- Newmont released its Q1 earnings this week, reporting quarterly attributable gold production of ~1.34 million ounces, an 8% decline from the ~1.46 million ounces reported in Q1 2021.
- This was driven by lower production across the board in every region, with the exception of Australia where a strong quarter from Boddington picked up the slack.
- Fortunately, this was mostly offset by a higher gold price, with Newmont reporting 5% higher revenue, and a slight increase in AISC margins to $856/oz.
- At a current share price of $78.00, I see limited short-term upside for Newmont from current levels, but given its high-quality business model and attractive yield, I would view sharp pullbacks as buying opportunities.
For further details see:
Newmont: Improving Metals Prices Offset By Lower Production In Q1