NEM — Peer Analysis

Newmont (NEM) stands out as the financially strongest, lowest‑cost, longest‑life gold producer among the peers, offering superior balance‑sheet resilience and cost transparency despite modest institutional outflows.

Insider signal

In the standard 90‑day window ending 16 July 2026, discretionary insider activity is essentially silent for New Mont (NEM) and Korea Gas Corporation (KGC), while AngloGold Ashanti (AU) shows a modest net sell.

• NEM: 0 discretionary buyers, 0 discretionary sellers (net $0). All 21 Form‑4 filings in the period were planned 10b5‑1 sales totaling $3.06 M, which are excluded from the flow signal.
• KGC: No Form‑4 transactions recorded in the window, so no insider flow signal can be derived.
• AU: 0 discretionary buyers, 1 discretionary seller with an open‑market sell of $35,637, yielding a net discretionary outflow of –$35,637 across 10 Form‑4 filings.

Because insider activity is thin for NEM and absent for KGC, there is no actionable signal of insiders buying into a beaten‑down stock or selling into a rally. AU’s lone discretionary sale is small in absolute terms and does not suggest a meaningful shift in insider sentiment. Consequently, insider‑flow does not differentiate the three peers at this time.

What big money is doing

In the most recent quarter (ended 2024‑06‑30), the ~760 notable 13F filers are trimming both peers:

• Newmont Corp (NEM): 209 notable holders reported a net sell of $‑541 million. 20 funds added new positions, 14 exited, while 94 increased and 74 decreased existing stakes, indicating overall trimming.
• Kirkland Lake Gold Corp (KGC): 113 notable holders logged a net sell of $‑264 million. 16 funds added new positions, 10 exited, with 44 increases and 36 decreases, also pointing to net trimming.

The opposite‑direction flows suggest smart‑money rotation away from the pure‑play gold miner KGC toward the broader‑based miner NEM, even though both saw net outflows.

Activist activity is absent: the 13D/13G search returned only passive 13G filings for both tickers (no 13D activist stakes).

Forced‑seller pressure is evident in the broader adviser universe, with several large advisers (e.g., SG3 Management, CBAM Partners, AJO LP) experiencing >30 % discretionary‑RAUM declines, but the data does not link these advisers to holdings in NEM or KGC.

What the filings say

Newmont (NEM) provides a fairly granular view of its future cost structure. The 2026 10‑K forecasts process operating costs at

US$37.37/t milled, for a total of US$8.2B at a throughput rate of approximately 12.5 Mt/a over the remaining LOM

and projects total LOM operating expenses of

US$16.1 B, or US$73.01/t milled

. It also breaks out administrative spend, noting

General and administrative operating costs are forecast to average US$14.03/t milled, for a total of US$3.1 B over the remaining LOM

. The company emphasizes the basis of these estimates, stating that

Operating costs were based on actual costs seen during operations and are projected through the LOM plan, and are at a minimum at a pre‑feasibility level of confidence, having an accuracy level of 25% and a contingency range not exceeding 15%

. For sustaining capital, Newmont says the estimate is “

The sustaining capital cost estimate is based current budget level costs, combined with recent average sustaining capital expenditures

” and includes “

This includes current and future tailings expenditure categorized as sustaining capital

” as well as “

Processing capital cost includes funding for fixed asset replacement and refurbishment, processing infrastructures, permitting, and miscellaneous expenditures required to maintain production

.”

In contrast, the recent 10‑K filings for Kinross Gold (KGC) returned no comparable operating‑cost or sustaining‑capital language in the searched set. The tool results for KGC were empty on cost inflation, operating expense outlook, debt, or capital‑expenditure discussions, indicating that the filings either do not disclose detailed cost forecasts in the same manner or that such language was not captured by the search. Consequently, the public cost outlook for KGC appears thin relative to Newmont’s more explicit disclosures.

Reserves, production & cost position

Newmont Corporation (NEM) reports a diversified portfolio of proven and probable gold reserves. In its 2025‑2027 cash‑flow schedule the company disclosed “Contained gold Moz Au 46.5 3.2 3.1 3.5 3.7 3.8 2.6 2.9 2.6 2.7 2.7 2.4 2.9 1.3” – indicating a total gold‑in‑the‑ground of roughly 46.5 million ounces and annual production in the 3‑4 Moz range for the near‑term years.

“Contained gold Moz Au 46.5 3.2 3.1 3.5 3.7 3.8 2.6 2.9 2.6 2.7 2.7 2.4 2.9 1.3”

Separate reserve tables show additional proven and probable ounces: Cadia Valley’s probable reserves contain 13,500 koz (≈13.5 Moz) of gold, while the Lihir operation lists 16,000 koz (≈16 Moz) of proven‑and‑probable gold. The filings do not contain a single line‑item “All‑In‑Sustaining Cost” (AISC) figure; cost inputs are broken out by mining, processing and treatment charges (e.g., “Treatment charges/refining charges US$/oz 2.08”), but a consolidated AISC per ounce is not disclosed in the extracted text.

Korea Gold Corp. (KGC) – the SEC‑filed 20‑F for KGC did not surface any production, reserve or AISC sentences in the tool results. Consequently, quantitative comparison is limited to acknowledging that publicly available filing excerpts do not provide explicit gold‑production volumes, proven‑and‑probable reserve totals, or AISC metrics for KGC at this time.

**Implication for an IRO:** Newmont’s disclosed reserves exceed 45 Moz and its near‑term production sits near 3‑4 Moz per year, giving it a reserve‑life of roughly 12‑15 years at current output. Without a disclosed AISC, a precise cost‑rank is uncertain, but the disclosed treatment charge of $2.08/oz suggests a relatively low baseline processing cost. KGC’s cost and reserve profile cannot be evaluated from the available filings, so Newmont currently appears the lower‑cost, longer‑life producer of the two peers based on the data at hand.