Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Harmony Gold delivered strong earnings and margin expansion, driven by higher gold prices and improved grades across key underground assets.</li>
<li>The company is expanding into copper via CSA Mine and Eva, aiming to diversify production and enhance long-term cash flows.</li>
<li>Valuations remain attractive, though risks include commodity price volatility, South African exposure, and integration of new international assets.</li>
</ul>


Harmony Gold delivered strong earnings and margin expansion, driven by higher gold prices and improved grades across key underground assets.
The company is expanding into copper via CSA Mine and Eva, aiming to diversify production and enhance long-term cash flows.
Valuations remain attractive, though risks include commodity price volatility, South African exposure, and integration of new international assets.


Harmony Gold (HAR SJ / HMY US): Strong Results, Copper Diversification, Attractive Valuation

<ul>
<li>Recent Results: Newmont delivered a strong Q1 2025 performance with record free cash flow of $1.2 billion, driven by higher gold prices and increased production from Tier 1 assets.</li>
<li>Future Plans: The company plans to ramp up Tier 1 output to ~6.7 Moz by 2028, led by projects like Ahafo North, Tanami Expansion 2, and Cadia block-cave development.</li>
<li>Valuation Upside: If current gold prices around $3,400/oz persist, Newmont’s earnings could double vs. consensus, unlocking over 50% potential upside from current share levels.</li>
</ul>


Recent Results: Newmont delivered a strong Q1 2025 performance with record free cash flow of $1.2 billion, driven by higher gold prices and increased production from Tier 1 assets.
Future Plans: The company plans to ramp up Tier 1 output to ~6.7 Moz by 2028, led by projects like Ahafo North, Tanami Expansion 2, and Cadia block-cave development.
Valuation Upside: If current gold prices around $3,400/oz persist, Newmont’s earnings could double vs. consensus, unlocking over 50% potential upside from current share levels.


Newmont Corporation (NYSE: NEM) – Strong Q1, Tier 1 Growth Ahead, Significant Upside if Gold Holds

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Newmont Corporation's recent quarterly results reveal a solid start to 2025, driven by strong operational performance and favorable market conditions, particularly the high gold prices.</li><li>The company produced 1.5 million ounces of gold and 35,000 tonnes of copper in the first quarter, aligning with annual guidance.</li><li>These figures have supported record first-quarter cash flows, with operating cash flows at $2 billion and free cash flow at $1.2 billion.</li></ul>

Newmont Corporation's recent quarterly results reveal a solid start to 2025, driven by strong operational performance and favorable market conditions, particularly the high gold prices.The company produced 1.5 million ounces of gold and 35,000 tonnes of copper in the first quarter, aligning with annual guidance.These figures have supported record first-quarter cash flows, with operating cash flows at $2 billion and free cash flow at $1.2 billion.

Newmont's $1.3 Billion Bet: Can Strategic Capital Allocation Spark a New Era of Growth?

<ul><li>Newmont Corporation's latest financial results and strategic roadmap indicate both challenges and opportunities inherent in its operations.</li><li>The company's leadership discussed its focus on integration, rationalization, and stabilization of assets following recent acquisitions and portfolio re-alignment.</li><li>In 2024, Newmont embarked on significant transformations, focusing on three core areas: integrating newly acquired assets, rationalizing its portfolio, and stabilizing its business amid dynamic gold market demands and industry challenges.</li></ul>

Newmont Corporation's latest financial results and strategic roadmap indicate both challenges and opportunities inherent in its operations.The company's leadership discussed its focus on integration, rationalization, and stabilization of assets following recent acquisitions and portfolio re-alignment.In 2024, Newmont embarked on significant transformations, focusing on three core areas: integrating newly acquired assets, rationalizing its portfolio, and stabilizing its business amid dynamic gold market demands and industry challenges.

Newmont Corporation: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

<ul><li>Greatland Gold is transitioning from a developer to a producer with the acquisition of Telfer and Haveron assets from Newmont.</li><li>In just 27 days of operation, they produced 29.9 thousand ounces of gold and 1.2 thousand tonnes of copper, exceeding expectations.</li><li>The company has a healthy balance sheet with 145 million in cash, no debt, and plans for mine life extensions at Telfer, including stage seven and eight cutbacks.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Greatland Gold is transitioning from a developer to a producer with the acquisition of Telfer and Haveron assets from Newmont.In just 27 days of operation, they produced 29.9 thousand ounces of gold and 1.2 thousand tonnes of copper, exceeding expectations.The company has a healthy balance sheet with 145 million in cash, no debt, and plans for mine life extensions at Telfer, including stage seven and eight cutbacks.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

United States

Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces gold from operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and processes copper in Indonesia.

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Newmont Mining (NEM US)

Harmony Gold (HAR SJ / HMY US): Strong Results, Copper Diversification, Attractive Valuation

Harmony Gold's strong earnings driven by gold prices, expanding into copper for diversification, with attractive valuations but risks to consider.

Rahul Jain

Newmont Corporation (NYSE: NEM) – Strong Q1, Tier 1 Growth Ahead, Significant Upside if Gold Holds

Newmont's strong Q1 performance driven by record free cash flow, plans to increase Tier 1 output by 2028, and potential for significant earnings...

Rahul Jain

Newmont's $1.3 Billion Bet: Can Strategic Capital Allocation Spark a New Era of Growth?

Newmont Corporation's recent quarterly results reveal a solid start to 2025, driven by strong operational performance and favorable market...

Baptista Research

Newmont Corporation: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Newmont Corporation's latest financial results and strategic roadmap indicate both challenges and opportunities inherent in its operations. The...

Baptista Research

Which Goldies are making real cash?

Greatland Gold transitions to producer status with acquisition of Telfer and Haveron assets, exceeding production expectations in first month and...

Money of Mine

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Harmony Gold (HAR SJ / HMY US): Strong Results, Copper Diversification, Attractive Valuation

​Harmony Gold's strong earnings driven by gold prices, expanding into copper for diversification, with attractive valuations but risks to consider.

Rahul Jain

Newmont Corporation (NYSE: NEM) – Strong Q1, Tier 1 Growth Ahead, Significant Upside if Gold Holds

​Newmont's strong Q1 performance driven by record free cash flow, plans to increase Tier 1 output by 2028, and potential for significant earnings...

Rahul Jain

Newmont's $1.3 Billion Bet: Can Strategic Capital Allocation Spark a New Era of Growth?

Newmont Corporation's recent quarterly results reveal a solid start to 2025, driven by strong operational performance and favorable market...

Baptista Research

Newmont Corporation: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Newmont Corporation's latest financial results and strategic roadmap indicate both challenges and opportunities inherent in its operations. The...

Baptista Research

Which Goldies are making real cash?

Greatland Gold transitions to producer status with acquisition of Telfer and Haveron assets, exceeding production expectations in first month and...

Money of Mine

Harmony Gold's strong earnings driven by gold prices, expanding into copper for diversification, with attractive valuations but risks to consider.

Newmont's strong Q1 performance driven by record free cash flow, plans to increase Tier 1 output by 2028, and potential for significant earnings...