Newmont Reports Second Quarter 2025 Results
By:
Newmont via
Business Wire
July 24, 2025 at 16:05 PM EDT
Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) today announced second quarter 2025 results, an additional $3.0 billion share repurchase program and declared a dividend of $0.251 per share. "Newmont delivered a strong second quarter, producing approximately 1.5 million attributable gold ounces and generating an all time record quarterly free cash flow of $1.7 billion, underscoring the strength of our world-class portfolio and the disciplined execution of the commitments we shared at the beginning of the year," said Tom Palmer, Newmont's Chief Executive Officer. "We remain firmly on track to achieve our 2025 guidance as we continue to strengthen our safety culture, stabilize our operations and deliver long term value to shareholders." Q2 2025 Results
Summary of Second Quarter Results
Second Quarter 2025 Production and Financial Summary Attributable gold production1 decreased 4 percent to 1,478 thousand ounces from the prior quarter as expected, driven by the previously announced closing of non-core asset sales partially offset by increased production at Yanacocha from improved injection leaching, Peñasquito from higher gold grades, Nevada Gold Mines, and Boddington from higher tonnes processed following planned maintenance. Average realized gold price was $3,320 per ounce, an increase of $376 per ounce over the prior quarter. Average realized gold price includes $3,301 per ounce of gross price received, a favorable impact of $25 per ounce mark-to-market on provisionally-priced sales and reductions of $6 per ounce for treatment and refining charges. Gold CAS2 totaled $1.7 billion for the quarter. Gold CAS per ounce3 decreased 1 percent to $1,215 per ounce on a co-product basis compared to the prior quarter primarily due to lower direct operating costs with the completed sales of higher cost, non-core assets. Gold AISC per ounce3 decreased 4 percent to $1,593 per ounce on a co-product basis compared to the prior quarter. Building from CAS per ounce the decrease is primarily due to $81 million lower sustaining capital spend at the Non-Core Portfolio and across the Core Portfolio, particularly at Boddington following the completion of planned maintenance, as well as Lihir and Cadia due to project timing, partially offset by seasonal increases in sustaining capital at Red Chris and Brucejack. Net income attributable to Newmont stockholders was $2.1 billion or $1.85 per diluted share, an increase of $170 million from the prior quarter. This increase was in part driven by higher revenues and lower CAS compounded by a gain on the sale of assets held for sale of $699 million compared to a gain of $276 million in the prior quarter; partially offset by 69 percent higher income and mining taxes and a smaller net gain on the fair value of investments and options of $151 million compared to a net gain of $291 million in the prior quarter. Adjusted net income4 for the quarter was $1.6 billion or $1.43 per diluted share, compared to $1.4 billion or $1.25 per diluted share in the prior quarter. Primary adjustments to second quarter net income includes a net gain on the sale of assets held for sale of $(699) million primarily related to the mine sales that closed in the second quarter and a net gain on the fair value of investments and options of $(151) million and a valuation allowance and other tax adjustments $167 million. Adjusted EBITDA4 increased 14 percent to $3.0 billion, while EBITDA increased 21 percent to $3.8 billion compared to the prior quarter. The increase in EBITDA was driven by mostly by higher net income. Adjusted EBITDA excludes adjustments totaling $(806) million, primarily consisting of a net gain on the sale of assets held for sale and a net gain in the value of investments and options. Consolidated cash from operations before working capital5 increased 3 percent from the prior quarter to $2.2 billion primarily due to higher net income. Consolidated net cash from operating activities increased 17 percent from the prior quarter to $2.4 billion primarily due to an increase in net cash from operations before working capital. A net working capital movement in the second quarter of $156 million primarily due to a decrease in accounts receivable of $215 million from the timing of cash collections and an accrual for future tax payments of $263 million. These favorable working capital adjustments were partially offset by the continued cash spend for previously accrued reclamation activities of $185 million, primarily related to the ongoing construction of the Yanacocha water treatment plants, a build in inventory and stockpiles of $61 million due to stockpile sequencing and an increase in other assets of $89 million primarily from higher prepaid expenses in the quarter. Income and mining cash tax paid increased 39 percent from the prior quarter to $648 million due to higher net income attributable to Newmont shareholders. Free Cash Flow7 increased 42 percent from the prior quarter to $1.7 billion primarily due to an increase in consolidated net cash from operating activities compounded by lower capital investment. Balance sheet and liquidity remained strong in the second quarter, ending with $6.2 billion of consolidated cash, with $10.2 billion of total liquidity; reported net debt to adjusted EBITDA of 0.1x8. Non-Managed Joint Venture and Equity Method Investments9 Nevada Gold Mines (NGM) attributable gold production increased 11 percent to 239 thousand ounces, with a 2 percent increase in CAS per ounce to $1,448 per ounce3. AISC per ounce decreased 1 percent from the prior quarter to $1,771 per ounce3. Pueblo Viejo (PV) attributable gold production increased 29 percent to 63 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $40 million in the second quarter. Capital contributions of $13 million were made during the quarter related to the expansion project at Pueblo Viejo. Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the second quarter of 2025 decreased 12 percent to 38 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $66 million for the second quarter.
Newmont's 2025 Guidance Newmont remains on track to meet its previously published 2025 guidance. For more details, refer to the Company’s Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on Newmont.com. Please see the cautionary statement and footnotes for additional information.
2025 GOLD PRODUCTION AND CAPITAL SEASONALITY GUIDANCE AND THIRD QUARTER COMMENTARY
H1/H2 Commentary: Attributable gold production for the Core Portfolio in 2025 is expected to be approximately 50 percent weighted to the second half of the year. Production from Cadia and Peñasquito has been slightly stronger than expected in the first half of the year and is expected to decline in the second half. Increased production to offset those declines is expected in the second half of the year, primarily from the non-managed Nevada Gold Mines, Yanacocha, and the addition of Ahafo North in the fourth quarter. Sustaining capital for the Core Portfolio is now expected to be weighted toward the second half of 2025, with optimization of road access and pit design at Lihir ongoing and investment moving to the second half of the year, the increase of sustaining capital spend at Cadia to support the long life of the operation, as well as address the historical underinvestment in tailings storage capacity, the continuation of warmer weather surface work at Red Chris and Brucejack in Canada, and a ramp up of spend at Tanami for ventilation work. Development capital for the Core Portfolio is expected to increase in the second half of 2025 with the movement of non-critical path spend at Ahafo North as the project moves toward commercial production. Expenditures at Cadia and Tanami are expected to rise in H2 based on the timing of spend to support the major projects at those sites. Third Quarter Commentary: Third quarter attributable production from the Core Portfolio is expected to be relatively in line with the previous quarter as expected production growth from the non-operated joint ventures as well as Cerro Negro, Brucejack, and Tanami is offset by declines at Ahafo South, Lihir, Peñasquito and Cadia. CAS per ounce unit cost is expected to be similar to the second quarter. AISC per ounce from the Core Portfolio is expected to be slightly higher than full year guidance in the third quarter due to higher sustaining capital spend as full year AISC per ounce is expected to be in line with full year guidance. Sustaining capital is expected to increase significantly from the second quarter as planned investments increase. In the third quarter, no production or costs are anticipated from non-core assets divested in the first half of 2025. Compared to the previous quarter, third quarter free cash flow is expected to be adversely impacted by the higher capital spend, higher cash tax payments related to increased profitability in previous periods, and the continued increase in spending on construction of the Yanacocha water treatment facilities.
Divestiture Program Update In February 2024, Newmont announced the intention to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian and North American business units. As of April 15, Newmont completed the sales for all non-core operations and its 70 percent interest in the Havieron project. Total gross proceeds from announced transactions are expected to be up to $4.3 billion including contingent payments and closing adjustments. Of the total proceeds, $2.5 billion of net cash proceeds have been received year-to-date in 2025 including approximately $850 million from the sale of Porcupine and Akyem in the second quarter. Additionally, since the last earnings call Newmont sold half of its equity stake in Greatland Resources (received from the sale of Telfer and Havieron in 2024) and its entire equity stake in Discovery Silver (received from the sale of Porcupine in 2025) for net proceeds after taxes and commissions of $470 million. Projects Update For details on Newmont’s key projects currently in execution, refer to the Company’s Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on Newmont.com. Additional project updates will be provided as they become available. Please refer to the cautionary statement and footnotes for further information. Committed to Concurrent Reclamation Since mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental, and regulatory impacts associated with the end of mining operations. Newmont’s global Closure Strategy integrates closure planning throughout each operation’s lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to recognize reclamation and remediation expense throughout the year. In the first half of 2025, Newmont spent $280 million on reclamation activities, including $167 million on the construction of water treatment plants at Yanacocha which is expected to continue to increase in the third quarter, with the fourth quarter planned to be the highest of the year. The Company remains on track to spend $800 million on reclamation for the full year, inclusive of $600 million allocated to the Yanacocha water treatment plants. Additional updates on reclamation spend will be provided as available.
Non-GAAP Financial Measures (dollars in millions, except per share, per ounce and per pound amounts, unless otherwise noted) Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to Non-GAAP Financial Measures within Part II, Item 7 within our Form 10-K for the year ended December 31, 2024, filed with the SEC on February 21, 2025 for further information on the non-GAAP financial measures presented below, including why management believes that its presentation of non-GAAP financial measures provides useful information to investors. Adjusted net income (loss) Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:
Earnings before interest, taxes, depreciation and amortization and Adjusted earnings before interest, taxes, depreciation and amortization Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:
Free Cash Flow The following table sets forth a reconciliation of Free cash flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free cash flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.
Net Debt Net debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents, as presented on the Condensed Consolidated Balance Sheets. Cash and cash equivalents are subtracted from Debt and Lease and other financing obligations as these could be used to reduce the Company's debt obligations. The following table sets forth a reconciliation of Net debt, a non-GAAP financial measure, to Debt and Lease and other financing obligations, which the Company believes to be the GAAP financial measures most directly comparable to Net debt.
Costs applicable to sales per ounce/gold equivalent ounce Costs applicable to sales per ounce/gold equivalent ounce are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis. The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures. Costs applicable to sales per ounce
Costs applicable to sales per gold equivalent ounce
All-In Sustaining Costs All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold.
A reconciliation of the 2025 Gold AISC outlook to the 2025 Gold CAS outlook is provided below. For more details, refer to the Company’s Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on Newmont.com. The estimates in the table below are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws.
Net debt to Adjusted EBITDA ratio Management uses net debt to Adjusted EBITDA as non-GAAP measures to evaluate the Company’s operating performance, including our ability to generate earnings sufficient to service our debt. Net debt to Adjusted EBITDA represents the ratio of the Company’s debt, net of cash and cash equivalents, to Adjusted EBITDA. Net debt to Adjusted EBITDA does not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Net debt to Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of net debt to Adjusted EBITDA measure is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that net debt to Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of net debt to Adjusted EBITDA is evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted EBITDA as follows:
Net average realized price per ounce/ pound Average realized price per ounce/ pound are non-GAAP financial measures. The measures are calculated by dividing the net consolidated gold, copper, silver, lead, and zinc sales by the consolidated gold ounces, copper pounds, silver ounces, lead pounds and zinc pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on a consolidated basis. Average realized price per ounce/ pound statistics are intended to provide additional information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently. The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure:
Gold by-product metrics Copper, silver, lead, zinc, and molybdenum are by-products often obtained during the process of extracting and processing the primary ore-body. In our GAAP Consolidated Financial Statements, the value of these by-products is recorded as a credit to our CAS and the value of the primary ore is recorded as Sales. In certain instances, copper, silver, lead, and zinc are co-products, or a significant resource in the primary ore-body, and the revenue is recorded as Sales in our GAAP Consolidated Financial Statements. Gold by-product metrics are non-GAAP financial measures that serve as a basis for comparing the Company’s performance with certain competitors. As Newmont’s operations are primarily focused on gold production, “Gold by-product metrics” were developed to allow investors to view Sales, CAS per ounce and AISC per ounce calculations that classify all copper, silver, lead, zinc, and molybdenum production as a by-product, even when copper, silver, lead or zinc is a significant resource in the primary ore-body. These metrics are calculated by subtracting copper, silver, lead, and zinc sales recognized from Sales and including these amounts as offsets to CAS. Gold by-product metrics are calculated on a consistent basis for the periods presented on a consolidated basis. These metrics are intended to provide supplemental information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks. The following reconciles these non-GAAP measures to the most directly comparable GAAP measures:
Conference Call Information A conference call will be held on Thursday, July 24, 2025 at 5:30 p.m. Eastern Daylight Time (3:30 p.m. Mountain Daylight Time), which is 7:30 a.m. Australian Eastern Standard Time on Friday, July 25, 2025; it will also be available on the Company’s website. Conference Call Details
1For toll-free phone numbers, refer to the following link: https://www.netroadshow.com/events/global-numbers?confId=49005 Webcast Details
Title: Newmont Second Quarter 2025 Earnings Conference Call
The webcast materials will be available Thursday, July 24, after North American markets close, under the “Investor Relations” section of the Company’s website. Additionally, the conference call will be archived for a limited time on the Company’s website. About Newmont Newmont is the world’s leading gold Company and producer of copper, zinc, lead, and silver. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925. At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont’s sustainability strategy and initiatives, go to www.newmont.com. Cautionary Statement Regarding Forward Looking Statements, Including Outlook Assumptions, and Notes: This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as “anticipate,” “intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,” "pending" or “potential.” Forward-looking statements in this news release may include, without limitation, (i) estimates of future production and sales, including production outlook, average future production; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures, including development and sustaining capital; (iv) expectations regarding the development of key projects, including with respect to production and capital cost estimates; (v) expectations regarding share and debt repurchases; (vi) estimates of future cost reductions, savings and efficiencies, productivity improvements, and future cash flow enhancements, (vii) expectations regarding Newmont’s Core Portfolio; (viii) expectations regarding future investments or divestitures; (ix) expectations regarding free cash flow and returns to stockholders, including with respect to future dividends and future share repurchases; (x) estimates of expected reclamation and remediation costs, water treatment costs and other expenses, and (xi) expectations regarding receipt of deferred or contingent consideration in connection with recent asset sales. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to U.S. dollar and Canadian dollar to U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Such uncertainties could result in operating sites being placed into care and maintenance and impact estimates, costs and timing of projects. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities. Future dividends beyond the dividend payable on September 29, 2025 to holders of record at the close of business on September 4, 2025 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. Management’s expectations with respect to future dividends are “forward-looking statements” and are non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board. Investors are also cautioned that the extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. Under the share repurchase program authorization, Newmont may purchase its common stock on a on a discretionary basis from time to time on the open market, including through the use of trading plans that satisfy the conditions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with the requirements of the Securities and Exchange Commission, or by accelerated share repurchases or privately negotiated transactions. The timing and amount of common stock repurchases made under the authorization will be determined by management based on its evaluation of market conditions and other factors as mentioned above. The share repurchase program authorization has no expiration date and does not obligate the Company to acquire any particular amount of shares and may be suspended or discontinued at any time. For a more detailed discussion of such risks and other factors that might impact future looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 21, 2025, under the heading “Risk Factors", and other factors identified in the Company's reports filed with the SEC, available on the SEC website or at www.newmont.com. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk. Investors are also encouraged to review our Form 10-Q for the quarter ended June 30, 2025, expected to be filed on July 24, 2025. View source version on businesswire.com: https://www.businesswire.com/news/home/20250724548851/en/ Contacts
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