Newmont Posts Strong Q3 Results with Record Gold Prices and Streamlined Portfolio

About Newmont Corporation Ltd

Newmont Corporation (ASX: NEM) is the world’s largest gold mining company, with operations and projects spanning North America, South America, Australia, and Africa. Headquartered in Denver, Colorado, Newmont explores for, develops, and produces gold, copper, silver, lead, and zinc, maintaining one of the industry’s most geographically diverse and balanced portfolios of long-life Tier 1 assets.

The company is recognised globally for its commitment to sustainable mining, safety leadership, and operational excellence, and has been a constituent of the S&P 500 Index for over 50 years. Through its disciplined capital allocation, environmental stewardship, and focus on innovation, Newmont has consistently positioned itself at the forefront of responsible resource development.

In its latest September-quarter report (Q3 FY25), Newmont delivered a strong financial performance underpinned by higher realised gold prices, portfolio optimisation following its acquisition of Newcrest Mining, and continued cost discipline across its global operations.

Financial Overview

Newmont Corporation, reported a robust Q3 FY25, driven by record realised prices across its gold and silver portfolio and efficiency gains following the successful divestiture of six non-core assets.

Quarterly sales revenue rose 20 % year-on-year to US$5.52 billion, underpinned by an average realised gold price of US$3,539/oz, compared to US$2,518/oz a year earlier. Net income from continuing operations reached US$1.83 billion, or US$1.67 per diluted share, more than doubling the previous year’s result.

Adjusted net income stood at US$1.88 billion (US$1.71 per share), while Adjusted EBITDA expanded to US$3.31 billion, reflecting margin expansion, lower operating costs, and stronger portfolio performance.

Operational Performance

Newmont produced 1.42 million attributable ounces of gold during the quarter, down modestly from 1.67 million ounces in the prior corresponding period due to asset sales. Average all-in sustaining costs (AISC) fell 3 % YoY to US$1,566/oz, reflecting operational efficiencies at core mines such as Ahafo, Brucejack, and Peñasquito. The company also delivered 359,000 gold-equivalent ounces from co-products, including 35,000 tonnes of copper, 7 million oz of silver, 26,000 tonnes of lead, and 59,000 tonnes of zinc. Copper output remained steady at 72 million lb, while silver sales climbed 33 % YoY to 8 million oz, benefitting from improved recovery rates at the Peñasquito mine in Mexico. Across the portfolio, Newmont’s costs applicable to sales decreased to US$1.95 billion, down from US$2.31 billion in Q3 FY24, due to divestitures and cost discipline.

Portfolio Restructuring and Asset Sales

The quarter marked the culmination of Newmont’s portfolio optimisation program, initiated after the Newcrest Mining acquisition in 2023. The company has now exited six non-core operations — CC&V, Musselwhite, Éléonore, Porcupine, Akyem, and Telfer — and finalised the sale of the Coffee development project in Canada, which closed in October 2025. These transactions delivered a combined gain of US$904 million and streamlined Newmont’s global operating footprint across high-margin, long-life assets in North America, Australia, Africa, and Latin America.

Regional Operations Snapshot

Across its global portfolio, Newmont Corporation delivered strong operational performance during the quarter, underpinned by solid contributions from key assets in Ghana, Mexico, and Canada. The Ahafo operation in Ghana generated approximately US$516 million in sales, with output boosted by the successful ramp-up of the Ahafo North project, which achieved commercial production in October 2025. In Mexico, the Peñasquito mine reported US$918 million in revenue, supported by improved mill throughput and robust by-product credits from silver, lead, and zinc production. Meanwhile, Brucejack in Canada maintained steady performance with strong recovery rates and lower unit costs, generating US$272 million in sales. The Red Chris copper operation, also in Canada, produced 35,000 tonnes of copper, benefitting from higher ore grades and favourable realised prices. Across all operating regions, Newmont continues to advance technology-driven productivity gains and carbon-reduction initiatives, including the integration of renewable power and the gradual electrification of its mobile mining fleets to support long-term sustainability goals.

Outlook and Strategic Priorities

Newmont reaffirmed its FY25 production guidance of 5.6 – 5.8 million attributable ounces of gold and AISC between US$1,550 – 1,650/oz. The company anticipates continued margin expansion in FY26, supported by strong metal prices, the integration of Ahafo North, and synergies from the Newcrest acquisition. Looking ahead, capital will be directed towards high-return growth projects, including Tanami Expansion 2 (Australia) and Cerro Negro District Development (Argentina), both targeting first production by 2027.

Conclusion

Newmont Corporation’s third-quarter performance highlights the strength of its global asset base, disciplined portfolio management, and commitment to operational excellence. With record free cash flow, a near debt-free balance sheet, and a simplified portfolio of long-life, high-margin assets, the company enters the next phase of its strategy from a position of exceptional financial and operational strength. Supported by sustained demand for gold, continued cost optimisation, and the ramp-up of growth projects such as Ahafo North, Tanami Expansion 2, and Cerro Negro, Newmont is well-placed to deliver consistent shareholder returns while advancing its long-term decarbonisation and innovation goals. As the gold sector continues to consolidate globally, Newmont remains the benchmark for scale, stability, and sustainability in modern mining.