Newmont stock faces higher 2027 costs as Penasquito output falls

Published on 11/13/2026 at 13:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Newmont stock expects lower gold costs in 2026, but weaker silver output at Penasquito could lift unit costs in 2027. Cash returns remain strong.

Costs and cash returns shape outlook

Newmont expects 2026 all-in sustaining costs of 1,520 US dollars per gold ounce, about 10 percent below its initial plan.
Free cash flow reached 1.91 billion US dollars in the third quarter, while shareholder returns since the prior call totaled about 1.9 billion US dollars.
Lower silver output at Penasquito could push all-in sustaining costs higher in 2027.

Newmont Corp, US6516391066, Illustration mit AI erstellt.

Newmont expects its 2026 gold-production costs to finish below the plan set at the start of the year, but the outlook becomes more demanding in 2027 as silver output at Penasquito declines. The cost and cash-flow picture was outlined in a Trefis analysis published by Yahoo Finance on Friday, November 13.

Newmont now expects 2026 all-in sustaining costs of 1,520 US dollars per ounce of gold, according to the analysis. That is about 10 percent below the guidance issued at the beginning of the year. Higher prices for copper, silver and other co-products, together with cost discipline, are supporting the improvement.

Silver becomes a 2027 cost factor

The company produced 11 million ounces of silver in the third quarter, with quarterly all-in sustaining costs of 1,450 US dollars per ounce after by-product credits. For the fourth quarter, management expects costs of about 1,900 US dollars per ounce, the highest level of 2026, partly because Penasquito silver production is expected to fall to about half its third-quarter level.

The same mine-sequencing effect is expected to continue into 2027, when Penasquito silver output is projected to be roughly 30 percent below 2026 levels. That could reduce the contribution from by-product credits and leave Newmont more exposed to gold prices and operating-cost execution. The next all-in sustaining cost update is expected with the February 2027 report.

Cash returns remain a key support

Newmont returned about 1.9 billion US dollars through dividends and share repurchases between its second- and third-quarter calls. Management also said the company had bought back more than 115 million shares, equivalent to about 10 percent of shares outstanding, since February 2024.

Free cash flow rose to 1.91 billion US dollars in the third quarter from 1.57 billion US dollars a year earlier. The analysis cautions that higher gold prices helped the latest profit, so strong cash generation does not by itself remove the risk of higher unit costs when silver volumes decline.

Newmont stock traded at 102.57 euros on Lang & Schwarz at 13:51 CET on Friday, November 13, 2026.