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NEM — Newmont Corporation

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NEM — Newmont Corporation

Sector: Mining | Exchange: NYSE | Updated: 2026-04-08

World’s largest gold mining company, founded in 1921 and headquartered in Denver, Colorado. Produces gold, silver, copper across North America, South America, Australia, and Africa.

Roadmap

Delivery: 0/12 (0%)

CommitmentDate SaidSourceFollow-up
⏳Achieve higher production at Tanami through addition of 1,460 meter hoisting shaft and supporting infrastructureFY2025 10-K
⏳Manage wider project portfolio to address timing and cost risks of development opportunitiesFY2025 10-K
⏳Provide platform for future growth at Tanami through expansion projectFY2025 10-K
⏳Maintain project portfolio flexibility to address development risks including permitting, community support, engineering availability, and cost escalationFY2025 10-K
⏳Complete cave establishment at Cadia Panel Caves PC2-3 by late 2026FY2025 10-K
⏳Extend Tanami mine life beyond 2040 through Tanami Expansion 2 projectFY2025 10-K
⏳Continue cave establishment through firing of additional drawbells in PC2-3 at CadiaFY2025 10-K
⏳Recover approximately 5 million ounces of gold reserves and 1.1 million tonnes of copper reserves at Cadia Panel CavesFY2025 10-K
⏳Complete last drawbell at Cadia Panel Caves PC1-2 in 2029FY2025 10-K
⏳Support stable production with improving margins and mine life through global project pipelineFY2025 10-K
⏳Achieve commercial production at Tanami Expansion 2 project in second half of 2027FY2025 10-K
⏳Increase average annual gold production and improve efficiency at Tanami Expansion 2 for first five years (2028-2032)FY2025 10-K

Management Quotes

“We manage our wider project portfolio to maintain flexibility to address the development risks associated with our projects including permitting, local community and government support, engineering and procurement availability, technical issues, escalating costs and other associated risks.”

— Management (Risk Factors), FY2025 10-K (2026-02-19) #risk

“Reported Net cash provided by (used in) operating activities of continuing operations of $10,334, an increase of 64% from the prior year, and Free cash flow of $7,299.”

— Management (Financial Results), FY2025 10-K (2026-02-19) #growth

“Reported Adjusted EBITDA of $13,480, an increase of 55% from the prior year.”

— Management (Financial Results), FY2025 10-K (2026-02-19) #growth

“This project includes two panel caves to recover approximately 5 million ounces of gold reserves and 1.1 million tonnes of copper reserves.”

— Management (Cadia Panel Caves), FY2025 10-K (2026-02-19) #growth

“This project secures Tanami’s future as a long-life, low-cost producer by extending mine life beyond 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure to achieve higher production and provide a platform for future growth.”

— Management (Tanami Expansion 2), FY2025 10-K (2026-02-19) #growth

“As the world’s leading gold company, Newmont remains committed to creating value and improving lives through sustainable and responsible mining.”

— Management (Overview), FY2025 10-K (2026-02-19) #strategy

“Achieved commercial production at the Ahafo North project in Ghana resulting in classification as a reportable segment. Completed the sale of the CC&V, Musselwhite, Éléonore, Akyem, and Porcupine reportable segments and the Coffee development project.”

— Management (Portfolio Updates), FY2025 10-K (2026-02-19) #strategy

“Newmont’s project pipeline supports stable production with improving margins and mine life.”

— Management (Project Pipeline), FY2025 10-K (2026-02-19) #growth

“Net income (loss) from continuing operations attributable to Newmont stockholders of $7,085 or $6.39 per diluted share, an increase of $3,805 from the prior year primarily due to a net increase in Sales largely due to higher average realized gold prices.”

— Management (Financial Results), FY2025 10-K (2026-02-19) #growth

“Ended the year with $7.6 billion of consolidated cash and $11.6 billion of total liquidity; redeemed $3.4 billion of senior notes and settled $2.3 billion of share repurchases; declared a total dividend of $1.01 per share for the year.”

— Management (Financial Strength), FY2025 10-K (2026-02-19) #guidance

Analysis Notes

FY2025 10-K Analysis (2026-04-02)

Rating: ⭐⭐⭐

Tags: strategy

Financial Performance

Net income surged to $7.2B from $3.3B. Record operating cash flow $10.3B. Free cash flow $7.3B (from $2.9B prior year). Average realized gold price $3,498/oz vs $2,408/oz. Adjusted EBITDA $13.48B (+55% YoY).

Strategic Priorities

  • Portfolio optimization: divested CC&V, Musselwhite, Eleonore, Akyem, Porcupine, Telfer
  • Tanami Expansion 2: commercial production expected H2 2027
  • Cadia Panel Caves advancing through 2029
  • Debt reduction: $3.4B senior notes redeemed

Management Tone

Bullish

FY2025 vs FY2024 — Narrative Evolution Analysis (2026-04-02)

Rating: ⭐⭐⭐

Tags: strategy

Management Narrative Drift

Narrative shifted from integration-focused to execution-focused. 2025 filing emphasizes completed divestitures and portfolio optimization. Tone: cautious→bullish.

Red Flags

  • Reduced attributable gold production (14% decrease)
  • Fewer segments (16 to 12)
  • Smaller land position (25,500 to 19,200 sq miles)
  • Lower gold reserves (134.1 to 118.2M ounces)
  • Expanded cost capitalization reduces reported expenses optically

Financials

Data available for: 2022, 2023, 2024, 2025 (USD Billion)

See Also

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