NEM

Newmont Corporation

research_scan theme='sovereign-fiscal-capacity'; value_chain_position='upstream-enabler'; Largest pure-play gold producer; sits on the physical-supply layer the WGC Q1 2026 sovereign-bid flow is absorbing at 1,000+ tonnes/yr annualised. Operating leverage to gold price means gold-fiscal-credibility repricing flows through to earnings on a multiple of bullion. Manuscript Essay 14 references precious-metals equities as the regime-calibrated equity tilt alongside energy and defence.