Goldman Sachs Adjusts Price Target on Newmont to $119 From $127.50

StrikePoint Gold Inc. (TSXV:SKP) (OTCQB:STKXF) acquired the Northumberland Gold Project in Nevada from Newmont Corporation (NYSE:NEM) subsidiaries for $70M upfront, with potential $50M in future payments. The project has 2.86M oz indicated and 1.57M oz inferred gold equivalent resources. StrikePoint raised C$190M via a private placement to fund the acquisition and development.

The Australian S&P/ASX 200 Index rose 0.87% to 8,784.70, driven by gains in gold miners, energy stocks, and some tech companies, despite negative cues from Wall Street. Key movers include Rio Tinto, BHP Group, Woodside Energy, Block, and Northern Star Resources. Lindian Resources fell 23% and DhroneShield surged 10% on company news.

Darden Restaurants fell 6.6% after Q1 results met earnings estimates but missed revenue expectations. MGM Resorts dropped 9% as Barry Diller withdrew a buyout offer. BlackBerry rose 2% after beating Q2 earnings and revenue estimates. Meta slipped 2% following a 12% weekly gain. Knife River gained 5% on activist investor interest. Everpure rose 6.7% on positive 2028 guidance. Gold miners declined with gold futures.

UBS raised Newmont's price target to $155 from $120, citing improved capital returns outlook and resolution of a key overhang. The bank expects significant shareholder returns and production growth per share. Newmont has outperformed the GDX gold index by less than 5% since the resolution, which UBS believes does not fully reflect the improved outlook.

Newmont Corporation (NEM) stock rose 2.8% Thursday as investors reacted to a prior day's sell-off following the Fed's 0.25% interest rate hike. Gold prices, which initially dropped to $4,333, rebounded to $4,410. The Fed's move aims to combat inflation, potentially reducing gold's appeal. Newmont trades at 15.7x earnings, with analysts forecasting 15% annual growth and a 0.9% dividend.

Newmont Goldcorp (NEM) shares rose 1.5% in pre-market trading to $123.63 as gold prices recovered toward $4,300/ounce. UBS and RBC raised their price targets to $155, citing cash returns and production growth. The company resolved a dispute with Barrick Mining and has a $6B share buyback program. The broader market also gained, supporting risk assets.