Updated: December 12, 2025
Newmont Corporation (NYSE: NEM) is back in the spotlight as the gold market’s late‑year momentum collides with fresh analyst actions, portfolio headlines, and a leadership transition that will define the miner’s next chapter. After a strong session that pushed the stock to the doorstep of $100, investors are weighing a simple question with big implications: is Newmont’s rally still driven by fundamentals—or has the easy upside already been priced in? [1]
Below is a detailed, publication-ready roundup of the most current news, forecasts, and analysis as of 12.12.2025, with the key catalysts (and risks) most likely to move Newmont stock into year‑end and early 2026.
Newmont stock today: hovering around $99 as gold and silver stay hot
As of Friday (Dec. 12), Newmont stock was indicated around $99.42 in early pricing, essentially holding the level reached after a sharp move higher in the prior session. [2]
The broader setup remains supportive for gold miners:
- Spot gold was trading near a seven‑week high around $4,286/oz, with investors still debating the Federal Reserve’s path in 2026. [3]
- Silver was hovering just below record territory after a powerful 2025 run, underscoring the strength across precious metals more broadly. [4]
For Newmont, that backdrop matters because higher realized gold prices can translate into stronger margins—though the company also warns that higher prices can raise royalties, production taxes, and profit‑sharing costs, which can partially offset the upside. [5]
Why Newmont jumped: macro tailwinds plus a wave of bullish price-target updates
Newmont’s surge has been driven by a familiar cocktail for miners:
- Gold-price strength (often amplified when investors expect easier monetary policy ahead). [6]
- Analyst revisions catching up to the move—several firms have recently raised targets or shifted ratings.
Analyst upgrades and price targets: what the Street is signaling
Recent calls illustrate how divided the Street is after the run-up:
- National Bankshares reportedly raised its Newmont price target to $120 (Outperform). [7]
- UBS raised its target to $125 while maintaining a Buy rating (per multiple trackers and coverage summaries). [8]
- Macquarie upgraded Newmont to “strong-buy” from hold (as reported via MarketBeat). [9]
- Not everyone is chasing: BNP Paribas Exane downgraded Newmont to Neutral from Outperform with a $97 price target, indicating a rotation in preferences within metals coverage. [10]
Meanwhile, consensus aggregators show targets clustering around the low‑to‑mid $100s, but with a wide range:
- One consensus snapshot (20 analysts) shows an average ~ $108 target, with a high estimate around $133 and a low estimate around $62. [11]
Takeaway: even among “Buy” ratings, Newmont has moved into (or above) the middle of many target ranges, which raises the bar for 2026 execution.
The fundamentals: Newmont’s Q3 results showed real cash power—and a balance-sheet reset
Newmont’s latest reported quarter (Q3 2025) helped reinforce the bull narrative: this isn’t just a momentum trade when gold is strong—it’s also about cash generation and capital allocation.
Key company-reported highlights from the Q3 2025 release:
- Adjusted net income:$1.9 billion, or $1.71 per diluted share. [12]
- Free cash flow:$1.571 billion for the quarter (with operating cash flow of $2.298 billion). [13]
- Near-zero net debt at quarter-end, supported by $5.6B cash and $9.6B total liquidity (per company disclosure), following a major debt tender. [14]
- Moody’s upgrade to A3 with a stable outlook (as cited by the company), reflecting the improved credit profile and liquidity. [15]
That “near‑zero net debt” point is especially important for equity holders: in gold equities, leverage cuts both ways. Reducing balance‑sheet stress tends to lower downside risk when the commodity cycle turns.
2025 guidance: production and cost expectations set the baseline for the valuation debate
In the same Q3 materials, Newmont provided a clear guidepost for what it expects to deliver in 2025:
- Total Newmont attributable gold production (2025E): ~5.9 million ounces [16]
- Gold CAS (2025E): ~ $1,200/oz (company metric) [17]
- Gold AISC (2025E): ~ $1,630/oz (company metric) [18]
These numbers matter because Newmont stock is effectively a leveraged bet on the spread between realized gold prices and all-in sustaining costs—adjusted for taxes, royalties, and profit-sharing. And Newmont explicitly notes that as gold strengthens, those “take” components can rise too. [19]
2026 outlook: Newmont flags “lower-end” production—while pointing to new low-cost ounces
For investors focused on Newmont stock forecasts for 2026, the company’s own “early indications” are a critical piece of the puzzle.
Newmont’s Q3 release says 2026 attributable gold production is expected to be within the same guidance range as 2025, but toward the lower end, driven by planned mine sequencing. The company also highlighted several site-level transitions that can influence both ounces and mix. [20]
Notable callouts include:
- Ahafo South expected to contribute fewer ounces in 2026, largely replaced by low-cost ounces from Ahafo North. [21]
- Peñasquito: a lower proportion of gold output is expected as the mine transitions phases, with a potential lift in silver, lead, and zinc output. [22]
- Yanacocha: lower leach production expected as mining concludes at a key pit; Cadia: lower gold and copper expected during a transition to the next panel cave. [23]
In other words: 2026 is shaping up as an execution year, not a simple “more ounces” growth story—one reason analysts disagree on the right multiple to assign after a big run.
Ahafo North is now a centerpiece asset—and a reminder of jurisdiction risk
Ahafo North in Ghana has become one of Newmont’s headline growth and margin projects:
- Newmont has indicated the mine is expected to ramp toward 275,000–325,000 ounces annually over an initial 13‑year mine life (per company and Reuters coverage). [24]
But Ghana is also an example of why investors track regulatory developments closely. This week, Reuters reported Ghana banned mining in forest reserves amid environmental concerns and highlighted industrial miners—including Newmont—boosting security and monitoring to counter illegal mining incursions onto concessions. [25]
This doesn’t automatically mean a direct hit to Newmont’s operations, but it reinforces a standing reality for the sector: jurisdictional headlines can change sentiment fast, even when gold prices are rising.
Portfolio moves: divestitures, equity monetizations—and a SolGold headline investors shouldn’t miss
Newmont says divestment program assets are sold; cash is being recycled
Newmont has been aggressively simplifying and funding shareholder returns through a divestiture program and related equity monetizations.
The company has stated:
- It expects $3.0B in after-tax cash proceeds from its divestiture program in 2025 (supporting balance sheet and returns). [26]
- “All operating sites and projects previously announced for divestment have been sold” as of October 2025 (per its Q3 release). [27]
- It also disclosed net cash proceeds since June that included $428M from Orla Mining, plus proceeds tied to Discovery Silver, Akyem-related payments, and Coffee. [28]
Dec. 12 headline: Newmont backs a revised takeover proposal for SolGold
One of the most current Newmont-adjacent deal headlines today is SolGold.
Reuters reported that China’s Jiangxi Copper raised its offer for SolGold and that the bid has support from top shareholders, including Newmont. [29]
A UK filing-style joint statement indicates Newmont provided a letter of intent supporting the revised possible offer over a holding of 309,309,996 SolGold shares (10.3% of voting rights). [30]
If a cash deal at 28 pence per share ultimately closes, that stake would be worth roughly £86.6 million (about $116 million) using Reuters’ cited FX reference—not a make-or-break number for Newmont, but consistent with the company’s broader “simplify and monetize” posture. [31]
Leadership and restructuring: the post-Newcrest “clean-up” continues
Newmont’s operational story in 2025 has also been shaped by integration and restructuring following the Newcrest deal:
- Reuters reported an internal memo showing restructuring has impacted 16% of jobs (job eliminations, vacancies, and role-level changes), part of efforts to streamline operations and integrate the business. [32]
- Newmont has already announced CEO Tom Palmer will step down on December 31, 2025, with Natascha Viljoen set to become CEO on January 1, 2026 (Palmer remains strategic advisor until March 31, 2026). [33]
For investors, leadership transitions can be underrated catalysts: they often coincide with refreshed capital-allocation frameworks, cost targets, and portfolio priorities—especially after a major integration cycle.
A key 2026 catalyst: Nevada Gold Mines and the Barrick “IPO/split” angle
Newmont’s Nevada Gold Mines (NGM) joint venture remains one of its most strategically valuable assets—and one that could re-enter headlines.
Reuters reported Barrick is evaluating an IPO of North American assets, including the context that NGM is jointly owned with Newmont, and quoted an analyst framing the potential vehicle as something that could become an acquisition target for Newmont. [34]
This doesn’t mean a deal is imminent—but it does mean that Nevada optionality (structure, governance, or consolidation paths) could become a more prominent discussion in 2026.
Newmont stock outlook: bull case vs. bear case as of Dec. 12, 2025
The bull case for NEM stock
- Gold and silver prices remain elevated, and macro expectations still favor rate cuts in 2026. [35]
- Newmont has demonstrated strong free cash flow and moved to a near‑zero net debt position. [36]
- The company is actively recycling capital through divestitures and monetizations, supporting buybacks/dividends. [37]
- Multiple analysts have raised targets into the $120–$125 range, implying upside if execution remains tight. [38]
The bear case (what could break the narrative)
- Management itself signaled 2026 production could land toward the lower end of the 2025 range due to mine sequencing and transitions. [39]
- Higher gold prices also increase royalties/taxes/profit sharing, which can cap margin expansion. [40]
- The stock has already delivered a triple‑digit percentage gain in 2025 by some estimates, so valuation sensitivity is high if gold cools. [41]
- Regulatory and operating-risk headlines (including in Ghana) can impact sentiment quickly, even without immediate operational disruption. [42]
Bottom line for readers watching Newmont stock
As of 12.12.2025, Newmont stock sits at an interesting crossroads:
- The macro case (gold/silver strength) remains supportive. [43]
- The company case (cash flow + balance-sheet repair + portfolio simplification) is materially stronger than it was earlier in the cycle. [44]
- But after a powerful run, the next leg higher likely requires proof—either sustained high metals prices, another step-down in costs, or a clearer 2026 growth/returns roadmap under the incoming CEO.
References
1. www.marketwatch.com, 2. www.marketwatch.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.newmont.com, 6. www.reuters.com, 7. www.marketbeat.com, 8. uk.finance.yahoo.com, 9. www.marketbeat.com, 10. www.tipranks.com, 11. www.investing.com, 12. www.newmont.com, 13. www.newmont.com, 14. www.newmont.com, 15. www.newmont.com, 16. www.newmont.com, 17. www.newmont.com, 18. www.newmont.com, 19. www.newmont.com, 20. www.newmont.com, 21. www.newmont.com, 22. www.newmont.com, 23. www.newmont.com, 24. www.newmont.com, 25. www.reuters.com, 26. www.newmont.com, 27. www.newmont.com, 28. www.newmont.com, 29. www.reuters.com, 30. www.investegate.co.uk, 31. www.reuters.com, 32. www.reuters.com, 33. www.newmont.com, 34. www.reuters.com, 35. www.reuters.com, 36. www.newmont.com, 37. www.newmont.com, 38. www.marketbeat.com, 39. www.newmont.com, 40. www.newmont.com, 41. www.trefis.com, 42. www.reuters.com, 43. www.reuters.com, 44. www.newmont.com
