Newmont trades at 12.7 times earnings versus 22.8 for the S&P 500, and its strategy has moved from shrinking the portfolio to reinvesting, with the Red Chris project and production growth from 2027 now in focus. The five smaller mines that were divested each reported roughly three-quarters less revenue a year later, and management said its asset divestment program is complete. Red Chris was 2.3% of fiscal 2025 revenue, with development capital estimated at $4.2 billion to $4.8 billion and commercial production targeted for 2033. Free cash flow reached $10.1 billion over the twelve months to September 2026, but fell to $1.91 billion in fiscal Q3 2026 from $3.14 billion in fiscal Q1, and unit costs are expected to rise in 2027 partly because silver output at Penasquito is expected to be about 30% lower. The article says free cash flow is the key measure to watch when Newmont reports in February 2027, alongside the Red Chris funding decision expected early in 2027.
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