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## Barrick Mining Shares Experience Significant Gains Amidst Surging Gold Market **Barrick Mining Corporation** (**B**) has demonstrated a notable stock performance this year, with its shares advancing **114.4%** year-to-date. This strong movement occurs within a broader context of significant upward momentum in the precious metals sector, particularly gold, which has seen its prices ascend to new all-time highs. ## Gold Prices Reach New Benchmarks The driving force behind the robust performance of gold mining equities is the exceptional rally in gold prices. Spot gold has surged approximately **52%** year-to-date, with **New York** gold futures for **December** delivery breaking the **$4,000 per ounce** barrier to reach an all-time high of **$4,014.60**. This marks not just a pricing milestone, but a concentrated vote of market sentiment on the global risk landscape, where gold is increasingly sought as a safe-haven asset. ## Analysis of Market Drivers and Barrick's Position The unprecedented bull run in gold prices is underpinned by a confluence of macroeconomic and geopolitical factors. These include a perceived dovish stance by the **Federal Reserve**, ongoing trade tariffs, escalating geopolitical tensions, and concerns over U.S. government stability. A significant driver has been the robust and persistent purchasing by central banks worldwide, adding an estimated **800 tons** of gold to their reserves in **2024**. Emerging market central banks, in particular, are leading this structural diversification away from traditional reserve currencies. Concurrently, **Western exchange-traded fund (ETF)** inflows have seen a remarkable resurgence, with **September 2025** inflows reaching their highest levels in over three years, indicating a renewed private sector interest in gold as an asset class. Against this backdrop, **Barrick Mining Corporation** is capitalizing on its strong cash generation and healthy balance sheet. The company reported robust operating cash flows of **$1.3 billion** in the second quarter of **2025**, a **15%** increase year-over-year, and free cash flow of **$395 million**, up from **$340 million** in the prior-year quarter. For the full year **2024**, operating cash flows were approximately **$4.5 billion**. Barrick's commitment to shareholder returns is evident, having returned about **$1.2 billion** to shareholders in **2024** through dividends and repurchases. A new **$1 billion** share repurchase program was authorized in **February 2025**, with **$411 million** already repurchased in the first half of **2025**. The company's dividend yield stands at **1.8%** with a sustainable payout ratio of **25%**. ## Broader Context and Implications While **Barrick's** year-to-date performance is strong, it has slightly underperformed the broader **Zacks Mining – Gold industry**, which saw a rise of **121.7%**. From a valuation perspective, **Barrick** currently trades at a forward 12-month earnings multiple of **14.35x**, representing a **13.4%** discount when compared to the industry average of **16.57x**, alongside a **Value Score of A**. Earnings per share (EPS) estimates for **2025** and **2026** imply year-over-year rises of **65.9%** and **17.8%**, respectively, with these estimates trending higher over the past **60** days. However, **Barrick** faces operational headwinds. All-in sustaining costs (**AISC**) increased by **12%** year-over-year, with **Q1 2025** cash costs and **AISC** rising approximately **16%** and **20%** year-over-year, respectively. For **2025**, the company projects **AISC** in the range of **$1,460-$1,560 per ounce**. Furthermore, **Barrick** provided a moderated outlook for **FY25** attributable gold production, expecting between **3.15-3.5 million ounces**, a decline from **3.91 million ounces** in **2024**. ## Expert Commentary Investment bank **Goldman Sachs** has notably raised its gold price forecast, predicting the precious metal could reach **$4,900 per ounce** by **December 2026**. Analysts at the firm cite persistent central bank buying and a rebound in **Western gold ETF** inflows as key drivers, suggesting that price predictions still lean toward upside risks, particularly as private sector asset allocation into the relatively limited gold market could push **ETF** holdings beyond levels implied by interest rate forecasts. They anticipate a significant rebound in **Western ETF** holdings as the **Federal Reserve** is expected to cut interest rates by **100 basis points** before the second quarter of **2026**. ## Looking Ahead **Barrick** is actively advancing several key growth projects to bolster its future production profile and diversify its revenue mix. These include the **Goldrush** mine, aiming for **400,000 ounces** per annum by **2028**; the **Fourmile** project, expected to become another Tier One mine; and the **Reko Diq copper-gold project** in **Pakistan**, projected to produce **460,000 tons** of copper and **520,000 ounces** of gold annually in its second phase by the end of **2028**. The **$2 billion Lumwana Super Pit expansion** is also strategically important, with the potential to transform the mine into a long-term, high-yielding, top-25 copper producer. The evolution of copper as a significant growth driver, alongside gold, positions **Barrick** for a more balanced production profile. Investors will closely monitor Barrick's ability to execute these projects on schedule and within budget, as well as its ongoing efforts to manage production costs in an inflationary environment, as these factors will be crucial for the company's continued performance in a robust but volatile precious metals market.
## Orla Mining Reports Substantial Production and Revenue Growth in Q2 2025 **Orla Mining Ltd.** (NYSE:ORLA) announced robust financial results for the second quarter of 2025, with gold production more than doubling and revenues tripling year-over-year. This strong performance was primarily fueled by the successful integration of the **Musselwhite Mine** acquisition and a supportive environment of record-high gold prices. The company's consolidated financial strength and strategic growth initiatives position it favorably, despite a minor operational adjustment at its **Camino Rojo** mine. ## The Event in Detail: Q2 2025 Performance and Key Developments **Orla Mining** achieved a record quarterly gold production of **77,811 ounces** in Q2 2025, a significant increase from 33,206 ounces in the same period last year. Total gold sold reached **78,911 ounces**. This surge in production was largely attributable to the **Musselwhite Mine**, acquired on February 28, 2025, which contributed **52,666 ounces** during its first full quarter under **Orla's** ownership. The **Camino Rojo Oxide Mine** added an additional **25,145 ounces**. Consolidated revenues for the quarter more than tripled, reaching **$263.7 million**, up from $84.6 million in Q2 2024. The average realized gold price per ounce sold stood at **$3,251**. Net income for the period was **$48.2 million** ($0.15 per share), nearly doubling from the prior year, while adjusted earnings climbed to **$64.2 million** ($0.20 per share). Cash flow from operating activities before changes in non-cash working capital was **$102.7 million**. Consolidated cash costs were reported at **$1,065 per ounce** of gold sold, with All-in Sustaining Costs (AISC) at **$1,421 per ounce**. The inclusion of the higher-cost **Musselwhite** operation, with cash costs of $1,272 per ounce and AISC of $1,663 per ounce, influenced the consolidated figures. **Camino Rojo** maintained lower costs, with cash costs of $657 per ounce and AISC of $690 per ounce. Financially, **Orla** ended the quarter with **$215.4 million** in cash and **$420.0 million** in debt, resulting in a net debt position of **$204.6 million** after repaying **$30.0 million** on its revolving credit facility. An operational setback occurred on July 23, 2025, when a pit wall event at the **Camino Rojo** mine temporarily suspended in-pit operations. This led to a revised 2025 annual consolidated production guidance of **265,000 to 285,000 ounces** of gold, a reduction from the previous range of 280,000 to 300,000 ounces. The revised AISC guidance is **$1,350 to $1,550 per ounce**. Despite the adjustment, the company indicated no significant long-term impact on output is expected. ## Analysis of Market Reaction: Gold Prices and Share Performance The prevailing high gold prices provided a substantial tailwind for **Orla Mining's** Q2 performance. Gold itself has surged, recently reaching a new record above **$3,870 per ounce**, an increase of more than 40% year-to-date following a 26% rise in 2024. This environment has generally benefited gold miners. Despite this favorable backdrop and **Orla's** strong operational results, including its share price nearly doubling in 2025, the stock has traded below its April value and has lagged some peers. The market appears to have reacted "disproportionately" to the **Camino Rojo** pit wall incident and subsequent guidance cut, leading to an after-hours share price drop following the earnings report. This was compounded by an earnings-per-share (EPS) miss and the recent sale of **Agnico Eagle's** 11.3% stake in **Orla Mining**, which introduced additional market jitters. Nonetheless, analysts maintain a **'Buy' rating** for **ORLA**, with a target price of **$12.96**. This suggests the stock is considered undervalued relative to its peers, particularly given its growth trajectory and balance sheet strength. ## Broader Context and Implications: Strategic Growth and Financial Strength The acquisition of **Musselwhite** for **$810 million** has been a transformative event for **Orla Mining**. As stated by **Jason Simpson, President and CEO of Orla Mining**: > "The addition of Musselwhite transforms Orla into a North American-centred, geographically diversified intermediate gold producer with multiple gold-producing assets and a self-funded growth portfolio. Musselwhite strengthens our North American presence and more than doubles our annual gold production." This acquisition immediately increased **Orla's** annual gold production by 140% to over 300,000 ounces. The company acquired this asset without significant upfront share dilution, leveraging a combination of debt, gold prepayment, new convertible notes, and existing cash. While this temporarily shifted **Orla** from a net cash to a net debt position (with approximately $204.6 million in net debt as of Q2 2025), the company is on track to return to a net cash position by 2027, enhancing its long-term financial stability. The gold mining sector, in general, is experiencing a resurgence. After years of underperforming the metal itself, gold miners are now attracting significant investor interest, with record capital raises. The **MSCI index** tracking global gold miners has more than doubled this year, although it still trades below its five-year average price-to-earnings multiple, indicating potential for further upside. ## Expert Commentary Leading analysts have reaffirmed their confidence in **Orla Mining's** long-term prospects. The consensus **'Buy' rating** and a **target price of $12.96** reflect the view that the company's shares are currently undervalued. This assessment factors in **Orla's** enhanced production profile, strategic asset base, and strong cash flow generation capabilities, which are expected to significantly improve following the **Musselwhite** integration. ## Looking Ahead: Growth Projects and Operational Focus **Orla Mining** is actively pursuing several avenues for continued growth. The **Musselwhite** operation will be fully integrated through 2025, with plans for aggressive exploration to optimize the mine and extend its life. The company also anticipates providing updated 2025 guidance to fully reflect the **Musselwhite** contribution. Looking further out, the **South Railroad Project** in Nevada has initiated its federal environmental impact process, with a target for first gold production in early 2028. This project is envisioned as "the next pillar in **Orla's** organic growth strategy toward annual gold production of **500,000 ounces**." Detailed engineering is underway, and orders for long-lead equipment are expected to begin in 2025 to mitigate development risks. At **Camino Rojo**, exploration efforts continue to advance the underground development. A 15,000-meter infill drilling program concluded in July 2025 in Zone 22, revealing high-grade intercepts. An additional 5,000 meters of drilling are planned for the second half of 2025, with a proposed exploration drift in 2026 to facilitate closer underground drilling. While the recent pit wall incident presented a challenge, **Orla's** prompt response and mitigation plans aim to ensure minimal long-term disruption. Investors will monitor upcoming economic reports, gold price movements, and **Orla's** progress on its key development projects and operational integration for further indications of its trajectory.
## U.S. Equities Decline Amid Government Shutdown Prospects and Tariff Announcements U.S. equities registered declines across major indices as investors weighed the imminent threat of a government shutdown, potential delays in key economic data, and new tariff announcements. The **Dow Jones Industrial Average**, **S&P 500**, and **Nasdaq Composite** all showed minor dips of approximately **0.1-0.2%**, reflecting heightened market uncertainty. ## Impending Government Shutdown Threatens Economic Data Releases The prospect of the U.S. government's first shutdown in seven years weighed heavily on market sentiment. With a deadline set for **12:01 a.m. Wednesday**, hopes for a last-minute agreement to fund federal operations are diminishing. A shutdown poses a significant risk to the release of crucial economic indicators. The **Bureau of Labor Statistics (BLS)** has confirmed it would not issue any economic reports during a shutdown, including the highly anticipated September jobs report, originally scheduled for Friday. A prolonged closure could also delay the consumer-price index due in mid-October. This potential data blackout complicates the analytical landscape for the **Federal Reserve**, which relies on these metrics to inform its monetary policy decisions. While investors and Wall Street analysts have largely bet on further interest rate cuts, some regional Fed presidents have cautioned against easing policy too quickly, citing persistent inflation above the Fed's **2% target**. The widening divergence between market expectations and official commentary suggests a potential reckoning for markets as the situation unfolds. ## Corporate Developments Drive Sector-Specific Volatility Despite the broader market cautiousness, several individual corporate announcements sparked significant stock movements. **CoreWeave Inc. (CRWV)** experienced a substantial pre-market surge of over **9%**, extending to **10%** at market open. This followed the announcement of a multi-billion-dollar agreement with **Meta Platforms (META)**. Under the terms, **Meta** commits to paying **CoreWeave** up to approximately **$14.2 billion** through December 14, 2031, for access to its cloud computing capacity, with an option to expand through 2032. This builds upon **CoreWeave's** existing partnerships, including a **$6.5 billion** expansion with **OpenAI** (totaling **$22.4 billion**), supporting **OpenAI's** "Stargate" infrastructure project. Furthermore, an **NVIDIA (NVDA)** order of **$6.3 billion** underscores the interconnectedness of key players in the rapidly expanding **AI infrastructure sector**. **NVIDIA**, also an investor in **CoreWeave**, agreed in 2023 to purchase any unsold capacity. This series of strategic moves highlights **CoreWeave's** critical role in meeting the escalating demand for computational resources for artificial intelligence. **Wolfspeed, Inc. (WOLF)** saw its stock rally over **25%** in pre-market trading after successfully completing its financial restructuring process and emerging from Chapter 11 bankruptcy. The company announced a significant reduction in its total debt by approximately **70%**, with maturities extended to **2030**, and a lowered annual cash interest expense by roughly **60%**. The silicon carbide technologies leader stated it maintains ample liquidity and is well-positioned for future growth. > "Wolfspeed has emerged from its expedited restructuring process, marking the beginning of a new era, which we are entering with new energy and a renewed commitment to the growth mindset and entrepreneurial spirit that have powered Wolfspeed since its inception," stated Robert Feurle, CEO of **Wolfspeed**. Conversely, **Spotify (SPOT)** shares declined more than **4%** in pre-market and early trading. This came after the audio-streaming platform announced that its founder, **Daniel Ek**, would transition from CEO to executive chairman, effective January 1, 2026. Co-presidents **Gustav Söderström** and **Alex Norström** will assume co-CEO roles, reporting to Ek. While the company stated this move formalizes an operational structure that has been in place since 2023, the market reacted with a share price drop. ## Trade Policy Shifts and Global Economic Posture Adding another layer of uncertainty, **President Trump** announced a new round of tariffs. These measures include a **10%** tariff on softwood lumber and timber, and **25%** tariffs on kitchen cabinets, vanities, and upholstered wooden products, effective October 14. These tariffs are aimed at encouraging domestic production. The move introduces new considerations for import-reliant industries and trade relations. Internationally, the **Reserve Bank of Australia** opted to hold interest rates steady, maintaining the official cash rate at **3.60%**. This decision reflects continued caution amid persistent underlying inflation and a tight job market, indicating that global central banks remain vigilant against inflationary pressures. ## Investor Outlook and Forward Implications The immediate outlook for U.S. markets is characterized by elevated volatility and uncertainty, primarily driven by the political gridlock in Washington. Investors will closely monitor developments regarding the government shutdown, as its duration will determine the extent of economic disruption and the delay of critical data. Beyond the domestic political sphere, the **AI infrastructure sector** is poised for continued rapid expansion, as evidenced by **CoreWeave's** latest agreements. Companies strategically positioned within this growth area may continue to attract significant investment. The market will also scrutinize upcoming Federal Reserve communications for clearer signals on future interest rate policy, which remains a key determinant of broader market performance.
## Market Snapshot: Key Equities Under Pressure U.S. equities experienced sector-specific pressures at midday, with **Orla Mining Ltd. (OLA.TO)** and **Hess Midstream LP (HESM)** leading decliners. These movements followed significant corporate strategic shifts and revised analyst assessments, contributing to a bearish sentiment in the affected stocks. ## Driving Forces Behind Midday Declines **Orla Mining Ltd. (OLA.TO)** shares saw a notable decline of **5.37%**, closing at 14.44 CAD on Friday, September 19, 2025. This downturn was primarily triggered by **Newmont Corporation (TSX:NGT, NYSE:NEM)** selling its entire 13.3% stake in Orla Mining for **US$439 million**, executed through the Toronto Stock Exchange at **US$10.14 (C$14.00)** per share. This divestment reduced Orla's market capitalization to approximately **US$2.41 billion**. This follows a similar event earlier in September when **Agnico Eagle Mines (TSX:AEM, NYSE:AEM)** offloaded its 11.3% stake for **US$560.5 million**. **Newmont's CEO, Tom Palmer**, stated, "the sale is part of a broader strategy to sharpen focus and free up capital," aligning with the company's ongoing portfolio streamlining efforts. Concurrently, **Hess Midstream LP (NYSE:HESM)** shares plunged **10.44%** following a disappointing guidance update. This drop reflects investor reaction to **Chevron Corp. (NYSE:CVX)** reducing its active rig count in the Bakken from four to three, starting in the fourth quarter. This adjustment, post-Chevron's acquisition of Hess assets, is expected to cause oil volumes for HESM to broadly plateau next year, a revision from previous expectations of 5% growth. Further contributing to the negative sentiment were analyst actions across various companies. **Morgan Stanley** reduced its price target for General Mills (NYSE:GIS) from $49.00 to $48.00, maintaining an "underweight" rating. **Barclays** also cut its price objective on General Mills from $60.00 to $54.00. Similarly, **The Goldman Sachs Group** downgraded General Mills from a "buy" to a "neutral" rating, lowering its target price from $68.00 to $58.00. Raymond James also downgraded **89bio Inc. (NASDAQ:ETNB)** from Outperform to Market Perform following Roche’s tender offer to acquire the company, despite a surge in its stock. ## Analysis of Market Reaction and Corporate Strategy The market
## Newmont Seeks TSX Delisting to Streamline Operations and Reduce Costs **Newmont Corporation** (NYSE: NEM), the world's leading gold producer, has formally applied for the voluntary delisting of its common shares from the **Toronto Stock Exchange (TSX)**, with an anticipated effective date around September 24, 2025. This move primarily stems from persistently low trading volumes on the Canadian exchange, which the company states has rendered the listing financially inefficient and administratively burdensome. The decision is expected to improve **Newmont**'s operational efficiency and reduce associated costs. ## The Event in Detail: A Focused Market Presence **Newmont**'s presence on the **TSX** has seen minimal trading activity compared to its primary listing on the **New York Stock Exchange (NYSE)**. The company cited annual listing fees, compliance costs, and the administrative overhead of maintaining multiple listings across various jurisdictions as key factors in its decision. By consolidating its market presence, **Newmont** aims to streamline regulatory reporting and investor relations efforts. The company will continue to maintain its primary listing on the **NYSE**, alongside supporting listings on the **Australian Securities Exchange (ASX)** and the **Papua New Guinea Stock Exchange (PNGX)** under the symbol **NEM**. **Newmont** does not intend to seek security holder approval for the delisting, as its shares are traded on other acceptable alternative markets that provide sufficient liquidity and accessibility for investors. ## Analysis of Market Reaction: Positive Momentum Amid Strategic Shift Market reaction to **Newmont**'s strategic announcements, particularly the broader divestiture program, has been largely positive. Following the sale of its **Orla Mining** stake, **Newmont**'s shares rose by 3% in New York, contributing to a substantial 4.34% surge to a 2025 high and year-to-date returns of 115.91%, significantly outperforming the **S&P 500**'s 11.95%. This performance reflects investor confidence in the company's disciplined capital allocation and its sharpened focus on high-quality assets. Conversely, **Orla Mining**'s shares experienced a decline of 7.7% to 7.8% following **Newmont**'s divestment, underscoring the impact of major institutional exits on smaller market cap entities. ## Broader Context & Implications: Post-Acquisition Portfolio Optimization The **TSX** delisting is an integral part of **Newmont**'s comprehensive post-$17.14 billion **Newcrest** acquisition strategy in 2023, focused on portfolio optimization and operational streamlining. This strategy includes a significant divestiture program designed to unlock over $2 billion in cash. Recent asset sales include: * The entire 43 million share stake in **Orla Mining Ltd.** (TSX: OLA) for $439 million. * The **Akyem** project in Ghana and the **Porcupine** project in Canada. * The **Cripple Creek & Victor Gold Mine** for $100 million in cash plus up to $175 million in additional payments. * The **Musselwhite** gold mine to **Orla Mining** for $850 million. * The **Coffee Gold Project** in Yukon to **Fuerte Metals Corporation** for up to $150 million. These divestments are expected to generate approximately $4.3 billion in total proceeds, with an estimated $3.0 billion in after-tax cash proceeds from its 2025 divestiture program alone. These funds are strategically allocated towards debt reduction, bolstering shareholder returns through dividends and share repurchases, and reinvestment in high-return, long-life, low-cost gold projects such as **Ahafo North** and **Tanami Expansion 2**. Beyond asset sales, **Newmont** is implementing aggressive cost-cutting measures, targeting a $300 per ounce reduction in its all-in sustaining costs (AISC). The company's Q2 2025 AISC stood at $1,593 per ounce, reflecting a 4% reduction, yet it was still approximately 25% higher than some industry peers like **Agnico Eagle Mines**. This initiative may lead to significant workforce reductions, with **Newmont** having employed 22,200 full-time workers and 20,400 contractors as of December 31, 2024. The strategy aims to realign **Newmont**'s cost structure with industry leaders and enhance profitability, particularly in an environment of surging gold prices. ## Financial Data and Examples: Strong Cash Flow and Debt Reduction Focus **Newmont** reported robust financial results for Q2 2025, with an adjusted EBITDA of $3.0 billion and a GAAP net income of $1.85 per share. The average realized gold price reached $3,320 per ounce during the quarter. Cash from operations amounted to $2.4 billion, contributing to a record quarterly free cash flow of $1.7 billion. The company concluded Q2 2025 with $6.2 billion in cash and cash equivalents. On the debt front, **Newmont** has made significant strides, retiring $1.4 billion of debt in 2025 and aiming for a near-term reduction of $1 billion. Total debt stood at $7.4 billion at the end of Q2 2025, below its target of $8.0 billion. Shareholder returns remain a priority, with $561 million paid in common dividends during H1 2025 and $1.5 billion allocated to share repurchases. A new $3 billion share repurchase program was approved in July 2025, complementing $2.8 billion already executed from a prior $6.0 billion authorization. Gold prices have seen record highs, reaching $3,528.78 per ounce in September 2025, with some analysts, including **J.P. Morgan**, forecasting prices to potentially reach $4,000 per ounce by mid-2026. This favorable market environment, combined with **Newmont**'s strategic repositioning, has led to a forward price-to-earnings (P/E) ratio of 14.88X, representing a 4.6% discount compared to the industry average. While analysts generally see slight upside potential, with price targets averaging $74.60, some estimates suggest a potential downside from current levels. ## Looking Ahead: Focus on Tier 1 Assets and Sustainable Growth **Newmont**'s strategic direction is clear: a relentless focus on its core, high-margin, Tier 1 assets, characterized by large reserves, high grades, low operating costs, and long mine lives. This approach is expected to enhance capital allocation efficiency, improve sustainability metrics, and deliver long-term value to shareholders. The company plans to increase investment in exploration and advanced projects, with approximately $525 million allocated for 2025, to extend mine life and develop reserves. As **Newmont** continues to navigate a dynamic gold market, its disciplined approach to capital allocation, portfolio optimization, and cost management positions it to capitalize on sustained high gold prices and evolving industry standards.
## Newmont Shares Decline After CFO Resignation **Newmont Corporation (NYSE: NEM)** experienced significant share price volatility following the announcement of **Chief Financial Officer Karyn Ovelmen's** resignation. Shares of the world's largest gold producer fell as much as **8.9%** in New York trading on Tuesday, marking its most substantial decline since April. This movement wiped approximately **$3.8 billion** from the company's market capitalization. The departure, which Newmont announced post-market on Monday, comes shortly before the company is scheduled to release its **second-quarter results on July 24**. **Chief Legal Officer Peter Wexler** has been appointed as interim CFO. ## Corporate Leadership Transition and Legal Scrutiny The unexpected nature of Ms. Ovelmen's departure, after only two years in the role, has introduced an element of investor caution. Simultaneously, Newmont is facing a **class action lawsuit** on behalf of investors who purchased securities between February 22, 2024, and October 23, 2024. The lawsuit alleges that Newmont misrepresented its production capabilities and cost management, particularly concerning its **Tier 1 assets**. The filing claims that lower production and higher costs than expected were revealed on October 23, 2024, leading to a nearly **15%** stock drop. This legal challenge, coupled with the CFO transition, contributes to a climate of elevated scrutiny for the mining giant. ## Market Reaction Amidst Contradictory Outlooks The immediate market reaction reflects investor uncertainty regarding leadership stability and potential operational disclosures ahead of the earnings report. The **Gold Sector** as a whole continues to navigate various macroeconomic factors, including inflation expectations and central bank policies. However, some analysts maintain a bullish long-term perspective on Newmont. This dichotomy between short-term concerns and long-term potential underpins the current market sentiment, which ranges from uncertain to high volatility. The company's strategic transformation, including the **$16.8 billion takeover of Newcrest in 2023** and divestiture of non-core assets generating **$2.5 billion**, is often cited as a strong foundation. ## Strategic Positioning and Valuation Context Despite near-term challenges such as elevated **All-in Sustaining Costs (AISC)** at approximately **$1650 per ounce** and revised **2025 production guidance of 5.9 million ounces** (down from an original 6.9 million ounces), Newmont's strategic repositioning aims for robust free cash flow growth. The company projects annual free cash flow of **$6–7 billion** by 2026, translating to a potential **10% forward FCF yield** on its current market capitalization. This growth is anticipated to be fueled by integration benefits and the ongoing gold bull market, where each **$100 increase in realized gold price** could contribute around **$517 million to revenue**. The company's **Q1 2025 results** demonstrated financial resilience with a record free cash flow of **$1.2 billion**, supported by gold prices near **$2,000/oz** and **95% mine capacity**. Newmont's valuation, trading around **12.59x 2025 consensus earnings estimates**, represents a notable **35% discount** to its five-year forward P/E average of 19.5x and a discount relative to peers like **Agnico Eagle Mines Limited (AEM)**. ## Expert Perspectives on Newmont's Future Expert commentary highlights the contrasting views on Newmont's trajectory. Veteran investor **Jim Cramer** expressed a strong long-term conviction, stating, "> Look, I think Newmont is excellent. I do prefer Agnico Eagle, but Newmont is absolutely fine. Those are the two, my two favorite golds." **ClearBridge Investments** echoed this sentiment in its Q2 2025 investor letter, noting Newmont's ability to generate free cash flow as gold prices rise, suggesting its current valuation has not yet fully captured this fundamental tailwind. They also highlighted the company's efforts to return capital to shareholders and reduce debt. Furthermore, analysts at **Goldman Sachs** and **Morgan Stanley** reportedly maintain "overweight" ratings, citing **Newmont's** low leverage and robust operational cash flows. ## Outlook: Navigating Uncertainty Towards Long-Term Potential Looking ahead, the market will closely monitor Newmont's upcoming **second-quarter earnings report on July 24** for further clarity on operational performance and any updates regarding the permanent CFO search. While the immediate future presents challenges from leadership transition and legal proceedings, the long-term bullish thesis for Newmont, underpinned by its extensive unhedged gold resources and projected free cash flow generation, remains a key consideration for investors. The company's substantial cash balance of **$4.7 billion** and ongoing cost-cutting measures are expected to provide a buffer against potential short-term volatility. The interplay of these factors will dictate the company's performance in the coming weeks and months.
## Technology Sector Leads Gains After Strong Earnings Reports **Barrick Mining Corporation** (**B**, **ABX.TO**) shares experienced a significant advance, rising +9.71% on September 19, 2025, following the announcement of the sale of its **Hemlo Gold Mine** in Ontario, Canada, and a subsequent price target increase from **Raymond James**. This strategic divestiture, valued at up to **$1.09 billion**, is a pivotal move in Barrick's ongoing efforts to optimize its asset portfolio and enhance financial flexibility. ## The Event in Detail **Barrick Mining Corporation** entered into a definitive agreement to sell its **Hemlo Gold Mine** to **Carcetti Capital Corp.**, which intends to rename itself **Hemlo Mining Corp.** upon closing. The transaction is structured to include **$875 million** in upfront cash consideration, **$50 million** in common shares of **Carcetti Capital Corp.**, and up to **$165 million** in additional contingent cash payments linked to future gold price thresholds and production. The total consideration could reach **$1.09 billion**. The deal is anticipated to close in the fourth quarter of 2025, subject to customary closing conditions and regulatory approvals. To fund the acquisition, **Carcetti Capital Corp.** has secured a comprehensive **$1.0 billion** financing package. This includes a **$400 million** gold stream agreement with **Wheaton Precious Metals Corp.** (**WPM**, **TSX:WPM**), **$225 million** in senior secured credit facilities underwritten by the **Bank of Nova Scotia**, and a **$415 million** bought deal private placement offering of Subscription Receipts. ## Analysis of Market Reaction Investors reacted favorably to the news, driving **Barrick Mining's stock (B)** up by +9.71% on September 19, 2025. This surge was accompanied by a robust trading volume of **$1.49 billion**, marking it as the 106th most active stock and a 101.48% increase from the previous day’s volume. The positive momentum also followed a rating adjustment by **Raymond James**, which raised its price target for **Barrick** to **$30** from **$28.50**, while maintaining an **Outperform** rating. Analyst **B. Macarthur** from **Raymond James** emphasized that the Hemlo sale is expected to remove a drag on Barrick’s earnings and unlock value, particularly in its core copper assets. This sentiment is reflected in revised EPS forecasts, with Q3 2025 earnings projected at **$0.60** (up from **$0.54**) and a steady increase to **$0.70** by Q4 2026. ## Broader Context & Implications The divestiture of **Hemlo** represents a significant step in **Barrick Mining's** broader strategic transformation. The company has been actively streamlining its portfolio, shedding non-core assets to focus on "Tier One" gold and copper operations. This sale follows earlier divestitures in 2025, including stakes in the **Donlin Gold Project** in Alaska and **Alturas**, bringing the total expected gross proceeds from non-core asset sales this year to over **$2 billion**. **Barrick President and Chief Executive Mark Bristow** stated that the sale aligns with the company's capital allocation approach, strengthening its balance sheet and funding returns to shareholders. > "The sale of Hemlo at an attractive valuation marks the close of Barrick's long and successful chapter at the mine and underscores our disciplined focus on building value through our Tier One gold and copper portfolio," said **Mark Bristow**, President and CEO of Barrick. This strategic pivot also includes a heightened emphasis on critical metals like copper, aligning with global energy transition demands. Barrick aims for 3.15–3.5 million ounces of gold production and 200,000–230,000 tons of copper in 2025, supported by projects such as **Reko Diq** and the **Lumwana Super Pit** expansion. Furthermore, groundbreaking discoveries at its **Fourmile project** in Nevada are expected to significantly contribute to its future resource base. ## Expert Commentary Industry experts view the transaction positively. **Jason Kosec**, incoming President & CEO of **Hemlo Mining Corp.**, highlighted the acquisition's role in establishing a new mid-tier Canadian growth-focused gold producer: > "The acquisition of Hemlo establishes the foundation for the next leading mid-tier Canadian growth-focused gold producer. Our business objective is clear: to maximize the value of Hemlo's existing infrastructure through a fit-for-purpose operating approach, while unlocking new opportunities through an aggressive brownfields exploration strategy." **Randy Smallwood**, CEO of **Wheaton Precious Metals Corp.**, also commented on the opportunity presented by **Hemlo**: > "Hemlo offers a unique opportunity to add immediate, accretive gold ounces from a politically stable jurisdiction, backed by a long history of production and a capable operating team." ## Looking Ahead The anticipated closing of the **Hemlo Gold Mine** sale in Q4 2025 is expected to further bolster **Barrick's** balance sheet and provide capital for exploration and shareholder returns. The company's strategic focus on optimizing its portfolio through divestitures of non-core assets and investing in high-grade gold and critical copper projects suggests a clear direction for long-term value creation. Market participants will continue to monitor the successful integration of these strategic shifts and their impact on Barrick's operational performance and financial metrics.
## Newmont Divests Entire Orla Mining Stake for US$439 Million **Newmont Corporation** (NYSE: NEM, TSX: NGT), the world's leading gold producer, announced the completion of the sale of its entire 13.3% interest in **Orla Mining Ltd.** (TSX: OLA, NYSEAMERICAN: ORLA) on September 19, 2025. The transaction involved the disposition of 43 million common shares through the **Toronto Stock Exchange** at a price of US$10.14 (C$14.00) per share, generating aggregate gross proceeds of US$439 million (C$605 million). Immediately prior to the sale, **Newmont** held 43,245,294 common shares, representing approximately 13.3% of **Orla's** issued and outstanding common shares. Following this disposition, **Newmont** no longer holds any shares in **Orla Mining**. ## Market Reaction Reflects Strategic Divergence The market exhibited a divergent reaction to **Newmont's** divestiture. **Newmont's** shares rose approximately 3% in New York following the announcement, elevating its market capitalization to US$88.6 billion. This upward movement suggests investor confidence in **Newmont's** strategic direction and its ability to unlock capital through portfolio optimization. Conversely, **Orla Mining's** shares experienced a decline of nearly 7.8%, valuing the company at approximately US$3.32 billion. The fall in **Orla's** stock indicates the selling pressure that can arise from a significant institutional shareholder's exit, compounded by the recent divestment of an 11.3% stake by **Agnico Eagle Mines Ltd.** (TSX, NYSE: AEM) earlier in September for US$560.5 million. ## Broader Context and Strategic Implications This sale is a component of **Newmont's** overarching strategy to streamline its equity portfolio and generate substantial cash to support its capital allocation priorities. According to **Newmont's** CEO, Tom Palmer: > "Today's announcement demonstrates Newmont's ongoing commitment to streamlining our equity portfolio and unlocks significant cash to support Newmont's capital allocation priorities." This initiative follows **Newmont's** US$17.14 billion acquisition of **Newcrest Mining** in 2023, with the company aiming to generate over US$2 billion in cash through asset sales, workforce reductions, and debt management. The proceeds from the **Orla** sale contribute to the approximately US$900 million in after-tax proceeds **Newmont** has generated from equity holdings sales in 2025. For **Orla Mining**, the exit of two major institutional backers, **Newmont** and **Agnico Eagle**, within a short period presents both challenges and opportunities. While the immediate impact has been negative on share price, it necessitates **Orla** to broaden and diversify its investor base. Jason Simpson, **Orla Mining's** President and CEO, acknowledged **Newmont's** historical role: > "Orla's portfolio has been built, in part, through the acquisition of former Newmont assets." This statement highlights the foundation of **Orla's** growth, which now must stand independently as the company continues to execute its strategy. ## Looking Ahead For **Newmont**, the successful divestment reinforces its commitment to focusing on Tier-1 assets and optimizing its financial structure, potentially freeing up capital for other strategic investments or debt reduction. Investors will monitor **Newmont's** deployment of these funds and its progress towards its broader divestiture targets. For **Orla Mining**, the task ahead involves demonstrating sustained growth and attracting new institutional investment to offset the departure of its former major shareholders. The company operates two producing assets, **Camino Rojo** and **Musselwhite**, and has projected consolidated 2025 gold output of 265,000 to 285,000 ounces. Future performance and investor diversification will be key indicators of its ability to navigate this transition.
## Kinross Gold Experiences Significant Share Price Appreciation **Kinross Gold Corporation** (KGC) shares have advanced **49%** over the last three months, significantly surpassing the **Zacks Mining – Gold industry's 29%** growth and the **S&P 500's 11.4%** rise over the same period. This substantial outperformance is primarily attributed to a robust rally in gold prices, which have reached record highs. Fellow gold mining companies, including **Barrick Mining Corporation**, **Newmont Corporation**, and **Agnico Eagle Mines Limited**, also registered gains of **36%**, **35.6%**, and **24.1%**, respectively, underscoring a sector-wide uplift, with **Kinross** leading the peer group. ## Market Catalysts: Federal Reserve Policy and Global Trade Tensions The surge in gold prices, a primary driver for **Kinross's** stock performance, is intricately linked to two significant macroeconomic factors: the **U.S. Federal Reserve's** monetary policy adjustments and heightened global trade uncertainties. On September 18, 2025, the **Federal Reserve** announced its first interest rate cut of the year, a **25 basis point** reduction, with indications of two more quarter-point cuts to follow. This decision, aimed at addressing slowing employment growth and rising unemployment risk amid persistent inflation, reduced the opportunity cost of holding non-yielding assets such as gold, making it more attractive to investors. Following this announcement, **spot gold** briefly touched a record high of **US$3,707.40 per ounce**, marking a nearly **40% increase** year-to-date and surpassing its inflation-adjusted peak from January 1980. Compounding this effect, the implementation of new U.S. tariffs under President Donald Trump's administration has introduced significant volatility and uncertainty into global financial markets. A **10% baseline tariff** on all imports from America's trading partners became effective on April 5, 2025, with additional reciprocal tariffs for 60 countries beginning April 9. While the U.S. dollar experienced a modest rebound after Federal Reserve Chairman Mike Powell's cautious remarks, which briefly put downward pressure on gold, the overarching sentiment of geopolitical risk and potential economic slowdown fueled safe-haven demand for bullion. **Kinross Gold's** robust financial health positioned the company to capitalize on this favorable environment. The company reported approximately **$2.8 billion in liquidity** and over **$1.1 billion in cash and cash equivalents** at the close of Q2 2025. Furthermore, **Kinross** achieved an **87% year-over-year surge in free cash flow** during the second quarter of 2025, reaching **$646.6 million**. The company has also made substantial progress in debt reduction, repaying **$800 million** in 2024 and an additional **$200 million** in Q1 2025, improving its net debt position to around **$100 million**. ## Operational Performance and Valuation Metrics Despite the significant uplift from rising gold prices, **Kinross Gold** is contending with increasing production costs. In Q2 2025, production costs of sales per ounce rose approximately **4% year-over-year to $1,074**, while **All-in-Sustaining Costs (AISC)** increased nearly **8% year-over-year to $1,493 per gold equivalent ounce**. The company's guidance anticipates continued cost pressures through the end of 2025, projecting full-year **AISC** to reach **$1,500** and production cash costs around **$1,120 per ounce**. These increases are attributed to weaker expected production, inflationary impacts, and accounting changes. However, the substantial **40% increase in average realized gold prices** in Q2 2025 to **$3,284 per ounce** (compared to **$2,342 per ounce** in Q2 2024) significantly boosted **Kinross's** profitability. The company reported net earnings that more than doubled to **$530.7 million**, or **$0.43 per share**, in Q2 2025. **Kinross** is currently trading at a forward price-to-earnings (P/E) ratio of **16.25X**, representing a **4.2% premium** compared to the industry average of **15.59X**. This valuation places **KGC** at a premium relative to **Barrick** and **Newmont** but at a discount to **Agnico Eagle**. ## Analyst Outlook and Forward Expectations Analyst sentiment for **Kinross Gold** remains largely optimistic. Earnings estimates for both 2025 and 2026 have seen upward revisions over the past 60 days. The **Zacks Consensus Estimate for 2025 earnings** is pegged at **$1.38**, suggesting a significant **102.9% year-over-year growth**, with an additional **5.2% growth** anticipated in 2026. This positive outlook is underpinned by the company's strong production profile and promising pipeline of exploration and development projects, including **Great Bear** in Ontario and **Round Mountain Phase X** in Nevada, which are expected to boost future production and cash flow. Despite the strong operational and financial performance, some analysts caution that **KGC's** current valuation might be stretched, potentially limiting attractive entry points for new investors. The company's commitment to its share buyback program, reactivated in April 2025 with approximately **$170 million** in repurchases during Q2, and its consistent quarterly dividend program, reflect management's confidence in its financial strength. ## Outlook: Monetary Policy, Trade, and Cost Management The trajectory of gold prices, and consequently **Kinross Gold's** future performance, will largely depend on the **Federal Reserve's** subsequent monetary policy decisions. Market participants are closely monitoring for further rate cuts, with a **90% probability** currently priced in for another **25 basis point cut** at the **Fed's** October meeting. Should inflation prove persistent despite rate cuts, it could lead to a negative real interest rate environment, historically highly favorable for gold. Furthermore, the ongoing implications of new U.S. tariffs on global trade patterns and economic stability will continue to influence safe-haven demand for gold. For **Kinross**, successfully managing its rising production costs will be critical to sustain profitability and protect margins, even in a high gold price environment. The continued advancement of key development projects and operational efficiencies at core assets like **Tasiast** and **Paracatu** are expected to contribute to future growth and cash flow generation. Investors will closely monitor these factors for sustained performance in the coming quarters.
## Fuerte Metals to Acquire Newmont's Coffee Gold Project in Strategic Transaction **Fuerte Metals Corporation** (TSXV: FMT, OTCQB:FUEMF) has announced a definitive agreement to acquire the **Coffee Gold Project** in Canada's Yukon Territory from **Newmont Corporation** (NYSE: NEM, TSX: NGT) for a total consideration of up to **$150 million** (C$206.47 million). This transaction is poised to significantly expand Fuerte Metals' gold project portfolio, while simultaneously concluding Newmont's strategic divestment of non-core assets. ## Transaction Details and Financial Structure The consideration for the **Coffee Gold Project** is structured in a multi-tiered approach, totaling up to **$150 million**. Upon closing, **Newmont** will receive an initial **$10 million** in cash. Additionally, **Fuerte Metals** will issue **$40 million** in common and preferred shares to Newmont, which translates to approximately **27%** of Fuerte's issued and outstanding capital, held by Newmont's subsidiary Goldcorp Canada Ltd. This share issuance comprises 22,729,126 common shares and 10,842,989 preferred shares. Furthermore, **Fuerte Metals** will grant **Newmont** a **3% Net Smelter Return (NSR) royalty** on future production from the **Coffee Project**. Fuerte retains the option to repurchase this royalty for up to **$100 million** at any time up to one year after announcing commercial production. The transaction has received unanimous approval from **Fuerte's board of directors** and is anticipated to close by **October 19, 2025**, subject to customary closing conditions and regulatory approvals. ## Strategic Implications for Both Entities For **Fuerte Metals**, this acquisition represents a transformational opportunity, positioning the company with a new flagship asset. The **Coffee Gold Project** hosts a substantial **3.0 million ounces** of Measured and Indicated resources within 80 million tonnes at an average grade of 1.15 g/t gold, making it one of the largest and highest-grade heap leach projects globally. This addition significantly enhances Fuerte's resource base and growth trajectory within the gold mining sector. **Newmont**, a major gold producer, completes its announced plan to sell non-core assets, a strategic initiative that began in February 2024. The divestment of the **Coffee Project** is the final step in a program that included six operations and two projects across various global regions. This strategy aims to streamline Newmont's portfolio, focusing on "Tier 1" assets characterized by longer mine lives and lower operational costs, thereby reducing operational complexity and strengthening its balance sheet. > "The acquisition of Coffee is highly transformational for Fuerte," stated **Tim Warman, CEO of Fuerte Metals**, emphasizing the significance of this deal for the company's future. > **Tom Palmer, Newmont's Chief Executive Officer**, commented, "The sale of the Coffee Project reflects our ongoing efforts to streamline the portfolio and sharpen our focus on core operations." ## Broader Market Context and Project Attributes The transaction aligns with a broader trend of consolidation within the gold sector, where major producers optimize their portfolios while development-stage companies acquire promising assets. The **Coffee Gold Project** is situated in Canada's Yukon Territory, an emerging mining jurisdiction noted for its exceptional geology, improving infrastructure, and strong government and First Nations support. These factors contribute to a de-risked development pathway for the project. The project has also benefited from extensive prior work by previous owners, including **Goldcorp** and **Newmont**, with over C$300 million collectively spent on exploration, drilling, and engineering. Notably, the project received a positive decision under the **Yukon Environmental and Socio-economic Assessment Act (YESAA)** in 2022, indicating advanced-stage permitting that is expected to accelerate its development timeline. ## Outlook and Development Timeline Following the expected closing of the transaction, **Fuerte Metals** has outlined an ambitious schedule to advance the **Coffee Gold Project** towards production. The company targets the completion of a Preliminary Economic Assessment (PEA) in the first half of **2026**, followed by a comprehensive Feasibility Study (FS) in the second half of **2026**. Industry analysts suggest a potential construction decision could occur within 24-36 months after the transaction closes, with development-stage gold projects typically requiring 3-5 years from acquisition to production. To support these development plans, **Fuerte Metals** is undertaking a concurrent equity financing of up to C$50 million. The detailed capital expenditure requirements for construction and operation are anticipated to be defined further by the upcoming economic assessments, with a clear path to production being a key focus for the company.
The P/E ratio of Newmont Corporation is 28.6046
Mr. Thomas Palmer is the President of Newmont Corporation, joining the firm since 2016.
The current price of NEM is $93.22, it has increased 2.69% in the last trading day.
Newmont Corporation belongs to Metals & Mining industry and the sector is Materials
Newmont Corporation's current market cap is $102.3B
According to wall street analysts, 20 analysts have made analyst ratings for Newmont Corporation, including 7 strong buy, 11 buy, 7 hold, 0 sell, and 7 strong sell