Newmont has delivered 1.5 million attributable gold ounces in Q1
DENVER – Following on from a robust fourth quarter performance, Newmont has delivered 1.5 million attributable gold ounces and generated a record first quarter free cash flow of $1.2 billion, demonstrating the strength of its unrivaled Tier 1 Portfolio.
“We successfully completed our non-core divestiture program, generating up to $4.3 billion in total gross proceeds including over $2.5 billion of after-tax cash proceeds in the first half of 2025. With these significant achievements and a solid start to the year, we remain firmly on track to meet our 2025 guidance, continuing on our journey towards creating the world’s leading gold and copper portfolio for the benefit of our shareholders,” said Tom Palmer, Newmont’s President and Chief Executive Officer.
Q1 2025 Results
- Reported Net Income of $1.9 billion, Adjusted Net Income (ANI)of $1.25 per diluted share and Adjusted EBITDAof $2.6 billion
- On track to meet Newmont’s 2025 guidance, with first quarter results in line with indications provided in February 2025
- Completed divestiture program announced in 2024, and finalized the sales of Musselwhite, Éléonore and Cripple Creek & Victor (CC&V) in February, and Porcupine and Akyem in April
- Received over $2.5 billion in cash proceeds net of tax impacts from the divestiture sales closed in 2025, with total gross proceeds expected to total up to $4.3 billion from non-core asset and other investment sales
- Generated $2.0 billion of cash from operating activities, net of working capital changes of $(141) million; reported a record first quarter Free Cash Flowof $1.2 billion
- Delivered $1.0 billion in total returns through share repurchases and dividend payments since the start of the year; declared a dividend of $0.25 per share of common stock for the first quarter of 2025
- Produced 1.5 million attributable gold ounces, primarily driven by production of 1.3 million gold ounces from Newmont’s Tier 1 Portfolio, as well as 35 thousand tonnes of copper
- Maintained a strong and flexible investment-grade balance sheet, ending the quarter with $4.7 billion in cash and $8.8 billion in total liquidity
- Reduced debt by $1.0 billion since the start of the year, which includes early redemption of $928 million of 2026 Notes redeemed on February 7, 2025 and $75 million in market purchases; reported Net debt to Adjusted EBITDAof 0.3x
First Quarter 2025 Production and Financial Summary
Attributable gold production1 decreased 19 percent to 1,537 thousand ounces from the prior quarter as expected, primarily due to reduced contributions from non-core operations, which included only two months of production from Musselwhite, Éléonore and CC&V. Additional impacts to production included lower production at the non-managed joint venture at Nevada Gold Mines, ongoing safety improvements at Cerro Negro and planned mine sequencing at Boddington and Tanami.
Average realized gold price was $2,944 per ounce, an increase of $301 per ounce over the prior quarter. Average realized gold price includes $2,890 per ounce of gross price received, a favorable impact of $64 per ounce mark-to-market on provisionally-priced sales and reductions of $10 per ounce for treatment and refining charges.
Gold CAS2 totaled $1.8 billion for the quarter. Gold CAS per ounce increased 12 percent to $1,227 per ounce compared to the prior quarter primarily due to lower gold production, higher royalty costs and greater allocation of cost to gold at co-product producing sites due to a previously announced reserve price update, partially offset by inventory changes and lower direct operating costs.
Gold AISC per ounce3 increased 13 percent to $1,651 per ounce compared to the prior quarter primarily due to higher CAS per ounce as expected.
