Core Insights - Newmont Corporation (NEM) experienced a decline in gold production for Q3 2025, with a 15% year-over-year and 4% sequential decrease, totaling 1.42 million ounces, marking the third consecutive quarter of production decline [1][7]. Production Factors - The reduction in production was attributed to lower grades, planned shutdowns at Penasquito and Lihir, and the cessation of mining operations at the Subika open pit at Ahafo South. Additionally, strategic asset sales aimed at focusing on Tier-1 operations have impacted production levels [2][7]. Future Production Expectations - Newmont anticipates maintaining its gold production target for 2025 at approximately 5.9 million ounces. For Q4, production is expected to be around 1.415 million ounces, which represents a projected 25% year-over-year decline [3][7]. Competitive Landscape - Barrick Mining Corporation reported a 12% year-over-year decline in Q3 2025 gold production to 829,000 ounces, primarily due to the suspension of operations at its Loulo-Gounkoto mine. Barrick expects its full-year production to be in the lower end of the range of 3.15-3.5 million ounces [4]. - Agnico Eagle Mines Limited's payable gold production was 866,963 ounces in Q3, slightly up from the previous year. The company maintains its full-year production expectations between 3.3 million and 3.5 million ounces [5]. Stock Performance - Newmont's shares have increased by 70.5% over the past six months, outperforming the Zacks Mining – Gold industry, which rose by 56.8%, largely due to a rally in gold prices [6]. Earnings Estimates - The Zacks Consensus Estimate for Newmont's earnings in 2025 and 2026 indicates a year-over-year increase of 74.1% and 16.6%, respectively, with EPS estimates trending higher over the past 60 days [8]. Valuation Metrics - Newmont is currently trading at a forward 12-month earnings multiple of 14.2, which is approximately 4.6% higher than the industry average of 13.57X, and holds a Value Score of B [9]. Stock Ranking - Newmont stock is currently rated with a Zacks Rank 1 (Strong Buy) [11].

Core Thesis - Newmont Corporation (NEM) is positioned as an insurance policy against Federal Reserve policies, fiscal dominance, and currency debasement [1] Federal Reserve Policy - The Federal Reserve has made its position clear regarding liquidity and balance-sheet expansion [1]

Core Thesis - Newmont Corporation (NEM) is positioned as an insurance policy against Federal Reserve policy, fiscal dominance, and currency debasement [1] Federal Reserve Policy - The Federal Reserve has made its position clear regarding liquidity and balance-sheet expansion [1]

Summary of Mining Equities Conference Call Industry Overview - **Sector Performance**: In 2025, mining equities outperformed equity benchmarks, primarily driven by gold and copper, while ferrous metals and energy remained flat or declined [1][15] - **2026 Outlook**: Expectations for copper, aluminium, and lithium to outperform due to supply constraints and energy transition, with a cautious view on traditional end markets in developed economies [2][15] Key Commodities Insights Copper - **Market Dynamics**: The medium-term outlook for copper remains bullish, with expectations of market tightness in 2026 due to limited growth in global mine output and a deficit in refined output [3][4] - **Investment Opportunities**: Freeport is highlighted as a top pick due to its discounted valuation and expected production recovery at the Grasberg mine [4][23] Aluminium - **Demand vs Supply**: The outlook for aluminium is mixed; while demand holds up, supply constraints are expected, particularly from China and developed markets [5][24] - **Investment Recommendation**: A buy recommendation for Norsk Hydro is reiterated, with expectations of stable operations and potential cash returns [8][24] Gold - **Market Sentiment**: Gold remains a consensus macro trade, with equities delivering strong returns in 2025. However, valuations are less compelling than at the start of the year [9][22] - **Top Picks**: Barrick and Newmont are identified as top picks, with potential for further catalysts in 2026 [10][22] Iron Ore - **Price Forecast**: The medium-term outlook for iron ore is bearish, with prices expected to stabilize around $100/t in the short term and decline to $90/t by 2027 due to increased supply from Simandou [11][20] Coal - **Market Conditions**: Met coal prices have risen above $200/t due to demand and supply disruptions, while thermal coal remains stable at $110/t [12][20] Diversified Miners - **Performance Comparison**: Vale outperformed in the bulks sector, while RIO and BHP performed in line with benchmarks. A preference for RIO over Vale and BHP is noted due to better growth prospects [13][25] Earnings and Price Target Changes - **Adjustments**: Earnings estimates and price targets have been adjusted based on commodity price forecasts, with notable upgrades for copper miners like FCX and KGHM [28][29] Conclusion - **Investment Strategy**: The report emphasizes a selective investment approach in mining equities, focusing on commodities with strong fundamentals and potential for price gains, particularly copper, aluminium, and gold [2][15][22]

Core Insights - The article discusses the resilience of gold and gold mining companies, indicating that they remain attractive despite market fluctuations [1]. Group 1: Gold Market Analysis - Gold mining companies, represented by indices such as GDX and GDXJ, continue to show strength in the current market environment [1]. - The article highlights the ongoing interest from investors in gold as a safe-haven asset, suggesting that gold bugs remain optimistic [1]. Group 2: Investment Strategy - The investment approach focuses on identifying growth opportunities with favorable risk/reward ratios, particularly in the context of gold and related sectors [1]. - The strategy emphasizes avoiding overhyped stocks while targeting undervalued stocks with significant recovery potential, particularly in the gold mining sector [1].

Core Viewpoint - The illegal mining activities at Newmont Corp.'s Minas Conga project in northern Peru are causing significant concerns, as they threaten both the environment and the progress of legal mining operations [1][3]. Group 1: Company Impact - Newmont Corp.'s Minas Conga project, valued at an estimated $4.8 billion, has been stalled since 2010 due to environmental concerns and local opposition, leading to illegal mining encroachment [3]. - The presence of illegal miners is delaying progress for Newmont and other companies like Southern Copper Corp., First Quantum Minerals Ltd., and MMG Ltd., as they face similar challenges with informal mining operations on their concessions [2]. Group 2: Industry Context - The surge in illegal mining in Peru is attributed to near-record gold prices, which incentivize informal diggers in impoverished rural areas [2]. - The Peruvian government is struggling to manage the rise in illegal mining, with controversial permits like Reinfo allowing informal operations under loose regulations, which has faced opposition from the mining industry chamber SNMPE [4]. - Environmental degradation is a significant concern, as illegal mining is contaminating local rivers with mercury, exacerbating the situation for communities that initially opposed the Conga project in favor of agriculture [5].

Group 1: Market Insights - Advanced Buying Strategies Workshop is available for purchase at $395, providing insights into effective investment strategies [1] - IBD Live offers real-time market action discussions with top analysts, enhancing market understanding [2] Group 2: Silver Market Dynamics - Newmont's stock experienced a breakout due to surging silver prices, which reached an all-time high of over $60 per ounce for the first time [6] - Silver futures briefly exceeded $65 before retracting to around $61, indicating volatility in the silver market [6][11] - The recent surge in silver prices has triggered a breakout for several mining stocks, highlighting investment opportunities in this sector [11] Group 3: Broader Market Trends - The Dow Jones signals potential further gains following the holiday, with stocks like ASML and Pan American Silver showing strong buy signals [11] - The dovish outlook from the Federal Reserve has contributed to the rally in silver and other precious metals, impacting related stocks positively [11]

Core Viewpoint - Newmont Corporation (NEM) has experienced significant stock performance, with a 10.8% increase over the past month and a 167.1% rise since the beginning of the year, outperforming both the Zacks Basic Materials sector and the Zacks Mining - Gold industry [1]. Financial Performance - Newmont has consistently exceeded earnings expectations, reporting an EPS of $1.71 against a consensus estimate of $1.29 in its latest earnings report on October 23, 2025, and beating revenue estimates by 11.06% [2]. - For the current fiscal year, Newmont is projected to achieve earnings of $6.06 per share on revenues of $21.12 billion, reflecting a 74.14% increase in EPS and a 13.05% increase in revenues [3]. - The company is expected to earn $7.07 per share on revenues of $22.74 billion in the next fiscal year, indicating year-over-year changes of 16.61% in EPS and 7.67% in revenues [3]. Valuation Metrics - Newmont's stock trades at 16.4 times the current fiscal year EPS estimates, slightly below the peer industry average of 17.6 times [7]. - On a trailing cash flow basis, the stock trades at 17.1 times compared to the peer group's average of 21 times, with a PEG ratio of 0.69, suggesting it is not among the top value stocks [7]. Zacks Rank - Newmont holds a Zacks Rank of 1 (Strong Buy) due to a favorable earnings estimate revision trend, making it a suitable choice for investors looking for stocks with strong potential [8]. - The company meets the criteria for selection based on Zacks Rank and Style Scores, indicating potential for further growth in the coming weeks and months [8]. Industry Comparison - In comparison to Agnico Eagle Mines Limited (AEM), which also has a Zacks Rank of 1 (Strong Buy), Newmont appears to be a solid investment option within the Mining - Gold industry, which is currently in the top 12% of all industries [9][11]. - AEM reported earnings of $9.43 per share on revenues of $11.14 billion for the current fiscal year, having beaten consensus estimates by 22.73% in the last quarter [10].

Lululemon - Lululemon's shares increased by approximately 9%, or $17 per share, following the announcement of CEO Calvin McDonald's departure by January 2026 [2] - The company's board is currently collaborating with an executive search firm to appoint a new CEO, while the CFO and Chief Commercial Officer will act as interim co-CEOs [3] - Lululemon reported an EPS of $2.59, exceeding estimates of $2.25, and revenue of $2.57 billion, surpassing expectations of $2.48 billion; however, guidance is projected between $4.66 and $4.76, below the estimate of $5.03 [4] Broadcom - Broadcom's shares fell by about 6%, or $23.57 per share, despite reporting an EPS of $1.95, which was better than the estimated $1.86, and revenue of $18.02 billion, exceeding expectations of $17.49 billion [5] - The CEO indicated that AI chip sales are anticipated to double year-over-year to $8.2 billion, with analysts raising the price target to $475 based on strong AI results [5] - The stock decline was attributed to a disappointing backlog of $73 billion in product orders expected to be shipped over the next six quarters [6] Newmont - Newmont's shares rose by $2.40 per share, benefiting from higher gold prices and generating record free cash flow of $1.6 billion, marking the fourth consecutive quarter of FCF growth over $1 billion [7] - The company's margins are improving due to cost-cutting efforts, and analysts at Bank of America have reiterated a buy rating with a price target of $118 [8]

Core Insights - Major North American gold miners have reached record highs due to the Federal Reserve's third consecutive interest-rate cut, fueling a significant rally in precious metals [1][6] - Newmont Corp. and Barrick Mining Corp. have seen substantial year-to-date gains of 168% and 180%, respectively, with the VanEck Gold Miners ETF rising 155% [1][2] - Gold and silver prices have surged, with gold reaching $2,230 per ounce (up 62% year-to-date) and silver at $64 (up 119% year-to-date), marking their strongest annual performance since the late 1970s [3] Company Performance - Newmont Corp. experienced a 6.1% increase in stock price, achieving all-time highs and its strongest single-day performance since July [1] - Barrick Mining Corp. rose by 4%, marking its third consecutive session of gains and also reaching new records [2] Industry Trends - The broader precious metals market is experiencing a powerful rally, with the VanEck Gold Miners ETF setting new records [2] - The Federal Reserve's recent rate cuts and plans for technical purchases of Treasury bills indicate a supportive macroeconomic environment for precious metals [6][7] Expert Opinions - Analysts suggest that the current rally in gold prices is part of long-term cycles driven by macroeconomic imbalances, indicating that the cycle may still be in its early stages [8][9] - Continued central bank demand and the adoption of gold in portfolio allocations are reinforcing the recovery in gold prices [10]