Execution in Motion: Newmont's Strategic Inflection#

Ahafo North Reaches First Gold#

Newmont Corporation achieved a significant operational milestone in the third quarter when its Ahafo North project in Ghana recorded first gold pour, marking a decisive step toward commercial production planned for the fourth quarter of 2025. This moment crystallizes the company's multi-year investment thesis in proven, high-return jurisdictions. The project is expected to generate between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years, adding meaningful production capacity at a time when peer-group rivals face rising unit costs and operational headwinds. The timing is particularly noteworthy given that Newmont's free cash flow surged to 1.7 billion dollars in the second quarter of 2025—nearly triple year-over-year growth and 42 percent higher than the prior quarter—underscoring management's ability to fund growth and capital returns simultaneously without sacrificing operational discipline.