AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
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
