Newmont Corp.: 2Q26 results: AISC slightly higher but FY26 earnings little changed; retain OW

Research evidence excerpt

Newmont Corp.: 2Q26 results: AISC slightly higher but FY26 earnings little changed; retain OW

J P M O R G A N Asia Pacific Equity Research

24 July 2026

Newmont Corp. Overweight

NEM.AX, NEM AU

2Q26 results: AISC slightly higher but FY26 earnings Price (23 Jul 26):A$136.85

little changed; retain OW ▼Price Target (Jun-27):A$176.00 Prior (Jun-27):A$177.00

Key takeaways: 1) Group production of 1,293koz was in line with JPMe 1,265koz

(strong Lihir/Yanacocha/PV, offset by weaker Cadia/Cerro Negro/BruceJack/ Australia

Ahafo South), but AISC of US$1,647/oz came in 16% above JPMe US$1,421/oz. Metals & Mining

2) FY26 guidance is unchanged with 49% of production achieved and 1H AISC of AC Jonathon Sharp

$1,342/oz sitting comfortably below the $1,680/oz full-year guidance; 2H skews (61 2) 9003-8312

to sustaining (58%) and development (63%) capex. 3) NGM negotiations with jonathon.sharp@jpmorgan.com

Barrick are "nearing the end" with key issues unresolved – the tone suggests J.P. Morgan Securities Australia Limited

potential escalation, though management still favors a constructive outcome. Lyndon Fagan

Overall, we maintain OW with a PT of $176. The AISC miss disappoints but 1H26 (61-2) 9003-8648

sits well below guidance and EPS was in line, leaving our FY26E/27E earnings and lyndon.fagan@jpmorgan.com

NPV little changed. With net cash forecast above the -1bn to 3bn range, we are J.P. Morgan Securities Australia Limited

lifting our buyback projections with 2H26/FY27 purchases representing ~6% of Devwrat Vegad

the shares outstanding. The stock trades at ~6x FY27E EV/EBITDA, ~0.8x P/NPV (91-22) 6157-3608

devwrat.vegad@jpmchase.com

and an 8.5% FCF yield. We continue to like NEM for its growth, diversified tier-1 J.P. Morgan Securities Australia Limited/ J.P.

asset base and valuation.