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Newmont

NYSE: NEM · USD

Newmont (NEM) Economic Moat Analysis—

Competitive advantages, dated evidence and erosion risks.

Analysis needs refresh

Uncertain economic moat

Newmont's operating mines, mineral rights and completed projects establish productive assets, but the passages do not demonstrate a durable resource or cost advantage over other producers. Higher realized metal prices supported substantial cash generation, while the latest quarter also demonstrates exposure to falling prices and rising unit costs. The August 2026 NGM agreement addresses the earlier dispute, but its anticipated governance and operating benefits remain unproven.

Intangible assets

Government-granted mineral rights and developed deposits provide current access to production. Their scarcity could support an advantage, but the catalog does not establish superior resource economics or protection from competing supply.

Durability
Ahafo North entered commercial production with an initial thirteen-year mine life disclosed by the issuer. Portfolio-wide economic durability remains uncertain because reserves depend on prices, recovery, costs and continued legal access.
Competitors
Comparison not established
Erosion risks
Political intervention, higher royalties, reserve revisions and impairment can reduce the value of mineral rights. Ghana experienced an actual shipment restriction; proposed lease changes remain prospective.
What would invalidate the thesis
The resource-advantage hypothesis would fail if material reserves became uneconomic, important rights could not be renewed, or recurring restrictions prevented profitable production and sale. Sustained superior resource economics versus comparable producers would be needed to establish the hypothesis positively.
Evidence (2) · Counterevidence (4)

Cost advantage

Merian and Cerro Negro demonstrated local production and unit-cost improvements. These are current operating achievements, but neither a company-wide cost advantage nor superiority over competing producers is established.

Durability
Unproven: improvements partly reflect grade, volumes, inventory movements and by-product credits. Consolidated gold unit costs increased across the annual history and again in the latest quarter.
Competitors
Comparison not established
Erosion risks
Ore sequencing, sustaining capital, royalties, energy costs and interruptions can reverse local gains. Co-product allocation changes and nonstandard AISC definitions limit comparisons.
What would invalidate the thesis
A durable cost-advantage hypothesis would fail if gains disappeared after normalizing grade, inventory and by-product effects, or comparable producers consistently achieved lower full-cycle costs. Sustained comparable operating evidence is currently missing.
Evidence (4) · Counterevidence (4)

Changes since the previous analysis

  • Retain the uncertain moat verdict and null moat grades: current evidence still does not establish a durable comparative advantage.
  • Incorporate the August 13, 2026 NGM agreement. The announced resolution supersedes treating the earlier dispute as simply ongoing; enhanced governance benefits and the contemplated $1.95 billion consideration are not demonstrated operating returns or completed cash expenditure.
  • Include the sequential gold-price decline from $4,900 to $4,414 per ounce and increased quarterly unit costs. Realized_pricing remains 3 for strong broader observed realizations, with explicit recent erosion.
  • Retain the other previously assessed numerical grades after re-examining current catalog evidence. Add Cadia's reported recovery and Red Chris approvals to the mixed execution assessment.

Evidence limitations

  • All supplied evidence is issuer-originated. Operating and contractual disclosures support assessments, while descriptions of world-class assets, leadership and expected benefits remain issuer claims.
  • Comparative producer costs, reserve quality, replacement economics and full-cycle returns are missing. This is insufficient evidence of moat strength, rather than demonstrated low entry barriers.
  • The catalog names mining companies in joint ventures and a compensation peer group, but does not establish head-to-head competitive performance. Compensation peers in e36 are not treated as proven product-market competitors; the advantages' competitor arrays remain empty.
  • Customer identities, renewals and switching behavior are absent. Retention is assessed indirectly from repeated production and sales.
  • Actual incentive design is disclosed, but executive ownership amounts and sufficient performance-award payout evidence are missing. Proposed 2026 design changes are not assumed adopted.
  • Source dates retain their supplied dateKind of filed. Financial periods and event dates are distinguished from filing dates; no retrieval date is treated as publication.
  • The latest financial operating period supplied ends June 30, 2026. The later NGM announcement does not establish subsequent financial outcomes.

Financial indicators to test against the thesis

Calculated from annual filings. Missing data remains unavailable. Detailed financial charts remain in the other topics.

Financial indicators to test against the thesis
PeriodGross marginOperating marginROICFCF margin
202155.5%10.3%0.0%21.5%
202245.7%1.7%—9.1%
202343.3%-14.4%—0.8%
202452.0%24.2%9.0%15.8%
202564.3%48.4%19.6%32.2%

Pricing power—

Insufficient verified evidence to assign a score.

Management—

Insufficient verified evidence to assign a score.

Sources and methodology

Analysis needs refresh · Updated 19/10/2026 · Version 9

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. 3/6 · 23/10/2026

Moat—

Awaiting a sourced assessment under the current scoring policy and financial basis.

Pricing power—

Awaiting a sourced assessment under the current scoring policy and financial basis.

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

Management—

Awaiting a sourced assessment under the current scoring policy and financial basis.

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 / 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 · Filed 26/03/2026

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 · Filed 19/02/2026

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 / Ghana adopted royalty framework and proposed legal changes · 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

This increase was partially offset by the increase in Income and mining tax benefit (expense) and Impairment charges, primarily at Yanacocha.

2025 Highlights / Impairments primarily at Yanacocha · Filed 19/02/2026

Merian, Suriname. Gold production increased 40% primarily due to higher ore grade milled.

Results of Consolidated Operations / Merian production · Filed 23/07/2026

Costs applicable to sales per gold ounce decreased 22% primarily due to higher gold ounces sold and a buildup of stockpile inventory compared to a drawdown in the prior year, partially offset by higher government royalties, higher energy costs and higher materials costs.

Results of Consolidated Operations / Merian unit costs · Filed 23/07/2026

Cerro Negro, Argentina. Gold production increased 17% primarily due to higher mill throughput, partially offset by lower ore grade milled.

Results of Consolidated Operations / Cerro Negro production · Filed 23/07/2026

Costs applicable to sales per gold ounce decreased 26% primarily due to higher by-product credits and higher gold ounces sold, partially offset by a drawdown of stockpile inventory compared to a buildup in the prior year, higher government royalties, higher labor costs, and higher contracted services costs.

Results of Consolidated Operations / Cerro Negro unit costs · Filed 23/07/2026

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

NEWMONT SECOND QUARTER 2026 RESULTS | NEWS RELEASE 2 Summary of Results 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 YTD Average realized gold price ($/oz) $ 2,944 $ 3,320 $ 3,539 $ 4,216 $ 3,498 $ 4,900 $ 4,414 $ 4,661 Attributable gold production (Moz) (1) 1.54 1.48 1.42 1.45 5.89 1.30 1.29 2.59 Total CAS ($M) (2) $ 2,106 $ 2,001 $ 1,951 $ 2,027 $ 8,085 $ 1,937 $ 2,088 $ 4,025 Gold By-Product CAS ($/oz) (2)(3) $ 930 $ 917 $ 831 $ 738 $ 855 $ 541 $ 1,043 $ 788 Gold Co-Product CAS ($/oz) (2)(3) $ 1,227 $ 1,215 $ 1,185 $ 1,166 $ 1,199 $ 1,307 $ 1,463 $ 1,384 Gold By-Product AISC ($/oz) (3) $ 1,447 $ 1,375 $ 1,303 $ 1,302 $ 1,358 $ 1,029 $ 1,621 $ 1,321 Gold Co-Product AISC ($/oz) (3) $ 1,651 $ 1,593 $ 1,566 $ 1,620 $ 1,609 $ 1,709 $ 1,938 $ 1,822 Net income (loss) attributable to Newmont stockholders ($M) $ 1,891 $ 2,061 $ 1,832 $ 1,301 $ 7,085 $ 3,262 $ 2,202 $ 5,464 Net income (loss) attributable to Newmont stockholders per share ($/diluted share) $ 1.68 $ 1.85 $ 1.67 $ 1.19 $ 6.39 $ 3.00 3,560 $ 10,544 $ 3,987 $ 3,014 $ 7,001 Net cash from operating activities ($M) $ 2,031 $ 2,384 $ 2,298 $ 3,621 $ 10,334 $ 3,785 $ 2,924 $ 6,709 Capital expenditures ($M) (6) $ 826 $ 674 $ 727 $ 808 $ 3,035 $ 641 $ 719 $ 1,360 Free cash flow ($M) (7) $ 1,205 $ 1,710 $ 1,571 $ 2,813 $ 7,299 $ 3,144 $ 2,205 $ 5,349 Second Quarter 2026 Production and Financial Summary

Summary of Results / Quarterly prices, costs, earnings and cash generation · Filed 23/07/2026

Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in IFRS, or by reflecting the benefit from selling non-gold metals as a reduction to AISC.

Non-GAAP Financial Measures / Cross-company AISC comparability · Filed 19/02/2026

The update to GEO pricing will have an impact on the calculated gold equivalent ounces and will result in an impact to costs allocated to the respective GEOs, particularly resulting in higher costs allocated to gold.

Results of Consolidated Operations / GEO allocation change · Filed 23/04/2026

1 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 Financial Results: Sales $ 22,669 $ 18,682 $ 11,812 Gold $ 19,304 $ 15,746 $ 10,593 Copper $ 1,438 $ 1,327 $ 575 Silver $ 1,080 $ 792 $ 335 Lead $ 183 $ 195 $ 96 Zinc $ 664 $ 622 $ 213 Costs applicable to sales (1) $ 8,085 $ 8,963 $ 6,699 Gold $ 6,615 $ 7,364 $ 5,689 Copper $ 597 $ 696 $ 359 Silver $ 334 $ 360 $ 300 Lead $ 116 $ 116 $ 98 Zinc $ 423 $ 427 $ 253 Net income (loss) from continuing operations $ 7,167 $ 3,313 $ (2,494) Net income (loss) $ 7,167 $ 3,381 $ (2,467) Net income (loss) from continuing operations attributable to Newmont stockholders $ 7,085 $ 3,280 $ (2,521) Per common share, diluted: Net income (loss) from continuing operations attributable to Newmont stockholders $ 6.39 $ 2.86 $ (3.00) Net income (loss) attributable to Newmont stockholders $ 6.39 $ 2.92 $ (2.97) Adjusted net income (loss) (2) $ 7,634 $ 3,991 $ 1,324 Adjusted net income (loss) per share, diluted (2) $ 6.89 $ 3.48 $ 1.57 Earnings before interest, taxes and depreciation and amortization (2) $ 14,092 $ 7,528 $ 320 Adjusted earnings before interest, taxes and depreciation and amortization (2) $ 13,480 $ 8,675 $ 4,215 Net cash provided by (used in) operating activities of continuing operations $ 10,334 $ 6,318 $ 2,754 Free cash flow (2) $ 7,299 $ 2,916 $ 88 Regular cash dividends paid per common share $ 1.00 $ 1.00 $ 1.60 Regular cash dividends declared per common share $ 1.01 $ 1.00 $ 1.45 ____________________________ (1)Excludes Depreciation and amortization and Reclamation and remediation.

Results and Highlights / 2023–2025 financial results · Filed 19/02/2026

The Company’s trade receivables from provisional concentrate sales, which contain an embedded derivative and are subject to final pricing, are valued using quoted market prices based on forward curves for the particular metal.

Fair Value Accounting / Provisional concentrate receivable pricing · Filed 19/02/2026

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 settlement benchmarks · 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 · Filed 23/07/2026

The outstanding carrying value was $5,115 and $8,476 at December 31, 2025 and December 31, 2024, respectively.

Fair Value Accounting / Debt carrying values · Filed 19/02/2026

NEO performance is based 100% on Company annual performance 3-year PSU Program (67%) Motivate employees and reward superior performance over a long-term (three-year) period

Executive Compensation and Benefits Programs / Annual performance and PSU design · Filed 26/03/2026

Achievement measured on relative TSR, ROCE, and sustainability performance

Executive Compensation and Benefits Programs / PSU 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 Programs / 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 Programs / 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 / 2025 safety outcome and early 2026 fatality · Filed 26/03/2026

As of December 31, 2025, the Board of Directors was comprised of 12 directors (11 independent non-executive directors and one executive director) with more than 55% of the independent directors with a form of ethnic or gender diversity to the Board of Directors, with 36% female representation among independent directors.

Governance / Board independence at December 31, 2025 · Filed 19/02/2026

Independent director executive sessions were held at each regularly scheduled meeting in 2025.

Corporate Governance / Independent director 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 / Committee independence · 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 / Derivative litigation allegations · Filed 23/07/2026

The agreement includes enhanced governance provisions under a modernized joint venture agreement and provides for consideration of $1.95 billion from

NGM agreement announcement / Governance provisions and consideration · Filed 13/08/2026

Newmont to Barrick to reflect the contribution of excluded properties into the joint venture.

NGM agreement announcement / Consideration from Newmont to Barrick · Filed 13/08/2026

These include risks relating to the completion and timing of the contemplated property contributions; required approvals, consents and

Forward-Looking Statements / Completion conditions for property contributions · Filed 13/08/2026

Operations at Cadia returned to normal levels as of mid-June after recovery from the seismic events.

Second Quarter Production Summary / Cadia recovery · Filed 23/07/2026

▪Received key regulatory approvals from the Province of British Columbia for the Red Chris Block Cave project, including an amended Environmental Assessment Certificate achieved through a consent-based process with the Tahltan Nation, as well as an amended Mines Act permit, marking a significant milestone in stage-gating as the project advances toward a final investment decision

Q2 Results / Red Chris regulatory approvals · Filed 23/07/2026

With the resolution of all outstanding disputes and contribution of excluded properties, Newmont has provided its consent to Barrick’s proposed IPO of its North American gold assets.

NGM agreement announcement / Dispute resolution and IPO consent · Filed 13/08/2026

Because we beneficially own less than a majority of the ownership and governance interests in NGM, we have limited control of NGM’s operations, and we depend on Barrick to operate NGM.

Risk Factors / Limited control of NGM · Filed 19/02/2026

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

CAS was also impacted by a full quarter of the increased royalties in Ghana and higher diesel prices.

Second Quarter Cost Commentary / Ghana royalties and diesel costs · Filed 23/07/2026

Publication history

Publication history
VersionUpdatedCompetitive advantage
923/10/2026uncertain
822/10/2026uncertain
722/10/2026uncertain
619/10/2026uncertain
519/10/2026uncertain
418/10/2026uncertain
318/10/2026uncertain
218/10/2026uncertain
118/10/2026Unavailable

Sources

Research methodology and limitations · What is an economic moat?