Newmont Corp. (NEM): 3Q26: Cost outperformance highlights portfolio optionality and recent operational excellence; Buy

Goldman Sachs reviews Newmont's (NEM) 3Q26 result: despite a challenging industry-wide operating environment and bushfires/earthquakes at key assets, NEM remains on track for CY26 production guidance, highlighting the benefits of a world-leading diversified Tier 1 portfolio and cost discipline. 3Q attributable gold production of ~1.30Moz was in-line, with by-product AISC of ~US$1,450/oz on lower absolute costs and stronger by-products. Adjusted EBITDA of ~US$3.95bn beat expectations, up 5% QoQ/19% YoY at ~62% margins, and adjusted NPAT of ~US$2.31bn was also ahead. NEM ended 3Q with reported net cash of ~US$3.2bn (cash ~US$8.8bn; liquidity ~US$12.8bn);