Newmont Corporation

Company Overview:  Newmont Corporation (NYSE: NEM) is a gold producer. The Company is also engaged in the production of copper, silver, lead, and zinc. It operates through five segments: North America, South America, Australia, Africa and Nevada. The North American segment consists primarily of Cripple Creek & Victor (CC&V) in the United States of America, Musselwhite, Porcupine, and Eleonore in Canada, and Penasquito in Mexico.

As per our previous “Diversified Opportunities Report” published on NEM on 04th August 2022, Kalkine provided a ‘Buy’ stance on the stock at USD 44.40 based on ‘positive free cash flow, healthy correction in the stock, the key risks associated with businesses and upside indicated based on Valuation done, and the stock price has now moved by ~11.76% since then and the price is getting closer to Resistance 1 levels but considering the volatility in commodity basket and up move In gold it is prudent to book profit

Noted below are the details of support and resistance levels provided in our previous report:

NEM’s Daily Chart

Considering the resistance, volatility in the commodities basket, current trading levels, risks associated, and volatile market conditions on the back of rising interest rates, a ‘Sell’ rating is assigned to the “NEM” at the current market price of USD 49.62 (as of 01 December 2022, at 8:40 AM PST).  

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 01st December 2022. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’