This report is an updated version of the report published on 25 July 2025 at 1:49 PM AEST.

Newmont Corporation (ASX: NEM)

Newmont Corporation (ASX: NEM) is a gold company that also produces copper, zinc, lead, and silver. Its portfolio of assets, prospects, and talent is supported by favourable mining jurisdictions across Africa, Australia, Latin America and the Caribbean, North America, and Papua New Guinea.

Recommendation Rationale – SELL at AUD 95.91

• Technical Standpoint: NEM’s share price has surpassed the R1 level recommended on 3 June 2025, and it has topped its 52-week high. Therefore, it can face resistance at the current levels.
• Gold Price Volatility: Newmont’s profitability is closely tied to global gold prices. While gold has risen significantly, continued volatility or a pullback in gold prices amid global economic or policy uncertainty can weigh on NEM’s future margins.
• Future Uncertainties and Guidance: The company has maintained its full-year production guidance, but there are operational challenges at some sites, and ongoing geopolitical and macroeconomic risks could affect gold demand and sentiment. Investors may opt to reduce exposure now and re-enter if a correction emerges or clearer growth signals return.
• Overvalued Multiples: On a forward 12-month basis – key trading multiples (EV/Sales, EV/EBITDA, Price/Earnings, Price/Cash Flow, and Price/Book) are higher than median of the Metals & Mining industry.

NEM Daily Chart

(Source: REFINITIV; Analysis by Kalkine Group)

Valuation Methodology: Price/Cash Flow Approach (FY Dec'25E) (Illustrative)

NEM can trade at a slight premium than peers considering the operational efficiencies expected from

acquisition of Newcrest, US$10.2 bn in total liquidity to fund growth, year-on-year increase in sales and profitability in H1 FY25.

Given its current trading levels, recent rally in the share price, and risks associated, it is prudent to sell the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 95.91, as of 25 July 2025 at 1:30 PM AEST.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical issues prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 25 July 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 5: Dividend Yield may vary as per the stock price movement.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.