Covered, but variable — gold sets the rate. A 0.96% yield on an 11.94% trailing payout is easily covered, but this is not a fixed, rising dividend: the quarterly amount moved between $0.258 and $0.265 during 2026 under Newmont's gold-price-linked framework, so the income rises and falls with the gold price. It is a real, earned payout from the world's largest gold miner — and a commodity call, not a compounding promise.
Key risk: Gold-price exposure — earnings, cash flow, and the quarterly dividend amount all move with the gold price, so a sustained gold selloff cuts the income this card pays.
Changes if: The quarterly amount steps down for two consecutive quarters, or the trailing payout pushes past 50% of earnings. Either would mean the gold tailwind has turned.
- ✓Payout-coverage check: 11.94% trailing payout ratio — covered many times over on earnings, though earnings themselves are gold-linked.
- ✓Yield check: 0.96% indicated — $0.26/qtr × 4 at the $108.87 close on Oct. 23, 2026. Real, earned yield, not a special or a return of capital.
- !Dividend growth check: No fixed rising streak: 2026 quarterly amounts ranged from $0.258 to $0.265 under a gold-price-linked framework, so the payout varies rather than compounds.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.