Newmont just delivered one of its strongest quarters of 2026.
Earnings climbed. Costs came down. Full-year AISC guidance was cut by roughly 10%. Newmont generated another $1.9 billion of free cash flow and bought back $1.6 billion worth of stock.
And then the shares fell 4.4%.
In this video, we break down what actually happened inside Newmont’s third quarter, why earnings improved even with a lower realized gold price, and how booming silver, copper and zinc production helped drive the quarter.
We also dig into the numbers that matter going forward.
Newmont produced 1.302 million ounces of attributable gold in Q3, cut gold AISC to $1,454 an ounce, and now expects full-year AISC of approximately $1,520 an ounce. Meanwhile, management says production should finally return to growth in 2027 after nearly two years of declines.
The valuation is getting interesting too. Newmont trades at a substantial discount to Agnico Eagle on free cash flow while returning more cash to shareholders through dividends and buybacks. Over the last twelve months, Newmont’s shareholder yield has reached roughly 6%.
But there are still risks.
Q4 costs are expected to jump toward $1,900 an ounce, gold has fallen sharply from its highs, Lihir faces potential weather issues, and Newmont is approaching a multi-billion-dollar investment decision on Red Chris.
So was the post-earnings selloff justified?
Or did the market just hand investors another chance to look at the world’s largest gold miner?
