NEM Newmont (NEM) Q4 FY24 earnings call
Newmont concluded a transformational year marked by significant asset integration and a successful divestment program, positioning a core portfolio of Tier 1 assets for long-term value. While facing elevated costs and integration hurdles at key acquired operations, the company delivered strong Q4 free cash flow and exceeded production guidance. Management is now intensely focused on stabilizing the business, improving cost and productivity performance across its go-forward portfolio, and delivering on its 2025 commitments.
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NEM operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| Production volume Copper | 35K tonsDuring the first quarter, we produced 1.5 million ounces of gold and 35,000 tonnes of copper, in line with our full year guidance and the indications we provided on our last earnings call.Source: earnings call transcript | 30K tonsIn the first quarter, we produced 1.3 million ounces of gold, 30,000 tonnes of copper and 9 million ounces of silver, with both copper and silver volumes supporting a favorable by-product cost profile for the quarter.Source: earnings call transcript | 17K tonsIn the second quarter, we produced 1.3 million ounces of gold, 17,000 tonnes of copper and 7 million ounces of silver from the full portfolio.Source: earnings call transcript | 23K tonsIn the third quarter, Newmont safely produced approximately 1.3 million ounces of gold, 23,000 tonnes of copper and a notable 11 million ounces of silver.Source: earnings call transcript | +35.3% |
| Capital expenditures Sustaining capital | $459MAnd in the first quarter, we incurred $459 million in sustaining capital and $323 million in development capital as we continue to advance our highest-return projects from our deep organic pipeline.Source: earnings call transcript | $381MWe continue to invest in sustaining capital to strengthen the longevity and integrity of our portfolio, with $381 million spent in the first quarter.Source: earnings call transcript | $438MBeginning with the sustaining capital, we invested $438 million in the second quarter to support safe production and long-term sustainable cash generation.Source: earnings call transcript | $525MBeginning with sustaining capital, we spent $525 million in the third quarter as we continue to reinvest in the business to support safe production and sustainable free cash flow generation.Source: earnings call transcript | +19.9% |
| Capital expenditures Development capital | $323MAnd in the first quarter, we incurred $459 million in sustaining capital and $323 million in development capital as we continue to advance our highest-return projects from our deep organic pipeline.Source: earnings call transcript | $239MWe continue to invest in development capital to advance our highest return opportunities from our deep organic pipeline with $239 million deployed in the first quarter.Source: earnings call transcript | — | $354MWe also continue to invest in development capital, spending $354 million to advance the highest return opportunities within our deep organic growth pipeline.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.