Newmont: JVs tracking in-line; Robust FCF/liquidity; Defensive vs. peers; Buy

Goldman Sachs

NEM’s JV partner, Barrick (Nevada Gold Mines (NGM) and Pueblo Viejo (PV)) and equity interest, Lundin Gold (Fruta del Norte (FDN)) have reported 1Q operating updates. While NEM had already reported attributable production for 1Q25, we note overall cost performance has come in broadly in-line, with production/costs across NGM more mixed on the underlying assets (softer Carlin offset by other assets).