Newmont's Q2 Results Offset by Higher Costs and Softer Q3 Outlook

Newmont Corporation, the world's largest gold producer, faces consistent challenges in replacing production and reserves each year. Despite this, higher gold prices have helped improve per-share metrics.

In its Q2 '26 report, Newmont generated strong free cash flow despite higher costs, a surprise royalty hike, and an operational setback. However, the company's H1 free cash flow benefited from a back-end weighted CapEx profile.

Newmont enters Q3 with higher oil prices, lower gold prices, and catch-up on CapEx at $95.00/share. While its valuation is more reasonable, the company has a softer Q3 outlook and less attractive growth profile than peers.