Newmont (NYSE:NEM) posted second-quarter results that surpassed expectations on Thursday, supported by strong operational execution and higher gold prices. Shares climbed 5% during intra-day trading today.

The miner reported adjusted EPS of $1.43, ahead of the $1.14 forecast. Revenue reached $5.32 billion, outpacing the $4.84 billion estimate.

Newmont produced around 1.5 million attributable ounces of gold and achieved record free cash flow of $1.7 billion during the quarter. The average realized gold price was $3,320 per ounce, up from $2,944 in Q1.

The company reaffirmed its 2025 production outlook and ended the quarter with $6.2 billion in cash and $10.2 billion in liquidity. It also reduced debt by $372 million since the prior earnings update.