NEM Q3 FY26 earnings call: key takeaways

• EPS of $2.20 beat the $1.94 consensus (0:59)
• Newmont delivered a strong third quarter with record financial results and improved cost guidance, highlighting operational resilience and disciplined capital allocation. (0:59)

Results vs expectations

EPS basis: Adjusted EPS, provider (EODHD); matches the company press release

The stock moved -4.6% over the report window (S&P 500 ETF -0.5%). Earnings history

What changed since last quarter

• Full-year cost guidance improved to $1,520 per ounce from earlier estimates. (18:27)
• Guidance for 2027 production growth of low to mid single digits was provided. (21:28)
• Red Criss Block Cave project moved closer to final investment decision with commercial production targeted for 2033. (8:21)

Guidance

What analysts pressed on

• Whether El Nino conditions could impact water availability at Lihir and affect production. (44:05)
• Concerns about the impact of rising oil prices on operating costs and potential inflationary pressures. (32:58)
• Questions about the ability to replace reserves at year-end 2026 and the effect of gold price assumptions. (50:27)

In their words

• We are very pleased with the outcome of this agreement, which aligns the interests of both partners and positions us to maximise the value of one of the world's premier gold districts. (2:45)
• The strength of our portfolio allows us to simultaneously reinvest in the business, maintain a resilient balance sheet and return significant capital to shareholders through our capital allocation framework. Natasha (24:19)
• We have completed a rigorous feasibility study and advanced engineering beyond 60%, resulting in an optimized mine design. (8:21)