Newmont Stock Rises Premarket After Q2 Profit Beat — Retail Bets Broader Gold Mining Boom Is On

Newmont (NEM) stock gained nearly 2% in premarket trade on Friday after the world’s biggest gold producer topped Wall Street’s profit estimates and launched a fresh share buyback program.

Retail sentiment on Stocktwits about Newmont jumped to ‘extremely bullish’ territory from ‘neutral’ a day ago, while retail chatter also surged to ‘extremely high.’

On an adjusted basis, the company reported earnings of $1.43 per share, compared to the expected $1.16 per share, according to Fiscal.ai data. The company’s all-in sustaining costs, the industry benchmark gauge for expenses, decreased about 4% to $1,593 per gold ounce in the second quarter, compared to the previous three months.

Gold prices have surged this year, aided by the bullion’s safe-haven appeal as U.S. President Donald Trump’s uncertain tariff policy encouraged investors to park their money in gold, compared to riskier assets.

Newmont reported that its average realized gold price was $3,320 per ounce during the second quarter, compared with $2,347 a year earlier.

The price rally helped offset a 4% production decline compared to the prior quarter, driven by the previously announced closure of non-core asset sales, partially offset by increased production at its Yanacocha project in Peru.

The company has sold assets worth over $2.5 billion following the completion of its $17 billion acquisition of Australia’s Newcrest, which solidified its position as the world’s largest gold mining company.

“This is so bullish for all the miners reporting Q2,” one user noted.

Newmont CEO Tom Palmer noted that costs are expected to rise in the second half of the year but within its prior forecasted range. It also expects to meet its production targets.

Newmont stock has gained over 29.5% this year.

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