With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Colorado-based Newmont was already the world’s largest gold-mining company before it acquired Australian miner Newcrest in 2023. The acquisition helped revenue grow by 58% in 2024, to $18.7&nbsp;billion. An equally important factor: The average price per ounce at which Newmont sold the gold it mined rose 23% year over year.

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

Fortune collaborated with the Diligent Institute to rank the most innovative boards of directors among S&P 500.

Modern Board 2023-Newmont Corporation

Newmont Corp., the world’s largest gold mining company, has pledged to reach gender parity in leadership roles by 2030 and announced several environmental impact initiatives—although its effort to reduce fresh-water consumption in water-stressed areas by 10% in 2022 fell short. The 12-person board, which has five female directors, is chaired by Gregory Boyce, former CEO of coal company Peabody Energy. Directors have a mix of the operations experience necessary to oversee the manufacturing-intensive mining business, including Julio Quintana, former president and CEO of Tesco Corp., which makes oil drilling equipment; and Emma FitzGerald, former CEO of Puma Energy, an oil company that services emerging markets in Africa, Central America, and Asia. Newmont tapped leaders such as Jane Nelson, a longtime corporate social responsibility advisor for companies like Exxon Mobil and GE, to help it progress on CSR goals, including mining conflict-free gold and increasing the number of local and indigenous employees at its mines. In April, Newmont submitted a reported $19.5 billion bid to <a href="https://www.newmont.com/investors/news-release/news-details/2023/Newmont-to-Enter-into-Confirmatory-Due-Diligence-on-Newcrest/default.aspx">buy its competitor Newcrest</a>.

Fortune Modern Board 25

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

World's Most Admired Companies

Modern Board 2022-Newmont

Newmont scored high on the Modern Board 25’s rankings for gender equality, nationality dispersion, and board independence. The mining company has <a href="https://seekingalpha.com/article/4492584-newmont-keep-calm-let-dividends-flow">received analyst</a> praise for its high dividend yield, strong balance sheet, low debt-to-earnings ratio, and production pipeline longevity. The company expects to deliver approximately 7.5 million ounces of gold by year-end 2022.  
 
Newmont has implemented several ESG measures into its corporate structure in recent years. The company released its <a href="https://www.newmont.com/sustainability/sustainability-reporting/default.aspx">first climate strategy report</a> in 2021, along with <a href="https://www.newmont.com/sustainability/newmonts-archive-sustainability-reports/default.aspx">annual</a> sustainability and conflict-free-gold reports. Focusing on board diversity, the company reported achieving gender parity for nonexecutive directors in 2020 with the appointment of former American Water Works CEO Susan Story, and <a href="https://www.bloomberg.com/news/articles/2021-05-17/newmont-changes-shows-complexity-of-adding-boardroom-diversity">reported in 2021</a> that 70% of its current directors were gender, racially, or ethnically diverse. Including COVID-19 response <a href="https://www.newmont.com/investors/news-release/news-details/2021/Newmont-Publishes-2020-Sustainability-Report/default.aspx">in its ESG reporting,</a> Newmont announced a $20 million global community support fund to aid communities, governments, and employees through the pandemic; it implemented a<a href="https://gazette.com/pikespeakcourier/newmont-corp-issues-covid-19-vaccine-mandate-for-all-employees/article_ab9e99ca-494c-11ec-83af-17c66c8dcca7.html"> vaccine mandate</a> for all employees and third-party contractors in November. 
 
Newmont has six former CEOs on its board, including former Puma Energy CEO Emma FitzGerald and former oilfield services company Tesco CEO Julio Quintana. Newmont CEO Tom Palmer is also a director. Gregory Boyce, former CEO of Peabody Energy and former chairman of the National Mining Association, is chair of Newmont’s board.

This year’s Fortune 500 marks the 68th running of the list.

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This year’s Fortune 500 marks the 67th running of the list.

Billing itself as the world's leading gold company, Newmont also produces copper, lead, silver, and zinc throughout its mines in nine different countries.

Collectively, the ranked companies produced a three-year average shareholder return of 33%, vs. 19% for the S&P 500.

100 Fastest-Growing Companies

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune 500 marks the 66th running of the list.

Founded in 1921 and now the world's largest gold mining company, Newmont owns mines in an array of countries including the U.S. (Nevada, Colorado), Canada (Ontario, Quebec), Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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As the U.S.’s leading gold company, Newmont also produces copper, lead, silver, and zinc throughout its mines in Africa, Australia, Latin America and the Caribbean, North America, and Papua New Guinea. Its acquisitions of rivals Newcrest and Goldcorp in 2023 and 2019, respectively, each broke the record for the largest deal in the history of the gold mining sector to date. As of April 2025, Newmont confirmed its completion of a divestiture of noncore operations amounting to $3.8 billion in total gross proceeds. These included operations in Ghana, Canada, and Colorado. Newmont was founded in 1921 and has been publicly traded since 1925.

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Q1 2026

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Newmont (NEM): Company Profile, Stock Price, News, Rankings

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Newmont

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Hello, and welcome to Newmont's first quarter 2026 results conference call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference over to Newmont's Group Head of Treasury and Investor Relations, Neil Backhouse. Neil, please go ahead.

Thank you, Christine. Hello, everyone, and thank you for joining Newmont's first quarter 2026 results conference call. Joining me today are Natascha Viljoen, our President and Chief Executive Officer, Peter Wexler, our Interim Chief Financial Officer and Chief Legal Officer, and other members of our management team who will be available to answer questions at the end of the call.

Before we begin, please take a moment to review our cautionary statement shown here and refer to our SEC filings, which can be found on our website. With that, I'll turn the call over to Natascha.

Thank you, Neil, and hello, everyone. Newmont's focus on operational excellence continues to deliver consistent and predictable performance, with our first quarter results demonstrating that we are on track to achieve our 2026 guidance. Importantly, this consistency is reflected in our compelling financial results.

Our unrivaled portfolio of high-quality operations and projects, combined with our focus on cost discipline and productivity, positions us to capture the benefits of higher commodity prices, even amid the operational headwinds we experienced in the first quarter, delivering margin expansion and robust free cash flow generation.

The benefits of record-free cash flow generation are flowing through our enhanced capital allocation framework, resulting in continuous reinvestment in our business, a predictable quarterly dividend, and ongoing share repurchases, supplemented by a new $6 billion share repurchase authorization.

Before we review our quarterly results in more detail, I want to begin with an update on Cadia following the magnitude 4.5 earthquake that occurred near the operation on April 14th. As mentioned in our released statements, our immediate priority was the safety of our people.

Our safety protocols operated as designed, and within minutes of the event, all personnel working underground were moved to safe locations before being brought to surface in the subsequent hours following the event. I'm really pleased to share that there were no injuries. Based on our initial findings, the damage appears limited, reflecting the strength of our ground control systems.

I'm pleased to report that the underground power and dewatering systems have been restored, and we received approval from the regulator earlier this week to begin repairs. Importantly, all surface infrastructure was inspected immediately following the event and sustained no damage.

This includes our tailings facilities. From an operational standpoint, we are currently processing surface stockpiles and expect underground rehabilitation to be completed in the next five weeks, enabling return to 80% operating capacity, with full recovery expected by the end of the second quarter. As a result, second quarter production is expected to be lower due to this short gap in mill feed, with operations returning to normal levels beginning the third quarter.

I want to recognize and personally thank the team at Cadia, who responded quickly and effectively, implementing established emergency procedures to ensure the safety of all personnel and positioning the operation for the best possible recovery. Turning now to our operational performance.

In the first quarter, we produced 1.3 million ounces of gold, 30,000 tons of copper, and 9 million ounces of silver, with both copper and silver volumes supporting a favorable by-product cost profile for the quarter. As the third-largest silver producer in the world, we also benefited from a favorable silver price environment, further supporting our free cash flow generation and unit cost management.

The performance translated into strong financial results, including $3.8 billion in cash flow from operations after working capital and $3.1 billion in free cash flow, marking another all-time quarterly record, which is especially notable given the seasonal working capital headwinds typically experienced in the first quarter of each year. During the quarter, we also received approximately $321 million in after-tax proceeds from the sale of equity investments in SolGold and Greatland Gold.

Along with contingent payments related to the divestments of Musselwhite and Cripple Creek and Victor last year, bringing total after-tax proceeds received from our non-core divestiture program to over $4.6 billion. Touching briefly on cost performance, which Peter will cover in a little bit more detail shortly. Over the last few weeks, the world has experienced a notable increase in energy prices and impacts to global supply chain dynamics as a result of the ongoing conflict in the Middle East.

We continue to monitor the geopolitical environment and its potential impact on costs closely, but remain encouraged by our demonstrated ability to effectively manage cost and improve productivity and are therefore maintaining our full-year cost guidance at this time.

Taking our strong first quarter operational and financial performance into account, we expect to remain well-positioned to continue executing on the enhanced capital allocation framework that we have announced in February.

Since our last earnings call, we have reduced debt by an additional $42 million, and are pleased to share that we have returned $2.7 billion to shareholders through both regular dividends and ongoing share repurchases, fully exhausting our previous repurchase authorization.

In line with our established approach, our board has approved another $6 billion share repurchase program, reinforcing our enhanced capital allocation framework and disciplined approach to returning excess cash to shareholders. This framework is designed to systematically reduce Newmont's share count, and in doing so, driving sustainable per-share dividend growth and improved across other key per share metrics.

Building on our strong first quarter performance and looking ahead to the rest of the year, we will remain on track to achieve our 2026 guidance, continue generating robust free cash flow from our world-class portfolio, and return capital to shareholders in a consistent manner.

Operationally, we delivered a stronger than expected quarter, especially considering challenging conditions faced by several of our sites, including the bushfires at Boddington, where we have since made a full recovery with full throughput capacity back to normal levels for the second quarter. We've had extreme snowfall at Brucejack and record levels of rainfall at Tanami.

This performance underscores the strength and resilience of our world-class portfolio, built around high-quality, long-life assets that are intentionally diversified, both operationally and jurisdictionally, to deliver consistent performance across a range of operating conditions. Not only withstanding volatility as it arises, but also capturing value from it. Giving this strong start to the year, we believe it is appropriate to maintain our existing production weighting.

Our first quarter outperformance provides prudent flexibility to absorb any impact from temporary interruptions to mill feed at Cadia in the second quarter as we progress recovery efforts following the earthquake. First quarter production was driven by several key factors. At Cadia, we saw a step up in gold and copper production compared to the fourth quarter, supported by improved throughput and favorable grades from the current panel cave.

At Merian, production also increased compared to the fourth quarter as we begin to access higher grades from Merian 2 pit as planned. At Ahafo South, production increased due to higher mining rates and improved underground drawpoint availability. At Yanacocha, we delivered stronger leach production performance from high grades out of Quecher Main.

As we discussed last quarter, we have begun executing on a highly capital-efficient plan to continue mining operations through 2026 and into 2027, adding low-cost ounces that are expected to benefit our production profile in 2027, with further potential upside. Peñasquito delivered strong co-product production in the quarter, particularly silver and zinc, as we continue to process stockpiles during the transition phase between phase seven and phase eight.

Finally, the ramp-up at Ahafo North continues to progress very well and in line with plan in its first full year of commercial production. We also achieved several notable milestones in our projects in execution during the quarter. At our Tanami Expansion 2 project, work has now fully resumed following the temporary pause earlier in the quarter, with the underground primary crusher now commissioned and the materials handling system on track for completion by the end of the second quarter.

We have also completed the investigation into the fatality that occurred at Tanami earlier this year, and are committed to ensuring the learnings are shared across our organization and with the broader industry. At Cadia, both PC23 and PC12 are progressing well and are tracking to plan as they move through key phases of development.

Newmont's first quarter performance continues to highlight the strength and resilience of our portfolio, as well as the progress we have made to stabilize and improve our operations, positioning us to deliver consistent performance and achieve our full year commitments. I will now turn the call over to Peter to walk through our financial results for the quarter. Thank you, Peter.

Thank you, Natascha, and hello, everyone. Newmont delivered outstanding financial results in the first quarter, driven by strong operational performance that Natascha just outlined and the supportive metal price environment. Our continued focus on disciplined execution resulted in adjusted EBITDA of $5.2 billion and adjusted net income of $2.90 per diluted share for the quarter.

Most notably, Newmont generated $3.8 billion in cash flow from operations after working capital and a record $3.1 billion of free cash flow, even after making approximately $1.3 billion in cash tax payments during the quarter. Gold all-in sustaining costs were below our full-year guidance at $1,029 per ounce for the first quarter on a by-product basis.

Our cost profile benefited meaningfully from stronger than expected co-product pricing and sales volumes, lower cost applicable to sales as a result of disciplined capital spending, and the timing of sustaining capital. As Natascha noted earlier, we are maintaining our cost guidance, and while higher oil prices may create incremental pressure, we view this as manageable at this time and are actively working to mitigate the impact rather than viewing it as a risk to our operating plan.

As a reminder, the guidance we provided in February was based on a $70 per barrel Brent assumption, with diesel making up approximately 6% of our direct operating cost. For every $10 per barrel change in oil prices, we expect approximate $60 million impact on cost, which equates to roughly a $12 per ounce impact on all-in sustaining costs.

We are not currently experiencing any disruption to fuel availability and continue to maintain business continuity by leveraging our scale and strong supply chain team, which is working closely with suppliers to proactively identify and manage risks. While higher fuel prices began to materialize in March, we remain focused on offsetting these pressures through continued cost and productivity improvements across our operations.

In addition, in February, we quantified the potential annual impact of the newly introduced Ghana sliding scale royalty on our cost profile. While this will represent an incremental cost headwind of approximately $25 per ounce in 2026, our goal is to mitigate the impact through disciplined cost management and productivity initiatives.

Looking ahead to the second quarter, we expect production to be slightly below the first quarter, keeping us on track to deliver our full year production guidance of 5.3 million ounces.

Sustaining capital is expected to increase in the second quarter as we move into the summer season at Brucejack and Red Chris, take delivery of mobile equipment at multiple sites, and continue progressing tailings work primarily at Cadia and Boddington.

Similarly, development capital is expected to increase beginning in the second quarter as we progress the expansion at Cerro Negro, advance the feasibility study work at Red Chris, and begin spending on the Lihir Nearshore Barrier project later this year, with our full year guidance of $1.4 billion remaining weighted to the second half.

All-in sustaining costs are expected to be notably higher in the second quarter and more in line with the guidance we provided in February, driven by the ramp up in sustaining capital, higher costs applicable to sales, and lower silver production than we saw in the first quarter as planned. Turning to capital allocation.

Last quarter, we introduced our enhanced capital allocation framework, which is underpinned by net cash from operations and prioritizes cash flow in a clear and disciplined manner. This framework is designed to be sustainable through the cycle, maximize shareholder returns, and maintain a strong and flexible balance sheet, and we are already seeing the positive benefits of this framework in action through our first quarter results.

Within this framework, excess cash is first allocated to sustaining capital spend and our dividend, priorities that are intended to remain consistent through the cycle. We continue to invest in sustaining capital to strengthen the longevity and integrity of our portfolio with $381 million spent in the first quarter. Next, cash is allocated to our sustainable total cash dividend of $1.1 billion per year, which is paid quarterly.

In the first quarter, we declared a dividend of $0.26 per share, which is consistent with the last quarter and aligned with this approach. Following these commitments, our development capital spend and balance sheet position may flex over time to reflect portfolio needs and broader market conditions. We continue to invest in development capital to advance our highest return opportunities from our deep organic pipeline, with $239 million deployed in the first quarter.

At the same time, we remain committed to maintaining a resilient balance sheet, anchored by our net cash target of $1 billion ± $2 billion over the course of a year. The target is managed on an annual basis and may vary quarter to quarter due to macroeconomic conditions, including the recent volatility in gold price. Once these priorities are met, excess cash is allocated to share repurchases.

Since our last earnings call, we have repurchased $2.4 billion in shares, fully completing our previous authorization and bringing the total repurchases to $6 billion since we began repurchasing shares over 24 months ago. As a result, our board has doubled the size of our share repurchase program with an additional $6 billion authorization, representing our fourth authorization since February 2024.

We intend to execute this program consistently in line with our capital allocation framework, reflecting our confidence in the intrinsic value of our shares and the benefits these repurchases deliver over time. As we approach completion of this authorization, we expect to seek additional approval from our board, consistent with our disciplined and repeatable approach to returning excess cash to shareholders.

Both our share repurchase program and the resulting per-share dividend growth are formulaic outputs of our capital allocation framework, with repurchases systematically reducing our share count, driving higher per-share metrics, and increasing shareholder exposure to the strong free cash flow generated by our portfolio. In fact, on a per-share basis, our free cash flow is already 6% higher than it would have been prior to initiating our share repurchase program.

At its core, this framework is designed to deliver sustained per-share growth, maintain balance sheet strength, and provide shareholders with consistent and growing exposure to the value generated by our world-class portfolio. With that, I'll turn the call back over to Natascha for closing remarks.

Thank you, Peter. In closing, Newmont has had a very strong start to this year, reflecting the deliberate progress we have made to strengthen our operations and enhance the capabilities of our teams and systems, driven by disciplined execution and a clear focus on our commitments.

We remain on track to achieve our 2026 guidance, supported by solid operational and financial performance in the first quarter, and are well-positioned to drive margin expansion and generate strong free cash flow through continued cost discipline and productivity improvements across our world-class portfolio, which continues to deliver stable and consistent results.

Our enhanced capital allocation framework is translating that performance into shareholder returns through a predictable dividend and ongoing share repurchases, supported by a new $6 billion authorization.

Looking ahead, we'll continue to leverage our industry-leading portfolio and deep bench strength of expertise across all functions to build a stable and resilient future for Newmont, positioning us to generate growing free cash flow and deliver increasing returns on a per-share basis, even in a dynamic macroeconomic environment.

Before turning to questions, I want to briefly address that we continue to engage constructively with our Nevada Gold Mines joint venture partner with a clear focus on improving the performance of our shared assets and delivering long-term value for Newmont shareholders. With that, we look forward to addressing your questions, and I will now hand it back to Christine, our operator, to open the call for questions.

We will now begin the question and answer session. We ask that you please limit inquiries to one primary question and one follow-up question. If you would like to ask a question, please press star then one to raise your hand. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, press star then one again.

At this time, we will pause to assemble our roster. Our first question comes from Tanya Jakusconek with Scotiabank. Tanya, your line is open.

Yeah. Okay. Okay, great. Thank you. Thank you for taking my question. Natascha, can you comment on where we are on the whole process with the default that was issued on February of this year with respect to Nevada Gold Mines?

Yeah. Thank you, Tanya. Good question. I'll start, and then I'll hand over to Peter to get into a little bit more detail. I think, Tanya, for starters, as we said in our prepared remarks, our focus remained firstly on improving the Nevada Gold Mines joint venture performance. We are continuously working with our joint venture partner to gain more information around Four Mile and the work that we need to do there. For the notice of default, specifically, I'll hand over to Peter Wexler.

Thank you, Tanya, for the question. The period of the notice of default is open-ended, and we're working with them, as Natascha said earlier, to work on the operations. We work through an orderly process on the notice of default, including exercising our audit rights, reviewing those findings. It's really just an ongoing process at this point in time.

Okay. My follow-up question is that I'm just trying to understand how long this process is going to take. I'm assuming that you've had meetings with them, you've gotten the information, or Barrick has handed over the information that you've asked for, and now you're in the process of reviewing this and talking to Barrick on how we move forward. I'm just trying to understand the procedure and what to expect on a timeline.

Actually, while you may see timelines in the agreements, it's more of an iterative process between the two companies. We have questions and follow-up questions on information, and as you

Correctly assumed. They respond to us, and we work productively through those answers. There's no set timeline for bringing it to resolution, but we hope to do so in the near term and make sure that Nevada Gold Mines is operating at the highest level possible.

Our next question comes from Matthew Murphy with BMO Capital Markets. Matthew, your line is open.

Thank you. Congratulations on a strong first quarter. Can you take us through where operations were beating your expectations? It sounds like Q2 may be a little bit down quarter-over-quarter. Should we think about Q2 as sort of the lowest production quarter for the business and then progressive sort of momentum from there?

Yes, Matthew, and thank you for that question. I think if we look at quarter one, the improved performance that we have seen was across, firstly, Yanacocha, where we saw a beat after the last Quecher Main ore that we have mined, that we see the benefit of that coming through. We have also seen improved throughput and grade from Cadia coming through, and that was certainly the basis of that improvement.

The silver production at Peñasquito, higher than what we have delivered at any quarter last year, and that's just a phasing on where we are in the pit. I think importantly also strongly supported by really high silver prices. We have also treated the last remaining stockpile from our Subika open pit material at Ojo Caliente South, and we started to see Ojo Caliente North obviously continuing well with its production ramp up.

As we look into the second quarter, and we've depleted the Subika open pit stocks at Ojo Caliente South, we do see lower grades coming from Apensu and Awonsu open pits. For Peñasquito in this quarter, we will have some months that we are treating organic carbon, and therefore we will also see lower silver production.

Of course, as we've touched on earlier, we will see the recovery process that we are working through at Cadia. Therefore, a slightly lower quarter as expected, and we'll see the third quarter coming back stronger.

Okay. As a second question, slightly different topic, but related to the CFO recruitment process. Peter, certainly Newmont's delivering results with you in the CFO chair, but there is the interim in the title. Natascha, any update on how that recruitment process is going?

That recruitment process is going well, Matthew, and we trust that we'll be able to share more information soon.

Our next question comes from Anita Soni with CIBC. Anita, you are live.

Hi. Thanks for taking my question, Natascha. I just wanted to ask, when it comes to the discussions around Four Mile, have you had any discussions with Barrick on bringing that into the joint venture partnership at this stage?

Anita, we continue to collect information on Four Mile and to do our technical evaluation as, I think as we've touched on before.

Okay. Sorry, I missed that. Just in terms of some of the mine sequencing, I think you touched upon the stockpile processing that you would be doing at Cadia. Can you give us an indication, I guess, stockpile to bridge the gap between pulling ore from the underground, but could you give us an indication of what grade those stockpiles are at right now?

Anita, we'll have to come back to you. I can't give you an indication, but I'll ask Neil to just give you the feedback on the grade.

Okay. All right. Thank you. That's it for my questions.

Our next question comes from Lawson Winder with Bank of America Securities. Lawson, your line is open.

Thank you, operator. Hello, Natascha and team. Nice quarterly results, and thank you for today's update. Can I ask about the cost pressures? I think it's notable the impressive unit cost results in Q1, considering what have been relatively significant cost pressures on energy.

Could you speak to some of the levers that Newmont can pull in order to ensure that input cost inflation doesn't drive 2026 unit cost guidance above the range? To what extent might Newmont be insulated from cost pressures across the supply chain?

Lawson, thank you for that question. Indeed, we were very pleased with quarter one's all-in sustaining costs on a by-product basis. Firstly, we know that we have seen the work that we've done last year, both on productivity improvement and cost reduction, and now going into cost discipline. We've seen that benefit flow through in various aspects of our CAS. Our CAS was impacted in the first quarter by elements like Tanami, where we saw a period of stoppage due to the fatality.

We have also had lower production in two areas, predominantly Lihir and Cerro Negro, due to shutdowns that we've had that impacted CAS. Then we've seen just a seasonal lower sustaining capital for quarter one. With the discipline that we've established last year, the levers sits in two areas.

The one is in productivity, where the best way for us to offset the increased cost pressures that we see from input cost through higher productivity. We have seen through the last quarter and going into this year, as an example, where we have parked a high number of pieces of equipment right across all of our operations to help us to reduce consumption.

That's certainly the first area that we will be focusing on. We will also continue to do that cost discipline work to offset the impact of higher gold price and the impact that it has in royalties and worker participation. As we think going forward, we have not seen the full impact coming through on increased fuel cost.

The same levers that I've touched on just now will continue to be the levers that we will pull, both in terms of fuel cost, but also the second and third order consequences that might come through on the back of as we see higher energy cost flowing through.

In the meantime, we have a really strong supply chain team that works closely with our suppliers, and we're certainly leveraging across the different jurisdictions, the benefits that we have with the geographical spread to pull all of the levers we can to both sustain supply and manage cost.

Okay. That's extremely helpful. If I could ask what might not be a quick follow-up, but could be.

I think we lost him. I think we will move on to our next question while Lawson gets back on. Our next question in the meantime will be from Josh Wolfson with RBC. Josh, you are currently live.

Thank you very much. I'll follow on Lawson's questions. Hopefully, I'm not taking them before he gets a chance to redial in. Thank you for providing some of that disclosure on energy price or oil price impacts and the diesel overall exposure. You mentioned some of the secondary factors there. Is there any way the company can quantify the impact of sensitivity to some of these overall primary and secondary impacts based on current prices?

Josh, not at this stage. I think the sensitivities that we supply both firstly on fuel and then also just our cost mix, is what we have available at this stage.

Okay, thanks. Just following on that theme of costs. Beyond the energy side of things, is there any commentary the company can provide in terms of broader trends, in terms of costs, and that would include labor or reagents? Alongside that, regionally, is there any perspective the team can provide maybe where there's higher pressures or lower pressures? Thank you.

Josh, if I think through the various elements of our cost, labor, materials and services and energy, I think we've spoken at length about energy. Labor is always a continuous conversation, and we do see our agreements with labor coming up for renewal on a continuous basis across all of the jurisdictions we operate in. So far, we have been able to get agreements in place in all of the areas that we were negotiating new agreements.

Nothing more than what we have planned for and has been included in our guidance. Of course, the last one is what we've just discussed on services and materials. Nothing else.

Okay. Maybe your perspective regionally there, if there's any specific areas where you see inflation higher or lower?

No, I think, Lawson, not on inflation. Costs due to higher gold prices and royalties and workers' participation, but not inflation more in specific areas, no.

The next question we have comes from Lawson Winder, again, from Bank of America Securities. Lawson, you're live.

Before I ask my question, I want to double-check you can hear me.

Newmont (NEM) Q1 2026 Earnings Call Transcript

Company Participants