Shares of Newcrest Mining fell by up to 1.4% to A$25.59, their lowest level since May 31, as the gold mining giant announced a 10.8% decrease in its annual profit due to increased operating and finance costs.

The company also said that it expects its gold production in fiscal 2024 to be within the 2 million to 2.3 million ounces range, in comparison to the 2.1 million ounces it recorded in fiscal 2023.

Amid these developments, Newcrest Mining is currently subject to a A$26.2 billion takeover offer from Newmont Corp.

Despite the recent dip, the stock has gained 25.7% this year as of the last close, standing out against a 4.5% increase in the S&P/ASX 200 index.

Newcrest Mining is a major global gold mining company and Australia’s largest gold producer.