Oct 22, 2026 earnings call — Red Chris feasibility and project timing
Company released Red Chris feasibility with estimated development capital of US$4.2 billion to US$4.8 billion and targeted 275 to 325 thousand ounces gold per year.
Revenue $6.4B (est $6.3B) · EPS $2.20 (est $1.96)
Key quotes
"With the full funds decision anticipated early next year, Red Chris is positioned to deliver long term production in 1 of the industry's premier mining jurisdictions."
"Production is expected to increase in the fourth quarter to 1.4 million ounces, making it our strongest quarter of the year driven primarily by 4 of our managed operations."
"Since our last earnings call, we have repurchased approximately $1.6 billion of shares under the $6 billion share repurchase program authorized by the board in April."
Analyst Q&A 10
Red Chris scope and future expansion
Q (Daniel Major · UBS): Analyst asked for more detail on scope changes at Red Chris and what future expansions (macro blocks) might entail and their timing.
A: Management said the feasibility reached full technical and commercial level and scope changes came from better geotechnical understanding, a larger plant throughput and adjusted tailings capacity. They said MacroBlock 1 and 2 are only a small portion of the endowment and future expansions into MB3 and East Ridge are being evaluated; 40% of current capital would be reuseable for future expansions.
"So the scope changes certainly included our in increase and improved understanding of geotechnical realities." — Natascha Viljoen EMBA (CEO)
Oil price sensitivity and labor costs
Q (Fahad Tariq · Jefferies): Analyst asked whether the oil-price sensitivity includes labor cost inflation and then asked about current labor cost inflation and availability in tight markets.
A: Management said the $50 million oil sensitivity does not include primary employee labor; it covers chemicals, explosives, grinding media, fixed plant and some contracted services. They said labor cost escalation will exceed their 2026 assumption of about 3% and they are monitoring sticky diesel and other inflation dynamics; overall labor turnover is under control and they do not see major shortages.
"The primary impact is with the indirect impacts that we have incorporated in that $50 million is associated with chemicals, explosives, grinding media, fixed plant, a bit of the contracted services in terms of how those dynamics flow through contracted services." — Brian C. Tabolt (CFO)
Tanami T2 impact on costs and production
Q (Richard Garchitorena · Barclays): Analyst asked how Tanami T2 completion in H1 next year will affect cash costs in 2027 and benefits into 2028.
A: Management said completing the shaft and infrastructure will open access to deeper areas and materially improve the ability to move ore from underground. They expect an immediate impact as they ramp in 2027 and a return to previous performance into 2028, but they did not give site-level cost guidance.
"It will have a material positive impact in our ability to move ore out of underground." — Natascha Viljoen EMBA (CEO)
Red Chris differences vs prior study
Q (Tanya Jakusconek · Scotiabank): Analyst asked why Newcrest's pre-feasibility differs from Newmont's feasibility: processing plant size, number of caves, and how to attribute causes of higher capital.
A: Management said their study is a full feasibility with about 60% engineering complete and better geotechnical data led to reorientation and a larger cave. They said the processing plant increases from 9 million tonnes per year to 15 million tonnes per year and that updated development rates and current cost assumptions also change capital estimates; more detail will come at FID.
"we will go from 9 million tonnes per year to 15 million tonnes per year." — Natascha Viljoen EMBA (CEO)
Lihir water risk and portfolio flexibility
Q (Hugo Nicolaci · Goldman Sachs): Analyst asked about El Nino risk to Lihir's water availability into next year, mitigation steps, and how portfolio flexibility helps meet the 6Moz target.
A: Management said Lihir has not yet been impacted but they are monitoring expected El Nino effects and will prioritize community water needs. They can continue mining and stockpile material for blended plant feed, bring maintenance forward if needed, and rely on improved plant throughput; the global portfolio lets other assets offset some headwinds while projects like Cadia, Boddington, Yanacocha and Cerro Negro contribute to rebuilding production.
"we will be able to continue to mine and stockpile material that will enable us to continue to build stockpile, do blending, and be ready for a consistent and blended feed into the plant." — Natascha Viljoen EMBA (CEO)
Reserve assumptions and year-end 2026 outlook
Q (Lawson Winder · BofA): Analyst asked what gold price assumption Newmont will use for year-end 2026 reserves, how life extensions at Lihir and Cerro Negro affect reserves, and whether reserves will be replaced.
A: Management said they generally anchor reserve/resource pricing to the 3 year trailing average and are in the process of updating reserves and resources; they expect a bit of an increase. They said near-term low-capital opportunities like Vein Zone and Yanacocha are treated with near-term price considerations and Cadia assumptions are unchanged.
"we tend to be grounded in looking at the 3 year trailing average." — Brian C. Tabolt (CFO)
Red Chris returns and JV funding
Q (Daniel Morgan · Barrenjoey): Analyst asked if the quoted double-digit IRR covers only the first 13 years and MacroBlock 2, whether future caves benefit from shared infrastructure, and whether Newmont might increase its ownership from 70%.
A: Management said the project is presented to stand alone with full capital but about 40% of capital will benefit future block caves and shared infrastructure can improve economics over time. Regarding funding and ownership, they are in active discussions with their JV partner who has full visibility and are working through the partner's processes.
"about 40% of the capital that we spend is for infrastructure that will be will benefit future block caves." — Natascha Viljoen EMBA (CEO)
Fourmile vend-in to Nevada JV details
Q (Adam Baker · Macquarie): Analyst asked how the Fourmile vend-in deal with Barrick came about, timing, and how the $1.95 billion price was reached.
A: Management said the final agreement combined Fourmile, Mike and Fiberline contributions and included updated governance to let partners optimize the district together. They said multiple components led to the $1.95 billion outcome and they are pleased to conclude a modernized agreement that allows the district to be managed unencumbered.
"We had the opportunity to relook the agreement also from a governance point of view." — Natascha Viljoen EMBA (CEO)
Depreciation and remediation guidance
Q (Martin Pradier · Veritas Investment): Analyst asked whether the year-to-date depreciation run rate implies a large fourth quarter depreciation and asked about remediation spending versus guidance.
A: Management said higher fourth-quarter production will naturally increase depreciation and they expect to be closer to the lower end of the depreciation guidance range. On remediation, they said Yanacocha water treatment plant spend is largely on pace and some year-to-date remediation includes a one-off third-quarter liability for the Midnight mine in Washington.
"we do have our highest production quarter in the fourth quarter." — Brian C. Tabolt (CFO)
Fourmile timing and Ahafo North ramp
Q (Anita Soni · CIBC World Markets): Analyst asked whether the Fourmile vend-in has completed and payment timing, and asked about the ramp-up at Ahafo North for Q4 and next year.
A: Management said the vend-in has not yet occurred; they expect it to close in the fourth quarter and payment is 30 days after vend-in completion. They said Ahafo North is moving into higher grade areas next quarter and they expect continued ramp-up with higher grades.
"we do see, as we continue the ramp up, Ahafo North moving into higher grade areas into the next quarter." — Natascha Viljoen EMBA (CEO)