Overview
- JPMorgan initiated coverage on March 4 with an Overweight rating, projecting production of about 5.3 million ounces in FY2026 and nearly 6 million by FY2029, and estimating roughly $8 billion in net cash through FY2026.
- Citi raised its price target to $150 on March 3 and Bernstein upgraded to Outperform with a $157 target on Feb. 27, citing a bullish gold view, a new CEO’s plan, achievable guidance, and progress with the largest JV partner.
- Newmont reported 2025 free cash flow of $7.3 billion and net income of $7.2 billion, repaid $3.4 billion of debt, and returned $3.4 billion to shareholders, ending the year with more cash than debt.
- Attributable gold reserves declined to 118.2 million ounces at year‑end 2025 from 134.1 million a year earlier due to asset divestments, with substantial remaining copper (12.5 million tonnes) and silver (442 million ounces) reserves.
- Shares remain sensitive to metal prices and geopolitics, falling about 3.3% intraday on March 9 as gold retreated, though a $1,000 investment a year ago would be worth nearly $2,650 based on recent performance.