Newmont Shares Up 39.5% in Three Months, Trades at 14.7x P/E
In the past three months, Newmont's shares have climbed 39.5%, trailing Aris Mining's 56.8% gain but outperforming the gold industry’s 33.4% and the S&P 500’s 3.2%. Newmont trades at a forward P/E of 14.71x, near the industry average of 14.05x, versus Aris Mining’s 6.46x.
1. Peer Performance Comparison
Aris Mining shares have risen 56.8% over the past three months, outpacing Newmont's 39.5%, Agnico Eagle's 26.8% and the gold industry's 33.4%, while the S&P 500 advanced 3.2% in the same period. This performance highlights Aris’s recent momentum relative to its larger peers.
2. Production Growth Drivers
Aris produced 73,236 ounces of gold in Q3 2025, a 36.6% year-on-year increase driven by the Segovia mine’s second mill commissioning and superior operational execution. Total nine-month output reached 186,651 ounces, positioning the company close to its full-year guidance of 230,000–275,000 ounces.
3. Cost Challenges and AISC Trends
Aris reported a consolidated all-in sustaining cost (AISC) of $1,641 per ounce in Q3, up 6.6% year-over-year, with Segovia’s AISC rising to $1,641 from $1,540 due to higher sustaining capital expenditures. These cost pressures could weigh on margins if they persist.
4. Valuation Outlook
Aris trades at 6.46x forward P/E, well below Newmont’s 14.71x, Agnico Eagle’s 16.86x and the industry average of 14.05x, reflecting a deep discount. Earnings estimates for 2026 and 2027 have risen 3.7% and 13.6% respectively over the past 60 days, indicating analyst optimism.