Here are two brief analogies for Newmont (NEM):

• The ExxonMobil of gold mining.

• The De Beers of gold production.

• Gold: A precious metal that is Newmont's primary focus for production and exploration.
• Copper: An industrial metal that Newmont explores for.
• Silver: A precious metal that Newmont explores for.
• Zinc: A base metal that Newmont explores for.
• Lead: A heavy metal that Newmont explores for.

• Precious Metals Refiners and Bullion Banks: These entities purchase gold doré and silver for refining into high-purity bullion, which is then sold to investors, central banks, jewelers, and industrial users.
  • Examples of such institutions include major global banks involved in precious metals trading (e.g., JPMorgan Chase & Co. (NYSE: JPM), HSBC Holdings plc (LSE: HSBA)), and specialized precious metals refiners (many of which are private, such as Valcambi S.A., Metalor Technologies SA, or PAMP SA).
• Base Metals Smelters, Refiners, and Industrial Purchasers: For copper, zinc, and lead concentrates, customers are typically smelters and refiners that process the raw materials into refined metals, as well as industrial companies and traders who facilitate their distribution to various manufacturing sectors (e.g., electronics, construction, automotive).
  • Examples of companies that operate in these areas and could be purchasers include large diversified mining and trading firms like Glencore plc (LSE: GLEN) or Sumitomo Corporation (TYO: 8053), as well as numerous other global smelting and industrial entities, many of which are private or operate as divisions of larger public companies.

Natascha Viljoen became President and Chief Executive Officer of Newmont Corporation in January 2026, making her the first woman to lead the company in its over 100-year history. She joined Newmont in 2023 as Chief Operating Officer, overseeing the company's operations with a focus on integrating acquired assets, optimizing the portfolio, and developing talent across Newmont's global footprint. With over 30 years of international mining experience, Ms. Viljoen has held senior leadership roles across various commodities and continents. Prior to joining Newmont, she served as Chief Executive Officer of Anglo American Platinum (now Valterra), the world's largest primary producer of platinum, and was a member of the Anglo American plc Group Management Committee.

Peter Wexler was appointed Executive Vice President, Chief Legal Officer and Interim Chief Financial Officer of Newmont in July 2025. He joined Newmont in March 2024, leading the company's legal, compliance, and regulatory affairs globally. Mr. Wexler is a seasoned legal and risk management leader with over three decades of international experience, including managing legal, risk, compliance, M&A, antitrust, litigation, and corporate governance affairs in various industrial, technology, energy management, engineering, manufacturing, and construction sectors. Before joining Newmont, he served as Chief Legal Officer at Schneider Electric, a Global 500 business, for 15 years.

Jennifer Cmil was appointed Executive Vice President, Human Resources in October 2019, after previously serving as Senior Vice President, Human Resources since June 2019. She joined Newmont in 2010 and has held various human resources leadership roles, including Group Executive, Human Resources and Senior Director, Human Resources.

Francois Hardy was promoted to Chief Technical Officer in May 2024, having previously served as Senior Vice President, Exploration since February 2022. Prior to that, he was Regional Senior Vice President, Africa since 2019. Mr. Hardy joined Newmont in 2002 and has held several roles in Global Program Management, Business Excellence, Technical Services, and Senior Site leadership at various Newmont assets in Australia. Before Newmont, he held positions at Avmin Ltd and De Beers Consolidated Mines.

Key Risks to Newmont Corporation (NEM):

1. Commodity Price Volatility: Newmont's profitability and financial performance are highly dependent on the market price of gold, and to a lesser extent, copper, silver, zinc, and lead. Fluctuations in these commodity prices, driven by macroeconomic factors, geopolitical conditions, and investor sentiment, directly impact the company's revenues and profit margins.
2. Operational Challenges and Cost Pressures: The company faces significant operational headwinds, including projected decreases in gold production. Newmont anticipates a nearly 10% decrease in gold production for 2026, indicating a "trough" year with direct implications for future revenue generation. Concurrently, Newmont expects a significant increase in all-in sustaining costs (AISC) to approximately $1680 per ounce for 2026, primarily due to higher royalties and taxes, which is expected to compress profit margins. Rising industry-wide inflation affecting energy, labor, and equipment also contributes to increasing operational and capital expenditures.
3. Jurisdictional, Political, Regulatory, and Environmental Risks: Operating globally exposes Newmont to a variety of political, economic, and community risks in the countries where it has assets and operations. This includes changes in government regulations, royalties, and taxes, which can adversely impact profitability. Furthermore, the company faces environmental litigation and regulatory scrutiny, such as a class action lawsuit involving community members and past air pollution penalties, which can result in substantial financial exposure, damage to its social license to operate, and reputational harm. A disclosed notice of default related to Newmont's Nevada Gold Mines joint venture also introduces operational uncertainty.

Newmont (NEM) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Increased Gold and Copper Production from Strategic Projects: Newmont anticipates growth from key development projects, including the Ahafo North mine in Ghana, the Tanami Expansion 2 in Australia, and the Cadia Panel Caves in Australia. The Ahafo North mine achieved commercial production in October 2025 and is expected to contribute approximately 315,000 ounces of gold in 2026, with a ramp-up to full capacity. Production at Cadia is projected to resume growth in 2027 as the mine leverages higher gold grades from its newly established panel cave, leading to sequential production increases through 2030. Overall, Newmont expects attributable production from its Total Tier 1 Portfolio to be around 5.6 million ounces in 2025.
2. Favorable Commodity Price Environment: Strong and potentially rising prices for gold, and to a lesser extent copper, are expected to significantly boost Newmont's revenue. Record gold prices in late 2025, reaching $4,216 per ounce in Q4 2025, have already contributed to substantial revenue growth. The company projects gold prices to remain strong, which will directly impact the realized price per ounce sold. Copper exposure is also considered a strategic growth lever in the medium term, offering diversification and additional earnings potential.
3. Optimized Portfolio Focusing on Tier 1 Assets: Newmont's strategy to divest non-core and higher-cost assets, coupled with the integration of the Newcrest portfolio, aims to enhance its overall portfolio quality. This portfolio optimization, which included the completion of a divestiture program in April 2025, allows Newmont to concentrate on its "Tier 1" assets—those with longer mine lives and lower operating costs. This focus on high-margin operations is expected to drive more profitable revenue and provide capital for reinvestment into core growth projects.

Share Repurchases

• Newmont authorized a $1.0 billion share repurchase program in January 2021, following a similar $1.0 billion program in 2020 which retired 22 million shares.
• The company later doubled its share repurchase authorization to $6 billion, including an additional $3 billion program. As of October 23, 2025, $3.3 billion of this $6 billion authorization had been executed.
• Newmont reported common stock repurchases totaling $1.25 billion in 2024.

Share Issuance

• Newmont issued 357,691,627 new shares of common stock on November 7, 2023, as part of the acquisition of Newcrest Mining Limited.
• The number of outstanding shares increased by 36.5% from 2023 to 2024, reaching 1.148 billion, primarily due to the Newcrest acquisition.

Outbound Investments

• Newmont completed the acquisition of Newcrest Mining Limited in May 2023 for $19.1 billion, which positioned the company as the world's leading gold producer with robust copper output.
• In March 2021, Newmont acquired GT Gold for $325 million.
• Newmont has been actively divesting non-core assets, generating $4.5 billion in after-tax proceeds by February 2026.

Capital Expenditures

• Newmont's capital expenditures have increased significantly, from $1.653 billion in 2021 to $3.402 billion in 2024.
• In 2024, sustaining capital was approximately $1.8 billion, and development capital was about $1.3 billion, with a primary focus on projects such as Tanami Expansion 2, Ahafo North, Cadia Block Caves, and the Cerro Negro expansion.
• For 2026, capital expenditures are forecast to be elevated, with approximately $1.95 billion allocated to sustaining capital for tailings infrastructure and key growth projects (especially at Cadia and Boddington), and $1.4 billion for development capital.