Newmont posts record profit even as gold output drops 8 percent - Startup Fortune

AI desk brief

Newmont posted record Q3 2026 adjusted net income of $2.3bn, or $2.20/sh, even as attributable gold production fell 8% y/y to 1.302Moz. The outperformance was driven by a realized gold price of $4,317/oz, up 22% from $3,539/oz a year earlier, while revenue rose to $6.36bn and free cash flow reached $1.9bn.

Operating issues remain the key watchpoint: Lihir output was hit by planned maintenance and Newmont flagged El Niño-related water risk into Q4, while Peñasquito is expected to see lower silver output in Q4 and declining gold production through 2026 as Phase 7 winds down. AISC on a by-product basis rose to $1,454/oz, but the company still expects full-year 2026 production of 5.3Moz and improved cost guidance, underscoring how higher bullion prices are masking softer mine performance.