As large and established as Newmont (NEM 1.60%) is, no resource business has been exempt from 2022's macro-level problems. Along with the usual suspects, including inflation and qualified worker shortages, gold miners have faced the headwind of a frustratingly range-bound gold price.

Amid this challenging backdrop, Newmont's second-quarter results were far from perfect and this has been reflected in the share-price trajectory. Still, even as Newmont stock slides to short-term lows, there's an overarching sense that the resource behemoth refuses to slow down in any way, shape, or form.

Mining for gold ain't cheap

If gold weren't so precious, it wouldn't be worth the expense of getting it out of the ground. That's the impression investors might get after Newmont cited a number of contributing factors as to why the company's cost per ounce -- or, as Newmont calls it, costs applicable to sales (CAS) -- rose 23% year over year to $932 in 2022's second quarter. Among other issues, Newmont blamed increased labor costs and "commodity inputs," such as fuel and energy costs.

Meanwhile, if gold all-in sustaining costs (AISC) is your preferred mining metric, then this figure jumped 16% to $1,199 per ounce. But no matter how you measure it, inflation made it more expensive for Newmont to mine for gold in Q2.

Looking ahead to full-year 2022, Newmont expects CAS of $900 per ounce and AISC of $1,150 per ounce. So the company doesn't seem to anticipate it will get much more expensive to mine for gold in the near future. Still, there's no denying that inflationary pressures made it more difficult for Newmont to outperform during the second quarter, and this factor could continue to weigh on the company's results in upcoming quarters.

Producing despite the problems

Glass-half-full investors might choose to see Newmont as resilient despite the persistent overhang of inflation. Granted, it's not easy to maintain a sense of optimism, as the company's shares have lost half their value since mid-April.

If it's any consolation, Newmont still offers a 5.05% forward annual dividend yield, giving the shares an edge over simply holding gold bullion. Bear in mind, though, that Newmont's dividend yield will, to a certain extent, be predicated on gold prices -- which, of course, are variable and out of the company's control.

And while Newmont continues to produce for yield seekers, it's also busy producing gold at a surprisingly steady clip. In terms of ounces of attributable gold production, the company upped the ante from 1.45 million in Q2 2021 to 1.5 million in this year's second quarter. Also, Newmont slightly adjusted its full-year outlook from 6.2 million to 6 million ounces.

Furthermore, Newmont maintained an even keel in terms of its quarterly sales, which were nearly flat year over year in Q2 ($3.058 million this year versus $3.065 million in the year-ago period). On top of all that, it increased its cash flow from continuing operations from $993 million in Q2 2021 to $1.033 billion in 2022's second quarter. Sweetening the deal even further is Newmont's promise to use its $1 billion share repurchase program "opportunistically in 2022, with $475 million remaining."

All in all, Newmont offers a "steady gold production profile," to quote Cannacord Genuity analysts, who expect the stock to reach $60. Furthermore, the business produces decent cash flow, and management shows its respect for shareholders with a generous dividend yield and a robust share buyback program. At the current share price, then, Newmont stock is worth holding or adding to -- and if the price of gold happens to head higher, its value proposition should only shine brighter.