Newmont (NEM) shares returned 36.4% over the past year versus 15.0% for the S&P 500, and the latest quarter brought in $1.91 billion of free cash flow. Management expects unit costs to rise in 2027 due to macroeconomic headwinds and lower co-product credits, mainly from silver at Penasquito, where output is expected to be roughly 30% lower than in 2026 because of mine sequencing. Labor costs are expected to rise by more than the roughly 3% assumed for 2026. All-in sustaining costs are expected to reach $1,900 per ounce in fiscal Q4 2026, up from $1,450 in fiscal Q3. The next report is expected in February 2027, when investors will watch the all-in sustaining cost per ounce against about $1,520 for 2026.
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