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

Goldman Sachs reiterates Buy on Newmont (NEM) after 3Q26 results. Adjusted/underlying EBITDA of ~US$3.95bn beat GSe by 13% and consensus by 4%, driven by stronger realised by-product pricing, higher-than-expected silver/zinc production and lower opex, lifting the 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 came in 10-20% better than expected. CY26 by-product AISC guidance was cut to US$1,520/oz from US$1,680/oz. CY27 indications are in line: attributable production to grow low-to-mid single digits (~5.2-5.8Moz), unit costs up 3-5% to ~US$1,565-1,600/oz and capex of ~US$3.85bn. The Red Chris feasibility study is nearing completion with an FID expected in early CY27. A 3Q dividend of US26cps was paid and reported net cash stood at ~US$3.2bn.