Is Newmont on track to meet its 2025 guidance?

Yes. Management stated that the company remains on track to meet its previously published 2025 guidance, with second quarter results in line with the indications given in February 2025. Guidance includes 5.9 Moz of total attributable gold production and a Total Newmont Gold AISC of $1,630/oz at a $2,500/oz gold price assumption. Guidance is forward-looking and subject to the risks described in the cautionary statement.

Why did GAAP net income ($2.1 billion) differ so much from adjusted net income ($1.6 billion)?

The difference reflects non-cash and non-recurring items that management excludes from adjusted results. The largest was a $699 million gain on the sale of assets held for sale, mostly from the second-quarter closing of mine divestitures. A $151 million gain on investments and options, mainly the realized gain on Greatland share sales, was also excluded. A $167 million valuation allowance and other tax adjustment was excluded as well. Investors should focus on adjusted and cash-flow metrics for the underlying operating trend.

How will capital returns and the balance sheet be affected going forward?

The Board authorized an additional $3.0 billion buyback to be executed at management's discretion, with no expiration date and no obligation to repurchase a specific amount. The quarterly dividend of $0.25 per share is payable September 29, 2025, but future dividends beyond that payment have not been declared. Net debt is only $1.4 billion, and total liquidity is $10.2 billion, which gives the company significant capacity for these returns. Management also expects more than $3.0 billion of after-tax divestiture proceeds in 2025.

What should investors expect for cash flow and costs in the second half of 2025?

Management expects third-quarter free cash flow to be lower than in Q2 because of higher capital spending, higher cash tax payments tied to prior-period profitability, and continued Yanacocha water treatment construction. Sustaining capital is expected to rise significantly from Q2 levels, and 2025 sustaining capital guidance is $1.875 billion. Core Portfolio production is expected to be about 50% weighted to H2, with growth from Nevada Gold Mines, Yanacocha and Ahafo North, while Cadia and Peñasquito decline. Q3 AISC is expected to be slightly above full-year guidance before returning in line with it for the full year.

What is the status of the non-core divestiture program and the Coffee project?

All operating sites previously announced for divestment have been sold, and the company completed the sale of its 70% interest in Havieron by April 15, 2025. The company has received $2.5 billion of net cash proceeds year-to-date in 2025, including about $850 million from Porcupine and Akyem in Q2. The Coffee development project remains designated as held for sale, but no agreement has been reached as of the release date. Total gross proceeds from announced transactions are expected to be up to $4.3 billion, including contingent payments and closing adjustments.

NEM/NEMCL 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed July 24, 2025. Cited figures are marked; the original filing is the authoritative source.

Newmont Corporation (NYSE: NEM) reported second quarter 2025 results that were strong on cash generation and balance-sheet strength, with the company stating it remains on track to meet its 2025 guidance.

Attributable gold production was 1.478 million ounces, down 4% sequentially as expected following the closing of non-core asset sales, while the average realized gold price rose to $3,320^a/oz. Gold co-product All-In Sustaining Costs (AISC) fell 4% sequentially to $1,593/oz, and the company generated a record quarterly free cash flow of $1.7 billion. Adjusted net income was $1.6 billion, or $1.43 per diluted share, and Adjusted EBITDA reached $3.0 billion.

GAAP net income of $2.1 billion^b was inflated by a $699 million gain on asset sales and a $151 million gain on investments, which the company excludes from its adjusted figures. Capital returns and balance-sheet actions were significant. The Board authorized an additional $3.0 billion share repurchase program at management's discretion, and the company declared a $0.25 quarterly dividend payable September 29, 2025.

Newmont ended the quarter with $6.2 billion^c in cash, $10.2 billion in total liquidity, and net debt of $1.4 billion (0.1x Adjusted EBITDA), down from $5.3 billion at year-end 2024. Debt was reduced by $372 million since the last earnings call, and the company expects more than $3.0 billion in after-tax divestiture proceeds in 2025, including about $470 million from share sales in Greatland Resources and Discovery Silver. The main watch items for investors are the sustaining capital step-up expected in the second half, the rising Yanacocha water treatment spend (about $800 million of total 2025 reclamation spend, including $600 million for Yanacocha), and the expected lower third-quarter free cash flow due to higher capital spend and cash taxes.

Production is also weighted toward the second half, with the company guiding to roughly 50%^d of Core Portfolio output in each half. Management noted the Coffee development project remains held for sale with no agreement reached as of the release date.

02—Key points

Key Highlights

Record quarterly free cash flow of $1.7 billion, up 42% sequentially, on $2.4 billion of operating cash flow.
Adjusted EPS of $1.43 per diluted share (Adjusted net income $1.6 billion) versus $1.25 in Q1 2025; GAAP EPS was $1.85.
Attributable gold production of 1.478 Moz, down 4% sequentially as expected; Gold co-product AISC fell 4% to $1,593/oz, and the company reiterated on-track status for 2025 guidance (5.9 Moz total attributable gold).
New $3.0 billion share repurchase authorization with no time limit, plus a $0.25 quarterly dividend; $1.0 billion returned to shareholders since the last earnings call.
Balance sheet strengthened: $6.2 billion cash, $10.2 billion total liquidity, net debt of $1.4 billion (0.1x Adjusted EBITDA) versus $5.3 billion at year-end 2024.
Divestiture program largely complete: all non-core operations sold, with more than $3.0 billion of after-tax 2025 proceeds expected including ~$470 million from Greatland and Discovery Silver equity sales; Coffee remains held for sale with no agreement.
Outlook watch items: Q3 free cash flow expected to be lower on higher capex, cash taxes and Yanacocha water treatment spend, with 2025 reclamation spend guided to $800 million.

03—Questions

Frequently Asked Questions

Is Newmont on track to meet its 2025 guidance?
Yes. Management stated that the company remains on track to meet its previously published 2025 guidance, with second quarter results in line with the indications given in February 2025. Guidance includes 5.9 Moz of total attributable gold production and a Total Newmont Gold AISC of $1,630/oz at a $2,500/oz gold price assumption. Guidance is forward-looking and subject to the risks described in the cautionary statement.
Why did GAAP net income ($2.1 billion) differ so much from adjusted net income ($1.6 billion)?
The difference reflects non-cash and non-recurring items that management excludes from adjusted results. The largest was a $699 million gain on the sale of assets held for sale, mostly from the second-quarter closing of mine divestitures. A $151 million gain on investments and options, mainly the realized gain on Greatland share sales, was also excluded. A $167 million valuation allowance and other tax adjustment was excluded as well. Investors should focus on adjusted and cash-flow metrics for the underlying operating trend.
How will capital returns and the balance sheet be affected going forward?
The Board authorized an additional $3.0 billion buyback to be executed at management's discretion, with no expiration date and no obligation to repurchase a specific amount. The quarterly dividend of $0.25 per share is payable September 29, 2025, but future dividends beyond that payment have not been declared. Net debt is only $1.4 billion, and total liquidity is $10.2 billion, which gives the company significant capacity for these returns. Management also expects more than $3.0 billion of after-tax divestiture proceeds in 2025.
What should investors expect for cash flow and costs in the second half of 2025?
Management expects third-quarter free cash flow to be lower than in Q2 because of higher capital spending, higher cash tax payments tied to prior-period profitability, and continued Yanacocha water treatment construction. Sustaining capital is expected to rise significantly from Q2 levels, and 2025 sustaining capital guidance is $1.875 billion. Core Portfolio production is expected to be about 50% weighted to H2, with growth from Nevada Gold Mines, Yanacocha and Ahafo North, while Cadia and Peñasquito decline. Q3 AISC is expected to be slightly above full-year guidance before returning in line with it for the full year.
What is the status of the non-core divestiture program and the Coffee project?
All operating sites previously announced for divestment have been sold, and the company completed the sale of its 70% interest in Havieron by April 15, 2025. The company has received $2.5 billion of net cash proceeds year-to-date in 2025, including about $850 million from Porcupine and Akyem in Q2. The Coffee development project remains designated as held for sale, but no agreement has been reached as of the release date. Total gross proceeds from announced transactions are expected to be up to $4.3 billion, including contingent payments and closing adjustments.

04—Continue

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