Newmont Corp. (NEM): First take: 3Q beat on costs/by-products lowers cost guidance; CY27 indications in-line; Buy

Goldman Sachs first take on Newmont's 3Q26 results. Adjusted/underlying EBITDA of ~US$3.95bn came in +13%/+4% vs GSe/consensus, driven by higher by-product revenue (stronger realised by-product pricing and higher-than-expected silver/zinc production) and lower opex, lifting EBITDA margin to ~62%. Attributable gold production of ~1.30Moz was broadly in line, while by-product cash costs and AISC of ~US$832/oz and ~US$1,454/oz were 10-20% better than expected. NEM reiterated CY26 attributable gold production of ~5.26Moz and lowered CY26 gold by-product AISC guidance to US$1,520/oz from US$1,680/oz. CY27 attributable production is expected to return to low-to-mid single-digit growth (~5.2-5.8Moz), with unit costs up 3-5% and capex of ~US$3.85bn. The Red Chris feasibility study is nearing completion with an FID expected in early CY27. Buy rated, 12m PT US$119/sh, based on a 50:50 blend of NAV and 7.5x EV/EBITDA.