Newmont gold costs are forecast at approximately $1,520 an ounce for full-year 2026 on a by-product all-in sustaining cost basis, the company said on October 22, 2026. The improved outlook came alongside unchanged gold production guidance and plans to advance the Red Chris block cave project toward commercial production in 2033, subject to approvals.
Key Takeaways
- Newmont maintained its 2026 production target of 5.3 million attributable gold ounces.
- Third-quarter gold by-product sustaining costs fell 10% from the previous quarter to $1,454 an ounce.
- Red Chris is moving toward a full-funds investment decision in early 2027.
Table of Contents
- Newmont gold costs improve as production target holds
- Quarterly earnings rise, but free cash flow eases
- Red Chris remains a long-term development target
- Conclusion
Newmont gold costs improve as production target holds
Newmont’s third-quarter 2026 results set full-year gold by-product all-in sustaining cost guidance at $1,520 an ounce and costs applicable to sales guidance at $925 an ounce. Both figures are forecasts, rather than completed full-year results.
The by-product distinction matters: Newmont separately reported third-quarter gold co-product all-in sustaining costs of $1,963 an ounce, compared with $1,454 on a by-product basis. Those measures should not be treated as interchangeable.
The quarterly decline in by-product costs reflected higher gold and co-product volumes and higher realized copper prices. Lower incremental expenses at Cadia also helped reduce sustaining costs, partly offset by increased sustaining capital spending.
Newmont produced approximately 1.3 million attributable gold ounces during the quarter. Management said the company remained on track for its full-year production target, pairing a better cost outlook with an unchanged volume forecast.
| Item | Details |
|---|---|
| 2026 sustaining capital guidance | $1.95 billion, unchanged |
| 2026 development capital guidance | $1.4 billion, unchanged |
| Declared quarterly dividend | $0.26 per share |
| Dividend timetable | Record date November 25, 2026; payment December 21, 2026 |
Quarterly earnings rise, but free cash flow eases
Adjusted net income reached $2.3 billion, or $2.20 per diluted share, up 3% from the previous quarter. Reported net income attributable to Newmont stockholders was approximately $2.5 billion, or $2.35 per diluted share.
Free cash flow fell 13% quarter over quarter to $1.9 billion as operating cash flow declined and capital investment increased. Working capital used $565 million of cash during the quarter.
Newmont ended September with $8.8 billion in cash and a $3.2 billion net cash position. Those balances preceded a planned $1.95 billion payment to Barrick under the amended Nevada Gold Mines agreement, expected in the fourth quarter of 2026.
Red Chris remains a long-term development target
Newmont is finalizing the feasibility study for the Red Chris block cave project as it works toward a full-funds investment decision in early 2027. The 2033 commercial-production target remains subject to corporate and joint-venture approvals; it is not a completed investment commitment.
A nearer-term project milestone is Tanami Expansion 2. Shaft construction is complete, and Newmont now expects commercial production in the first half of 2027, ahead of its previous schedule.
Conclusion
The next scheduled development milestones are the Red Chris investment decision targeted for early 2027 and Tanami Expansion 2 commercial production expected in the first half of that year. Neither milestone is yet complete.
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