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Shares of Newmont (NEM) rose 0.2% in Friday’s premarket trading after the mining company reported its sixth consecutive quarter of beating both earnings and revenue expectations. The stock had already gained 1.6% in Thursday’s extended session and was up about 11% year-to-date entering Friday.
Newmont reported first-quarter adjusted earnings per share (EPS) of $2.90, more than double the $1.25 reported in the same period last year and above the Street’s consensus estimate of $2.18.
Revenue increased 46% year over year to $7.31 billion. Gold revenue totaled $6.04 billion within that figure.
The company posted an average realized gold price of $4,900 per ounce during the quarter, up 16% sequentially from Q4 2025.
Newmont generated a company-record $3.1 billion in free cash flow for the quarter, even after paying approximately $1.3 billion in cash taxes. Adjusted EBITDA was $5.2 billion.
All-in sustaining costs (AISC) on a by-product basis were $1,029 per ounce, below the company’s full-year guidance range. Management attributed the cost performance to improved pricing for co-products including silver and copper, alongside disciplined capital allocation.
Despite higher energy prices, Newmont maintained its annual cost outlook. The company estimates that each $10 per barrel move in oil prices translates to about a $12 per ounce impact on AISC. Diesel fuel accounts for roughly 6% of direct operational expenses.
First-quarter production totaled 1.3 million ounces of gold, 30,000 tons of copper, and 9 million ounces of silver. Several operations exceeded Q4 2025 levels, including Cadia, Merian, Ahafo South, and Yanacocha.
The main near-term operational issue is a magnitude 4.5 seismic event near the Australian Cadia facility on April 14. No personnel injuries were reported. Newmont said underground electrical and water management systems have been restored and that it received regulatory clearance to begin repairs.
Restoration work is expected to take about five weeks, with Cadia targeting roughly 80% operational capacity. Full recovery is expected in late Q2.
Second-quarter production is forecast to be modestly lower than Q1 due to a brief interruption in mill feed supply, with normal production rates expected to resume in the third quarter.
Sustaining capital expenditures are expected to rise in Q2 due to summer season activities at Brucejack and Red Chris, mobile equipment purchases, and tailings management initiatives at Cadia and Boddington.
On capital allocation, Newmont said it has repurchased $6 billion worth of shares over the prior 24 months. The board authorized an additional $6 billion repurchase program, the fourth such authorization since February 2024.
The company also declared a quarterly dividend of $0.26 per share, consistent with its annual dividend objective of $1.1 billion.
Newmont indicated it is evaluating the reinstatement of multi-year forward guidance and described 2026 as a “trough year,” with potential for improved production in 2027 driven by higher-grade zones at Lihir, new cave developments at Cadia, and continued expansion at Ahafo North.
Gold futures settled at $4,724 per ounce as of Thursday, down about 12% from the January 29 record close of $5,354.80.
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