disclosed ongoing JV disputes with Barrick regarding the Nevada Gold Mines partnership and outlined progress on key projects like Redcrest and Cadia restart. Q2 gold production of 1.3M oz, free cash flow $2.2B, AISC $1,621/oz.
Newmont posted a strong Q2 with record free cash flow, maintained full-year guidance, and noted productivity gains across sites. The company also disclosed ongoing JV disputes with Barrick regarding the Nevada Gold Mines partnership and outlined progress on key projects like Redcrest and Cadia restart. Q2 gold production of 1.3M oz, free cash flow $2.2B, AISC $1,621/oz.
Newmont posted a strong Q2 with record free cash flow, maintained full-year guidance, and noted productivity gains across sites. The company also disclosed ongoing JV disputes with Barrick regarding the Nevada Gold Mines partnership and outlined progress on key projects like…
Q2 gold production of 1.3M oz, free cash flow $2.2B, AISC $1,621/oz.
Guidance tone
Cadia operating caves resumed; cave establishment at new panels still halted pending regulatory approval.
Management expresses confidence in achieving full-year guidance, with strong free cash flow, disciplined capital allocation, and a positive outlook for production and costs in H2.
Management maintained 2026 capex guidance with sustaining capital expected to be 58% weighted to the second half and development capital 63% weighted, driven by timing of programs at Boddington, Cadia, Tanami, seasonal construction at Bruce Jack and Redcrest, and increased spend at Cadia panel caves and Lihir near shore barrier.
Management expressed confidence driven by strong Q2 operational performance, record free cash flow, and on-track guidance, while acknowledging cost pressures from elevated oil prices and unresolved issues with Barrick.
“The two operating caves are fully back in production in mid-June. Then we have all of the project development work around the two new caves... cave establishment that has been halted that we need to restart.”
“We have parked nearly 50 mining production units across the portfolio without affecting production. At Cerro Negro, more efficient pre-start activities have increased underground productive time by approximately 15% per shift.”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| CapexDEVELOPMENT_CAPITAL | FY2026 | $1.4B | $1.4B | MAINTAINED |
| Free cash flow | FY2026 | $1.95B | $1.95B | MAINTAINED |
| UnitsGOLD_AISC | FY2026 | $1.68K | $1.68K | MAINTAINED |
Ongoing JV dispute with Barrick over Nevada Gold Mines management and proposed IPO; unresolved issues may lead to enforcement of legal rights, creating uncertainty for the JV's performance.
“I want to specifically refer to our notice of default as well as our overall efforts to protect the rights and value of the Newmont shareholders. We have actively engaged with Barrick over the last few months to find mutually acceptable”
… discipline, and focused investment in the highest return opportunities within our portfolio. Looking ahead, we will continue to leverage our industry leading portfolio, deep technical expertise and experienced leadership team to build a stable and resilient future for Newmont. Finally, before we open the floor for questions, I would like to make a brief reference to our discussions with Barrick. I want to specifically refer to our notice of default as well as our overall efforts to protect the rights and value of the Newmont shareholders. We have actively engaged with Barrick over the last few months to find mutually acceptable solutions to our diverging legal, technical and commercial views on the various aspects of the joint ventures management and past performance, the proposed IPO and the potential resulting complexities. and contribution process for all excluded properties with the goal of maximizing NGM's performance both in the near and long term. We have remained resolute in protecting the interests and rights of Neilmont shareholders throughout this process. While I remain hopeful of reaching a successful near-term resolution, we find ourselves nearing the end of …
Cadia's two operating caves fully resumed mid-June, but cave establishment at PC1-2 and BC1-2 is still halted pending regulatory approvals for restart, deferring development capital into H2.