Shares of Newmont Mining (NEM) tumbled 6.87% in pre-market trading on Friday, extending the after-hours decline following the company's third-quarter earnings report and disappointing outlook for 2026. Despite beating analyst expectations for the quarter, investors are focusing on warnings about future production and increased capital spending.

Newmont reported adjusted earnings of $1.71 per share for Q3, surpassing the consensus estimate of $1.43. Revenue also topped expectations at $5.52 billion, compared to the projected $5.18 billion. However, the company's forward-looking statements have overshadowed these positive results. During the earnings call, Newmont executives revealed that gold production for 2026 is expected to be towards the lower end of 2025's guidance range, raising concerns about future growth prospects.

Adding to investor worries, Newmont warned that fourth-quarter free cash flow would be "adversely impacted" by rising costs related to water treatment facilities and planned severance payments. The company also anticipates increased capital spending in 2026, further pressuring future profitability. As the world's largest gold miner, Newmont's cautious outlook is seen as a potential indicator of challenges facing the broader precious metals sector, contributing to the significant pre-market decline.