New York, February 22, 2026, 15:13 EST — The market has closed.
- Newmont shares slipped roughly 2.6% to close at $122.13 on Friday.
- Newmont has flagged Barrick with a notice of default over their Nevada Gold Mines joint venture, according to a recent filing.
- Now, investors are sizing up the Nevada dispute alongside Newmont’s projections for production, spending, and costs in 2026.
Shares of Newmont Corp slid 2.61% to $122.13 on Friday after the miner revealed it had issued a notice of default to Barrick, their partner in the Nevada Gold Mines joint venture. That move brought renewed focus to one of mining’s largest alliances.
Nevada isn’t some fringe asset—it’s central, pumping out ounces and cash. The market’s got its eyes glued to two things here: execution and costs, and Nevada is right at that crossroads.
The timing comes as traders weigh whether record bullion prices continue to offer a straightforward boost for miners, or if inflation, royalties, and capital plans are starting to slice into those gains.
Newmont, in its annual report, disclosed that it alerted Barrick and the Nevada Gold Mines board on Jan. 26 about what it described as evidence of mismanagement at the joint venture—specifically, allegations that resources had been steered toward Barrick’s fully owned Fourmile property. The company said it invoked its contractual rights to inspect and audit, notifying Barrick of a default on Feb. 3. According to the filing, Newmont holds a 38.5% economic stake in the venture, while Barrick’s share stands at 61.5%.
Newmont unveiled its latest numbers, posting a stronger-than-expected adjusted profit for the fourth quarter, but signaled a bumpier outlook for 2026. The miner plans to pour $1.4 billion into developing assets it picked up with the Newcrest acquisition. Looking ahead, Newmont is projecting gold output of 5.3 million ounces for 2026, down from last year’s 5.89 million. “The focus on operational improvement is high on our agenda” at Nevada Gold Mines, chief executive Natascha Viljoen told Reuters. Reuters
Newmont’s guidance pins gold by-product AISC at $1,680 an ounce for 2026. That figure, factoring in the industry’s preferred all-in sustaining cost metric—which combines operating expenses and sustaining capital—reflects both a drop in sales volumes from scheduled mine sequencing and increased royalties and production taxes, as the company is working off a higher assumed gold price.
Gold miners split directions heading into the weekend. The PHLX Gold/Silver Sector index picked up 2.13% Friday, but Barrick Mining finished 1.22% lower. Agnico Eagle gained 1.69%. Notably, Newmont trailed its peers.
Come Monday, eyes will be on Barrick for its next move, and whether the dispute drags into a bigger headache for operations. Anything that clouds Nevada’s plan—whether it’s grades, mine sequencing, or how capital’s spent—usually hits miners’ multiples quickly.
But there’s a more straightforward risk. Trouble in Nevada—either more delays or more debate—could stall Newmont right as it’s seeking capital for a year when costs are up and output is down. Should gold prices dip, those cost pressures could bite harder, fast.
It’s a stacked week for fresh data. January’s U.S. Producer Price Index lands Feb. 27, a date traders in miner shares have circled for signals on rates and gold. Newmont marks its own calendar: March 3 is the record date to lock in that $0.26 dividend, which pays out March 26.
