Newmont: Attributable gold production decreased 10 percent
DENVER – Newmont has reported its attributable gold production decreased 10 percent to 1,301 thousand ounces from the prior quarter, driven by lower production at Boddington as a result of the impact of the bushfire, lower production at Tanami as a result of lower grade from planned mine sequencing and the impact of record rainfall, and lower grade and planned maintenance at Lihir and Cerro Negro. In addition, lower production was delivered from the non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo. These decreases were partially offset by increased production at Yanacocha, Cadia, and Merian. Consolidated gold sales were 1,232 thousand ounces for the quarter.
Copper production increased 3 percent to 30 thousand tonnes compared to the prior quarter, driven by higher grade and improved throughput at Cadia. Silver production increased 29 percent to 9 million ounces, lead production increased 17 percent to 27 thousand tonnes and zinc production increased 35 percent to 62 thousand tonnes compared to the prior quarter, driven by higher co-product grade at Peñasquito.
Average realized gold price was $4,900 per ounce, an increase of $684 per ounce over the prior quarter. Average realized gold price includes $4,857 per ounce of gross price received, a favorable impact of $49 per ounce of mark-to-market on provisionally-priced sales and reductions of $6 per ounce for treatment and refining charges.
Costs Applicable to Sales (CAS)2 allocated to gold totaled $1.6 billion for the quarter, with an additional $327 million allocated to co-product metals. Gold By-Product CAS per ounce3 decreased 27 percent to $541 for the quarter primarily driven by favorable co-product volumes and sales pricing, particularly related to silver and copper. CAS also benefited from lower direct costs in the first quarter at Tanami, Lihir and Peñasquito, as well as a favorable build in inventory at Boddington. Newmont’s continued focus on cost discipline and productivity also supported the offset of higher royalty expense from a higher gold price. Gold Co-Product CAS per ounce3 was $1,307.
Gold By-Product All-In Sustaining Costs (AISC) per ounce3 decreased 21 percent to $1,029 for the quarter. Building from CAS per ounce, the decrease was primarily due to lower sustaining capital spend, G&A, and other expenses. Sustaining capital spend is expected to ramp up through the remainder of this year, with Newmont remaining on track to spend its full year guidance. Gold Co-Product AISC per ounce3 was $1,709.
Net income attributable to Newmont stockholders was $3.3 billion or $3.00 per diluted share, an increase of $2.0 billion from the prior quarter. This increase was primarily driven by higher revenues due to a higher realized gold price, slightly lower CAS, impairment charges recognized during the quarter of $9 million compared to $779 million recognized in the prior quarter primarily related to Yanacocha Sulfides, and a decrease of $666 million in income and mining tax expense, primarily due to the recognition of one-time deferred tax items in the prior quarter.
Adjusted net income4 for the quarter was $3.2 billion or $2.90 per diluted share, compared to $2.8 billion or $2.52 per diluted share in the prior quarter. Primary adjustments to first quarter net income include a net gain on the fair value of investments and options of $87 million, partially offset by impairment charges of $9 million primarily related to assets no longer in use.
Consolidated cash from operations before working capital5 increased 12 percent from the prior quarter to $4.0 billion primarily due to higher revenue from a higher realized gold price and lower CAS.
Consolidated net cash from operating activities increased 5 percent from the prior quarter to $3.8 billion primarily due to higher consolidated cash from operations before working capital. This was partially offset by a net unfavorable working capital movement of $202 million, driven by the continued cash spend for previously accrued reclamation activities of $209 million, primarily related to the ongoing construction of the Yanacocha water treatment plants, as well as a build in inventory and stockpiles of $152 million, and an accrual of other liabilities of $118 million, primarily related to severance and employee-related liabilities. These unfavorable working capital adjustments were partially offset by an accrual for future tax payments of $200 million and an increase in accounts receivable of $70 million due to the timing of cash collections.
Income and mining cash tax paid increased 68 percent from the prior quarter to $1.3 billion due to higher net income attributable to Newmont shareholders, as well as higher cash tax paid due to the timing of annual tax payments accrued in 2025.
Free Cash Flow increased 12 percent from the prior quarter to $3.1 billion primarily due to an increase in net cash provided by operating activities and lower capital investment, partially offset by an unfavorable working capital impact in the current quarter compared to a favorable working capital benefit in the prior quarter.
Balance sheet and liquidity remained strong in the first quarter, ending with $8.8 billion of cash and cash equivalents, with $12.8 billion of total liquidity; ended the quarter in a net cash position of $3.2 billion.
Non-Managed Joint Venture and Equity Method Investments
Nevada Gold Mines (NGM) attributable gold production decreased 19 percent to 236 thousand ounces, with a 2 percent increase in CAS per ounce to $1,281 per ounce. AISC per ounce increased 6 percent from the prior quarter to $1,595 per ounce.
Pueblo Viejo attributable gold production decreased 22 percent to 54 thousand ounces compared to the prior quarter. Cash distributions received for the Company’s equity method investment in Pueblo Viejo totaled $167 million in the first quarter. Capital contributions of $17 million were made during the quarter related to the expansion project at Pueblo Viejo.
Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the first quarter of 2026 decreased 5 percent to 38 thousand ounces compared to the prior quarter. Cash distributions received from the Company’s equity method investment in Fruta del Norte were $89 million for the first quarter.
2026 Guidance Expectations (+/-5%)
Newmont remains on track to meet its previously published 2026 guidance. For more details, refer to the Company’s Fourth Quarter 2025 Earnings and 2026 Guidance press release, issued on February 19, 2026, and available on Newmont.com. Please see the cautionary statement and footnotes for additional information.
