Newmont net income reaches $2.5 billion; realized gold price averages $4,317 an ounce

Newmont Corporation (NYSE: NEM) reported third-quarter net income attributable to stockholders of $2.5 billion, or $2.35 a diluted share, in a results release dated October 22.

What happened

Adjusted net income, a non-GAAP measure, was $2.3 billion, or $2.20 a diluted share, and adjusted EBITDA was $4.0 billion. Net income rose $0.3 billion from the second quarter. The company produced about 1.3 million attributable ounces of gold, 11 million ounces of silver and 23 thousand tonnes of copper.

The average realized gold price was $4,317 an ounce, a decrease of $97 an ounce from the prior quarter. By-product costs applicable to sales were $832 an ounce and all-in sustaining costs were $1,454 an ounce. Newmont improved its full-year cost guidance to $925 and $1,520 an ounce, respectively, and said it is on track to meet its production guidance of 5.3 million attributable gold ounces.

Cash from operating activities was $2.8 billion and free cash flow was $1.9 billion. Newmont ended the quarter with $8.8 billion of cash and a net cash position of $3.2 billion, before a planned $1.95 billion payment to Barrick under an amended agreement for the Nevada Gold Mines joint venture, expected in the fourth quarter.

Shareholder returns and projects

The company returned $1.9 billion to shareholders through buybacks and dividends since its last earnings call and has repurchased $1.6 billion of stock since then, leaving $2.8 billion under a $6.0 billion authorization. It has cut its share count by more than 115 million shares, about 10%, since February 2024. The board declared a dividend of $0.26 a share, payable on December 21 to holders of record on November 25.

Newmont is advancing the Red Chris Block Cave project in British Columbia toward a full-funds investment decision in early 2027, and expects commercial production at its Tanami Expansion 2 project in Australia in the first half of 2027.