Gold miner Newmont has reported a milestone 2025, delivering record free cash flow and strengthening its balance sheet, while flagging 2026 as a planned production trough ahead of a return to growth from 2027.

The world’s largest gold producer on Thursday announced fourth-quarter and full-year 2025 results, declared a quarterly dividend of $0.261 and provided 2026 guidance anchored within a plus or minus 5% range.

“2025 was a milestone year for Newmont, as we delivered on our full-year guidance, strengthened our financial position and made meaningful progress on our commitments. As a result of our disciplined operational execution, we delivered a record $7.3-billion in free cash flow, generated $3.6-billion from portfolio optimisation, returned $3.4-billion to shareholders, reduced debt by $3.4-billion and closed the year in a strong net cash position,” said CEO Natascha Viljoen.

“Building on this momentum, we announced an enhanced capital allocation framework and increased our quarterly dividend, anchored by a flexible and resilient balance sheet, and are entering 2026 with a clear focus on continuing to drive margin expansion and generate robust free cash flow from our unrivaled portfolio of world-class operations and projects.”

For 2025, Newmont produced 5.9-million attributable gold ounces, including 5.7-million ounces from its core portfolio, as well as 28-million ounces of silver and 135 000 t of copper.

Gold by-product all-in sustaining costs (AISC) were $1 358/oz, with co-product AISC of $1 609/oz.

The company reported net income of $7.2-billion and adjusted net income of $7.6-billion, or $6.89 a share.

Operating cash flow totalled $10.3-billion, translating into a record $7.3-billion in free cash flow for the year, including $2.8-billion in the fourth quarter.

During the year, Newmont returned $3.4-billion to shareholders through dividends and share repurchases, reduced debt by $3.4-billion and ended 2025 in a net cash position of $2.1-billion, with $7.6-billion in cash and total liquidity of $11.6-billion.

The group also completed its noncore divestiture programme, generating $4.5-billion in after-tax proceeds from announced transactions to date.

Looking ahead, Newmont expects attributable gold production of about 5.3-million ounces in 2026, including more than 3.9-million ounces from managed operations and 1.4-million ounces from nonmanaged operations.

Viljoen said the outlook was consistent with indications provided in the third quarter and reflected planned mine sequencing at Ahafo South, Peñasquito and Cadia, as well as the impact of bushfires at Boddington in December.

She noted that recovery efforts at Boddington were progressing well. The company has repaired critical water supply infrastructure and processing operations have restarted at full levels.

“As previously indicated, 2026 represents a trough in our production cycle due to planned mine sequencing across several operations as we position the portfolio to return to production growth in 2027 and beyond, maintaining our longer-term outlook of approximately six-million ounces of gold and 150 000 t of copper annually,” Viljoen said.

Gold by-product AISC for 2026 is expected to be $1 680/oz. Sustaining capital is guided at about $1.95-billion, including tailings facility work at Cadia and Boddington, while development capital of about $1.4-billion will advance the Cadia panel caves, Tanami Expansion 2 and the Red Chris feasibility study.

Newmont’s longer-term growth profile is underpinned by several projects.

These include the continued ramp-up of Ahafo North in Ghana, completion of the Boddington stripping campaign in 2026 to access higher gold and copper grades from 2027, and delivery of Tanami Expansion 2 in the second half of 2027.

The ongoing development of the Cadia panel caves is expected to extend mine life into the middle of the century, while the Lihir nearshore barrier project will unlock access to more than five-million ounces and extend Lihir’s life beyond 2040.

Together, Viljoen said, these projects provide a “clear path to renewed production growth, supported by disciplined capital allocation and a portfolio designed to deliver value through the cycle”.

While reaffirming the company’s longer-term target of about six-million ounces a year, Viljoen said more detailed timing would be provided once long-term planning work was completed.

“We have completed our asset reviews. We just completed all of our long-term plans. And as we conclude this work and it builds to maturity, we will be able to give you a better guidance of what that profile would look like. And we certainly expect to be able to do that towards the end of this year,” she said.

NEVADA GOLD MINES
On its 38.5%-owned Nevada Gold Mines joint venture (JV), operated by Barrick Gold, Viljoen said Newmont’s priority remained improving operational performance.

“As disclosed in our 10-K, we have issued a notice of default to our JV partner related to operational performance and management of Nevada Gold Mines. We do not have any additional information to share at this time and confidentiality provisions in the JV agreement prevent further comment on the notice of default,” she said.

Asked about potential inclusion of the Fourmile project in the JV, Viljoen said current discussions were focused on performance improvements.

“Our current discussions have been predominantly around the improvement of the performance of Nevada. And I think a very constructive relationship to work together to improve that performance and - which we believe would be in the best interest of all of our shareholders,” she said.

On broader merger and acquisition speculation amid a strong gold price environment, Viljoen said the company remained satisfied with its existing portfolio and project pipeline.

“We’re really happy with our portfolio of assets and our pipeline of projects … As we find value-accretive opportunities to make any changes to our portfolio, we will do that, but it will happen in a disciplined way and within the context of our capital allocation framework,” she said.