Newmont’s profit surges with gold prices, asset sales

Newmont Corp. posted an adjusted net income of $1.4 billion, or $1.

25 per share, in the first quarter helped by shiny gold prices, and the company’s gold production totaled 1.54 million ounces, including 216,000 ounces from its share of Nevada Gold Mines. The adjusted net income was compared with $630 million, or 55 cents per share, in the first quarter of last year, when the average realized gold price was $2,090 per ounce.



The average realized gold price for the first quarter of this year was $2,944 per ounce. Newmont had an adjusted net income of $1.4 billion in the first quarter of 2025, and a record free cash flow of $1.

2 billion. Gold prices have gone up since the end of the first quarter on March 31, reaching as high as $3,500 an ounce before dropping. The New York spot gold price in early afternoon trading on April 24 was $3,330.

90 an ounce, up $42.90. Newmont shares were at $55.

50, up $2.25, in the afternoon of April 24, a gain of more than 4%. Dow Jones Newswires reported Newmont shares had gained more than 42% this year as of April 23.

Mining.com said Newmont’s share price gains outperformed industry peers as well as the price of gold, which has gone up around 27% this year. The company’s board also declared a 25-cent dividend.

Net income attributable to shareholders in the first quarter was $1.9 billion, or $1.68 per share, far higher than $170 million in the first quarter of last year.

The adjusted earnings of $1.25 per share beat analyst projections. Analysts expected 92 cents a share, according to FactSet.

Newmont President and Chief Executive Officer Tom Palmer said that with the company’s “significant achievements and a solid start to the year, we remain firmly on track to meet our 2025 guidance, continuing on our journey towards creating the world’s leading gold and copper portfolio for the benefit of our shareholders." One of the reasons for rising gold prices is President Donald Trump’s threat of tariffs, but Newmont President and Chief Executive Officer Tom Palmer said in an April 23 webcast that the tariffs haven’t yet affected Newmont. “It’s still early days, but we are closely monitoring the tariff situation,” he said, also stating that “the most important thing now is to bed down our portfolio” and deliver on the “elephants” in the portfolio while keeping an eye on emerging, potential high-producing operations.

Newmont has long-term, global contracts for supplies that helps insulate the company from a potential trade war, he said in the webcast. Newmont’s costs average about 50% for labor, 30% for materials and consumables and 15% for fuel and energy. Palmer said that “there are a lot of moving parts,” but labor costs have been consistent, while steel and grinding media costs are up, the cost of explosives is “pretty flat,” and natural gas costs are down in Europe, erratic in the United States.

Along with rising gold prices, Newmont also received more than $2.5 billion in cash after taxes from the mine sales that closed in 2025. The Denver-based company completed the divestiture of six smaller mines in 2024 and 2025.

The mines with deal closures in the first quarter of this year included Musselwhite and Eleonore in Canada and Cripple Creek & Victor in Colorado in February, and Porcupine in Canada and Akyem in Ghana in April. Telfer in Australia was sold in 2024. Palmer said in the earnings webcast that the company generated a record free cash flow of $1.

2 billion in the first quarter, “demonstrating the strength of our unrivaled Tier 1 portfolio.” Newmont focuses on its Tier 1 producers and potential Tier 1 operations, he said in the webcast. Nevada Gold Mines operations are considered Tier 1, but Newmont isn’t the operator for NGM.

Barrick Gold Corp. owns 61.5% of NGM and is the operator, while Newmont owns 38.

5%. The company’s earnings report states that the gold production of 216,000 ounces for Newmont’s share of NGM production in the first quarter compared with 264,000 ounces in the first quarter of last year. Pueblo Viejo in the Dominican Republic, which is operated by Barrick and 40% owned by Newmont, produced 49,000 ounces of gold in the first quarter for Newmont’s share, and Fruta Del Norte in Ecuador, 32% owned by Newmont, produced 43,000 gold ounces for Newmont’s share.

Production from Newmont’s 11 operations remaining after the asset sales totaled over 1.03 million ounces, slightly down from production in the first quarter of last year, which was at over 1.04 million ounces.

The 11 operations include Boddington, Tanami and Cadia in Australia, Lihir in Papua New Guinea, Ahafo in Ghana, Penasquito in Mexico, Cerro Negro in Argentina, Yanacocha in Peru, Merian (75% Newmont) in Suriname, and BruceJack and Red Chris (70%), Canada. Natasha Vijoen, executive vice president and chief operating officer, said in the webcast that Cadia is transitioning to the next panel cave, and there will be lower ore grades in the second quarter. Lithir also will have lower grades in the second quarter, and the first gold will be poured at Ahafo North in the second half of this year, while Boddington pit stripping continues, and higher ore grades will be coming from open pits in the fourth quarter.

Palmer also reported Newmont is on track to meet its production guidance for this year, which calls for 5.9 million attributable gold ounces at an all-in sustaining cost of $1,630 per ounce and sustaining capital costs of $1.88 billion.

With the high gold prices Newmont also continued stock buybacks, spending $755 million in 2025 so far. Karyn Ovelmen, executive vice president and chief financial officer, said Newmont is “well-positioned to reward our shareholders with predictable dividends and ongoing share repurchases in 2025 and beyond.” She said Newmont “maintained a strong and flexible balance sheet and ended the quarter with $4.

7 billion in cash, above our target average of $3 billion. And it's worth noting that in addition to our cash balance, following the successful completion of our divestiture program, our equity stakes in Greatland Gold, Discovery Silver, and our existing position in Orla Mining are now valued at over $1 billion.” Orla Mining acquired Musselwhite in Canada from Newmont and is developing the South Railroad Project in Nevada, in Elko County.

Palmer also said in the webcast that safety will continue to be a priority for Newmont, and there has been a “notable decrease” in potentially serious accidents at mine sites. Get the latest local business news delivered FREE to your inbox weekly..