Newmont Corporation (NEM) has seen a strong year-to-date performance, with its stock up 25.8% so far in 2026. This growth has outpaced the Zacks Mining, Gold industry’s 5.5% rise and the S&P 500’s 6.7% increase. Among its peers, Barrick Mining Corporation (B) and Kinross Gold Corporation (KGC) have seen declines of 2.6% and 18.9%, respectively, while Agnico Eagle Mines Limited (AEM) has gained 18.5%.
NEM’s stock has broken above its 50-day simple moving average (SMA) and is trading above its 200-day SMA, indicating a long-term uptrend. This follows a golden crossover on Sept. 11, 2026, where the 50-day SMA surpassed the 200-day SMA, signaling a bullish trend. The stock’s performance has been bolstered by higher realized gold prices, which rebounded to $4,000 per ounce after the U.S. midterm elections.
Newmont is poised for growth with several key projects, including the Cadia Panel Caves and Tanami Expansion 2 in Australia. The company expects to complete the Cadia PC2-3 project by year-end 2026 and commence commercial production at Tanami by the end of the second quarter of 2027. Additionally, the Ahafo North project in Ghana is expected to produce between 275,000 and 325,000 ounces of gold annually over a 13-year mine life.
Despite strong operational efficiency and higher gold prices, Newmont has faced challenges such as lower year-over-year gold production and higher costs. In the third quarter, gold production declined by roughly 9% year over year to 1.3 million ounces, impacted by lower-grade ore mining. The company anticipates gold production of about 5.26 million ounces for 2026, down from 5.89 million ounces in 2025. Higher costs, including a 22% year-over-year increase in gold costs applicable to sales (CAS) and a 25% increase in all-in sustaining costs (AISC), could pressure profitability.
Newmont’s earnings estimates for 2026 have been revised higher over the past 60 days, although the fourth-quarter estimate has seen a slight downward revision. The company is trading at a forward price/earnings ratio of 13.08X, a 26.9% discount to the industry average. With a robust project pipeline and strong cash flow generation, Newmont remains a hold for investors who already own the stock.