Newmont sees 2026 capital spending to increase as key projects advance

Newmont’s (NEM) attributable gold production for 2026 is expected to be within the same guidance range provided for 2025, due to the planned mine sequence at its managed operations. As previously indicated, lower ounces from Ahafo South next year are expected to be largely replaced by new, low cost ounces from the Ahafo North mine. In addition, a lower proportion of gold production is expected at Penasquito as the site transitions into the next scheduled phase of mining at the Penasco pit, while slightly increasing the output of silver, lead, and zinc. Newmont also expects lower leach production from Yanacocha as mining activities are concluded at the Quecher Main pit, and lower gold and copper production from Cadia during the transition to the next panel cave. Building on the cost and productivity improvements achieved in 2025, the Company expects to realize the full benefits of its cost savings initiatives, which will be reflected in the 2026 guidance to be provided next year. However, these benefits could be offset by increased profit-sharing, royalties, and production taxes if gold prices remain elevated into 2026. Following the improvements to 2025 capital guidance, capital spending in 2026 is anticipated to increase as key projects advance, including the tailings work at Cadia and the potential expansion project at Red Chris, keeping the two-year average largely in line with expectations.