AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Mining rights and reserves establish productive assets, but neither relative geological superiority nor a sustained cost advantage is established.
durability · — · Ahafo North's initial thirteen-year mine life supports asset longevity; the evidence cannot establish the duration of a competitive advantage or portfolio-wide economic reserve replacement.
customer dependency · — · Sales demonstrate demand for output, but the passages do not establish customer dependence on Newmont or switching friction.
erosion resilience · — · Operating achievements coexist with impairments, suspension and regulatory restrictions. Without an established relative advantage, resilience of that advantage cannot be graded.
Pricing power44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Realized gold prices rose from $1,954 per ounce in 2023 to $3,498 in 2025, and from $3,320 to $4,414 between the second quarters of 2025 and 2026. These are strong observed pricing outcomes, but market benchmarks and management's earnings attribution indicate commodity exposure rather than demonstrated company-specific price-setting power.
retention · 2/4 · Indirect operating evidence shows continuing demand: annual gold ounces sold closely tracked production throughout 2023–2025 and substantial sales continued in 2026. This supports marketability, but identifies neither repeat customers nor loyalty, renewals or switching costs.
margin resilience · 2/4 · Cash generation remained strong despite disruptions, but gold AISC rose from $1,444 in 2023 to $1,609 in 2025, and higher metal prices supported earnings. Resilience through a weaker commodity-price environment is unproven.
contractual freedom · 1/4 · Disclosed provisional settlement pricing uses external metal benchmarks, limiting evidence of unilateral price discretion. Ghana's blocked shipment demonstrates a realized constraint on selling access; possible compulsory local sales remain contingent. Complete contract terms are unavailable.
Predictability62
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 24.48
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 10.68
Financial strength100
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 100.00
- netDebtEbitGrade
- 100.00
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 100.00
- Debt / FCF (x)
- 0.70
- Net debt / operating income (x)
- -0.23
- Current ratio (x)
- 2.29
- cashInterestPaid
- 233.00
- cashInterestCoverage
- 44.35
Capital allocation38
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 13.32
- 3-year average dilution (%)
- 12.90
- 3-year average SBC / revenue (%)
- 0.53
- cashConversionGrade
- 0.00
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · Actual results support strong recent discipline: debt carrying value fell from $8.476 billion to $5.115 billion during 2025. First-half 2026 operating cash of $6.709 billion covered $1.360 billion of mine investment, $3.462 billion of repurchases and $559 million of common dividends while cash increased. Share retirements exceeded award issuance. Impairment limits confidence in historical project allocation, and repurchase value creation is not established.
incentive alignment · 3/4 · Disclosed long-term incentives use relative TSR, ROCE and sustainability measures, three-year performance vesting and a target-level payout cap when TSR is negative. These are substantive alignment mechanisms; ownership levels and realized incentive outcomes are absent. Proposed 2026 changes are excluded.
execution · 2/4 · Reported achievements include meeting 2025 guidance, completing portfolio rationalization and bringing Ahafo North into commercial production. Operating outcomes also include Cadia's suspension, Yanacocha impairment and an early-2026 project fatality after zero fatalities in 2025. Execution is assessed from these operating outcomes, with mixed evidence and incomplete management attribution.
governance · 3/4 · All four core committees are independent, and independent director executive sessions actually occurred at every regularly scheduled 2025 board meeting. These support strong oversight practices, without proving exceptional effectiveness. Litigation allegations create unresolved concerns but are not treated as findings.
Evidence
In many countries, however, we conduct our mining and exploration activities pursuant to land-related licenses which include leases, concessions, claims, or prospecting licenses granted by the host government.
Business / land-related licenses and concessions · Filed 19/02/2026
} Achieved stable gold production of approximately 5.7 million ounces(1), delivering on full year guidance and improved cost guidance } Reported Net Income of $7.2 billion, Adjusted Net Income(2) of $7.6 billion or $6.89 per diluted share, reflecting all time high fourth quarter and full year adjusted net income per share results } Generated $10.3 billion of cash from operating activities, net of working capital impacts of $210 million: and $7.3 billion of Free Cash Flow, reflecting all time high fourth quarter and annual free cash flow records(2) } Returned $3.4 billion to stockholders through quarterly common dividends and ongoing share repurchases } Reduced debt by $3.4 billion and ended 2025 with a net cash position of approximately $2 billion(2) } Completed portfolio rationalization, generating $4.5 billion(3) in total after tax proceeds as of February 2026 } Declared total attributable gold reserves of 118.2 million ounces, with additional reserves including 12.5 million tonnes of copper reserves and 442 million ounces of silver reserves } Declared commercial production at Ahafo North in Ghana in October 2025, adding new gold production over an initial thirteen-year mine life } Executed a cost reduction program, expected to reduce general and administrative expenses by approximately 21%(4), contributing to margin improvement } Fully implemented Always Safe across the organization, reinforcing a strong safety culture (1) Total Attributable Production for the Newmont core portfolio only.
Compensation Discussion and Analysis / 2025 operating and capital achievements, reserves and Ahafo North · Filed 26/03/2026
Our costs are driven by the location, grade and nature of our ore bodies, and the level of input costs, including energy, labor, and equipment.
Business / geological and input-cost drivers · Filed 19/02/2026
2 Table of Contents NEWMONT CORPORATION RESULTS AND HIGHLIGHTS (unaudited, dollars in millions, except per share, per ounce, per pound, and per tonne) Year Ended December 31, 2025 2024 2023 Operating Results: Consolidated gold ounces (thousands): Produced 5,530 6,545 5,401 Sold 5,519 6,539 5,420 Attributable gold ounces (thousands): Attributable to Newmont 5,471 6,476 5,321 Pueblo Viejo (40%) 253 235 224 Fruta del Norte (1) 165 138 — Produced 5,889 6,849 5,545 Sold (2) 5,459 6,471 5,340 Consolidated and attributable gold equivalent ounces - other metals (thousands): Produced 1,409 1,944 891 Sold 1,425 1,916 896 Consolidated and attributable - other metals: Produced copper: Pounds (millions) 296 338 145 Tonnes (thousands) 135 153 65 Sold copper: Pounds (millions) 294 332 155 Tonnes (thousands) 134 150 71 Produced silver (million ounces) 28 33 18 Sold silver (million ounces) 28 33 17 Produced lead: Pounds (millions) 216 212 113 Tonnes (thousands) 98 96 51 Sold lead: Pounds (millions) 209 213 107 Tonnes (thousands) 95 97 49 Produced zinc: Pounds (millions) 509 569 230 Tonnes (thousands) 231 258 104 Sold zinc: Pounds (millions) 542 545 222 Tonnes (thousands) 246 247 101 Average realized price: Gold (per ounce) $ 3,498 $ 2,408 $ 1,954 Copper (per pound) $ 4.89 $ 4.00 $ 3.71 Copper (per tonne) $ 10,787 $ 8,831 $ 8,158 Silver (per ounce) $ 38.92 $ 24.13 $ 19.97 Lead (per pound) $ 0.87 $ 0.91 $ 0.90 Lead (per tonne) $ 1,927 $ 2,016 $ 1,976 Zinc (per pound) $ 1.23 $ 1.14 $ 0.96 Zinc (per tonne) $ 2,705 $ 2,520 $ 2,116 3 Table of Contents NEWMONT CORPORATION RESULTS AND HIGHLIGHTS (unaudited, dollars in millions, except per share, per ounce, per pound, and per tonne) Year Ended December 31, 2025 2024 2023 Operating Results (continued): Consolidated costs applicable to sales: (3)(4) Gold (per ounce) $ 1,199 $ 1,126 $ 1,050 Gold equivalent ounces - other metals (per ounce) $ 1,032 $ 834 $ 1,127 Copper (per tonne) $ 4,476 $ 4,625 $ 5,081 Silver (per ounce) $ 12 $ 11 $ 18 Lead (per tonne) $ 1,226 $ 1,201 $ 2,018 Zinc (per tonne) $ 1,723 $ 1,729 $ 2,507 All-in sustaining costs: (5) Gold (per ounce) $ 1,609 $ 1,516 $ 1,444 Gold equivalent ounces - other metals (per ounce) $ 1,392 $ 1,161 $ 1,579 Copper (per tonne) $ 6,423 $ 6,638 $ 6,931 Silver (per ounce) $ 15 $ 14 $ 24 Lead (per tonne) $ 1,456 $ 1,467 $ 2,579 Zinc (per tonne) $ 2,156 $ 2,350 $ 3,622 ____________________________ (1)The Fruta del Norte mine is wholly owned by Lundin Gold Inc., in which the Company holds a 32% interest and is accounted for as an equity method investment on a quarter lag.
Results and Highlights / 2023–2025 production, sales, realized prices and unit costs · Filed 19/02/2026
Description At December 31, 2025 Valuation Technique Significant Input Range, Point Estimate or Average Weighted Average Discount Rate Long-lived assets $ 78 Market-based approach Various (1) Various (1) Derivative assets: Hedging instruments $ 162 Income approach Forward power prices A$37 - A$703 7.00% Contingent consideration assets $ 40 Income approach Forward gold prices $4,254 —% ____________________________ (1)Comprised of the nonrecurring impairment charge incurred on the Yanacocha Sulfides project equipment for the year ended December 31, 2025.
Note 10 / Yanacocha Sulfides equipment impairment · Filed 23/07/2026
Results for the current quarter were also affected by certain notable items impacting comparability to the prior-year quarter, including the contribution from Ahafo North following its achievement of commercial production in the fourth quarter of 2025 and designation as a reportable segment, completion of our divestment program in 2025, and the temporary suspension of operations at Cadia following seismic activity recorded near the operation on April 14, 2026.
Second Quarter 2026 Highlights / Ahafo North, completed divestments and Cadia suspension · Filed 23/07/2026
In July 2026, a shipment of doré produced from our Ghana operations was prevented from leaving Ghana pending engagement with relevant regulatory authorities.
Risk Factors / July 2026 Ghana shipment restriction · Filed 23/07/2026
These include a recently adopted sliding-scale mineral royalty framework under which royalty rates will increase from the historical 5% rate to as high as 12%, depending on prevailing gold prices, and proposed amendments to Ghana's Minerals and Mining Act that would shorten the duration of new mining leases and lease renewals, modify exploration licensing requirements, require direct community development agreements with host communities, enhance local participation requirements, create additional local oversight mechanisms in the licensing process, and potentially reduce or eliminate certain fiscal stability protections available to mining companies.
Risk Factors / adopted Ghana royalty framework and proposed mining-law amendments · Filed 23/07/2026
On January 26, 2026, we informed Barrick and the NGM Board of Managers that we had identified evidence of mismanagement at NGM, including diversion of resources from NGM to the benefit of Barrick’s wholly-owned property Fourmile and Barrick, and that we were exercising our contractual inspection and audit rights.
Risk Factors / Newmont's January 2026 NGM allegations and inspection rights · Filed 19/02/2026
If our reserve estimations are required to be revised due to significantly lower gold, copper, silver, lead, zinc, and molybdenum prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in material write-downs of our investment in mining properties, goodwill and increased amortization, reclamation and closure charges.
Risk Factors / reserve sensitivity and potential write-downs · Filed 19/02/2026
36 Table of Contents Three Months Ended June 30, Increase (Decrease) Six Months Ended June 30, Increase (Decrease) 2026 2025 2026 2025 Gold $ 5,276 $ 4,582 $ 694 $ 11,312 $ 8,827 $ 2,485 Copper 319 360 (41) 697 714 (17) Silver 344 191 153 1,002 379 623 Lead 32 43 (11) 84 85 (1) Zinc 147 141 6 330 322 8 $ 6,118 $ 5,317 $ 801 $ 13,425 $ 10,327 $ 3,098 Three Months Ended June 30, 2026 Gold Copper Silver Lead Zinc (ounces) (pounds) (ounces) (pounds) (pounds) Consolidated sales: Gross before provisional pricing and streaming impact $ 5,340 $ 282 $ 363 $ 31 $ 142 Provisional pricing mark-to-market (61) 35 (33) — 9 Silver streaming amortization — — 19 — — Gross after provisional pricing and streaming impact 5,279 317 349 31 151 Treatment and refining charges (3) 2 (5) 1 (4) Net $ 5,276 $ 319 $ 344 $ 32 $ 147 Consolidated ounces/pounds sold (1)(2) 1,195 46 6 36 89 Average realized price (per ounce/pound): (3) Gross before provisional pricing and streaming impact $ 4,468 $ 6.04 $ 56.18 $ 0.88 $ 1.59 Provisional pricing mark-to-market (51) 0.74 (5.00) — 0.10 Silver streaming amortization — — 2.90 — — Gross after provisional pricing and streaming impact 4,417 6.78 54.08 0.88 1.69 Treatment and refining charges (3) 0.04 (0.59) — (0.05) Net $ 4,414 $ 6.82 $ 53.49 $ 0.88 $ 1.64 ____________________________ (1)Amounts reported in millions except gold ounces, which are reported in thousands.
MD&A / second-quarter 2026 sales and realized prices · Filed 23/07/2026
Three Months Ended June 30, 2025 Gold Copper Silver Lead Zinc (ounces) (pounds) (ounces) (pounds) (pounds) Consolidated sales: Gross before provisional pricing and streaming impact $ 4,556 $ 356 $ 171 $ 39 $ 148 Provisional pricing mark-to-market 34 4 5 5 (6) Silver streaming amortization — — 20 — — Gross after provisional pricing and streaming impact 4,590 360 196 44 142 Treatment and refining charges (8) — (5) (1) (1) Net $ 4,582 $ 360 $ 191 $ 43 $ 141 Consolidated ounces/pounds sold (1)(2) 1,380 83 7 50 124 Average realized price (per ounce/pound): (3) Gross before provisional pricing and streaming impact $ 3,301 $ 4.31 $ 26.50 $ 0.79 $ 1.19 Provisional pricing mark-to-market 25 0.06 0.76 0.10 (0.05) Silver streaming amortization — — 3.04 — — Gross after provisional pricing and streaming impact 3,326 4.37 30.30 0.89 1.14 Treatment and refining charges (6) — (0.80) (0.01) (0.01) Net $ 3,320 $ 4.37 $ 29.50 $ 0.88 $ 1.13 ____________________________ (1)Amounts reported in millions except gold ounces, which are reported in thousands.
MD&A / second-quarter 2025 comparative sales and realized prices · Filed 23/07/2026
64 Table of Contents (2)The closing settlement price as of June 30, 2026 is determined utilizing the London Metal Exchange for copper, lead, and zinc and the London Bullion Market Association for gold and silver.
Market Risk / metal-market settlement benchmarks · Filed 23/07/2026
4 Table of Contents Second Quarter 2026 Highlights (dollars in millions, except per share, per ounce, per pound, and per tonne amounts, unless otherwise noted) •Net income: Reported Net income (loss) attributable to Newmont stockholders of $2,202 or $2.06 per diluted share, an increase of $141 from the prior-year quarter primarily due to a net increase in Sales, largely reflecting higher average realized gold prices partially offset by lower sales volumes; partially offset by unrealized losses on marketable equity securities recognized in 2026, compared to unrealized gains in 2025, recognized within Other income (loss), net.
Second Quarter 2026 Highlights / earnings growth attribution · Filed 23/07/2026
8 Table of Contents NEWMONT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, dollars in millions) Six Months Ended June 30, 2026 2025 Operating activities: Net income (loss) $ 5,579 $ 3,977 Non-cash adjustments: Depreciation and amortization 1,236 1,213 (Gain) loss on sale of assets held for sale (5) (975) Reclamation and remediation 149 166 Deferred income taxes (146) 342 Change in fair value of investments and options 24 (442) Other non-cash adjustments 164 119 Change in operating assets and liabilities: Trade and other receivables 531 443 Inventories, stockpiles and ore on leach pads (283) (236) Other assets 16 (98) Accounts payable 102 (99) Reclamation and remediation liabilities (458) (280) Accrued tax liabilities (1) 84 354 Other accrued liabilities (284) (69) Net cash provided by (used in) operating activities 6,709 4,415 Investing activities: Additions to property, plant and mine development (1,360) (1,500) Proceeds from sales of investments 257 374 Proceeds from sales of mining operations and other assets, net 100 2,675 Contributions to equity method investees (57) (48) Return of investment from equity method investees 42 44 Other (15) (128) Net cash provided by (used in) investing activities (1,033) 1,417 Financing activities: Repurchases of common stock (3,462) (1,359) Dividends paid to common stockholders (559) (561) Distributions to noncontrolling interests (189) (100) Funding from noncontrolling interests 68 70 Payments on lease and other financing obligations (53) (46) Repayment of debt (39) (1,383) Other (67) (28) Net cash provided by (used in) financing activities (4,301) (3,407) Effect of exchange rate changes on cash, cash equivalents and restricted cash (16) 5 Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale 1,359 2,430 Change in cash and restricted cash reclassified to assets held for sale — 138 Net change in cash, cash equivalents and restricted cash 1,359 2,568 Cash, cash equivalents and restricted cash at beginning of period 7,684 3,650 Cash, cash equivalents and restricted cash at end of period $ 9,043 $ 6,218 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 9,009 $ 6,185 Restricted cash included in other current assets 1 2 Restricted cash included in other non-current assets 33 31 Total cash, cash equivalents and restricted cash $ 9,043 $ 6,218 ____________________________ (1)Includes $2,349 and $1,113 of cash payments for income and mining taxes, net of refunds, for the six months ended June 30, 2026 and 2025, respectively.
Condensed Consolidated Statements of Cash Flows / first-half 2026 spending, distributions and cash generation · Filed 23/07/2026
The outstanding carrying value was $5,115 and $8,476 at December 31, 2025 and December 31, 2024, respectively.
Financial statement notes / 2024–2025 debt carrying values · Filed 19/02/2026
Achievement measured on relative TSR, ROCE, and sustainability performance
Executive Compensation and Benefits / long-term performance measures · Filed 26/03/2026
Total payout, including for each program metric, capped at 100% if TSR is negative during the period, with target payout for rTSR set at the 55th percentile
Executive Compensation and Benefits / negative-TSR payout cap · Filed 26/03/2026
Vests at end of three-year performance period based on Company’s performance against the metrics included in the program
Executive Compensation and Benefits / three-year performance vesting · Filed 26/03/2026
While Newmont achieved zero fatalities in 2025 as a result of the dedication and vigilance of every team member across our global operations, we tragically lost a colleague at our Tanami Expansion 2 project in Australia in early 2026.
Our People / zero fatalities in 2025 and Tanami project fatality in early 2026 · Filed 26/03/2026
Independent director executive sessions were held at each regularly scheduled meeting in 2025.
Corporate Governance / independent executive sessions held in 2025 · Filed 26/03/2026
All members of these four Committees are independent, as defined in the listing standards of the New York Stock Exchange and Newmont’s Corporate Governance Guidelines.
Corporate Governance / independence of four core board committees · Filed 26/03/2026
The complaints allege, among other things, that: the defendants made a series of materially false and misleading statements and/or omissions beginning on February 22, 2024 regarding the Company's operations, production, and costs; the Company lacked adequate internal controls and oversight over risk management; the defendants made materially false and misleading statements in the Company’s 2024 proxy statement, and there were improper share repurchases by the Company and stock sales by the Company’s Chief Executive Officer during the period February 22, 2024 to October 23, 2024; and assert claims under federal securities law (other than in the Chin case) and Delaware state law.
Commitments and Contingencies / shareholder litigation allegations · Filed 23/07/2026
A secondary review is completed assessing practices in comparison to our International Mining Peer Group (comprised of Agnico Eagle Mines Limited, Anglo American plc, AngloGold Ashanti plc, Barrick Gold Corporation, BHP Group Limited, Freeport-McMoRan Inc., Kinross Gold Corporation, and Rio Tinto Group).
Director Compensation / International Mining Peer Group · Filed 26/03/2026
Some of the highlights include: 2025 2026(1) Annual Incentive Program } Maintained six metrics in 2025, including a new metric focusing on our culture, while preserving 70% weighting for financial metrics and 30% weighting for sustainability metrics } Revised safety metrics to include leading and lagging performance indicators } Removed Newcrest Synergy metric as operations were integrated } Added a leading indicator safety metric focused on timely closure of critical safety actions } Financial and sustainability weightings maintained at 70% and 30%, respectively } To align with prevailing market practice, the threshold payout for each metric was increased from 20% to 35% Long-term Incentive Program } Increased weighting of ROCE for PSUs to 30% } Reduced the relative TSR threshold payout to 40% in response to stockholder feedback that the prior level was elevated relative to market practice Other Elements } Expanded Clawback provisions to include recovery of cash payments (e.g., signing bonus) and time-based equity awards, as well as recovery for unethical and misconduct-related behavior } Revised Compensation Peer Group to reflect Newmont’s footprint following the acquisition of Newcrest and divestment of six non-core assets } All executive officers are now subject to the two-times-annual-pay severance cap under the Executive Change of Control Plan (1) Reflects the proposed 2026 incentive program design, which remains subject to final review and approval by the LDCC.
Compensation Discussion and Analysis / 2025 changes and explicitly proposed 2026 design · Filed 26/03/2026
9 Table of Contents NEWMONT CORPORATION CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited, dollars in millions except per share) Common Stock Treasury Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings (Accumulated Deficit) Noncontrolling Interests Total Equity Shares Amount Shares Amount Balance at December 31, 2025 1,096 $ 1,753 (7) $ (301) $ 28,847 $ 137 $ 3,431 $ 175 $ 34,042 Net income (loss) — — — — — — 3,262 66 3,328 Other comprehensive income (loss) — — — — — 19 — — 19 Dividends declared (1) — — — — — — (281) — (281) Distributions declared to noncontrolling interests — — — — — — — (105) (105) Cash calls requested from noncontrolling interests — — — — — — — 36 36 Repurchase and retirement of common stock (17) (28) — — (446) — (1,440) — (1,914) Withholding of employee taxes related to stock-based compensation — — — (45) — — — — (45) Stock-based awards and related share issuances 1 2 — — 16 — — — 18 Balance at March 31, 2026 1,080 1,727 (7) (346) 28,417 156 4,972 172 35,098 Net income (loss) — — — — — — 2,202 49 2,251 Other comprehensive income (loss) — — — — — (42) — — (42) Dividends declared (1) — — — — — — (277) — (277) Distributions declared to noncontrolling interests — — — — — — — (84) (84) Cash calls requested from noncontrolling interests — — — — — — — 34 34 Repurchase and retirement of common stock (2) (14) (23) — — (379) — (1,181) — (1,583) Withholding of employee taxes related to stock-based compensation — — — (2) — — — — (2) Stock-based awards and related share issuances — — — — 19 — — — 19 Balance at June 30, 2026 1,066 $ 1,704 (7) $ (348) $ 28,057 $ 114 $ 5,716 $ 171 $ 35,414 ____________________________ (1)Cash dividends paid per common share were $0.26 and $0.52 for the three and six months ended June 30, 2026, respectively.
Condensed Consolidated Statement of Changes in Equity / repurchases, retirements and award issuance · Filed 23/07/2026
While GoldBod is principally focused on artisanal and small-scale mining production, evolving regulations, administrative requirements, export controls, foreign exchange rules, local banking requirements and other regulatory actions may affect gold sales (including requirements to sell up to 30% of gold production from our operations in Ghana to the GoldBod in exchange for Ghanaian cedis), exports, transportation logistics, working capital requirements and the timing of revenue recognition.
Risk Factors / potential Ghana sales, currency and export requirements · Filed 23/07/2026
