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One of the world's largest gold producers, Newmont runs mines across the Americas, Australia, and Africa, pulling out copper, silver, lead, and zinc alongside the gold at sites like Cadia and Peñasquito. It traces back to 1916, when financier William Boyce Thompson blended "New" from New York with "Mont" from his home state Montana to coin the name. In the 1960s it cracked the trick of mining Nevada's "invisible" gold, gold too fine to see even under a microscope, changing the industry.
Newmont Q2 2026 net income rose 73% to $3.3B as gold prices hit $4,900/oz, but a seismic event at Cadia halted underground mining.
A seismic event at Cadia suspended underground mining, cutting the site's gold production by 67%. rose 45.8% to $7.3B and widened 15.5 points to 73.5% as the average realized gold price climbed 33% to $4,414 per ounce, more than offsetting a 13% decline in gold sales volumes. The quarter delivered $3.1B in , but the Cadia disruption and Ghana's new fiscal regime have reshaped the cost and production outlook.
Key takeaways
A seismic event at the Cadia mine in April 2026 temporarily suspended underground mining, causing gold production at the site to drop 67% and driving its per gold ounce up 184% to $3,151.
rose 45.8% to $7,307M, driven by a 33% increase in the average realized gold price to $4,414 per ounce, which offset a 13% decline in gold sales volumes.
widened 15.5 points to 73.5% and rose 85.5% to $4,583M, as the higher gold price flowed through to profitability.
Section summaries
Management's Discussion and Analysis
Q2 2026 net income rose to $2.2B driven by higher realized gold prices, partially offset by Cadia seismic event impacts and Ghana fiscal changes.
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Consolidated sales increased 15% to $6.1B for Q2 2026, primarily due to a 33% rise in average realized gold price to $4,414/oz, offsetting a 13% decline in gold sales volumes.
rose 160.9% to $3,144M, bringing first-half free cash flow to $5.3B, nearly double the $2.9B generated in the first half of 2025.
Ghana's Revised Investment Agreement expired, raising the corporate tax rate to 35%, introducing a sliding-scale royalty of 5–12% of gold , and imposing a Growth and Sustainability Levy, which increased operating costs at Ahafo.
The Board authorized a new $6B stock program in April 2026, with $3.5B repurchased during the first half, and declared a $0.26 per share quarterly .
What changed
The Yanacocha Sulfides project, flagged in every prior period for a 2026 investment decision, was indefinitely deferred in FY 2025 with a $770M non-cash ; this quarter's filing carries no new update, leaving the project in limbo as water-treatment reclamation studies advance.
The Barrick dispute at Nevada Gold Mines, first disclosed as a risk factor in the FY 2025 10-K, remains unresolved with no new disclosure on its effect on the 38.5%-owned joint venture's output or costs.
per gold ounce rose to $1,709 in Q1 2026, and the Cadia seismic event drove site-level costs to $3,151 per ounce, a sharp departure from the $1,566 reported in Q3 2025.
The $6B stock program authorized in Q1 2026 is already being drawn down rapidly, with $3.5B executed in the first half, compared to the $3B program authorized in July 2025 that saw $1,875M executed through Q3 2025.
What to watch
Cadia mine restart timeline and whether the seismic event triggers a longer-term production downgrade or review.
Q3 2026 per gold ounce after the Cadia-driven spike to $3,151 at that site and the Ghana royalty increases take full effect.
Pace of the remaining $2.5B under the $6B stock program authorized in April 2026.
Whether Ghana's new local procurement rules and the blocked July 2026 doré export escalate into a production or disruption at Ahafo.
The Cadia seismic event in April 2026 temporarily suspended underground mining, causing gold production to drop 67% and driving per gold ounce up 184% to $3,151.
Ghana's Revised Investment Agreement expired, increasing the corporate tax rate to 35%, introducing a new sliding-scale royalty of 5-12% of gold , and imposing a Growth and Sustainability Levy.
Costs applicable to sales were flat at $2.1B for Q2 2026, as higher direct costs and royalties were offset by the impact of divested sites; six-month costs fell 2% due to divestitures.
Liquidity remained strong with $9.0B in cash and $4.0B in undrawn credit facilities; for H1 2026 nearly doubled to $5.3B from $2.9B in H1 2025.
The Board authorized a new $6B stock program in April 2026, with $3.5B repurchased during H1 2026, and declared a $0.26/share quarterly .
Quantitative and Qualitative Disclosures About Market Risk
Newmont does not hedge metal prices; key risks are gold/copper prices, AUD/CAD FX, and Argentine currency controls.
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The Company holds no instruments designated to hedge metal price changes, exposing profitability and asset values to gold, copper, silver, lead, and zinc price declines.
A 10% adverse change in on concentrate sales would reduce by an estimated $77 million based on June 30, 2026 positions.
A hypothetical 10% adverse move in local currency exchange rates would increase Costs applicable to sales by approximately $250 million for the six months ended June 30, 2026.
Argentina is the only hyperinflationary economy where Newmont operates; evolving currency controls and a managed of the peso create ongoing foreign exchange exposure.
The Company uses foreign currency cash flow hedges and the Cadia Power Purchase Agreement to mitigate variability in AUD/CAD operating costs and power purchases.
A 10% adverse movement in relevant rates would decrease the fair value of the Cadia PPA hedge by $35 million and foreign currency cash flow hedges by $95 million.
Information regarding legal proceedings is contained in Note 17 to the Condensed Consolidated Financial Statements contained in this report and is incorporated herein by reference.
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Information regarding legal proceedings is contained in Note 17 to the Condensed Consolidated Financial Statements contained in this report and is incorporated herein by reference.