The Newcrest integration is done. Cash returns are up. The story is finally about the pit shells again, not the org chart.
The Newcrest integration is done. Cash returns are up. The story is finally about the pit shells again, not the org chart.
Newmont reported first-quarter 2026 results in line with guidance, with attributable gold production and all-in sustaining costs both landing inside the ranges management set in February. Non-core divestment proceeds from the 2024 to 2025 disposal programme continued to flow through, and the board reaffirmed the current buyback authorisation.
For a company that spent two years absorbing Newcrest, quarters that look boring are the point.
The read across is straightforward. With gold above four thousand dollars, Newmont's marginal capital dollar is now more valuable returned to shareholders than deployed on premium-priced acquisitions. Management is behaving accordingly, and the equity is being rewarded.
Non-core divestment proceeds from the 2024 to 2025 disposal programme continued to flow through, and the board reaffirmed the current buyback authorisation.
| Stage | Value (US$/oz) |
|---|---|
| Q1 low | 1180 |
| Median | 1465 |
| Q3 high | 1720 |
| Marginal | 1985 |
Reported AISC for the producers covered by the markets desk this quarter.
Reserve evaluations, licensing changes and market notes, sent when the file moves. No promotional mail.
Reserve evaluations, licensing changes and market notes, sent when the file moves. No promotional mail.