John Rubino's Substack

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Huge Gold Miner Earnings Season Begins This Week

Lots of upside surprise potential

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John Rubino
Jul 21, 2025
∙ Paid

In the first quarter of this year, Newmont, the largest gold miner, generated $1.2 billion in free cash flow. That’s a lot in this business.

Q1 financial highlights:

And it made all that money with an average gold price of $2,944/oz, which is considerably lower than the Q2 price:

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