Diversified Gold Producers Show Strong Operating Margins

Newmont Corporation (ASX:NEM) is a global gold producer with a diversified portfolio and large-scale production base following its acquisition of Newcrest in 2023. The company reported revenue of approximately US$22.7 billion and net income of around $7.1 billion for calendar year 2025.

Northern Star Resources Limited (ASX:NST) is another major gold producer, operating assets in Australia and Alaska. The company expanded its portfolio through the merger with De Grey Mining, adding the Hemi Gold Project in Western Australia. For FY2026, Northern Star reported revenue of approximately A$7.6 billion and net profit of around $1.7 billion.

Evolution Mining Limited (ASX:EVN) operates six assets across Australia and Canada, including Cowal, Ernest Henry, Mt Rawdon, Mungari, Red Lake, and Northparkes. The company has a diversified commodity profile due to its copper production from Ernest Henry and Northparkes. Evolution reported revenue of approximately A$5.6 billion and net profit of around $1.5 billion for FY2026.

The key takeaway is that gold prices alone cannot explain mining performance. Newmont's global scale provides diversification, Northern Star is expanding through Australian growth projects, and Evolution combines gold production with copper exposure.