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Newmont operates mines across several continents. Its mines generally produce bars containing gold mixed with silver and other metals. It pays refiners to turn these bars into market-standard bullion, then sells the gold to metal-market buyers. Gold supplies most of its revenue; it also sells copper, silver, lead and zinc, mainly in concentrates sent for further processing.
Standard Chartered is its largest customer, and JPMorgan Chase is another major buyer. Together they account for a substantial share of sales, although Newmont can sell gold through numerous traders worldwide and says it is not economically dependent on a small group of customers.
Newmont also owns a minority interest in Nevada Gold Mines, its largest individual mining revenue contributor. Barrick operates that business, so Newmont has limited operational control and depends on Barrick’s management.
The business depends on metal prices, the quality of its ore and the cost of extracting it. Sustaining production requires finding, acquiring and developing deposits to replace what it mines. Operations and development require mining permits and land rights; failure to obtain or maintain them can stop mining or prevent projects from proceeding.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Newmont depends directly on Barrick Mining’s decisions at their jointly owned Nevada Gold Mines: both sell gold and copper, but Barrick runs the venture and Newmont has limited control. Watch the operating dispute over Newmont’s 38.5% interest, which was its largest segment by sales in 2025.
Agnico Eagle and Newmont share exposure to spot gold prices and mining conditions in Canada, Australia and Mexico, where both produce gold for sale. Agnico Eagle’s gold costs per ounce offer a comparison for how much of higher gold prices Newmont can retain.
AngloGold Ashanti gives Newmont holders another view of gold prices and mining costs in Australia, Ghana and Argentina, where both operate. It mines gold, sends it for refining and sells directly to bullion banks, making its gold sales a comparison for Newmont’s main revenue source.
Gold Fields and Newmont both rely mainly on selling mined gold, with shared exposure to Australia, Ghana and Peru. Watch Gold Fields’ realised gold price alongside sales volumes: both helped its profitability and cash generation in 2025.
Kinross Gold and Newmont share gold-price and mining-cost exposure in the Americas: both turn mined ore into unrefined bars, then sell refined gold to banks and refiners. Kinross’s Americas mine output is a useful operating comparison, though not a direct source of Newmont revenue.
Wheaton Precious Metals buys 25% of Newmont’s Peñasquito silver at the lower of market price or an inflation-adjusted fixed contract price, then earns revenue by reselling metals. This purchase agreement, or stream, accounted for 13% of Wheaton’s 2025 revenue, making its Peñasquito deliveries a direct check on that mine’s silver output.
Franco-Nevada shares Newmont’s precious-metal exposure but collects payments and metal deliveries from mine operators rather than mining itself, including royalties on Newmont’s Quilish and Conga deposits. Most of its revenue is not adjusted for operators’ costs, so its results are a cleaner comparison for metal prices and production than for Newmont’s mining margins.
Royal Gold offers metal-price exposure related to Newmont’s, but without directly operating mines or generally paying their operating costs. It pays upfront for rights to buy future metal at agreed prices or receive a share of mine output or revenue; metal-purchase streams supplied 67% of its revenue in 2025.
Harmony Gold and Newmont both produce gold and share development prospects as partners in Wafi-Golpu. Watch Harmony’s news on permitting and disputes over mine-waste disposal, which affect the project’s prospects for both companies.
Pan American Silver and Newmont both sell mined gold and silver and operate in Latin America, so precious-metal prices and regional mining conditions affect both. Pan American’s silver business provides a comparison for Newmont’s Peñasquito silver, while gold remains Newmont’s main source of sales.
Alamos Gold and Newmont share gold-price exposure and mining-cost pressures in Canada and Mexico, where both operate gold mines. Alamos’s output from Island Gold, Young-Davidson and Mulatos offers a regional production comparison for Newmont’s gold business.
B2Gold Corp. and Newmont share market gold-price exposure, operating mines across several countries and selling gold to bullion dealers and refiners. B2Gold’s selling prices offer a market comparison; it says it has many available buyers and does not depend on any single customer.
IAMGold Corporation is a smaller comparison for Newmont’s gold prices and mining margins, with both operating gold mines in Canada and Africa. Watch production at its Canadian Côté Gold and Westwood mines and Burkina Faso’s Essakane when comparing operating performance.
Equinox Gold Corp. and Newmont share gold-market exposure and North American mining operations: both produce unrefined gold bars for refining and sale to bullion-market buyers. Equinox’s Greenstone and Valentine mines in Canada provide a production comparison for Newmont’s Canadian gold operations.
SSR Mining’s purchase of Newmont’s CC&V mine leaves Newmont eligible for up to $175 million in further milestone payments, alongside their shared business of selling mined gold and metal concentrates. Watch CC&V permit developments tied to extending mine life and easing flow-related permitting requirements, rather than treating SSR’s mine revenue as Newmont’s.
EIA Crude Oil Stocks Change (Oct/16)
For Newmont, U.S. crude oil and gasoline stocks signal whether fuel supply is easing or tightening, which can change the fuel costs of running its mines.
Rising stocks point to looser fuel supply and may ease pressure on Newmont’s mine fuel costs; falling stocks point to tighter supply and may add cost pressure.
Newmont Corporation earningsThis company
Newmont's report will show whether revenue from gold prices can outweigh changes in ounces sold and mine costs to produce more profit and cash.
Read ounces sold and the realized gold price alongside mine costs. If gold sales benefit from prices without costs rising in step, more of that price benefit is reaching Newmont's results; if fewer ounces or higher costs offset it, production and mining costs are still limiting profit and cash. The conclusion is whether higher gold prices translate into stronger results after costs.
Agnico Eagle Mines Ltd. earningsAEM
Agnico Eagle's costs and gold sales give Newmont a peer comparison for how much of gold-price gains mining costs can absorb.
Read Agnico Eagle's gold sales alongside its cost per ounce, then compare the direction with Newmont's own realized price and costs; their mine portfolios differ, so the cost figures are not directly interchangeable. Stable costs alongside gold sales benefiting from prices would show the peer retaining more of the price gain; rising costs would show how operating pressure can absorb it. The takeaway is whether a close peer's cost trend reinforces the importance of Newmont controlling its own mine costs.
SSR Mining Inc. earningsSSRM
SSR Mining's report can track permitting at the CC&V mine it bought from Newmont, which bears on Newmont's eligibility for up to $175 million in further milestone payments.
Watch SSR Mining's update on CC&V permits, particularly developments tied to extending mine life and easing flow-related permitting requirements. Progress could bring the conditions for further milestone payments closer, potentially benefiting Newmont by up to $175 million; setbacks would leave those proceeds uncertain. SSR Mining operates CC&V, so its mine revenue is not Newmont revenue. The takeaway is whether Newmont may still benefit from the payment terms of the mine sale.
Wheaton Precious Metals Corp. earningsWPM
Wheaton Precious Metals' report offers a buyer-side check on silver deliveries from Newmont's Peñasquito mine.
Look for Peñasquito silver deliveries or related stream revenue disclosed by Wheaton Precious Metals; do not treat Wheaton's total revenue as Newmont sales. Newmont sells Wheaton 25% of the mine's silver at the lower of market price or an inflation-adjusted fixed contract price. Steady or higher deliveries indicate silver continues to flow through this sales channel; lower deliveries mean less silver is reaching this buyer. The conclusion is how Peñasquito's silver output is feeding this contract, not how Newmont's gold business is doing.
Barrick Mining Corporation earningsB
Barrick operates Nevada Gold Mines, in which Newmont owns 38.5% but has limited control, so Barrick's report can show how this important investment is operating and whether the dispute is advancing.
Separate Barrick's disclosures about Nevada Gold Mines from results at Barrick's own mines, and read them alongside any update on the joint-venture dispute. Stable NGM operations and progress on the dispute would support Newmont's ability to benefit from its 38.5% interest; disruption or a continuing dispute would heighten the risk because Newmont has limited operational control. The takeaway is whether this important joint venture can remain operationally and managerially stable.
