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Newmont Corporation shares rose nearly 3% on Friday after the world’s largest gold miner reported stronger-than-expected first-quarter earnings and free cash flow, supported by higher gold prices, stronger production and lower costs.
Adjusted earnings were $2.90 per share for the quarter, well above Jefferies’ estimate of $2.23 and the Visible Alpha consensus of $2.18.
Adjusted EBITDA increased to $5.15 billion, exceeding analyst expectations of about $4.4 billion. Free cash flow reached $3.14 billion, ahead of estimates ranging from roughly $2.1 billion to $2.6 billion.
Jefferies characterized the results as a “strong earnings/FCF beat from the gold bellwether,” citing higher gold prices and relatively stable costs supporting margins across the sector.
Attributable gold production totaled 1.3 million ounces in the quarter, above analyst expectations of about 1.2 million ounces.
Cash costs declined to $541 per ounce. All-in sustaining costs (AISC) fell to $1,029 per ounce, significantly below analyst expectations, supported by higher byproduct silver production and productivity improvements.
Newmont said it had exhausted its previous $6 billion share repurchase authorization and approved an additional $6 billion buyback program, reinforcing confidence in cash generation despite cost pressures tied to higher oil prices and increased royalties in Ghana.
At quarter-end, Newmont held $8.8 billion in cash and reported a net cash balance of $3.2 billion after reducing gross debt and returning an additional $2.4 billion to shareholders through buybacks since February.
Newmont maintained its 2026 attributable gold production guidance at 5.26 million ounces, plus or minus 5%. It reiterated its AISC forecast of $1,680 per ounce and attributable capital expenditure guidance of $3.35 billion.
The company warned that second-quarter costs would be “notably higher” than in the first quarter due to higher sustaining capital spending, lower silver production and increased operating costs at mines including Boddington, Tanami, Lihir and Peñasquito. It also cited the full-quarter impact of Ghana’s higher royalty and elevated oil prices.
At its Cadia operation in Australia, Newmont said processing is continuing from surface stockpiles following last week’s earthquake, while underground rehabilitation is expected to be completed within five weeks.
Production is expected to be lower in the second quarter before returning to normal levels in the third quarter.
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