Newmont Beats Profit Estimates as Higher Gold Prices Offset Lower Output

Newmont beat quarterly profit expectations on Thursday, 22 October, reporting adjusted earnings of $2.20 per share for the three months ended September. Analysts had expected $2.05, according to LSEG data cited by Reuters.

Revenue rose 15% from a year earlier to $6.36 billion. Copper production increased 35% from the previous quarter to 23,000 tonnes as its Cadia mine in Australia recovered from a disruption, Reuters reported.

Higher gold prices helped compensate for lower output. The company's average realised gold price was $4,317 an ounce, compared with $3,539 a year earlier. Attributable gold production fell to about 1.30 million ounces from 1.42 million.

Costs also rose year on year. Gold by-product all-in sustaining costs reached $1,454 per ounce, against $1,303 in the same quarter of 2025, Newmont's results showed.

The miner generated $1.91 billion in free cash flow during the quarter. It said it remained on track to meet full-year production guidance of around 5.3 million attributable gold ounces. That annual figure remains a company forecast, not a completed result.

Sources: Reuters via KTWB; Newmont Q3 2026 results.

Archival photo: Boddington gold mine area, Western Australia, 2024. NASA / ISS Expedition 71 crew, public domain. Cropped to 16:9 by Morval Universal.