Newmont Corporation (NYSE: NEM) reported its Q1 2026 financials, topbilled by sales jumping to $7.31 billion from $5.01 billion a year earlier, helped by an average realized gold price of $4,900 per ounce, up from $2,944 per ounce last year.
Costs applicable to sales totaled $1.94 billion, down from $2.11 billion a year earlier. Gold by-product CAS fell to $541 per ounce, compared with $930 per ounce last year, while gold by-product AISC dropped to $1,029 per ounce from $1,447 per ounce a year earlier.
On a co-product basis, CAS was $1,307 per ounce, up from $1,227 per ounce last year, while co-product AISC was $1,709 per ounce, compared with $1,651 per ounce last year.
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Net income climbed to $3.26 billion, or $3.00 per diluted share, compared with $1.89 billion, or $1.68 per diluted share, a year earlier. On adjusted basis, net income was $3.16 billion, or $2.90 per diluted share, up from $1.40 billion, or $1.25 per diluted share, in Q1 2025.
Adjusted EBITDA also rose to $5.15 billion, nearly double the $2.63 billion reported a year earlier.
Net cash from operating activities reached $3.79 billion, up from $2.03 billion a year earlier. Free cash flow hit a quarterly record of $3.14 billion, up from $1.21 billion a year earlier.
Newmont ended Q1 with $8.78 billion in cash and cash equivalents, up from $4.70 billion a year earlier. The company also declared a quarterly dividend of $0.26 per share, payable June 22, 2026.
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On production, attributable gold production fell to 1.30 million ounces, down from 1.54 million ounces a year earlier and 1.45 million ounces last quarter. The sequential decline reflected lower output at Boddington due to bushfire impacts, lower grade and record rainfall at Tanami, lower grade and planned maintenance at Lihir and Cerro Negro, and weaker non-managed output from Nevada Gold Mines and Pueblo Viejo.
Copper production increased 3% sequentially to 30 thousand tonnes, while silver production rose 29% to 9.0 million ounces. Lead production increased 17% to 27 thousand tonnes, and zinc production rose 35% to 62 thousand tonnes, mainly on higher co-product grade at Peñasquito.
Newmont said it remains on track for 2026 guidance of 5.26 million attributable gold ounces, including 3.92 million ounces from the managed portfolio and 1.35 million ounces from non-managed assets. Full-year gold by-product CAS guidance remains $1,055 per ounce, and AISC guidance remains $1,680 per ounce.
Ghana enacted a sliding gold royalty rate of 5% to 12% on March 10, 2026, then reduced its Growth and Sustainability Levy from 3% to 1% on April 1. Newmont expects those changes to add about $185 per ounce to AISC at Ghana operations and about $25 per ounce to total company AISC, an impact not included in 2026 guidance.
Newmont last traded at $116.00 on the TSX.
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