New York, Feb 20, 2026, 14:22 ET — Regular session underway
- Newmont shares slid in afternoon trading, giving up an earlier after-hours bounce sparked by its results.
- A filing called out a default notice at the Nevada Gold Mines joint venture with Barrick.
- With gold prices sticking close to all-time highs, investors are sizing up 2026 production, cost structures, and capital plans.
Newmont Corp slid 2.7% to $122.06 early Friday afternoon, as investors digested a shakier 2026 outlook and the latest tensions emerging at its Nevada joint venture.
This is notable: Newmont stands as the largest publicly traded gold producer, so its guidance often shapes sentiment across the packed mining sector. If bullion prices hold up but Newmont shares slip, traders are likely zeroing in on risk unique to the company.
Timing matters here. Newmont rolled out its targets and numbers for the coming year, just as portfolios on Friday weigh whether the gold rally still brings margin and cash, or only larger bills.
Newmont topped analysts’ forecasts for fourth-quarter earnings late Thursday, Reuters reported, and committed $1.4 billion toward developing ex-Newcrest properties. CEO Natascha Viljoen told Reuters, “the focus on operational improvement is high on our agenda” at Nevada Gold Mines. (Reuters)
According to a Thursday filing, Newmont hit Barrick with a notice of default under their Nevada joint-venture agreement back on Feb. 3, after Newmont said it found “evidence of mismanagement” at Nevada Gold Mines—including claims that resources were shifted to Barrick’s wholly owned Fourmile site. The filing puts Newmont’s stake in the venture at 38.5%, with Barrick holding the remaining 61.5% and managing the operation. (Q4 Resources)
Newmont posted 2025 mineral reserves at 118.2 million attributable gold ounces, a drop from last year’s 134.1 million, mostly because of divestments finalized in 2025. Viljoen maintains, though, that the company still boasts the industry’s biggest gold reserve base. (Newmont Corporation)
Miners aren’t catching a break from the tape right now. Spot gold picked up 1% to $5,047.10 an ounce on Friday, according to Reuters, as investors split between safe-haven bids and renewed appetite for equities. “There are still many unknowns and uncertainties around the U.S. economy, and that is supportive for gold,” said Bob Haberkorn, senior market strategist at RJO Futures. (Reuters)
Still, trading was uneven among the group. Barrick posted modest gains for the day. Agnico Eagle Mines edged higher, too. Newmont, however, trailed behind.
BMO Capital trimmed its price target on Newmont to $140, down from $145, while sticking with its “Outperform” rating, as flagged by Investing.com. The firm cited increased cost forecasts and weaker production outlooks. (Investing)
Execution remains the wild card here. Gold prices slipping from their highs or persistent problems at Nevada could test investors’ tolerance for higher sustaining costs and any production hiccups. A drawn-out fight with a major partner? That’s another headache nobody wants.
Now, attention shifts to whether Newmont can stick to its 2026 cost and capex goals without disrupting returns. The company is forecasting gold by-product all-in sustaining costs at roughly $1,680 an ounce for 2026, and has announced a $0.26 per share dividend, set for payout on March 26 to shareholders recorded as of March 3. (ASX Announcements)
