Quarterly Revenue and Cash Flow Performance
Newmont Corporation, also known as NEM on the Australian Securities Exchange, reported second quarter 2025 financial results on 24 July 2025, recording its strongest quarter to date. The company generated $5.3 billion in sales and produced 1.5 million attributable gold ounces. Free cash flow reached a record $1.7 billion, supported by strong operational performance across its Core Portfolio.
Net cash from operations rose 17 percent quarter-on-quarter to $2.4 billion. Operating cash flow reached $2.4 billion after adjusting for working capital contributions of $156 million. Working capital benefits included $215 million from lower receivables and $263 million in accrued future tax payments. Offsetting these were $185 million in reclamation activity spend and $61 million in inventory buildup.
Newmont generated $5.3 billion in sales
Strong Profitability and Shareholder Returns
Newmont (ASX:NEM) reported net income of $2.1 billion as compared with the prior quarter of $1.9 billion. There was an adjusted net income figure of a total of one point six billion dollars, or one point four three dollars on a per share basis, and the share dilution. The dividend was also announced as $0.25 per share, which pays the investors on 29 September 2025, and a record date of 4 September 2025.
Moreover, Newmont has bought back its stocks worth $605 million in the second quarter, making the total shareholder returns of the company a billion dollars since the last earnings call. The board authorized an additional repurchase program of shares for the sum of $3.0 billion and scheduled to take place as directed by management.
Gold Prices and Cost Efficiency
Newmont Corporation realised an average gold price of $3,320 per ounce, marking a $376 per ounce increase from the previous quarter. Co-product gold costs applicable to sales (CAS) were $1,215 per ounce, down 1 percent. Co-product all-in sustaining costs (AISC) fell 4 percent to $1,593 per ounce, reflecting lower sustaining capital spending following asset sales.
Gold production declined slightly from the prior quarter due to completed divestments. Boddington, Yanacocha, Peñasquito and Nevada Gold Mines helped offset these declines. Newmont also produced 36,000 tonnes of copper during the quarter.
Divestiture Proceeds and Liquidity Strength
Newmont completed sales of all non-core operations announced for divestment. Gross proceeds are expected to reach $4.3 billion, including contingent payments. Year-to-date, the company received $2.5 billion from asset sales and an additional $470 million from equity divestments in Greatland Resources and Discovery Silver.
The company ended the quarter with $6.2 billion in cash and $10.2 billion in total liquidity. Net debt-to-adjusted EBITDA stood at 0.1x after reducing debt by $372 million.
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Joint Venture Contributions
Nevada Gold Mines produced 239,000 attributable gold ounces, up 11 percent quarter-on-quarter. Pueblo Viejo contributed 63,000 ounces and paid $40 million in distributions. Fruta del Norte production dropped 12 percent to 38,000 ounces, with Newmont receiving $66 million in distributions.
Sustainability and Reclamation Commitments
Newmont (ASX:NEM) published its 21st Annual Sustainability Report and fourth Annual Taxes and Royalties Contribution Report. The company spent $280 million on reclamation in the first half of 2025, including $167 million on Yanacocha’s water treatment plants. Reclamation spend is expected to reach $800 million for the year, with higher costs anticipated in the second half.
2025 Guidance and Outlook
Newmont reaffirmed full-year guidance. The company expects 5.9 million ounces of attributable gold production and $1,630 per ounce in co-product AISC. Sustaining and development capital expenditures are forecast at $1.875 billion and $1.33 billion respectively. An adjusted tax rate of 34 percent is projected.
Production is expected to be evenly split between the first and second halves of 2025. Capital spend will rise in the second half as projects at Lihir, Tanami, Cadia and Ahafo North ramp up. Third quarter free cash flow may decline due to higher capital and tax payments and increased spending on Yanacocha’s reclamation projects.
