Overview
- Newmont beat expectations with Q1 adjusted EPS of $2.90 and $7.31 billion in revenue as free cash flow reached a record $3.1 billion.
- The board approved a new $6 billion share repurchase program after returning $2.7 billion to investors in the quarter and declaring a 26 cent dividend payable June 22 to holders of record May 27.
- The company kept its 2026 output target at 5.3 million gold ounces and reported Q1 all-in sustaining costs of $1,029 per ounce, with unit costs set to rise in Q2 as sustaining capital spending increases.
- An April 14 magnitude 4.5 quake near the Cadia mine caused underground disruption with no injuries, and Newmont expects about 80% capacity in roughly five weeks, which will nudge Q2 production below Q1 before recovery later in the year.
- Newmont ended the quarter with $8.8 billion in cash and noted that every $10 move in oil prices changes all-in sustaining costs by about $12 per ounce, a key input as energy and royalties shape costs in coming quarters.