Episode Details

Newmont's Q4 2025 report reveals a massive paradox: record gold prices are printing billions in free cash flow, but sudden global tax traps and an escalating operational feud with Barrick completely hijacked the narrative.

In ~10 minutes:

• Why the stock reversed and dumped 5.6% during the live call

• The official default notice issued to JV partner Barrick

• Scrapping the Yanacocha mega-mine and taking a $779M write-off

• Why 2026 is strictly guided as a production "trough"

• How expiring foreign tax holidays instantly vaporized half a billion dollars

With realized gold prices surging past $4,200 an ounce, the fundamental math for Newmont has never looked better. Yet management's deliberate clearing of the deck—flushing 4.5 million proven ounces back to "resource" status and recalibrating their cost accounting—sets the stage for a dramatic, utility-like pivot designed to survive any commodity cycle.

Company: Newmont Corp. (NEM) | Q4 FY25

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