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Newmont 8-K Report, Financial Results (Apr 23, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 23, 2025
Period End
April 23, 2025
Securities
NEMNEMCL
In the record · 2016–202610-K1210-Q338-K155

NEM filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 155 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. Material agreement8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Sep ’22Sep ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed April 23, 2025. Cited figures are marked; the original filing is the authoritative source.

Newmont Corporation (NYSE: NEM) reported first quarter 2025 results on April 23, 2025, with net income attributable to stockholders of $1.9 billiona ($1.68 per diluted share) and adjusted net income of $1.4 billion ($1.25 per diluted share), down from $1.6 billion ($1.40) in Q4 2024.

The headline figures were lifted by non-operating items: a $291 millionb fair value gain on investments and options and a $276 million gain on asset sales. Adjusted EBITDA was $2.6 billion, down 14% quarter over quarter, and the company reported a record first-quarter free cash flow of $1.2 billion. Attributable gold production fell 19% to 1.54 million ounces as expected, reflecting the divestment of non-core mines, while gold all-in sustaining costs (AISC) rose 13% to $1,651 per ounce.

The quarter was dominated by the completion of Newmont's non-core divestiture program. Musselwhite, Éléonore and CC&V closed in February 2025, and Porcupine and Akyem closed in April 2025. Management says total gross proceeds could reach up to $4.3 billionc, with over $2.5 billion of after-tax cash received in 2025 so far.

Net debt fell to $3.2 billiond, or 0.3x Adjusted EBITDA, and cash stood at $4.7 billion. Newmont also returned $1.0 billion to shareholders year to date through buybacks and dividends, and declared a $0.25 quarterly dividend. Management reiterated its 2025 guidance, including 5.9 million attributable gold ounces and total Tier 1 gold AISC of $1,620 per ounce.

Production is weighted 48% to the first half, and second-quarter free cash flow is expected to be pressured by divestiture-related taxes, higher development capital at Ahafo North and Cadia, and reclamation spending at Yanacocha. Investors should note that the headline earnings include substantial non-recurring gains, and that the Coffee development project remains held for sale with no agreement reached.

02—Key points

Key Highlights

  1. Net income attributable to Newmont of $1.9 billion ($1.68/diluted share), but adjusted net income of $1.25/share excludes $291M of investment gains and $276M of asset-sale gains.
  2. Record Q1 free cash flow of $1.2 billion, despite a $141M working capital outflow.
  3. Attributable gold production of 1.54 Moz, down 19% QoQ as expected due to non-core asset sales; Gold AISC rose 13% to $1,651/oz.
  4. Non-core divestiture program is complete for operating sites, with up to $4.3 billion in total gross proceeds and over $2.5 billion of after-tax cash received in 2025. Coffee remains held for sale with no agreement.
  5. Net debt reduced to $3.2 billion (0.3x Adjusted EBITDA); cash of $4.7 billion and total liquidity of $8.8 billion.
  6. Returned $1.0 billion to shareholders year to date; declared a $0.25/share Q1 dividend payable June 20, 2025.
  7. 2025 guidance reaffirmed at 5.9 Moz attributable gold, with Q2 free cash flow expected to be pressured by divestiture taxes and higher development and reclamation spend.

03—Questions

Frequently Asked Questions

  1. Why did adjusted EPS fall from Q4 2024 when Q1 net income was still strong?

    Adjusted EPS fell to $1.25 from $1.40 in Q4 2024 because of lower sales volumes after the non-core asset sales, and because gold CAS per ounce rose 12% to $1,227. Reported net income was higher mainly because of a $291M fair-value gain on investments and a $276M gain on asset sales, which are excluded from adjusted results.

  2. How much cash has Newmont actually received from the divestiture program?

    Management reports over $2.5 billion of after-tax cash proceeds received from divestitures closed in 2025. Total gross proceeds from the program are expected to reach up to $4.3 billion, including contingent payments and closing adjustments, so some of that amount is not yet received.

  3. Is Newmont on track to meet its 2025 production and cost guidance?

    Yes. Management states it remains on track for 2025 guidance, with Q1 results in line with February expectations. Guidance calls for 5.9 Moz of attributable gold production and a total Tier 1 gold AISC of $1,620/oz. Production is expected to be 48% weighted to the first half, with the second half benefiting from Nevada Gold Mines, Pueblo Viejo and the Ahafo North ramp-up.

  4. Will the dividend and buybacks continue at this pace?

    The Board declared a $0.25 dividend for Q1 2025. The filing explicitly states that dividends beyond the June 2025 payment have not been approved and remain at the Board's discretion. The $2.0 billion repurchase program is not an obligation to buy a specific amount and can be discontinued at any time.

04—Continue

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