To be comfortable as a Newmont shareholder, you need confidence in the sustained demand for gold and the company's ability to balance capital returns with cost control, even as production from key mines faces headwinds. The recent debt repurchase announcement supports Newmont's short-term focus on capital efficiency, but does not materially alter the biggest catalyst, higher gold prices, or address the most significant current risk: operational and cost pressures as major sites transition to lower-grade ore.