With Newmont shares at US$116.50, many investors are asking the same question: does that price still reflect fair value, or has the stock run ahead of its fundamentals?

Newmont has seen strong share price performance, with returns of 3.3% over the last week, 6.3% over the last month, 15.1% year to date, 115.4% over the last year, 158.7% over three years and 108.7% over five years, which naturally puts the current valuation under the spotlight.

Recent coverage of Newmont has focused on its position as a major precious metals producer and the way its portfolio and scale shape investor expectations for future cash flows and capital allocation. This context helps explain why the stock has attracted fresh attention, as investors weigh up how…