NEWMONT Corp /DE/ NEM

Tom Palmer announced his retirement as CEO at year-end, with Natascha Viljoen appointed as his successor. Palmer highlighted Newmont's transformation into a leader in responsible gold mining with meaningful copper production and a strong project pipeline. Viljoen emphasized leveraging this foundation to unlock further value, focusing on operational excellence and disciplined capital allocation.

Q3 production was largely in line with Q2, driven by higher grades at Brucejack, improved productivity at Cerro Negro, and success at Yanacocha's injection leaching. Peñasquito delivered lower gold but steady lead, silver, and zinc. Ahafo South completed mining at Subika open pit, shifting to lower grades at Awonsu. Lihir completed Phase 14A layback construction for future higher grades. Ahafo North declared commercial production by end of day, September 19.

Newmont generated record Q3 cash flow of $1.6 billion, contributing to an all-time annual record of $4.5 billion free cash flow year-to-date. The company ended the quarter in a near zero net debt position after retiring $2 billion of debt, and Moody's upgraded its credit rating to A3. Capital allocation priorities remain unchanged: maintaining a strong balance sheet, funding cash-generative projects, and returning capital to shareholders through dividends and share repurchases.

The company's cost discipline and productivity work led to a meaningful improvement in 2025 guidance for G&A, Exploration, and Advanced Projects, with a 15% reduction. This was achieved through a smaller senior leadership team, a decentralized organizational structure with two business units, and optimized resource deployment. These efforts are offsetting higher costs from profit-sharing agreements, production taxes, and royalties in a strong gold price environment.

Ahafo North achieved commercial production, adding new low-cost ounces. Tanami's second expansion is progressing with shaft lining complete. Cadia's PC2-3 caving continues, with development for PC1-2 advancing alongside tailings remediation. While 2026 managed gold production is expected at the lower end of the 2025 range due to mine sequencing at Ahafo South, Peñasquito, Yanacocha, and Cadia, the company anticipates realizing full benefits of cost-saving initiatives, though these may be offset by persistent high gold prices.

Newmont views the Nevada Gold Mine district as having significant resources and long-term potential. The Fourmile project, now 100% controlled by Barrick, presents an opportunity for Newmont to exercise its option to participate, pending Barrick's feasibility study. All longer-dated projects in the study pipeline, including Fourmile, will compete for capital based on value accretion, with a focus on internal assets and share buybacks as primary investment avenues.