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Analyst
Daniel Morgan
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 14on tracked calls
- Challenge rate
- 14%2 of 14 questions
- Companies
- 1questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 14 of 14 questions from 1 company
NEMNewmont14 questions · 7 reporting periods · 2 of 14 challenging
Calendar 2026 Q2
what else is in the early stage of being considered across the portfolio in terms of projects beyond that
Show response
CEO split brownfields from greenfields and named Ahafo South underground, Ahafo North, Brucejack dozer zone and Merian.
what are your latest thoughts on Lahir as an asset? Where is the asset at?
Show response
CEO gave specifics on mining stability, fixed-asset reliability, cost and labor reduction, and access to high-grade areas.
Calendar 2026 Q1
anything in the supply chain you can identify that you might face shortages on that could impact your business outcomes
Show response
CEO gave a clear no on supply shortages while noting proactive monitoring of primary and second/third-order supply chain impacts across jurisdictions.
It continues to outperform expectations with regard to grade -- is that positive grade reconciliation
Show response
CEO confirmed the outperformance is positive grade reconciliation from PC2 rather than a pull-forward, but noted grades are expected to decrease as the current cave nears end of life.
Calendar 2025 Q4
Is there an opportunity to do a bit more on debottlenecking, brownfield expansion? Is this something that should be worthy of greater consideration?
Show response
Natascha outlined the evaluation framework: sustainable baseline first, then near-term opportunities with low capital investment that are quick to market. Constraints include tailings dam capacity and processing plant limits. Yanacocha additional pit cut cited as example.
maybe you can just cast the market's eyes to potential assets across the portfolio, which have those opportunities for debottlenecking where there's a plant that has very capital-efficient expansio...
Show response
Natascha identified Ahafo South underground, Ahafo North duplication, Lihir nearshore barrier and 14A high-grade access, Tanami post-expansion, Brucejack larger stope sizes, Cerro Negro open pit, and Cadia PC2-3/PC1-2 ramp-ups as brownfield opportunities.
Calendar 2025 Q3
Is that too conservative a view for the market to take as the midpoint for 2026 guidance?
Show response
Natascha described the 2026 indication as directional, noting impacts from Yanacocha mining end, Peñasquito grade shift, and Cadia cave transition. All on track for long-term 6M oz average.
What do you do with thinking about reserves, versus -- do you try to maintain higher margins
Show response
Natascha emphasized prioritizing highest-grade ounces through available capacity regardless of reserve price. Cost of tailings is a key bottleneck. Will share outcome in February.
Calendar 2025 Q2
can you please just expand on the Tanami shaft works? Is the risk of overbreak now behind us?
Show response
Natascha confirmed Tanami overbreak risk is behind them. Shaft equipping progressing well. Ahafo North large construction complete, commissioning started, on track for first gold pour.
why not lift guidance somewhat? Is it pitch conservatively? Or have you just brought forward ounces from half 2?
Show response
Tom attributed outperformance to positive grade reconciliations at Cadia and Peñasquito. H2 has risks: Nevada Gold Mines Q4-weighted, Yanacocha injection leaching ramp, Ahafo North commissioning. Maintaining cautious outlook.
Calendar 2025 Q1
The gold price is near record highs, higher than I think any of us anticipated. What does this mean for how you manage your business, if anything?
Show response
Tom emphasized focus on operations and margin improvement regardless of gold price. Will enjoy the benefits but not change strategy based on commodity environment.
which project might be coming to consideration, you know, to the board level or, you know, what the timeline is for the major projects
Show response
Tom confirmed Red Chris is the leading candidate once Ahafo North ramps in 2026 and development capital frees up. Feasibility study underway this year.
Calendar 2024 Q4
how much closer is your attempt to concluding what the go-forward plan is at that asset?
Show response
Tom detailed Lihir mine planning progress, new pit shell, road maintenance focus, run-of-mine stockpile decoupling, and maintenance programs. Expects return to historical levels from 2028.
I know you've increased your reserve price assumption to $1,700 an ounce. Your 2025 ounce standing cost guidance of $1,620
Show response
Tom separated reserve pricing (rigorous annual process based on trailing averages) from cost management ($1,620 must come down), acknowledged costs are not where they want them.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| NEM Newmont | 14 | 14%2 of 14 questions |
- NEMNewmont · 14 questions14%2 of 14 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 50%1 of 2 questions | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 2 | 50%1 of 2 questions | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
- 2024 Q42 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q22 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capex Investment6
- Revenue Growth4
- Innovation & R&D3
- Margin2
- Guidance Reliability2
- Macroeconomic2
- Competitive Dynamics2
- Cost Pressure2
- Capital Allocation1
- Supply Chain1
Show all 11 topics
- Demand1