Newmont (NEM) says production growth is expected to begin in 2027 following previously flagged 2026 trough, adds Q3 gold production was broadly flat sequentially as anticipated

• Lihir's September shutdown finished on schedule.
• Higher-grade ore is still expected in Q4.

This is operational guidance of the kind miners deliver around results: confirming a pre-flagged trough year and pointing the recovery to the following year rather than surprising on the current quarter. Production troughs followed by guided recovery are a recurring pattern at large gold miners, usually tied to scheduled mill maintenance, ore grade sequencing, or project commissioning, and the market's question in past episodes has been whether the trough date holds or slips again. The Lihir shutdown completing on schedule and higher-grade ore expected in Q4 fit the standard sequence: a planned dip, on-time completion, then grade-driven improvement in the next quarter. Guidance of this kind is read against execution track record; miners that have hit previous shutdown and restart timelines tend to get the benefit of the doubt on the recovery year, while serial slippage gets discounted into the multiple. Worth watching is whether unit costs move with the grade recovery as guided, since all-in sustaining costs per ounce, not headline ounces, is what transmits to margins against a given gold price. As confirmation rather than new information, the read-through is limited to the company; the gold price itself dominates sector moves.