Shares of Newmont Corp. (NEM) barely budged in after-hours trading Thursday, which is a bit surprising when you consider the world's largest gold miner just posted quarterly numbers that beat expectations across the board. Sometimes the market yawns at good news, especially when it might have been priced in. But let's dig into what the company actually reported.

For the fourth quarter, Newmont earned $2.52 per share. That wasn't just a beat—it was a knockout, coming in 25.94% above the $2 per share that analysts were expecting. Revenue told a similar story, clocking in at $6.82 billion against a consensus estimate of $6.16 billion. That's also up nicely from the $5.65 billion it reported in the same period last year. So, the top and bottom lines are looking healthy.

Now, for the stuff that actually comes out of the ground. The company's attributable gold production increased by 2% compared to the prior quarter, reaching 1,453,000 ounces. The drivers were new, low-cost production from the Ahafo North project, higher ore grades at the Tanami and Merian mines, and more output from its non-managed joint venture in Nevada. It sold 1,378,000 ounces of gold for the quarter.

Not every metal shined as brightly. Copper production fell 17% to 29,000 tonnes, which Newmont blamed on lower grades at its Cadia and Boddington operations. Over at the Peñasquito mine, lower ore grades led to a 12% drop in lead production (to 23,000 tonnes) and a 22% drop in zinc production (to 46,000 tonnes). Silver production held steady at seven million ounces.

Here's a number that really matters: the average price Newmont actually got for its gold. It was $4,216 per ounce for the quarter. That's a jump of $677 per ounce from the prior quarter. The company breaks this down as a gross price of $4,173, plus a $48 per ounce favorable mark-to-market adjustment on sales that were provisionally priced, minus $5 per ounce for treatment and refining charges. When the price of what you're selling goes up that much, it makes everything else a little easier.

CEO Natascha Viljoen called 2025 a "milestone year" for the company. "As a result of our disciplined operational execution, we delivered a record $7.3 billion in free cash flow, generated $3.6 billion from portfolio optimization, returned $3.4 billion to shareholders, reduced debt by $3.4 billion and closed the year in a strong net cash position," Viljoen said. That's a tidy summary of a very good year: make a lot of cash, sell some assets, pay shareholders, pay down debt, and end up with more cash than debt on the books.

Despite the strong report, the stock's reaction was muted. According to market data, Newmont shares were up just 0.85% to $126.47 in extended trading Thursday.