Newmont Corporation's Q3 2026 generated massive cash flow and a negative $9,301/oz by-product gold cost in Mexico, yet the stock fell 4% after hours as investors braced for a Q4 cost spike.
In ~10 minutes:
- ⛏️ How Peñasquito silver and zinc created a -$9,301/oz gold AISC.
- Why Q4 by-product AISC is guided to jump from $1,454 to $1,900/oz.
- Settling the Barrick Nevada dispute with a $1.95B check for Fourmile.
- New $50M indirect oil cost sensitivity and above-budget labor inflation.
- Reallocating $400M in winding-down Peru water treatment spend to Red Chris.
While $4,317/oz realized gold and Cadia's post-earthquake recovery pushed 9M free cash flow to $7.3B, the market focused on what happens next quarter. With Mexican silver output set to get cut in half and capex peaking at $1.12B in Q4, the co-product shield is fading right as sticky diesel crack spreads and El Niño drought risks at Lihir come into view.
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