Newmont Reports $1.9B Adjusted Net Income, Cuts Debt to Near Zero

Robust Production and Financial Performance

Newmont Corporation, the world’s leading gold producer, reported solid results for the third quarter of 2025, producing approximately 1.4 million attributable gold ounces. This output was slightly down from the previous quarter due to planned mine shutdowns and lower grades at some sites, but was offset by increased production at others such as Brucejack and Cerro Negro. The company’s average realised gold price rose to $3,539 per ounce, reflecting a favourable market environment.

Financially, Newmont generated a record $1.6 billion in free cash flow during the quarter, marking the fourth consecutive quarter with free cash flow exceeding $1 billion. Net income attributable to shareholders stood at $1.8 billion, with adjusted net income at $1.9 billion and adjusted EBITDA reaching $3.3 billion.

Improved Cost and Capital Guidance

Building on successful cost savings initiatives launched earlier in the year, Newmont improved its 2025 guidance for several cost metrics. The company maintained its production and unit cost outlook despite a rising gold price environment, which typically increases royalties and taxes. Capital expenditure guidance was also revised downward, reflecting a shift in the timing of spending to 2026, particularly for sustaining projects like tailings work at Cadia and potential expansion at Red Chris.

General and administrative expenses and exploration budgets were trimmed, contributing to the improved outlook. Newmont expects to sustain its strong operational performance into the fourth quarter, supported by new production from the Ahafo North project in Ghana, which is expected to commence commercial production imminently.

Balance Sheet Strength and Divestitures

Newmont’s balance sheet remains robust, with cash and equivalents of $5.6 billion and total liquidity of $9.6 billion at quarter-end. The company reduced its debt by $2 billion through a successful tender offer, achieving a near-zero net debt position. This financial strength was recognised by Moody’s, which upgraded Newmont’s credit rating to A3 with a stable outlook.

The company completed the divestiture of all previously classified non-core assets, including the sale of the Coffee project in Yukon, Canada. These transactions have generated over $3.5 billion in net cash proceeds in 2025, supporting Newmont’s capital return program. Since the last earnings call, Newmont returned $823 million to shareholders through dividends and share repurchases, with $2.7 billion remaining under its $6 billion authorized buyback program.

Leadership Transition and Sustainability Focus

As CEO Tom Palmer prepares to retire at the end of 2025, he expressed confidence in the company’s future under incoming CEO Natascha Viljoen. Newmont continues to prioritise sustainable and responsible mining practices, with significant investments in reclamation and remediation activities. Notably, the company is advancing the construction of water treatment plants at Yanacocha, with planned spending of up to $600 million in 2025 and 2026 to address environmental commitments.

Looking ahead, Newmont anticipates stable but slightly lower attributable gold production in 2026 due to mine sequencing, offset by new low-cost ounces from Ahafo North. The company expects to realise full benefits from its cost savings initiatives next year, though elevated gold prices may increase profit-sharing and royalty expenses.