Newmont (NEM) Q3 2026 Earnings Call: Guidance and Outlook
Management affirmed full year production and capital guidance while improving the full year cost outlook. Preliminary indications were also provided for 2027 production growth and capital expenditures.
About Newmont. Newmont Corporation is primarily involved in the mining and exploration of gold resources. Additionally, the company undertakes prospecting for other base and precious metals, including copper, silver, zinc, and lead.
Production is expected to increase in the fourth quarter to 1.4 million ounces.
Fourth quarter AISC
Fourth quarter all-in sustaining costs are expected to be the highest of the year at approximately $1,900 per ounce.
Annual guidance
Gold all-in sustaining costs
Gold all-in sustaining costs of approximately $1,520 per ounce, representing an improvement of approximately 10% relative to initial guidance.
2027 production
Total portfolio production in 2027 is expected to increase by a low to mid-single-digit percentage compared with 2026.
2027 development capital
Development capital in 2027 is expected to be approximately $500 million higher than 2026, primarily reflecting planned investment in the Red Chris Block Cave project and Lihir nearshore barrier project.
2027 sustaining capital
Sustaining capital is expected to remain largely in line with 2026 levels.
Outlook
El Nino weather risks
Management is closely monitoring potential water impacts at Lihir resulting from El Nino conditions forecast to strengthen through November and December.
Cost inflation
Unit costs are anticipated to trend higher next year, reflecting macroeconomic headwinds and lower co-product credits, particularly from reduced silver production at Penasquito.
Closure spending reduction
Closure spending is expected to be approximately $200 million lower in 2027 and $400 million lower in 2028 compared with 2026 levels as Yanacocha water treatment plants reach completion.
Red Chris timeline
Subject to board approval early next year, construction for Red Chris is anticipated to ramp up in 2027 with commercial production targeted for 2033.
Dombey's summary of the Newmont Q3 2026 earnings call held Oct 22, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.
