DENVER--(BUSINESS WIRE)--Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) today announced first quarter 2025 results and declared a dividend of $0.251 per share. 
"Following on from a robust fourth quarter performance, Newmont has delivered 1.5 million attributable gold ounces and generated a record first quarter free cash flow of $1.2 billion, demonstrating the strength of our unrivaled Tier 1 Portfolio,” said Tom Palmer, Newmont's President and Chief Executive Officer. "We also successfully completed our non-core divestiture program, generating up to $4.3 billion in total gross proceeds including over $2.5 billion of after-tax cash proceeds in the first half of 2025. With these significant achievements and a solid start to the year, we remain firmly on track to meet our 2025 guidance, continuing on our journey towards creating the world’s leading gold and copper portfolio for the benefit of our shareholders."
Q1 2025 Results
- Reported Net Income of $1.9 billion, Adjusted Net Income (ANI)2 of $1.25 per diluted share and Adjusted EBITDA2 of $2.6 billion
- On track to meet Newmont's 2025 guidance3, with first quarter results in line with indications provided in February 2025
- Completed divestiture program announced in 2024, and finalized the sales of Musselwhite, Éléonore and Cripple Creek & Victor (CC&V) in February, and Porcupine and Akyem in April4
- Received over $2.5 billion in cash proceeds net of tax impacts from the divestiture sales closed in 2025, with total gross proceeds expected to total up to $4.3 billion from non-core asset and other investment sales
- Generated $2.0 billion of cash from operating activities, net of working capital changes of $(141) million; reported a record first quarter Free Cash Flow2 of $1.2 billion
- Delivered $1.0 billion in total returns to shareholders through share repurchases and dividend payments since the start of the year; declared a dividend of $0.25 per share of common stock for the first quarter of 2025
- Produced 1.5 million attributable gold ounces, primarily driven by production of 1.3 million gold ounces from Newmont's Tier 1 Portfolio3, as well as 35 thousand tonnes of copper
- Maintained a strong and flexible investment-grade balance sheet, ending the quarter with $4.7 billion in cash and $8.8 billion in total liquidity5
- Reduced debt by $1.0 billion since the start of the year6, which includes early redemption of $928 million of 2026 Notes redeemed on February 7, 2025 and $75 million in market purchases6; reported Net debt to Adjusted EBITDA2 of 0.3x
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1 Newmont's Board of Directors declared a dividend of $0.25 per share of common stock for the first quarter of 2025, payable on June 20, 2025 to holders of record at the close of business on May 27, 2025. |
2 Non-GAAP metrics; see reconciliations at the end of this release. |
3 See discussion of guidance, including the definition of the Tier 1 Portfolio, and cautionary statement at the end of this release regarding forward-looking statements. |
4 All previously announced operating sites have been divested, with the Coffee development project remaining designated as held for sale. No agreement has been reached with respect to Coffee as of the date of this release. |
5 Total liquidity as of March 31, 2025 includes $0.1 billion in cash for assets held for sale and $4.0 billion available on a revolving credit facility |
6 Total debt purchases include $22 million in April 2025. |
Summary of First Quarter Results
|
| 2024 |
| 2025 | |||||||||||||
|
| Q1 | Q2 | Q3 | Q4 | FY |
| Q1 | YTD | ||||||||
Average realized gold price ($/oz) |
| $ | 2,090 |
| $ | 2,347 | $ | 2,518 | $ | 2,643 | $ | 2,408 |
| $ | 2,944 | $ | 2,944 |
Attributable gold production (Moz)1 |
|
| 1.68 |
|
| 1.61 |
| 1.67 |
| 1.90 |
| 6.85 |
|
| 1.54 |
| 1.54 |
Gold CAS ($/oz)2,3 |
| $ | 1,057 |
| $ | 1,152 | $ | 1,207 | $ | 1,096 | $ | 1,126 |
| $ | 1,227 | $ | 1,227 |
Gold AISC ($/oz)3 |
| $ | 1,439 |
| $ | 1,562 | $ | 1,611 | $ | 1,463 | $ | 1,516 |
| $ | 1,651 | $ | 1,651 |
Net income (loss) attributable to Newmont stockholders ($M) |
| $ | 170 |
| $ | 853 | $ | 922 | $ | 1,403 | $ | 3,348 |
| $ | 1,891 | $ | 1,891 |
Adjusted net income ($M)4 |
| $ | 630 |
| $ | 834 | $ | 936 | $ | 1,591 | $ | 3,991 |
| $ | 1,404 | $ | 1,404 |
Adjusted net income per share ($/diluted share)4 |
| $ | 0.55 |
| $ | 0.72 | $ | 0.81 | $ | 1.40 | $ | 3.48 |
| $ | 1.25 | $ | 1.25 |
Adjusted EBITDA ($M)4 |
| $ | 1,694 |
| $ | 1,966 | $ | 1,967 | $ | 3,048 | $ | 8,675 |
| $ | 2,629 | $ | 2,629 |
Cash from operations before working capital ($M)5 |
| $ | 1,442 |
| $ | 1,657 | $ | 1,846 | $ | 2,398 | $ | 7,343 |
| $ | 2,172 | $ | 2,172 |
Net cash from operating activities of continuing operations ($M) |
| $ | 776 |
| $ | 1,394 | $ | 1,637 | $ | 2,511 | $ | 6,318 |
| $ | 2,031 | $ | 2,031 |
Capital expenditures ($M)6 |
| $ | 850 |
| $ | 800 | $ | 877 | $ | 875 | $ | 3,402 |
| $ | 826 | $ | 826 |
Free cash flow ($M)7 |
| $ | (74 | ) | $ | 594 | $ | 760 | $ | 1,636 | $ | 2,916 |
| $ | 1,205 | $ | 1,205 |
First Quarter 2025 Production and Financial Summary
Attributable gold production1 decreased 19 percent to 1,537 thousand ounces from the prior quarter as expected, primarily due to reduced contributions from non-core operations, which included only two months of production from Musselwhite, Éléonore and CC&V. Additional impacts to production included lower production at the non-managed joint venture at Nevada Gold Mines, ongoing safety improvements at Cerro Negro and planned mine sequencing at Boddington and Tanami.
Average realized gold price was $2,944 per ounce, an increase of $301 per ounce over the prior quarter. Average realized gold price includes $2,890 per ounce of gross price received, a favorable impact of $64 per ounce mark-to-market on provisionally-priced sales and reductions of $10 per ounce for treatment and refining charges.
Gold CAS2 totaled $1.8 billion for the quarter. Gold CAS per ounce3 increased 12 percent to $1,227 per ounce compared to the prior quarter primarily due to lower gold production, higher royalty costs and greater allocation of cost to gold at co-product producing sites due to a previously announced reserve price update, partially offset by inventory changes and lower direct operating costs.
Gold AISC per ounce3 increased 13 percent to $1,651 per ounce compared to the prior quarter primarily due to higher CAS per ounce as expected.
Net income attributable to Newmont stockholders was $1.9 billion or $1.68 per diluted share, an increase of $488 million from the prior quarter. This increase was primarily driven by a gain on the sale of assets held for sale of $276 million compared to a loss in the prior quarter, as well as lower costs applicable to sales, and an increase in the fair value of investments and options of $291 million. These changes largely offset lower sales volumes.
Adjusted net income4 for the quarter was $1.4 billion or $1.25 per diluted share, compared to $1.6 billion or $1.40 per diluted share in the prior quarter. Primary adjustments to first quarter net income include a net increase in the fair value of investments and options of $291 million and a net gain on the sale of assets held for sale of $276 million primarily related to the mine sales that closed in the first quarter.
Adjusted EBITDA4 decreased 14 percent to $2.6 billion, while EBITDA increased by $307 million. The increase in EBITDA was driven by mostly by higher net income. Adjusted EBITDA excludes one-time adjustments totaling $514 million, primarily due to a net increase in the value of investments and options, as well as the net gain on the sale of assets held for sale.
Consolidated cash from operations before working capital5 decreased 9 percent from the prior quarter to $2.2 billion primarily due to lower sales partially offset by lower cash costs.
Consolidated net cash from operating activities decreased 19 percent from the prior quarter to $2.0 billion primarily due to lower cash from operations before working capital. Net working capital outflow in the first quarter of $141 million was primarily due to a build in inventory and stockpiles of $175 million and the continued cash spend for previously accrued reclamation activities of $95 million, primarily related to the ongoing construction of the Yanacocha water treatments plants. These unfavorable working capital changes were partially offset by favorable timing of cash collections from accounts receivable of $228 million and an accrual for taxes payable of $91 million.
Free Cash Flow7 decreased 26 percent from the prior quarter to $1.2 billion primarily due to a decrease in consolidated net cash from operating activities, including negative working capital impacts.
Balance sheet and liquidity remained strong in the first quarter, ending with $4.7 billion of consolidated cash and $67 million of cash included in Assets held for sale, with approximately $8.8 billion of total liquidity; reported net debt to adjusted EBITDA of 0.3x8.
Non-Managed Joint Venture and Equity Method Investments9
Nevada Gold Mines (NGM) attributable gold production decreased 23 percent to 216 thousand ounces, with a 21 percent increase in CAS per ounce to $1,426 per ounce. AISC per ounce increased 20 percent from the prior quarter to $1,789 per ounce3.
Pueblo Viejo (PV) attributable gold production decreased 21 percent to 49 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $64 million in the first quarter. Capital contributions of $20 million were made during the quarter related to the expansion project at Pueblo Viejo.
Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the first quarter of 2025 increased 10 percent to 43 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $23 million for the first quarter.
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1 Attributable gold production includes ounces from the Company's equity method investment in Pueblo Viejo (40%) and in Lundin Gold (32%). |
2 Consolidated Costs applicable to sales (CAS) excludes Depreciation and amortization and Reclamation and remediation. |
3 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales. |
4 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders. |
5 Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled in the Condensed Consolidated Statements of Cash Flows. |
6 Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows. |
7 Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities. |
8 Non-GAAP measure. See end of this release for reconciliation. |
9 Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag. |
Newmont's 2025 Guidance
Newmont remains on track to meet its previously published 2025 guidance. For more details, refer to the Company’s Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on www.newmont.com. Please see the cautionary statement and footnotes for additional information.
Guidance Metric (+/-5%) a | 2025E | ||
Attributable Gold Production (Moz) | |||
Managed Tier 1 Portfolio |
| 4.2 |
|
Non-Managed Tier 1 Portfolio b |
| 1.4 |
|
Total Tier 1 Portfolio |
| 5.6 |
|
Non-Core Assets c |
| 0.3 |
|
Total Newmont Attributable Gold Production (Moz) |
| 5.9 |
|
Gold CAS ($/oz) d | |||
Managed Tier 1 Portfolio | $ | 1,170 |
|
Non-Managed Tier 1 Portfolio b | $ | 1,240 |
|
Total Tier 1 Portfolio | $ | 1,180 |
|
Non-Core Assets | $ | 1,450 |
|
Total Newmont Gold CAS ($/oz) d | $ | 1,200 |
|
Gold AISC ($/oz) d | |||
Managed Tier 1 Portfolio | $ | 1,630 |
|
Non-Managed Tier 1 Portfolio b | $ | 1,555 |
|
Total Tier 1 Portfolio | $ | 1,620 |
|
Non-Core Assets c | $ | 1,830 |
|
Total Newmont Gold AISC ($/oz) d | $ | 1,630 |
|
Sustaining Capital ($M) | |||
Managed Tier 1 Portfolio | $ | 1,530 |
|
Non-Managed Tier 1 Portfolio b | $ | 270 |
|
Total Tier 1 Portfolio | $ | 1,800 |
|
Non-Core Assets c | $ | 75 |
|
Total Newmont Sustaining Capital c | $ | 1,875 |
|
Development Capital ($M) | |||
Managed Tier 1 Portfolio | $ | 1,140 |
|
Non-Managed Tier 1 Portfolio b | $ | 160 |
|
Total Tier 1 Portfolio | $ | 1,300 |
|
Non-Core Assets c | $ | 30 |
|
Total Newmont Development Capital e | $ | 1,330 |
|
Consolidated Expenses | |||
Exploration & Advanced Projects ($M) | $ | 525 |
|
General & Administrative ($M) | $ | 475 |
|
Interest Expense ($M) | $ | 300 |
|
Depreciation & Amortization ($M) f | $ | 2,600 |
|
Reclamation and Remediation Accretion ($M) g | $ | 475 |
|
Adjusted Tax Rate h,i |
| 34 | % |
2025 GOLD PRODUCTION AND CAPITAL SEASONALITY GUIDANCE AND SECOND QUARTER COMMENTARY
Total Tier 1 Portfolio j | H1 2025E | H2 2025E |
Attributable Production | 48% | 52% |
Sustaining Capital | 52% | 48% |
Development Capital | 57% | 43% |
H1/H2 Commentary: Attributable gold production for the Total Tier 1 Portfolio in 2025 is expected to be approximately 48 percent weighted to the first half of the year. The increase in production in the second half of the year is expected to be driven primarily by the non-managed Nevada Gold Mines and Pueblo Viejo operations and the addition of Ahafo North to commercial production. Gold production weighting excludes non-core assets.
Sustaining capital for the Total Tier 1 Portfolio remains weighted toward the first half of 2025, with scheduled work on pit design and access roads for Phase 14a at Lihir ongoing and the second quarter start of warmer weather surface work at Red Chris and Brucejack in Canada. Development capital for the Total Tier 1 Portfolio is heavily weighted to the first half of 2025 with spend at Ahafo North expected to peak in the second quarter before declining each quarter for the remainder of the year as the project moves toward commercial production.
Second Quarter Commentary: The second quarter of 2025 is expected to include 24 percent of Total Tier 1 Portfolio production in line with the first quarter. Second quarter attributable production from the Total Tier 1 portfolio is expected to be relatively in line with the previous quarter as expected production growth from the non-operated joint ventures, Cerro Negro, Brucejack and Boddington is offset by declines at Ahafo South and Cadia. Unit costs are expected to be similar to slightly higher than the first quarter due to higher sustaining capital spend. The second quarter will include limited high cost ounces from Porcupine and Akyem, reflecting production prior to the close of those transactions on April 15. Sustaining capital is expected to peak in the second quarter as planned investment ramps up. Compared to the previous quarter, second quarter free cash flow is expected to be adversely impacted by the divestment of the non-core assets, higher tax payments related to increased profitability in previous periods and taxes from the divestments, higher planned development capital at Ahafo North and Cadia, and the continued ramp-up of spending on construction of the Yanacocha water treatment facilities.
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a 2025 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 20, 2025. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2025 Guidance assumes $2,500/oz Au, $9,370/tonne Cu, $30/oz Ag, $2,756/tonne Zn, $2,094/tonne Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $90/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. See cautionary statement at the end of this release. |
b Guidance for Non-managed operations provided by joint venture or operating partners. |
c Guidance for non-core assets held for sale, Akyem, CC&V, Porcupine, Éléonore, and Musselwhite, reflects attributable gold production, Gold CAS, Gold AISC, sustaining capital, and development capital for the first quarter of 2025 only. The sale of CC&V, Éléonore, and Musselwhite closed on February 28, 2025 and the sale of Akyem and Porcupine closed April 15, 2025. See cautionary statement at the end of this release. |
d Presented on a consolidated basis and assuming a gold price of $2,500/oz. |
e Sustaining capital is presented on an attributable basis; Capital guidance excludes amounts attributable to the Pueblo Viejo joint venture. |
f Depreciation & Amortization includes Q1 2025 only for non-core assets. |
g Reclamation and Remediation Accretion represents a subset of expenses within Reclamation and Remediation expense and is exclusive of Reclamation and Remediation adjustments and other within that income statement expense line item. Reclamation and Remediation Accretion includes Q1 2025 only for non-core assets. |
h The adjusted tax rate excludes certain items such as tax valuation allowance adjustments. |
i Assuming average prices of $2,500 per ounce for gold, $9,370 per tonne for copper, $30 per ounce for silver, $2,094 per tonne for lead, and $2,756 per tonne for zinc and achievement of current production, sales and cost estimates, Newmont estimates its consolidated adjusted effective tax rate related to continuing operations for 2025 will be 34%. |
j Total Tier 1 Portfolio includes the Managed Tier 1 Portfolio and the Non-Managed Tier 1 Portfolio and does not include non-core assets held for sale. |
2025 Site Guidancea as of February 20, 2025
2025 Guidance | Consolidated Production (Koz) | Attributable Production (Koz) | Consolidated CAS ($/oz) | Consolidated All-In Sustaining Costs b ($/oz) | Attributable Sustaining Capital Expenditures ($M) | Attributable Development Capital Expenditures ($M) |
Managed Tier 1 Portfolio |
|
|
|
|
|
|
Boddington | 560 | 560 | 1,270 | 1,620 | 150 | — |
Tanami | 380 | 380 | 1,100 | 1,630 | 160 | 360 |
Cadia | 280 | 280 | 1,000 | 1,950 | 490 | 330 |
Lihir | 600 | 600 | 1,330 | 1,760 | 180 | — |
Ahafo | 670 | 670 | 1,120 | 1,400 | 130 | — |
Ahafo North | 50 | 50 | 350 | 480 | 5 | 290 |
Peñasquito | 390 | 390 | 930 | 1,210 | 110 | — |
Cerro Negro | 250 | 250 | 1,010 | 1,340 | 80 | 40 |
Yanacocha | 460 | 460 | 920 | 1,070 | 10 | — |
Merian c | 295 | 210 | 1,490 | 1,770 | 50 | — |
Brucejack | 255 | 255 | 1,400 | 1,920 | 80 | — |
Red Chris | 60 | 60 | 1,440 | 2,050 | 70 | 120 |
|
|
|
|
|
|
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Non-Managed Tier 1 Portfolio |
|
|
|
|
|
|
Nevada Gold Mines d | 1,015 | 1,015 | 1,240 | 1,555 | 270 | 160 |
Pueblo Viejo e | — | 260 | — | — | — | — |
Fruta Del Norte f | — | 160 | — | — | — | — |
|
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|
|
|
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Non-Core Assets | 250 | 250 | 1,450 | 1,830 | 75 | 30 |
|
|
|
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|
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Co-Product Production |
|
|
|
|
|
|
Boddington - Copper (ktonne) | 23 | 23 | 5,330 | 6,830 | — | — |
Cadia - Copper (ktonne) | 67 | 67 | 4,600 | 8,780 | — | — |
Peñasquito - Silver (Moz) | 28 | 28 | 11.50 | 15.00 | — | — |
Peñasquito - Lead (ktonne) | 90 | 90 | 1,080 | 1,290 | — | — |
Peñasquito - Zinc (ktonne) | 236 | 236 | 1,430 | 1,890 | — | — |
Red Chris - Copper (ktonne) | 28 | 28 | 6,370 | 8,800 | — | — |
a 2025 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 20, 2025. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2025 Guidance assumes $2,500/oz Au, $9,370/tonne Cu, $30/oz Ag, $2,756/tonne Zn, $2,094/tonne Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $80/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. See cautionary statement at the end of this release. |
b All-in sustaining costs (AISC) as used in the Company’s Guidance is a non-GAAP metric; see below for further information and reconciliation to consolidated 2025 CAS outlook. |
c Consolidated production for Merian is presented on a total production basis for the mine site; attributable production represents a 75% interest for Merian. |
d Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM. |
e Attributable production includes Newmont’s 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. |
f Attributable production includes Newmont’s 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag. |
Divestiture Program Update
In February 2024, Newmont announced the intent to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian and North American business units. To date, Newmont has completed the sales for all non-core operations and its 70 percent interest in the Havieron project.
Total gross proceeds from announced transactions are expected to be up to $4.3 billion including contingent payments and closing adjustments. This includes $3.8 billion from the divestment of six non-core operations, including up to $475 million from the sale of the Telfer mine, which closed in 2024, and $527 million from the sale of the Lundin Gold stream credit facility and offtake agreement, as well as the monetization of Newmont's Batu Hijau contingent payments. Details for transactions closed in 2025 are as follows:
- Up to $850 million from the sale of the Musselwhite operation, closed on February 28, 2025;
- $784 million from the sale of the Éléonore operation, closed on February 28, 2025;
- Up to $275 million for the sale of the CC&V operation, closed on February 28, 2025;
- Up to $1.0 billion from the sale of the Akyem operation, closed on April 15, 2025; and
- Up to $425 million for the sale of the Porcupine operation, closed on April 15, 2025.
Projects Update
For details on Newmont’s key projects currently in execution, refer to the Company’s Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on www.newmont.com. Additional project updates will be provided as they become available. Please refer to the cautionary statement and footnotes for further information.
Committed to Concurrent Reclamation
Since mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental, and regulatory impacts associated with the end of mining operations. Newmont’s global Closure Strategy integrates closure planning throughout each operation’s lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to accrue to reclamation and remediation spend through the year. In the first quarter of 2025, Newmont spent $95 million on reclamation activities, including $50 million on the construction of water treatment plants at Yanacocha which is expected to continue to increase each quarter through the year with the fourth quarter planned to be the highest of the year.
Contacts
Investor Contact - Global
Neil Backhouse, investor.relations@newmont.com
Investor Contact - Asia Pacific
Natalie Worley, apac.investor.relations@newmont.com
Media Contact - Global
Shannon Lijek, globalcommunications@newmont.com
Media Contact - Asia Pacific
Rosalie Cobai, australiacommunications@newmont.com