Newmont Corporation (NEM.N): 2Q26: Results mostly inline with guidance unchanged; investors looking forward to multi-year guidance in Feb

研报英文原文证据摘录

Newmont Corporation (NEM.N): 2Q26: Results mostly inline with guidance unchanged; investors looking forward to multi-year guidance in Feb

16:00)

Valuation

Our rounded A$215/sh target price for the Newmont CDI is based on our US TP for Newmont (based on P/NAV) converted on

spot FX of 0.70. We assume a WACC of ~5.0% and a LT gold price of $3,500/oz.

Risks

The keys risks to our investment thesis and valuation on NEM include commodity exposure, political risk (particularly with its

Africa operations), and operating risk. If the impact from the risks outlined turns out to be greater/less than estimated, the

shares could fail to reach/exceed our target price.

Metals Pricing Volatility – Gold pricing is driven by a number of market factors including mining output, scrap availability,

central bank sales, and US inflation rates. A significant decline in the price of gold due to any combination of these factors

could reduce NEM’s realized pricing and sales volumes. However, an increase in the gold price would be a benefit. NEM is also

exposed to volatility in copper and silver pricing.

Mining Operations – The company’s mining operations are subject to variability in ore quality and structural issues, which

could potentially decrease production volumes and increase unit costs. However, better ore quality and structural efficiency

would be a positive and constitutes an upside risk.

Projects – Newmont has projects in the pipeline that have execution risks. The process to bring a development project to

production has many hurdles including project financing, permitting, regulatory compliance, staffing, and construction. Any

unexpected issues or delays could affect project delivery, increase project development and operating costs, and reduce the

NPV of projects.