Q2 2026 Newmont Corporation Earnings Call Transcript
Key Points
- Newmont Corp (NEM) delivered a strong second quarter, producing 1.3 million ounces of gold, 17,000 tonnes of copper, and 7 million ounces of silver, supporting $2.9 billion in cash flow from operations.
- The company achieved a second-quarter record of $2.2 billion in free cash flow and returned approximately $1.9 billion to shareholders through dividends and share repurchases.
- Regulatory approvals for the Red Chris Block Cave project were secured, reflecting strong partnerships and commitment to responsible project advancement.
- Operational performance was ahead of expectations, with notable contributions from Yanacocha and Lihir, leading to a revised production outlook with 51% expected in the second half.
- Newmont Corp (NEM) maintained a strong net cash position of $3.4 billion, demonstrating financial flexibility and resilience through commodity cycles.
- Higher oil prices contributed to increased costs, with diesel prices impacting cost applicable to sales and all-in sustaining costs.
- The company faces ongoing cost pressures from indirect expenses such as explosives, cyanide, and labor, which could affect future financial performance.
- Development capital spending is expected to be 63% weighted to the second half of the year, reflecting potential challenges in project execution and timing.
- The Cadia seismic event in April caused disruptions, with ongoing work required to secure regulatory approvals for cave establishment.
- Inflationary pressures are expected to increase capital costs for projects like Red Chris, potentially impacting future financial outcomes.
Hello, and welcome to Newmont second-quarter 2026 results conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Newmont's Group Head of Treasury and Investor Relations, Neil Backhouse. Neil, please go ahead.
Thank you, Holly. Hello, everyone, and thank you for joining Newmont's second-quarter 2026 results conference call.
Joining me today are Natascha Viljoen, our President and Chief Executive Officer; Brian Tabolt, our newly appointed Executive Vice President and Chief Financial Officer; as well as other members of our management team who will be available to answer questions at the end of the call.
Before we begin, please take a moment to review our cautionary statements shown here and refer to our SEC filings, which can be found on our website.
With that, I'll turn the call over to Natascha.
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