Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Gold production | 1.3 million ounces | Broadly in line with second quarter |
| Free cash flow | $1.9 billion | Not stated |
| Adjusted net income | $2.20 per share | Third quarter record |
| Gold all-in sustaining costs | $1,454 per ounce | Improved sequentially |
| Adjusted EBITDA | $4 billion | Not stated |
Guidance and outlook
- Full-year gold all-in sustaining costs are expected to be approximately $1,520 per ounce.
- Fourth quarter gold all-in sustaining costs are expected to be approximately $1,900 per ounce.
- Total portfolio production in 2027 is expected to increase by a low to mid-single-digit percentage compared with 2026.
- Development capital in 2027 is expected to be approximately $500 million higher than 2026.
How management sounded
Positive (+6 on our -10 to +10 scale). Management highlighted record financial performance, improved full-year cost guidance, and clear visibility into production growth starting in 2027. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Red Chris Project
Asked: Daniel Major with UBS asked about scope changes and future expansion potential.
Answer: Management explained that the feasibility study now incorporates geotechnical realities, optimized mine design, and increased throughput capacity to 15 million tonnes per year.
Labor Costs
Asked: Fahad Tariq with Jefferies asked about labor cost inflation and market tightness.
Answer: Management noted a general escalation exceeding the 3% assumption but stated that labor turnover remains under control.
Lihir Water Risks
Asked: Hugo Nicolaci with Goldman Sachs asked about El Nino impacts on water availability.
Answer: Management is monitoring the situation and prioritizing community water needs, noting that they can stockpile material to maintain consistent plant feed if mining is impacted.
Nevada Gold Mines JV
Asked: Adam Baker with Macquarie asked about the $1.95 billion agreement with Barrick.
Answer: Management stated the agreement modernizes governance and allows for unencumbered optimization of the district.
What to watch before the next call
- Closing of the Nevada Gold Mines joint venture transaction in the fourth quarter.
- Potential water impacts at Lihir due to El Nino conditions through the end of the year.
- Final investment decision for the Red Chris block cave project expected early next year.
