NYSE$NEM
Newmont Mining Corp · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Delivered strong operational performance, producing 2.2 million gold equivalent ounces and generating over $1.4 billion in cash from operations before working capital changes.
Newmont reported a strong first quarter operational performance, driven by its Tier 1 gold and copper operations. The company produced 2.2 million gold equivalent ounces and generated over $1.4 billion in cash from operations before working capital changes. Newmont is on track to achieve its full-year guidance and deliver meaningful synergies and productivity improvements from the combined portfolio.
- Delivered $288 million in dividends to shareholders; declared a dividend of $0.25 per share of common stock for the first quarter of 2024
- Announced sale of the Lundin Gold stream credit facility and offtake agreement for $330 million, further monetizing Newmont’s non-core assets while maintaining its equity interest in Lundin Gold
- Produced 1.7 million attributable gold ounces and 489 thousand gold equivalent ounces (GEOs) from copper, silver, lead and zinc; primarily driven by production of 1.4 million gold ounces from Newmont's Tier 1 Portfolio
- Reported Net Income of $179 million, Adjusted Net Income (ANI) of $0.55 per share and Adjusted EBITDA of $1.7 billion for the quarter
Headline financials
Revenue & EPS history
Newmont · Revenue · Quarterly
$4.02B
Forward guidance
Newmont's 2024 outlook includes current development capital costs and production related to the key projects of Tanami Expansion 2, Ahafo North and Cadia Block Caves.
Tailwinds
- Tanami Expansion 2 secures Tanami’s future as a long-life, low-cost producer by extending mine life beyond 2040.
- Ahafo North expands our existing footprint in Ghana with four open pit mines and a stand-alone mill.
- Cadia Block Caves includes two existing panel caves to recover approximately 5.9 million ounces of Gold Reserves as well as 1.3 million tonnes of Copper Reserves.
- The expansion is expected to increase average annual gold production by approximately 150 to 200 thousand ounces per year for the first five years
- Ahafo North is the best unmined gold deposit in West Africa with approximately 4.1 million ounces of Reserves and 1.3 million ounces of Measured, Indicated and Inferred Resources
Headwinds
- Operations at Cerro Negro are currently suspended as a full investigation is conducted following the tragic fatalities of two members of the Newmont workforce on April 9, 2024.
- Operations are temporarily suspended at Telfer, one of Newmont's non-core assets, as further work is completed to remediate the safe operation of the tailings storage facility.
- As a result of the identification of required overbreak and underbreak remediation, commercial production for the Tanami project is now expected in the second half of 2027.
- Total capital costs for Tanami are now estimated to be between $1.7 and $1.8 billion, incorporating the required remediation work.
- Newmont expects to incur a cash outflow of approximately $600 million in 2024 and $700 million in 2025, primarily related to the construction of two new water treatment plants and post-closure management at Yanacocha.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-1.1%
Avg return
Earnings day
-1.6%
Avg return
5 days after
-1.7%
Avg return
30 days after
38%
28 / 73 earnings
Positive
+10.7%
Q1 2024
Best reaction
-16.1%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.7% | -3.1% | -3.0% | |
| Q4 2025 | -3.3% | -0.4% | -23.6% | |
| Q3 2025 | -6.3% | -10.4% | -6.1% | |
| Q2 2025 | +1.2% | +0.8% | +15.7% | |
| Q1 2025 | +4.9% | -0.4% | +0.9% | |
| Q4 2024 | -5.7% | -9.4% | -1.5% | |
| Q3 2024 | -16.1% | -17.6% | -26.1% | |
| Q2 2024 | -2.9% | +0.4% | +10.6% | |
| Q1 2024 | +10.7% | +5.3% | +8.8% | |
| Q4 2023 | -6.4% | -10.7% | +1.0% | |
| Q3 2023 | +6.0% | +1.9% | +2.3% | |
| Q2 2023 | -4.4% | -3.5% | -15.4% | |
| Q1 2023 | +0.5% | +1.9% | -13.7% | |
| Q4 2022 | -1.6% | -1.4% | +9.8% | |
| Q3 2022 | -6.6% | -3.1% | +14.8% | |
| Q2 2022 | -10.2% | -11.9% | -12.8% | |
| Q1 2022 | -5.8% | -6.4% | -12.8% | |
| Q4 2021 | -0.5% | +1.1% | +15.7% | |
| Q3 2021 | -6.2% | -4.9% | -2.8% | |
| Q2 2021 | -0.4% | +1.6% | -6.6% | |
| Q1 2021 | -2.8% | -0.3% | +14.5% | |
| Q4 2020 | -0.6% | -0.3% | +8.7% | |
| Q3 2020 | +7.1% | +13.7% | -0.3% | |
| Q2 2020 | +1.9% | +3.5% | -1.7% | |
| Q1 2020 | -0.5% | +2.9% | -10.9% | |
| Q4 2019 | +7.1% | +6.4% | -12.2% | |
| Q3 2019 | -3.2% | -5.9% | +2.9% | |
| Q2 2019 | -5.1% | -4.0% | +0.0% | |
| Q1 2019 | -2.3% | -3.5% | -0.9% | |
| Q4 2018 | +3.1% | -1.2% | -2.5% | |
| Q3 2018 | -5.5% | -2.4% | +2.2% | |
| Q2 2018 | -1.5% | -2.1% | -14.5% | |
| Q1 2018 | +0.3% | -3.2% | -2.7% | |
| Q4 2017 | +1.4% | +0.7% | +1.6% | |
| Q3 2017 | -2.6% | -1.6% | -0.2% | |
| Q2 2017 | +9.0% | +9.3% | +8.6% | |
| Q1 2017 | -3.6% | -0.9% | -1.4% | |
| Q4 2016 | -2.7% | -2.5% | -9.2% | |
| Q3 2016 | -4.9% | +1.2% | -12.8% | |
| Q2 2016 | -2.1% | -3.0% | +6.7% | |
| Q1 2016 | +4.1% | — | — | |
| Q4 2015 | +1.1% | — | — | |
| Q3 2015 | +6.0% | — | — | |
| Q2 2015 | -6.1% | — | — | |
| Q1 2015 | +9.7% | — | — | |
| Q4 2014 | +3.4% | — | — | |
| Q3 2014 | -9.9% | — | — | |
| Q2 2014 | -0.2% | — | — | |
| Q1 2014 | +2.0% | — | — | |
| Q4 2013 | -1.6% | — | — | |
| Q3 2013 | -7.3% | — | — | |
| Q2 2013 | +0.6% | — | — | |
| Q1 2013 | -3.2% | — | — | |
| Q4 2012 | +0.6% | — | — | |
| Q3 2012 | -10.7% | — | — | |
| Q2 2012 | -2.8% | — | — | |
| Q1 2012 | +0.8% | — | — | |
| Q4 2011 | -3.6% | — | — | |
| Q3 2011 | +4.1% | — | — | |
| Q4 2010 | +4.1% | — | — | |
| Q2 2011 | -4.2% | — | — | |
| Q1 2011 | +0.5% | — | — | |
| Q3 2010 | -3.5% | — | — | |
| Q2 2010 | -0.1% | — | — | |
| Q1 2010 | +4.3% | — | — | |
| Q4 2009 | +6.0% | — | — | |
| Q3 2009 | +4.7% | — | — | |
| Q3 2008 | +4.7% | — | — | |
| Q2 2009 | -0.5% | — | — | |
| Q1 2008 | -4.9% | — | — | |
| Q1 2009 | -4.9% | — | — | |
| Q4 2008 | -4.9% | — | — | |
| Q2 2008 | -4.9% | — | — |
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