Episode Details

Newmont's Record Quarter, Ghana's New Gold Royalty, and Copper Holds Above $6 Newmont Q1 2026: record net income $3.3B, FCF $3.1B, avg realized gold $4,900/oz, AISC $1,029/oz, production 1.30M oz (down 16% YoY due to Australian bushfires/rainfall + planned maintenance), $6B buyback authorized, full-year guidance maintained at 5.26M oz. CEO Natascha Viljoen: "all-time record $3.1 billion in quarterly free cash flow." Ghana new sliding gold royalty (5-12% by gold price, enacted March 10, 2026): $185/oz AISC impact on Ghana operations, $25/oz impact on total Newmont AISC. Applies to all Ghana gold operators. Copper at $6.01/lb April 24, up 24% over past month. J.P. Morgan forecasts $12,500/mt Q2 2026. Global refined deficit ~330,000 tonnes. Grasberg force majeure ongoing. NOTE: Audio pending — ElevenLabs platform quota exhausted. Will be added when quota restores.