Episode Details

A 33% surge in realized gold prices papered over Australian earthquakes and surging extraction costs during Newmont's Q2 2026.

In ~10 minutes:

• How $4,414/oz gold minted a Q2 record $2.2B in free cash flow.

• Regulators halt the Cadia mine's artificial cave-triggering events.

• Newmont serves Barrick a formal notice of default in Nevada.

• Why management quietly benched 50 heavy production units. 🚜

Despite a staggering $1.7 billion share buyback pushing per-share metrics higher, the operational reality on the ground is getting expensive. Baseline by-product extraction costs essentially doubled sequentially, pushing management to enforce aggressive capital discipline as a heavy second-half development schedule approaches.

Newmont Corporation (NEM) | Q2 FY2026

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