Newmont Lifts 2026 Cost Guidance After Third-Quarter Profit

The Tip Desk · October 22, 2026 · 3 min read

Adjusted net income reached $2.3 billion, or $2.20 a share, as gold by-product CAS fell 20% to $832 an ounce.

Newmont Corporation (NEM) reported third-quarter 2026 adjusted net income of $2.3 billion, or $2.20 a share, up 3% from the prior quarter, and said it remains on track for full-year production of 5.26 million attributable gold ounces while improving its 2026 unit-cost outlook.

The gold miner produced 1.30 million attributable gold ounces, a 1% increase from the second quarter, as Cadia recovered from a seismic event, Brucejack productivity improved, and Peñasquito throughput, grades and recovery rose. Those gains were largely offset by planned maintenance at Lihir and Boddington and mine-plan sequencing at Yanacocha. Consolidated gold sales were 1,211 thousand ounces.

Copper output rose 35% to 23 thousand tonnes on higher Cadia production. Silver increased 57% to 11 million ounces, lead 22% to 22 thousand tonnes and zinc 68% to 67 thousand tonnes, which the company attributed to higher co-product grades at Peñasquito. The average realized gold price was $4,317 an ounce, down $97 from the prior quarter.

Gold by-product CAS fell 20% to $832 an ounce, which Newmont said was driven primarily by higher gold and co-product volumes and higher realized copper prices, partly offset by lower silver prices and higher diesel. Gold by-product AISC decreased 10% to $1,454 an ounce, primarily from lower other expense related to incremental Cadia costs in the second quarter, partly offset by higher sustaining capital. Gold co-product CAS was $1,449 an ounce and co-product AISC was $1,963 an ounce.

Net income attributable to Newmont stockholders was $2.5 billion, or $2.35 a share, up $0.3 billion from the second quarter, primarily from higher revenue on gold sales volumes and realized copper prices and a $113 million decrease in income and mining tax expense. Adjusted EBITDA was $4.0 billion. Primary adjustments to adjusted net income included $116 million of reclamation and remediation charges and a $40 million gain on asset and investment sales.

Cash from operations before working capital increased 11% to $3.3 billion. Net cash from operating activities decreased 5% to $2.8 billion on an unfavorable working-capital change of $475 million; working capital was a net use of $565 million. Free cash flow decreased 13% to $1.9 billion. The company ended the quarter with $8.8 billion of cash, $12.8 billion of total liquidity and a net cash position of $3.2 billion, before a planned $1.95 billion payment to Barrick expected in the fourth quarter.

Newmont improved 2026 full-year guidance for gold by-product CAS to $925 an ounce and AISC to $1,520 an ounce, largely from cost discipline and higher realized co-product pricing versus guided assumptions. Production and capital guidance were unchanged. Fourth-quarter by-product CAS is expected at $1,250 an ounce and AISC at $1,900 an ounce, primarily from higher sustaining capital and lower co-product volumes, including silver at Peñasquito expected to decline to about half of third-quarter volume. Fourth-quarter attributable gold production is guided at 1,365 thousand ounces, which the company said is expected to be the strongest quarter of the year.

Nevada Gold Mines attributable production increased 5% to 251 thousand ounces, with CAS down 5% to $1,392 an ounce and AISC down 2% to $1,760 an ounce. Pueblo Viejo attributable production decreased 12% to 65 thousand ounces. Newmont announced an amended NGM agreement to include previously excluded assets, including Barrick’s Fourmile and Newmont’s Fiberline and Mike. Tanami Expansion 2 shaft construction was completed, with commercial production expected in the first half of 2027.

Since the last earnings call, Newmont returned $1.9 billion to shareholders through dividends and buybacks and has repurchased $1.6 billion of common stock, leaving $2.8 billion under the $6.0 billion authorization. The board declared a dividend of $0.26 a share. The company said it expects attributable gold production to increase by a low-to-mid single-digit percentage in 2027 versus 2026.