Newmont generated a record $1.6 billion in free cash flow over the past twelve months, a 24 percent increase versus the prior year. This surge was driven by a 15 percent rise in realized gold prices, strong cost controls at its Nevada operations joint venture, and higher by-product credits from copper and silver sales. The free cash flow margin expanded to 32 percent of revenues, underscoring Newmont’s ability to convert higher metal prices into substantial cash generation.

Since the start of its fiscal year, Newmont has returned $5.7 billion to shareholders through a combination of dividend payments and share repurchases, representing 95 percent of free cash flow. The company’s board has approved an increase in its quarterly dividend to $0.55 per share, marking the fifth consecutive annual raise. Concurrently, management deployed $3.2 billion to repurchase 27 million shares at an average cost of $118, reducing share count by 3.4 percent and supporting EPS growth.

For fiscal 2025, Newmont projects gold sales of 5.6 million ounces from its core asset portfolio, including contributions from the recently acquired Newcrest mines. By selling six smaller, higher-cost operations, the company expects all-in sustaining costs to decline to $1,050 per ounce, down 7 percent year-over-year. Analysts forecast full-year revenue of $6.01 billion and adjusted EPS of $1.91, up 36 percent compared to the prior comparable period. Consensus among 50 analysts remains a Buy, with an average 12-month price target that implies upside potential from current valuation multiples around 17.6x forward earnings.