Newmont’s Reserves Drop to 118.2M Oz, JPMorgan Targets A$226 and 6M Oz Output
Newmont’s gold reserves fell to 118.2 million ounces at end-2025, down from 134.1 million ounces in 2024 after asset divestments. JPMorgan initiated Overweight coverage with an A$226 target, forecasting production growth from 5.3 million ounces in 2026 to nearly 6 million ounces by 2029 and a US$4,600/oz gold price.
1. Reserve Decline from Asset Divestments
Newmont’s gold mineral reserves stood at 118.2 million ounces at December 31, 2025, a decline from 134.1 million ounces at end-2024 driven by asset sales completed during the year.
2. JPMorgan Initiates Overweight Coverage
On March 4, JPMorgan assigned an Overweight rating and A$226 price target to Newmont, projecting production of 5.3 million ounces in fiscal 2026 rising to almost 6 million ounces by fiscal 2029 (a 5% CAGR), lifting its long-term gold price assumption to US$4,600/oz, and forecasting approximately US$8 billion in net cash with free cash flow yields near 11%.