← Back to NEM filing summaryOriginal filing text · Part I
Item 2 — Management's Discussion and Analysis
Newmont Corporation · 10-Q · Q2 FY2026 · Period ended Jun 30, 2026
View complete filing on SEC EDGAR ↗This is the extracted source text from the SEC filing. Formatting may differ from the original document.
(dollars in millions, except per share, per ounce and per pound amounts, unless otherwise noted)
The following Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Newmont Corporation, a Delaware corporation, and its subsidiaries (collectively, “Newmont,” the “Company,” “our” and “we”). Please refer to Non-GAAP Financial Measures, below, for the non-GAAP financial measures used in this MD&A by the Company.
This item should be read in conjunction with our interim unaudited Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations and the Consolidated Financial Statements included in Part II, Item 7, of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 19, 2026.
Overview
Newmont is the world’s leading gold company and a producer of copper, silver, lead, zinc, and molybdenum, providing the metals the world needs for today and tomorrow. Newmont is the only gold company included in the S&P 500 Index and the Fortune 500 list of companies. We have been included in the Dow Jones Sustainability Index-World since 2007 and have adopted the World Gold Council’s Conflict-Free Gold Policy. Since 2015, Newmont has been included as a member in the Sustainability Yearbook published by the S&P Global Corporate Sustainability Assessment. Newmont has been ranked the top miner in 3BL Media’s 100 Best Corporate Citizens list which ranks the 1,000 largest publicly traded U.S. companies on ESG transparency and performance since 2020. We are primarily engaged in the exploration for and acquisition of gold properties, some of which may contain copper, silver, lead, zinc or other metals. We have significant operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. At Newmont, our purpose is to unearth value sustainably to advance lives.
Refer to the Consolidated Financial Results, Results of Consolidated Operations, Liquidity and Capital Resources and non-GAAP Financial Measures for information about the continued impacts from geopolitical tensions, including military operations in Iran, Ukraine, and Venezuela, as well as the potential for additional conflicts, war, or civil unrest, inflationary pressures, effects of certain countermeasures taken by central banks, and supply chain disruptions, with particular consideration on the outlook for increased costs specific to labor, materials, consumables and fuel and energy on operations, as well as impacts on the timing and cost of capital expenditures and the risk of potential impairment to certain assets. Refer to discussion of Risk and Uncertainties within Note 2 to the Condensed Consolidated Financial Statements and Part II, Item 1A Risk Factors for further information.
Reportable Segments
In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project and all activity was included in the Ahafo South reportable segment up to the date of commercial production. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
One of our reportable segments, Nevada Gold Mines ("NGM"), is a joint venture that combined our and Barrick Mining Corporation’s (“Barrick”) respective Nevada operations, pursuant to the operating agreement entered into on July 1, 2019 between Barrick, Newmont and their wholly-owned subsidiaries party thereto (the “Nevada JV Agreement”). Barrick operates NGM with overall management responsibility and is subject to the supervision and direction of NGM’s Board of Managers, which is comprised of three managers appointed by Barrick and two managers appointed by Newmont. 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. On February 3, 2026, we sent Barrick a notice of default under the Nevada JV Agreement related to this conduct. Although we continue to work with Barrick to improve the performance of NGM and will take appropriate steps to address this matter, any such disagreements could have a material adverse effect on NGM and the Company. Refer to Part I, Item 1A, Risk Factors, of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 19, 2026 for a discussion of risk factors related to our joint ventures.
Divestiture of Non-Core Assets
The Company completed the sale of certain non-core assets which included the Telfer reportable segment in the fourth quarter of 2024, the sale of the CC&V, Musselwhite, and Éléonore reportable segments in the first quarter of 2025, the sale of the Porcupine and Akyem reportable segments in the second quarter of 2025, and the sale of the Coffee development project in the fourth quarter of 2025. Prior to completion of the sale, the non-core assets were presented as held for sale and recorded at the lower of their carrying value or fair value, less costs to sell. These assets were periodically revalued until sale occurred with any resulting gain or loss recognized in (Gain) loss on sale of assets held for sale. Additionally, gains or losses recognized on the completion of the sale were
35
Table of Contents
recognized in (Gain) loss on sale of assets held for sale. At December 31, 2025, no assets remained held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on divestitures.
Ghanaian Stability Agreement and Royalty
The Revised Investment Agreement, under which Newmont previously operated in Ghana, expired on December 31, 2025. As a result, the previous maximum corporate income tax rate of 32.5% is now subject to a maximum corporate income tax rate of 35% and customs duties on imported goods used in mining operations ranging from 5% to 20% of the value of such items.
Under the prior regime, royalties were paid to the Government of Ghana under a sliding‑scale system based on average monthly gold prices and ranging up to 5% of revenues; this royalty regime expired on December 31, 2025. Effective January 1, 2026, royalties transitioned to a fixed rate of 5% of gold revenue. Subsequently, the Parliament of Ghana enacted legislation, effective early March 2026, revising the royalty framework to a sliding-scale structure ranging from 5% to 12% of gold revenues, based on prevailing gold prices.
The Government of Ghana is also entitled to a 10% free carried interest in the rights and obligations of the mineral operations by receiving 1/9th of the total amount paid as dividends to Newmont parent. When the average quoted gold price exceeds $1,300 per ounce within a calendar year, an advance payment on these amounts of 0.6% of total revenues is required. Upon the expiration of the tax stability regime on December 31, 2025, dividends paid became subject to an 8% withholding tax.
Newmont also became subject to a Growth and Sustainability Levy (“GSL”) of 3% on gross revenue as a result of the expiration of the Revised Investment Agreement, effective January 1, 2026; however, in March 2026 the Parliament of Ghana enacted legislation reducing the GSL rate to 1%, effective April 1, 2026.
The Company is exposed to future changes in fiscal, tax, and other related regulatory regimes in Ghana as they may be enacted from time to time. The revised royalty framework and changes to the GSL could increase the Company’s operating costs at its Ghanaian operations, particularly during periods of higher gold prices. Refer to Part II, Item 1A Risk Factors for further information.
Consolidated Financial Results
The details of our Net income (loss) attributable to Newmont stockholders are set forth below:
Three Months Ended June 30, Increase (Decrease) Six Months Ended June 30, Increase (Decrease)
2026 2025 2026 2025
Net income (loss) attributable to Newmont stockholders $ 2,202 $ 2,061 $ 141 $ 5,464 $ 3,952 $ 1,512
Net income (loss) attributable to Newmont stockholders per common share, diluted $ 2.06 $ 1.85 $ 0.21 $ 5.07 $ 3.53 $ 1.54
Comparability of Net income (loss) attributable to Newmont stockholders for the three and six months ended June 30, 2026, to the same periods in 2025, was affected by the following notable events: (i) Ahafo North achieved commercial production in the fourth quarter of 2025 and was designated as a reportable segment; (ii) our divestment program was completed in 2025; (iii) operations at Cadia were temporarily suspended following seismic activity recorded near the operation on April 14, 2026, refer to Note 7 to the Condensed Consolidated Financial Statements for further information.
Excluding the impacts of the events noted above, Net income (loss) attributable to Newmont stockholders increased for the three months ended June 30, 2026, compared to the same period in 2025, primarily due to a net increase in Sales, largely reflecting higher average realized gold prices partially offset by lower sales volumes. This increase was partially offset by unrealized losses on marketable equity securities recognized in 2026, compared to unrealized gains in 2025, recognized within Other income (loss), net.
Excluding the impacts of events noted above, Net income (loss) attributable to Newmont stockholders increased for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to a net increase in Sales, largely reflecting higher average realized gold and silver prices partially offset lower sales volumes for gold. This increase was partially offset by higher Income and mining tax benefit (expense) and by unrealized losses on marketable equity securities recognized in 2026, compared to unrealized gains in 2025, recognized within Other income (loss), net.
The details and analyses of our Sales for all periods presented are set forth below. Refer to Note 5 to the Condensed Consolidated Financial Statements for further information.
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.
(2)The Company sold 22 thousand tonnes of copper, 17 thousand tonnes of lead, and 40 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
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.
(2)The Company sold 37 thousand tonnes of copper, 23 thousand tonnes of lead, and 56 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
37
Table of Contents
Six Months Ended June 30, 2026
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact $ 11,323 $ 669 $ 933 $ 85 $ 330
Provisional pricing mark-to-market — 26 37 (1) 12
Silver streaming amortization — — 48 — —
Gross after provisional pricing and streaming impact 11,323 695 1,018 84 342
Treatment and refining charges (11) 2 (16) — (12)
Net $ 11,312 $ 697 $ 1,002 $ 84 $ 330
Consolidated ounces/pounds sold (1)(2) 2,427 113 16 98 216
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact $ 4,665 $ 5.91 $ 57.27 $ 0.87 $ 1.52
Provisional pricing mark-to-market — 0.22 2.29 (0.01) 0.06
Silver streaming amortization — — 2.90 — —
Gross after provisional pricing and streaming impact 4,665 6.13 62.46 0.86 1.58
Treatment and refining charges (4) 0.02 (0.95) (0.01) (0.06)
Net $ 4,661 $ 6.15 $ 61.51 $ 0.85 $ 1.52
____________________________
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)The Company sold 52 thousand tonnes of copper, 45 thousand tonnes of lead, and 98 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
Six Months Ended June 30, 2025
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact $ 8,723 $ 680 $ 328 $ 82 $ 355
Provisional pricing mark-to-market 126 38 24 5 (12)
Silver streaming amortization — — 39 — —
Gross after provisional pricing and streaming impact 8,849 718 391 87 343
Treatment and refining charges (22) (4) (12) (2) (21)
Net $ 8,827 $ 714 $ 379 $ 85 $ 322
Consolidated ounces/pounds sold (1)(2) 2,822 159 13 97 285
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact $ 3,091 $ 4.29 $ 25.88 $ 0.85 $ 1.24
Provisional pricing mark-to-market 45 0.24 1.87 0.05 (0.04)
Silver streaming amortization — — 3.04 — —
Gross after provisional pricing and streaming impact 3,136 4.53 30.79 0.90 1.20
Treatment and refining charges (8) (0.02) (0.99) (0.02) (0.07)
Net $ 3,128 $ 4.51 $ 29.80 $ 0.88 $ 1.13
____________________________
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)The Company sold 72 thousand tonnes of copper, 44 thousand tonnes of lead, and 129 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
The change in consolidated Sales is due to:
Three Months Ended June 30,
2026 vs. 2025 (1)
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Increase (decrease) in average realized price $ 1,304 $ 113 $ 154 $ (1) $ 49
Increase (decrease) in consolidated ounces/pounds sold (615) (156) (1) (12) (40)
Decrease (increase) in treatment and refining charges 5 2 — 2 (3)
$ 694 $ (41) $ 153 $ (11) $ 6
38
Table of Contents
Six Months Ended June 30,
2026 vs. 2025 (1)
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Increase (decrease) in average realized price $ 3,712 $ 182 $ 516 $ (4) $ 82
Increase (decrease) in consolidated ounces/pounds sold (1,238) (205) 111 1 (83)
Decrease (increase) in treatment and refining charges 11 6 (4) 2 9
$ 2,485 $ (17) $ 623 $ (1) $ 8
____________________________
(1)Included in the change in consolidated Sales is the impact relating to the divested sites which resulted in a decrease for the three and six months ended June 30, 2026 compared to the same periods in 2025, of $50 and $628, respectively.
For discussion regarding drivers impacting sales volumes by site, refer to Results of Consolidated Operations below.
The details of our Costs applicable to sales are set forth below. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
Three Months Ended June 30, Increase (Decrease) Six Months Ended June 30, Increase (Decrease)
2026 2025 2026 2025
Gold $ 1,749 $ 1,677 $ 72 $ 3,359 $ 3,446 $ (87)
Copper 96 166 (70) 194 310 (116)
Silver 162 60 102 307 122 185
Lead 16 21 (5) 33 42 (9)
Zinc 65 77 (12) 132 187 (55)
$ 2,088 $ 2,001 $ 87 $ 4,025 $ 4,107 $ (82)
Costs applicable to sales for the three months ended June 30, 2026 was generally in line with the same period in 2025.
The decrease in Costs applicable to sales for the six months ended June 30, 2026, compared to the same period in 2025, is primarily due to the impact from the divested sites, which resulted in a decrease of $312.
Excluding the impact of divestitures, Costs applicable to sales increased for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to (i) Ahafo North reaching commercial production in the fourth quarter of 2025 resulting in classification as a reportable segment, (ii) higher direct costs largely at Boddington, and (iii) higher third-party royalties at most sites and higher worker's participation costs, both resulting from higher average realized gold prices. These increases were partially offset by an increase in by-product credits, primarily related to the increase in silver sales.
For discussion regarding other significant drivers impacting Costs applicable to sales by site, refer to Results of Consolidated Operations below.
The details of our Depreciation and amortization are set forth below. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
Three Months Ended June 30, Increase (Decrease) Six Months Ended June 30, Increase (Decrease)
2026 2025 2026 2025
Gold $ 484 $ 478 $ 6 $ 973 $ 924 $ 49
Copper 37 54 (17) 75 102 (27)
Silver 49 29 20 112 57 55
Lead 5 10 (5) 12 20 (8)
Zinc 16 32 (16) 38 77 (39)
Other 13 17 (4) 26 33 (7)
$ 604 $ 620 $ (16) $ 1,236 $ 1,213 $ 23
The decrease in Depreciation and amortization for the three months ended June 30, 2026, compared to the same period in 2025, is primarily due to lower production at Peñasquito; partially offset by higher depreciation rates at NGM as a result of a drawdown of inventory in the current year at Carlin compared to a buildup in the prior year and the commencement of depreciation at Ahafo North after reaching commercial production in the fourth quarter of 2025.
39
Table of Contents
The increase in Depreciation and amortization for the six months ended June 30, 2026, compared to the same period in 2025, is primarily due higher depreciation rates in the current year at NGM as a result of higher gold ounces mined at Carlin and the commencement of depreciation at Ahafo North after reaching commercial production in the fourth quarter of 2025; partially offset by lower production at Peñasquito.
For discussion regarding other significant drivers impacting Depreciation and amortization by site, refer to Results of Consolidated Operations below.
General and administrative was $74 and $95 during the three months ended June 30, 2026 and 2025, respectively, and $153 and $205 during the six months ended June 30, 2026 and 2025, respectively. The decrease during the three and six months ended June 30, 2026, compared to the same periods in 2025, is primarily due to lower consulting and labor costs.
Interest expense, net of capitalized interest was $35 and $65 during the three months ended June 30, 2026 and 2025, respectively, and $74 and $144 during the six months ended June 30, 2026 and 2025, respectively. The decrease during the three and six months ended June 30, 2026, compared to the same periods in 2025, is primarily due to the reduction in Debt and an increase in capitalized interest. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
Income and mining tax expense (benefit) was $952 and $1,092 during the three months ended June 30, 2026 and 2025, respectively, and $2,356 and $1,739 during the six months ended June 30, 2026 and 2025, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the USD and foreign currencies; and (vii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 9 to the Condensed Consolidated Financial Statements for further discussion of income taxes.
Three Months Ended June 30,
2026 2025
Income(Loss) (1) Effective Tax Rate Income Tax (Benefit) Provision Income(Loss) (1) Effective Tax Rate Income Tax (Benefit) Provision
Nevada $ 557 19 % $ 105 $ 326 20 % $ 64
CC&V (2) — — — — — 11
Corporate & Other (53) 68 (36) (62) 3 (2)
Total US 504 14 69 264 28 73
Argentina 59 (2) (1) (23) (70) 16
Australia 868 34 292 803 33 264
Canada 56 23 13 80 165 132
Ghana (3) 351 46 163 1,063 29 307
Mexico 218 42 92 384 48 185
Papua New Guinea 364 30 109 243 31 75
Peru 377 39 147 242 51 124
Suriname 198 27 54 52 27 14
Other foreign 4 25 1 10 40 4
Rate adjustments (4) — N/A 13 — N/A (102)
Consolidated (5) $ 2,999 32 % $ 952 $ 3,118 35 % $ 1,092
____________________________
(1)Represents income (loss) before income taxes and equity income (loss) of affiliates by geographic location. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 to the Condensed Consolidated Financial Statements.
(2)The Company completed the divestment of CC&V in the first quarter of 2025; refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.
(3)Includes impact of increase in corporate tax rate from 32.5% to 35% effective January 1, 2026. For more details, refer to the "Ghanaian Stability Agreement and Royalty" discussion in Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations above.
(4)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
(5)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.
40
Table of Contents
Six Months Ended June 30,
2026 2025
Income(Loss) (1) Effective Tax Rate Income Tax (Benefit) Provision Income(Loss) (1) Effective Tax Rate Income Tax (Benefit) Provision
Nevada $ 1,297 19 % $ 243 $ 546 19 % $ 102
CC&V (2) — — — (161) 48 (77)
Corporate & Other (80) 105 (84) 225 10 22
Total US 1,217 13 159 610 8 47
Argentina 199 37 74 (54) — —
Australia 1,966 35 690 1,455 29 427
Canada 330 22 72 602 49 297
Ghana (3) 898 41 368 1,334 30 400
Mexico 950 40 378 707 44 312
Papua New Guinea 692 30 209 484 30 146
Peru 856 34 293 356 49 174
Suriname 463 27 125 84 26 22
Other foreign 11 — — 11 36 4
Rate adjustments (4) — N/A (12) — N/A (90)
Consolidated (5) $ 7,582 31 % $ 2,356 $ 5,589 31 % $ 1,739
____________________________
(1)Represents income (loss) before income taxes and equity income (loss) of affiliates by geographic location. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 to the Condensed Consolidated Financial Statements.
(2)The Company completed the divestment of CC&V in the first quarter of 2025; refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.
(3)Includes impact of increase in corporate tax rate from 32.5% to 35% effective January 1, 2026. For more details, refer to the "Ghanaian Stability Agreement and Royalty" discussion in Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations above.
(4)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
(5)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.
Other
In 2024, Pillar II went into effect. The Pillar II agreement was signed by numerous countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. On January 5, 2026, the Organization for Economic Cooperation and Development (OECD) released Administrative Guidance containing two Pillar II safe harbors under the new Side-by-side ("SbS") System. As of June 30, Australia has not yet adopted the OECD’s SbS safe harbor rules. The Company is still examining the applicability of the new guidance to Newmont, but at this time, does not believe Pillar II will have a material impact on the financial statements.
Refer to the Notes to the Condensed Consolidated Financial Statements for explanations of other financial statement line items.
Results of Consolidated Operations
Newmont has developed gold equivalent ounce ("GEO") metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead, and zinc. Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price, using the metal prices in the table below:
Gold Copper Silver Lead Zinc
(ounce) (pound) (ounce) (pound) (pound)
2026 GEO Price (1) $ 4,000 $ 5.00 $ 50.00 $ 0.90 $ 1.30
2025 GEO Price $ 1,700 $ 3.50 $ 20.00 $ 0.90 $ 1.20
____________________________
(1)Effective January 1, 2026, the Company updated the metal prices utilized for the GEO calculation ("GEO price change"). 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. Utilizing the updated 2026 pricing resulted in 72 thousand and 190 thousand fewer calculated "gold equivalent ounces - other metals" produced for the three and six months ended June 30, 2026, respectively and 78 thousand and 192 thousand fewer calculated "gold equivalent ounces - other metals" sold, respectively, than would have been calculated using the 2025 pricing.
41
Table of Contents
Gold or Other Metals Produced Costs Applicable to Sales (1) Depreciation and Amortization All-In Sustaining Costs (2)
Three Months Ended June 30, 2026 2025 2026 2025 2026 2025 2026 2025
Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Lihir 157 160 $ 1,470 $ 1,287 $ 323 $ 326 $ 1,707 $ 1,563
Cadia (3) 34 104 $ 1,555 $ 805 $ 703 $ 316 $ 3,151 $ 1,109
Tanami 90 90 $ 1,335 $ 1,278 $ 393 $ 346 $ 2,033 $ 1,698
Boddington 160 147 $ 1,283 $ 1,207 $ 254 $ 231 $ 1,622 $ 1,422
Ahafo South 100 197 $ 2,164 $ 1,010 $ 389 $ 246 $ 2,604 $ 1,220
Ahafo North (4) 68 — $ 1,270 $ — $ 347 $ — $ 1,485 $ —
Merian 74 53 $ 1,413 $ 1,808 $ 239 $ 319 $ 1,780 $ 2,074
Cerro Negro 49 42 $ 1,564 $ 2,118 $ 616 $ 756 $ 2,338 $ 3,023
Yanacocha 128 131 $ 1,021 $ 882 $ 185 $ 223 $ 1,128 $ 1,144
Peñasquito 37 148 $ 2,126 $ 756 $ 643 $ 369 $ 2,589 $ 944
Red Chris 9 15 $ 1,600 $ 1,475 $ 674 $ 385 $ 2,118 $ 1,903
Brucejack 53 50 $ 1,661 $ 1,861 $ 707 $ 855 $ 2,156 $ 2,490
NGM 240 239 $ 1,473 $ 1,448 $ 524 $ 449 $ 1,805 $ 1,771
Divested (5)
Porcupine — 8 $ — $ 1,603 $ — $ 18 $ — $ 2,233
Akyem — 6 $ — $ 2,813 $ — $ 21 $ — $ 3,145
Total/Weighted-Average (6) 1,199 1,390 $ 1,463 $ 1,215 $ 416 $ 359 $ 1,938 $ 1,593
Merian (25%) (18) (13)
Attributable to Newmont 1,181 1,377
Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Cadia (3)(7) 20 102 $ 1,641 $ 775 $ 701 $ 320 $ 3,400 $ 1,082
Boddington (8) 14 34 $ 1,371 $ 1,137 $ 256 $ 229 $ 1,594 $ 1,304
Peñasquito (9) 120 223 $ 2,070 $ 832 $ 599 $ 375 $ 2,538 $ 1,030
Red Chris (10) 15 33 $ 1,836 $ 1,484 $ 774 $ 391 $ 2,296 $ 1,884
Total/Weighted-Average (6) 169 392 $ 1,925 $ 899 $ 606 $ 347 $ 2,660 $ 1,203
Copper (tonnes in thousands)
Cadia (3)(7) 7 22
Boddington (8) 5 7
Red Chris (10) 5 7
Total/Weighted-Average 17 36
Lead (tonnes in thousands)
Peñasquito (9) 18 27
Zinc (tonnes in thousands)
Peñasquito (9) 40 67
Attributable gold from equity method investments (11) (ounces in thousands)
Pueblo Viejo (40%) 74 63
Fruta del Norte (32%) (12) 38 38
Attributable to Newmont 112 101
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures, below.
(3)On April 14, 2026, seismic activity was recorded near the Cadia operation in New South Wales, Australia, resulting in the temporary suspension of underground mining activities (the "Cadia seismic event"). Surface operations and processing of existing stockpiles continued following the event until May 11, 2026 when stockpile inventories were substantially depleted. Underground mining and processing resumed in mid-June on a progressive ramp-up, with production expected to return to pre-event levels in the third quarter of 2026. Production and cost metrics were impacted by the operational stoppage. Incremental and non-productive direct operating costs incurred during the temporary suspension of underground mining activities have been recorded in Other expense, net. For additional information on seismic activity risk, refer to the Company's Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on February 19, 2026, under Part I, Business; Item 1A, Risk Factors, including "Our Company and the mining industry are facing continued geotechnical, geothermal, and hydrogeological challenges, which could adversely impact our production and profitability."
42
Table of Contents
(4)In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. As such, the comparative results of operations information is not meaningful. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
(5)These sites were classified as held for sale beginning in the first quarter of 2024, and as such, the Company ceased recording depreciation and amortization in March 2024. At June 30, 2026, all operating sites previously classified as held for sale had been divested and as a result, the comparative results of these operations are not meaningful. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.
(6)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.
(7)For the three months ended June 30, 2026 and 2025, Cadia produced 16 million and 50 million pounds of copper, respectively.
(8)For the three months ended June 30, 2026 and 2025, Boddington produced 11 million and 17 million pounds of copper, respectively.
(9)For the three months ended June 30, 2026, Peñasquito produced 7 million ounces of silver, 39 million pounds of lead and 88 million pounds of zinc. For the three months ended June 30, 2025, Peñasquito produced 8 million ounces of silver, 59 million pounds of lead and 147 million pounds of zinc.
(10)For the three months ended June 30, 2026 and 2025, Red Chris produced 12 million and 16 million pounds of copper, respectively.
(11)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
(12)The Fruta del Norte mine is wholly owned and operated by Lundin Gold Inc. ("Lundin Gold"), in which Newmont holds a 32% interest, and is accounted for as an equity method investment on a quarter lag.
43
Table of Contents
Gold or Other Metals Produced Costs Applicable to Sales (1) Depreciation and Amortization All-In Sustaining Costs (2)
Six Months Ended June 30, 2026 2025 2026 2025 2026 2025 2026 2025
Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Lihir 270 324 $ 1,485 $ 1,147 $ 349 $ 289 $ 1,735 $ 1,450
Cadia (3) 128 207 $ 1,216 $ 800 $ 517 $ 324 $ 2,136 $ 1,144
Tanami 172 168 $ 1,217 $ 1,191 $ 370 $ 338 $ 1,912 $ 1,680
Boddington 271 273 $ 1,336 $ 1,223 $ 264 $ 223 $ 1,700 $ 1,482
Ahafo South 228 402 $ 1,895 $ 1,124 $ 357 $ 246 $ 2,236 $ 1,341
Ahafo North (4) 130 — $ 1,231 $ — $ 334 $ — $ 1,448 $ —
Merian 162 115 $ 1,363 $ 1,679 $ 237 $ 317 $ 1,648 $ 1,986
Cerro Negro (5) 95 70 $ 1,365 $ 2,089 $ 614 $ 751 $ 1,937 $ 2,936
Yanacocha 272 236 $ 1,013 $ 915 $ 196 $ 242 $ 1,099 $ 1,155
Peñasquito 91 271 $ 1,536 $ 823 $ 562 $ 383 $ 1,900 $ 1,013
Red Chris 23 29 $ 1,630 $ 1,290 $ 675 $ 364 $ 2,114 $ 1,611
Brucejack 112 91 $ 1,698 $ 1,831 $ 713 $ 926 $ 2,131 $ 2,363
NGM 476 455 $ 1,377 $ 1,437 $ 516 $ 448 $ 1,701 $ 1,780
Divested (6)
CC&V — 28 $ — $ 1,397 $ — $ 62 $ — $ 1,684
Musselwhite — 33 $ — $ 1,040 $ — $ — $ — $ 1,531
Porcupine — 55 $ — $ 1,300 $ — $ 19 $ — $ 1,810
Éléonore — 50 $ — $ 1,104 $ — $ — $ — $ 1,403
Akyem — 43 $ — $ 2,358 $ — $ 62 $ — $ 2,664
Total/Weighted-Average (7) 2,430 2,850 $ 1,384 $ 1,221 $ 411 $ 339 $ 1,822 $ 1,623
Merian (25%) (40) (28)
Attributable to Newmont 2,390 2,822
Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Cadia (3)(8) 78 197 $ 1,237 $ 770 $ 518 $ 325 $ 2,210 $ 1,123
Boddington (9) 23 64 $ 1,389 $ 1,166 $ 265 $ 221 $ 1,637 $ 1,396
Peñasquito (10) 295 414 $ 1,594 $ 873 $ 549 $ 383 $ 2,012 $ 1,114
Red Chris (11) 31 65 $ 1,729 $ 1,290 $ 715 $ 371 $ 2,106 $ 1,605
Total/Weighted-Average (7) 427 740 $ 1,522 $ 907 $ 542 $ 352 $ 2,107 $ 1,239
Copper (tonnes in thousands)
Cadia (3)(8) 28 43
Boddington (9) 8 14
Red Chris (11) 11 14
Total/Weighted-Average 47 71
Lead (tonnes in thousands)
Peñasquito (10) 45 49
Zinc (tonnes in thousands)
Peñasquito (10) 102 126
Attributable gold from equity method investments (12) (ounces in thousands)
Pueblo Viejo (40%) 128 112
Fruta del Norte (32%) (13) 76 81
Attributable to Newmont 204 193
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures, below.
(3)Production and cost metrics were impacted by the operational stoppage during the second quarter of 2026 due to the Cadia seismic event.
(4)In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. As such, the comparative results of operations information is not meaningful. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
(5)During the first quarter of 2025, mining and processing operations at the site were temporarily suspended due to safety events (the "Cerro Negro shutdowns"). Full operations resumed in April 2025.
44
Table of Contents
(6)These sites were classified as held for sale beginning in the first quarter of 2024, and as such, the Company ceased recording depreciation and amortization in March 2024. At June 30, 2026, all operating sites previously classified as held for sale had been divested and as a result, the comparative results of these operations are not meaningful. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.
(7)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.
(8)For the six months ended June 30, 2026 and 2025, Cadia produced 63 million and 96 million pounds of copper, respectively.
(9)For the six months ended June 30, 2026 and 2025, Boddington produced 18 million and 31 million pounds of copper, respectively.
(10)For the six months ended June 30, 2026, Peñasquito produced 16 million ounces of silver, 99 million pounds of lead and 226 million pounds of zinc. For the six months ended June 30, 2025, Peñasquito produced 14 million ounces of silver, 108 million pounds of lead and 278 million pounds of zinc.
(11)For the six months ended June 30, 2026 and 2025, Red Chris produced 25 million and 32 million pounds of copper, respectively.
(12)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
(13)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 32% interest, and is accounted for as an equity method investment on a quarter lag.
Three Months Ended June 30, 2026 Compared to 2025
Lihir, Papua New Guinea. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 14% primarily due to lower gold ounces sold and higher inventory costs per unit from ore processed from stockpiles. Depreciation and amortization per gold ounce were generally in line with the prior year. All-in sustaining costs per gold ounce increased 9% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Cadia, Australia. Gold and gold equivalent ounces - other metals production decreased 67% and 80%, respectively, primarily as a result of the Cadia seismic event. Gold equivalent ounces - other metals production was further impacted by the GEO price change that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 12%. Costs applicable to sales per gold ounce and per gold equivalent ounce – other metals increased 93% and 112%, respectively, primarily due to lower gold and gold equivalent ounces - other metals sold and inventory write-downs in the current year, both as a result of the Cadia seismic event. Depreciation and amortization per gold ounce and per gold equivalent ounce - other metals increased 122% and 119%, respectively, primarily due to lower gold and gold equivalent ounces - other metals sold as a result of the Cadia seismic event. All-in sustaining costs per gold ounce and per gold equivalent ounce - other metals increased 184% and 214%, respectively, primarily due to higher costs applicable to sales per gold and gold equivalent ounce - other metals, and higher sustaining capital spend.
Tanami, Australia. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce increased 14% primarily due to higher depreciation rates as a result of asset additions. All-in sustaining costs per gold ounce increased 20% primarily due to higher sustaining capital spend.
Boddington, Australia. Gold production increased 9% primarily due to higher ore grade milled, partially offset by lower mill throughput. Gold equivalent ounces – other metals production decreased 59% primarily due to lower other metals produced of 34% as a result of lower ore grade milled and lower mill throughput, as well as the GEO price change that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 25%. Costs applicable to sales per gold ounce increased 6% primarily due to higher contracted services costs, higher energy costs, and higher government royalties, partially offset by higher gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals increased 21% primarily due to lower gold equivalent ounces - other metals sold, higher contracted services costs, higher energy costs, and higher government royalties. Depreciation and amortization per gold ounce increased 10% primarily due to higher depreciation rates as a result of asset additions, partially offset by higher gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 12% primarily due to higher depreciation rates as a result of asset additions and lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 14% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 22% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals and higher sustaining capital spend.
Ahafo South, Ghana. Gold production decreased 49% primarily due to lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 114% primarily due to lower gold ounces sold, higher government royalties, and higher energy costs, partially offset by a buildup of stockpile inventory compared to a draw down in the prior year. Depreciation and amortization per gold ounce increased 58% primarily due to lower gold ounces sold, partially offset by a buildup of inventory in the current year compared to a drawdown in the prior year and lower depreciation rates as a result of lower gold ounces mined. All-in sustaining costs per gold ounce increased 113% primarily due to higher costs applicable to sales per gold ounce. On December 31, 2025, the Revised Investment Agreement, under which Newmont previously operated in Ghana, expired. Additionally, during the first quarter of 2026, the Parliament of Ghana made certain changes to its' royalty regime. For more details, refer to the "Ghanaian Stability Agreement and Royalty" discussion in Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations above. The revised framework could result in higher operating costs at our Ghanaian operations, particularly in periods of higher gold prices.
45
Table of Contents
Merian, Suriname. Gold production increased 40% primarily due to higher ore grade milled. 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. Depreciation and amortization per gold ounce decreased 25% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 14% primarily due to lower costs applicable to sales per gold ounce, partially offset by higher sustaining capital spend.
Cerro Negro, Argentina. Gold production increased 17% primarily due to higher mill throughput, partially offset by lower ore grade milled. 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. Depreciation and amortization per gold ounce decreased 19% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 23% primarily due to lower costs applicable to sales per gold ounce.
Yanacocha, Peru. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 16% primarily due to higher workers participation costs, higher third-party royalties and lower gold ounces sold. Depreciation and amortization per gold ounce decreased 17% primarily due to lower depreciation in the current year as a result of certain assets being fully depreciated in the prior year and higher gold ounces sold. All-in sustaining costs per gold ounce were generally in line with the prior year.
Peñasquito, Mexico. Gold production decreased 75% primarily due to lower ore grade milled and lower mill recovery, both as a result of mine sequencing combined with higher organic carbon feed. Gold equivalent ounces - other metals production decreased 46% primarily due to lower other metals produced of 28% as a result of the lower ore grade milled and lower mill recovery, as well as the GEO price change that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 18%. Costs applicable to sales per gold ounce increased 181% primarily due to lower gold ounces sold, higher materials and mill maintenance costs driven by timing of the plant shutdown, and higher workers participation costs, partially offset by lower allocation of costs to gold as a result of lower gold ounces produced compared to the other gold equivalent ounces - other metals produced due to mine sequencing. Costs applicable to sales per gold equivalent ounce – other metals increased 149% primarily due to lower gold equivalent ounces - other metals sold, higher mill maintenance costs driven by timing of the plant shutdown, higher allocation of costs to other metals as a result of the mine sequencing impacts, and higher workers participation costs. Depreciation and amortization per gold ounce increased 74% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounces – other metals increased 60% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 174% primarily due to higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 146% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, higher reclamation costs, and higher allocation of sustaining capital spend to the other metals as a result of the mine sequencing impacts.
Red Chris, Canada. Gold production decreased 40% primarily due to lower ore grade milled and lower mill throughput. Gold equivalent ounces - other metals production decreased 55% primarily due to the GEO price change that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 31%, as well as lower other metals produced of 24% as a result of lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 8% primarily due to lower gold ounces sold and higher allocation of direct costs to gold as a result of the GEO pricing change. Costs applicable to sales per gold equivalent ounce – other metals sold increased 24% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower allocation of direct costs to gold equivalent ounces - other metals as a result of the GEO price change. Depreciation and amortization per gold ounce increased 75% primarily due to lower gold ounces sold and higher allocation of costs to gold as a result of the GEO price change. Depreciation and amortization per gold equivalent ounce – other metals increased 98% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 11% primarily due to higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 22% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals.
Brucejack, Canada. Gold production increased 6% primarily due higher mill throughput. Costs applicable to sales per gold ounce decreased 11% primarily due to higher gold ounces sold and higher by-product credits. Depreciation and amortization per gold ounce decreased 17% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 13% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend.
NGM, U.S. Attributable gold production was generally in line with the prior year. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce increased 17% primarily due to a drawdown of inventory in the current year at Carlin compared to a buildup in the prior year. All-in sustaining costs per gold ounce were generally in line with the prior year.
Pueblo Viejo, Dominican Republic. Attributable gold production increased 17% primarily due to higher mill throughput and higher drawdown of in-circuit inventory, partially offset by lower mill recovery and lower ore grade milled. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Fruta del Norte, Ecuador. Attributable gold production was generally in line with the prior year. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
46
Table of Contents
Six Months Ended June 30, 2026 Compared to 2025
Lihir, Papua New Guinea. Gold production decreased 17% primarily due to lower ore grade milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 29% primarily due to lower gold ounces sold, higher inventory costs per unit from ore processed from stockpiles, and higher government royalties. Depreciation and amortization per gold ounce increased 21% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 20% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Cadia, Australia. Gold and gold equivalent ounces - other metals production decreased 38% and 60%, respectively, primarily as a result of the Cadia seismic event. Gold equivalent ounces - other metals production was further impacted by the change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 26%. Costs applicable to sales per gold ounce and per gold equivalent ounce - other metals increased 52% and 61%, respectively, primarily due to lower gold and gold equivalent ounces - other metals sold and inventory write-downs in the current year, both as a result of the Cadia seismic event, partially offset by higher by-product credits. Depreciation and amortization per gold ounce and per gold equivalent ounce - other metals increased 60% and 59%, respectively, primarily due to lower gold and gold equivalent ounces - other metals sold as a result of the Cadia seismic event. All-in sustaining costs per gold ounce and per gold equivalent ounce - other metals increased 87% and 97%, respectively, primarily due to higher costs applicable to sales per gold and gold equivalent ounce - other metals and higher sustaining capital spend.
Tanami, Australia. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce increased 9% primarily due to higher depreciation rates as a result of asset additions. All-in sustaining costs per gold ounce increased 14% primarily due to higher sustaining capital spend.
Boddington, Australia. Gold production was generally in line with the prior year. Gold equivalent ounces – other metals production decreased 64% primarily due to lower other metals produced of 40% as a result of lower ore grade milled and lower mill throughput, as well as the change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 24%. Costs applicable to sales per gold ounce increased 9% primarily due to lower gold ounces sold, higher materials costs, higher contracted services costs, higher government royalties, higher energy costs, and higher allocation of costs to gold as a result of the GEO price change, partially offset by a higher buildup of inventory in the current year. Costs applicable to sales per gold equivalent ounce – other metals sold increased 19% primarily due to lower gold equivalent ounces - other metals sold, higher materials costs, higher contracted services costs, higher government royalties, and higher energy costs, partially offset by lower allocation of costs to the other metals as a result of the GEO price change and a higher buildup of inventory in the current year. Depreciation and amortization per gold ounce increased 18% primarily due to lower gold ounces sold and higher allocation of costs to gold as a result of the GEO price change. Depreciation and amortization per gold equivalent ounce – other metals increased 20% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower allocation of costs to the other metals as a result of the GEO price change. All-in sustaining costs per gold ounce increased 15% primarily due to higher costs applicable to sales per gold ounce and higher allocation of sustaining capital spend to gold. All-in sustaining costs per gold equivalent ounce – other metals increased 17% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower allocation of sustaining capital spend to the other metals.
Ahafo South, Ghana. Gold production decreased 43% primarily due to lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 69% primarily due to lower gold ounces sold, higher contracted services costs, and higher energy costs, partially offset by a buildup of stockpile inventory compared to a draw down in the prior year. Depreciation and amortization per gold ounce increased 45% primarily due to lower gold ounces sold, partially offset by lower depreciation rates as a result of lower gold ounces mined. All-in sustaining costs per gold ounce increased 67% primarily due to higher costs applicable to sales per gold ounce.
Merian, Suriname. Gold production increased 41% primarily due to higher ore grade milled and higher drawdown of in-circuit inventory, partially offset by lower mill throughput. Costs applicable to sales per gold ounce decreased 19% primarily due to higher gold ounces sold, partially offset by higher government royalties. Depreciation and amortization per gold ounce decreased 25% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 17% primarily due to lower costs applicable to sales per gold ounce, partially offset by higher sustaining capital spend.
Cerro Negro, Argentina. Gold production increased 36% primarily due to higher mill throughput in the current year as a result of the Cerro Negro shutdowns in the prior year, partially offset by lower ore grade milled. Costs applicable to sales per gold ounce decreased 35% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 18% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 34% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend.
Yanacocha, Peru. Gold production increased 15% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce increased 11% primarily due to higher workers participation costs and higher third-party royalties, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce decreased 19% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce were generally in line with the prior year.
47
Table of Contents
Peñasquito, Mexico. Gold production decreased 66% primarily due to lower ore grade milled and lower mill recovery, both as a result of mine sequencing combined with higher organic carbon feed, partially offset by higher mill throughput. Gold equivalent ounces - other metals production decreased 29% primarily as a result of the GEO price change that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced. Costs applicable to sales per gold ounce increased 87% primarily due to lower gold ounces sold and a drawdown of inventory in the current year compared to a buildup in the prior year, partially offset by lower allocation of costs to gold as a result of lower gold ounces produced compared to the other gold equivalent ounces - other metals produced due to mine sequencing. Costs applicable to sales per gold equivalent ounce – other metals increased 83% primarily due to lower gold equivalent ounces - other metals sold, higher allocation of direct costs to other metals as a result of the mine sequencing impacts, higher workers participation costs, and higher third-party and government royalties. Depreciation and amortization per gold ounce increased 47% primarily due to lower gold ounces sold, partially offset by lower allocation of costs to gold as a result of the mine sequencing impacts. Depreciation and amortization per gold equivalent ounces – other metals increased 43% primarily due to lower gold equivalent ounces - other metals sold and higher allocation of costs to gold equivalent ounces - other metals as a result of the mine sequencing impacts. All-in sustaining costs per gold ounce increased 88% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower treatment and refining costs. All-in sustaining costs per gold equivalent ounce – other metals increased 81% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, higher reclamation costs, and higher allocation of sustaining capital spend to the other metals as a result of the mine sequencing impacts, partially offset by lower treatment and refining costs.
Red Chris, Canada. Gold production decreased 21% primarily due to lower ore grade milled and lower mill throughput, partially offset by higher mill recovery. Gold equivalent ounces - other metals production decreased 52% primarily due to the GEO price change that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 31%, as well as lower other metals produced of 21% as a result of lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 26% primarily due to lower gold ounces sold and higher allocation of direct costs to gold as a result of the GEO pricing change. Costs applicable to sales per gold equivalent ounce – other metals sold increased 34% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower allocation of direct costs to gold equivalent ounces - other metals as a result of the GEO price change. Depreciation and amortization per gold ounce increased 85% primarily due to higher depreciation as a result of lower gold ounces sold and higher allocation of costs to gold as a result of the GEO price change. Depreciation and amortization per gold equivalent ounce – other metals increased 93% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 31% primarily due to higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 31% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower sustaining capital spend and lower treatment and refining costs.
Brucejack, Canada. Gold production increased 23% primarily due to a drawdown of in-circuit inventory compared to a buildup in the prior year, higher ore grade milled, and higher mill throughput. Costs applicable to sales per gold ounce decreased 7% primarily due to higher gold ounces sold and higher by-product credits. Depreciation and amortization per gold ounce decreased 23% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 10% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend.
NGM, U.S. Attributable gold production was generally in line with the prior year. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce increased 15% primarily due to higher depreciation rates in the current year at Carlin as a result of higher gold ounces mined and lower gold ounces sold at Phoenix, partially offset by higher gold ounces sold at Carlin and Turquoise Ridge. All-in sustaining costs per gold ounce were generally in line with the prior year.
Pueblo Viejo, Dominican Republic. Attributable gold production increased 14% primarily due to higher mill throughput and higher drawdown of in-circuit inventory, partially offset by lower mill recovery. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Fruta del Norte, Ecuador. Attributable gold production decreased 6% primarily due to lower ore grade milled, partially offset by higher mill throughput. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Liquidity and Capital Resources
Liquidity Overview
We have a disciplined capital allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our stockholders. The Company continues to experience the impacts from geopolitical and macroeconomic pressures. With the resulting volatile environment, we continue to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions, as well as an uncertain and evolving labor market including regulatory changes. Depending on the duration and extent of the impact of these events, or changes in commodity prices, the prices for gold and other metals, and foreign exchange rates, we could continue to experience volatility; transportation industry disruptions could occur, including limitations on shipping produced metals; our supply chain could experience
48
Table of Contents
disruption; cost inflation rates could further increase; or we could incur credit related losses of certain financial assets, which could materially impact our results of operations, cash flows and financial condition.
As of June 30, 2026, we believe our available liquidity allows us to manage the short- and, possibly, long-term material adverse impacts of these events on our business. Refer to Note 2 to the Condensed Consolidated Financial Statements for further discussion on risks and uncertainties.
At June 30, 2026, the Company had $9,009 of Cash and cash equivalents. The majority of our cash and cash equivalents are invested in a variety of highly liquid and low-risk investments with original maturities of three months or less that are available to fund our operations as necessary. We may have investments in prime money market funds that are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could have a net asset value of less than their par value. We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities.
At June 30, 2026, $1,848 of Cash and cash equivalents was held in foreign subsidiaries and is primarily held in USD-denominated accounts with the remainder in foreign currencies readily convertible to USD. Cash and cash equivalents denominated in Argentine peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates in Item 3 below for further information. At June 30, 2026, $1,295 in cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with any potential withholding taxes.
We believe our existing Cash and cash equivalents, available capacity on our revolving credit facility, and cash generated from operating activities will be adequate to satisfy working capital needs, fund future growth, meet debt obligations and meet other liquidity requirements for the foreseeable future. At June 30, 2026, our borrowing capacity on our revolving credit facility was $4,000 and we had no borrowings outstanding. We continue to remain compliant with covenants and do not currently anticipate any events or circumstances that would impact our ability to access funds available on this facility. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information on our Debt.
Our financial position was as follows:
At June 30, 2026 At December 31, 2025
Cash and cash equivalents $ 9,009 $ 7,647
Available borrowing capacity on revolving credit facilities 4,000 4,000
Total liquidity $ 13,009 $ 11,647
Net debt (cash) (1) $ (3,411) $ (2,058)
____________________________
(1)Net debt is a non-GAAP financial measure used by management to evaluate financial flexibility and strength of the Company's balance sheet. Refer to Non-GAAP Financial Measures, below.
Cash Flows
Net cash provided by (used in) operating activities was $6,709 during the six months ended June 30, 2026, compared to $4,415 during the same period in 2025, primarily due to a net increase in Sales largely resulting from higher average realized gold and silver prices in 2026, partially offset by higher cash taxes paid in 2026.
Net cash provided by (used in) investing activities was $(1,033) during the six months ended June 30, 2026, compared to $1,417 during the same period in 2025, primarily due to the sales of the non-core assets in 2025 with no similar transaction in 2026. Refer to Note 3 to the Condensed Consolidated Financial Statements for additional information on the Company's divestitures.
Net cash provided by (used in) financing activities was $(4,301) during the six months ended June 30, 2026, compared to $(3,407) during the same period in 2025, due to higher repurchases of common stock in 2026, partially offset by higher debt redemptions in 2025. Refer to Note 15 to the Condensed Consolidated Financial Statements for additional information on debt redemptions.
Capital Resources
In July 2026, the Board declared a dividend of $0.26 per share for the second quarter of 2026 as part of its capital allocation framework. This framework is designed to be sustainable through the commodity and investment cycles while also focusing on shareholder returns, maintaining a resilient balance sheet, and making prudent capital investments for long-term value. The declaration and payment of future dividends remains at the full discretion of the Board and will depend on the Company’s financial results, cash requirements, future prospects and other factors deemed relevant by the Board.
49
Table of Contents
In February 2024, the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to provide returns to stockholders, provided that the aggregate value of shares of common stock repurchased under the program did not exceed $1 billion; this program has been completed. In October 2024, the Board of Directors authorized an additional $2 billion stock repurchase program to repurchase shares of outstanding common stock; this program has been completed. In July 2025, the Board of Directors authorized an additional $3 billion stock repurchase program to repurchase shares of outstanding common stock, which was completed in April 2026. In April 2026, the Board of Directors authorized an additional $6 billion stock repurchase program to repurchase shares of outstanding common stock.
The program will be executed at the Company’s discretion, permits shares to be repurchased under a variety of methods, has no expiration date, may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future. Through the date of filing, we have executed and settled $7,617 of total common stock repurchases under the authorized programs, of which $3,462 was repurchased during the six months ended June 30, 2026.
Capital Expenditures
Cash generated from operations is used to execute our capital priorities, which include sustaining and developing our global portfolio of long-lived assets. Our near-term development capital projects include Tanami Expansion 2, Cadia Panel Caves, Lihir Nearshore Barrier, and the Cerro Negro expansion projects. These projects are being funded from existing liquidity and will continue to be funded from future operating cash flows.
We consider sustaining capital as those capital expenditures that are necessary to maintain current production and execute the current mine plan. Capital expenditures to develop new operations or related to projects at existing operations, where these projects will enhance production or reserves, are considered non-sustaining or development capital. The Company’s decision to reprioritize, sell or abandon a development project, which may include returning mining concessions to host governments, could result in a future impairment charge.
For additional information on our capital expenditures, refer to Part II, Item 7, Liquidity and Capital Resources of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 19, 2026.
50
Table of Contents
For the six months ended June 30, 2026 and 2025, we had Additions to property, plant and mine development, inclusive of capitalized interest, as follows:
2026 2025
Development Projects Sustaining Capital Total Development Projects Sustaining Capital Total
Lihir $ 26 $ 43 $ 69 $ 2 $ 79 $ 81
Cadia 137 186 323 137 136 273
Tanami 200 106 306 180 67 247
Boddington — 85 85 — 71 71
Ahafo South (1) 8 66 74 11 72 83
Ahafo North (1) 24 21 45 164 — 164
Merian — 39 39 — 26 26
Cerro Negro 30 44 74 27 56 83
Yanacocha — 3 3 3 5 8
Peñasquito — 62 62 — 56 56
Red Chris 68 20 88 45 25 70
Brucejack — 39 39 — 41 41
NGM 87 125 212 63 132 195
Corporate and Other — 1 1 — 5 5
Divested (2)
CC&V — — — — 5 5
Musselwhite — — — — 14 14
Porcupine — — — 28 26 54
Éléonore — — — — 12 12
Akyem — — — — 9 9
Accrual basis $ 580 $ 840 1,420 $ 660 $ 837 1,497
Decrease (increase) in non-cash adjustments and hedging impacts (60) 3
Cash basis $ 1,360 $ 1,500
____________________________
(1)In the fourth quarter of 2025, the Ahafo North development project achieved commercial production resulting in designation as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project, and all activity was included in the Ahafo South reportable segment. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes.
(2)Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
For the six months ended June 30, 2026, development projects primarily included Tanami Expansion 2, Cadia Panel Caves, Red Chris Block Caves, Tanami Leach Train, Cerro Negro expansion projects, Lihir Nearshore Barrier, and the Goldrush Complex at NGM.
Development capital costs (excluding capitalized interest and capitalized depreciation and amortization) on our near-term capital projects of Tanami Expansion 2, Cadia Panel Caves, Lihir Nearshore Barrier, and the Cerro Negro expansion projects since approval were $1,427, $625, $27, and $137, respectively, of which $123, $109, $27, and $28 related to the six months ended June 30, 2026, respectively.
For the six months ended June 30, 2025, development projects primarily included Tanami 2 Expansion, Ahafo North, Cadia Panel Caves, Red Chris Block Caves, Cerro Negro expansion projects, and the Goldrush Complex at NGM.
The Company will from time to time enter into hedging relationships to mitigate variability in development capital spend denominated in foreign currency. The Company has entered into A$1,734 AUD-denominated fixed forward contracts, designated as foreign currency cash flow hedges, to mitigate variability in the USD functional cash flows related to the AUD-denominated capital expenditures related to the construction and development phase of the Tanami Expansion 2, Cadia Panel Caves, and Cadia Tailings projects expected to be incurred between October 2024 and December 2026. Refer to Note 11 to the Condensed Consolidated Financial Statements for further information.
Sustaining capital includes capital expenditures such as tailings facility construction, underground and surface mine development, infrastructure improvements, capitalized component purchases, mining equipment, and reserves drilling conversion.
51
Table of Contents
Debt
Debt and Corporate Revolving Credit Facilities. The Company from time to time will redeem its outstanding senior notes ahead of their scheduled maturity dates utilizing Cash and cash equivalents. Additionally, depending upon market conditions and strategic considerations, we may choose to refinance debt in the capital markets. We generally expect to be able to fund maturities of debt from Net cash provided by (used in) operating activities, existing cash balances, and available credit facilities.
For the six months ended June 30, 2026 and 2025, the Company completed redemptions of senior notes totaling $42 and $1,376 in principal, respectively, and paid accrued interest of $— and $22, respectively. These transactions resulted in no gain or loss on extinguishment for the three months ended June 30, 2026, a gain on extinguishment of $1 for the six months ended June 30, 2026, and losses on extinguishment of $18 and $28 for the three and six months ended June 30, 2025, respectively, recognized in Other income (loss), net.
Debt Covenants. Refer to Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 19, 2026, for information regarding our debt covenants. At June 30, 2026, we were in compliance with all existing debt covenants and provisions related to potential defaults.
Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
Co-Issuer and Supplemental Guarantor Information. The Company filed a shelf registration statement with the SEC on Form S-3 under the Securities Act of 1933, as amended, which enables us to issue an indeterminate number or amount of common stock, preferred stock, depository shares, debt securities, guarantees of debt securities, warrants and units (the “Shelf Registration Statement”). Under the Shelf Registration Statement, our debt securities may be guaranteed by Newmont USA Limited (“Newmont USA”), one of our consolidated subsidiaries.
Newmont and Newcrest Finance Pty Ltd ("Newcrest Finance"), as issuers, and Newmont USA, as guarantor, are collectively referred to here-within as the "Obligor Group."
These guarantees are full and unconditional, and none of our other subsidiaries guarantee any security issued and outstanding. The cash provided by operations of the Obligor Group, and all of its subsidiaries, is available to satisfy debt repayments as they become due, and there are no material restrictions on the ability of the Obligor Group to obtain funds from subsidiaries, by dividend, loan, or otherwise, except to the extent of any rights of noncontrolling interests or regulatory restrictions limiting repatriation of cash. Net assets attributable to noncontrolling interests were $171 and $175 at June 30, 2026 and December 31, 2025, respectively. All noncontrolling interests relate to non-guarantor subsidiaries.
Newmont and Newmont USA are primarily holding companies with no material operations, sources of income or assets other than equity interest in their subsidiaries and intercompany receivables or payables. Newcrest Finance is a finance subsidiary with no material assets or operations other than those related to issued external debt and intercompany receivables or payables. Newmont USA’s primary investments are comprised of its 38.5% interest in NGM. For further information regarding these and our other operations, refer to Note 4 to the Condensed Consolidated Financial Statements and Results of Consolidated Operations within Part I, Item 2, MD&A.
In addition to equity interests in subsidiaries, the Obligor Group’s balance sheets consisted primarily of the following intercompany assets, intercompany liabilities, and external debt. The remaining assets and liabilities of the Obligor Group are considered immaterial at June 30, 2026 and December 31, 2025.
At June 30, 2026 At December 31, 2025
Obligor Group Newmont USA Obligor Group Newmont USA
Current intercompany assets $ 28,103 $ 21,402 $ 24,979 $ 17,426
Non-current intercompany assets $ 400 $ — $ 770 $ 283
Current intercompany liabilities $ 30,633 $ 1,631 $ 28,983 $ 1,621
Non-current intercompany liabilities $ 1,031 $ 31 $ 49 $ —
Non-current external debt $ 5,076 $ — $ 5,108 $ —
Newmont USA's subsidiary guarantees (the “subsidiary guarantees”) are general unsecured senior obligations of Newmont USA and rank equal in right of payment to all of Newmont USA's existing and future senior unsecured indebtedness and senior in right of payment to all of Newmont USA's future subordinated indebtedness. The subsidiary guarantees are effectively junior to any secured indebtedness of Newmont USA to the extent of the value of the assets securing such indebtedness.
At June 30, 2026, Newmont USA had guaranteed $5,019 of the $5,076 in total Obligor Group external debt. Under the terms of the subsidiary guarantees, holders of Newmont’s securities subject to such subsidiary guarantees will not be required to exercise their remedies against Newmont before they proceed directly against Newmont USA.
52
Table of Contents
Newmont USA will be released and relieved from all its obligations under the subsidiary guarantees in certain specified circumstances, including, but not limited to, the following:
•upon the sale or other disposition (including by way of consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power of the capital stock or other interests of Newmont USA (other than to Newmont or any of Newmont’s affiliates);
•upon the sale or disposition of all or substantially all the assets of Newmont USA (other than to Newmont or any of Newmont’s affiliates); or
•upon such time as Newmont USA ceases to guarantee more than $75 aggregate principal amount of Newmont’s debt (at June 30, 2026, Newmont USA guaranteed $517 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision).
Newmont’s debt securities are effectively junior to any secured indebtedness of Newmont to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all debt and other liabilities of Newmont’s non-guarantor subsidiaries. At June 30, 2026, (i) Newmont’s total consolidated indebtedness was approximately $5,598, none of which was secured (other than $515 of Lease and other financing obligations), and (ii) Newmont’s non-guarantor subsidiaries had $8,398 of total liabilities (including trade payables, but excluding intercompany, external debt and reclamation and remediation liabilities), which would have been structurally senior to Newmont’s debt securities.
For further information on our debt, refer to Note 15 to the Condensed Consolidated Financial Statements.
Contractual Obligations
As of June 30, 2026, there have been no material changes, outside the ordinary course of business, in our contractual obligations since December 31, 2025. Refer to Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 19, 2026, for information regarding our contractual obligations.
Environmental
Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. We have made, and expect to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. We perform a comprehensive review of our reclamation and remediation liabilities annually and review changes in facts and circumstances associated with these obligations at least quarterly.
For a complete discussion of the factors that influence our reclamation obligations and the associated risks, refer to Part II, Item 7, Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations under the headings “Environmental” and “Critical Accounting Estimates” and refer to Part I, Item 1A, Risk Factors under the heading “Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made” of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 19, 2026.
Our sustainability strategy is a foundational element in achieving our purpose in unearthing value sustainably to advance lives. Sustainability and safety are integrated into the business at all levels of the organization through our global policies, standards, strategies, business plans and remuneration plans. For additional information on the Company’s reclamation and remediation liabilities, refer to Notes 6 and 17 to the Condensed Consolidated Financial Statements.
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to Non-GAAP Financial Measures within Part II, Item 7 within our Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 19, 2026, for further information on the non-GAAP financial measures presented below, including why management believes that its presentation of non-GAAP financial measures provides useful information to investors.
53
Table of Contents
Earnings Before Interest, Taxes, Depreciation and Amortization and Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Net income (loss) attributable to Newmont stockholders $ 2,202 $ 2,061 $ 5,464 $ 3,952
Net income (loss) attributable to noncontrolling interests 49 14 115 25
Equity loss (income) of affiliates (204) (49) (353) (127)
Income and mining tax expense (benefit) 952 1,092 2,356 1,739
Depreciation and amortization 604 620 1,236 1,213
Interest expense, net of capitalized interest 35 65 74 144
EBITDA 3,638 3,803 8,892 6,946
Adjustments:
Change in fair value of investments and options (1) 111 (151) 24 (442)
Restructuring and severance (2) 12 15 18 24
Impairment charges (3) 2 9 11 24
(Gain) loss on sale of assets held for sale (4) (5) (699) (5) (975)
(Gain) loss on asset and investment sales (5) 1 2 1 7
(Gain) loss on debt extinguishment (6) — 18 (1) 28
Settlement costs (7) 2 — — 3
Newcrest transaction and integration costs (8) — (10) — (6)
Other (9) (4) 10 (29) 17
Adjusted EBITDA $ 3,757 $ 2,997 $ 8,911 $ 5,626
____________________________
(1)Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Other income (loss), net.
(2)Primarily consists of restructuring and severance related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net.
(3)Consists of non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net.
(4)Primarily consists of the gain on the sales of certain non-core assets in 2025; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
(5)Primarily consists of gains and losses related to the sale of certain assets and investments; included in Other income (loss), net.
(6)Consists of the gains and losses on debt redemptions incurred in 2026 and 2025, respectively; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
(7)Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net.
(8)Consists of costs incurred in 2025 related to the Newcrest transaction; included in Other expense, net.
(9)Primarily consists of post-divestiture activity and costs incurred related to transition service agreements for divested reportable segments; included in Other income (loss), net. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.
54
Table of Contents
Adjusted Net Income (Loss)
Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:
Three Months Ended June 30, 2026 Six Months Ended June 30, 2026
per share data (1) per share data (1)
basic diluted basic diluted
Net income (loss) attributable to Newmont stockholders $ 2,202 $ 2.07 $ 2.06 $ 5,464 $ 5.08 $ 5.07
Adjustments:
Change in fair value of investments and options (2) 111 0.10 0.10 24 0.02 0.02
Restructuring and severance (3) 12 0.01 0.01 18 0.02 0.02
Impairment charges (4) 2 — — 11 0.01 0.01
(Gain) loss on sale of assets held for sale (5) (5) — — (5) — —
(Gain) loss on asset and investment sales (6) 1 — — 1 — —
(Gain) loss on debt extinguishment (7) — — — (1) — —
Settlement costs (8) 2 — — — — —
Other (9) (4) — — (29) (0.03) (0.03)
Tax effect of adjustments (10) (22) (0.02) (0.02) — — —
Valuation allowance and other tax adjustments (11) (53) (0.05) (0.05) (81) (0.08) (0.08)
Adjusted net income (loss) $ 2,246 $ 2.11 $ 2.10 $ 5,402 $ 5.02 $ 5.01
Weighted average common shares (millions): (12) 1,065 1,067 1,075 1,077
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Other income (loss), net.
(3)Primarily consists of restructuring and severance related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net.
(4)Consists of non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net.
(5)Consists of the impact of finalization of certain working capital adjustments on completed divestments; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
(6)Primarily consists of gains and losses related to the sale of certain assets and investments; included in Other income (loss), net.
(7)Consists of the gain on debt redemptions; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
(8)Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net.
(9)Primarily consists of post-divestiture activity; included in Other income (loss), net. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.
(10)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (9), as described above, and are calculated using the applicable regional tax rate.
(11)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and six months ended June 30, 2026 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $(26) and $(137), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(15) and $9, net reductions to the reserve for uncertain tax positions of $(40) and $(43), and other tax adjustments of $28 and $90. For further information on reductions to the reserve for uncertain tax positions, refer to Note 9 to the Condensed Consolidated Financial Statements.
(12)Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.
55
Table of Contents
Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
per share data (1) per share data (1)
basic diluted basic diluted
Net income (loss) attributable to Newmont stockholders $ 2,061 $ 1.86 $ 1.85 $ 3,952 $ 3.53 $ 3.53
Adjustments:
(Gain) loss on sale of assets held for sale (2) (699) (0.63) (0.63) (975) (0.87) (0.87)
Change in fair value of investments and options (3) (151) (0.14) (0.14) (442) (0.39) (0.39)
(Gain) loss on debt extinguishment (4) 18 0.02 0.02 28 0.03 0.03
Restructuring and severance (5) 15 0.01 0.01 24 0.02 0.02
Impairment charges (6) 8 0.01 0.01 23 0.02 0.02
(Gain) loss on asset and investment sales (7) 2 — — 7 — —
Newcrest transaction and integration costs (8) (10) (0.01) (0.01) (6) — —
Settlement costs (9) — — — 3 — —
Other (10) 10 0.01 0.01 17 0.01 0.01
Tax effect of adjustments (11) 173 0.16 0.16 370 0.33 0.33
Valuation allowance and other tax adjustments (12) 167 0.15 0.15 (3) — —
Adjusted net income (loss) $ 1,594 $ 1.44 $ 1.43 $ 2,998 $ 2.68 $ 2.68
Weighted average common shares (millions): (13) 1,110 1,112 1,118 1,120
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)Consists of the gain on the divestments of certain non-core assets; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
(3)Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Other income (loss), net.
(4)Consists of the loss on debt redemptions; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
(5)Primarily consists of restructuring and severance related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net.
(6)Consists of non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. Amounts are presented net of Net loss (income) attributable to noncontrolling interests of $(1) and $(1), respectively.
(7)Primarily consists of gains and losses related to the sale of certain assets and investments; included in Other income (loss), net.
(8)Consists of costs incurred related to the Newcrest transaction; included in Other expense, net.
(9)Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net.
(10)Primarily consists of costs incurred related to transition service agreements for divested reportable segments; included in Other income (loss), net.
(11)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (10), as described above, and are calculated using the applicable regional tax rate.
(12)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and six months ended June 30, 2025 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $146 and $(51), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $11 and $3, net reductions to the reserve for uncertain tax positions of $8 and $(6), recording of a deferred tax liability for the outside basis difference at Akyem of $(2) and $— due to the status change to held for sale, and other tax adjustments of $4 and $51. For further information on reductions to the reserve for uncertain tax positions, refer to Note 9 to the Condensed Consolidated Financial Statements.
(13)Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.
56
Table of Contents
Free Cash Flow
The following table sets forth a reconciliation of Free cash flow to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free cash flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.
Six Months Ended June 30,
2026 2025
Net cash provided by (used in) operating activities $ 6,709 $ 4,415
Less: Additions to property, plant and mine development (1,360) (1,500)
Free cash flow $ 5,349 $ 2,915
Net cash provided by (used in) investing activities (1) $ (1,033) $ 1,417
Net cash provided by (used in) financing activities $ (4,301) $ (3,407)
____________________________
(1)Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free cash flow.
Net Debt
Net debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents, as presented on the Condensed Consolidated Balance Sheets. Cash and cash equivalents are subtracted from Debt and Lease and other financing obligations as these could be used to reduce the Company's debt obligations.
The following table sets forth a reconciliation of Net debt, a non-GAAP financial measure, to Debt and Lease and other financing obligations, which the Company believes to be the GAAP financial measures most directly comparable to Net debt. The Company has also presented Net debt excluding Lease and other financing obligations to provide a supplemental view of evaluating the financial flexibility and strength of the Company's balance sheet.
At June 30, 2026 At December 31, 2025
Debt $ 5,083 $ 5,115
Less: Cash and cash equivalents (9,009) (7,647)
Net debt (cash) excluding leases and other financing obligations (3,926) (2,532)
Add: Lease and other financing obligations 515 474
Net debt (cash) $ (3,411) $ (2,058)
All-In Sustaining Costs
All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold.
57
Table of Contents
Three Months Ended June 30, 2026 Costs Applicable to Sales (1)(2)(3) Reclamation Costs (4) Advanced Projects, Research and Development and Exploration (5) General and Administrative Other Expense, Net (6) Treatment and Refining Costs Sustaining Capital and Lease Related Costs (7)(8) All-In Sustaining Costs Ounces (000) Sold All-In Sustaining Costs per Ounce (9)
Gold
Managed
Lihir $ 213 $ 3 $ 5 $ — $ — $ — $ 26 $ 247 145 $ 1,707
Cadia (10) 74 1 1 — 18 — 55 149 48 $ 3,151
Tanami 119 2 3 — — — 59 183 89 $ 2,033
Boddington 199 7 — — — — 45 251 155 $ 1,622
Ahafo South 199 3 2 — — — 36 240 92 $ 2,604
Ahafo North 85 1 4 — — — 10 100 67 $ 1,485
Merian 104 2 — — — — 24 130 74 $ 1,780
Cerro Negro 81 2 — — 11 — 26 120 51 $ 2,338
Yanacocha 132 5 1 — 5 — 2 145 129 $ 1,128
Peñasquito 71 5 — — — 1 10 87 34 $ 2,589
Red Chris 19 1 — — — — 5 25 12 $ 2,118
Brucejack 96 1 5 — 1 (1) 22 124 57 $ 2,156
Non-managed
NGM 357 5 7 2 — 3 65 439 242 $ 1,805
Corporate and Other (11) — — 15 61 2 — (2) 76 — $ —
Total Gold 1,749 38 43 63 37 3 383 2,316 1,195 $ 1,938
Gold equivalent ounces - other metals (12)(13)
Cadia (10) 48 1 1 — 11 1 37 99 29 $ 3,400
Boddington 18 1 — — — (1) 4 22 13 $ 1,594
Peñasquito (14) 243 16 — 1 — 8 31 299 118 $ 2,538
Red Chris 30 1 1 — — (2) 7 37 16 $ 2,296
Corporate and Other (11) — — 3 10 — — — 13 — $ —
Total Gold Equivalent Ounces 339 19 5 11 11 6 79 470 176 $ 2,660
Consolidated $ 2,088 $ 57 $ 48 $ 74 $ 48 $ 9 $ 462 $ 2,786
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $130.
(3)Includes stockpile, leach pad, and product inventory adjustments of $14 at Cadia and $3 at NGM.
(4)Includes operating accretion of $34, included in Reclamation and remediation, and amortization of asset retirement costs of $23; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $41 and $6, respectively, included in Reclamation and remediation.
(5)Excludes development expenditures of $2 at Cadia, $2 at Boddington, $14 at Ahafo South, $8 at Merian, $6 at Cerro Negro, $2 at Yanacocha, $4 at Peñasquito, $1 at Red Chris, $8 at NGM, $21 at Corporate and Other, totaling $68 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Excludes restructuring and severance of $12, impairment charges of $2, and settlement costs of $2 included in Other expense, net.
(7)Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
(8)Includes finance lease payments and other costs for sustaining projects of $24.
(9)Per ounce measures may not recalculate due to rounding.
(10)Production and cost metrics were impacted by the operational stoppage during the second quarter of 2026 due to the Cadia seismic event.
(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($4,000/oz.), Copper ($5.00/lb.), Silver ($50.00/oz.), Lead ($0.90/lb.), and Zinc ($1.30/lb.) pricing for 2026.
(13)Cadia sold 11 thousand tonnes of copper, Boddington sold 5 thousand tonnes of copper, Peñasquito sold 6 million ounces of silver, 17 thousand tonnes of lead and 40 thousand tonnes of zinc, and Red Chris sold 6 thousand tonnes of copper.
(14)All-in sustaining costs at Peñasquito is comprised of $197, $20, and $82 for silver, lead, and zinc, respectively.
58
Table of Contents
Three Months Ended June 30, 2025 Costs Applicable to Sales (1)(2)(3) Reclamation Costs (4) Advanced Projects, Research and Development and Exploration (5) General and Administrative Other Expense, Net (6) Treatment and Refining Costs Sustaining Capital and Lease Related Costs (7)(8) All-In Sustaining Costs Ounces (000) Sold All-In Sustaining Costs per Ounce (9)
Gold
Managed
Lihir $ 202 $ 3 $ 2 $ — $ — $ — $ 38 $ 245 156 $ 1,563
Cadia 88 — — — — 1 32 121 109 $ 1,109
Tanami 115 1 1 — — — 36 153 90 $ 1,698
Boddington 169 6 — — — 1 24 200 140 $ 1,422
Ahafo South 201 4 3 — 2 — 34 244 200 $ 1,220
Merian 122 2 4 — — — 12 140 67 $ 2,074
Cerro Negro 72 2 — — — — 29 103 34 $ 3,023
Yanacocha 119 15 — — 16 — 4 154 136 $ 1,144
Peñasquito 100 4 — — — 5 16 125 133 $ 944
Red Chris 22 — — — — — 6 28 14 $ 1,903
Brucejack 91 2 3 — — — 25 121 49 $ 2,490
Non-managed
NGM 343 5 4 2 3 1 60 418 237 $ 1,771
Corporate and Other (10) — — 17 78 10 — 2 107 — $ —
Divested (11)
Porcupine 16 1 — — 1 — 4 22 9 $ 2,233
Akyem 17 1 — — — — — 18 6 $ 3,145
Total Gold 1,677 46 34 80 32 8 322 2,199 1,380 $ 1,593
Gold equivalent ounces - other metals (12)(13)
Cadia 82 — 1 — — 1 31 115 107 $ 1,082
Boddington 38 — — — — — 4 42 33 $ 1,304
Peñasquito (14) 158 6 — — — 7 25 196 190 $ 1,030
Red Chris 46 2 — — — (1) 11 58 31 $ 1,884
Corporate and Other (10) — — 5 15 2 — — 22 — $ —
Total Gold Equivalent Ounces 324 8 6 15 2 7 71 433 361 $ 1,203
Consolidated $ 2,001 $ 54 $ 40 $ 95 $ 34 $ 15 $ 393 $ 2,632
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $74.
(3)Includes stockpile, leach pad, and product inventory adjustments of $10 at NGM.
(4)Includes operating accretion of $28, included in Reclamation and remediation, and amortization of asset retirement costs of $26; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $50 and $5, respectively, included in Reclamation and remediation.
(5)Excludes development expenditures of $3 at Cadia, $3 at Tanami, $12 at Ahafo South, $9 at Merian, $6 at Cerro Negro, $3 at Yanacocha, $4 at Peñasquito, $3 at Red Chris, $2 at NGM, $16 at Corporate and Other, totaling $61 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Excludes restructuring and severance of $15, Newcrest transaction and integration costs of $(10), and impairment charges of $9; included in Other expense, net.
(7)Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
(8)Includes finance lease payments and other costs for sustaining projects of $19.
(9)Per ounce measures may not recalculate due to rounding.
(10)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
(11)Refer to Note 3 to the Condensed Consolidated Financial Statements for information on the Company's divestitures.
(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($0.90/lb.) and Zinc ($1.20/lb.) pricing for 2025.
(13)For the three months ended June 30, 2025, Cadia sold 23 thousand tonnes of copper, Boddington sold 7 thousand tonnes of copper, Peñasquito sold 7 million ounces of silver, 23 thousand tonnes of lead and 56 thousand tonnes of zinc, and Red Chris sold 7 thousand tonnes of copper.
(14)All-in sustaining costs at Peñasquito is comprised of $76, $26, and $94 for silver, lead, and zinc, respectively.
59
Table of Contents
Six Months Ended June 30, 2026 Costs Applicable to Sales (1)(2)(3) Reclamation Costs (4) Advanced Projects, Research and Development and Exploration (5) General and Administrative Other Expense, Net (6) Treatment and Refining Costs Sustaining Capital and Lease Related Costs (7)(8) All-In Sustaining Costs Ounces (000) Sold All-In Sustaining Costs per Ounce (9)
Gold
Managed
Lihir $ 389 $ 7 $ 7 $ — $ — $ — $ 51 $ 454 262 $ 1,735
Cadia (10) 175 2 3 — 18 2 107 307 144 $ 2,136
Tanami 217 4 5 — — — 116 342 178 $ 1,912
Boddington 336 13 — — — — 79 428 252 $ 1,700
Ahafo South 411 5 3 — — — 66 485 217 $ 2,236
Ahafo North 160 2 5 — — — 21 188 130 $ 1,448
Merian 215 4 1 — — — 39 259 158 $ 1,648
Cerro Negro 147 4 1 — 12 — 44 208 107 $ 1,937
Yanacocha 272 11 2 — 6 — 3 294 268 $ 1,099
Peñasquito 139 10 — — — 5 18 172 91 $ 1,900
Red Chris 41 3 1 — — — 8 53 25 $ 2,114
Brucejack 194 3 8 — 1 — 38 244 114 $ 2,131
Non-managed
NGM 663 10 11 5 2 4 125 820 481 $ 1,701
Corporate and Other (11) — — 37 125 4 — 1 167 — $ —
Total Gold 3,359 78 84 130 43 11 716 4,421 2,427 $ 1,822
Gold equivalent ounces - other metals (12)(13)
Cadia (10) 109 1 2 — 11 3 69 195 88 $ 2,210
Boddington 29 1 — — — (1) 6 35 21 $ 1,637
Peñasquito (14) 472 33 — 1 — 28 62 596 296 $ 2,012
Red Chris 56 4 1 — — (4) 11 68 32 $ 2,106
Corporate and Other (11) — — 7 22 — — — 29 — $ —
Total Gold Equivalent Ounces 666 39 10 23 11 26 148 923 437 $ 2,107
Consolidated $ 4,025 $ 117 $ 94 $ 153 $ 54 $ 37 $ 864 $ 5,344
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $283.
(3)Includes stockpile, leach pad, and product inventory adjustments of $14 at Cadia and $3 at NGM.
(4)Includes operating accretion of $67, included in Reclamation and remediation, and amortization of asset retirement costs of $50; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $82 and $10, respectively, included in Reclamation and remediation.
(5)Excludes development expenditures of $6 at Cadia, $3 at Boddington, $22 at Ahafo South, $1 at Ahafo North, $13 at Merian, $10 at Cerro Negro, $4 at Yanacocha, $7 at Peñasquito, $2 at Red Chris, $13 at NGM, $37 at Corporate and Other, totaling $118 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Excludes restructuring and severance of $18 and impairment charges of $11 included in Other expense, net.
(7)Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
(8)Includes finance lease payments and other costs for sustaining projects of $46.
(9)Per ounce measures may not recalculate due to rounding.
(10)Production and cost metrics were impacted by the operational stoppage during the second quarter of 2026 due to the Cadia seismic event.
(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($4,000/oz.), Copper ($5.00/lb.), Silver ($50.00/oz.), Lead ($0.90/lb.), and Zinc ($1.30/lb.) pricing for 2026.
(13)Cadia sold 32 thousand tonnes of copper, Boddington sold 8 thousand tonnes of copper, Peñasquito sold 16 million ounces of silver, 45 thousand tonnes of lead and 98 thousand tonnes of zinc, and Red Chris sold 12 thousand tonnes of copper.
(14)All-in sustaining costs at Peñasquito is comprised of $385, $41, and $170 for silver, lead, and zinc, respectively.
60
Table of Contents
Six Months Ended June 30, 2025 Costs Applicable to Sales (1)(2)(3) Reclamation Costs (4) Advanced Projects, Research and Development and Exploration (5) General and Administrative Other Expense, Net (6) Treatment and Refining Costs Sustaining Capital and Lease Related Costs (7)(8) All-In Sustaining Costs Ounces (000) Sold All-In Sustaining Costs per Ounce (9)
Gold
Managed
Lihir $ 363 $ 7 $ 3 $ — $ — $ — $ 86 $ 459 316 $ 1,450
Cadia 165 1 — — — 3 68 237 207 $ 1,144
Tanami 197 2 3 — — — 76 278 165 $ 1,680
Boddington 336 11 1 — — 2 58 408 275 $ 1,482
Ahafo South 448 8 5 — 2 — 72 535 399 $ 1,341
Merian 194 4 4 — — — 27 229 115 $ 1,986
Cerro Negro (10) 150 4 1 — 1 — 55 211 72 $ 2,936
Yanacocha 212 26 — — 24 — 5 267 232 $ 1,155
Peñasquito 206 8 — — — 13 27 254 251 $ 1,013
Red Chris 38 1 — — — — 8 47 29 $ 1,611
Brucejack 174 3 5 — — 1 41 224 95 $ 2,363
Non-managed
NGM 651 9 5 5 3 3 130 806 453 $ 1,780
Corporate and Other (11) — — 46 170 13 — 4 233 — $ —
Divested (12)
CC&V 39 2 — — — — 5 46 27 $ 1,684
Musselwhite 33 1 — — — — 14 48 32 $ 1,531
Porcupine 79 3 1 — 1 — 25 109 60 $ 1,810
Éléonore 54 1 2 — — — 12 69 49 $ 1,403
Akyem 107 5 — — — — 8 120 45 $ 2,664
Total Gold 3,446 96 76 175 44 22 721 4,580 2,822 $ 1,623
Gold equivalent ounces - other metals (13)(14)
Cadia 153 1 1 — — 3 65 223 199 $ 1,123
Boddington 76 1 — — — 1 12 90 65 $ 1,396
Peñasquito (15) 351 12 — 1 — 35 49 448 402 $ 1,114
Red Chris 81 3 — — — — 17 101 63 $ 1,605
Corporate and Other (11) — — 10 29 2 — — 41 — $ —
Total Gold Equivalent Ounces 661 17 11 30 2 39 143 903 729 $ 1,239
Consolidated $ 4,107 $ 113 $ 87 $ 205 $ 46 $ 61 $ 864 $ 5,483
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $138.
(3)Includes stockpile, leach pad, and product inventory adjustments of $3 at Cerro Negro and $25 at NGM.
(4)Includes operating accretion of $66, included in Reclamation and remediation, and amortization of asset retirement costs of $47; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $101 and $9, respectively, included in Reclamation and remediation.
(5)Excludes development expenditures of $3 at Cadia, $3 at Tanami, $2 at Boddington, $20 at Ahafo South, $16 at Merian, $10 at Cerro Negro, $4 at Yanacocha, $8 at Peñasquito, $5 at Red Chris, $3 at NGM, $32 at Corporate and Other, totaling $106 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Excludes restructuring and severance of $24, impairment charges of $24, Newcrest transaction and integration costs of $(6), settlement costs of $3; included in Other expense, net.
(7)Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
(8)Includes finance lease payments and other costs for sustaining projects of $39.
(9)Per ounce measures may not recalculate due to rounding.
(10)During the first quarter of 2025, mining and processing operations at the site were temporarily suspended due to safety events. Full operations resumed in April 2025.
(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
(12)Refer to Note 3 to the Condensed Consolidated Financial Statements for information on the Company's divestitures.
61
Table of Contents
(13)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($0.90/lb.) and Zinc ($1.20/lb.) pricing for 2025.
(14)For the six months ended June 30, 2025, Cadia sold 44 thousand tonnes of copper, Boddington sold 14 thousand tonnes of copper, Peñasquito sold 13 million ounces of silver, 44 thousand tonnes of lead and 129 thousand tonnes of zinc, and Red Chris sold 14 thousand tonnes of copper.
(15)All-in sustaining costs at Peñasquito is comprised of $155, $51, and $242 for silver, lead, and zinc, respectively.
Accounting Developments
For a discussion of Risks and Uncertainties and Recently Adopted and Recently Issued Accounting Pronouncements, refer to Note 2 to the Condensed Consolidated Financial Statements.
Refer to our Management’s Discussion and Analysis of Accounting Developments and Critical Accounting Estimates included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 19, 2026, for additional information on our critical accounting policies and estimates.
Safe Harbor Statement
Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s),” “estimate(s),” “should,” “intend(s),” "target(s)," "plan(s)," "potential," and similar expressions are intended to identify forward-looking statements. Our forward-looking statements may include, without limitation:
•estimates regarding future earnings and the sensitivity of earnings to gold, copper, silver, lead, zinc and other metal prices;
•estimates of future mineral production and sales;
•estimates of future production costs, other expenses and taxes for specific operations and on a consolidated basis, including estimates of future costs applicable to sales and all-in sustaining costs;
•estimates of future cash flows and the sensitivity of cash flows to gold, copper, silver, lead, zinc and other metal prices;
•estimates of future capital expenditures, including development and sustaining capital, as well as construction or closure activities and other cash needs, for specific operations and on a consolidated basis, and expectations as to the funding or timing thereof;
•estimates as to the projected development of certain ore deposits or projects, such as the Tanami Expansion 2, Cerro Negro District Expansion 1, Cadia Panel Caves, Lihir Nearshore Barrier, Red Chris Block Cave and Wafi-Golpu, including without limitation expectations for the production, milling, costs applicable to sales, all-in sustaining costs, mine-life extension, the costs of such development and other capital costs, financing plans for these deposits and expected production commencement dates, construction completion dates and other timelines;
•estimates of reserves and resources statements regarding future exploration results and reserve and resource replacement and the sensitivity of reserves to metal price changes;
•statements regarding the availability of, and terms and costs related to, future borrowing or financing and expectations regarding future share repurchase transactions, debt repayments or debt tender transactions;
•statements regarding future cash flows and returns to stockholders, including with respect to future dividends and expected payout levels;
•estimates regarding future exploration expenditures and discoveries;
•statements regarding fluctuations in financial and currency markets;
•estimates regarding potential cost savings, productivity, operating performance and ownership and cost structures;
•expectations regarding statements on future or recently completed transactions and expectations regarding potential future transactions;
•estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, and future cash flow enhancements through portfolio optimization, restructurings and cost savings initiatives;
•expectations of future equity and enterprise value;
•expectations regarding the start-up time, design, mine life, production and costs applicable to sales and exploration potential of our projects;
•statements regarding future hedge and derivative positions or modifications thereto;
•statements regarding local, community, political, economic or governmental conditions and environments;
62
Table of Contents
•statements and expectations regarding the impacts of health and safety conditions;
•statements regarding the impacts of changes in the legal and regulatory environment in which we operate, including, without limitation, relating to regional, national, domestic and foreign laws;
•statements regarding expected changes in the tax regimes in which we operate, including, without limitation, estimates of future tax rates and estimates of the impacts to income tax expense, valuation of deferred tax assets and liabilities, and other financial impacts;
•estimates of income taxes and expectations relating to tax contingencies or tax audits;
•estimates of future costs, accruals for reclamation costs and other liabilities for certain environmental matters, including without limitation, in connection with water treatment, such as the Yanacocha water treatment plants, and tailings management;
•statements relating to potential impairments, revisions or write-offs, including without limitation, the result of fluctuation in metal prices, unexpected production or capital costs, or unrealized reserve potential;
•estimates of pension and other post-retirement costs;
•statements regarding estimates of timing of adoption of recent accounting pronouncements and expectations regarding future impacts to the financial statements resulting from accounting pronouncements; and
•estimates of future cost reductions, savings and efficiencies in connection with programs and cost saving initiatives.
Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Such risks include, but are not limited to:
•there being no significant change to current geotechnical, metallurgical, hydrogeological and other physical conditions;
•the price of gold, copper, silver, lead, zinc and other metal prices and commodities;
•the cost of operations and prices for key supplies;
•currency fluctuations, including exchange rate assumptions;
•other macroeconomic events impacting inflation, interest rates, supply chain, and capital markets;
•operating performance of equipment, processes and facilities;
•environmental impacts and geotechnical challenges including in connection with climate-related and other catastrophic events;
•labor relations;
•health and safety impacts including in connection with global events, pandemics, and epidemics;
•timing of receipt of necessary governmental and regulatory permits or approvals;
•domestic and foreign laws or regulations, particularly relating to the environment, mining and processing;
•changes in tax laws;
•geopolitical and global financial and economic developments, including in connection with developments in Middle East conflicts and other ongoing or escalating geopolitical tensions and military activity;
•political developments in any jurisdiction in which Newmont operates being consistent with its current expectations;
•our ability to obtain or maintain necessary financing; and
•other risks and hazards associated with mining operations.
More detailed information regarding these factors is included in the section titled Item 1, Business; Item 1A, Risk Factors in Part I of the Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026, as well as elsewhere throughout this report. Many of these factors are beyond our ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements.
All subsequent written and oral forward-looking statements attributable to Newmont or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We disclaim any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
63
Table of Contents