Newmont Corporation (NYSE: NEM), the world largest gold miner, raised its full-year 2025 attributable gold production guidance to 7.2 million ounces from the previous 6.8-7.0 million range, citing faster-than-expected synergies from the Newcrest Mining acquisition. Cumulative synergies have reached $600 million as of Q2 2025, well ahead of the $500 million target.
Operationally, H1 2025 was the strongest first half in Newmont history. Gold production of 3.55 million ounces exceeded plan by 5%, driven by record output at Boddington (Australia), Ahafo (Ghana), and Penasquito (Mexico). The average realized gold price was $2,410/oz with AISC of $1,400, yielding a robust $1,010 margin per ounce.
Newmont shares have surged 35% year-to-date, significantly outperforming both the GDX gold miners ETF and spot gold. Analysts at RBC Capital Markets raised their price target to $62 from $55, noting the free cash flow yield of 6.5% is the highest among major gold producers.
