Newmont Corporation ( NEM ) shares are trading higher after the company reported first-quarter FY24 results.

Revenue reached $4.023 billion, above the consensus of $3.670 billion. 

Gold production fell 4% Y/Y to 1.675 million ounces due to lower output at Tanami on planned mill shutdown and seasonal rainfall impacts and the ongoing stripping campaigns at Boddington and Akyem. 

Also Read: Newmont’s Ghana Gold Mine Sale Targets $2B, Attracts Chinese Giants

Gold Costs Applicable to Sales (CAS) stood at $1,057 per ounce, and gold All-In Sustaining Costs (AISC) came in at $1,439 per ounce. 

Adjusted EBITDA rose 23% Q/Q to $1.694 billion in the quarter. Adjusted EPS of $0.55, beating the consensus of $0.36.

Capital expenditure decreased 8% Q/Q to $850 million, and operating cash flow rose 26% from the prior quarter to $776 million.

As of March 31, 2024, Newmont ( NEM ) had cash and cash equivalents of $2.34 billion.

Dividend: The company declared a dividend per share of $0.25 for the first quarter of FY24, payable on June 27 to shareholders of record on June 4.

FY24 Outlook: The company reaffirms its outlook for gold production of around 6.9 million ounces and Gold AISC of $1,400 per ounce.

Newmont ( NEM ) expects Tanami Expansion 2 development capital spending of $1.7 billion-$1.8 billion, with commercial production expected in the second half of 2027.

The company delivered $105 million in synergies to-date related to the Newcrest transaction and is on track to deliver an expected $500 million in synergies by the end of 2025.

Also Read: Gold Miner Newmont Looks To Sell Assets, Reduce $8B Debt Load

Investors can gain exposure to the stock via IShares MSCI Global Gold Miners ETF ( RING ) and VanEck Gold Miners ETF ( GDX ) .

Price Action: NEM shares are up 11.4% at $43.01 at the last check Thursday.