04:43 PM EST, 02/20/2025 (MT Newswires) -- Newmont ( NEM ) , the No.1 gold miner was at last look up 0.7% in after-hours trading as it reported adjusted earnings for the fourth quarter more than tripled from a year earlier and delivered a bullish outlook.

The company reported an adjusted profit, excluding most one-time items, of near US$1.6 billion, or US$1.40 per share, up from US$452 million, or US$0.46, a year earlier. It easily beat the consensus forecast of US$0.91 according to FactSet.

Revenue rose 43% to US$5.65 billion from US$3.96 billion.

Among highlights, Newmont ( NEM ) in 2024 produced 6.8-million attributable gold ounces, primarily driven by production of 5.7-million attributable gold ounces (GEOs) from Newmont's ( NEM ) Tier 1 Portfolio, as well as 1.9-million GEOs from copper, silver, lead and zinc, including 153-thousand tonnes of copper.

Separately, Newmont ( NEM ) reported gold Mineral Reserves of 134.1-million attributable ounces at the end of 2024 compared to the company's 135.9-million attributable ounces a year earlier, inclusive of assets held for divestment. Newmont ( NEM ) added its go-forward Tier 1 portfolio includes 125.5-million attributable gold ounces and significant Mineral Reserves from other metals, including more than 13.-million attributable tonnes of copper reserves and 530 million attributable ounces of silver reserves.

On 2025 guidance, attributable production for 2025 is expected to be approximately 5.9-million gold ounces, including 0.3-million gold ounces in the first quarter from the non-core assets held for sale and 5.6-million gold ounces for the Total Tier 1 Portfolio.

Also, gold all-in sustaining costs (AISC) for the Total Portfolio is expected to be US$1,630 per ounce including production from non-core assets for the first quarter of 2025; with Gold AISC from the Total Tier 1 Portfolio expected to be US$1,620 per ounce for 2025.

2025 guidance also targets sustaining capital spending of approximately US$1.8 billion in 2025 for the Total Tier 1 Portfolio; Development capital spending of approximately US$1.3 billion in 2025 for the Total Tier 1 Portfolio to progress key near-term development projects.

"2024 was a transformational year for Newmont ( NEM ), as we focused on the integration of the Newcrest portfolio, divestment of our non-core assets, and transitioning the business onto a stable operating and investment platform. We have deliberately streamlined Newmont ( NEM ) into the world's best collection of Tier 1 gold assets, with a strong foundation of operational and financial performance. Our record fourth quarter gave a glimpse into the promising potential of the business and allowed Newmont ( NEM ) to deliver record operating cash flows," said chief executive Tom Palmer.

"With the gold price predicted to remain strong and the proceeds from our divestiture program expected to materialize during the first half of 2025, we expect our balance sheet and liquidity remains robust. This year we are focused on continuing to improve the business across our safety, costs, and productivity performance. Looking to 2025 and beyond, our priorities are clear: maximize the potential of our Tier 1 portfolio, meet our commitments, return capital, and drive long-term value for our shareholders," Palmer added.

The company's shares were last seen up US$0.32 to US$48.41 after hours. They closed up $0.68, or 1%, to $68.14 on the Toronto Stock Exchange.