01:24 PM EDT, 04/25/2024 (MT Newswires) -- Newmont ( NEM ) rose almost 12% on Thursday after reporting improved Q1 financial results that also exceeded analyst projections.

The miner also announced the sale of a stream credit facility and offtake agreement back to Lundin Gold, the owner of a gold and silver mine in Ecuador, for total consideration of $330 million.

Lundin will make the payment in two tranches, $180 million due at closing on June 28 and the remaining $150 million by the end of September, Newmont ( NEM ) said. It has maintained its stake the mine through equity stake in Lundin.

Newmont ( NEM ) earned $0.55 per share during the three months ended March 31, as adjusted, up from $0.40 per share during the year-ago quarter, beating the consensus of $0.37 per share polled by Capital IQ. Revenue jumped to $4.02 billion from $2.68 billion, also topping the $3.68 billion consensus.

Price: 43.57, Change: +4.97, Percent Change: +12.86