Imperial Metals Corp. press release

Newmont Reports Third Quarter 2026 Results with Record Third Quarter Adjusted Net Income; Positioned to Achieve Full-Year Guidance; Provides Update on Red Chris Block Cave Project

2026-10-22

TSX - Toronto Stock Exchange · Copper · Gold · Silver · Molybdenum · Canada · Corporate Finance

Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced third quarter 2026 results and declared a dividend of $0.26 1 per share.

"Newmont remains on track to achieve our full-year 2026 production guidance and improved full-year cost outlook, supported by disciplined operational execution in the third quarter, demonstrating the strength and resilience of our world-class portfolio," said Natascha Viljoen, Newmont's President and Chief Executive Officer. "We produced approximately 1.3 million attributable gold ounces, and generated $1.9 billion of free cash flow. Since our last earnings call, we have returned $1.9 billion to shareholders through quarterly dividends and share repurchases, contributing to an approximate 10% reduction in our total share count since February 2024, reflecting our commitment to creating long-term value for our shareholders on a per-share basis.”

Q3 2026 Results

On track to meet Newmont's full-year 2026 production guidance 2 of 5.3 million attributable gold ounces; produced 1.3 million attributable gold ounces, as well as 11 million ounces of silver and 23 thousand tonnes of copper, primarily from Newmont's managed operations Gold by-product Costs Applicable to Sales (CAS) was $832 per ounce and All-In Sustaining Costs (AISC) was $1,454 per ounce 3 ; improved full-year cost guidance to $925 and $1,520 per ounce, respectively 2 Reported Net Income of $2.5 billion, Adjusted Net Income (ANI) 3 of $2.3 billion or $2.20 per diluted share, and Adjusted EBITDA 3 of $4.0 billion Generated $2.8 billion of cash from operating activities, net of working capital impacts of $565 million; reported third quarter Free Cash Flow 3 of $1.9 billion Delivered $1.9 billion of shareholder returns through share repurchases and dividend payments since the last earnings call 4 ; declared a dividend of $0.26 per share of common stock for the third quarter of 2026 Through the date of filing, Newmont has repurchased $1.6 billion of common stock since the last earnings call 4 ; $2.8 billion remains under the current authorized program of $6.0 billion 5 Since February 2024, Newmont has reduced its share count by over 115 million shares, or approximately 10 percent of shares outstanding, increasing shareholders' exposure to the free cash flow generated by its portfolio and creating a pathway for per-share dividend growth over time Ended the quarter with $8.8 billion of cash and $12.8 billion in total liquidity 6 , with a net cash position of $3.2 billion 3 Announced an amended agreement for the Nevada Gold Mines Joint Venture (NGM) to include the contribution of previously excluded assets including Barrick's Fourmile and Newmont's Fiberline and Mike Advancing the Red Chris Block Cave towards a full-funds investment decision in early 2027; finalizing feasibility study, subject to review and governance oversight; provided update on key project metrics and timeline 7 Completed shaft construction at Tanami Expansion 2; advancing project ahead of schedule, with commercial production now expected in the first half of 2027 7

| _ | | 1 Newmont's Board of Directors declared a dividend of $0.26 per share of common stock for the third quarter of 2026, payable on December 21, 2026 to holders of record at the close of business on November 25, 2026. | | 2 For further details see the '2026 Guidance Expectations' section below, as well as the discussion of guidance and cautionary statement at the end of this release regarding forward-looking statements. | | 3 Non-GAAP metrics; see reconciliations at the end of this release. | | 4 Includes $1.6 billion of share repurchases since July 23, 2026, including approximately $451 million of share repurchases in October 2026. | | 5 The share repurchase program will be executed at the Company's discretion. The share repurchase program permits shares to be repurchased in a variety of methods, has no time limit and may be suspended or discontinued at any time. See cautionary statement regarding forward-looking statements at end of this release. | | 6 Total liquidity as of September 30, 2026 includes $4.0 billion available on a revolving credit facility. | | 7 For further details see the 'Projects Update' section below, as well as the cautionary statement at the end of this release regarding forward-looking statements. |

Delivering on Newmont's Consistent Capital Allocation Framework

Newmont's consistent capital allocation framework is designed to be sustainable through the commodity and investment cycles while maximizing total return of capital to shareholders, maintaining a flexible and resilient balance sheet, and focusing on high-return capital investments for long-term value creation. The capital allocation uses below are presented in order of priority. 1 Newmont is consistently delivering on these priorities, supported by the robust free cash flow generated to date in 2026.

Ongoing Sustaining Capital Investment in World-Class Portfolio

Newmont expects to spend $1.95 billion in 2026 in sustaining capital through targeted investments in critical infrastructure, including tailings solutions, as detailed in the '2026 Guidance Expectations' section below. As of the end of the third quarter, Newmont has invested $1.33 billion of sustaining capital in 2026, with full-year 2026 guidance remaining unchanged. 2

Sustainable Through the Cycle Cash Dividend

Newmont is committed to returning capital to shareholders through a sustainable cash dividend of $1.1 billion per year. Central to this framework is a dividend structured to grow on a per-share basis without increasing Newmont's financial commitment, as share repurchases executed through the cycle permanently lower the outstanding share count. The annual total per share dividend target will be calculated annually in February based on the current number of shares issued and outstanding. The dividend payment will be divided into four equal payments rounded up to the nearest $0.01, to be paid out on a quarterly basis, subject to quarterly approval by Newmont's Board of Directors 1 . In line with this commitment, a dividend of $0.26 per share for the third quarter of 2026 has been declared payable on December 21, 2026, to holders of record of such common stock at the close of business on November 25, 2026. This equates to an indicated total annualized dividend of $1.04 per share, with continued per-share dividend increases expected as share repurchases continue.

Disciplined Approach to Development Capital Reinvestment

Newmont expects to invest $1.4 billion of development capital in 2026 as it advances the highest-return free cash flow generative projects, while continuing to study, evaluate and define the future growth profile of its portfolio. As of the end of the third quarter, Newmont has invested $878 million in its current development projects in 2026, with full-year 2026 guidance remaining unchanged. 2

Maintaining an Optimized Capital Structure Through the Cycle

Newmont is focused on maintaining a resilient balance sheet, anchored by a $1 billion net cash target 3 , with flexibility of plus or minus $2 billion depending on market conditions. During strong commodity price environments, Newmont intends to further optimize its balance sheet by actively managing gross debt, while maintaining a minimum cash balance of $5 billion through the cycle. Newmont ended the third quarter of 2026 with a cash balance of $8.8 billion and a net cash balance of $3.2 billion 3 , before the planned payment of $1.95 billion to Barrick under the terms of the amended NGM agreement, which is expected to be paid in the fourth quarter.

Ratable Share Repurchase Program

Since the last earnings call, Newmont executed $1.6 billion of share repurchases, with $2.8 billion remaining under the current repurchase authorization of $6.0 billion. Newmont intends to request additional approval from its Board of Directors as the current authorization approaches completion, consistent with the Company's disciplined and repeatable approach to returning excess cash to shareholders.

| _ | | 1 See cautionary statement at the end of this release. The Capital Allocation Framework is provided for illustrative purposes and remains non-binding. Guidance expectations, including capital allocation uses, future dividends, debt management and share repurchases, are forward-looking statements. An annualized dividend has not been declared by the Board of Directors. | | 2 Capital expenditures are shown on an attributable basis, exclusive of capitalized interest, and therefore will not directly agree to _Additions to property plant and mine development _from the Condensed Consolidated Statements of Cash Flows. | | 3 Net cash balance is _Cash and cash equivalents _less _Debt _and _Lease and other financing obligations _as presented on the Consolidated Balance Sheets. Net cash balance will change based on Net cash provided by operating activities , Additions to property, plant and mine development , dividends paid to common shareholders, repayment of debt principal, and other investing and financing activities. Refer to the Net Debt reconciliation below in the Non-GAAP Financial Measures schedules in this release. |

Summary of Results

| | | 2025 | | 2026 | | | | | | | | | | | | | | | | | | | | Q1 | Q2 | Q3 | Q4 | FY | | Q1 | Q2 | Q3 | YTD | | | | | | | | | | | Average realized gold price ($/oz) | | $ | 2,944 | $ | 3,320 | $ | 3,539 | $ | 4,216 | $ | 3,498 | | $ | 4,900 | $ | 4,414 | $ | 4,317 | $ | 4,546 | | Attributable gold production (Moz) (1) | | | 1.54 | | 1.48 | | 1.42 | | 1.45 | | 5.89 | | | 1.30 | | 1.29 | | 1.30 | | 3.90 | | Total CAS ($M) (2) | | $ | 2,106 | $ | 2,001 | $ | 1,951 | $ | 2,027 | $ | 8,085 | | $ | 1,937 | $ | 2,088 | $ | 2,143 | $ | 6,168 | | Gold By-Product CAS ($/oz) (2)(3) | | $ | 930 | $ | 917 | $ | 831 | $ | 738 | $ | 855 | | $ | 541 | $ | 1,043 | $ | 832 | $ | 803 | | Gold Co-Product CAS ($/oz) (2)(3) | | $ | 1,227 | $ | 1,215 | $ | 1,185 | $ | 1,166 | $ | 1,199 | | $ | 1,307 | $ | 1,463 | $ | 1,449 | $ | 1,406 | | Gold By-Product AISC ($/oz) (3) | | $ | 1,447 | $ | 1,375 | $ | 1,303 | $ | 1,302 | $ | 1,358 | | $ | 1,029 | $ | 1,621 | $ | 1,454 | $ | 1,365 | | Gold Co-Product AISC ($/oz) (3) | | $ | 1,651 | $ | 1,593 | $ | 1,566 | $ | 1,620 | $ | 1,609 | | $ | 1,709 | $ | 1,938 | $ | 1,963 | $ | 1,869 | | Net income (loss) attributable to

Newmont stockholders ($M) | | $ | 1,891 | $ | 2,061 | $ | 1,832 | $ | 1,301 | $ | 7,085 | | $ | 3,262 | $ | 2,202 | $ | 2,475 | $ | 7,939 | | Net income (loss) attributable to

Newmont stockholders per share ($/diluted share) | | $ | 1.68 | $ | 1.85 | $ | 1.67 | $ | 1.19 | $ | 6.39 | | $ | 3.00 | $ | 2.06 | $ | 2.35 | $ | 7.43 | | Adjusted net income ($M) (4) | | $ | 1,404 | $ | 1,594 | $ | 1,883 | $ | 2,753 | $ | 7,634 | | $ | 3,156 | $ | 2,246 | $ | 2,309 | $ | 7,711 | | Adjusted net income per share

($/diluted share) (4) | | $ | 1.25 | $ | 1.43 | $ | 1.71 | $ | 2.52 | $ | 6.89 | | $ | 2.90 | $ | 2.10 | $ | 2.20 | $ | 7.22 | | Adjusted EBITDA ($M) (4) | | $ | 2,629 | $ | 2,997 | $ | 3,309 | $ | 4,545 | $ | 13,480 | | $ | 5,154 | $ | 3,757 | $ | 3,951 | $ | 12,862 | | Cash from operations before working capital ($M) (5) | | $ | 2,172 | $ | 2,228 | $ | 2,584 | $ | 3,560 | $ | 10,544 | | $ | 3,987 | $ | 3,014 | $ | 3,333 | $ | 10,334 | | Net cash from operating activities ($M) | | $ | 2,031 | $ | 2,384 | $ | 2,298 | $ | 3,621 | $ | 10,334 | | $ | 3,785 | $ | 2,924 | $ | 2,768 | $ | 9,477 | | Sustaining capital expenditures ($M) (6) | | $ | 446 | $ | 370 | $ | 380 | $ | 509 | $ | 1,705 | | $ | 376 | $ | 432 | $ | 525 | $ | 1,333 | | Development capital expenditures ($M) (6) | | $ | 299 | $ | 307 | $ | 308 | $ | 287 | $ | 1,201 | | $ | 239 | $ | 285 | $ | 354 | $ | 878 | | Total capital expenditures ($M) (6) | | $ | 745 | $ | 677 | $ | 688 | $ | 796 | $ | 2,906 | | $ | 615 | $ | 717 | $ | 879 | $ | 2,211 | | Free cash flow ($M) (7) | | $ | 1,205 | $ | 1,710 | $ | 1,571 | $ | 2,813 | $ | 7,299 | | $ | 3,144 | $ | 2,205 | $ | 1,912 | $ | 7,261 |

Third Quarter 2026 Production and Financial Summary

Attributable gold production 1 increased slightly by 1 percent to 1,302 thousand ounces from the prior quarter, driven by higher production at Cadia after the recovery from the seismic event in the second quarter, higher production at Brucejack due to ongoing productivity improvements and increased development rates, and higher throughput, grades and recovery rates at Peñasquito. These benefits were largely offset by lower production at Lihir and Boddington due to planned mine maintenance and at Yanacocha due to mine plan sequencing. Consolidated gold sales were 1,211 thousand ounces for the quarter.

Copper production increased 35 percent to 23 thousand tonnes compared to the prior quarter, driven by higher production at Cadia after the recovery from the seismic event in the second quarter. Silver production increased 57 percent to 11 million ounces, lead production increased 22 percent to 22 thousand tonnes and zinc production increased 68 percent to 67 thousand tonnes compared to the prior quarter, driven by higher co-product grades at Peñasquito.

Average realized gold price was $4,317 per ounce, a decrease of $97 per ounce from the prior quarter. Average realized gold price includes a gross sales price of $4,291 per ounce and a favorable mark-to-market adjustment of $26 per ounce on provisionally-priced sales.

Costs Applicable to Sales (CAS) 2 allocated to gold totaled $1.8 billion for the quarter, with an additional $389 million allocated to co-product metals. Gold by-product CAS per ounce 3 decreased 20 percent to $832 for the quarter primarily driven by higher gold and co-product volumes, as well as higher realized copper pricing. These decreases were partially offset by lower silver pricing and higher diesel prices. Gold co-product CAS per ounce 3 was $1,449.

Gold by-product AISC per ounce 3 decreased 10 percent to $1,454 for the quarter. Building from CAS per ounce, the decrease was primarily due to lower other expense, primarily related to incremental costs incurred at Cadia in the second quarter, partially offset by higher sustaining capital spend. Gold co-product AISC per ounce 3 was $1,963.

Net income attributable to Newmont stockholders was $2.5 billion or $2.35 per diluted share, an increase of $0.3 billion from the prior quarter. This increase was primarily driven by higher revenue due to higher gold sales volumes and higher realized copper prices, as well as a decrease of $113 million in income and mining tax expense.

Adjusted net income 4 for the quarter was $2.3 billion or $2.20 per diluted share, an increase of 3 percent from the prior quarter. Primary adjustments to third quarter net income include reclamation and remediation charges of $116 million and a gain on asset and investment sales of $40 million primarily related to a historical mining site that was in the closure phase.

Consolidated cash from operations before working capital 5 increased 11 percent from the prior quarter to $3.3 billion primarily due to higher revenue from higher gold sales volumes and higher realized copper prices, partially offset by lower realized gold and silver prices and slightly higher CAS.

Consolidated net cash from operating activities decreased 5 percent from the prior quarter to $2.8 billion primarily due to an unfavorable change in working capital of $475 million. Working capital was a net use of cash of $565 million in the third quarter, reflecting an unfavorable accounts receivable movement of $318 million, continued cash spend for previously accrued reclamation activities of $256 million and normal course inventory and stockpile builds of $172 million. These impacts were partially offset by a favorable change in other accrued liabilities of $165 million primarily related to the timing of employee profit sharing payments in Mexico and Peru, and accrued tax liabilities of $29 million.

Income and mining cash tax paid decreased 21 percent from the prior quarter to $858 million due to the timing of annual tax payments accrued in 2025.

Free cash flow 7 decreased 13 percent from the prior quarter to $1.9 billion primarily due to a decrease in net cash provided by operating activities and higher capital investment.

Balance sheet and liquidity remained strong in the third quarter, ending with $8.8 billion of cash and cash equivalents, with $12.8 billion of total liquidity; ended the quarter in a net cash position of $3.2 billion. 8 The balances as of the end of the third quarter are before the planned payment of $1.95 billion to Barrick under the terms of the amended NGM agreement, which is expected to be paid in the fourth quarter of 2026.

Non-Managed Joint Venture and Equity Method Investments 9

Nevada Gold Mines (NGM) attributable gold production increased 5 percent to 251 thousand ounces, with a 5 percent decrease in CAS per ounce to $1,392 per ounce. 3 AISC per ounce decreased 2 percent from the prior quarter to $1,760 per ounce. 3

Pueblo Viejo attributable gold production decreased 12 percent to 65 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $95 million in the third quarter. Capital contributions of $24 million were made during the quarter related to the expansion project at Pueblo Viejo.

Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the third quarter of 2026 of 38 thousand ounces was consistent with the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $83 million for the third quarter.

| _ | | 1 Attributable gold production includes ounces from the Company's equity method investment in Pueblo Viejo (40%) and in Lundin Gold (32%). | | 2 Consolidated _Costs applicable to sales _(CAS) excludes _Depreciation and amortization _and Reclamation and remediation . | | 3 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales . | | 4 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders . | | 5 Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial measure being Net cash provided by (used in) operating activities , as shown reconciled in the Condensed Consolidated Statements of Cash Flows. | | 6 Capital expenditures are shown on an attributable basis, exclusive of capitalized interest, and therefore will not directly agree to _Additions to property plant and mine development _from the Condensed Consolidated Statements of Cash Flows. | | 7 Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities . | | 8 Non-GAAP measure. See end of this release for reconciliation. | | 9 Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 32% interest in Lundin Gold, which wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag. |

2026 Guidance Expectations (+/-5%)

Newmont remains on track to meet its previously published 2026 production and capital guidance. Based on performance year to date, Newmont is improving its 2026 guidance for unit cost metrics. The improvement in unit costs is largely driven by Newmont's continued cost discipline and higher realized co-product pricing compared to guided assumptions. Please see the cautionary statement and footnotes for additional information.

| Guidance Metric (+/-5%) (1) | 2026E | Q4 2026E | | Attributable Gold Production (Koz) | 5,260 | 1,365 | | Gold By-Product CAS ($/oz) (2) | $925 | $1,250 | | Gold By-Product AISC ($/oz) (2) | $1,520 | $1,900 | | Sustaining Capital ($M) (3) | $1,950 | $600 | | Development Capital ($M) (3) | $1,400 | $520 |