Newmont (TSX: NGT) released its Q4 and 2024 results, touting record quarterly free cash flow of US$1.6 billion. The year also saw a net income that swung to $3.4 billion in 2024 from a $2.5 billion net loss in 2023.
On an adjusted basis, net income reached $3.99 billion in 2024 compared to $1.32 billion in 2023. Adjusted net income per diluted share almost tripled to $3.48 from $1.57 in 2023.
In Q4, adjusted net income climbed to $1.59 billion from $452 million in the same period last year. Notably, the average realized gold price increased to $2,643 per ounce in Q4 2024, up from $2,518 in Q3 2024 and $2,004 in Q4 2023.
Adjusted EBITDA for 2024 came in at $8.7 billion, more than doubling the $4.2 billion recorded in 2023. In Q4, adjusted EBITDA climbed to $3.0 billion in Q4, surpassing the prior-year figure of $1.4 billion by 121%.
Free cash flow reached $2.9 billion for the full year 2024, an increase from $88 million in 2023, with Q4 alone hitting free cash flow at $1.6 billion—up 115% over the prior quarter. Operating cash flow for 2024 also soared to $6.3 billion, compared with $2.8 billion in 2023. The figure in Q4 also climbed to $2.5 billion, a 53% increase from the previous quarter.
The year ended with a $3.62 billion cash and cash equivalents balance, putting the current assets balance at $12.28 billion. Current liabilities, meanwhile, ended at $7.54 billion. Newmont has been actively divesting non-core assets, potentially generating up to $4.3 billion in total proceeds—of which $2.5 billion in cash is expected during the first half of 2025.
Alongside its improved liquidity, Newmont repurchased $1.2 billion of outstanding shares in 2024, part of a broader $3.0 billion buyback program authorized through October 2026. Additionally, the company declared a Q4 dividend of $0.25 per share, raising total dividends for the year to $1.1 billion.
On the production side, the firm’s attributable gold production leapt to 6.85 million ounces in 2024, up 23% from 5.55 million ounces in 2023. This is primarily driven by production of 5.7 million attributable gold ounces from Newmont’s Tier 1 Portfolio, as well as 1.9 million GEOs from copper, silver, lead, and zinc.
For gold, cost of sales averaged $1,126 per ounce in 2024, up from $1,050 per ounce in 2023. AISC rose modestly to $1,516 per ounce, up from $1,444 in 2023, primarily due to increased sustaining capital and royalties.
Newmont forecasts total attributable gold production of around 5.9 million ounces in 2025, which includes output from non-core assets slated for divestiture during the first quarter. Focusing on its Total Tier 1 Portfolio, the company expects 5.6 million attributable ounces at an AISC of $1,620 per ounce.
The firm also reported its 2024 mineral reserves, identifying 134.1 million attributable ounces of gold alongside 13.5 million tonnes of copper reserves. Newmont’s updated reserve calculations incorporate a gold price assumption of $1,700 per ounce, increased from $1,400 the prior year, as global gold prices have risen.
Newmont last traded at $68.14 on the TSX.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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