Newmont Posts Record Q3 Profit and $1.9B Free Cash Flow but Stock Falls on Red Chris Cost Surprise

Newmont Corporation reported record third-quarter 2026 profit, beating consensus estimates on both earnings per share and revenue, driven by higher gold prices and a recovery at its Cadia mine in Australia. Gold production rose 1% quarter over quarter, and the company realized an average gold price of $4,317 per ounce during the period, generating $1.9 billion in free cash flow and leaving Newmont with $3.2 billion in net cash. At all-in sustaining costs of $1,454 per ounce against roughly $4,010 spot gold at the time of reporting, the margin stood at approximately $2,550 per ounce.

Despite the strong results, Newmont shares fell roughly 4% on Friday as gold prices slid back toward $4,000 and investors digested two cost-related disclosures. The company raised its full-year 2026 gold AISC guidance to approximately $1,520 per ounce, and separately priced the expansion of its Red Chris copper-gold mine in British Columbia at up to $4.8 billion, with commercial production now targeted for 2033. The Red Chris capital figure came in higher than the market had expected, and analysts noted elevated 2027 spending for the project as a key concern.

Newmont reaffirmed its 2026 full-year gold production guidance and highlighted an aggressive share buyback program alongside a solid balance sheet as supports for the investment case. The company estimates that every $10-per-barrel increase in oil prices adds $110 million, or $21 per ounce, to its production costs, a sensitivity that becomes more relevant as diesel prices have risen sharply in both the United States and Australia. Newmont shares have gained roughly 24.6% over the past year, outpacing both spot gold, which is down 3.3% over the same stretch, and the GDX gold miners ETF, which is up 9.7%.