Newmont stock weighs strong cash flow against 2027 project spending
Published on 11/10/2026 at 13:52 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSCash Flow And Project Outlook
- Newmont reported record third-quarter adjusted net income and strong free cash flow on October 22.
- Management kept its 2026 production outlook and expects gold production to grow in 2027.
- Tanami Expansion 2 is expected to begin commercial production in the first half of 2027, while Red Chris targets a funding decision early next year.
Newmont Corporation used its third-quarter update on October 22 to reinforce its 2026 production outlook while setting out a heavier project-investment agenda for the years ahead. The release from Newmont said it remained on track for full-year attributable gold production of 5.3 million ounces and had improved its full-year unit-cost outlook.
Third-Quarter Cash Generation
Newmont produced 1.3 million attributable gold ounces in the third quarter, alongside 23 thousand tonnes of copper and 11 million ounces of silver. Reported net income attributable to Newmont stockholders reached 2.5 billion US dollars, while adjusted net income was 2.3 billion US dollars, or 2.20 US dollars per diluted share.
Free cash flow was 1.9 billion US dollars for the quarter. Cash from operating activities totaled 2.8 billion US dollars after working-capital impacts, and the company ended September with 8.8 billion US dollars of cash and 12.8 billion US dollars of total liquidity. Newmont also reported a net cash position of 3.2 billion US dollars before a planned fourth-quarter payment of 1.95 billion US dollars to Barrick under the amended Nevada Gold Mines agreement.
The figures include non-GAAP measures such as adjusted net income, free cash flow and net cash. Newmont said adjusted net income increased 3 percent from the prior quarter, while free cash flow declined 13 percent because operating cash flow was lower and capital investment was higher.
Growth Projects Move Forward
Tanami Expansion 2 in Australia is progressing slightly ahead of schedule after shaft construction was completed at the end of the third quarter. Commercial production is now expected toward the end of the first half of 2027. Newmont also expects production growth in 2027, with attributable gold output forecast to rise by a low-to-mid single-digit percentage from 2026.
At Red Chris in British Columbia, Newmont is completing the feasibility study for an underground block-cave project and expects a full-funds investment decision in early 2027, subject to governance approval. The first phase is expected to produce 3.0 million ounces of gold and more than 850 thousand tonnes of copper over an initial 13-year cave life. Commercial production is targeted for 2033, with development capital estimated at 4.2 billion to 4.8 billion US dollars in real terms, net of an anticipated Canadian government contribution.
The project offers long-term production potential but also raises the capital demands facing the portfolio. Newmont expects 2027 development capital to increase by approximately 500 million US dollars from its 2026 level as spending rises on the Lihir Nearshore Barrier and the Red Chris Block Cave project, subject to the investment decision.
Shareholder Returns And Risks
Newmont declared a quarterly dividend of 0.26 US dollars per share, payable on December 21 to shareholders of record on November 25. The company said it had returned 1.9 billion US dollars through dividends and share repurchases since its previous earnings call and had reduced its share count by approximately 10 percent since February 2024.
Management expects the fourth quarter to be the strongest production quarter of 2026, supported by higher-grade ore and operational improvements at several sites. It is also monitoring potential water impacts at Lihir from El Nino conditions, while higher sustaining capital, oil prices, royalties and co-product volumes could affect fourth-quarter costs.
Newmont stock traded at 109.18 euros on Lang & Schwarz at 13:43 CET on Tuesday, November 10, 2026.
Newmont Corporation at a glance
- Company: Newmont Corporation
- ISIN: US6516391066
- Home ticker: NEM
- Home exchange: New York Stock Exchange
- Lang & Schwarz price: 109.18 euros at 13:43 CET on November 10, 2026
- Third-quarter free cash flow: 1.9 billion US dollars
- 2026 gold production guidance: 5.3 million attributable ounces
Broader market sentiment remains relevant for gold producers; investors can follow the S&P 500 for the wider US equity backdrop.
For more company-specific coverage, see More news and analyses on Newmont stock.
