Newmont stock faces higher 2027 spending as projects advance

Newmont Corporation is preparing to raise development investment as two major growth projects move toward decisive milestones in 2027. In its third-quarter release on October 22, the gold producer said Tanami Expansion 2 was ahead of schedule and that the Red Chris Block Cave project was approaching a full-funds investment decision.

Newmont stock traded at 105.20 euros on Lang & Schwarz at 13:19 CET on Thursday, November 12, 2026, 6.46 percent below the Xetra close of 112.46 euros on Wednesday, November 11. The Xetra comparison is based on the previous completed session because the current quote was recorded before the regular Xetra close.

Capital Spending Moves Higher

Newmont expects 2027 development capital to increase by approximately 500 million US dollars from 2026 levels. The company said the increase will mainly support the Lihir Nearshore Barrier project and the Red Chris Block Cave project, subject to the required investment decision. Lower spending on the Yanacocha water-treatment plants is expected to fund approximately 200 million US dollars of the increase as that work approaches completion.

The higher project spending comes against a strong financial backdrop. Newmont reported third-quarter adjusted net income of 2.3 billion US dollars, or 2.20 US dollars per diluted share, and free cash flow of 1.9 billion US dollars. Net income attributable to Newmont stockholders was 2.5 billion US dollars. These adjusted figures are non-GAAP measures; the company said its primary adjustments included reclamation and remediation charges and a gain on asset and investment sales.

Newmont also generated 2.8 billion US dollars in cash from operating activities during the quarter and ended September with 8.8 billion US dollars of cash and 12.8 billion US dollars of total liquidity. The company returned 1.9 billion US dollars to shareholders through dividends and repurchases after the previous earnings call and maintained a 6.0 billion US dollar repurchase authorization.

Tanami Brings Earlier Production

At Tanami Expansion 2 in Australia, shaft construction was completed by the end of the third quarter. Newmont now expects commercial production toward the end of the first half of 2027, earlier than previously anticipated. Management expects access to higher-grade underground ore to support a return to production growth, with attributable gold output projected to rise by a low-to-mid single-digit percentage in 2027 compared with 2026.

The company continues to target full-year 2026 attributable gold production of 5.26 million ounces. Third-quarter attributable gold production was 1.302 million ounces, while gold by-product all-in sustaining costs were 1,454 US dollars per ounce. Newmont improved its full-year cost outlook to 925 US dollars for gold by-product costs applicable to sales and 1,520 US dollars for all-in sustaining costs per ounce.

Red Chris Awaits Funding Decision

Newmont owns 70 percent of Red Chris in British Columbia and is completing the feasibility study for the underground block cave project. The company expects a full-funds decision in early 2027, subject to review and approval by Newmont and the joint venture board. Construction could start in 2027, with commercial production targeted for 2033.

On a 100 percent basis, Newmont estimates development capital at 4.2 billion to 4.8 billion US dollars, net of an anticipated 500 million Canadian dollar contribution from the Canadian government. The initial phase is designed to produce 3.0 million ounces of gold and more than 850 thousand tonnes of copper over 13 years. After ramp-up, annual output is expected to average 275 thousand to 325 thousand ounces of gold and 65 thousand to 85 thousand tonnes of copper between 2035 and 2040.

Newmont's release highlights both the growth potential and execution risk in the investment case. Higher production from Tanami could improve the portfolio's output profile, while Red Chris adds a large capital commitment that remains dependent on governance approval, construction execution and future metal prices. The company said it expects to fund the project through internal cash flow.

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For further company-specific developments, see More news and analyses on Newmont stock.

Newmont reported the results and project update on October 22, 2026. Xetra prices and the trading-place overview were reviewed on ARIVA.