Track market-moving stories before they get noisy

Key Takeaways NEM's attributable gold production fell 13% year over year to 1.29 million ounces in the second quarter.NEM expects 2026 gold output to decline to 5.26 million ounces, partly due to site transitions.Higher 2026 AISC of $1,680 per ounce is expected as lower volumes and other costs pressure profitability. Newmont Corporation (NEM - Free Report) saw lower gold production for the second quarter, partly linked to its strategic divestment of non-core assets. The company reported a roughly 13% year-over-year and 1% sequential decline in attributable gold production to 1.29 million ounces. Lower output from Cadia and reduced grades across certain mines impacted production.

Newmont expects third-quarter 2026 production to be largely in line with the second-quarter level. It sees gold production at about 5.26 million ounces for 2026, indicating a year-over-year decline from 5.89 million ounces in 2025. NEM expects lower production from Penasquito and Cadia in 2026 due to site transitions. It also sees lower-than-expected production from Nevada Gold Mines and Pueblo Viejo. These will be partly offset by contributions from the newly commissioned Ahafo North mine.

Lower production is also expected to lead to higher unit costs in 2026. NEM expects all-in-sustaining costs (AISC) — a critical cost metric for miners — to be $1,680 per ounce on a by-product basis, indicating a notable increase from $1,358 per ounce in 2025. The expected increase is due to lower sales volumes as a result of planned mine sequencing, higher royalties and production taxes, deferral of sustaining capital from 2025 into 2026 and inventory changes. The production decline and higher costs could undercut the company’s profitability goals.

Looking across the competitive landscape, Barrick Mining Corporation (B - Free Report) attributable gold production rose 11% sequentially to 796,000 ounces in the second quarter, exceeding its guidance range of 730,000 to 770,000 ounces. It was flat year over year. Barrick expects production to increase sequentially in the third quarter and again in the fourth quarter, driven by the Loulo-Gounkoto ramp-up, Goldrush and mine sequencing. Barrick maintained 2026 attributable gold production guidance of 2.9-3.25 million ounces.

Agnico Eagle Mines Limited’s (AEM - Free Report) gold production was 855,816 ounces in the second quarter, up around 4% sequentially. It was down roughly 1% from 866,029 ounces in the prior-year quarter. For full-year 2026, Agnico Eagle expects gold production near the lower end of its 3.3 million to 3.5 million ounces guidance, reflecting the preliminary redesign of the Barnat open pit. AEM expects the Barnat pit wall movement event to reduce gold production at Canadian Malartic by 60,000-80,000 ounces in the second half of 2026.

The Zacks Rundown for NEMShares of Newmont have shot up 68.7% in the past year against the Zacks Mining – Gold industry’s rise of 45.9%.

Image Source: Zacks Investment Research

From a valuation standpoint, NEM is currently trading at a forward 12-month earnings multiple of 13.31, a modest 1.8% discount to the industry average of 13.56X. It carries a Value Score of B.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NEM’s 2026 and 2027 earnings implies a year-over-year rise of 30.7% and 10%, respectively. The EPS estimates for 2026 and 2027 have been trending lower over the past 60 days.

Image Source: Zacks Investment Research

Callan Family Office LLC bought a new position in shares of Newmont Corporation (NYSE:NEM – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 32,059 shares of the basic materials company’s stock, valued at approximately $2,994,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Newmont in the 2nd quarter worth $11,289,753,000. Norges Bank bought a new stake in Newmont in the fourth quarter valued at about $1,443,128,000. Bank of New York Mellon Corp bought a new stake in Newmont in the second quarter valued at about $1,219,505,000. Deutsche Bank AG acquired a new position in Newmont in the second quarter valued at about $911,180,000. Finally, Van ECK Associates Corp boosted its holdings in Newmont by 23.4% during the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock worth $2,973,539,000 after buying an additional 5,643,496 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In A number of analysts have recently commented on NEM shares. Raymond James Financial lowered their price target on Newmont from $139.00 to $137.00 and set an “outperform” rating for the company in a research note on Tuesday, June 30th. National Bank Financial reduced their price objective on shares of Newmont from $140.00 to $125.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 14th. Canaccord Genuity Group decreased their price objective on shares of Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. TD Cowen reaffirmed a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Finally, UBS Group cut their target price on shares of Newmont from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $132.59.

Get Our Latest Report on Newmont Newmont Stock Up 3.2% NYSE:NEM opened at $131.76 on Friday. Newmont Corporation has a 1 year low of $69.05 and a 1 year high of $134.88. The stock has a 50-day moving average price of $101.60 and a two-hundred day moving average price of $108.96. The stock has a market cap of $138.83 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 1.36 and a beta of 0.47. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The company had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same quarter last year, the firm posted $1.43 earnings per share. As a group, equities analysts expect that Newmont Corporation will post 9.01 earnings per share for the current year.

Newmont Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio is presently 13.13%.

Insiders Place Their Bets In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the sale, the chief financial officer directly owned 29,324 shares in the company, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $93.45, for a total transaction of $280,350.00. Following the completion of the transaction, the executive vice president directly owned 40,315 shares in the company, valued at approximately $3,767,436.75. The trade was a 6.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 32,091 shares of company stock worth $3,292,513. Company insiders own 0.06% of the company’s stock.

Key Stories Impacting Newmont Here are the key news stories impacting Newmont this week:

Positive Sentiment: Gold reached record levels. Spot gold traded above $4,500 an ounce and was on track for a third consecutive weekly gain. A softer U.S. dollar, bond-market volatility and inflation concerns increased demand for gold as a safe-haven asset, improving the potential revenue and cash-flow outlook for Newmont. Why Is Newmont Stock Surging Friday? Positive Sentiment: Strong operating performance and capital returns supported sentiment. Newmont reported record second-quarter free cash flow of $2.2 billion and operating cash flow of $2.9 billion, remains on track to produce 5.3 million attributable gold ounces in 2026, and has returned approximately $1.9 billion through dividends and share repurchases since its prior earnings report. Positive Sentiment: Scotiabank raised its earnings forecast. The firm increased its FY2026 EPS estimate to $8.96 from $8.83, maintained an “Outperform” rating and set a $149 price target. The median target among 10 analysts is reported at $145.50, suggesting analysts generally see additional upside. Neutral Sentiment: Newmont appointed Peter Beaven as an independent director. Effective September 1, Beaven is expected to join the Audit Committee, adding finance and global mining experience. The appointment is strategically supportive but is unlikely to materially change near-term earnings. Newmont Appoints Peter Beaven to Board of Directors Neutral Sentiment: Newmont agreed to sell a Nevada gold project to StrikePoint for $70 million. The transaction may help streamline the portfolio and monetize a noncore asset, although the immediate earnings impact was not provided. StrikePoint to Buy Nevada Gold Project from Newmont Negative Sentiment: Reported insider trading was a potential cautionary signal. Company insiders recorded 15 open-market sales and no purchases during the past six months, though such transactions may reflect compensation or personal financial planning rather than a view on Newmont’s business. Newmont Company Profile (Free Report)

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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Vancouver, British Columbia - TheNewswire - August 13, 2026: Headwater Gold Inc. (CSE: HWG) (OTCQX: HWAUF) (the “Company” or “Headwater”) is pleased to announce that it has entered into a new earn-in agreement (the “Agreement”) with Newmont USA Limited (“Newmont”), a subsidiary of Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM), on Headwater’s 100% owned Jupiter Project (“Jupiter” or the “Project”) in Nevada.

Jupiter is a 100%-owned, potential district-scale epithermal gold project located in the southern Walker Lane belt. The Project covers a large, well-preserved mineral system with demonstrated gold mineralization and multiple untested priority targets.

Highlights:

Earn-In Agreement: Headwater has entered into a new earn-in agreement with Newmont on the Jupiter Project, under which Newmont may earn up to a 75% interest through staged exploration expenditures totalling US$30,000,000 and delivery of a Pre-Feasibility Study; 

Firm Minimum Commitment: The Agreement includes a minimum funding commitment of US$2,500,000 in exploration expenditures over the first 24 months; 

Potential District-Scale Epithermal System: Jupiter comprises of an approximate 5 by 8-kilometre hydrothermal alteration footprint with limited historical drilling confirming gold mineralization and multiple untested priority drill targets;  

Expenditure Reimbursement: The agreement includes the reimbursement to the Company for US$250,000 in expenditures incurred on the Project prior to the Agreement; and 

Expanded Partnership: The Agreement adds a third Headwater project to the Company’s continued exploration relationship with Newmont, alongside the Spring Peak and Lodestar projects. 

Caleb Stroup, President and CEO of Headwater, states: “We are delighted to broaden our relationship with Newmont through this new earn-in agreement on the Jupiter Project. Jupiter is exactly the type of opportunity we look for at Headwater: a large, underexplored epithermal system in Nevada with demonstrated gold mineralization, a potential district-scale alteration footprint and multiple untested targets. Headwater recognized the potential for Jupiter to represent one large contiguous district that had not been explored at the district-scale context by previous operators.  The scale of the exploration commitment under this Agreement provides an opportunity to systematically test that thesis and represents another example of the Headwater business model working as intended. We generated and secured a high-quality 100%-owned project, advanced the geological concept and have now brought in a world-class partner to fund meaningful exploration while preserving significant upside exposure for Headwater shareholders.”

Jupiter Earn-In Agreement

Table 1: Principal Structure of the Earn-In Agreement:

Stage

Expenditures (US$)

Newmont Interest (%)

Time for Each Stage

Minimum Commitment

$2,500,000

0%

2 Years
from Execution Date

Stage 1

$10,000,000

51%

4 Years

from Execution Date

Stage 2

$20,000,000

65%

3 Years from commencement of Stage 2

Stage 3

Pre-Feasibility Study

with 1.5Moz AuEq

+ 2% NSR royalty

75%

3 Years from commencement of Stage 3

  Under the Agreement, Newmont has the right to acquire up to a 75% interest in the Project through staged exploration expenditures and technical milestones.

Minimum Commitment. The agreement includes a minimum commitment of US$2,500,000 in exploration expenditures over the first 24 months of the Agreement.

Stage 1. Newmont may earn an initial 51% interest in the Project by funding US$10,000,000 in exploration expenditures, inclusive of the minimum commitment, within 48 months of the effective date of the Agreement.

Stage 2. If Newmont completes Stage 1, it may elect to earn an additional 14% interest in the Joint Venture, increasing its interest to 65%, by funding US$20,000,000 in additional exploration expenditures within 36 months from the commencement of Stage 2.

Stage 3. If Newmont completes Stage 2, it may then earn an additional 10% interest in the Joint Venture, increasing its interest to 75%, by funding the preparation and delivery of a Pre-Feasibility Study with a minimum 1.5 Moz AuEq and granting Headwater a 2% net smelter return royalty on production, within 36 months from the commencement of Stage 3.

During the initial earn-in period, Headwater will act as manager of the Project and earn a 10% fee, subject to the terms of the Agreement. Additionally, Headwater will be reimbursed for US$250,000 in expenditures incurred on the Project prior to the Agreement.

 
Click Image To View Full Size

  Figure 1:  Simplified alteration map of the Jupiter Project target areas and associated geologic features.  

About the Jupiter Project

The Jupiter Project is a 100% owned, royalty-free, potential district-scale epithermal gold opportunity in Nye County, Nevada, within the highly prospective Walker Lane belt. It comprises 352 unpatented mining claims covering ~7,000 acres (2,800 ha) on BLM land and lies ~110 km northeast of AngloGold’s Arthur (Silicon-Merlin) project. The Project is underlain by Miocene volcanic rocks intruded by felsic dikes and cut by ENE- to NE-trending structures that define a coherent district-scale structural and magmatic corridor.

Jupiter hosts a laterally extensive and well-zoned hydrothermal system spanning approximately 5 x 8 km. Pervasive kaolinite alteration dominates at surface, consistent with the upper levels of a preserved low-sulfidation epithermal environment. Higher-temperature assemblages (silica-dickite-kaolinite) are localized along multiple structurally controlled corridors, frequently associated with rhyolite dikes. Alteration transitions outward into broad illite zones and distal smectite- and silica-rich assemblages. The most intense surface alteration occurs along a prominent ENE structural corridor (Queen City and Redwing target areas), interpreted as the primary up flow zone. Gold mineralization identified to date is primarily associated with the illite-dominant alteration zone developed beneath the broad upper kaolinite-dickite cap. Several lower-temperature alteration zones show characteristics typical of the upper portions of a low-sulfidation epithermal system, indicating strong potential for both bulk-tonnage and high-grade underground-style targets.

Historical drilling and surface sampling have confirmed gold mineralization, highlighted by 9.1 m at 1.1 g/t Au in hole JURC0001 and rock chips returning up to 3.1 g/t Au. Strong gold-in-soil anomalies and pathfinder elements further delineate potential, along the contact between Paleozoic carbonate rocks and altered volcanic rocks, and wide-spread in the volcanic rocks. Previous exploration (1981–2020) by various operators was fragmented, shallow, and guided by Carlin-type models, leaving the system largely untested along high-angle feeder structures in the altered volcanic units overlying the Paleozoic carbonate rocks.  The largest gold deposits in the Walker Lane (Silicon-Merlin and Round Mountain) are largely hosted in volcanic units overlying Paleozoic basement.

Mineralization and hydrothermal alteration are controlled by ENE-trending structures and associated felsic intrusions. Historical geophysical data supports this, showing structural lineaments, demagnetization, conductive clay-altered rocks, and a large untested resistive feature at depth. Headwater has identified multiple high-priority target areas based on known gold, structurally focused alteration, and geochemical anomalies.

The next phase of work is currently designed to include detailed geological mapping, targeted surface sampling, and property-scale geophysical surveys to refine the structural architecture beneath post-mineral cover and prioritize targets for initial drill testing. Preparations are underway for an initial drilling program targeted to commence in late 2026 or early 2027. Jupiter stands out as a compelling, underexplored epithermal system with district-scale potential in a Tier-1 jurisdiction.

About Headwater Gold

Headwater Gold Inc. (CSE: HWG, OTCQX: HWAUF) is a technically driven mineral exploration company focused on the discovery of high-grade precious metal deposits in the Western USA. Headwater is actively exploring one of the world's most well-endowed, mining-friendly jurisdictions, with a goal of making world-class precious metal discoveries. The Company has a large portfolio of epithermal vein exploration projects and a technical team with diverse experience in capital markets and major mining companies. Headwater is systematically drill-testing several projects in Nevada and has strategic earn-in agreements with OceanaGold Corporation on its TJ, Jake Creek and Hot Creek projects, Newmont Corporation on its Spring Peak, Lodestar and Jupiter projects and Centerra Gold Inc. on its Crane Creek project in Idaho. In August 2022 and September 2024, Newmont and Centerra acquired strategic equity interests in the Company, further strengthening Headwater's exploration capabilities.

Marketing Service Agreements

Departures Capital Inc.

The Company has engaged Departures Capital Inc. (“Departures Capital”) to provide marketing and investor relations services designed to enhance the Company’s investor visibility and awareness. Services may include digital media production, video content, development and maintenance of investor-focused landing pages, electronic communications, digital advertising and other related marketing services. The platform/medium through which the services will occur include www.departurescapital.com, www.youtube.com and other social media outlets.

The agreement is effective August 11, 2026 for a six month term to end on February 10, 2027. The total cost to the Company is $25,000 in Canadian funds, plus applicable taxes, paid in advance, and includes $15,000 in managed advertising deployed across digital channels. The compensation does not include options to purchase securities of the Company.

Departures Capital is arm’s length to the Company and, to the knowledge of the Company, neither Departures Capital nor its principals have any present interest, directly or indirectly, in the Company’s securities, nor any right or intent to acquire such an interest.

Departures Capital Inc. can be reached at:

#1500 – 409 Granville Street

Vancouver, British Columbia V6C 1T2

Tel: (519) 590-6985

Email: [email protected]

CEO.CA Technologies Ltd.

The Company has engaged CEO.CA Technologies Ltd. (“CEO.CA”) to provide advertising services designed to enhance the Company’s investor visibility and awareness. Services may include desktop and mobile banner advertising, featured news releases, email sponsorships and video interviews syndicated to partners and distributed on CEO.CA website.

The agreement is effective August 11, 2026 for a three month term to end on November 11, 2026. The total cost to the Company is $15,000 in Canadian funds, plus applicable taxes, paid in advance. The compensation does not include options to purchase securities of the Company.

CEO.CA is arm’s length to the Company and, to the knowledge of the Company, neither CEO.CA nor its principals have any present interest, directly or indirectly, in the Company’s securities, nor any right or intent to acquire such an interest.

CEO.CA can be reached at:

69 Yonge Street, Suite 200

Toronto, Ontario M5E 1K3

Email: [email protected]

For more information about Headwater, please visit the Company's website at www.headwatergold.com.

Headwater is part of the NewQuest Capital Group, a discovery-driven investment enterprise that builds value through the incubation and financing of mineral projects and companies. Further information about NewQuest is available at www.nqcapitalgroup.com.

On Behalf of the Board of Directors

Caleb Stroup

President and CEO

+1 (775) 409-3197

[email protected]

For further information, please contact:

Brennan Zerb

Investor Relations Manager

+1 (778) 867-5016

[email protected]

Qualified Person

The technical information contained in this news release has been reviewed and approved by Joshua Carron (SME Reg No. 042931540), a “Qualified Person” (“QP”) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Carron is not independent, as he is the Company’s Vice President, Exploration.

Forward-Looking Statements: This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future exploration expenditures by Newmont, Newmont’s anticipated funding of the minimum commitment, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, the risk that Newmont will not elect to continue with additional exploration beyond the Minimum Commitment, the ability of the Company to obtain required permits, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company's filings with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR+ website at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements, except as otherwise required by law.

Key Takeaways Barrick's Q2 call centered on its $4B Newmont package and planned North American gold IPO.Barrick's Q2 gold output hit 796,000 ounces, while 2026 gold and copper guidance stayed unchanged.Barrick cut 2026 capex guidance to $3.8B-$4.2B while advancing Fourmile and its year-end IPO. Barrick Mining Corporation (B - Free Report) used its second-quarter 2026 earnings call to frame the Newmont agreement as a reset for Nevada Gold Mines and a key step toward its planned North American gold IPO.

Management kept full-year production and cost guidance unchanged while outlining a higher second-half production cadence and lower capital spending range.

B Resets NGM With NewmontPresident and CEO Mark Hill said the Newmont package carries a total value of about $4 billion, including Fourmile, Newmont's Mike and Fiberline properties, dispute resolution and reduced IPO friction costs.

Newmont will pay Barrick $1.95 billion in cash, and the agreement brings the contributed properties into Nevada Gold Mines, creating a complex with nearly 100 million ounces of gold.

Hill said the reset lets the partners focus on processing capacity, ore movement and infrastructure. He wants the joint venture to reduce ore trucking and optimize future processing.

Barrick Holds IPO at 10%Hill said the North American IPO remains targeted for completion by year-end, with him selected to lead the new company as CEO after separation.

In Q&A, Hill said Barrick still plans to float a 10% minority interest and has no current plan to increase that stake. He also rejected a shareholder spinout.

Chief development officer George Joannou said the company will revisit structural options after Newmont's consent to identify friction-cost savings. Management confirmed that a marketing process will be part of the IPO.

B Keeps Guidance Despite Weather DisruptionsPresident and CEO Mark Hill kept 2026 gold production guidance at 2.90 million to 3.25 million ounces and copper guidance at 190,000 to 220,000 tons.

The company expects third-quarter gold output to exceed second-quarter and fourth-quarter production to rise again. Copper production is also expected to increase in the second half versus the first half.

Second-quarter gold production reached 796,000 ounces, above guidance of 730,000 to 770,000 ounces. Adjusted earnings of $0.82 per share topped the Zacks Consensus Estimate of $0.81. Revenues of $5.29 billion also surpassed the $4.49 billion estimate.

During Q&A, Hill said guidance is not conservative, citing weather-related downtime at Veladero and a water-related shutdown at Porgera. He remained confident in the full-year targets.

Barrick Pushes Fourmile and Trims CapexBarrick reduced 2026 total attributable capital expenditure guidance to $3.8 billion to $4.2 billion from $4.0 billion to $4.45 billion, mainly because of lower spending at Reko Diq.

The CEO said Fourmile's prefeasibility study remains targeted for completion by the end of 2028, while management intends to accelerate development and evaluate added Nevada processing capacity.

A CIBC analyst pressed management for more Fourmile disclosure to help investors model the project. Hill acknowledged the concern and said the company would work on improving the information available.

B Maintains Capital ReturnsSenior EVP and CFO Hongyu Cai said Barrick ended the quarter with $1.2 billion of net cash, an undrawn $3 billion revolver and no meaningful debt due until 2033.

Attributable free cash flow was $141 million in the second quarter, pressured by annual tax and interest timing and a one-time $400 million Loulo-Gounkoto payment. Cai said excluding that payment, attributable free cash flow would have been more than 60% higher year over year.

Barrick repurchased $1.209 billion of shares during the quarter and maintained its $0.175 quarterly base dividend. Its policy targets an annualized payout of 50% of attributable free cash flow.

Barrick's Priorities for the Second HalfPresident and CEO Mark Hill's closing message centered on safety, operational consistency, full-year guidance, growth projects and completion of the North American IPO.

The second-half agenda remains focused on those priorities while management continues efforts to improve safety and keep major growth projects on schedule and on budget.

B's Zacks Rank Tempers Strong Style ScoresB currently carries a Zacks Rank #4 (Sell), reflecting an unfavorable earnings estimate revision trend under the Zacks methodology. Under the Style Score framework, that rank carries more weight than the favorable scores.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock has a Value Score of B, Growth Score of A, Momentum Score of A and VGM Score of A. Those grades indicate strong style characteristics, but Style Scores are designed to complement top Zacks Ranks rather than override a weak one. The Zacks Rank can change as analysts revise estimates following the just-reported results.

Key Takeaways NEM's expansion through projects and strong free cash flow support shareholder returns.EQX is expanding through new projects and acquisitions while targeting 700,000-800,000 ounces in 2026. EQX trades at a lower forward earnings multiple, while both companies' 2026 EPS estimates have declined. Newmont Corporation (NEM - Free Report) and Equinox Gold Corp. (EQX - Free Report) are two prominent growth-focused gold producers. While gold prices have pulled back sharply from their January 2026 highs, they remain supportive.

Heightened geopolitical tensions, a weaker U.S. dollar and tariff-related worries had driven bullion to a record high of nearly $5,600 per ounce in late January. Since then, gold has pulled back sharply due to inflation concerns triggered by a surge in crude oil prices amid Middle East tensions, with prices falling to $4,500 per ounce around the end of May.

Bullion continued to retreat in June, with prices slipping below $4,000 per ounce to a near eight-month low amid rate-hike expectations and a stronger greenback, despite reduced inflation concerns following the interim agreement between the United States and Iran. Aggressive profit-booking also contributed to the slump in gold prices.

Gold prices recouped some losses to climb above $4,100 per ounce recently, but again eased toward $4,000 per ounce as a surge in oil prices has stoked renewed inflation fears.  Meanwhile, the Federal Reserve held interest rates steady in the latest policy meeting notwithstanding renewed U.S.-Iran hostilities and inflation concerns, driving gold prices to near $4,100 per ounce.

Let’s dive deep and closely compare the fundamentals of these two gold miners to determine which one is a better investment now.

The Case for NewmontNewmont continues to invest in growth projects in a calculated manner. The company is pursuing several projects, including the Cadia Panel Caves and Tanami Expansion 2 in Australia. These projects should expand Newmont’s production capacity and extend mine life, driving revenues and profits.

In October 2025, NEM achieved a significant milestone at Ahafo North. It achieved commercial production at the project, which followed the first gold pour in September 2025. Ahafo North is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years.

NEM recently received key regulatory approvals from the Province of British Columbia for its Red Chris Block Cave Project, marking a major milestone in the planned transformation of the Red Chris Mine from an open-pit operation to a large-scale block-cave mine. The approvals take the project closer to a final investment decision, which Newmont expects to make later this year.

Newmont has also divested non-core businesses as it shifts its strategic focus to Tier 1 assets.   The company generated $3.6 billion from its portfolio optimization actions in 2025. These funds will support Newmont’s capital allocation strategy, which focuses on reinforcing its balance sheet and delivering returns to its shareholders.

Newmont has a strong liquidity position and generates substantial cash flows, which allow it to fund its growth projects, meet short-term debt obligations and drive shareholder value. At the end of the second quarter of 2026, Newmont had robust liquidity of roughly $13 billion, including cash and cash equivalents of around $9 billion. Net cash provided by operating activities amounted to $2.9 billion in the second quarter, up roughly 23% from the year-ago quarter. Free cash flow increased to $2.2 billion from $1.7 billion a year earlier.

  Newmont distributed $3.4 billion to its shareholders through dividends and share repurchases in 2025. It has returned $1.9 billion to its shareholders since April 23, 2026. Newmont has executed buybacks under the current $6 billion authorized share repurchase program, with $4.3 billion remaining under it. NEM offers a dividend yield of 1.1% at the current stock price. Its payout ratio is 11%.

Newmont also remains committed to deleveraging, reducing debt by roughly $3.4 billion in 2025. It ended the second quarter with a strong net cash position of $3.4 billion and remains actively focused on managing its debt.

   NEM saw lower gold production for the second quarter, partly linked to its strategic divestment of non-core assets. The company reported a roughly 13% year-over-year and 1% sequential decline in attributable gold production to 1.29 million ounces. Lower output from Cadia and reduced grades across certain mines impacted production. Newmont expects third-quarter 2026 production to be largely in line with the second-quarter level.

The company anticipates gold production at about 5.26 million ounces for 2026, indicating a year-over-year decline from 5.89 million ounces in 2025. NEM expects lower production from Penasquito and Cadia in 2026 due to the site transitions. It also sees lower-than-expected production from Nevada Gold Mines and Pueblo Viejo. These will be partly offset by contributions from the newly commissioned Ahafo North mine.

Lower production is expected to lead to higher unit costs in 2026. NEM expects all-in-sustaining costs (AISC) — a critical cost metric for miners — to be $1,680 per ounce on a by-product basis, a notable increase from $1,358 per ounce in 2025. The expected increase is due to lower sales volumes as a result of planned mine sequencing, higher royalties and production taxes, deferral of sustaining capital from 2025 into 2026 and inventory changes. Newmont also sees a sequential rise in unit costs in the third quarter, mainly due to increased sustaining capital spending and higher oil prices. The production decline and higher costs could undercut the profitability goals.

The Case for Equinox GoldEquinox Gold has rapidly evolved into a diversified, growth-focused gold producer. With operating mines spanning Canada, the United States and Brazil, it is targeting over one million ounces of annual production through an ambitious pipeline of expansions. It currently has five producing mines and three expansion projects that are expected to add more than 500,000 ounces of organic growth over the next few years. EQX remains on course to achieve its 2026 gold production guidance of 700,000-800,000 ounces.

EQX, in 2025, closed its transformative business combination with Calibre Mining Corp., creating an Americas-focused diversified gold producer anchored by two high-quality Canadian gold mines, Greenstone and Valentine. The integrated entity will become the second-largest gold producer in Canada with Greenstone and Valentine operating at nameplate capacity. Through this combination, Equinox Gold enhances its asset base with operating mines in Nicaragua and the United States, as well as earlier-stage assets in the United States.

Greenstone, which achieved commercial production in November 2024, achieved average mining rates of more than 199,000 tons per day in the second quarter. Greenstone is expected to produce around 320,000 ounces of gold on average annually with opportunities for further growth. EQX is advancing the Valentine Phase 2 expansion, which is expected to increase processing throughput to 5 million tons annually from the current 2.5 million tons per year and boost production by roughly 25%. The Phase 2 project at Castle Mountain in California is expected to increase production to an average of 218,000 ounces annually over a 14-year Phase 2 mine life, with further potential for expansion from exploration. A restart and expansion at Los Filos in Mexico is expected to add 280,000 ounces on average annually.

Equinox Gold inked a deal with Orla Mining Ltd. (ORLA - Free Report) on May 13, 2026, for an at-market combination to create a North American senior gold producer. Once completed, the combined company will operate as Equinox Gold.

ORLA shareholders will receive 1.00 Equinox Gold common share and a nominal cash payment of $0.0001 for each Orla Mining common share as part of the deal. Annual gold production from the combined company is projected to be 1.1 million ounces, driven by a highly complementary portfolio of six North American mines.

Equinox Gold’s Greenstone mine in Ontario and the Valentine mine in Newfoundland & Labrador, along with Orla Mining’s Musselwhite mine, will have a cumulative production of 685,000 ounces of gold in Canada. Of this, Greenstone and Valentine mines are expected to produce 450,000 ounces, with Musselwhite contributing 235,000 ounces of gold. The proposed business combination has been approved by shareholders of both companies.

EQX has a strong balance sheet and generates substantial cash flows, which allows it to fund its growth projects and drive shareholder value. The company ended the first quarter of 2026 with strong liquidity of $923 million, including roughly $363 million in unrestricted cash and cash equivalents. It also generated cash flow from operations (before changes in non-cash working capital) of $341 million in the quarter. It paid dividends worth $11.8 million to its shareholders in the quarter. EQX offers a dividend yield of 0.7% at the current stock price, with a payout ratio of 8%.

NEM & EQX: Price Performance, Valuation & Other ComparisonsNEM stock has rallied 47.1% over the past year, while EQX stock has gained 46.9%, compared with the Zacks Mining – Gold industry’s 39.9% increase.

Image Source: Zacks Investment Research

NEM is currently trading at a forward 12-month earnings multiple of 9.59. This represents a modest 2.9% discount when stacked up with the industry average of 9.88X.

Image Source: Zacks Investment Research

Equinox Gold is trading at a discount to Newmont. The EQX stock is currently trading at a forward 12-month earnings multiple of 7.49, below its industry average. 

Image Source: Zacks Investment Research

EQX’s long-term debt-to-capitalization is around 8.7%, lower than NEM’s 13.4%.  

Image Source: Zacks Investment Research

How Do Zacks Consensus Estimates Compare for NEM & EQX?The Zacks Consensus Estimate for NEM’s 2026 sales and EPS implies a year-over-year rise of 15.6% and 30.5%, respectively. The EPS estimates for 2026 have been trending lower over the past 60 days.

Image Source: Zacks Investment Research

The consensus estimate for EQX’s 2026 sales and EPS implies year-over-year growth of 53.9% and 276.7%, respectively. The EPS estimates for 2026 have been trending southward over the past 60 days.

Image Source: Zacks Investment Research

NEM or EQX: Which Stock Holds the Edge?Both Newmont and Equinox Gold are demonstrating strong financial performance and commitment to shareholder returns, supported by still-favorable gold prices. Both have a strong pipeline of development projects and solid financial health. EQX appears to have an edge over NEM due to its more attractive valuation and higher growth projections. EQX’s lower leverage also suggests lower financial risks. Investors seeking exposure to the gold space might consider Equinox Gold as the more favorable option at this time.

While NEM currently carries a Zacks Rank #4 (Sell), EQX has a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Newmont Corporation (NEM) Q2 2026 Earnings Call July 23, 2026 5:30 PM EDT

Company Participants

Neil Backhouse - Group Head of Treasury & Investor Relations
Natascha Viljoen - CEO, President & Director
Brian Tabolt - Executive VP & CFO

Conference Call Participants

Fahad Tariq - Jefferies LLC, Research Division
Hugo Nicolaci - Goldman Sachs Group, Inc., Research Division
Daniel Morgan - Barrenjoey Markets Pty Limited, Research Division
Richard Garchitorena - Barclays Bank PLC, Research Division
Anita Soni - CIBC Capital Markets, Research Division
Lawson Winder - BofA Securities, Research Division
Joshua Wolfson - RBC Capital Markets, Research Division
Daniel Major - UBS Investment Bank, Research Division
Tanya Jakusconek - Scotiabank Global Banking and Markets, Research Division

Presentation

Operator

Hello, and welcome to Newmont's Second Quarter 2026 Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Newmont's Group Head of Treasury and Investor Relations, Neil Backhouse. Neil, please go ahead.

Neil Backhouse
Group Head of Treasury & Investor Relations

Thank you, Holly. Hello, everyone, and thank you for joining Newmont's Second Quarter 2026 Results Conference Call. Joining me today are Natascha Viljoen, our President and Chief Executive Officer; Brian Tabolt, our newly appointed Executive Vice President and Chief Financial Officer; as well as other members of our management team who will be available to answer questions at the end of the call. Before we begin, please take a moment to review our cautionary statement shown here and refer to our SEC filings, which can be found on our website.

With that, I'll turn the call over to Natascha.

Natascha Viljoen
CEO, President & Director

Thank you, Neil, and hello, everyone. To begin today's call, I'd like to start by acknowledging the executive leadership appointments we announced last month, reflecting the depth and talent we have within Newmont and reinforcing our commitment to

Key Takeaways NEM will report Q2'26 results July 23, with earnings seen up 49% and revenue up 16.4% year over year.NEM expects lower Q2 gold output and higher unit cost from mine sequencing, inflation and sustaining capital.NEM expects lower 2026 output at Penasquito, Cadia, Nevada Gold Mines and Pueblo Viejo. Newmont Corporation (NEM - Free Report) is slated to report second-quarter 2026 results after the closing bell on July 23. The mining giant is expected to have benefited from significantly higher realized gold prices in the second quarter compared with the year-ago period. However, the pricing tailwind is likely to have been weaker than in the first quarter. Gold prices retreated from the record highs reached earlier in the year as easing trade tensions, profit-taking after a solid rally and a stronger U.S. dollar reduced safe-haven demand. 

NEM’s second-quarter performance is expected to have been weighed down by lower production across certain operations, planned mine sequencing and persistent cost inflation. Higher labor, energy and consumable costs are also likely to have pressured margins. Although stronger copper and silver prices may have provided some support, these gains are expected to have been insufficient to fully offset the impact of lower output and elevated operating expenses. 

The Zacks Consensus Estimate for second-quarter earnings was revised downward in the past 90 days. The consensus estimate for earnings is pegged at $2.07 per share, suggesting a 44.8% year-over-year rise. The Zacks Consensus Estimate for second-quarter revenues currently stands at $6.19 billion, indicating a roughly 16.4% increase from the year-ago quarter.

Image Source: Zacks Investment Research

NEM beat the Zacks Consensus Estimate for earnings in each of the last four quarters. It has a trailing four-quarter earnings surprise of 33.6%, on average. 

Image Source: Zacks Investment Research

Q2 Earnings Whispers for NEMOur proven model doesn’t predict an earnings beat for NEM this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is just not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

NEM has an Earnings ESP of -10.65% and a Zacks Rank #4 (Sell). 

You can see the complete list of today’s Zacks #1 Rank stocks here. 

Factors Shaping NEM’s Q2 ResultsNEM saw lower gold production for the first quarter, partly linked to its strategic divestment of non-core assets. NEM reported a roughly 16% year-over-year and 10% sequential decline in attributable gold production to 1.3 million ounces. Newmont expects second-quarter 2026 production to be below the first-quarter level. The company had produced 1.5 million attributable gold ounces in the first quarter of 2025. 

Our estimate for attributable gold production stands at 1.23 million ounces for the second quarter, which indicates a 10.9% year-over-year decline. 

The company anticipates gold production at about 5.26 million ounces for 2026, indicating a year-over-year decline from 5.89 million ounces in 2025. NEM expects lower production from Penasquito and Cadia in 2026 due to the site transitions. It also sees lower-than-expected production from Nevada Gold Mines and Pueblo Viejo. These will be partly offset by contributions from the newly commissioned Ahafo North mine. 

Newmont is expected to have benefited from higher realized gold prices on a year-over-year basis in the to-be-reported quarter, but the pricing tailwind is likely to have been less pronounced than in the first quarter of 2026. Gold prices have retreated from the record highs reached earlier in the year amid easing geopolitical and trade tensions, a firmer U.S. dollar and profit-taking following a sharp rally, reducing safe-haven demand. Consequently, the company's average realized gold price is expected to have been lower than the record $4,900 per ounce reported in the first quarter, limiting the upside from higher gold prices in the second quarter. 

Our estimate of the average realized gold price for the second quarter is $4,774 per ounce, indicating a 2.5% sequential decline. 

Lower production is expected to lead to higher unit costs in 2026. NEM expects all-in-sustaining costs (AISC) — a critical cost metric for miners — to be $1,680 per ounce on a by-product basis, a notable increase from $1,358 per ounce in 2025. The expected increase is due to lower sales volumes resulting from planned mine sequencing, higher royalties and production taxes, deferral of sustaining capital from 2025 to 2026, and inventory changes.  

Newmont also sees a significant sequential increase in unit costs in the second quarter, partly due to increased sustaining capital spending, higher costs associated with sales at Boddington, Tanami, Lihir and Penasquito and increased oil prices. The production decline and higher costs could undercut the profitability goals. 

Newmont Stock’s Price Performance and ValuationNewmont’s shares have surged 44.5% in the past year, outperforming the Zacks Mining – Gold industry’s 26.2% increase and the S&P 500’s rise of 21.1%. Its gold mining peers, Barrick Mining Corporation (B - Free Report) , Agnico Eagle Mines Limited (AEM - Free Report) and Kinross Gold Corporation (KGC - Free Report) have surged 60.5%, 6% and 37.4%, respectively, over the same period. 

Price Performance of NEM vs. Industry, S&P 500, KGC, AEM & BImage Source: Zacks Investment Research

From a valuation standpoint, Newmont is currently trading at a forward 12-month earnings multiple of 9.09, higher than the industry. NEM is trading at a premium to Barrick and Kinross Gold and at a discount to Agnico Eagle. Newmont and Kinross Gold have a Value Score of B, Barrick has a Value Score of A, while Agnico Eagle currently has a Value Score of C. 

Valuation of NEM vs. Industry, KGC, AEM & BImage Source: Zacks Investment Research

Investment Thesis for NEM StockNewmont faces near-term headwinds from anticipated lower gold production, mine transitions and rising costs, which are expected to have weighed on earnings and margins in the second quarter of 2026. Production is projected to have declined due to weaker output at key operations, while higher all-in sustaining costs and softer realized gold prices sequentially could pressure profitability. Although contributions from the Ahafo North mine and elevated year-over-year gold prices might have provided some support, they are unlikely to have fully offset these challenges. These factors are expected to have limited earnings growth and could keep pressure on the stock in the near term. 

Final Thoughts: Sell NEM SharesNewmont's near-term outlook remains challenging as lower gold production, softer realized gold prices and significantly higher all-in sustaining costs are expected to weigh on earnings and margin performance. Production headwinds stemming from mine transitions, asset divestments and weaker output at several key operations are likely to persist through 2026, limiting volume growth. At the same time, easing gold prices reduce the benefit of the favorable pricing environment seen earlier this year, while rising operating and sustaining capital costs are expected to pressure profitability.  

With weakening fundamentals and a relatively expensive valuation, the stock offers a less compelling risk-reward profile, and investors may be better served by considering more attractively valued alternatives in the gold mining space. 

Wall Street expects a year-over-year increase in earnings on higher revenues when Newmont Corporation (NEM - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 23. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis gold and copper miner is expected to post quarterly earnings of $2.18 per share in its upcoming report, which represents a year-over-year change of +52.5%.

Revenues are expected to be $6.19 billion, up 16.4% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 2.97% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Newmont?For Newmont, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -12.55%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Newmont will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Newmont would post earnings of $2.07 per share when it actually produced earnings of $2.90, delivering a surprise of +40.10%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Newmont doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Investors went from pricing in record cash flows for Newmont (NEM +4.01%) to panicking over cooling gold prices amid falling production and rising costs. This sudden shift in sentiment triggered a 14.9% drop in June in Newmont's share price, according to data provided by S&P Global Market Intelligence. That single bad month erased early momentum, leaving the gold stock up only 10% in the first half of 2026.

Is Newmont headed even lower, or is this a prime opportunity to buy one of the finest gold stocks on the dip?

Image source: Getty Images.

Why Newmont stock lost its luster After hitting an all-time high of $5,608.35 per ounce in January 2026, gold crashed into a bear market in June, tumbling more than 25% from record highs.

Despite stubbornly high inflation and the conflict in the Middle East, gold has fallen in recent weeks. Historically, these factors should have fueled a rally in gold since it is considered as the ultimate safe-haven asset during volatile times.

Instead, with annual inflation in May surpassing 4% for the first time since April 2023 and the Federal Reserve keeping interest rates intact, the guaranteed yield from U.S. Treasury bonds continued to win over investors. A restrictive monetary policy simply took the wind out of gold's sails.

As the world's largest gold producer, Newmont's earnings and cash are highly leveraged to the metal, meaning its stock inevitably plunged alongside spot prices.

Should you buy the gold stock before Q2 earnings? Ironically, the big June drop in Newmont stock follows record-breaking Q1, where Newmont reported all-time cash flows. It also doubled its share repurchase program, authorizing an additional $6 billion in buybacks, and announced a dividend raise.

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The problem is that management has also guided for a low production year, estimating attributable gold production to decline to roughly 5.3 million ounces in 2026 from 5.9 million ounces in 2025 due to planned mining sequences and lower ore grades at key sites.

Concurrently, Newmont's projected all-in-sustaining-costs (AISC) are expected to rise significantly to $1,680 per ounce this year from $1,358 an ounce in 2025.

When a gold miner's output falls, even if temporarily, and operating costs rise, its stock becomes hyper-sensitive to spot gold prices. The expected margin squeeze has prompted some investors to take profits ahead of Newmont's upcoming Q2 earnings report on July 23.

Newmont is exceptionally well-financed right now, having exited Q1 with a massive net cash position of $3.2 billion. So if you want exposure to gold, Newmont is a top gold stock to buy on dips.

DENVER--(BUSINESS WIRE)--Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (“Newmont”) welcomes the Province of British Columbia’s approval of key regulatory authorizations for the Red Chris Block Cave project. The approvals enable the transition of the Red Chris Mine from current open-pit operations to block caving, allowing an extension of mine life into the mid-2040s. They mark a significant milestone in stage-gating as Newmont advances toward a final investment decision (FID) later this year.

The Province’s approvals include an amended Environmental Assessment Certificate (EAC), achieved through a consent-based process with the Tahltan Nation, as well as an amended Mines Act permit. The Red Chris mineral endowment offers decades of further upside potential beyond this initially permitted phase.

“The Red Chris Block Cave project represents a compelling long-term opportunity and today’s approvals mark a significant milestone in stage-gating as Newmont progresses toward a final investment decision later this year,” said Natascha Viljoen, President and Chief Executive Officer. “With significant mineral endowment, availability of clean hydroelectric power, port access, supportive governments, and strong Indigenous economic leadership, northwest British Columbia is emerging as a world-class mining district. We are proud to have advanced this project through a consent-based framework with the Tahltan Nation, reflecting our shared commitment to responsible resource development.”

Newmont is completing a Definitive Feasibility Study and detailed cost estimate for the Red Chris Block Cave. The project is expected to generate over 1,800 construction jobs, sustain approximately 1,500 peak-season operating roles and increase Canada’s copper production by roughly 15 percent.

In northwest British Columbia, Newmont is the majority owner and operator of the Red Chris Mine with Imperial Metals, its 30 percent joint venture partner. Newmont is also the owner and operator of the Brucejack Mine, and a 50 percent owner of Galore Creek Mining Corporation.

About Newmont

Newmont is the world’s leading gold company and a producer of copper, zinc, lead, and silver. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925. To learn more about Newmont’s sustainability strategy and initiatives, go to www.newmont.com.

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements in this news release include, without limitation, expectations regarding mine life estimates, extension of mine life, upside potential, job creation and job opportunity estimates, production and productivity estimates and improvements, timing of investment decisions and other statements regarding future events or results. For a discussion of risks and other factors that might impact future looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission on February 19, 2026, under the heading Risk Factors. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” to reflect events or circumstances after the date of this news release, except as may be required under applicable securities laws. Continued reliance on “forward-looking statements” is at investors’ own risk.