NEM's Q1 Earnings and Sales Trounce Estimates on Higher Gold Prices

Newmont’s strong Q1 results beat estimates and were driven primarily by a surge in realized gold prices, which rose about 66.4% YoY to ~$4,900/oz. Adjusted EPS of $2.90 topped the $2.07 consensus and revenues of $7.31 billion exceeded expectations, offsetting a 15.6% YoY decline in production to 1.3 million ounces. The company boosted cash to $8.78 billion and cut long-term debt to $5.08 billion, while reaffirming its 2026 production and cost guidance. The report and elevated gold pricing underpin a constructive outlook for gold (XAUUSD) and support a bullish bias toward Newmont and related miners, despite lower output and modest cost increases.