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Mar 31, 2023
Newmont Q1 2023 Earnings Report
Newmont met expectations and remained on track to achieve full year guidance.
Key Takeaways
Newmont Corporation announced first quarter 2023 results, delivering expected production and generating nearly $1.0 billion in adjusted EBITDA. The company sold common shares of Triple Flag Precious Metals Corporation for $179 million and declared a first quarter dividend of $0.40 per share.
Delivered First Quarter Production as Expected; Improving Production in Second Quarter
Generated $481 million of cash from continuing operations and reported $(45) million of Free Cash Flow
Reported Net Income of $363 million, with Adjusted Net Income (ANI) of $0.40 per share and Adjusted EBITDA of $990 million
Ended the quarter with $2.7 billion of consolidated cash, $797 million of short-term time deposits and $6.5 billion of liquidity
Forward Guidance
Newmont anticipates increasing gold production and continued investment in operating assets and growth prospects.
Positive Outlook
- Higher milling rates expected in the second quarter, with continued recovery from the first quarter rainfall event at Tanami
- Higher grades expected in the second quarter at Boddington
- Stripping expected to begin in the second half of the year at Boddington
- Higher grades expected in the second quarter due to the planned mine sequence and the progression of work at Subika Underground at Ahafo
- Higher grades expected in the second quarter due to the planned mine sequence at Akyem
Challenges Ahead
- Lower production expected in the second quarter due to the planned mine sequence resulting in lower grades from the Chile Colorado pit at Peñasquito
- 2023 outlook projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results.
- Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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