Is Newmont still on track to meet its 2026 production guidance?

Yes. Management said it remains on track to meet full-year 2026 guidance of 5.3 million attributable gold ounces after producing 1.3 million ounces in Q1. Production is weighted to the second half, with about 52% expected in H2, and Q2 is guided to about 23% of full-year output, slightly below Q1. Guidance is forward-looking and subject to the risks in the cautionary statement.

Why did reported earnings improve so much from the prior quarter?

Results were driven mainly by a realized gold price of $4,900/oz, up $684/oz from Q4, along with slightly lower costs applicable to sales. Q1 impairments were only $9 million, compared with $779 million in Q4, largely related to Yanacocha Sulfides. Income and mining tax expense also fell by $666 million, mainly because of one-time deferred tax items recognized in the prior quarter.

How much capacity does the new buyback leave, and how does it fit the dividend?

The new $6.0 billion repurchase program is executed at management's discretion, has no time limit, and can be suspended at any time. Newmont intends to deploy excess cash on a ratable basis after funding sustaining and development capital, dividends, and a $1 billion net cash target. The dividend is set annually as a total per share amount, with quarterly payments subject to Board approval. Management has said future dividends beyond the June 2026 payment are not yet approved and that the framework is non-binding.

What are the main near-term operational and cost risks?

Several items could pressure results in the near term. Cadia was affected by a magnitude 4.5 earthquake on April 14, 2026, with underground rehabilitation expected to take about five weeks and full capacity expected by the end of Q2. Management also expects Q2 unit costs to be notably higher due to higher sustaining capital, lower silver output, and increased royalties in Ghana. Sustaining capital spend is expected to rise, and reclamation spend for Yanacocha water treatment plants is expected to total about $550 million in 2026.

NEM/NEMCL 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed April 23, 2026. Cited figures are marked; the original filing is the authoritative source.

Newmont reported first quarter 2026 results on April 23, 2026, highlighting record quarterly free cash flow of $3.1 billion^a (up 12% quarter over quarter, and up from $1.2 billion a year earlier) and net income attributable to stockholders of $3.3 billion, or $3.00 per diluted share.

Adjusted net income was $3.2 billion^b, or $2.90 per diluted share, and Adjusted EBITDA was $5.2 billion. Attributable gold production was 1.3 million ounces, in line with the 5.3 million ounce full-year guidance, and gold by-product AISC fell 21% sequentially to $1,029 per ounce. The average realized gold price was $4,900 per ounce, which drove much of the earnings improvement.

Management also said the company remains on track against its 2026 guidance. The main capital allocation news is a new $6.0 billion^c share repurchase authorization, which doubles the size of the program after the prior $6.0 billion authorization was fully executed. Newmont has repurchased $2.4 billion of shares since the last earnings call and $6.0 billion cumulatively through the filing date.

The Board also declared a $0.26^d per share quarterly dividend, payable June 22, 2026, which implies an annualized rate of $1.04 per share. Management framed the dividend as a $1.1 billion annual commitment, with per share growth expected as buybacks reduce the share count. The company ended the quarter with $8.8 billion in cash, $12.8 billion in total liquidity, and a net cash position of $3.2 billion.

Gross debt was reduced modestly. Investors should weigh several offsetting risks. Sustaining capital spend is expected to rise through the rest of 2026, and the Yanacocha water treatment program is consuming reclamation cash, with about $550 million planned for 2026.

Ghana's revised royalty and levy regime is estimated to add roughly $25 per ounce to total company AISC, although it is not included in guidance. Cadia experienced a magnitude 4.5 earthquake on April 14, 2026, and second quarter production there is expected to be lower.

Management guided second quarter production to be slightly below Q1 and unit costs to be notably higher. Several capital allocation statements, including the dividend framework and buybacks, are explicitly non-binding forward-looking statements.

02—Key points

Key Highlights

Record Q1 2026 free cash flow of $3.1 billion, up 12% sequentially and about 161% year over year, driven by a $4,900/oz realized gold price and lower capital investment.
GAAP net income of $3.3 billion ($3.00 per diluted share) and Adjusted net income of $3.2 billion ($2.90 per diluted share), compared with $2.52 adjusted EPS in Q4 2025.
Gold by-product AISC fell 21% sequentially to $1,029/oz, supported by favorable silver and copper co-product credits and lower sustaining capital spend in the quarter.
New $6.0 billion share repurchase authorization, following full execution of the prior program; $6.0 billion total repurchased under prior programs through the filing date.
Quarterly dividend of $0.26/share declared (payable June 22, 2026), implying a $1.04 annualized indicated rate; Newmont targets about $1.1 billion in annual dividends.
Balance sheet strength: $8.8 billion cash, $12.8 billion total liquidity, and a $3.2 billion net cash position against a $1 billion net cash target with a ±$2 billion range.
Watch items: Ghana royalty and levy changes (about $25/oz impact to total AISC, not in guidance), the Cadia earthquake reducing Q2 output, and rising 2026 sustaining capital and Yanacocha reclamation spend.

03—Questions

Frequently Asked Questions

Is Newmont still on track to meet its 2026 production guidance?
Yes. Management said it remains on track to meet full-year 2026 guidance of 5.3 million attributable gold ounces after producing 1.3 million ounces in Q1. Production is weighted to the second half, with about 52% expected in H2, and Q2 is guided to about 23% of full-year output, slightly below Q1. Guidance is forward-looking and subject to the risks in the cautionary statement.
Why did reported earnings improve so much from the prior quarter?
Results were driven mainly by a realized gold price of $4,900/oz, up $684/oz from Q4, along with slightly lower costs applicable to sales. Q1 impairments were only $9 million, compared with $779 million in Q4, largely related to Yanacocha Sulfides. Income and mining tax expense also fell by $666 million, mainly because of one-time deferred tax items recognized in the prior quarter.
How much capacity does the new buyback leave, and how does it fit the dividend?
The new $6.0 billion repurchase program is executed at management's discretion, has no time limit, and can be suspended at any time. Newmont intends to deploy excess cash on a ratable basis after funding sustaining and development capital, dividends, and a $1 billion net cash target. The dividend is set annually as a total per share amount, with quarterly payments subject to Board approval. Management has said future dividends beyond the June 2026 payment are not yet approved and that the framework is non-binding.
What are the main near-term operational and cost risks?
Several items could pressure results in the near term. Cadia was affected by a magnitude 4.5 earthquake on April 14, 2026, with underground rehabilitation expected to take about five weeks and full capacity expected by the end of Q2. Management also expects Q2 unit costs to be notably higher due to higher sustaining capital, lower silver output, and increased royalties in Ghana. Sustaining capital spend is expected to rise, and reclamation spend for Yanacocha water treatment plants is expected to total about $550 million in 2026.

04—Continue

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