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What changed in Newmont's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Newmont's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+903 added−963 removedSource: 10-K (2026-02-19) vs 10-K (2025-02-21)

Top changes in Newmont's 2025 10-K

903 paragraphs added · 963 removed · 713 edited across 10 sections

Item 1. Business

Business — how the company describes what it does

69 edited+4 added−3 removed58 unchanged
Biggest changeA breach or violation of these laws could lead to substantial sanctions, civil and criminal prosecution, fines, penalties, litigation, loss of licenses or permits, and other collateral consequences, including reputational harm. • Title to some of our properties may be insufficient, defective, or challenged. 13 Table of Contents • The price of our common stock may be volatile, which may make it difficult for you to sell the common stock at the price you paid or at prices you find attractive. • Holders of our common stock, CDIs and PDIs may not receive dividends. • Compliance with exchange listing rules as a foreign exempt listing may differ from investor expectations. • Assets held for sale may not ultimately be divested and we may not receive all or any deferred compensation. • The Company’s asset divestitures place demands on the Company’s management and resources, the sale of divested assets may not occur as planned or at all, and the Company may not realize the anticipated benefits of such divestitures.
Biggest changeTrade compliance failures may result in legal exposure, financial penalties, operational disruption, reputational damage, and restricted access financial systems or markets. • Unanticipated litigation or negative developments in pending litigation or with respect to other contingencies may adversely affect our financial condition and results of operations. • Title to some of our properties may be insufficient, defective, or challenged. • The price of our common stock may be volatile, which may make it difficult for you to sell the common stock at the price you paid or at prices you find attractive. • Holders of our common stock, CDIs and PDIs may not receive dividends. • Compliance with exchange listing rules as a foreign exempt listing may differ from investor expectations. • We may not receive any or all deferred or contingent consideration for divested assets. • We are subject to ongoing indemnification and other retained liabilities from certain recent and historical transactions.
Revenues from by-product sales are credited to Costs applicable to sales in the Consolidated Financial Statements. Aside from the co-product sales at Red Chris, Peñasquito, Boddington, Cadia, and Telfer, copper and silver produced at other Newmont sites are by-product metals. Gold and Other Metals Processing Methods Doré.
Revenues from by-product sales are credited to Costs applicable to sales in the Consolidated Financial Statements. Aside from the co-product sales at Cadia, Boddington, Peñasquito, Red Chris, and Telfer, copper and silver produced at other Newmont sites are by-product metals. Gold and Other Metals Processing Methods Doré.
The metals markets are cyclical, and our ability to maintain our competitive position over the long term is based on our ability to acquire and develop quality deposits, hire and retain a skilled workforce, and to manage our costs.
The metals markets are cyclical, and our ability to maintain our competitive position over the long term is based on our ability to acquire and develop quality deposits, hire and retain a skilled workforce, and manage our costs.
Our sustainability report provides an annual review of non-financial performance on governance, strategy and management approach, risk management, and performance and targets in key areas that include health, safety and security, workforce, the environment, supply chain, social responsibility, business integrity and compliance, value sharing, and equity, inclusion and diversity domains.
Our sustainability report provides an annual review of non-financial performance on governance, strategy and management approach, risk management, and performance and targets in key areas that include health, safety and security, workforce, the environment, supply chain, social responsibility, business integrity and compliance, value sharing, and inclusion, diversity, and equity domains.
Our Corporate Governance Guidelines, Proxy Statement, policies, and the charters for the Committees of Board of Directors are available on our website, www.newmont.com, and are available free of charge upon request to Investor Relations at our principal executive office.
Our Corporate Governance Guidelines, Proxy Statement, policies, and the charters for the Committees of the Board of Directors are available on our website, www.newmont.com, and are available free of charge upon request to Investor Relations at our principal executive office.
ITEM 1. BUSINESS (dollars in millions, except per share, per ounce and per pound amounts) Introduction Newmont Corporation was incorporated in 1921 and is primarily a gold producer with significant operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji and Ghana.
ITEM 1. BUSINESS (dollars in millions, except per share, per ounce and per pound amounts) Introduction Newmont Corporation was incorporated in 1921 and is primarily a gold producer with significant operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada.
("Lundin Gold"). The Company acquired a 32.0% interest in Lundin Gold through the Newcrest transaction, which is accounted for as an equity method investment on a quarterly lag. As a result, results of operations were not reported until the first quarter of 2024. Refer to Notes 3 and 15 to the Consolidated Financial Statements for additional information.
("Lundin Gold"). The Company acquired a 32% interest in Lundin Gold through the Newcrest transaction, which is accounted for as an equity method investment on a quarterly lag. As a result, results of operations were not reported until the first quarter of 2024. Refer to Notes 3 and 15 to the Consolidated Financial Statements for additional information.
In connection with the issuance of the Notes, Newmont published a Sustainability-Linked Bond Framework and obtained a second party opinion on the framework from Institutional Shareholder Services group of companies ("ISS") ESG. The Notes align Newmont’s business and financing by creating a direct link between its sustainability performance and funding strategies.
In connection with the issuance of the Notes, Newmont published a Sustainability-Linked Bond Framework and obtained a second party opinion on the framework from the Institutional Shareholder Services group of companies ESG. The Notes align Newmont’s business and financing by creating a direct link between its sustainability performance and funding strategies.
We accept the Intergovernmental Panel on Climate Change’s ("IPCC") assessment of climate science, and we acknowledge that human activities contribute to climate change and business has an important role in addressing this global challenge. It is our firm belief that climate change is one of the greatest global challenges of our time.
We accept the Intergovernmental Panel on Climate Change’s assessment of climate science, and we acknowledge that human activities contribute to climate change and business has an important role in addressing this global challenge. It is our firm belief that climate change is one of the greatest global challenges of our time.
Conformance with the GISTM remains ongoing and has and may continue to result in further increases to our sustaining costs and estimated closure costs. Additionally, laws, regulations and permit requirements focused on water management and discharge requirements for operations and water treatment in connection with closure are becoming increasingly stringent.
Conformance with the GISTM remains ongoing and has and may continue to result in further increases to our sustaining costs and estimated closure costs. Additionally, laws, regulations and permit requirements focused on water management and discharge requirements for operations and water treatment are becoming increasingly stringent.
These risks include, but are not limited to, the following: • A substantial or extended decline in gold, copper, silver, lead or zinc prices would have a material adverse effect on us. • We may be unable to replace gold, copper, silver, lead or zinc reserves as they become depleted. • Estimates of proven and probable reserves and measured, indicated and inferred resources are uncertain and actual recoveries may vary from our estimates. • Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated. • Increased operating and capital costs could affect our profitability. • Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made. • Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects. • We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure or cybersecurity attacks and risks associated with implementation, upgrade, operation and integration. • To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures, our interests in these properties is subject to risks normally associated with the conduct of joint ventures. • Our operations and business have in the past been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics and other health emergencies. • Increased exposure to foreign exchange fluctuations and capital controls may adversely affect Newmont’s costs, earnings and the value of some of our assets. • Future funding requirements may affect our business, our ability to pursue new business opportunities, invest in existing and new projects, pay cash dividends or engage in share repurchase transactions. • Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations. • Our ability to recognize the benefits of deferred tax assets is dependent on future cash flows and taxable income. • Any downgrade in the credit ratings assigned to our debt securities could increase our future borrowing costs and adversely affect the availability of new financing. • Returns for investments in pension plans are uncertain. • We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining. • Mining operations involve a high degree of risk, including hazards related to the use of explosives and hazardous chemicals and critical equipment failure. 12 Table of Contents • We rely on our supply chain operations to procure goods and services to support our operations and projects, and competition with other natural resource companies, and shortage of critical parts, services and equipment may adversely affect our operations and development projects. • We may be unable to obtain or retain necessary permits and land or mining tenure which could adversely affect our operations and projects. • Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations. • Illegal mining and artisanal mining occurs on or adjacent to certain of our properties exposing such sites to security risks. • Civil disturbances and criminal activities can disrupt business and expose the Company to liability. • Our operations and projects face substantial regulation of health and safety. • Our operations and projects are subject to extensive environmental laws and regulations. • Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy. • Our operations and projects are subject to a range of transitional and physical risks related to climate change. • Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability. • Our operations and projects may be adversely affected by rising energy prices or energy shortages. • Our operations and projects are dependent on the availability of sufficient water supplies and subject to water-related risks. • Our operations and projects are subject to risks related to our relationships and/or agreements with local communities, including Indigenous Peoples, and laws for the protection of cultural heritage. • Our operations and projects are subject to risks of doing business in multiple jurisdictions. • New or changing legislation and tax risks in certain operating jurisdictions could negatively affect us. • Changes in mining or investment policies or shifts in political and social attitudes in the jurisdictions in which we operate may adversely affect our operations or profitability. • Our operations at Yanacocha and projects in Peru are subject to political and social unrest risks. • Our Merian operation in Suriname is subject to political, security and economic risks. • Our operations at Ahafo and Akyem in Ghana are subject to political, economic, security and other risks. • Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina, regulatory risk and labor unrest. • Our operations at Lihir and project at Wafi-Golpu in Papua New Guinea are subject to political and regulatory risks and other uncertainties. • Our operations and projects in Canada are subject to legal and regulatory risks and other uncertainties in connection with claims and challenges by Indigenous groups. • Our business depends on good relations with our employees. • Our Peñasquito operation in Mexico is subject to social, political, regulatory, and economic risks. • We may not be able to operate successfully if we are unable to recruit, hire, retain and develop key personnel and a qualified and diverse workforce.
These risks include, but are not limited to, the following: • A substantial or extended decline in gold, copper, silver, lead or zinc prices would have a material adverse effect on us. • We may be unable to replace gold, copper, silver, lead or zinc reserves as they become depleted. • Estimates of proven and probable reserves and measured, indicated and inferred resources are uncertain and the volume and grade of ore actually recovered may vary from our estimates. • Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated. • Increased operating and capital costs could affect our profitability. • Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made. • Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects. • We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure or cybersecurity attacks and risks associated with implementation, upgrade, operation and integration. • To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures, our interests in these properties is subject to risks normally associated with the conduct of joint ventures. • Our operations and business have in the past been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics and other health emergencies. • Increased exposure to foreign exchange fluctuations and capital controls may adversely affect Newmont’s costs, earnings and the value of some of our assets. • Future funding requirements may affect our business, our ability to pursue new business opportunities, invest in existing and new projects, pay cash dividends or engage in share repurchase transactions. • Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations. • Our ability to recognize the benefits of deferred tax assets is dependent on future cash flows and taxable income. • Any downgrade in the credit ratings assigned to our debt securities could increase our future borrowing costs and adversely affect the availability of new financing. • Returns for investments in pension plans are uncertain. 13 Table of Contents • We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining. • Mining operations involve a high degree of risk, including hazards related to the use of explosives and hazardous chemicals and critical equipment failure. • We rely on our supply chain operations to procure goods and services to support our operations and projects, and competition with other natural resource companies, and shortage of critical parts, services and equipment may adversely affect our operations and development projects. • We may be unable to obtain or retain necessary permits and land or mining tenure which could adversely affect our operations and projects. • Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations. • Illegal mining and artisanal mining occurs on or adjacent to certain of our properties exposing such sites to security risks. • Civil disturbances and criminal activities can disrupt business and expose the Company to liability. • Our operations and projects face substantial regulation of health and safety. • Our operations and projects are subject to extensive environmental laws and regulations. • Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy. • Our operations and projects are subject to a range of transitional and physical risks related to climate change. • Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability. • Our operations and projects may be adversely affected by rising energy prices or energy shortages. • Our operations and projects are dependent on the availability of sufficient water supplies and subject to water-related risks. • Our operations and projects are subject to risks related to our relationships and/or agreements with local communities, including Indigenous Peoples, and laws for the protection of cultural heritage. • Our operations and projects are subject to risks of doing business in multiple jurisdictions. • New or changing legislation and tax risks in certain operating jurisdictions could negatively affect us. • Changes in mining or investment policies or shifts in political and social attitudes in the jurisdictions in which we operate may adversely affect our operations or profitability. • Our operations at Yanacocha and projects in Peru are subject to political and social unrest risks. • Our Merian operation in Suriname is subject to political, security and economic risks. • Our operations at Ahafo South and Ahafo North in Ghana are subject to political, economic, security and other risks. • Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina, regulatory risk and labor unrest. • Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties. • Our operations and projects in Canada are subject to legal and regulatory risks and other uncertainties in connection with claims and challenges by Indigenous groups. • Our business depends on good relations with our employees. • Our Peñasquito operation in Mexico is subject to social, political, regulatory, and economic risks. • We may not be able to operate successfully if we are unable to recruit, hire, retain and develop key personnel and a qualified and diverse workforce.
We engage regularly with relevant stakeholders, who we consider to be any person or organization potentially impacted by our activities or influential to our success, which allows us to gain a greater understanding of their needs, interests and perspectives while, at the same time, encouraging shared decision making to promote mutually beneficial outcomes.
Stakeholder Engagement We engage regularly with relevant stakeholders, who we consider to be any person or organization potentially impacted by our activities or influential to our success, which allows us to gain a greater understanding of their needs, interests and perspectives while, at the same time, encouraging shared decision making to promote mutually beneficial outcomes.
Additional information regarding the Company’s compensation programs and performance will be provided in the 2025 Proxy Statement. Health and Safety. Safeguarding the health and safety of our employees and contractors is fundamental to how we operate. Mining activities pose risks and hazards that must be effectively managed and controlled to minimize their impact.
Additional information regarding the Company’s compensation programs and performance will be provided in the 2026 Proxy Statement. Health and Safety. Safeguarding the health and safety of our employees and contractors is fundamental to how we operate. Mining activities pose risks and hazards that must be effectively managed and controlled to minimize their impact.
Newmont believes that strong corporate governance, with management accountability and active oversight from an experienced Board of Directors, is essential for mitigating risk, serving in the best interests of all stakeholders and creating long-term value. The highest level of oversight at Newmont resides with Newmont’s Board of Directors (the “Board”).
Newmont believes that strong corporate governance, with management accountability and active oversight from an experienced Board of Directors, is essential for mitigating risk, serving in the best interests of all stakeholders and creating long-term value. The highest level of oversight at Newmont resides with Newmont’s Board of Directors (the “Board").
Compliance with water management and discharge quality remains dynamic and has and may continue to result in further increases to our estimated closure costs. For a discussion of the most significant reclamation and remediation activities, refer to Note 6 and Note 25 to the Consolidated Financial Statements.
Compliance with water management and discharge quality remains dynamic and has and may continue to result in further increases to our estimated closure costs. For a discussion of the most significant reclamation and remediation activities, refer to Note 6 and Note 24 to the Consolidated Financial Statements.
In an effort to play our part in addressing climate change, in 2020 we announced science-based, GHG emissions reduction targets of 32% for Scope 1 and Scope 2 and 30% for Scope 3 by 2030 ("2030 climate targets"), with an ultimate goal of being carbon neutral by 2050.
In an effort to play our part in addressing climate change, in 2020 we announced science-based, GHG emissions reduction targets of 32% for Scope 1 and Scope 2 and 30% for Scope 3 by 2030 ("2030 climate targets"), with an ultimate ambition of being carbon neutral by 2050.
These countries include, among others, the United States, Canada, Mexico, Peru, Suriname, Chile, Argentina, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana. Refer to Item 2, Properties, below for further information on land-related licenses and concessions by property. The concessions and contracts are subject to the political risks associated with the host country.
These countries include, among others, the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. Refer to Item 2, Properties, below for further information on land-related licenses and concessions by property. The concessions and contracts are subject to the political risks associated with the host country.
With clear targets, open communication and transparent reporting, we strive for continuous improvement to meet the evolving expectations of investors, governments, communities and other key stakeholders, and to contribute to a sustainable future for all. Stakeholder Engagement.
With clear targets, open communication and transparent reporting, we strive for continuous improvement to meet the evolving expectations of investors, governments, communities and other key stakeholders, and to contribute to a sustainable future for all.
For the years ended December 31, 2024, 2023 and 2022, 85%, 89% and 87%, respectively, of our Sales were attributable to gold. Most of our Sales come from the sale of refined gold. The end product at our gold operations, however, is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals.
For the years ended December 31, 2025, 2024 and 2023, 85%, 85% and 89%, respectively, of our Sales were attributable to gold. Most of our Sales come from the sale of refined gold. The end product at our gold operations, however, is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals.
The Board of Directors’ Leadership Development and Compensation Committee holds reviews with management every quarter and on an ad hoc basis as needed to ensure appropriate management of human capital and progress against our stated goals. 10 Table of Contents The people who work on our behalf give us a competitive advantage.
The Board of Directors’ Leadership Development and Compensation Committee holds reviews with management every quarter and on an ad hoc basis as needed to ensure appropriate management of human capital and progress against our stated goals. The people who work on our behalf give us a competitive advantage.
Through understanding and managing our activities' impacts on communities and involving local stakeholders in decision making, we aim to build ensuring relationships based on respect and mutually beneficial and sustainable development outcomes.
Through understanding and managing our activities' impacts on communities and involving local stakeholders in decision making, we aim to build enduring relationships based on respect and mutually beneficial and sustainable development outcomes.
The Board plays a critical role, overseeing the Company’s business strategy and the overall goal of delivering long-term value creation for stockholders and other stakeholders. The members of Newmont’s Board bring a broad range of backgrounds, experiences and talents, along with ethnic, racial and gender diversity, to our governance process.
The Board of Directors plays a critical role, overseeing the Company’s business strategy and the overall goal of delivering long-term value creation for stockholders and other stakeholders. The members of the Board of Directors bring a broad range of backgrounds, experiences and talents, along with ethnic and gender diversity, to our governance process.
Each committee assists the Board in carrying out responsibilities such as assessing major risks, ensuring high standards of ethical business conduct, succession planning and talent management, and approving and providing oversight of the sustainability strategy, which includes commitments to adoption of best practices in promotion of a healthy and safe work environment, and environmentally sound and socially responsible mining and resource development.
Each committee assists the Board of Directors in carrying out responsibilities such as assessing major risks, ensuring high standards of ethical business conduct, succession planning and talent management, and approving and providing oversight of the sustainability strategy, which includes commitments to the adoption of best practices in promotion of a healthy and safe work environment, and environmentally sound and socially responsible mining and 12 Table of Contents resource development.
Segment Products (1) Form Brucejack, Canada Gold Doré, Concentrate Red Chris, Canada Gold, Copper Concentrate Peñasquito, Mexico Gold, Silver, Lead, Zinc Doré, Concentrate (2) Merian, Suriname Gold Doré Cerro Negro, Argentina Gold Doré Yanacocha, Peru Gold Doré Boddington, Australia Gold, Copper Doré, Concentrate Tanami, Australia Gold Doré Cadia, Australia Gold, Copper Doré, Concentrate Lihir, Papua New Guinea Gold Doré Ahafo, Ghana Gold Doré NGM, U.S.
Segment Products (1) Form Lihir, Papua New Guinea Gold Doré Cadia, Australia Gold, Copper Doré, Concentrate Tanami, Australia Gold Doré Boddington, Australia Gold, Copper Doré, Concentrate Ahafo South, Ghana Gold Doré Ahafo North, Ghana Gold Doré Merian, Suriname Gold Doré Cerro Negro, Argentina Gold Doré Yanacocha, Peru Gold Doré Peñasquito, Mexico Gold, Silver, Lead, Zinc Doré, Concentrate Red Chris, Canada Gold, Copper Concentrate Brucejack, Canada Gold Doré, Concentrate NGM, U.S.
Our people strategy represents a multi-year journey, and its three pillars and respective aspirations include: (i) leadership – grow and attract exceptional leaders for our Company, the industry and beyond; (ii) inclusion, diversity and equity - through bold actions cultivate an inclusive, diverse and engaged workforce; and (iii) people experiences - foster a meaningful work experience that enables our culture and strategy to flourish.
Our people strategy represents a multi-year journey, and its three pillars and respective aspirations include: (i) leadership – grow and attract exceptional leaders for our Company, the industry and beyond; (ii) inclusion, diversity and equity - through bold actions cultivate an inclusive, diverse and engaged workforce; and (iii) people experiences - foster a meaningful work experience that 11 Table of Contents enables our culture and strategy to flourish.
Products References in this report to “attributable” means that portion of gold, copper, silver, lead, or zinc produced, sold or included in proven and probable reserves and measured, indicated, and inferred resources based on our proportionate ownership, unless otherwise noted. Gold General.
Products References in this report to “attributable” means that portion of gold, copper, silver, lead, or zinc produced, sold or included in proven and probable reserves and measured, indicated, and inferred resources based on our proportionate ownership, unless otherwise noted. 6 Table of Contents Gold General.
Additionally, at December 31, 2024, approximately 30% of our workforce were members of a union or participated in collective bargaining. We are committed to fostering solid relationships with all members of our workforce based on trust, treating workers fairly and providing them with safe and healthy working conditions. For a discussion of related risks, refer to Item 1A, Risk Factors.
Additionally, at December 31, 2025, approximately 27% of our workforce were members of a union or participated in collective bargaining. We are committed to fostering solid relationships with all members of our workforce based on trust, treating workers fairly and providing them with safe and healthy working conditions. For a discussion of related risks, refer to Item 1A, Risk Factors.
Data is subject to an external limited assurance review and reflects Newmont’s commitment to transparency and reporting obligations as a founding member of the International Council on Mining and Metals ("ICMM") and as an early adopter of the United Nations ("UN") Guiding Principles Reporting Framework.
Select data is subject to an external limited assurance review and reflects Newmont’s commitment to transparency and reporting obligations as a founding member of the International Council on Mining and Metals ("ICMM") and as an early adopter of the UN Guiding Principles Reporting Framework.
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, Ahafo North, Yanacocha Sulfides, Pamour, Cerro Negro District Expansion 1, Cadia Panel Caves, 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, the dividend framework 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 regarding future or recently completed transactions, including, without limitation, statements related to projected benefits, synergies and costs associated with acquisitions and related matters; • expectations regarding potential divestments, including, without limitation, assets held for sale; • estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, and future cash flow enhancements through portfolio optimization; • 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; 14 Table of Contents • statements and expectations regarding the impacts of COVID-19 and variants thereof and other 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 climate strategy and expectations regarding greenhouse gas emission targets and related operating costs and capital expenditures; • 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, synergies, savings and efficiencies in connection with full potential programs and initiatives.
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, 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; 15 Table of Contents • 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; • 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 climate strategy and expectations regarding greenhouse gas emission targets (including Scope 1, Scope 2 and Scope 3 targets) and other climate-related goals, aspirations and ambitions, and related operating costs and capital expenditures; • 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.
Employees eligible for our short-term incentive plan are held accountable for the Company’s health, safety, and sustainability performance through Newmont’s performance-based compensation structure. ESG will comprise 30% of the Company’s Short-term Incentive Plan payout for 2024, with 20% allocated to health & safety metrics and 10% to sustainability performance based community and environment metrics.
Employees eligible for our short-term incentive plan are held accountable for the Company’s health, safety, and sustainability performance through Newmont’s performance-based compensation structure. ESG will comprise 30% of the Company’s short-term incentive plan payout for 2025, with 20% allocated to health & safety metrics and 10% to sustainability performance based social and environment metrics.
The ore is initially treated by successive stages of flotation resulting in a gold/copper concentrate containing approximately 10% to 26% copper and is dewatered and transported off-site. The flotation tailings have a residual gold content that is recovered in a carbon-in-leach circuit. 7 Table of Contents A summary of product and form by segment is set forth below.
The ore is initially treated by successive stages of flotation resulting in a gold/copper concentrate generally containing within 10% to 26% copper and is dewatered and transported off-site. The flotation tailings have a residual gold content that is recovered in a carbon-in-leach circuit. 8 Table of Contents A summary of product and form by segment is set forth below.
Gold Doré, Concentrate Held for Sale (3) CC&V, U.S. Gold Doré Musselwhite, Canada Gold Doré Porcupine, Canada Gold Doré Éléonore, Canada Gold Doré Akyem, Ghana Gold Doré Divested (4) Telfer, Australia Gold, Copper Doré, Concentrate ____________________________ (1) Products listed are only for gold and co-product metals. See above for further information on co-product classification.
Gold Doré, Concentrate Divested (2) CC&V, U.S. Gold Doré Musselwhite, Canada Gold Doré Porcupine, Canada Gold Doré Éléonore, Canada Gold Doré Akyem, Ghana Gold Doré Telfer, Australia Gold, Copper Doré, Concentrate ____________________________ (1) Products listed are only for gold and co-product metals. See above for further information on co-product classification.
Newmont’s sustainability reporting suite also includes our sustainability-linked bond framework, ESG data tables, conflict-free gold report, modern slavery statement, policy influence disclosures, political spending disclosures, taxes and royalties contributions report, CDP (formerly, “Carbon Disclosure Project”) responses, and other reports and responses, which can be found on our website at www.newmont.com/sustainability.
Newmont’s sustainability reporting suite also includes our sustainability-linked bond framework, ESG data tables, conflict-free gold report, modern slavery statement, policy influence disclosures, taxes and royalties contributions report, and other reports and responses, which can be found on our website at www.newmont.com/sustainability.
Gaining and maintaining the trust of stakeholders impacted by a business is an ongoing endeavor. At Newmont, we use a methodical approach to managing stakeholder relationships and earning social acceptance.
Gaining and maintaining the trust of stakeholders impacted by a business is an ongoing endeavor. At Newmont, we use a collaborative approach to relationships with stakeholders and earning social acceptance.
On November 6, 2023, we completed the acquisition of Newcrest Mining Limited ("Newcrest") (“the Newcrest transaction”). Results of Newcrest for the period November 6 to December 31, 2023 and the year ended December 31, 2024 are included in this report. For further information, refer to Note 3 to the Consolidated Financial Statements.
Refer to Note 3 to the Consolidated Financial Statements for further information on the Company's divestitures. Newcrest Acquisition On November 6, 2023, we completed the acquisition of Newcrest (“the Newcrest transaction”). Results of Newcrest for the period November 6 to December 31, 2023 and the years ended December 31, 2024 and 2025 are included in this report.
Based on public information available, for the years ended December 31, 2022 through 2024, mine production has averaged approximately 75% of the annual gold supply with the remainder primarily sourced from recycled gold. Gold Price.
Based on public information available, for the years ended December 31, 2023 through 2025, mine production has averaged approximately 73% of the annual gold supply with the remainder primarily sourced from recycled gold. Gold Price.
The information on our website, including, without limitation, in the annual sustainability report and climate report, should not be deemed incorporated by reference into this annual report or otherwise “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Environmental Practices Climate Change .
The information in our sustainability report and on our website is not incorporated by reference in this annual report or otherwise “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Environmental Practices Climate Change .
The details of our consolidated and attributable gold production from continuing operations are set forth below: Year Ended December 31, 2024 2023 2022 Consolidated gold ounces produced (thousands) 6,545 5,401 5,786 Attributable gold ounces produced (thousands) 6,849 5,545 5,956 Attributable gold ounces produced from equity method investments (thousands): Pueblo Viejo (40.0%) 235 224 285 Fruta del Norte (32.0%) (1) 138 — — 373 224 285 ____________________________ 5 Table of Contents (1) The Fruta del Norte mine is wholly owned and operated by Lundin Gold Inc.
The details of our consolidated and attributable gold production from continuing operations are set forth below: Year Ended December 31, 2025 2024 2023 Consolidated gold ounces produced (thousands) 5,530 6,545 5,401 Attributable gold ounces produced (thousands) 5,889 6,849 5,545 Attributable gold ounces produced from equity method investments (thousands): Pueblo Viejo (40%) 253 235 224 Fruta del Norte (32%) (1) 165 138 — 418 373 224 ____________________________ (1) The Fruta del Norte mine is wholly owned and operated by Lundin Gold Inc.
That is why we strive to build a workplace culture that fosters leaders where everyone belongs, thrives, and is valued. At December 31, 2024, approximately 22,200 people were employed by Newmont and Newmont subsidiaries and approximately 20,400 people were working as contractors in support of Newmont’s operations and attainment of our objectives.
That is why we strive to build a workplace culture that fosters leaders where everyone belongs, thrives, and is valued. At December 31, 2025, approximately 17,500 people were employed by Newmont and Newmont subsidiaries, and approximately 26,600 people were working as contractors in support of Newmont’s operations and attainment of our objectives.
Because water is also critical to our business, we recognize the need to use water efficiently, protect water resources, and collaborate with the stakeholders within the watersheds where we operate to effectively manage this shared resource. We operate in water-stressed areas with limited supply and increasing population and water demand.
Because water is also critical to our business, we recognize the need to use water efficiently, protect water resources, and collaborate with the stakeholders within the watersheds where we operate to effectively manage this shared resource.
The reclamation and remediation stage is a multifaceted process with complex risks. Successfully closing and reclaiming mines is crucial for gaining stakeholder trust and maintaining social acceptance. Notably, Newmont is committed to the implementation of the GISTM and disclosure of implementation status for tailings facilities by August 2025.
The reclamation and remediation stage is a multifaceted process with complex risks. Successfully closing and reclaiming mines is crucial for gaining stakeholder trust and maintaining social acceptance. Notably, Newmont is committed to the implementation of the GISTM and disclosure of implementation status for tailings facilities. Disclosures can be found on our website.
Focusing on environmental, social and governance ("ESG") practices are an important part of Newmont’s business. Widely recognized for our principled ESG practices, we have been consistently ranked as a leader in the mining and metal sector S&P Global, and we have been listed on the Dow Jones Sustainability World Index since 2007.
Widely recognized for our principled ESG practices, we have been consistently ranked as a leader in the mining and metal sector of the S&P Global, and we have been listed on the Dow Jones Sustainability World Index since 2007.
The following table presents the annual high, low, and average daily afternoon LBMA Gold Price over the past ten years on the London Bullion Market ($/ounce): Year High Low Average 2025 (through February 13, 2025) $ 2,928 $ 2,636 $ 2,759 2024 $ 2,778 $ 1,985 $ 2,386 2023 $ 2,078 $ 1,811 $ 1,941 2022 $ 2,039 $ 1,629 $ 1,800 2021 $ 1,943 $ 1,684 $ 1,799 2020 $ 2,067 $ 1,474 $ 1,770 2019 $ 1,546 $ 1,270 $ 1,393 2018 $ 1,355 $ 1,178 $ 1,268 2017 $ 1,346 $ 1,151 $ 1,257 2016 $ 1,366 $ 1,077 $ 1,251 2015 $ 1,296 $ 1,049 $ 1,160 On February 13, 2025, the afternoon LBMA gold price was $2,928 per ounce.
The following table presents the annual high, low, and average daily afternoon LBMA Gold Price over the past ten years on the London Bullion Market ($/ounce): Year High Low Average 2026 (through February 12, 2026) $ 5,405 $ 4,353 $ 4,808 2025 $ 4,449 $ 2,633 $ 3,432 2024 $ 2,778 $ 1,985 $ 2,386 2023 $ 2,078 $ 1,811 $ 1,941 2022 $ 2,039 $ 1,629 $ 1,800 2021 $ 1,943 $ 1,684 $ 1,799 2020 $ 2,067 $ 1,474 $ 1,770 2019 $ 1,546 $ 1,270 $ 1,393 2018 $ 1,355 $ 1,178 $ 1,268 2017 $ 1,346 $ 1,151 $ 1,257 2016 $ 1,366 $ 1,077 $ 1,251 On February 12, 2026, the afternoon LBMA gold price was $5,043 per ounce.
As of December 31, 2024, the Board was comprised of 13 directors (12 independent non-executive directors and one executive director) with more than 58% of the independent directors with a form of ethnic, racial or gender diversity to the Board, with 42% female representation among independent directors.
As of December 31, 2025, the Board of Directors was comprised of 12 directors (11 independent non-executive directors and one executive director) with more than 55% of the independent directors with a form of ethnic or gender diversity to the Board of Directors, with 36% female representation among independent directors.
Refer to Item 1A, Risk Factors, below for further information. Condition of Physical Assets and Insurance Our business is capital intensive and requires ongoing capital investment for the replacement, modernization or expansion of equipment and facilities.
Refer to Item 1A, Risk Factors, below for further information. Condition of Physical Assets and Insurance Our business is capital intensive and requires ongoing capital investment for the replacement, modernization or expansion of equipment and facilities. Refer to Results of Consolidated Operations and Liquidity and Capital Resources within Part II, Item 7, MD&A, for further information.
Increasing pressure on water use may occur due to increased populations in and around communities in proximity to our operations. Biodiversity. Our operations span five continents in a range of ecosystems that include tropical, desert and arctic climates.
We operate in water-stressed areas with limited supply, and increased pressure on water supplies may occur due to increasing populations in and around communities in proximity to our operations. Biodiversity. Our operations span multiple continents in a range of ecosystems that include tropical, desert and arctic climates.
Refer to Note 5 to the Consolidated Financial Statements for information relating to domestic and export sales and lack of dependence on a limited number of customers.
Refer to Item 1A, Risk Factors, below, and Note 4 to the Consolidated Financial Statements for further information relating to our reportable segments. Refer to Note 5 to the Consolidated Financial Statements for information relating to domestic and export sales and lack of dependence on a limited number of customers.
A breach or violation of these rules and regulations could lead to substantial sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of licenses or permits and other collateral consequences and reputational harm. • Our business is subject to U.S. export control laws, economic sanctions, and other international trade compliance regulations with extraterritorial reach.
A breach or violation of these rules and regulations could lead to substantial sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of licenses or permits and other collateral consequences and reputational harm. • Newmont’s global operations create exposure to U.S. and international trade, sanctions, and export control risks.
More detailed information regarding these factors is included in Item 1A, Risk Factors and 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.
More detailed information regarding these factors is included in Item 1A, Risk Factors and elsewhere throughout this report. Many of these factors are beyond our ability to control or predict.
Our global Code of Conduct (the “Code”), which was adopted and approved by Newmont’s Board, forms the foundation for our integrity expectations, and six overarching policies, along with our standards on Anti-Corruption, Conflicts of 11 Table of Contents Interest, Gifts and Entertainment and U.S.
Our global Code of Conduct (the “Code”), which was adopted and approved by Newmont’s Board, forms the foundation for our integrity expectations, and six overarching policies, along with our standards on Anti-Corruption, Conflicts of Interest, Gifts and Entertainment and U.S. Export Compliance, state the minimum requirements for conducting business honestly, ethically and in the best interests of Newmont.
Newmont's emission calculation methodology framework dictates that any change of 5% resulting from divestitures or acquisitions requires recalculation of baseline data. The acquisition of Newcrest in November 2023 triggered Newmont to recalculate the target baseline years and trailing years of GHG emissions data. We are continuing to review our targets and roadmap which may result in amendments in the future.
Newmont's emission calculation methodology framework dictates that any change of 5% resulting from divestitures or acquisitions requires recalculation of baseline data. The acquisition of Newcrest in November 2023 as well as the divestitures in 2024 through 2025 triggered Newmont to recalculate the target baseline years and trailing years of GHG emissions data.
At December 31, 2024, Newmont had attributable proven and probable gold reserves of 134.1 million ounces, attributable measured and indicated gold resources of 99.4 million ounces, attributable inferred gold resources of 70.6 million ounces, and an aggregate land position of approximately 25,500 square miles (66,000 square kilometers). Newmont is also engaged in the production of copper, silver, lead, and zinc.
At December 31, 2025, Newmont had attributable proven and probable gold reserves of 118.2 million ounces, attributable measured and indicated gold resources of 88.1 million ounces, attributable inferred gold resources of 60.6 million ounces, and an aggregate land position of approximately 19,200 square miles (49,800 square kilometers). Newmont is also engaged in the production of copper, silver, lead, and zinc.
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.
Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. 16 Table of Contents 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.
Investors are reminded that climate- 9 Table of Contents related targets are subject to aspirational management goals and forward-looking statements, which remain subject to risks and uncertainties.
We are continuing to review our targets and roadmap which may result in amendments 10 Table of Contents in the future. Investors are reminded that climate-related targets are subject to aspirational management goals and forward-looking statements, which remain subject to risks and uncertainties.
Based on a comprehensive review of the Company’s portfolio of assets following the Newcrest transaction, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested include Akyem, CC&V, Éléonore, Porcupine, Musselwhite, Telfer, and a development project in Canada.
Divestiture of Non-Core Assets Based on a comprehensive review of the Company’s portfolio of assets following the acquisition of Newcrest Mining Limited ("Newcrest"), the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project in February 2024.
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. 15 Table of Contents Available Information Newmont maintains a website at www.newmont.com and makes available, through the Investor Relations section of the website, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Section 16 filings and all amendments to those reports, as soon as reasonably practicable after such material is electronically filed with the SEC.
Available Information Newmont maintains a website at www.newmont.com and makes available, through the Investor Relations section of the website, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Section 16 filings and all amendments to those reports, as soon as reasonably practicable after such material is electronically filed with the SEC.
Such insurance, however, contains exclusions and limitations on coverage, particularly with respect to environmental liability and political risk. There can be no assurance that claims would be paid under such insurance policies in connection with a particular event. Refer to Item 1A, Risk Factors, below for further information. Environmental, Social and Governance Overview.
There can be no assurance that claims would be paid under such insurance policies in connection with a particular event. Refer to Item 1A, Risk Factors, below for further information. 9 Table of Contents Environmental, Social and Governance Overview Focusing on environmental, social and governance ("ESG") practices are an important part of Newmont’s business.
We have a diverse portfolio of mining operations with varying ore grades and cost structures. Our costs are driven by the location, grade and nature of our ore bodies, and the level of input costs, including energy, labor and equipment.
Our costs are driven by the location, grade and nature of our ore bodies, and the level of input costs, including energy, labor, and equipment.
Our sustainability report is compiled in accordance with the Global Reporting Initiative ("GRI") 2021 Universal Standards Core option, the GRI Mining and Metals Sector Supplement, and the Sustainability Accounting Standards Board ("SASB") Metals & Mining standards.
Our sustainability report is compiled in accordance with the Global Reporting Initiative ("GRI") Standards (GRI 1: Foundation 2021; G4 Mining and Metals Sector Disclosure), and the Sustainability Accounting Standards Board Metals & Mining Industry Standard (Version 2023-12).
Copper production at Red Chris, Boddington, Cadia, and Telfer and silver, lead, and zinc production at Peñasquito are considered co-products. Copper, silver, lead, and zinc sales are generally in the form of concentrate that is sold to smelters for further treatment and refining.
Copper production at Cadia, Boddington, and Red Chris and silver, lead, and zinc production at Peñasquito are considered co-products. Copper production at Telfer, prior to divestment in the fourth quarter of 2024, was considered a co-product.
The following table details consolidated co-product production and the percentage of Sales that was attributable to copper, silver, lead, and zinc for the years ended December 31, 2024, 2023, and 2022: 2024 2023 2022 Co-product Production Sales as % of Total Sales Co-product Production Sales as % of Total Sales Co-product Production Sales as % of Total Sales Copper (pounds/millions) (1) 338 7 % 145 5 % 84 3 % Silver (ounces/millions) (2) 33 4 % 18 3 % 30 5 % Lead (pounds/millions) (2) 212 1 % 113 1 % 149 1 % Zinc (pounds/millions) (2) 569 3 % 230 2 % 377 4 % ____________________________ (1) For the years December 31, 2024 and 2023, copper co-product production came from Red Chris, Boddington, Cadia, and Telfer.
Copper, silver, lead, and zinc sales are generally in the form of concentrate that is sold to smelters for further treatment and refining. 7 Table of Contents The following table details consolidated co-product production and the percentage of Sales that was attributable to copper, silver, lead, and zinc for the years ended December 31, 2025, 2024, and 2023: 2025 2024 2023 Co-product Production Sales as % of Total Sales Co-product Production Sales as % of Total Sales Co-product Production Sales as % of Total Sales Copper (pounds/millions) 296 6 % 338 7 % 145 5 % Silver (ounces/millions) 28 5 % 33 4 % 18 3 % Lead (pounds/millions) 216 1 % 212 1 % 113 1 % Zinc (pounds/millions) 509 3 % 569 3 % 230 2 % By-product Metals If a metal expected to be mined falls below the co-product sales value percentages, the metal is considered a by-product.
Segment Information The Company's reportable segments consist of each of its 16 mining operations that it manages and its 38.5% proportionate interest in Nevada Gold Mines ("NGM") which it does not directly manage. The reportable segments at December 31, 2024 include certain reportable segments that are designated as held for sale and exclude those which have been divested.
Refer to Note 3 to the Consolidated Financial Statements for further information on the Company's acquisitions. Segment Information The Company's 13 reportable segments consist of each of its 12 mining operations that it manages and its 38.5% proportionate interest in Nevada Gold Mines ("NGM"), which it does not directly manage.
(4) In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment. Refer to Note 3 to the Consolidated Financial Statements for further information. Competition The top 10 producers of gold comprise approximately twenty-five percent of total worldwide mined gold production.
(2) Refer to Note 3 to the Consolidated Financial Statements for further information on divestitures. Competition The top 10 producers of gold comprise approximately 25% of total worldwide mined gold production. We currently rank as the top gold producer with approximately 5% of estimated total worldwide mined gold production.
Export Compliance, state the minimum requirements for conducting business honestly, ethically and in the best interests of Newmont. Our Code reflects our belief that as important as what we do is how we do it.
Our Code reflects our belief that as important as what we do is how we do it.
In February 2024, the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as held for sale in the first quarter of 2024.
The non-core assets to be divested included Telfer, CC&V, Musselwhite, Éléonore, Porcupine, Akyem, and the Coffee development project in Canada. The Company presented these assets as held for sale in the first quarter of 2024 and recorded the assets at the lower of their carrying value or fair value, less costs to sell.
We currently rank as the top gold producer with approximately five percent of estimated total worldwide mined gold production. Our competitive position is based on the size and grade of our ore bodies anchored in a large portfolio of Tier 1 assets located in favorable mining jurisdictions.
Our competitive position is based on the size and grade of our ore bodies anchored in favorable mining jurisdictions and our ability to manage costs compared with other producers. We have a diverse portfolio of mining operations with varying ore grades and cost structures.
Refer to Results of Consolidated Operations and Liquidity and Capital Resources within Part II, Item 7, MD&A, for further information. 8 Table of Contents We maintain insurance policies against property loss and business interruption and insure against risks that are typical in the operation of our business, in amounts that we believe to be reasonable.
We maintain insurance policies against property loss, business interruption, and other risks that are typical in the operation of our business, in amounts that we believe to be reasonable. Such insurance, however, contains exclusions and limitations on coverage, particularly with respect to environmental liability and political risk.
Refer to Note 3 to the Consolidated Financial Statements for further information on divestitures. For information on acquisitions and divestitures impacting the comparability of our results, refer to Note 3 to the Consolidated Financial Statements. Refer to Item 1A, Risk Factors, below, and Note 4 to the Consolidated Financial Statements for further information relating to our reportable segments.
The reportable segments at December 31, 2025 exclude reportable segments that have been divested. In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. For information on acquisitions and divestitures impacting the comparability of our results, refer to Note 3 to the Consolidated Financial Statements.
Subsequently in the second half of 2024, the Company entered into definitive agreements to sell the Telfer, Akyem, Musselwhite, Éléonore, and CC&V reportable segments, of which Telfer closed in 2024. In January 2025, the Company entered into a definitive agreement to sell the Porcupine reportable segment. Refer to Note 3 to the Consolidated Financial Statements for further information on divestitures.
The Company completed the sale of the assets of 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.
Removed
All of our copper co-product production came from Boddington for the year ended December 31, 2022. 6 Table of Contents (2) All of our silver, lead, and zinc co-product production came from Peñasquito. By-product Metals If a metal expected to be mined falls below the co-product sales value percentages, the metal is considered a by-product.
Added
For example, our ability to achieve our Scope 3 emissions targets is subject to the actions of entities not within our control, though we continue to work with our partners on these matters. While we review our performance annually and seek opportunities to advance, meeting this target should not be projected or relied upon.
Removed
(2) In the fourth quarter of 2023, the Company abandoned the pyrite leach plant at Peñasquito resulting in no production of doré for the year ended 2024. Refer to Note 9 to the Consolidated Financial Statements for further information. (3) Refer to Note 3 to the Consolidated Financial Statements for further information on held for sale.
Added
With the retirement of Tom Palmer, and the appointment of Natascha Viljoen to the Board on January 1, 2026, to her new role as President and Chief Executive Officer, overall female representation on the Board increased to 42%.
Removed
A Tier 1 asset is defined as having, on average over such asset’s mine life: (1) production of over 500,000 GEOs per year on a consolidated basis, (2) average AISC per oz in the lower half of the industry cost curve, (3) an expected mine life of over 10 years, and (4) operations in countries that are classified in the A and B rating ranges for Moody’s, S&P and Fitch.
Added
As a U.S.-headquartered company, Newmont must comply with U.S. trade laws worldwide, as well as applicable local regulations. These risks stem from cross-border movement of mineral, equipment, technology, services, capital, and data, often involving third 14 Table of Contents parties.
Added
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.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

187 edited+71 added−58 removed410 unchanged
Biggest changeCarbon taxes, fuel switching and the transition to cleaner purchased power and/or on-site renewable energy generation will require significant upfront capital expenditures and may also increase operating costs. As another example, the carbon tax in Canada of C$80/tonne of CO 2 set to increase to C$170 by 2030, is impacting operating costs at our Canadian operations.
Biggest changeFor example, operational and capital expenses are expected to increase in order to meet renewable portfolio standard requirements from current costs over the next 10 years in Australia, Canada, Mexico and the Carbon taxes, fuel switching and the transition to cleaner purchased power and/or on-site renewable energy generation will require significant upfront capital expenditures and may also increase operating costs.
Among the factors that could affect the price of our common stock are: (i) changes in gold, and to a lesser extent, silver, copper, zinc or lead prices; (ii) operating and financial performance that vary from the guidance we provided to securities analysts and investors or the expectations of securities analysts and investors or changes in our outlook; (iii) developments in our business or in the mining sector generally; (iv) regulatory changes affecting our industry generally or our business and operations; (v) the operating and stock price performance of companies that investors consider to be comparable to us; (vi) announcements of strategic developments, acquisitions, dispositions and other material events by us or our competitors; (vii) our ability to integrate and operate the companies and the businesses that we acquire; (viii) the perception of the Company’s ESG performance and its ability to deliver on ESG commitments and expectations, including in connection with the Company's climate strategy; (ix) response to activism; and (x) changes in global financial markets and macroeconomic and geopolitical conditions, such as interest or foreign exchange rates, an escalation of sanctions, tariffs, or other trade tensions, stock, commodity, credit or asset valuations or volatility.
Among the factors that could affect the price of our common stock are: (i) changes in gold, and to a lesser extent, silver, copper, zinc or lead prices; (ii) operating and financial performance that vary from the outlook provided to securities analysts and investors or the expectations of securities analysts and investors or changes in our outlook; (iii) developments in our business or in the mining sector generally; (iv) regulatory changes affecting our industry generally or our business and operations; (v) the operating and stock price performance of companies that investors consider to be comparable to us; (vi) announcements of strategic developments, acquisitions, dispositions and other material events by us or our competitors; (vii) our ability to integrate and operate the companies and the businesses that we acquire; (viii) the perception of the Company’s ESG performance and its ability to deliver on ESG commitments and expectations, including in connection with the Company's climate strategy; (ix) response to activism; and (x) changes in global financial markets and macroeconomic and geopolitical conditions, such as interest or foreign exchange rates, an escalation of sanctions, tariffs, or other trade tensions, stock, commodity, credit or asset valuations or volatility.
The actual project profitability or economic feasibility may differ from such estimates as a result of any of the following factors, among others: • Changes in tonnage, grades and metallurgical characteristics of ore to be mined and processed; • Changes in input commodity and labor costs, including as a result of inflation or tariffs; • The quality of the data on which engineering assumptions were made; • Increases in development capital and investment costs; • Adverse geotechnical, geothermal and hydrogeological conditions; • Availability of adequate and skilled labor force; • Availability, supply and cost including: critical assets, water, reagents, and power; • Costs related to environmental management and sales including waste management, monitoring and transport and storage of product sales; • Fluctuations in inflation and currency exchange rates; • Availability, cost and terms of financing; • Ability to achieve anticipated benefits, synergies, savings and other efficiencies in connection with acquisitions, full potential programs and initiatives, and through portfolio optimization and divestitures; • Delays or inability to obtain environmental or other government permits or approvals or changes in the laws and regulations related to our operations or project development; • Changes in tax laws, customs law and tariffs, the laws and/or regulations around royalties and other taxes due to the regional and national governments and royalty agreements; • Government instability, including in jurisdictions that do not have a long-standing or significant mining industry, such that there may be limited clarity on agreements with such governments, or decreased governmental support for development of mining projects; • Weather or severe climate impacts, including, without limitation, prolonged or unexpected precipitation, drought and/or sub-zero temperatures; • Potential delays and restrictions in connection with health and safety issues, including pandemics (such as COVID-19 and related variants) and other infectious diseases, such as malaria or the zika virus; • Potential delays relating to social and community issues, including, without limitation, issues resulting in protests, road blockages or work stoppages; and • Potential challenges to mining activities or to permits or other approvals or delays in development and construction of projects based on claims of disturbance of cultural resources or the inability to secure consent generally from Indigenous groups.
The actual project profitability or economic feasibility may differ from such estimates as a result of any of the following factors, among others: • Changes in tonnage, grades and metallurgical characteristics of ore to be mined and processed; • Changes in input commodity and labor costs, including as a result of inflation or tariffs; • The quality of the data on which engineering assumptions were made; • Increases in development capital and investment costs; • Adverse geotechnical, geothermal and hydrogeological conditions; • Availability of adequate and skilled labor force; • Availability, supply and cost including: critical assets, water, reagents, and power; • Costs related to environmental management and sales including waste management, monitoring and transport and storage of product sales; • Fluctuations in inflation and currency exchange rates; • Availability, cost and terms of financing; • Ability to achieve anticipated benefits, synergies, savings and other efficiencies in connection with acquisitions, business improvement programs and initiatives, and through portfolio optimization and divestitures; • Delays or inability to obtain environmental or other government permits or approvals or changes in the laws and regulations related to our operations or project development; • Changes in tax laws, customs law and tariffs, the laws and/or regulations around royalties and other taxes due to the regional and national governments and royalty agreements; • Government instability, including in jurisdictions that do not have a long-standing or significant mining industry, such that there may be limited clarity on agreements with such governments, or decreased governmental support for development of mining projects; • Weather or severe climate impacts, including, without limitation, prolonged or unexpected precipitation, drought and/or sub-zero temperatures; • Potential delays and restrictions in connection with health and safety issues, including pandemics (such as COVID-19 and related variants) and other infectious diseases, such as malaria or the zika virus; • Potential delays relating to social and community issues, including, without limitation, issues resulting in protests, road blockages or work stoppages; and • Potential challenges to mining activities or to permits or other approvals or delays in development and construction of projects based on claims of disturbance of cultural resources or the inability to secure consent generally from Indigenous groups.
To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures in the future, the existence or occurrence of one or more of the following circumstances and events could have a material adverse impact on our profitability or the viability of our interests held through joint ventures, which could have a material adverse impact on our future cash flows, earnings, results of operations and financial condition: • inconsistent economic, political or business interests or goals between partners or disagreements with partners on strategy for the most efficient development or operation of mines; • inability to control certain strategic decisions made in respect of properties; • exercise of majority rights by our partners so as to take actions for which we may not believe to be in the joint venture’s best interests, including but not limited to decisions related to day to day operations, labor relations, litigation, government relations, political contributions, community relations, project approval and project funding mechanisms; 21 Table of Contents • inability of partners to meet their financial and other obligations to the joint venture or third parties; • disputes between partners regarding management, funding or other decisions related to the joint venture; and • activities conducted by partners outside the joint venture may lead to reputational or regulatory consequences that negatively affect the performance or reputation of the joint venture due to their association.
To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures in the future, the existence or occurrence of one or more of the following circumstances and events could have a material adverse impact on our profitability or the 22 Table of Contents viability of our interests held through joint ventures, which could have a material adverse impact on our future cash flows, earnings, results of operations and financial condition: • inconsistent economic, political or business interests or goals between partners or disagreements with partners on strategy for the most efficient development or operation of mines; • inability to control certain strategic decisions made in respect of properties; • exercise of majority rights by our partners so as to take actions for which we may not believe to be in the joint venture’s best interests, including but not limited to decisions related to day to day operations, labor relations, litigation, government relations, political contributions, community relations, project approval and project funding mechanisms; • inability of partners to meet their financial and other obligations to the joint venture or third parties; • disputes between partners regarding management, funding or other decisions related to the joint venture; and • activities conducted by partners outside the joint venture may lead to reputational or regulatory consequences that negatively affect the performance or reputation of the joint venture due to their association.
In addition, we do not carry specific cybersecurity insurance to help mitigate such costs due to increased premiums and limited market availability. Therefore, a successful cyberattack or other cybersecurity incident could result in production and operational downtimes, data corruption, and unauthorized disclosure of sensitive information. For example, in 2020, we detected a cyberattack on our systems.
In addition, we do not carry specific cybersecurity insurance to help mitigate such costs due to increased premiums and limited market availability. A successful cyberattack or other cybersecurity incident could result in production and operational downtimes, data corruption, and unauthorized disclosure of sensitive information. For example, in 2020, we detected a cyberattack on our systems.
Under the terms of the Lihir mining development contract, we may be required to refine a portion of our Lihir gold production within PNG if certain quality and security requirements are met and the terms offered are commercially competitive, but it is otherwise free to enter into arms’ length refining contracts with refineries outside of PNG.
Under the terms of the Lihir mining development contract, we may be required to refine a portion of our Lihir gold production within PNG if certain quality and security requirements are met and the terms offered are commercially competitive, but Lihir is otherwise free to enter into arms’ length refining contracts with refineries outside of PNG.
These factors include, but are not limited to: • Environmental hazards, including discharge of metals, concentrates, pollutants or hazardous chemicals; • Industrial accidents, including in connection with the operation of heavy mobile equipment, milling equipment and/or conveyor systems and accidents associated with the preparation and ignition of large-scale blasting operations, milling and processing; • Accidents in connection with transportation, including transportation of chemicals, explosives or other materials, transportation of large mining equipment and transportation of employees and business partners to and from sites; • Social, community or labor force disputes resulting in work stoppages or shipping delays, such as at Peñasquito, Cerro Negro, Merian, Akyem and Lihir, or related loss of social acceptance of community support; • Changes and/or increasingly stringent legal and regulatory requirements; • Delays in permitting due to reduced resources and capacity for review and formulation of permits at regulatory agencies; • Security incidents, including activities of illegal or artisanal miners, gold bullion or concentrate theft, including in transport, and corruption and fraud; • Shortages in materials or equipment and energy and electrical power supply interruptions or rationing; • Failure of unproven or evolving technologies or loss of information integrity or data; • Unexpected geological formations or conditions (whether in mineral or gaseous form); • Metallurgical conditions and gold, copper, silver, lead, zinc and other metal recovery, including unexpected decline of ore grade; • Unanticipated changes in inventory levels at heap-leach operations; • Ground and surface water conditions; • Fall-of-ground accidents in underground operations; • Failure of mining pit slopes, tailings embankments, and other tailing depositions, or water storage dams; 25 Table of Contents • Seismic activity; • Surface or underground fires or floods, inundation or inrush of water and other materials; and • Other natural phenomena, such as lightning, cyclonic or tropical storms, drought, avalanches, landslides, wildfires, tsunami, floods, or other inclement weather conditions, including those impacting operations or the ability to access and supply sites.
These factors include, but are not limited to: • Environmental hazards, including discharge of metals, concentrates, pollutants or hazardous chemicals; • Industrial accidents, including in connection with the operation of heavy mobile equipment, milling equipment and/or conveyor systems and accidents associated with the preparation and ignition of large-scale blasting operations, milling and processing; • Accidents in connection with transportation, including transportation of chemicals, explosives or other materials, transportation of large mining equipment and transportation of employees and business partners to and from sites; • Social, community or labor force disputes resulting in work stoppages or shipping delays, such as at Peñasquito, Cerro Negro, Merian, and Lihir, or related loss of social acceptance of community support; • Changes and/or increasingly stringent legal and regulatory requirements; • Delays in permitting due to reduced resources and capacity for review and formulation of permits at regulatory agencies; • Security incidents, including activities of illegal or artisanal miners, gold bullion or concentrate theft, including in transport, and corruption and fraud; • Shortages in materials or equipment and energy and electrical power supply interruptions or rationing; • Failure of unproven or evolving technologies or loss of information integrity or data; • Unexpected geological formations or conditions (whether in mineral or gaseous form); • Metallurgical conditions and gold, copper, silver, lead, zinc and other metal recovery, including unexpected decline of ore grade; 26 Table of Contents • Unanticipated changes in inventory levels at heap-leach operations; • Ground and surface water conditions; • Fall-of-ground accidents in underground operations; • Failure of mining pit slopes, heap leach facilities, tailings embankments, and other tailing depositions, or water storage dams; • Seismic activity; • Surface or underground fires or floods, inundation or inrush of water and other materials; and • Other natural phenomena, such as lightning, cyclonic or tropical storms, drought, avalanches, landslides, wildfires, tsunami, floods, or other inclement weather conditions, including those impacting operations or the ability to access and supply sites.
Policy and regulatory risk related to actual and proposed changes in climate- and water-related laws, regulations and taxes developed to regulate the transition to a low-carbon economy may result in increased costs for our operations, venture partners and our suppliers, including increased energy, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations.
Policy and regulatory risk related to actual and proposed changes in climate-, nature-, and water-related laws, regulations and taxes developed to regulate the transition to a low-carbon economy may result in increased costs for our operations, venture partners and our suppliers, including increased energy, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations.
In addition, sustained lower gold, silver, copper, zinc or lead prices can: • Reduce revenues further through production declines due to cessation of the mining of deposits, or portions of deposits, that become uneconomic at sustained lower metal prices; • Reduce or eliminate the profit that we currently expect from ore stockpiles and ore on leach pads and increase the likelihood and amount that the Company might be required to record write downs related to the carrying value of its stockpiles and ore on leach pads; • Halt or delay the development of new projects; 16 Table of Contents • Reduce funds available for exploration and advanced projects with the result that depleted reserves may not be replaced; and • Reduce existing reserves by removing ores from reserves that can no longer be economically processed at prevailing prices.
In addition, sustained lower gold, silver, copper, zinc or lead prices can: 17 Table of Contents • Reduce revenues further through production declines due to cessation of the mining of deposits, or portions of deposits, that become uneconomic at sustained lower metal prices; • Reduce or eliminate the profit that we currently expect from ore stockpiles and ore on leach pads and increase the likelihood and amount that the Company might be required to record write downs related to the carrying value of its stockpiles and ore on leach pads; • Halt or delay the development of new projects; • Reduce funds available for exploration and advanced projects with the result that depleted reserves may not be replaced; and • Reduce existing reserves by removing ores from reserves that can no longer be economically processed at prevailing prices.
We hold a 75% interest in the Merian gold mine (“Merian”) in the mid-eastern part of Suriname. Suriname has experienced political instability and uncertainty in the past which may continue in future years. Suriname is faced with high debts to foreign creditors, significant inflation rates and has experienced a hyperinflationary economy.
We hold a 75% interest in the Merian gold mine (“Merian”) in the mid-eastern part of Suriname. Suriname has experienced political instability and uncertainty in the past which may continue in future years. Suriname is faced with high debts to foreign creditors, significant inflation rates and has experienced, and may in the future experience, a hyperinflationary economy.
Bribery Act and the Dodd-Frank Act; • Increases in training and other costs and challenges relating to requirements by governmental entities to employ the nationals of the country in which a particular operation is located; • Increased financing costs; • Currency fluctuations, particularly in countries with high inflation; • Foreign exchange controls; 37 Table of Contents • Increases in costs relating to, or restrictions or prohibitions on, the use of ports for concentrate storage and shipping, such as in relation to our Boddington operation where use of alternative ports is not currently economical, or in relation to our ability to procure economically feasible ports for developing projects; • Risk of disruption, damage or failure of information technology systems, and risk of loss and operational delays due to impacts to operational technology systems, such as due to cyber-attacks, malicious software computer viruses, security breaches, design failures and natural disasters; • Risk of loss due to disease, such as malaria or the zika virus, and other potential medical endemic or pandemic issues, such as Ebola or COVID-19, as a result of the potential related impact to employees, disruption to operations, supply chain delays, trade restrictions and impact on economic activity in affected countries or regions; and • Disadvantage and risk of loss due to the limitations of certain local health systems and infrastructure to contain diseases and potential endemic health issues.
Bribery Act and the Dodd-Frank Act; • Increases in training and other costs and challenges relating to requirements by governmental entities to employ the nationals of the country in which a particular operation is located; • Increased financing costs; • Currency fluctuations, particularly in countries with high inflation; • Foreign exchange controls; • Increases in costs relating to, or restrictions or prohibitions on, the use of ports for concentrate storage and shipping, such as in relation to our Boddington operation where use of alternative ports is not currently economical, or in relation to our ability to procure economically feasible ports for developing projects; • Risk of disruption, damage or failure of information technology systems, and risk of loss and operational delays due to impacts to operational technology systems, such as due to cyber-attacks, malicious software computer viruses, security breaches, design failures and natural disasters; • Risk of loss due to disease, such as malaria or the zika virus, and other potential medical endemic or pandemic issues, such as Ebola or COVID-19, as a result of the potential related impact to employees, disruption to operations, supply chain delays, trade restrictions and impact on economic activity in affected countries or regions; and • Disadvantage and risk of loss due to the limitations of certain local health systems and infrastructure to contain diseases and potential endemic health issues.
Illegal mining, which involves trespass and occupation of exploration, development, and operating properties present significant security, safety, legal, and environmental risk, which could result in a security threat to human life, infrastructure, and equipment, and lead to the loss of legal title, possession, or use of Newmont's land tenure.
Illegal mining, which involves trespass and occupation of exploration, development, and operating properties present significant security, safety, legal, and environmental risk, which could result in a security threat to human life, infrastructure, and equipment, and lead to the loss of legal title, environmental liabilities, possession, or use of Newmont's land tenure.
We also hold a 32.0% equity interest in Lundin Gold, a Canadian mine development and operating company, operating the Fruta del Norte gold mine in Ecuador, in addition to a variety of exploration and project joint ventures. Additionally, the Company is subject to certain funding requirements in connection with its joint ventures.
We also hold a 32% equity interest in Lundin Gold, a Canadian mine development and operating company, operating the Fruta del Norte gold mine in Ecuador, in addition to a variety of exploration and project joint ventures. Additionally, the Company is subject to certain funding requirements in connection with its joint ventures.
As our operations are maturing, the open pits at many of our sites are getting deeper and we have experienced geotechnical failures (such as pit wall and slope failures) at some of our mines, including, without limitation, at our operations in Australia, Ghana, Peru, Canada, Colorado and at NGM, in Nevada.
As our operations are maturing, the open pits at many of our sites are getting deeper and we have experienced geotechnical failures (such as pit wall and slope failures) at some of our mines, including, without limitation, at our operations in Australia, Ghana, Peru, Canada, and at NGM, in Nevada.
Compliance with exchange listing rules as a foreign exempt listing may differ from investor expectations. Newmont is subject to the listing standards of the NYSE, as its primary stock exchange. In addition, it is subject to additional requirements and standards of its secondary listings on the ASX, TSX and PNGX.
Compliance with exchange listing rules as a foreign exempt listing may differ from investor expectations. Newmont is subject to the listing standards of the NYSE, as its primary stock exchange. In addition, it is subject to additional requirements and standards of its secondary listings on the ASX and PNGX.
See the risk factors “ We rely on contractors to conduct a significant portion of our operations and construction projects” and “Our operations and projects may be adversely affected by rising energy prices or energy shortages ” below for further information.
See the risk factors “ We rely on contractors to conduct a significant portion of our operations and construction projects” and “ Our operations and projects may be adversely affected by rising energy prices or energy shortages ” below for further information.
With the election of a new President at the end of 2023, the economic environment in Argentina has experienced stabilization during 2024. Although inflation was drastically reduced, it still is at a high level and will remain as a challenge for 2025.
With the election of a new President at the end of 2023, the economic environment in Argentina has experienced stabilization during 2024 and 2025. Although inflation was drastically reduced, it still is at a high level and will remain as a challenge.
Exploration, development, production and mine closure activities are subject to regional, political, economic, community and other risks of doing business in multiple jurisdictions, including: • Potential instability of foreign governments and changes in government policies, including relating to or in response to changes of U.S. laws or foreign policies; • Expropriation or nationalization of property; • Restrictions on the ability to pay dividends offshore or to otherwise repatriate funds; • Restrictions on the ability of local operating companies to sell gold and other metals offshore for U.S. dollars, or on the ability of such companies to hold U.S. dollars or other foreign currencies in offshore bank accounts; • Import and export regulations, including restrictions on the export of gold, copper, silver, lead and/or zinc; • Disadvantages relating to submission to the jurisdiction of foreign courts or arbitration panels or enforcement or appeals of judgments at foreign courts or arbitration panels against a sovereign nation within its own territory; • Royalty and tax increases or claims, including retroactive increases and claims and requests to renegotiate terms of existing investment agreements, contracts of work, leases, royalties and taxes, by governmental entities, including such increases, claims and/or requests by the governments of Argentina, Australia, Canada, Chile, the Dominican Republic, Ecuador, Fiji, Ghana, Mexico, Papua New Guinea, Peru, Suriname, the State of Colorado and the State of Nevada in the U.S.; • Changes in laws or regulations in the jurisdictions in which we operate, including in changes resulting from changes in political administrations; • Risk of increased taxation related to impacts to government revenue as a result of challenging socioeconomic conditions, including recessions and/or in connection with heath and community emergencies, such as pandemics, epidemics or outbreaks (including COVID-19 and related variants), and climate events; • Fines, fees, and sanctions imposed for failure to comply with the laws and regulations of the jurisdictions in which we operate; • Risk of loss due to inability to access our properties or operations; • Other risks arising out of foreign sovereignty over the areas in which our operations are conducted, including risks inherent in contracts with government owned entities such as unilateral cancellation or renegotiation of contracts, licenses or other mining rights; • Delays in obtaining or renewing, or the inability to obtain, maintain or renew, necessary governmental permits, mining or operating leases and other agreements and/or approvals; • Risk of loss due to civil strife, acts of war, guerrilla activities, insurrection and terrorism; • Claims for increased mineral royalties or ownership interests by local or Indigenous communities; • Increased expectations of local Indigenous communities for profit or other benefit sharing; • Risk of loss due to criminal activities such as trespass, blockade, local artisanal or illegal mining, organized crime by drug cartels, theft and vandalism; • Delays in obtaining or renewing collective bargaining or certain labor agreements, workforce unionization, or demand for profit sharing; • Disadvantages of competing against companies from countries that are not subject to the rigorous laws and regulations of the U.S. or other jurisdictions, including without limitation, the U.S.
Exploration, development, production and mine closure activities are subject to regional, political, economic, community and other risks of doing business in multiple jurisdictions, including: • Potential instability of foreign governments and changes in government policies, including relating to or in response to changes of U.S. laws or foreign policies; • Expropriation or nationalization of property; • Restrictions on the ability to pay dividends offshore or to otherwise repatriate funds; • Restrictions on the ability of local operating companies to sell gold and other metals offshore for U.S. dollars, or on the ability of such companies to hold U.S. dollars or other foreign currencies in offshore bank accounts; • Import and export regulations, including restrictions on the export of gold, copper, silver, lead and/or zinc; • Disadvantages relating to submission to the jurisdiction of foreign courts or arbitration panels or enforcement or appeals of judgments at foreign courts or arbitration panels against a sovereign nation within its own territory; • Royalty and tax increases or claims, including retroactive increases and claims and requests to renegotiate terms of existing investment agreements, contracts of work, leases, royalties and taxes, by governmental entities, including such increases, claims and/or requests by the governments of Argentina, Australia, Canada, Chile, the Dominican Republic, Ecuador, Ghana, Mexico, Papua New Guinea, Peru, Suriname, the State of Colorado and the State of Nevada in the U.S.; • Changes in laws or regulations in the jurisdictions in which we operate, including in changes resulting from changes in political administrations; • Risk of increased taxation related to impacts to government revenue as a result of challenging socioeconomic conditions, including recessions and/or in connection with heath and community emergencies, such as pandemics, epidemics or outbreaks, and climate events; • Fines, fees, and sanctions imposed for failure to comply with the laws and regulations of the jurisdictions in which we operate; • Risk of loss due to inability to access our properties or operations; • Other risks arising out of foreign sovereignty over the areas in which our operations are conducted, including risks inherent in contracts with government owned entities such as unilateral cancellation or renegotiation of contracts, licenses or other mining rights; • Delays in obtaining or renewing, or the inability to obtain, maintain or renew, necessary governmental permits, mining or operating leases and other agreements and/or approvals; • Risk of loss due to civil strife, acts of war, guerrilla activities, insurrection and terrorism; • Claims for increased mineral royalties or ownership interests by local or Indigenous communities; 38 Table of Contents • Increased expectations of local Indigenous communities for profit or other benefit sharing; • Risk of loss due to criminal activities such as trespass, blockade, local artisanal or illegal mining, organized crime by drug cartels, theft and vandalism; • Delays in obtaining or renewing collective bargaining or certain labor agreements, workforce unionization, or demand for profit sharing; • Disadvantages of competing against companies from countries that are not subject to the rigorous laws and regulations of the U.S. or other jurisdictions, including without limitation, the U.S.
For additional information, see risk factors under the headings “ Our operations and projects are dependent on the availability of sufficient water supplies and subject to water-related risks ” and “ Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability. ” Such events can temporarily slow or halt operations due to physical damage to assets, reduced worker productivity for safety protocols on site related to extreme temperatures or lightening events, worker aviation and bus transport to or from the site, and local or global supply route disruptions that may limit transport of essential materials, chemicals and supplies, which could have an adverse impact on our results of operations and financial position.
For additional information, see risk factors under the headings “ Our operations and projects are dependent on the availability of sufficient water supplies and subject to water-related risks ” and “ Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability. ” Such events can temporarily slow or halt operations due to physical damage to assets, reduced worker productivity for safety protocols on site related to extreme temperatures or lightening events, preservation of resources such as water, worker aviation and bus transport to or from the site, and local or global supply route disruptions that may limit transport of essential materials, chemicals and supplies, which could have an adverse impact on our results of operations and financial position.
For more information on the Company’s reclamation and remediation liabilities, refer to Notes 6 and 25 to the Consolidated Financial Statements, and the risk factor under the heading “ Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made.” Our operations and projects are subject to risks related to our relationships and/or agreements with local communities, including Indigenous Peoples, and laws for the protection of cultural heritage.
For more information on the Company’s reclamation and remediation liabilities, refer to Notes 6 and 24 to the Consolidated Financial Statements, and the risk factor under the heading “ Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made.” Our operations and projects are subject to risks related to our relationships and/or agreements with local communities, including Indigenous Peoples, and laws for the protection of cultural heritage.
As a publicly traded company with securities listed on the New York Stock Exchange ("NYSE"), the Toronto Stock Exchange ("TSX"), the Australian Securities Exchange ("ASX"), and the Papua New Guinea Stock Exchange ("PNGX") the market price and volume of our common stock may be subject to significant fluctuations due not only to general stock market conditions but also to a change in sentiment in the market regarding the performance of our operations, business prospects or liquidity.
As a publicly traded company with securities listed on the New York Stock Exchange ("NYSE"), the Australian Securities Exchange ("ASX"), and the Papua New Guinea Stock Exchange ("PNGX") the market price and volume of our common stock may be subject to significant fluctuations due not only to general stock market conditions but also to a change in sentiment in the market regarding the performance of our operations, business prospects or liquidity.
The ultimate construction costs of the two water treatment plants remain uncertain as ongoing study work and assessment of opportunities that incorporates the latest design considerations remain in progress.
The ultimate water treatment costs of the two water treatment plants remain uncertain as ongoing study work and assessment of opportunities that incorporates the latest design considerations remain in progress.
See also the risk factors under the heading “ We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining ” and “Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects ” and “ Our operations and projects are subject to extensive environmental laws and regulations. ” Our operations and projects may be adversely affected by rising energy prices or energy shortages.
See also the risk factors under the heading “ We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining ” and “Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects ” and “ Our operations and projects are subject to extensive environmental laws and regulations. ” 35 Table of Contents Our operations and projects may be adversely affected by rising energy prices or energy shortages.
Consequently, our future development activities may not result in the expansion or replacement of current production with new production, or one or more of these new production sites or facilities may be less profitable than currently 18 Table of Contents anticipated or may not be profitable at all, any of which could have a material adverse effect on our results of operations and financial position.
Consequently, our future development activities may not result in the expansion or replacement of 19 Table of Contents current production with new production, or one or more of these new production sites or facilities may be less profitable than currently anticipated or may not be profitable at all, any of which could have a material adverse effect on our results of operations and financial position.
A particulate characterization study, which was undertaken by the Australian government’s Australian Nuclear Science Technology Organisation (the “ANSTO”) and commissioned by Cadia Holdings in collaboration with the local community, assessed the PM2.5 dust contribution from Cadia to the regional air shed over a two-year period and concluded that Cadia contributed only a small percentage of soil particulate matter.
A particulate characterization study, which was undertaken by the Australian government’s Australian Nuclear Science and Technology Organisation (the “ANSTO”) and commissioned by Cadia Holdings in collaboration with the local community, assessed the PM2.5 dust contribution from Cadia to the regional air shed over a three-year period and concluded that Cadia contributed only a small percentage of soil particulate matter.
A failure to meet our climate strategy commitments and goals and/or societal or investor expectations could result in damage to our reputation, decreased investor confidence and challenges in maintaining positive community relations, which can pose additional obstacles to our ability to conduct our operations and develop our projects, which may result in a material adverse impact on our business, financial position, results of operations, and growth prospects.
A failure to meet our climate strategy targets and goals and/or societal or investor expectations could result in damage to our reputation, decreased investor confidence and challenges in maintaining positive community relations, which can pose additional obstacles to our ability to conduct our operations and develop our projects, which may result in a material adverse impact on our business, financial position, results of operations, and growth prospects.
Numerous countries have implemented changes to their 38 Table of Contents mining regimes that reflect increased government control over or participation in the mining sector, including, but not limited to, changes of law affecting foreign ownership and takeovers, mandatory government participation in mining enterprises, taxation and royalties, working conditions, rates of exchange, exchange controls, exploration licensing, export duties, requirements to sell to the government, repatriation of income or return of capital, environmental protection, as well as requirements intended to boost the local economy, including usage of local goods and employment of local and community staff or contractors, among other benefits to be provided to local residents.
Numerous countries have implemented changes to their mining regimes that reflect increased government control over or participation in the mining sector, including, but not limited to, changes of law affecting foreign ownership and takeovers, mandatory government participation in mining enterprises, taxation and royalties, working conditions, rates of exchange, exchange controls, exploration licensing, export duties, requirements to sell to the government, repatriation of income or return of capital, environmental protection, as well as requirements intended to boost the local economy, including usage of local goods and employment of local and community staff or contractors, among other benefits to be provided to local residents.
On October 29, 2021, Prime Minister Marape announced proposed legislation which, if enacted, would regulate the export of gold from PNG and require that mining companies operating in PNG refine gold with a new national mint. At this stage, it is unclear whether this proposed legislation will become law and, if so, when it would take effect.
In October 2021, Prime Minister Marape announced proposed legislation which, if enacted, would regulate the export of gold from PNG and require that mining companies operating in PNG refine gold with a new national mint. At this stage, it is unclear whether this proposed legislation will become law and, if so, when it would take effect.
As the PNGX currently has only 11 companies listed, these new PNGX Listing Rules are largely yet to be tested in practice and, as the PNGX has complete discretion over any application for listing, a risk of uncertainty arises as to their application, particularly in respect of PDIs, as changes to the PNGX Business Rules addressing PDI’s were not included in the recent suite of amendments.
As the PNGX currently has only 12 companies listed, these new PNGX Listing Rules are largely yet to be tested in practice and, as the PNGX has complete discretion over any application for listing, a risk of uncertainty arises as to their application, particularly in respect of PDIs, as changes to the PNGX Business Rules addressing PDI’s were not included in the recent suite of amendments.
For a more detailed description of potential environmental liabilities, see the discussion in Environmental Matters in Note 25 to the Consolidated Financial Statements. In addition, regulators are increasingly requesting security in the form of cash collateral, credit, trust arrangements or guarantees to secure the performance of environmental obligations, which could have an adverse effect on our financial position.
For a more detailed description of potential environmental liabilities, see the discussion in Environmental Matters in Note 24 to the Consolidated Financial Statements. In addition, regulators are increasingly requesting security in the form of cash collateral, credit, trust arrangements or guarantees to secure the performance of environmental obligations, which could have an adverse effect on our financial position.
Castillo was ultimately removed from office in late 2022 due to his attempt to dissolve the legislative body and install an emergency government. Political turmoil and division has continued in Peru as protest and demonstrations against the current President Dina Boluarte escalated in early 2023 resulting in clashes with security forces and violence.
Amidst political turmoil and instability, Castillo was ultimately removed from office in late 2022 due to his attempt to dissolve the legislative body and install an emergency government. Political turmoil and division has continued in Peru as protest and demonstrations against the current President Dina Boluarte escalated in early 2023 resulting in clashes with security forces and violence.
For example, in recent years, there have been work stoppages by miners represented by unions at our Peñasquito, Cerro Negro and Merian mines, which have disrupted operations. Certain regions in which we operate, including Central and Latin America, have witnessed notable trends in labor relations, including increasing emphasis on workers' rights and labor protections.
For example, in recent years, there have been work stoppages by miners represented by unions at our Peñasquito, Cerro Negro and Merian mines, which have disrupted operations. Certain regions in which we operate, including Latin America and Caribbean, have witnessed notable trends in labor relations, including increasing emphasis on workers' rights and labor protections.
Our Code of Conduct (the “Code”) forms the foundation of our internal governance structure as well as our commitment to responsible mining. We encourage employees and others to promptly report incidents of possible violations of the Code and/or our global policies and standards, including without limitation in the areas of business integrity, social and environmental, community relations and human rights.
The Code forms the foundation of our internal governance structure as well as our commitment to responsible mining. We encourage employees and others to promptly report incidents of possible violations of the Code and/or our global policies and standards, including without limitation in the areas of business integrity, social and environmental, community relations and human rights.
The mineral reserves stated in this report represent the amount of gold, copper, silver, lead, zinc and molybdenum that we estimated, at December 31, 2024, could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty.
The mineral reserves stated in this report represent the amount of gold, copper, silver, lead, zinc and molybdenum that we estimated, at December 31, 2025, could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty.
Cadia is currently approved to continue operations until 2031 and is seeking approval from the NSW Government to extend our mining operations beyond 2031. This is known as the Cadia Continued Operations Project (“CCOP”), of which the construction of an extension to the STSFX is a project feature. No assurances can be provided that approvals will be secured.
Cadia is currently approved to continue operations until 2031 and is seeking approval from the NSW Government to extend our mining operations beyond 2031. This is known as the Cadia Continued Operations Project (“CCOP”), of which the construction of the STSFX is a project feature. No assurances can be provided that approvals will be secured.
For example, in 2022, Yanacocha experienced heavy rainfall, above average historical levels, which resulted in significant water balance stress and required active emergency management. Refer to Note 25 to the Consolidated Financial Statements under the heading Environmental Matters - Minera Yanacocha S.R.L , for additional information.
For example, in 2022, Yanacocha experienced heavy rainfall, above average historical levels, which resulted in significant water balance stress and required active emergency management. Refer to Note 24 to the Consolidated Financial Statements under the heading Environmental Matters - Minera Yanacocha S.R.L , for additional information.
Investors and other stakeholders may not agree with our climate strategy commitments and goals, and we also face pressure from some in the investment community and certain public interest groups to limit the focus on ESG in our decision-making, arguing that ESG considerations do not relate to financial outcomes.
Investors and other stakeholders may not agree with our climate strategy, and we also face pressure from some in the investment community and certain public interest groups to limit the focus on ESG in our decision-making, arguing that ESG considerations do not relate to financial outcomes.
The Company’s repurchase program 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 during the authorization period. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future.
The Company’s share repurchase program 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.
See also risk factors under the headings “ Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina and labor unrest ”, “ Our operations at Ahafo and Akyem in Ghana are subject to political, economic, security and other risks ” and “ Our Merian operation in Suriname is subject to political, security and economic risks ”, “ Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties ” and “ Our operations and projects Canada are subject to legal and regulatory risks and other uncertainties in connection with claims and challenges by Indigenous groups ” below.
See also risk factors under the headings “ Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina and labor unrest ”, “ Our operations at Ahafo South and Ahafo North in Ghana are subject to political, economic, security and other risks ” and “ Our Merian operation in Suriname is subject to political, security and economic risks ”, “ Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties ” and “ Our operations and projects Canada are subject to legal and regulatory risks and other uncertainties in connection with claims and challenges by Indigenous groups ” below.
Additionally, revisions to the Yanacocha reclamation plan may change in connection with the Company’s ultimate submission and review of the plan with Peruvian regulators. Refer to Notes 6 and 25 to our Consolidated Financial Statements for information regarding reclamation and remediation, and Note 1 to our Consolidated Financial Statements regarding the Company’s interest in Yanacocha.
Additionally, revisions to the Yanacocha reclamation plan may change in connection with the Company’s ultimate submission and review of the plan with Peruvian regulators. Refer to Notes 6 and 24 to our Consolidated Financial Statements for information regarding reclamation and remediation, and Note 1 to our Consolidated Financial Statements regarding the Company’s interest in Yanacocha.
In the case that our partners do not make their 23 Table of Contents economic commitments, the Company may be prevented from pursuing certain development opportunities or may assume additional financial obligations, which may require new sources of capital. Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations.
In the case that our partners do not make their economic commitments, the Company may be prevented from pursuing certain development opportunities or may assume additional financial obligations, which may require new sources of capital. Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations.
The development and deployment of technological improvements or innovations will be required to support the transition to a low-carbon economy, which could result in write-offs and early retirement of existing assets, increased costs to adopt and deploy new practices and processing including planning and design for mines, development of alternative power sources, site level efficiencies and other capital investments.
The development and deployment of technological improvements or innovations will be required to support the transition to a low-carbon economy, which could result in write-offs and early retirement of existing assets, increased costs to adopt and deploy new 32 Table of Contents practices and processing including planning and design for mines, development of alternative power sources, site level efficiencies and other capital investments.
For example, our joint ventures, including the joint venture that combined our and Barrick Gold Corporation’s (“Barrick”) respective Nevada operations, forming NGM, 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”), may not be as beneficial to us as expected, whether due to the above-described risks, unfavorable global economic conditions, increases in construction costs, integration challenges, political risks, labor disputes or other factors.
For example, our joint ventures, including the joint venture that combined our and Barrick Mining Corporation’s (“Barrick”) respective Nevada operations, forming NGM, 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”), may not be as beneficial to us as expected, whether due to the above-described risks, unfavorable global economic conditions, increases in construction costs, political risks, labor disputes or other factors.
We will also consider the limited use of carbon neutralization or offsets in the future for hard to abate emissions to assist in meeting our 2050 carbon neutral goal, and there may be an insufficient supply of offsets to achieve our goals.
We will also consider the limited use of carbon neutralization or offsets in the future for hard to abate emissions to assist in meeting our 2050 carbon neutral ambition, and there may be an insufficient supply of offsets to achieve our goals.
See the risk factor under the heading “Our operations and business have in the past been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics and other health emergencies.” In addition to physical safety, protecting the psychological safety of our employees is necessary to maintaining a safe, respectful and inclusive work environment.
See the risk factor under the heading “Our operations and business 45 Table of Contents have in the past been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics and other health emergencies.” In addition to physical safety, protecting the psychological safety of our employees is necessary to maintaining a safe, respectful and inclusive work environment.
In the event of lower gold, copper, silver, lead or zinc prices, unanticipated operating or financial challenges, or new funding limitations, our ability to pursue new business opportunities, invest in existing and new projects, fund our ongoing business activities, retire or service all outstanding debt, fund share repurchase programs and transactions and pay dividends could be significantly constrained.
In the event of lower gold, copper, silver, lead or zinc prices, unanticipated operating or financial challenges, or new funding limitations, our ability to pursue new business 24 Table of Contents opportunities, invest in existing and new projects, fund our ongoing business activities, retire or service all outstanding debt, fund share repurchase programs and transactions and pay dividends could be significantly constrained.
In addition, if the price of gold, copper, silver, lead, zinc, or molybdenum declines from recent levels, if production costs increase, grades decline, recovery rates decrease or if applicable laws and regulations are adversely changed, the indicated level of recovery may not be realized or mineral reserves or resources might not be mined or processed profitably.
In addition, if the price of gold, copper, silver, lead, zinc, or molybdenum declines from recent levels, if production costs increase, grades decline, recovery rates decrease or if applicable laws and regulations are adversely changed, the indicated level of 18 Table of Contents recovery may not be realized or mineral reserves or resources might not be mined or processed profitably.
The two unions are litigating for bargaining rights to be determined based on verification of membership numbers resulting in targeted efforts to increase 42 Table of Contents membership and a writ of summons was issued by the Ghana Mine Workers Union and the suit is ongoing. I n Peru, our two labor agreements expire in 2026 and 2027.
The two unions are litigating for bargaining rights to be determined based on verification of membership numbers resulting in targeted efforts to increase membership and a writ of summons was issued by the Ghana Mine Workers Union and the suit is ongoing. I n Peru, our two labor agreements expire in 2026 and 2027.
Such an occurrence could severely damage our reputation and materially adversely impact our operating results and financial condition. It may also subject us to civil and/or criminal action, penalties and claims from environmental and planning regulators and/or affected third parties, and may lead to the suspension or disruption of our operations and projects.
Such an occurrence could severely damage our reputation and materially adversely impact our operating results and financial condition. It may also subject us to civil and/or criminal action, penalties and claims from environmental and planning regulators and/or affected third parties, and may lead to the suspension or disruption of our 30 Table of Contents operations and projects.
There continue to be risks relating to the uncertain and unpredictable political and economic environment in Argentina, especially at the provincial level in Santa Cruz where our Cerro Negro mine is located. Argentina’s central bank instituted a number of foreign currency controls in an effort to stabilize the local currency.
Despite this result, there continue to be risks relating to the uncertain and unpredictable political and economic environment in Argentina, especially at the provincial level in Santa Cruz where our Cerro Negro mine is located. Argentina’s central bank instituted a number of foreign currency controls in an effort to stabilize the local currency.
The Pillar II agreement was signed by 138 countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. As Newmont primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to its financial statements.
The Pillar II agreement was signed by 138 countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. As Newmont primarily does business 39 Table of Contents in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to its financial statements.
Failure to obtain and/or comply with required permits can have serious consequences, including damage to our reputation; cessation of the 26 Table of Contents development of a project; increased costs of development or production and litigation or regulatory action, any of which could materially adversely affect our business, results of operations or financial condition.
Failure to obtain and/or comply with required permits can have serious consequences, including damage to our reputation; cessation of the development of a project; increased costs of development or production and litigation or regulatory action, any of which could materially adversely affect our business, results of operations or financial condition.
For additional information regarding Newmont’s non-current deferred tax assets, refer to Note 10 to our Consolidated Financial Statements. 24 Table of Contents Any downgrade in the credit ratings assigned to our debt securities could increase our future borrowing costs and adversely affect the availability of new financing.
For additional information regarding Newmont’s non-current deferred tax assets, refer to Note 10 to our Consolidated Financial Statements. Any downgrade in the credit ratings assigned to our debt securities could increase our future borrowing costs and adversely affect the availability of new financing.
Such seismic events and associated damage may require changes to the mining plan and upgrades to ground support systems, which could take several months. Large seismic events may also occur after cave establishment and propagation and during steady state caving, although the likelihood of this is lower.
Such seismic events and associated damage may require changes to the mining plan and upgrades to ground support systems, which could take several months. Large seismic events may also occur after cave establishment and propagation and during steady state 34 Table of Contents caving, although the likelihood of this is lower.
In 33 Table of Contents addition, seismic activity may impact operations that are located in seismically active areas and subject to risks of earthquakes, such as Cadia and, with the related risks of tidal surge and tsunamis, Lihir. For instance, a large seismic event in 2017 impacted Cadia resulting in a temporary suspension of operations.
In addition, seismic activity may impact operations that are located in seismically active areas and subject to risks of earthquakes, such as Cadia and, with the related risks of tidal surge and tsunamis, Lihir. For instance, a large seismic event in 2017 impacted Cadia resulting in a temporary suspension of operations.
Such transitions are likely to require capital expenditures and may result in additional costs. Certain of our operations may also become more dependent upon access to electrical power supply as certain mines advance projects 34 Table of Contents aimed at the electrification of large haulage fleets.
Such transitions are likely to require capital expenditures and may result in additional costs. Certain of our operations may also become more dependent upon access to electrical power supply as certain mines advance projects aimed at the electrification of large haulage fleets.
Further changes in law and the occurrence of one or more of these risks could adversely affect our results of operations and financial position. Legal Risks Our business is subject to the U.S. Foreign Corrupt Practices Act, and other related anti-bribery laws and regulations.
Further changes in law and the occurrence of one or more of these risks could adversely affect our results of operations and financial position. 46 Table of Contents Legal Risks Our business is subject to the U.S. Foreign Corrupt Practices Act, and other related anti-bribery laws and regulations.
In fact, soil was determined to be the least significant source of air pollution over the two-year period, contributing less than 10% to the total PM2.5 mass.
In fact, soil was determined to be the least significant source of air pollution over the three-year period, contributing less than 10% to the total PM2.5 mass.
Any underestimated or unanticipated retirement and rehabilitation costs could materially affect our financial position, results of operations and cash flows. Environmental liabilities are accrued when they become known, or new permit conditions or limits are added, are probable and can be 19 Table of Contents reasonably estimated.
Any underestimated or unanticipated retirement and rehabilitation costs could materially affect our financial position, results of operations and cash flows. Environmental liabilities are accrued when they become known, or new permit conditions or limits are added, are probable and can be reasonably estimated.
A portion of our operating expenses are incurred in local currencies. The appreciation of those local currencies against the U.S. dollar increases our costs of production in U.S. dollar terms at mines located outside the United States. The foreign currencies that primarily affect our results of operations are the Australian Dollar and the 22 Table of Contents Canadian Dollar.
A portion of our operating expenses are incurred in local currencies. The appreciation of those local currencies against the U.S. dollar increases our costs of production in U.S. dollar terms at mines located outside the United States. The foreign currencies that primarily affect our results of operations are the Australian Dollar and the Canadian Dollar.
The failure to conduct operations in accordance with Company 28 Table of Contents standards can result in harm to employees, community members or trespassers, increase community tensions, reputational harm to Newmont or result in criminal and/or civil liability and/or financial damages or penalties. Our operations and projects face substantial regulation of health and safety.
The failure to conduct operations in accordance with Company standards can result in harm to employees, community members or trespassers, increase community tensions, reputational harm to Newmont or result in criminal and/or civil liability and/or financial damages or penalties. Our operations and projects face substantial regulation of health and safety.
While we are working collaboratively with the artisanal miners in Suriname on a program that includes improving mining practices for improved safety, environmental and processing practices as well as alternative livelihood opportunities, this not always possible.
While we are working collaboratively with the artisanal miners of the Pamaka Community in Suriname on a program that includes improving mining practices for improved safety, environmental and processing practices as well as alternative livelihood opportunities, this not always possible.
In addition, the Company incurred costs during 2020 and 2021 as a result of actions taken to protect against the impact of the COVID-19 pandemic and comply with local mandates, and could be required to incur such costs in the future.
In addition, the Company incurred costs 23 Table of Contents during 2020 and 2021 as a result of actions taken to protect against the impact of the COVID-19 pandemic and comply with local mandates, and could be required to incur such costs in the future.
Similarly, mineral reserves may be impacted if assumptions relating to mine planning change or are not achieved, for example if planned improvements from our Full Potential programs are not realized. If we determine that certain of our mineral reserves have become uneconomic, this may ultimately lead to a reduction in our aggregate reported mineral reserves and resources.
Similarly, mineral reserves may be impacted if assumptions relating to mine planning change or are not achieved, for example if planned improvements from our business improvement programs are not realized. If we determine that certain of our mineral reserves have become uneconomic, this may ultimately lead to a reduction in our aggregate reported mineral reserves and resources.
To the extent that future cash flows and taxable income differ significantly from estimates, our ability to realize the deferred tax assets could be impacted. In the future, our estimates could change requiring a valuation allowance or impairment of our deferred tax assets.
To the extent that future cash flows and taxable income differ significantly from estimates, our ability to realize the deferred tax assets could be impacted. In the future, our estimates could change requiring a valuation allowance or 25 Table of Contents impairment of our deferred tax assets.
The ongoing Yanacocha closure studies are expected to be progressed in 2025 and continue in the future. Future material increases or decreases to the asset retirement obligation could occur as additional analyses are completed and further refinements to water quality and volume modeling are completed.
The ongoing Yanacocha closure studies are expected to continue in the future. Future material increases or decreases to the asset retirement obligation could occur as additional analyses are completed and further refinements to water quality and volume modeling are completed.
In addition, our ability to achieve our Scope 3 emissions targets is subject to the actions of entities not within our control. There is also a risk that some or all of the expected benefits of achieving such commitments and goals may fail to materialize within our anticipated time frames or at all.
In addition, our ability to achieve our Scope 3 emissions targets remains highly uncertain and is subject to the actions of entities not within our control. There is also a risk that some or all of the expected benefits of achieving such targets and goals may fail to materialize within our anticipated time frames or at all.
In particular, the effects of changes in rainfall and intensities, water shortages and changing storm patterns have from time to time adversely impacted, and may in the future adversely impact, our costs, production levels and financial performance.
In particular, the effects of 33 Table of Contents changes in rainfall and intensities, water shortages and changing storm patterns have from time to time adversely impacted, and may in the future adversely impact, our costs, production levels and financial performance.
However, in 2021, the government made requests for prepayment of taxes and special solidarity payments in light of budgetary concerns, it is possible that the government may 39 Table of Contents request changes to the mineral agreement in the future.
However, in 2021, the government made requests for prepayment of taxes and special solidarity payments in light of budgetary concerns, it is possible that the government may request changes to the mineral agreement in the future.
On the January 8, 2025 in the Daily Graphic newspaper, the Minerals Commission published the 6 th edition of the Local Procurement List which includes a prohibition on mining by mining lease holders and requiring surface mining operations to be outsourced to companies with 100% Ghanaian stockholders and directors and underground operations to be outsourced to companies with 50% Ghanaian stockholders and directors.
In January 2025, the Minerals Commission published the 6 th edition of the Local Procurement List which includes a prohibition on mining by mining lease holders and requiring surface mining operations to be outsourced to companies with 100% Ghanaian stockholders and directors and underground operations to be outsourced to companies with 50% Ghanaian stockholders and directors.
When necessary, we use independent mechanisms agreed to by the complainants, such as a local leader or committee, to facilitate resolution of such matters before they require public or legal intervention.
When necessary, we use independent mechanisms agreed to by the complainants, such as a local leader or committee, 21 Table of Contents to facilitate resolution of such matters before they require public or legal intervention.
In Ghana, for instance, in response to resettlement-related complaints, Newmont worked with national and local government authorities, traditional leaders, impacted farmers/landowners and other concerned stakeholders to analyze impacts, extend programs to support vulnerable households and 27 Table of Contents provide enhanced and/or alternative livelihood support.
In Ghana, for instance, in response to resettlement-related complaints, Newmont worked with national and local government authorities, traditional leaders, impacted farmers/landowners and other concerned stakeholders to analyze impacts, extend programs to support vulnerable households and provide enhanced and/or alternative livelihood support.
Such incidents may halt or delay production, increase operating costs; result in harm to employees, contractors, visitors or community members; decrease operational efficiency due to employee absenteeism and other factors; increase community tensions or otherwise adversely affect our ability to conduct business.
Such incidents may halt or delay production, increase operating costs; result in harm to employees, contractors, 29 Table of Contents visitors or community members; decrease operational efficiency due to employee absenteeism and other factors; increase community tensions or otherwise adversely affect our ability to conduct business.
If we experience periods where our employees are unable to perform their jobs for any reason, including as a result of illness (such as COVID-19), our operations could be adversely affected.
If we experience periods where our employees are unable to perform their jobs for any reason, including as a result of illness, our operations could be adversely affected.
For more information see the risk factor under the heading “ Our business depends on good relations with our employees. ” 40 Table of Contents Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties.
For more information see the risk factor under the heading “ Our business depends on good relations with our employees. ” Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties.
See also the risk factor under the heading “ Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy ” for a discussion of uncertainties and potential tax increases in connection with climate change considerations.
See also the risk factor under the heading “Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy” for a discussion of uncertainties and potential tax increases in connection with climate change considerations.
In addition, securities class action litigation is often brought against companies after periods of volatility in the market price of their securities, such as the securities class action filed in January 2025 asserting that statements we made in conjunction with our financial outlook from February 2024 to October 2024 were false or misleading, or failed to include material information (see Note 25 - Commitments and Contingencies of Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K for additional information regarding this class action law suit).
In addition, securities class action litigation is sometimes brought against companies after periods of volatility in the market price of their securities, such as the putative securities class action filed in January 2025 initially asserting, among other things, that statements we made from February 2024 to October 2024 in conjunction with our financial outlook were false or misleading, or failed to include material information (see Note 24 - Commitments and Contingencies of Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K for additional information regarding this putative class action law suit).
We 45 Table of Contents conduct investigations and evaluations in response to credible allegations of noncompliance, and may take remedial actions, including, where applicable, voluntary disclosures to authorities.
We conduct investigations and evaluations in response to credible allegations of noncompliance, and may take remedial actions, including, where applicable, voluntary disclosures to authorities.
Accordingly, investors in Australia, Canada and PNG should be aware that under applicable listing rules, Newmont’s disclosure obligations as a foreign exempt listing will differ from those of companies with a primary or non-exempt listing on ASX, TSX or PNGX, including without limitation, in connection with certain filing and distribution requirements, financial presentation requirements, and reserve and resource declaration requirements. 47 Table of Contents Risks Related to Assets Held for Sale and Divestitures Assets held for sale may not ultimately be divested and we may not receive any or all deferred consideration.
Accordingly, investors in Australia and PNG should be aware that under applicable listing rules, Newmont’s disclosure obligations as a foreign exempt listing will differ from those of companies with a primary or non-exempt listing on ASX or PNGX, including without limitation, in connection with certain filing and distribution requirements, financial presentation requirements, and reserve and resource declaration requirements. 49 Table of Contents Risks Related to Divestitures and Related Agreement We may not receive any or all deferred or contingent consideration for divested assets.
In Mexico, following negotiations, we reached a profit sharing agreement in 2022 whereby union represented workforce will participate in uncapped profit-sharing bonus up to 10%, which will result in increased labor costs in the future.
In Mexico, following negotiations, we reached a profit sharing agreement in 2022 whereby union represented workforce will participate in uncapped profit-sharing bonus up to 10%, which resulted in increased labor costs.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeWe further test our cybersecurity controls by engaging leading third-party cybersecurity service providers to perform external and internal penetration tests of critical business applications and mining system. Additionally, we review and tabletop test our incident response plan.
Biggest changeWe previously maintained ISO27001 certification; while we are no longer certified, we continue to align our cybersecurity program to ISO27001 principles and conduct periodic independent assessments of our controls. We further test our cybersecurity controls by engaging leading third-party cybersecurity service providers to perform external and internal penetration tests of critical business applications and mining system.
Additionally, Newmont requires that such third parties are required to provide detailed information on their established security controls via our third party risk assessment process. The third party risk assessment informs our contracting process. Specific certification may be required of critical third party IT service providers and partners.
Additionally, Newmont requires such third parties to provide detailed information on their established security controls via our third party risk assessment process. The third party risk assessment informs our contracting process. Specific certification may be required of critical third party IT service providers and partners.
Newmont did not identify any cybersecurity incidents during the year ended December 31, 2024 that have materially affected or are reasonably likely to materially affect Newmont's business strategy, results of operations, or financial condition.
Newmont did not identify any cybersecurity incidents during the year ended December 31, 2025 that have materially affected or are reasonably likely to materially affect Newmont's business strategy, results of operations, or financial condition.
The Rapid Response Team performs tabletop exercises on a yearly basis with inclusion across functions. Each of these committees provides summary reports on their activities, which is then communicated as appropriate to the Audit Committee. 51 Table of Contents
The Rapid Response Team performs tabletop exercises on a yearly basis with inclusion across functions. Each of these committees provides summary reports on their activities, which are then communicated as appropriate to the Audit Committee. 52 Table of Contents
This combination brings together legal, compliance and other function leads as required. • The Cybersecurity Disclosure Steering Committee, comprised of leadership from IT, cybersecurity, operations, risk, finance, legal and compliance across business segments, contributes to the assessment of cybersecurity breach, planned response, and required disclosures and filings. • The Rapid Response Team, which includes senior executives across the Company and its global operations, is alerted as appropriate to cybersecurity incidents, natural disasters and business outages.
This collaborative approach engages legal, compliance, and other functional leaders as needed. • The Cybersecurity Disclosure Steering Committee, comprised of leadership from IT, cybersecurity, operations, risk, finance, legal and compliance across business segments, contributes to the assessment of cybersecurity breach, planned response, and required disclosures and filings. 51 Table of Contents • The Rapid Response Team, which includes senior executives across the Company and its global operations, is alerted as appropriate to cybersecurity incidents, natural disasters and business outages.
We leverage continuous monitoring of our internet facing presence, as well as, known internet based criminal communities for mentions of Newmont, our executives, and employees. Our Security Operations Center ("SOC") continuously monitors for security events and threats, responding and escalating when appropriate.
Additionally, we review and tabletop test our incident response plan. We leverage continuous monitoring of our internet facing presence, as well as, known internet based criminal communities for indicators referencing Newmont, our executives, and employees. Our Security Operations Center ("SOC") continuously monitors for security events and threats, responding and escalating when appropriate.
We also have management level committees, leaders, and a cybersecurity incident team who support our processes to assess and manage cybersecurity risk as follows: 50 Table of Contents • The head of privacy, in conjunction with the cybersecurity leadership assists on identification and mitigation of privacy related risks across the enterprise.
We also have management level committees, leaders, and a cybersecurity incident team who support our processes to assess and manage cybersecurity risk as follows: • Working closely with the legal team, cybersecurity leadership drives the identification and mitigation of privacy-related risks across the enterprise.
In addition, new technology that could result in greater operational efficiency such as our use of AI, fleet electrification, and autonomous vehicles may further expose our operations and computer systems to the risk of cybersecurity incidents.
We evaluate the effectiveness of our controls through continuous monitoring, testing, and lessons-leaned reviews following incidents and exercises, and adapt our program accordingly. In addition, new technology that could result in greater operational efficiency such as our use of AI, fleet electrification, and autonomous vehicles may further expose our operations and computer systems to the risk of cybersecurity incidents.
Foundationally, we seek to manage cyber risk through a structure of controls that includes cybersecurity standards, policies and cyber solutions that protect the availability, integrity, and confidentiality of our critical IT and mining systems. We monitor for emergent cyber threats and assess any actions required to reduce those risks.
Our Board of Directors and management team oversee these risks ensuring alignment with our business objectives and regulatory obligations. Foundationally, we seek to manage cyber risk through a structure of controls that includes cybersecurity standards, policies and cyber solutions that protect the availability, integrity, and confidentiality of our critical IT and mining systems.
Cybersecurity and the secure adoption of emerging technologies, including artificial intelligence ("AI"), remain strategic priorities for Newmont. We continuously invest and develop our cybersecurity controls and processes to address these threats and reduce the risk of future breaches and cyber attacks.
We continuously invest in developing our cybersecurity controls and processes to address these threats and reduce the risk of future breaches and cyber attacks.
Our cybersecurity program is aligned to globally recognized security frameworks including the Mitre Att&ck Framework, NIST and ISO27001. We are currently certified compliant against ISO27001 and engage a certified audit firm to conduct annual control testing and reaffirm our certification.
We monitor for emergent cyber threats and assess any actions required to reduce those risks. Our cybersecurity program is aligned to globally recognized security frameworks including the Mitre Att&ck Framework, NIST and ISO27001.
Removed
Risk associated with a cybersecurity incident, impacting our operations, has been integrated into our overall global risk management system and process. Our Board of Directors and management team oversee these risks as part of our enterprise risk management framework, ensuring alignment with our business objectives and regulatory obligations.
Added
Cybersecurity and the secure adoption of emerging technologies, including artificial intelligence ("AI"), remain strategic priorities for Newmont. In November 2025, we implemented an enterprise-wide Artificial Intelligence Standard that governs AI adoption and use, model lifecycle management, and associated cybersecurity and privacy controls.
Added
Our processes to assess, identify, and manage cybersecurity risk are integrated with our global Risk Management System ("RMS") and include periodic 50 Table of Contents enterprise-wide cyber risk assessments, continuous control monitoring, scenario-based exercises, and site-level reviews of our operational technology environments.

Item 2. Properties

Properties — owned and leased real estate

186 edited+36 added−79 removed55 unchanged
Biggest changeThe following tables detail measured, indicated, and inferred resources reflecting only those that are attributable to Newmont’s ownership or economic interest at December 31, 2024 and 2023. 78 Table of Contents Gold Resources at December 31, 2024 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Brucejack, Canada 100% — — — 4,300 4.68 600 4,300 4.68 600 16,600 5.8 3,100 96% Red Chris, Canada (4) 70% — — — 335,100 0.34 3,700 335,100 0.34 3,700 62,100 0.3 700 55% Galore Creek, Canada (5)(15) 50% 212,800 0.29 2,000 385,600 0.22 2,700 598,400 0.25 4,700 118,900 0.2 700 75% Peñasquito, Mexico 100% 48,200 0.30 500 163,100 0.22 1,100 211,300 0.24 1,600 21,100 0.2 100 57% Noche Buena, Mexico (15) 50% — — — 19,900 0.37 200 19,900 0.37 200 1,600 0.2 — 50% Merian, Suriname 75% 5,800 1.03 200 58,600 1.08 2,000 64,500 1.08 2,200 70,000 0.9 2,000 90% Cerro Negro, Argentina 100% 1,300 3.77 200 1,900 5.65 300 3,200 4.88 500 7,600 4.8 1,200 94% Conga, Peru (6)(15) 100% — — — 693,800 0.65 14,600 693,800 0.65 14,600 230,500 0.4 2,900 75% Yanacocha Open Pit 100% 16,600 0.41 200 109,200 0.40 1,400 125,700 0.40 1,600 287,200 0.6 5,100 66% Yanacocha Underground 100% 500 4.07 100 6,200 4.70 900 6,700 4.65 1,000 3,400 5.0 500 97% Total Yanacocha, Peru (7) 100% 17,100 0.52 300 115,400 0.63 2,300 132,500 0.62 2,600 290,700 0.6 5,600 72% Pueblo Viejo, Dominican Republic (8)(15) 40% 8,200 1.39 400 38,200 1.44 1,800 46,400 1.43 2,100 5,000 1.6 300 88% NuevaUnión, Chile (9)(15) 50% 4,800 0.47 100 118,300 0.59 2,300 123,100 0.59 2,300 239,800 0.4 3,100 68% Norte Abierto, Chile (10)(15) 50% 77,200 0.61 1,500 596,900 0.49 9,300 674,200 0.50 10,800 369,600 0.4 4,400 76% Boddington, Australia 100% 90,600 0.55 1,600 154,100 0.53 2,600 244,700 0.54 4,200 3,500 0.6 100 84% Tanami Open Pit 100% 9,700 1.65 500 26,500 1.45 1,200 36,200 1.50 1,700 5,300 1.1 200 90% Tanami Underground 100% 2,800 3.22 300 6,600 3.80 800 9,300 3.63 1,100 17,200 4.4 2,400 97% Total Tanami, Australia 100% 12,500 1.99 800 33,000 1.92 2,000 45,500 1.94 2,800 22,500 3.6 2,600 94% Cadia Underground 100% — — — 1,245,100 0.36 14,200 1,245,100 0.36 14,200 549,400 0.3 4,800 81% Cadia Stockpiles and Open Pit 100% 30,800 0.30 300 — — — 30,800 0.30 300 11,000 0.7 200 65% Total Cadia, Australia 100% 30,800 0.30 300 1,245,100 0.36 14,200 1,275,900 0.35 14,500 560,400 0.3 5,000 81% Namosi, Fiji (11)(15) 73.24% — — — 105,500 0.22 700 105,500 0.22 700 1,346,900 0.1 4,300 72% Lihir Open Pit 100% — — — 43,600 1.97 2,800 43,600 1.97 2,800 227,400 2.4 17,600 75% Lihir Stockpiles 100% — — — 1,000 2.11 100 1,000 2.11 100 — — — 75% Total Lihir, Papua New Guinea 100% — — — 44,600 1.97 2,800 44,600 1.97 2,800 227,400 2.4 17,600 75% Wafi-Golpu Open Pit (12) 50% — — — 53,600 1.66 2,900 53,600 1.66 2,900 15,500 1.3 600 65% Wafi-Golpu Underground (13) 50% — — — 140,800 0.45 2,000 140,800 0.45 2,000 91,900 0.6 1,900 68% Total Wafi-Golpu, Papua New Guinea (15) 50% — — — 194,500 0.78 4,900 194,500 0.78 4,900 107,300 0.7 2,600 67% Ahafo South Open Pit 100% 3,900 1.13 100 6,500 0.83 200 10,400 0.95 300 3,500 1.2 100 85% Ahafo South Underground 100% 700 3.85 100 27,100 3.96 3,400 27,800 3.95 3,500 11,500 3.1 1,200 91% Total Ahafo South, Ghana 100% 4,700 1.56 200 33,500 3.35 3,600 38,200 3.13 3,800 15,000 2.7 1,300 91% Ahafo North Open Pit, Ghana 100% 6,900 1.41 300 28,300 1.78 1,600 35,200 1.71 1,900 13,700 1.6 700 90% NGM Open Pits and Stockpiles 38.5% 3,700 1.23 100 158,500 0.74 3,800 162,200 0.76 4,000 56,700 0.9 1,600 72% NGM Underground 38.5% 200 23.55 200 21,500 6.34 4,400 21,800 6.52 4,600 25,100 6.4 5,200 87% Total NGM, Nevada (14)(16) 38.5% 3,900 2.51 300 180,000 1.41 8,200 183,900 1.44 8,500 81,800 2.6 6,700 82% 79 Table of Contents Gold Resources at December 31, 2024 (1)(2) (continued) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Held for sale (17) CC&V, United States 100% 20,300 0.53 300 26,500 0.48 400 46,700 0.50 800 71,400 0.4 900 51% Musselwhite, Canada 100% 1,500 4.21 200 2,300 4.10 300 3,800 4.15 500 1,900 5.0 300 96% Porcupine Underground 100% — — — 1,000 7.70 300 1,100 7.59 300 1,900 7.8 500 92% Porcupine Open Pit 100% — — — 75,600 1.51 3,700 75,600 1.51 3,700 65,900 1.4 2,900 92% Total Porcupine, Canada 100% — — — 76,600 1.59 3,900 76,600 1.59 3,900 67,900 1.5 3,400 92% Éléonore, Canada 100% 400 4.94 100 2,900 4.11 400 3,300 4.21 400 2,400 4.6 400 92% Coffee, Canada (15) 100% 900 2.14 100 49,300 1.26 2,000 50,200 1.28 2,100 6,700 1.0 200 81% Akyem, Ghana (18) 100% 800 0.73 — 9,700 3.83 1,200 10,600 3.58 1,200 5,500 3.0 500 92% Total Gold 548,800 0.53 9,300 4,717,000 0.59 90,100 5,265,900 0.59 99,400 3,967,800 0.6 70,600 78% 80 Table of Contents Gold Resources at December 31, 2023 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) CC&V, United States 100% 77,400 0.43 1,100 43,700 0.36 500 121,100 0.40 1,600 22,400 0.4 300 56% Musselwhite, Canada 100% 900 4.36 100 1,300 4.17 200 2,200 4.25 300 1,200 5.0 200 96% Porcupine Underground 100% 200 4.55 — 1,100 6.89 200 1,300 6.49 300 2,400 8.0 600 94% Porcupine Open Pit 100% 100 0.60 — 66,300 1.65 3,500 66,300 1.65 3,500 59,800 1.5 2,800 92% Total Porcupine, Canada 100% 300 3.67 — 67,400 1.73 3,800 67,700 1.74 3,800 62,200 1.7 3,400 92% Éléonore, Canada 100% 700 4.59 100 2,100 4.70 300 2,800 4.68 400 1,800 5.7 300 92% Brucejack, Canada (19) 100% — — — 1,800 7.64 500 1,800 7.64 500 12,100 10.3 4,000 96% Red Chris, Canada (19) 70% — — — 334,700 0.34 3,600 334,700 0.34 3,600 62,100 0.3 700 55% Coffee, Canada (15) 100% 900 2.14 100 49,300 1.27 2,000 50,200 1.28 2,100 6,700 1.0 200 81% Galore Creek, Canada (5)(15) 50% 212,800 0.29 2,000 385,600 0.22 2,700 598,400 0.25 4,700 118,900 0.2 700 75% Peñasquito, Mexico (16) 100% 37,400 0.26 300 157,300 0.22 1,100 194,700 0.23 1,400 22,800 0.2 100 57% Noche Buena, Mexico (15) 50% — — — 19,900 0.37 200 19,900 0.37 200 1,600 0.2 — 50% Merian, Suriname 75% 6,000 1.01 200 38,000 1.10 1,300 44,000 1.09 1,500 30,800 1.0 1,000 88% Cerro Negro, Argentina 100% 1,300 3.71 200 2,100 6.17 400 3,400 5.22 600 6,200 4.7 900 94% Conga, Peru (15) 100% — — — 693,800 0.65 14,600 693,800 0.65 14,600 230,500 0.4 2,900 75% Yanacocha Open Pit 100% 16,800 0.41 200 111,300 0.43 1,500 128,000 0.42 1,700 186,500 0.8 4,800 67% Yanacocha Underground 100% 500 4.07 100 6,200 4.70 900 6,700 4.65 1,000 3,400 5.0 500 97% Total Yanacocha, Peru 100% 17,300 0.52 300 117,500 0.65 2,500 134,800 0.64 2,800 189,900 0.9 5,400 73% Pueblo Viejo, Dominican Republic (8)(15) 40% 7,300 1.47 300 37,300 1.49 1,800 44,600 1.49 2,100 3,200 1.6 200 82% NuevaUnión, Chile (9)(15) 50% 4,800 0.47 100 118,300 0.59 2,300 123,100 0.59 2,300 239,800 0.4 3,100 68% Norte Abierto, Chile (10)(15) 50% 77,200 0.61 1,500 596,900 0.49 9,300 674,200 0.50 10,800 369,600 0.4 4,400 76% Boddington, Australia 100% 98,200 0.55 1,700 169,700 0.54 2,900 267,900 0.54 4,700 2,400 0.5 — 83% Tanami Open Pit 100% 9,400 1.67 500 23,800 1.47 1,100 33,200 1.53 1,600 4,200 1.1 200 90% Tanami Underground 100% 2,500 3.82 300 5,600 4.43 800 8,000 4.24 1,100 15,900 4.5 2,300 96% Total Tanami, Australia 100% 11,900 2.12 800 29,400 2.03 1,900 41,200 2.06 2,700 20,100 3.8 2,400 94% Cadia Underground 100% — — — 1,596,600 0.32 16,200 1,596,600 0.32 16,200 497,000 0.2 3,800 80% Cadia Stockpiles and Open Pit 100% 30,900 0.30 300 — — — 30,900 0.30 300 11,000 0.7 200 65% Total Cadia, Australia (16)(19) 100% 30,900 0.30 300 1,596,600 0.32 16,200 1,627,500 0.32 16,500 508,000 0.2 4,100 80% Telfer Open Pit 100% — — — 25,900 0.56 500 25,900 0.56 500 — — — 78% Telfer Underground 100% — — — 1,700 2.31 100 1,700 2.31 100 — — — 90% Total Telfer, Australia (19)(20) 100% — — — 27,600 0.67 600 27,600 0.67 600 — — — 81% Havieron, Australia (19)(20) 70% — — — 33,200 2.65 2,800 33,200 2.65 2,800 11,400 1.7 600 87% Namosi, Fiji (15)(19) 73.24% — — — 105,500 0.22 700 105,500 0.22 700 1,346,900 0.1 4,300 72% Lihir Open Pit 100% — — — 25,000 2.03 1,600 25,000 2.03 1,600 227,400 2.4 17,500 80% Lihir Stockpiles 100% — — — 22,200 1.47 1,000 22,200 1.47 1,000 — — — 78% Total Lihir, Papua New Guinea (16)(19) 100% — — — 47,100 1.77 2,700 47,100 1.77 2,700 227,400 2.4 17,500 79% 81 Table of Contents Gold Resources at December 31, 2023 (1)(2) (continued) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Wafi-Golpu Open Pit 50% — — — 53,600 1.66 2,900 53,600 1.66 2,900 15,500 1.3 600 65% Wafi-Golpu Underground 50% — — — 140,800 0.45 2,000 140,800 0.45 2,000 91,900 0.6 1,900 68% Total Wafi-Golpu, Papua New Guinea (15)(19) 50% — — — 194,500 0.78 4,900 194,500 0.78 4,900 107,300 0.7 2,600 67% Ahafo South Open Pit 100% 3,200 1.21 100 5,600 0.92 200 8,800 1.03 300 6,100 1.4 300 88% Ahafo South Underground 100% — 1.59 — 27,200 3.71 3,200 27,200 3.71 3,200 13,800 3.0 1,300 91% Total Ahafo South, Ghana 100% 3,200 1.21 100 32,800 3.24 3,400 36,000 3.05 3,500 19,900 2.5 1,600 91% Ahafo North, Ghana 100% 5,000 1.46 200 12,700 1.88 800 17,700 1.76 1,000 6,600 1.6 300 91% Akyem, Ghana 100% 900 0.72 — 9,800 3.83 1,200 10,600 3.57 1,200 5,600 2.9 500 92% NGM Open Pit and Stockpiles 38.5% 4,000 0.99 100 175,200 0.99 5,500 179,200 0.99 5,700 101,000 0.8 2,500 75% NGM Underground 38.5% 1,400 7.51 300 20,900 5.95 4,000 22,200 6.04 4,300 23,100 6.5 4,800 84% Total NGM, United States (14) 38.5% 5,300 2.66 500 196,000 1.52 9,600 201,400 1.55 10,000 124,100 1.8 7,300 80% Total Gold 599,700 0.52 9,900 5,121,900 0.58 94,900 5,721,600 0.57 104,800 3,761,500 0.6 69,100 78% ____________________________ (1) Resources are reported exclusive of reserves.
Biggest changeThe following tables detail measured, indicated, and inferred resources reflecting only those that are attributable to Newmont’s ownership or economic interest at December 31, 2025 and 2024. 78 Table of Contents Gold Resources at December 31, 2025 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Lihir, Papua New Guinea 100% — — — 37,500 1.99 2,400 37,500 1.99 2,400 239,800 2.4 18,300 75% Wafi-Golpu Open Pit (4) 50% — — — 53,600 1.66 2,900 53,600 1.66 2,900 15,500 1.3 600 65% Wafi-Golpu Underground (5) 50% — — — 140,800 0.45 2,000 140,800 0.45 2,000 91,900 0.6 1,900 68% Total Wafi-Golpu, Papua New Guinea (6) 50% — — — 194,500 0.78 4,900 194,500 0.78 4,900 107,300 0.7 2,600 67% Cadia Underground 100% — — — 1,009,300 0.29 9,400 1,009,300 0.29 9,400 163,900 0.2 1,300 81% Cadia Stockpiles 100% 28,500 0.30 300 — — — 28,500 0.30 300 — — — 64% Total Cadia, Australia 100% 28,500 0.30 300 1,009,300 0.29 9,400 1,037,800 0.29 9,700 163,900 0.2 1,300 81% Tanami Open Pit 100% 10,000 1.62 500 27,300 1.42 1,200 37,200 1.47 1,800 5,500 1.1 200 90% Tanami Underground 100% 2,600 3.35 300 6,800 3.77 800 9,400 3.65 1,100 17,600 4.4 2,500 96% Total Tanami, Australia 100% 12,500 1.98 800 34,100 1.89 2,100 46,600 1.91 2,900 23,100 3.6 2,700 94% Boddington, Australia 100% 97,300 0.52 1,600 168,200 0.49 2,600 265,500 0.50 4,300 3,800 0.5 100 85% Ahafo South Open Pit 100% 1,000 1.13 — 5,000 0.72 100 6,100 0.79 200 3,200 1.1 100 87% Ahafo South Underground 100% 1,200 3.69 100 41,400 3.84 5,100 42,500 3.84 5,200 19,500 2.9 1,800 91% Total Ahafo South, Ghana 100% 2,200 2.49 200 46,400 3.51 5,200 48,600 3.46 5,400 22,700 2.7 2,000 91% Ahafo North, Ghana 100% 6,600 1.44 300 36,300 1.74 2,000 42,900 1.69 2,300 18,100 1.6 900 90% Total Ahafo Complex, Ghana 100% 8,700 1.70 500 82,700 2.73 7,300 91,400 2.63 7,700 40,900 2.2 2,900 91% Merian, Suriname 75% 5,200 0.96 200 49,600 1.05 1,700 54,800 1.05 1,800 79,700 0.8 2,100 90% Cerro Negro, Argentina 100% 1,300 3.73 200 1,900 5.42 300 3,200 4.73 500 7,500 5.1 1,200 95% Pueblo Viejo, Dominican Republic (6)(7) 40% 7,300 1.31 300 33,100 1.37 1,500 40,300 1.36 1,800 6,300 1.5 300 81% NuevaUnión, Chile (6)(8) 50% 4,800 0.47 100 118,300 0.59 2,300 123,100 0.59 2,300 239,800 0.4 3,100 68% Norte Abierto, Chile (6)(9) 50% 77,700 0.61 1,500 525,500 0.51 8,600 603,200 0.52 10,100 381,100 0.4 5,300 78% Conga, Peru (6)(10) 100% — — — 693,800 0.65 14,600 693,800 0.65 14,600 230,500 0.4 2,900 75% Yanacocha Open Pit 100% 12,800 0.41 200 99,100 0.70 2,300 111,900 0.67 2,400 360,300 0.5 6,200 58% Yanacocha Underground 100% 3,800 7.28 900 15,200 5.13 2,500 19,000 5.56 3,400 3,600 4.9 600 97% Total Yanacocha, Peru (11) 100% 16,600 1.98 1,100 114,300 1.29 4,700 130,900 1.38 5,800 363,900 0.6 6,700 71% Peñasquito, Mexico 100% 52,800 0.30 500 172,100 0.21 1,100 224,900 0.23 1,600 9,200 0.2 100 56% La Bikina, Mexico (6) 50% — — — 19,900 0.37 200 19,900 0.37 200 1,600 0.2 — 50% Galore Creek, Canada (6)(12) 50% 212,800 0.29 2,000 385,600 0.22 2,700 598,400 0.25 4,700 118,900 0.2 700 75% Red Chris, Canada (13) 70% — — — 334,800 0.34 3,700 334,800 0.34 3,700 62,000 0.3 700 55% Brucejack, Canada 100% — — — 4,300 4.13 600 4,300 4.13 600 14,500 5.3 2,500 96% NGM Open Pit 38.5% 2,900 1.04 100 178,000 0.64 3,600 180,900 0.64 3,700 63,200 0.8 1,500 75% NGM Underground 38.5% 1,400 8.83 400 21,900 6.34 4,500 23,400 6.50 4,900 25,600 6.9 5,700 82% Total NGM, Nevada (14) 38.5% 4,300 3.61 500 199,900 1.26 8,100 204,300 1.31 8,600 88,900 2.5 7,300 80% Total Gold 529,900 0.56 9,500 4,179,300 0.59 78,700 4,709,300 0.58 88,100 2,182,600 0.9 60,600 78% 79 Table of Contents Gold Resources at December 31, 2024 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Namosi, Fiji 73.24% — — — 105,500 0.22 700 105,500 0.22 700 1,346,900 0.1 4,300 72% Lihir, Papua New Guinea 100% — — — 44,600 1.97 2,800 44,600 1.97 2,800 227,400 2.4 17,600 75% Wafi-Golpu Open Pit 50% — — — 53,600 1.66 2,900 53,600 1.66 2,900 15,500 1.3 600 65% Wafi-Golpu Underground 50% — — — 140,800 0.45 2,000 140,800 0.45 2,000 91,900 0.6 1,900 68% Total Wafi-Golpu, Papua New Guinea (6) 50% — — — 194,500 0.78 4,900 194,500 0.78 4,900 107,300 0.7 2,600 67% Cadia Underground 100% — — — 1,245,100 0.36 14,200 1,245,100 0.36 14,200 549,400 0.3 4,800 81% Cadia Open Pit 100% 30,800 0.30 300 — — — 30,800 0.30 300 11,000 0.7 200 65% Total Cadia, Australia 100% 30,800 0.30 300 1,245,100 0.36 14,200 1,275,900 0.35 14,500 560,400 0.3 5,000 81% Tanami Open Pit 100% 9,700 1.65 500 26,500 1.45 1,200 36,200 1.50 1,700 5,300 1.1 200 90% Tanami Underground 100% 2,800 3.22 300 6,600 3.80 800 9,300 3.63 1,100 17,200 4.4 2,400 97% Total Tanami, Australia 100% 12,500 1.99 800 33,000 1.92 2,000 45,500 1.94 2,800 22,500 3.6 2,600 94% Boddington, Australia 100% 90,600 0.55 1,600 154,100 0.53 2,600 244,700 0.54 4,200 3,500 0.6 100 84% Ahafo South Open Pit 100% 3,900 1.13 100 6,500 0.83 200 10,400 0.95 300 3,500 1.2 100 85% Ahafo South Underground 100% 700 3.85 100 27,100 3.96 3,400 27,800 3.95 3,500 11,500 3.1 1,200 91% Total Ahafo South, Ghana 100% 4,700 1.56 200 33,500 3.35 3,600 38,200 3.13 3,800 15,000 2.7 1,300 91% Ahafo North, Ghana 100% 6,900 1.41 300 28,300 1.78 1,600 35,200 1.71 1,900 13,700 1.6 700 90% Total Ahafo Complex, Ghana 100% 11,600 1.47 500 61,800 2.64 5,200 73,400 2.45 5,700 28,700 2.2 2,000 91% Merian, Suriname 75% 5,800 1.03 200 58,600 1.08 2,000 64,500 1.08 2,200 70,000 0.9 2,000 90% Cerro Negro, Argentina 100% 1,300 3.77 200 1,900 5.65 300 3,200 4.88 500 7,600 4.8 1,200 94% Pueblo Viejo, Dominican Republic (6)(7) 40% 8,200 1.39 400 38,200 1.44 1,800 46,400 1.43 2,100 5,000 1.6 300 88% NuevaUnión, Chile (6)(8) 50% 4,800 0.47 100 118,300 0.59 2,300 123,100 0.59 2,300 239,800 0.4 3,100 68% Norte Abierto, Chile (6)(9) 50% 77,200 0.61 1,500 596,900 0.49 9,300 674,200 0.50 10,800 369,600 0.4 4,400 76% Conga, Peru (6) 100% — — — 693,800 0.65 14,600 693,800 0.65 14,600 230,500 0.4 2,900 75% Yanacocha Open Pit 100% 16,600 0.41 200 109,200 0.40 1,400 125,700 0.40 1,600 287,200 0.6 5,100 66% Yanacocha Underground 100% 500 4.07 100 6,200 4.70 900 6,700 4.65 1,000 3,400 5.0 500 97% Total Yanacocha, Peru 100% 17,100 0.52 300 115,400 0.63 2,300 132,500 0.62 2,600 290,700 0.6 5,600 72% Peñasquito, Mexico 100% 48,200 0.30 500 163,100 0.22 1,100 211,300 0.24 1,600 21,100 0.2 100 57% La Bikina, Mexico (6) 50% — — — 19,900 0.37 200 19,900 0.37 200 1,600 0.2 — 50% Galore Creek, Canada (6)(12) 50% 212,800 0.29 2,000 385,600 0.22 2,700 598,400 0.25 4,700 118,900 0.2 700 75% Red Chris, Canada 70% — — — 335,100 0.34 3,700 335,100 0.34 3,700 62,100 0.3 700 55% Brucejack, Canada 100% — — — 4,300 4.68 600 4,300 4.68 600 16,600 5.8 3,100 96% NGM Open Pit 38.5% 3,700 1.24 100 158,500 0.74 3,800 162,200 0.76 4,000 56,700 0.9 1,600 72% NGM Underground 38.5% 200 23.55 200 21,500 6.34 4,400 21,800 6.52 4,600 25,100 6.4 5,200 87% Total NGM, United States (14) 38.5% 3,900 2.51 300 180,000 1.41 8,200 183,900 1.44 8,500 81,800 2.6 6,700 82% 80 Table of Contents Gold Resources at December 31, 2024 (1)(2) (continued) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Held for sale (15) CC&V, United States 100% 20,300 0.53 300 26,500 0.48 400 46,700 0.50 800 71,400 0.4 900 51% Musselwhite, Canada 100% 1,500 4.21 200 2,300 4.10 300 3,800 4.15 500 1,900 5.0 300 96% Porcupine Underground 100% — — — 1,000 7.70 300 1,100 7.59 300 1,900 7.8 500 92% Porcupine Open Pit 100% — — — 75,600 1.51 3,700 75,600 1.51 3,700 65,900 1.4 2,900 92% Total Porcupine, Canada 100% — — — 76,600 1.59 3,900 76,600 1.59 3,900 67,900 1.5 3,400 92% Éléonore, Canada 100% 400 4.94 100 2,900 4.11 400 3,300 4.21 400 2,400 4.6 400 92% Coffee, Canada (6) 100% 900 2.14 100 49,300 1.26 2,000 50,200 1.28 2,100 6,700 1.0 200 81% Akyem, Ghana 100% 800 0.73 — 9,700 3.83 1,200 10,600 3.58 1,200 5,500 3.0 500 92% Total Gold 548,800 0.53 9,300 4,717,000 0.59 90,100 5,265,900 0.59 99,400 3,967,800 0.6 70,600 78% ____________________________ (1) Resources are reported exclusive of reserves.
Newmont’s Boddington and Tanami operations in Australia take place on land that falls under the custodianship of Aboriginal people. Aboriginal land rights in Australia, which recognize the traditional rights and customs of Aboriginal people, are governed by the Commonwealth Native Title Act and certain other Acts specific to individual states and territories.
Newmont’s Tanami and Boddington operations in Australia take place on land that falls under the custodianship of Aboriginal people. Aboriginal land rights in Australia, which recognize the traditional rights and customs of Aboriginal people, are governed by the Commonwealth Native Title Act and certain other Acts specific to individual states and territories.
All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (2) Per ounce measures may not recalculate due to rounding. (3) Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (2) Per ounce measures may not recalculate due to rounding. (3) Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (2) Per ounce measures may not recalculate due to rounding. (3) Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (2) Per ounce measures may not recalculate due to rounding. (3) Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
The risks that could affect title to our property are included above in Item 1A, Risk Factors. A “mineral reserve” is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project.
The risks that could affect title to our property are included above in Item 1A, Risk Factors. A “mineral reserve” is an estimate of tonnage and grade or quality of measured and indicated mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project.
Amounts presented may not recalculate in total due to rounding. (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. (3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes.
Amounts presented may not recalculate in total due to rounding. (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. (3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes.
(6) Total gold consolidated ounces produced excludes 235 attributable ounces related to Pueblo Viejo, which is 40% owned by Newmont, managed by Barrick, and accounted for as an equity method investment. 62 Table of Contents Production Costs per Ounce Sold (1)(2) Year Ended December 31, 2024 Direct Mining and Production Costs By-Product Credits Royalties and Production Taxes Write-Downs and Inventory Change Costs Applicable to Sales (3)(4) Depreciation and Amortization Reclamation and Remediation Total Production Costs (5) All-In Sustaining Costs per Ounce Sold (1)(2)(4) Brucejack $ 1,317 $ (36) $ 32 $ (59) $ 1,254 $ 691 $ 19 $ 1,964 $ 1,603 Red Chris $ 1,257 $ (11) $ 35 $ (56) $ 1,225 $ 367 $ 43 $ 1,635 $ 1,607 Peñasquito $ 755 $ (5) $ 40 $ (14) $ 776 $ 355 $ 14 $ 1,145 $ 984 Merian $ 1,300 $ (1) $ 144 $ 14 $ 1,457 $ 305 $ 16 $ 1,778 $ 1,852 Cerro Negro $ 1,359 $ (120) $ 121 $ (35) $ 1,325 $ 521 $ 19 $ 1,865 $ 1,631 Yanacocha $ 968 $ (19) $ 72 $ (18) $ 1,003 $ 279 $ 21 $ 1,303 $ 1,196 Boddington $ 1,057 $ (24) $ 62 $ (39) $ 1,056 $ 193 $ 16 $ 1,265 $ 1,288 Tanami $ 900 $ (2) $ 60 $ (11) $ 947 $ 300 $ 5 $ 1,252 $ 1,281 Cadia $ 681 $ (103) $ 82 $ (7) $ 653 $ 263 $ 5 $ 921 $ 1,048 Lihir $ 1,575 $ (1) $ 59 $ (363) $ 1,270 $ 270 $ 19 $ 1,559 $ 1,512 Ahafo $ 644 $ (2) $ 199 $ 63 $ 904 $ 270 $ 9 $ 1,183 $ 1,072 NGM $ 1,208 $ (60) $ 74 $ (3) $ 1,219 $ 413 $ 12 $ 1,644 $ 1,605 Held for sale (6) CC&V $ 1,568 $ (13) $ 135 $ (300) $ 1,390 $ 90 $ 76 $ 1,556 $ 1,691 Musselwhite $ 953 $ (3) $ 75 $ 20 $ 1,045 $ 86 $ 16 $ 1,147 $ 1,541 Porcupine $ 998 $ (6) $ 43 $ 62 $ 1,097 $ 127 $ 33 $ 1,257 $ 1,437 Éléonore $ 1,271 $ (2) $ 54 $ 16 $ 1,339 $ 88 $ 15 $ 1,442 $ 1,811 Akyem $ 1,105 $ (7) $ 297 $ 201 $ 1,596 $ 271 $ 65 $ 1,932 $ 1,816 Divested (7) Telfer $ 3,443 $ (9) $ 63 $ (1,120) $ 2,377 $ 142 $ 110 $ 2,629 $ 2,993 Total Gold $ 1,110 $ (27) $ 94 $ (51) $ 1,126 $ 304 $ 19 $ 1,449 $ 1,516 ____________________________ (1) Production costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures.
(5) Total gold consolidated ounces produced excludes 235 attributable ounces related to Pueblo Viejo, which is 40% owned by Newmont, managed by Barrick, and accounted for as an equity method investment. 65 Table of Contents Production Costs per Ounce Sold (1)(2) Year Ended December 31, 2024 Direct Mining and Production Costs By-Product Credits Royalties and Production Taxes Write-Downs and Inventory Change Costs Applicable to Sales (3) Depreciation and Amortization Reclamation and Remediation Total Production Costs (4) All-In Sustaining Costs per Ounce Sold (1)(2) Lihir $ 1,575 $ (1) $ 59 $ (363) $ 1,270 $ 270 $ 19 $ 1,559 $ 1,512 Cadia $ 681 $ (103) $ 82 $ (7) $ 653 $ 263 $ 5 $ 921 $ 1,048 Tanami $ 900 $ (2) $ 60 $ (11) $ 947 $ 300 $ 5 $ 1,252 $ 1,281 Boddington $ 1,057 $ (24) $ 62 $ (39) $ 1,056 $ 193 $ 16 $ 1,265 $ 1,288 Ahafo South $ 644 $ (2) $ 199 $ 63 $ 904 $ 270 $ 9 $ 1,183 $ 1,072 Merian $ 1,300 $ (1) $ 144 $ 14 $ 1,457 $ 305 $ 16 $ 1,778 $ 1,852 Cerro Negro $ 1,359 $ (120) $ 121 $ (35) $ 1,325 $ 521 $ 19 $ 1,865 $ 1,631 Yanacocha $ 968 $ (19) $ 72 $ (18) $ 1,003 $ 279 $ 21 $ 1,303 $ 1,196 Peñasquito $ 755 $ (5) $ 40 $ (14) $ 776 $ 355 $ 14 $ 1,145 $ 984 Red Chris $ 1,257 $ (11) $ 35 $ (56) $ 1,225 $ 367 $ 43 $ 1,635 $ 1,607 Brucejack $ 1,317 $ (36) $ 32 $ (59) $ 1,254 $ 691 $ 19 $ 1,964 $ 1,603 NGM $ 1,208 $ (60) $ 74 $ (3) $ 1,219 $ 413 $ 12 $ 1,644 $ 1,605 Held for sale (5) CC&V $ 1,568 $ (13) $ 135 $ (300) $ 1,390 $ 90 $ 76 $ 1,556 $ 1,691 Musselwhite $ 953 $ (3) $ 75 $ 20 $ 1,045 $ 86 $ 16 $ 1,147 $ 1,541 Porcupine $ 998 $ (6) $ 43 $ 62 $ 1,097 $ 127 $ 33 $ 1,257 $ 1,437 Éléonore $ 1,271 $ (2) $ 54 $ 16 $ 1,339 $ 88 $ 15 $ 1,442 $ 1,811 Akyem $ 1,105 $ (7) $ 297 $ 201 $ 1,596 $ 271 $ 65 $ 1,932 $ 1,816 Divested (5) Telfer $ 3,443 $ (9) $ 63 $ (1,120) $ 2,377 $ 142 $ 110 $ 2,629 $ 2,993 Total Gold $ 1,110 $ (27) $ 94 $ (51) $ 1,126 $ 304 $ 19 $ 1,449 $ 1,516 ____________________________ (1) Production Costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures.
(5) Total gold consolidated ounces produced excludes 224 attributable ounces related to Pueblo Viejo, which is 40% owned by Newmont, managed by Barrick, and accounted for as an equity method investment. 64 Table of Contents Production Costs per Ounce Sold (1)(2) Year Ended December 31, 2023 Direct Mining and Production Costs By-Product Credits Royalties and Production Taxes Write-Downs and Inventory Change Costs Applicable to Sales (3)(4) Depreciation and Amortization Reclamation and Remediation Total Production Costs (5) All-In Sustaining Costs per Ounce Sold (1)(2)(4) CC&V $ 1,327 $ (7) $ 121 $ (285) $ 1,156 $ 136 $ 59 $ 1,351 $ 1,644 Musselwhite $ 1,152 $ (2) $ 48 $ (12) $ 1,186 $ 444 $ 17 $ 1,647 $ 1,843 Porcupine $ 1,214 $ (4) $ 25 $ (68) $ 1,167 $ 455 $ 33 $ 1,655 $ 1,577 Éléonore $ 1,230 $ (2) $ 44 $ (9) $ 1,263 $ 433 $ 13 $ 1,709 $ 1,838 Brucejack (6) $ 1,484 $ (41) $ 30 $ 425 $ 1,898 $ 617 $ — $ 2,515 $ 2,646 Red Chris (6) $ 1,825 $ (1) $ 27 $ (946) $ 905 $ 298 $ 15 $ 1,218 $ 1,439 Peñasquito $ 1,296 $ (6) $ 33 $ (104) $ 1,219 $ 516 $ 28 $ 1,763 $ 1,590 Merian $ 1,080 $ (1) $ 117 $ 11 $ 1,207 $ 256 $ 9 $ 1,472 $ 1,541 Cerro Negro $ 1,261 $ (102) $ 93 $ 5 $ 1,257 $ 524 $ 14 $ 1,795 $ 1,509 Yanacocha $ 1,122 $ (16) $ 59 $ (96) $ 1,069 $ 310 $ 20 $ 1,399 $ 1,266 Boddington $ 822 $ (17) $ 49 $ (7) $ 847 $ 144 $ 12 $ 1,003 $ 1,067 Tanami $ 704 $ (2) $ 51 $ 6 $ 759 $ 249 $ 4 $ 1,012 $ 1,060 Cadia (6) $ 477 $ (59) $ 51 $ 610 $ 1,079 $ 130 $ 1 $ 1,210 $ 1,271 Telfer (6) $ 1,360 $ (9) $ 60 $ 471 $ 1,882 $ 87 $ — $ 1,969 $ 1,988 Lihir (6) $ 1,235 $ (2) $ 50 $ (166) $ 1,117 $ 153 $ — $ 1,270 $ 1,517 Ahafo $ 820 $ (1) $ 141 $ (13) $ 947 $ 312 $ 11 $ 1,270 $ 1,222 Akyem $ 826 $ (6) $ 115 $ (4) $ 931 $ 413 $ 40 $ 1,384 $ 1,210 NGM $ 1,037 $ (55) $ 68 $ 20 $ 1,070 $ 387 $ 9 $ 1,466 $ 1,397 Total Gold $ 999 $ (23) $ 74 $ — $ 1,050 $ 327 $ 15 $ 1,392 $ 1,444 ____________________________ (1) Production Costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures.
(5) Total gold consolidated ounces produced excludes 224 attributable ounces related to Pueblo Viejo, which is 40% owned by Newmont, managed by Barrick, and accounted for as an equity method investment. 67 Table of Contents Production Costs per Ounce Sold (1)(2) Year Ended December 31, 2023 Direct Mining and Production Costs By-Product Credits Royalties and Production Taxes Write-Downs and Inventory Change Costs Applicable to Sales (3) Depreciation and Amortization Reclamation and Remediation Total Production Costs (4) All-In Sustaining Costs per Ounce Sold (1)(2) Lihir (5) $ 1,235 $ (2) $ 50 $ (166) $ 1,117 $ 153 $ — $ 1,270 $ 1,517 Cadia (5) $ 477 $ (59) $ 51 $ 610 $ 1,079 $ 130 $ 1 $ 1,210 $ 1,271 Tanami $ 704 $ (2) $ 51 $ 6 $ 759 $ 249 $ 4 $ 1,012 $ 1,060 Boddington $ 822 $ (17) $ 49 $ (7) $ 847 $ 144 $ 12 $ 1,003 $ 1,067 Telfer (5) $ 1,360 $ (9) $ 60 $ 471 $ 1,882 $ 87 $ — $ 1,969 $ 1,988 Ahafo South $ 820 $ (1) $ 141 $ (13) $ 947 $ 312 $ 11 $ 1,270 $ 1,222 Akyem $ 826 $ (6) $ 115 $ (4) $ 931 $ 413 $ 40 $ 1,384 $ 1,210 Merian $ 1,080 $ (1) $ 117 $ 11 $ 1,207 $ 256 $ 9 $ 1,472 $ 1,541 Cerro Negro $ 1,261 $ (102) $ 93 $ 5 $ 1,257 $ 524 $ 14 $ 1,795 $ 1,509 Porcupine $ 1,214 $ (4) $ 25 $ (68) $ 1,167 $ 455 $ 33 $ 1,655 $ 1,577 Éléonore $ 1,230 $ (2) $ 44 $ (9) $ 1,263 $ 433 $ 13 $ 1,709 $ 1,838 Yanacocha $ 1,122 $ (16) $ 59 $ (96) $ 1,069 $ 310 $ 20 $ 1,399 $ 1,266 Musselwhite $ 1,152 $ (2) $ 48 $ (12) $ 1,186 $ 444 $ 17 $ 1,647 $ 1,843 Peñasquito $ 1,296 $ (6) $ 33 $ (104) $ 1,219 $ 516 $ 28 $ 1,763 $ 1,590 CC&V $ 1,327 $ (7) $ 121 $ (285) $ 1,156 $ 136 $ 59 $ 1,351 $ 1,644 Red Chris (5) $ 1,825 $ (1) $ 27 $ (946) $ 905 $ 298 $ 15 $ 1,218 $ 1,439 Brucejack (5) $ 1,484 $ (41) $ 30 $ 425 $ 1,898 $ 617 $ — $ 2,515 $ 2,646 NGM $ 1,037 $ (55) $ 68 $ 20 $ 1,070 $ 387 $ 9 $ 1,466 $ 1,397 Total Gold $ 999 $ (23) $ 74 $ — $ 1,050 $ 327 $ 15 $ 1,392 $ 1,444 ____________________________ (1) Production costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures.
Operating Statistics, Proven and Probable Reserves, and Measured, Indicated and Inferred Resources contain tabular information that is presented in both metric and imperial as follows: (i) metric tonnage is utilized for all metals; (ii) gold and silver grades are presented in grams per tonne; (iii) copper, lead, zinc, molybdenum, and tungsten grades are presented in percentages; and (iv) metal content for gold and silver is presented in ounces while metal content for copper, lead, zinc, molybdenum, and tungsten is presented in pounds or tonnes.
Operating Statistics, Proven and Probable Reserves, and Measured, Indicated and Inferred Resources contain tabular information that is presented in both metric and imperial as follows: (i) metric tonnage is utilized for all metals; (ii) gold and silver grades are presented in grams per tonne; (iii) copper, lead, zinc, and molybdenum grades are presented in percentages; and (iv) metal content for gold and silver is presented in ounces while metal content for copper, lead, zinc, and molybdenum is presented in pounds or tonnes.
Metal price assumptions, adjusted for our exchange rate assumption, are based on considering such factors as market forecasts, industry consensus and management estimates. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used.
Metal price assumptions, adjusted for our exchange rate assumption, are based on such factors as market forecasts, industry consensus and management estimates. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used.
Lihir Island comprises two Plio–Pleistocene volcanic blocks, Londolovit Block and Wurtol Wedge and three Pleistocene volcanic edifices, Huniho, Kinami, and Luise. Lihir consists of a granted Special Mining Lease, two granted Mining Leases, one granted Exploration License, five granted Leases for Mining Purposes, and three Mining Easements held in the name of Lihir Gold.
Lihir comprises two Plio–Pleistocene volcanic blocks, Londolovit Block and Wurtol Wedge and three Pleistocene volcanic edifices, Huniho, Kinami, and Luise. Lihir consists of a granted Special Mining Lease, two granted Mining Leases, one granted Exploration License, five granted Leases for Mining Purposes, and three Mining Easements held in the name of Lihir Gold.
Refer to Note 3 to the Consolidated Financial Statements for further information. 63 Table of Contents Mining and Production Detail (1) Year Ended December 31, 2023 Tonnes Mined Tonnes Processed Average Ore Grade (2) Average Mill Recovery Rate Ounces Produced Ounces Sold Open Pit Underground Mill Leach Mill Leach Mill Leach Consolidated Consolidated CC&V 38,555 — — 25,566 — 0.452 —% — 172 172 171 Musselwhite — 1,027 1,028 — 5.701 — 95.7% 180 — 180 181 Porcupine 6,972 859 2,911 — 3.015 — 91.4% 260 — 260 258 Éléonore — 1,656 1,661 — 4.785 — 91.0% 232 — 232 233 Brucejack (3) — 167 166 — 5.685 — 96.0% 29 — 29 36 Red Chris (3) 3,769 — 1,139 — 0.276 — 54.2% 5 — 5 4 Peñasquito 96,099 — 20,850 — 0.429 — 57.0% 143 — 143 130 Merian (4) 41,031 — 14,403 — 0.758 — 91.3% 322 — 322 319 Cerro Negro — 1,076 1,084 — 8.314 — 92.8% 269 — 269 261 Yanacocha 62,173 — — 19,682 — 0.494 —% — 276 276 275 Boddington 61,543 — 36,467 — 0.754 — 85.4% 745 — 745 749 Tanami — 2,314 2,369 — 6.012 — 98.3% 448 — 448 444 Cadia (3) — 4,366 5,229 — 0.722 — 81.5% 97 — 97 120 Telfer (3) 6,435 206 2,807 — 0.649 — 73.2% 43 — 43 67 Lihir (3) 6,395 — 2,061 — 2.567 — 76.5% 134 — 134 131 Ahafo 26,851 2,344 7,976 — 2.399 — 93.9% 581 — 581 578 Akyem 24,494 — 7,646 — 1.317 — 89.5% 295 — 295 296 NGM 100,728 2,490 11,426 10,853 3.487 0.398 82.5% 1,057 113 1,170 1,167 Total Gold (5) 475,045 16,505 119,223 56,101 1.463 0.456 86.7% 4,840 561 5,401 5,420 ____________________________ (1) All amounts are reported in thousands unless otherwise noted.
(5) Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures. 66 Table of Contents Mining and Production Detail (1) Year Ended December 31, 2023 Tonnes Mined Tonnes Processed Average Ore Grade (2) Average Mill Recovery Rate Ounces Produced Ounces Sold Open Pit Underground Mill Leach Mill Leach Mill Leach Consolidated Consolidated Lihir (3) 6,395 — 2,061 — 2.567 — 76.5% 134 — 134 131 Cadia (3) — 4,366 5,229 — 0.722 — 81.5% 97 — 97 120 Tanami — 2,314 2,369 — 6.012 — 98.3% 448 — 448 444 Boddington 61,543 — 36,467 — 0.754 — 85.4% 745 — 745 749 Telfer (3) 6,435 206 2,807 — 0.649 — 73.2% 43 — 43 67 Ahafo South 26,851 2,344 7,976 — 2.399 — 93.9% 581 — 581 578 Akyem 24,494 — 7,646 — 1.317 — 89.5% 295 — 295 296 Merian (4) 41,031 — 14,403 — 0.758 — 91.3% 322 — 322 319 Cerro Negro — 1,076 1,084 — 8.314 — 92.8% 269 — 269 261 Porcupine 6,972 859 2,911 — 3.015 — 91.4% 260 — 260 258 Éléonore — 1,656 1,661 — 4.785 — 91.0% 232 — 232 233 Yanacocha 62,173 — — 19,682 — 0.494 —% — 276 276 275 Musselwhite — 1,027 1,028 — 5.701 — 95.7% 180 — 180 181 Peñasquito 96,099 — 20,850 — 0.429 — 57.0% 143 — 143 130 CC&V 38,555 — — 25,566 — 0.452 —% — 172 172 171 Red Chris (3) 3,769 — 1,139 — 0.276 — 54.2% 5 — 5 4 Brucejack (3) — 167 166 — 5.685 — 96.0% 29 — 29 36 NGM 100,728 2,490 11,426 10,853 3.487 0.398 82.5% 1,057 113 1,170 1,167 Total Gold (5) 475,045 16,505 119,223 56,101 1.463 0.456 86.7% 4,840 561 5,401 5,420 ____________________________ (1) All amounts are reported in thousands unless otherwise noted.
Ounces of gold and silver or pounds of copper, zinc, lead, molybdenum, and tungsten included in the measured, indicated and inferred resources are those contained prior to losses during metallurgical treatment.
Ounces of gold and silver or pounds of copper, zinc, lead, and molybdenum included in the measured, indicated and inferred resources are those contained prior to losses during metallurgical treatment.
(100% owned) Brucejack, located in western British Columbia, approximately 40 miles (65 kilometers) north of Stewart and 28 miles (45 kilometers) southwest of the Stewart-Cassiar Highway 37, is an underground operation. The Brucejack operation comprises four mining leases and six core mineral claims which cover 8,169 acres (3,306 hectares) and 337 mineral claims covering 298,795 acres (120,918 hectares).
(100% owned) Brucejack is located in western British Columbia, approximately 40 miles (65 kilometers) north of Stewart and 28 miles (45 kilometers) southwest of the Stewart-Cassiar Highway 37. The Brucejack operation comprises four mining leases and six core mineral claims which cover 8,169 acres (3,306 hectares) and 337 mineral claims covering 298,795 acres (120,918 hectares).
Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding. 72 Table of Contents (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the nearest 100,000. (3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding. 73 Table of Contents (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the nearest 100,000. (3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
(5) In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment. Refer to Note 3 to the Consolidated Financial Statements for further information.
In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment. Refer to Note 3 to the Consolidated Financial Statements for further information.
In Australia, various ad valorem royalties and taxes are paid to state and territorial governments, typically based on a percentage of gross revenues or earnings. Aboriginal groups have negotiated compensation/royalty payments as a condition to granting access to areas where native title rights are determined or where they own the land. Boddington, Australia.
In Australia, various ad valorem royalties and taxes are paid to state and territorial governments, typically based on a percentage of gross revenues or earnings. Aboriginal groups have negotiated compensation/royalty payments as a condition to granting access to areas where native title rights are determined or where they own the land. Tanami, Australia.
NGM has a current capacity across all sites to mine approximately 267,000 tonnes of material per day. The milling facilities were commissioned over a range of years beginning in the 1990’s. They undergo routine maintenance each year with process improvements implemented as the projects are identified and approved.
NGM has a current capacity across all sites to mine approximately 244,000 tonnes of material per day. The milling facilities were commissioned over a range of years beginning in the 1990’s. They undergo routine maintenance each year with process improvements implemented as the projects are identified and approved.
The term “economically viable,” as used in the definition of reserve, means that the qualified person has analytically determined that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. 69 Table of Contents The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.
The term “economically viable,” as used in the definition of reserve, means that the qualified person has analytically determined that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. 70 Table of Contents The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.
Our exploration efforts are directed to the discovery of new resources and converting it into proven and probable reserves. We conduct brownfield exploration around our existing mines and greenfield exploration in other locations globally. Brownfield exploration can result in the discovery of additional deposits, which may receive the economic benefit of existing operating, processing and administrative infrastructures.
Our exploration efforts are directed to the discovery of new resources and converting them into proven and probable reserves. We conduct brownfield exploration around our existing mines and greenfield exploration in other locations globally. Brownfield exploration can result in the discovery of additional deposits, which may receive the economic benefit of existing operating, processing and administrative infrastructures.
Lihir Island is part of a 155 mile (250-kilometers) long, northwest-trending, alkalic volcanic island chain that sits within an area where several micro-plates (Solomon Sea Plate, South Bismarck Plate and North Bismarck Plate) developed between the converging Australian and South Pacific plates.
Aniolam Island is part of a 155 mile (250-kilometers) long, northwest-trending, alkalic volcanic island chain that sits within an area where several micro-plates (Solomon Sea Plate, South Bismarck Plate and North Bismarck Plate) developed between the converging Australian and South Pacific plates.
We publish measured, indicated, and inferred resources annually, and will recalculate them at December 31, 2025, taking into account metal prices, changes, if any, in future production and capital costs, divestments and conversion to reserves, as well as any acquisitions and additions during 2025.
We publish measured, indicated, and inferred resources annually, and will recalculate them at December 31, 2026, taking into account metal prices, changes, if any, in future production and capital costs, divestments and conversion to reserves, as well as any acquisitions and additions during 2026.
We publish reserves annually, and will recalculate reserves at December 31, 2025, taking into account metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2025.
We publish reserves annually, and will recalculate reserves at December 31, 2026, taking into account metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2026.
Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding. (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. 75 Table of Contents (3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding. (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. (3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000. 88 Table of Contents (4) Project is currently undeveloped and is included in Corporate and Other in Note 4 to the Consolidated Financial Statements.
Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000. (4) Project is currently undeveloped and is included in Corporate and Other in Note 4 to the Consolidated Financial Statements.
The mining leases expire in 2045. Brucejack is a deformed, porphyry-related transitional to intermediate sulphidation epithermal high-grade gold-silver deposit. Gold is hosted in quartz-calcite vein stockworks, sheeted veins and veinlets and can also be associated with arsenian pyrite.
The mining leases expire in 2045. Brucejack is an underground operation and is a deformed, porphyry-related transitional to intermediate sulphidation epithermal high-grade gold-silver deposit. Gold is hosted in quartz-calcite vein stockworks, sheeted veins and veinlets and can also be associated with arsenian pyrite.
The processing plant facilities consist of a crushing plant, a grinding circuit, agitated leaching, counter-current decantation, solution clarification, Merril Crowe zinc precipitation and smelting to produce gold and silver doré bars that are shipped to a refinery for further processing. Cerro Negro’s gross property, plant and mine development at December 31, 2024 was $2,302.
The processing plant facilities consist of a crushing plant, a grinding circuit, agitated leaching, counter-current decantation, solution clarification, Merril Crowe zinc precipitation and smelting to produce gold and silver doré bars that are shipped to a refinery for further processing. Cerro Negro’s gross property, plant and mine development at December 31, 2025 was $2,449.
Refer to Note 3 to the Consolidated Financial Statements for further discussion. 61 Table of Contents Operating Statistics The following tables detail operating statistics related to gold production, ounces sold, and production costs per ounce of our continuing operations: Mining and Production Detail (1) Year Ended December 31, 2024 Tonnes Mined Tonnes Processed Average Ore Grade (2) Average Mill Recovery Rate Ounces Produced Ounces Sold Open Pit Underground Mill Leach Mill Leach Mill Leach Consolidated Consolidated Brucejack — 1,083 1,073 — 7.811 — 96.8% 258 — 258 249 Red Chris 19,591 — 6,293 — 0.367 — 56.3% 40 — 40 39 Peñasquito 138,280 — 32,896 — 0.539 — 59.9% 299 — 299 290 Merian (3) 50,433 — 14,141 — 0.646 — 92.9% 274 — 274 274 Cerro Negro — 837 836 — 9.379 — 94.2% 238 — 238 236 Yanacocha 54,836 — — 23,265 — 0.396 —% — 354 354 352 Boddington 68,208 — 34,936 — 0.623 — 85.2% 590 — 590 581 Tanami — 2,416 2,359 — 5.442 — 98.5% 408 — 408 411 Cadia — 30,742 29,824 — 0.626 — 79.6% 464 — 464 454 Lihir 34,515 — 10,885 — 2.334 — 74.8% 614 — 614 620 Ahafo 26,252 2,524 9,470 — 2.807 — 94.1% 798 — 798 798 NGM 82,300 2,642 11,140 3,859 3.296 0.205 82.3% 974 65 1,039 1,036 Held for sale (4) CC&V 36,240 — — 21,029 — 0.443 —% — 146 146 144 Musselwhite — 1,033 1,029 — 6.630 — 96.4% 212 — 212 215 Porcupine 1,423 902 2,938 — 3.224 — 92.9% 284 — 284 282 Éléonore — 1,808 1,807 — 4.521 — 91.4% 240 — 240 243 Akyem 24,210 — 8,287 — 0.857 — 89.0% 204 — 204 212 Divested (5) Telfer 25,568 639 3,665 — 0.770 — 89.9% 73 10 83 103 Total Gold (6) 561,856 44,626 171,579 48,153 1.292 0.401 84.7% 5,970 575 6,545 6,539 ____________________________ (1) All amounts are reported in thousands unless otherwise noted.
(5) Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures. 64 Table of Contents Mining and Production Detail (1) Year Ended December 31, 2024 Tonnes Mined Tonnes Processed Average Ore Grade (2) Average Mill Recovery Rate Ounces Produced Ounces Sold Open Pit Underground Mill Leach Mill Leach Mill Leach Consolidated Consolidated Lihir 34,515 — 10,885 — 2.334 — 74.8% 614 — 614 620 Cadia — 30,742 29,824 — 0.626 — 79.6% 464 — 464 454 Tanami — 2,416 2,359 — 5.442 — 98.5% 408 — 408 411 Boddington 68,208 — 34,936 — 0.623 — 85.2% 590 — 590 581 Ahafo South 26,252 2,524 9,470 — 2.807 — 94.1% 798 — 798 798 Merian (3) 50,433 — 14,141 — 0.646 — 92.9% 274 — 274 274 Cerro Negro — 837 836 — 9.379 — 94.2% 238 — 238 236 Yanacocha 54,836 — — 23,265 — 0.396 —% — 354 354 352 Peñasquito 138,280 — 32,896 — 0.539 — 59.9% 299 — 299 290 Red Chris 19,591 — 6,293 — 0.367 — 56.3% 40 — 40 39 Brucejack — 1,083 1,073 — 7.811 — 96.8% 258 — 258 249 NGM 82,300 2,642 11,140 3,859 3.296 0.205 82.3% 974 65 1,039 1,036 Held for sale (4) CC&V 36,240 — — 21,029 — 0.443 —% — 146 146 144 Musselwhite — 1,033 1,029 — 6.630 — 96.4% 212 — 212 215 Porcupine 1,423 902 2,938 — 3.224 — 92.9% 284 — 284 282 Éléonore — 1,808 1,807 — 4.521 — 91.4% 240 — 240 243 Akyem 24,210 — 8,287 — 0.857 — 89.0% 204 — 204 212 Divested (4) Telfer 25,568 639 3,665 — 0.770 — 89.9% 73 10 83 103 Total Gold (5) 561,856 44,626 171,579 48,153 1.292 0.401 84.7% 5,970 575 6,545 6,539 ____________________________ (1) All amounts are reported in thousands unless otherwise noted.
Each site has its own process facilities which include: an oxide mill, which consists of a crushing and grinding circuit and carbon-in-leach circuit, and two heap leach pads at Cortez; an autoclave, two roasters, an oxide mill/flotation circuit and three heap leach pads at Carlin; the Sage autoclave, an oxide mill, and three heap leach pads at Turquoise Ridge; a flotation mill, a carbon-in-leach plant, a copper leach pad and a solvent extraction electrowinning (“SX/EW”) plant at Phoenix; and a heap leach pad at Long Canyon.
Each site has its own process facilities which include: an oxide mill, which consists of a crushing and grinding circuit and carbon-in-leach circuit, and two heap leach pads at Cortez; an autoclave, two roasters, an oxide mill/flotation circuit and three heap leach pads at Carlin; the Sage autoclave, an oxide mill, and three heap leach pads at Turquoise Ridge; a flotation mill, a carbon-in-leach plant, a copper leach pad and a solvent extraction electrowinning plant at Phoenix.
(2) At December 31, 2024 and 2023, lead resources were estimated at a lead price of $1.00 and $1.20 per pound, respectively. Tonnage amounts have been rounded to the nearest 100,000. (3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
(2) At December 31, 2025 and 2024, lead resources were estimated at a lead price of $1.00 per pound. Tonnage amounts have been rounded to the nearest 100,000. (3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
(2) At December 31, 2024 and 2023, zinc resources were estimated at a zinc price of $1.30 and $1.45 per pound, respectively. Tonnage amounts have been rounded to the nearest 100,000. (3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
(2) At December 31, 2025 and 2024, zinc resources were estimated at a zinc price of $1.30 per pound. Tonnage amounts have been rounded to the nearest 100,000. (3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
(2) Average ore grade reported in grams/tonne. (3) Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information. (4) For the year ended December 31, 2023, Merian produced 242 attributable ounces, which reflects our 75% ownership interest. Total attributable ounces were 5,321 ounces.
(2) Average ore grade reported in grams/tonne. (3) Sites acquired through the Newcrest transaction in 2023. Refer to Note 3 to the Consolidated Financial Statements for further information. (4) Merian produced 242 attributable ounces, which reflects our 75% ownership interest. Total attributable ounces were 5,321 ounces.
Cerro Negro reported 3.2 million ounces of gold reserves at December 31, 2024. Brownfield exploration and development for new reserves is ongoing, including the development of the Eastern district. Yanacocha, Peru. (100% owned) Yanacocha is located approximately 375 miles (604 kilometers) north of Lima and 30 miles (48 kilometers) north of the city of Cajamarca.
Cerro Negro reported 3.0 million ounces of gold reserves at December 31, 2025. Brownfield exploration and development for new reserves is ongoing, including the development of the Eastern district. Yanacocha, Peru. (100% owned) Yanacocha is located approximately 375 miles (604 kilometers) north of Lima and 30 miles (48 kilometers) north of the city of Cajamarca.
The term “probable reserves” means reserves for which quantity and grade are computed from information similar to that used for proven reserves, but the sites for sampling are farther apart or are otherwise less closely spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation.
The term “probable reserves” means reserves for which quantity and grade are computed from information similar to that used for proven reserves, but the sites for sampling are less closely spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation.
(2) At December 31, 2024 and 2023, molybdenum resources at sites in which Newmont is the operator were estimated at a molybdenum price of $16.00 and $10.00 per pound, respectively, unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000. (3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
(2) At December 31, 2025 and 2024, molybdenum resources at sites in which Newmont is the operator were estimated at a molybdenum price of $16 per pound, unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000. (3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
Merian reported 4.1 million attributable ounces of gold reserves at December 31, 2024. Brownfield exploration and development for new reserves is ongoing. Cerro Negro, Argentina. (100% owned) Cerro Negro is located in southern Argentina about 250 miles (400 kilometers) southwest of the coastal city of Comodoro Rivadavia.
Merian reported 4.5 million attributable ounces of gold reserves at December 31, 2025. Brownfield exploration and development for new reserves is ongoing. Cerro Negro, Argentina. (100% owned) Cerro Negro is located in southern Argentina about 250 miles (400 kilometers) southwest of the coastal city of Comodoro Rivadavia.
Operations at Lihir are conducted using a fleet of nine hydraulic shovels and 49 haul trucks, with payload ranging from 90 to 131-tonnes. The process plant consists of crushing and grinding followed by bulk sulphide flotation, pressure oxidation, and recovery of gold from washed oxidized slurry using conventional cyanidation.
Operations at Lihir are conducted using a fleet of nine hydraulic shovels and 40 haul trucks, with payload ranging from 90 to 131 tonnes. The process plant consists of crushing and grinding followed by the option of bulk sulphide flotation, then pressure oxidation, and recovery of gold from washed oxidized slurry using conventional cyanidation and electrowinning.
Boddington consists of greenstone diorite hosted mineralization and exploration activities continue to develop the known reserve. The mine operates two pits (North and South Pits), utilizing two electric shovels, a diesel powered face shovel and two excavators as its prime ex-pit material movers with a fleet of 41 production autonomous haulage trucks.
Boddington consists of greenstone diorite hosted mineralization and exploration activities continue to develop the known reserve. The mine operates two pits (North and South Pits), utilizing two electric shovels, and three excavators as its prime ex-pit material movers with a fleet of 41 production autonomous haulage trucks.
The fleet is supported by blast hole production drills, as well as track dozers, rubber tire dozers, excavators, and graders. Peñasquito’s gross property, plant and mine development at December 31, 2024 was $5,625.
The fleet is supported by blast hole production drills, as well as track dozers, rubber tire dozers, excavators, and graders. Peñasquito’s gross property, plant and mine development at December 31, 2025 was $5,957.
On July 1, 2019, Newmont and Barrick consummated the Nevada JV Agreement, which combined the Company’s Nevada mining operations with Barrick’s Nevada mining operations resulting in the establishment of NGM, a joint venture with Barrick, who is the operator, and which is accounted for by the Company under proportionate consolidation.
(38.5% owned) NGM is located in Elko, Nevada. On July 1, 2019, Newmont and Barrick consummated the Nevada JV Agreement, which combined the Company’s Nevada mining operations with Barrick’s Nevada mining operations resulting in the establishment of NGM, a joint venture with Barrick, who is the operator, and which is accounted for by the Company under proportionate consolidation.
Amounts presented may not recalculate in total due to rounding. (2) At December 31, 2024 and 2023, gold resources at sites for which Newmont is the operator were estimated at a gold price of $2,000 and $1,600 per ounce, unless otherwise noted. Resources provided by other operators may use pricing that differs.
Amounts presented may not recalculate in total due to rounding. (2) At December 31, 2025 and 2024, gold resources at sites for which Newmont is the operator were estimated at a gold price of $2,300 and $2,000 per ounce, respectively, unless otherwise noted. Resources provided by other operators may use pricing that differs.
Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000. (4) Copper reserves at December 31, 2024 were estimated at a copper price of $3.00 per pound.
Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000. (4) Project is currently undeveloped. Copper reserves at December 31, 2025 were estimated at a copper price of $3.00 per pound.
Merian includes processing facilities that utilize a conventional gold mill, primary crusher and processing plant, consisting of a comminution plant, including gravity and cyanide leach processes, with recovery by carbon-in-leach, elution, electrowinning and induction furnace smelting to produce a gold doré product. Merian’s gross property, plant and mine development at December 31, 2024 was $1,355.
Newmont Suriname includes processing facilities that utilize a conventional gold mill, primary crusher and processing plant, consisting of a comminution plant, including gravity and cyanide leach processes, with recovery by carbon-in-leach, elution, electrowinning and induction furnace smelting to produce a gold doré product. Merian’s gross property, plant and mine development at December 31, 2025 was $1,384.
For tailings management, Lihir utilizes deep-sea tailings placement in a suitable deep-ocean location. The plant has undergone a number of alterations and expansions since first commissioning in 1997. Lihir’s gross property, plant and mine development at December 31, 2024 was $3,874. As of December 31, 2024 and 2023, Lihir reported 15.8 million and 17.5 million ounces of gold reserves, respectively.
For tailings management, Lihir utilizes deep-sea tailings placement in a suitable deep-ocean location. The plant has undergone a number of alterations and expansions since first commissioning in 1997. Lihir’s gross property, plant and mine development at December 31, 2025 was $3,970. As of December 31, 2025 and 2024, Lihir reported 16.0 million and 15.8 million ounces of gold reserves, respectively.
Boddington has a current capacity to mine approximately 175,000 to 225,000 tonnes of material per day. The milling plant includes a three-stage crushing facility 55 Table of Contents (two primary crushers, six secondary crushers and four high-pressure grinding rolls), four ball mills, a flotation circuit and a carbon-in-leach circuit.
Boddington has a current capacity to mine approximately 200,000 to 250,000 tonnes of material per day. The milling plant includes a three-stage crushing facility (two primary crushers, six secondary crushers and four high-pressure grinding rolls), four ball mills, a flotation circuit and a carbon-in-leach circuit.
(11) Copper resources at December 31, 2024 and 2023 were provided by Barrick, the operator of the NGM joint venture.
Copper resources at December 31, 2025 and 2024 were provided by Barrick, the operator of the NGM joint venture.
We estimate that our 2024 reserves would increase by 6% (7.4 million ounces), or decline by 6% (7.6 million ounces), if the gold price assumption increased or decreased $100 per ounce, respectively, with all other assumptions remaining constant.
We estimate that our 2025 reserves would increase by 5% (6.4 million ounces), or decline by 2% (2.8 million ounces), if the gold price assumption increased or decreased $100 per ounce, respectively, with all other assumptions remaining constant.
The available mining fleet for surface mining consists of three shovels and 36 haul trucks, each with 141-tonne payload. The available mining fleet for underground mining consists of eight underground loaders and 14 haul trucks, with payload ranging from 55 to 57-tonnes. The daily production rate is approximately 88,000 tonnes. The original processing plant was commissioned in 2006.
The available mining fleet for underground mining consists of eight underground loaders and 14 haul trucks, with payload ranging from 55 to 57 tonnes. The daily production rate is approximately 88,000 tonnes. The original processing plant was commissioned in 2006.
(3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000. (4) Project is currently undeveloped. Resource estimates provided by Teck Resources.
Tonnage amounts have been rounded to the nearest 100,000. (3) Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000. (4) Project is currently undeveloped.
The following tables detail gold proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2024 and 2023. 70 Table of Contents Gold Reserves at December 31, 2024 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Metallurgical Recovery (3) Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Brucejack, Canada 100% — — — 8,600 6.95 1,900 8,600 6.95 1,900 96% Red Chris Open Pit 70% — — — 14,700 0.39 100 14,700 0.39 100 52% Red Chris Underground (4) 70% — — — 171,700 0.64 3,500 171,700 0.64 3,500 70% Total Red Chris, Canada 70% — — — 186,400 0.62 3,700 186,400 0.62 3,700 69% Peñasquito Open Pits 100% 93,900 0.58 1,700 130,800 0.48 2,000 224,700 0.52 3,800 62% Peñasquito Stockpiles (5) 100% 4,700 0.60 100 27,300 0.21 200 32,000 0.26 300 37% Total Peñasquito, Mexico (6) 100% 98,600 0.58 1,800 158,100 0.44 2,200 256,600 0.49 4,100 60% Merian, Suriname 75% 23,400 1.26 900 87,300 1.14 3,200 110,700 1.16 4,100 93% Cerro Negro, Argentina 100% 2,200 11.84 800 7,100 10.50 2,400 9,300 10.82 3,200 94% Yanacocha Open Pit 100% 17,700 0.90 500 96,300 0.78 2,500 114,100 0.80 2,900 55% Yanacocha Underground 100% — — — 12,300 6.06 2,400 12,300 6.06 2,400 97% Total Yanacocha, Peru (7) 100% 17,800 0.90 500 108,600 1.38 4,800 126,400 1.31 5,300 74% Pueblo Viejo Open Pit 40% 32,200 2.27 2,300 49,500 2.04 3,300 81,700 2.13 5,600 88% Pueblo Viejo Stockpiles (5) 40% — — — 38,800 2.07 2,600 38,800 2.07 2,600 83% Total Pueblo Viejo, Dominican Republic (8)(19) 40% 32,200 2.27 2,300 88,300 2.06 5,800 120,500 2.11 8,200 86% NuevaUnión, Chile (9)(19) 50% — — — 341,100 0.47 5,100 341,100 0.47 5,100 66% Norte Abierto, Chile (10)(19) 50% — — — 598,800 0.60 11,600 598,800 0.60 11,600 74% Boddington Open Pit 100% 276,500 0.64 5,600 219,200 0.61 4,300 495,700 0.62 9,900 84% Boddington Stockpiles (5) 100% 2,100 0.67 — 61,900 0.42 800 64,100 0.43 900 83% Total Boddington, Australia (11) 100% 278,600 0.64 5,700 281,200 0.57 5,100 559,800 0.60 10,800 84% Tanami, Australia 100% 10,100 5.25 1,700 19,800 5.28 3,400 29,900 5.27 5,100 98% Cadia, Australia (12) 100% — — — 1,051,800 0.42 14,100 1,051,800 0.42 14,100 81% Lihir Open Pits 100% — — — 125,900 2.86 11,600 125,900 2.86 11,600 77% Lihir Stockpiles (5) 100% — — — 77,100 1.68 4,200 77,100 1.68 4,200 77% Total Lihir, Papua New Guinea (13) 100% — — — 203,000 2.41 15,800 203,000 2.41 15,800 77% Wafi-Golpu, Papua New Guinea (14)(19) 50% — — — 194,500 0.82 5,100 194,500 0.82 5,100 68% Ahafo South Open Pit 100% 2,400 2.64 200 39,700 1.57 2,000 42,000 1.63 2,200 89% Ahafo South Underground 100% 6,100 2.97 600 15,200 2.36 1,200 21,300 2.54 1,700 94% Ahafo South Stockpiles (5) 100% 21,700 0.97 700 — — — 21,700 0.97 700 91% Total Ahafo South, Ghana 100% 30,200 1.51 1,500 54,800 1.79 3,200 85,000 1.69 4,600 91% Ahafo North, Ghana 100% — — — 62,000 2.32 4,600 62,000 2.32 4,600 91% NGM Open Pit (15) 38.5% — — — 124,200 1.16 4,600 124,200 1.16 4,600 77% NGM Stockpiles (5)(16) 38.5% 16,400 1.86 1,000 12,900 2.35 1,000 29,200 2.08 2,000 69% NGM Underground (17) 38.5% 4,000 11.28 1,400 39,700 7.73 9,900 43,700 8.06 11,300 89% Total NGM, United States (18)(23) 38.5% 20,400 3.69 2,400 176,800 2.72 15,500 197,100 2.82 17,900 84% Held for sale (20) CC&V Open Pit 100% 87,000 0.43 1,200 28,600 0.43 400 115,600 0.43 1,600 58% CC&V Leach Pads (21) 100% — — — 34,600 0.73 800 34,600 0.73 800 55% Total CC&V, United States 100% 87,000 0.43 1,200 63,200 0.60 1,200 150,200 0.50 2,400 57% Musselwhite, Canada 100% 4,100 6.69 900 3,200 6.10 600 7,400 6.43 1,500 96% Porcupine Underground 100% 1,600 5.09 300 2,700 7.27 600 4,400 6.45 900 89% Porcupine Open Pit 100% 300 2.09 — 30,200 1.46 1,500 30,600 1.46 1,500 93% Total Porcupine, Canada 100% 2,000 4.57 300 33,000 1.94 2,100 34,900 2.09 2,300 92% Éléonore, Canada 100% 2,200 4.86 300 7,900 5.10 1,300 10,100 5.05 1,600 92% Akyem Open Pit 100% 12,700 1.52 600 5,500 1.58 300 18,200 1.54 900 90% Akyem Stockpiles (5) 100% 700 0.72 — — — — 700 0.72 — 90% Total Akyem, Ghana (22) 100% 13,500 1.48 600 5,500 1.58 300 19,000 1.50 900 90% Total Gold 622,100 1.06 21,100 3,741,000 0.94 113,000 4,363,000 0.96 134,100 81% 71 Table of Contents Gold Reserves at December 31, 2023 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Metallurgical Recovery (3) Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) CC&V Open Pit 100% 38,800 0.42 500 7,800 0.35 100 46,600 0.40 600 58% CC&V Leach Pads (21) 100% — — — 28,300 0.74 700 28,300 0.74 700 56% Total CC&V, United States 100% 38,800 0.42 500 36,100 0.66 800 75,000 0.53 1,300 57% Musselwhite, Canada 100% 3,200 6.78 700 3,800 6.30 800 7,000 6.52 1,500 96% Porcupine Underground 100% 1,400 7.06 300 1,600 8.34 400 3,000 7.75 700 94% Porcupine Open Pit 100% 3,200 1.43 100 26,600 1.54 1,300 29,700 1.53 1,500 93% Total Porcupine, Canada 100% 4,500 3.14 500 28,200 1.93 1,700 32,700 2.10 2,200 93% Éléonore, Canada 100% 2,100 5.08 300 6,800 5.47 1,200 8,900 5.38 1,500 92% Brucejack, Canada (24) 100% — — — 11,500 8.44 3,100 11,500 8.44 3,100 96% Red Chris Open Pit 70% — — — 30,200 0.37 300 30,200 0.37 300 53% Red Chris Underground 70% — — — 171,700 0.64 3,500 171,700 0.64 3,500 70% Total Red Chris, Canada (24) 70% — — — 201,900 0.60 3,900 201,900 0.60 3,900 68% Peñasquito Open Pits 100% 121,700 0.57 2,200 142,800 0.49 2,200 264,500 0.53 4,500 59% Peñasquito Stockpiles (5) 100% 2,000 0.36 — 24,500 0.19 200 26,500 0.20 200 59% Total Peñasquito, Mexico (23) 100% 123,700 0.57 2,200 167,300 0.44 2,400 291,000 0.50 4,600 59% Merian, Suriname 75% 29,600 1.19 1,100 74,400 1.15 2,800 104,000 1.16 3,900 93% Cerro Negro, Argentina 100% 1,900 11.81 700 7,300 10.75 2,500 9,200 10.97 3,200 94% Yanacocha Open Pits 100% 21,700 0.80 600 107,000 0.75 2,600 128,600 0.76 3,200 56% Yanacocha Underground 100% — — — 12,300 6.06 2,400 12,300 6.06 2,400 97% Total Yanacocha, Peru 100% 21,700 0.80 600 119,200 1.30 5,000 140,900 1.22 5,500 73% Pueblo Viejo Open Pit 40% 25,800 2.28 1,900 50,800 2.08 3,400 76,600 2.15 5,300 82% Pueblo Viejo Stockpiles (5) 40% — — — 39,700 2.12 2,700 39,700 2.12 2,700 83% Total Pueblo Viejo, Dominican Republic (8)(19) 40% 25,800 2.28 1,900 90,500 2.10 6,100 116,300 2.14 8,000 82% NuevaUnión, Chile (9)(19) 50% — — — 341,100 0.47 5,100 341,100 0.47 5,100 66% Norte Abierto, Chile (10)(19) 50% — — — 598,800 0.60 11,600 598,800 0.60 11,600 74% Boddington Open Pit 100% 215,300 0.67 4,600 192,600 0.64 3,900 407,900 0.66 8,600 85% Boddington Stockpiles (5) 100% 2,000 0.72 — 70,000 0.43 1,000 72,000 0.44 1,000 80% Total Boddington, Australia 100% 217,300 0.67 4,700 262,600 0.58 4,900 479,900 0.62 9,600 84% Tanami, Australia 100% 9,900 5.58 1,800 16,600 5.71 3,100 26,600 5.66 4,800 98% Cadia, Australia (23)(24) 100% — — — 1,102,300 0.42 14,700 1,102,300 0.42 14,700 81% Lihir Open Pits 100% — — — 159,900 2.76 14,200 159,900 2.76 14,200 78% Lihir Stockpiles (5) 100% — — — 57,200 1.83 3,400 57,200 1.83 3,400 78% Total Lihir, Papua New Guinea (23)(24) 100% — — — 217,100 2.51 17,500 217,100 2.51 17,500 78% Wafi-Golpu, Papua New Guinea (19)(24) 50% — — — 194,500 0.82 5,100 194,500 0.82 5,100 68% Ahafo South Open Pit 100% 5,200 2.76 500 35,500 1.68 1,900 40,700 1.82 2,400 90% Ahafo South Underground 100% 8,300 3.13 800 14,300 2.35 1,100 22,600 2.64 1,900 94% Ahafo South Stockpiles (5) 100% 23,400 1.01 800 — — — 23,400 1.01 800 91% Total Ahafo South, Ghana 100% 36,900 1.73 2,100 49,800 1.88 3,000 86,700 1.82 5,100 92% Ahafo North, Ghana 100% 26,000 2.38 2,000 27,100 2.43 2,100 53,100 2.41 4,100 91% Akyem Open Pit 100% 13,000 1.52 600 5,900 1.61 300 19,000 1.55 900 90% Akyem Stockpiles (5) 100% 6,700 0.78 200 — — — 6,700 0.78 200 90% Total Akyem, Ghana 100% 19,700 1.27 800 5,900 1.61 300 25,600 1.35 1,100 90% NGM Open Pit 38.5% — — — 154,700 1.01 5,000 154,700 1.01 5,000 77% NGM Stockpiles (5) 38.5% 15,100 2.01 1,000 14,000 2.44 1,100 29,100 2.22 2,100 69% NGM Underground 38.5% 5,100 11.58 1,900 35,100 8.19 9,300 40,200 8.62 11,100 87% Total NGM, United States (18) 38.5% 20,200 4.42 2,900 203,900 2.35 15,400 224,100 2.54 18,300 82% Total Gold 581,400 1.22 22,800 3,766,800 0.94 113,200 4,348,100 0.97 135,900 80% ____________________________ (1) At December 31, 2024 and 2023, gold reserves at sites for which Newmont is the operator were estimated at a gold price of $1,700 and $1,400 per ounce, respectively, unless otherwise noted.
The following tables detail proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2025 and 2024. 71 Table of Contents Gold Reserves at December 31, 2025 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Metallurgical Recovery (3) Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Lihir Open Pits 100% — — — 147,900 2.55 12,100 147,900 2.55 12,100 76% Lihir Stockpiles (4) 100% — — — 72,300 1.65 3,800 72,300 1.65 3,800 76% Total Lihir, Papua New Guinea (5) 100% — — — 220,200 2.26 16,000 220,200 2.26 16,000 76% Wafi-Golpu, Papua New Guinea (6)(7) 50% — — — 194,500 0.82 5,100 194,500 0.82 5,100 68% Cadia, Australia (8) 100% — — — 1,007,600 0.42 13,500 1,007,600 0.42 13,500 81% Tanami, Australia 100% 10,100 4.88 1,600 22,700 5.10 3,700 32,800 5.03 5,300 98% Boddington Open Pit 100% 265,300 0.62 5,300 216,300 0.58 4,100 481,700 0.60 9,300 85% Boddington Stockpiles (4) 100% 5,600 0.56 100 57,800 0.43 800 63,400 0.44 900 84% Total Boddington, Australia (9) 100% 271,000 0.61 5,400 274,100 0.55 4,900 545,100 0.58 10,200 85% Ahafo South Open Pit (10) 100% 2,500 1.16 100 40,900 1.48 1,900 43,400 1.46 2,000 88% Ahafo South Underground (11) 100% 9,400 2.51 800 10,000 2.23 700 19,400 2.37 1,500 94% Ahafo South Stockpiles (4)(12) 100% 18,500 0.94 600 — — — 18,500 0.94 600 91% Total Ahafo South, Ghana 100% 30,400 1.44 1,400 50,900 1.63 2,700 81,300 1.56 4,100 91% Ahafo North, Ghana (13) 100% — — — 65,500 2.23 4,700 65,500 2.23 4,700 89% Total Ahafo Complex, Ghana 100% 30,400 1.44 1,400 116,500 1.97 7,400 146,900 1.86 8,800 90% Merian, Suriname 75% 24,800 1.21 1,000 104,600 1.06 3,600 129,400 1.09 4,500 93% Cerro Negro, Argentina 100% 2,200 11.20 800 6,800 10.38 2,300 9,000 10.58 3,000 94% Pueblo Viejo Open Pit 40% 35,800 2.22 2,600 51,300 1.95 3,200 87,100 2.06 5,800 81% Pueblo Viejo Stockpiles (4) 40% — — — 36,900 2.04 2,400 36,900 2.04 2,400 81% Total Pueblo Viejo, Dominican Republic (7)(14) 40% 35,800 2.22 2,600 88,200 1.99 5,600 123,900 2.06 8,200 81% NuevaUnión, Chile (7)(15) 50% — — — 341,100 0.47 5,100 341,100 0.47 5,100 66% Norte Abierto, Chile (7)(16) 50% — — — 521,100 0.65 10,800 521,100 0.65 10,800 86% Yanacocha, Peru 100% 18,800 0.81 500 — — — 18,800 0.81 500 71% Peñasquito Open Pits 100% 79,500 0.54 1,400 114,800 0.44 1,600 194,300 0.48 3,000 62% Peñasquito Stockpiles (4) 100% 4,900 0.44 100 21,800 0.21 100 26,700 0.25 200 45% Total Peñasquito, Mexico 100% 84,400 0.53 1,400 136,600 0.40 1,800 221,000 0.45 3,200 61% Red Chris, Canada (17) 70% 2,600 0.32 — 178,900 0.63 3,600 181,500 0.62 3,600 69% Brucejack, Canada 100% — — — 13,500 6.65 2,900 13,500 6.65 2,900 96% NGM Open Pit (18) 38.5% — — — 131,100 1.02 4,300 131,100 1.02 4,300 75% NGM Stockpiles (4)(19) 38.5% 6,800 1.29 300 20,800 2.35 1,600 27,600 2.09 1,800 67% NGM Underground (20) 38.5% 4,200 11.67 1,600 37,900 7.93 9,700 42,100 8.30 11,200 84% Total NGM, United States (21) 38.5% 10,900 5.24 1,800 189,800 2.54 15,500 200,700 2.69 17,400 80% Total Gold 490,900 1.04 16,500 3,416,100 0.93 101,800 3,907,000 0.94 118,200 81% 72 Table of Contents Gold Reserves at December 31, 2024 (1) Proven Reserves Probable Reserves Proven and Probable Reserves Metallurgical Recovery (3) Deposits/Districts Newmont Share Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (2) (000 tonnes) Grade (g/tonne) Ounces (3) (000) Lihir Open Pits 100% — — — 125,900 2.86 11,600 125,900 2.86 11,600 77% Lihir Stockpiles (4) 100% — — — 77,100 1.68 4,200 77,100 1.68 4,200 77% Total Lihir, Papua New Guinea 100% — — — 203,000 2.41 15,800 203,000 2.41 15,800 77% Wafi-Golpu, Papua New Guinea (7) 50% — — — 194,500 0.82 5,100 194,500 0.82 5,100 68% Cadia, Australia 100% — — — 1,051,800 0.42 14,100 1,051,800 0.42 14,100 81% Tanami, Australia 100% 10,100 5.25 1,700 19,800 5.28 3,400 29,900 5.27 5,100 98% Boddington Open Pit 100% 276,500 0.64 5,600 219,200 0.61 4,300 495,700 0.62 9,900 84% Boddington Stockpiles (4) 100% 2,100 0.67 — 61,900 0.42 800 64,100 0.43 900 83% Total Boddington, Australia 100% 278,600 0.64 5,700 281,200 0.57 5,100 559,800 0.60 10,800 84% Ahafo South Open Pit 100% 2,400 2.64 200 39,700 1.57 2,000 42,000 1.63 2,200 89% Ahafo South Underground 100% 6,100 2.97 600 15,200 2.36 1,200 21,300 2.54 1,700 94% Ahafo South Stockpiles (4) 100% 21,700 0.97 700 — — — 21,700 0.97 700 91% Total Ahafo South, Ghana 100% 30,200 1.51 1,500 54,800 1.79 3,200 85,000 1.69 4,600 91% Ahafo North, Ghana 100% — — — 62,000 2.32 4,600 62,000 2.32 4,600 91% Total Ahafo Complex, Ghana 100% 30,200 1.51 1,500 116,800 2.07 7,800 147,000 1.96 9,200 91% Merian, Suriname 75% 23,400 1.26 900 87,300 1.14 3,200 110,700 1.16 4,100 93% Cerro Negro, Argentina 100% 2,200 11.84 800 7,100 10.50 2,400 9,300 10.82 3,200 94% Pueblo Viejo Open Pit 40% 32,200 2.27 2,300 49,500 2.04 3,300 81,700 2.13 5,600 88% Pueblo Viejo Stockpiles (4) 40% — — — 38,800 2.07 2,600 38,800 2.07 2,600 83% Total Pueblo Viejo, Dominican Republic (7)(14) 40% 32,200 2.27 2,300 88,300 2.06 5,800 120,500 2.11 8,200 86% NuevaUnión, Chile (7)(15) 50% — — — 341,100 0.47 5,100 341,100 0.47 5,100 66% Norte Abierto, Chile (7)(16) 50% — — — 598,800 0.60 11,600 598,800 0.60 11,600 74% Yanacocha Open Pits 100% 17,700 0.90 500 96,300 0.78 2,500 114,100 0.80 2,900 55% Yanacocha Underground 100% — — — 12,300 6.06 2,400 12,300 6.06 2,400 97% Total Yanacocha, Peru 100% 17,800 0.90 500 108,600 1.38 4,800 126,400 1.31 5,300 74% Peñasquito Open Pits 100% 93,900 0.58 1,700 130,800 0.48 2,000 224,700 0.52 3,800 62% Peñasquito Stockpiles (4) 100% 4,700 0.60 100 27,300 0.21 200 32,000 0.26 300 37% Total Peñasquito, Mexico 100% 98,600 0.58 1,800 158,100 0.44 2,200 256,600 0.49 4,100 60% Red Chris, Canada 70% — — — 186,400 0.62 3,700 186,400 0.62 3,700 69% Brucejack, Canada 100% — — — 8,600 6.95 1,900 8,600 6.95 1,900 96% NGM Open Pit 38.5% — — — 124,200 1.16 4,600 124,200 1.16 4,600 77% NGM Stockpiles (4) 38.5% 16,400 1.86 1,000 12,900 2.36 1,000 29,200 2.08 2,000 69% NGM Underground 38.5% 4,000 11.28 1,400 39,700 7.73 9,900 43,700 8.06 11,300 89% Total NGM, United States (21) 38.5% 20,400 3.69 2,400 176,800 2.72 15,500 197,100 2.82 17,900 84% Held for sale (22) CC&V Open Pit 100% 87,000 0.43 1,200 28,600 0.44 400 115,600 0.43 1,600 58% CC&V Leach Pads (23) 100% — — — 34,600 0.73 800 34,600 0.73 800 55% Total CC&V, United States 100% 87,000 0.43 1,200 63,200 0.60 1,200 150,200 0.50 2,400 57% Musselwhite, Canada 100% 4,100 6.69 900 3,200 6.10 600 7,400 6.43 1,500 96% Porcupine Underground 100% 1,600 5.09 300 2,700 7.27 600 4,400 6.46 900 89% Porcupine Open Pit 100% 300 2.09 — 30,200 1.46 1,500 30,600 1.46 1,500 93% Total Porcupine, Canada 100% 2,000 4.57 300 33,000 1.94 2,100 34,900 2.09 2,300 92% Éléonore, Canada 100% 2,200 4.86 300 7,900 5.10 1,300 10,100 5.05 1,600 92% Akyem Open Pit 100% 12,700 1.52 600 5,500 1.58 300 18,200 1.54 900 90% Akyem Stockpiles (4) 100% 700 0.72 — — — — 700 0.72 — 90% Total Akyem, Ghana 100% 13,500 1.48 600 5,500 1.58 300 19,000 1.51 900 90% Total Gold 622,100 1.06 21,100 3,741,000 0.94 113,000 4,363,000 0.96 134,100 81% ____________________________ (1) At December 31, 2025 and 2024, gold reserves at sites for which Newmont is the operator were estimated at a gold price of $2,000 and $1,700 per ounce, respectively, unless otherwise noted.
(3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.
Tonnage amounts have been rounded to the nearest 100,000. (3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes.
Jointly operated by Newmont and Harmony Gold Mining Company Limited Wafi-Golpu contains three separate but genetically related deposits: (1) Nambonga, a mineralized copper-gold quartz vein array; (2) Wafi, a high sulphidation epithermal gold deposit; and (3) Golpu, a mineralized multiphase porphyry style copper-gold deposit. Wafi-Golpu consists of two exploration licenses.
Joint venture with Harmony Gold Mining Company Limited that is jointly operated and proportionately consolidated. Contains three separate but genetically related deposits: (1) Nambonga, a mineralized copper-gold quartz vein array; (2) Wafi, a high sulphidation epithermal gold deposit; and (3) Golpu, a mineralized multiphase porphyry style copper-gold deposit. Consists of two exploration licenses.
We had attributable proven and probable gold reserves of 134.1 million ounces at December 31, 2024. For 2024 and 2023, reserves were estimated at a gold price assumption of $1,700 and $1,400 per ounce, respectively, except as noted below.
We had attributable proven and probable gold reserves of 118.2 million ounces at December 31, 2025. For 2025 and 2024, reserves were estimated at a gold price assumption of $2,000 and $1,700 per ounce, respectively, except as noted below.
(4) Copper resources related to the underground mine at December 31, 2024 were estimated at a copper price of $3.40 per pound. (5) Project is currently undeveloped. Resource estimates provided by Teck Resources. (6) Copper resources at December 31, 2024 were estimated at a copper price of $3.50 per pound.
(10) Project is currently undeveloped. Resource estimates provided by Teck Resources. (11) Copper resources related to the underground mine at December 31, 2025 were estimated at a copper price of $3.40 per pound. (12) Copper resources at December 31, 2025 were estimated at a copper price of $4.50 per pound.
The Ahafo South operations are comprised of three mining leases issued under the Ghanaian Mining Act encompassing a total area of approximately 137,000 acres (55,000 hectares) with current mine take area of approximately 13,200 acres (5,300 hectares) that has been fully compensated and approximately 10,700 acres (4,300 hectares) of mining area that has not been fully compensated (e.g. payment would be necessary to move people from their land).
The Ahafo South operations are comprised of three mining leases issued under the Ghanaian Mining Act encompassing a total area of approximately 137,222 acres (55,532 hectares) with current mine take area of approximately 13,698 acres (5,543 hectares) that has been fully compensated and approximately 11,216 acres (4,539 hectares) of mining area that has not been fully compensated (e.g. payment would be necessary to move people from their land).
Amounts presented may not recalculate in total due to rounding. (2) At December 31, 2024 and 2023, copper resources at sites in which Newmont is the operator were estimated at a copper price of $4.00 per pound, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
Amounts presented may not recalculate in total due to rounding. (2) At December 31, 2025 and 2024, copper resources at sites in which Newmont is the operator were estimated at a copper price of $4.25 and $4.00 per pound, respectively, unless otherwise noted. Resources provided by other operators may use pricing that differs.
(9) Project is currently undeveloped. Silver resources at December 31, 2024 and 2023 were estimated at a silver price of $18.00 per ounce and were provided by the NuevaUnión joint venture. (10) Project is currently undeveloped.
Silver resources at December 31, 2025 were estimated at a silver price of $18 per ounce. Silver resources at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture. (7) Project is currently undeveloped. Silver resources at December 31, 2025 were estimated at a silver price of $23 per ounce.
Amounts presented may not recalculate in total due to rounding. (2) At December 31, 2024 and 2023, silver resources at sites in which Newmont is the operator were estimated at a silver price of $23.00 per ounce, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
Amounts presented may not recalculate in total due to rounding. (2) At December 31, 2025 and 2024, silver resources at sites in which Newmont is the operator were estimated at a silver price of $28 and $23 per ounce, respectively, unless otherwise noted. Resources provided by other operators may use pricing that differs.
Silver Resources at December 31, 2024 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Brucejack, Canada 100% — — — 4,300 19.68 2,700 4,300 19.68 2,700 16,600 11.6 6,200 82% Galore Creek, Canada (4)(12) 50% 212,800 4.08 27,900 385,600 4.77 59,100 598,400 4.52 87,000 118,900 2.6 9,900 73% Peñasquito, Mexico 100% 48,200 27.22 42,200 163,100 24.84 130,300 211,300 25.39 172,400 21,100 25.4 17,200 80% Noche Buena, Mexico (12) 50% — — — 19,900 13.99 9,000 19,900 13.99 9,000 1,600 11.0 500 25% Cerro Negro Underground 100% 100 70.12 300 700 61.42 1,400 900 62.67 1,700 7,300 26.5 6,200 76% Cerro Negro Open Pit 100% 1,200 6.76 300 1,200 6.62 300 2,400 6.70 500 300 6.7 100 71% Total Cerro Negro, Argentina 100% 1,300 12.61 500 1,900 27.54 1,700 3,200 21.43 2,200 7,600 25.7 6,300 75% Conga, Peru (5)(12) 100% — — — 693,800 2.06 45,900 693,800 2.06 45,900 175,000 1.1 6,300 70% Yanacocha Open Pit 100% 16,300 6.71 3,500 103,900 10.16 33,900 120,200 9.69 37,400 26,300 13.4 11,400 43% Yanacocha Leach Pad (6) 100% — — — — — — — — — 62,700 2.2 4,500 4% Yanacocha Underground 100% 500 0.37 — 6,200 37.02 7,300 6,700 34.23 7,400 3,400 40.4 4,400 83% Total Yanacocha, Peru (7) 100% 16,800 6.52 3,500 110,100 11.66 41,300 126,900 10.98 44,800 92,400 6.8 20,300 47% Pueblo Viejo, Dominican Republic (8)(12) 40% 8,200 7.69 2,000 38,200 7.82 9,600 46,400 7.80 11,600 5,000 6.8 1,100 71% NuevaUnión, Chile (9)(12) 50% 164,300 0.96 5,100 349,900 1.19 13,400 514,100 1.12 18,400 602,200 1.2 22,500 66% Norte Abierto, Chile (10)(12) 50% 77,200 1.20 3,000 596,900 1.07 20,600 674,200 1.09 23,500 369,600 1.0 11,300 78% Cadia, Australia 100% — — — 1,245,100 0.65 26,100 1,245,100 0.65 26,100 549,400 0.4 7,900 67% Wafi-Golpu, Papua New Guinea (12) 50% — — — 53,600 4.42 7,600 53,600 4.42 7,600 15,500 4.5 2,200 45% NGM Open Pit 38.5% — — — 98,300 5.64 17,800 98,300 5.64 17,800 9,400 4.2 1,300 38% NGM Stockpiles 38.5% — — — — — — — — — 900 4.6 100 38% NGM, United States (11)(13) 38.5% — — — 98,300 5.64 17,800 98,300 5.64 17,800 10,300 4.2 1,400 38% Total Silver 528,900 4.96 84,300 3,760,700 3.18 385,000 4,289,600 3.40 469,200 1,985,100 1.8 113,200 69% 85 Table of Contents Silver Resources at December 31, 2023 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Brucejack, Canada (14) 100% — — — 1,800 8.09 500 1,800 8.09 500 12,100 10.0 3,900 85% Galore Creek, Canada (4)(12) 50% 212,800 4.08 27,900 385,600 4.77 59,100 598,400 4.52 87,000 118,900 2.6 9,900 73% Peñasquito, Mexico (13) 100% 37,400 24.48 29,400 157,300 25.12 127,100 194,700 25.00 156,500 22,800 25.4 18,700 79% Noche Buena, Mexico (12) 50% — — — 19,900 13.99 9,000 19,900 13.99 9,000 1,600 11.0 500 25% Cerro Negro Underground 100% 100 61.50 200 900 60.12 1,800 1,000 60.28 2,000 5,900 27.5 5,200 75% Cerro Negro Open Pit 100% 1,200 6.77 300 1,200 6.63 300 2,400 6.70 500 300 6.7 100 71% Total Cerro Negro, Argentina 100% 1,300 11.71 500 2,100 30.02 2,000 3,400 22.95 2,500 6,200 26.4 5,300 75% Conga, Peru (12) 100% — — — 693,800 2.06 45,900 693,800 2.06 45,900 175,000 1.1 6,300 70% Yanacocha Open Pit 100% 16,100 6.76 3,500 105,200 10.43 35,300 121,300 9.94 38,800 26,400 13.5 11,500 44% Yanacocha Underground 100% 500 0.37 — 6,200 37.02 7,300 6,700 34.23 7,400 3,400 40.4 4,400 83% Total Yanacocha, Peru 100% 16,600 6.57 3,500 111,300 11.91 42,600 128,000 11.21 46,100 29,800 16.6 15,900 51% Pueblo Viejo, Dominican Republic (8)(12) 40% 7,300 7.96 1,900 37,300 8.04 9,600 44,600 8.02 11,500 3,200 8.1 800 74% NuevaUnión, Chile (9)(12) 50% 164,300 0.96 5,100 349,900 1.19 13,400 514,100 1.12 18,400 602,200 1.2 22,500 66% Norte Abierto, Chile (10)(12) 50% 77,200 1.20 3,000 596,900 1.07 20,600 674,200 1.09 23,500 369,600 1.0 11,300 78% Cadia, Australia (13)(14) 100% — — — 1,596,600 0.61 31,300 1,596,600 0.61 31,300 497,000 0.5 7,500 65% Wafi-Golpu, Papua New Guinea (12)(14) 50% — — — 53,600 4.42 7,600 53,600 4.42 7,600 15,500 4.5 2,200 45% NGM Open Pit 38.5% — — — 93,000 5.59 16,700 93,000 5.59 16,700 16,700 5.4 2,900 38% NGM Stockpiles 38.5% — — — — — — — — — 1,800 5.6 300 38% NGM, United States (11) 38.5% — — — 93,000 5.59 16,700 93,000 5.59 16,700 18,400 5.4 3,200 38% Total Silver 516,900 4.29 71,300 4,099,200 2.92 385,400 4,616,200 3.08 456,700 1,872,300 1.8 108,100 68% ____________________________ (1) Resources are reported exclusive of reserves.
Silver Resources at December 31, 2025 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Wafi-Golpu, Papua New Guinea (4) 50% — — — 53,600 4.42 7,600 53,600 4.42 7,600 15,500 4.5 2,200 45% Cadia, Australia 100% — — — 1,009,300 0.62 20,200 1,009,300 0.62 20,200 163,900 0.4 2,300 68% Pueblo Viejo, Dominican Republic (4)(5) 40% 7,300 6.95 1,600 33,100 7.79 8,300 40,300 7.64 9,900 6,300 8.3 1,700 53% NuevaUnión, Chile (4)(6) 50% 164,300 0.96 5,100 349,900 1.19 13,400 514,100 1.12 18,400 602,200 1.2 22,500 66% Norte Abierto, Chile (4)(7) 50% 77,700 1.21 3,000 525,500 1.07 18,100 603,200 1.09 21,100 381,100 1.0 12,600 79% Peñasquito, Mexico 100% 52,800 28.32 48,100 172,100 25.28 139,900 224,900 26.00 188,000 9,200 24.2 7,100 80% La Bikina, Mexico (4) 50% — — — 19,900 13.99 9,000 19,900 13.99 9,000 1,600 11.0 500 25% Cerro Negro Underground 100% 100 72.50 200 700 57.19 1,300 800 59.07 1,500 7,200 28.3 6,500 75% Cerro Negro Open Pit 100% 1,200 6.76 300 1,200 6.62 300 2,400 6.70 500 300 6.7 100 71% Total Cerro Negro, Argentina 100% 1,300 11.74 500 1,900 25.50 1,600 3,200 19.88 2,000 7,500 27.4 6,600 75% Conga, Peru (4)(8) 100% — — — 693,800 2.06 45,900 693,800 2.06 45,900 175,000 1.1 6,300 70% Yanacocha Open Pit 100% 15,600 7.91 3,900 96,300 19.80 61,300 111,900 18.14 65,200 89,500 14.3 41,300 55% Yanacocha Leach Pad (9) 100% — — — 57,100 2.03 3,700 57,100 2.03 3,700 11,600 4.4 1,600 3% Yanacocha Underground 100% 3,700 0.21 — 14,900 15.49 7,400 18,600 12.45 7,400 3,600 38.4 4,400 83% Total Yanacocha, Peru (10) 100% 19,300 6.41 4,000 168,200 13.39 72,400 187,500 12.67 76,400 104,700 14.1 47,300 55% Galore Creek, Canada (4)(11) 50% 212,800 4.08 27,900 385,600 4.77 59,100 598,400 4.52 87,000 118,900 2.6 9,900 73% Brucejack, Canada 100% — — — 4,300 15.90 2,200 4,300 15.90 2,200 14,500 11.7 5,500 82% NGM, United States (12) 38.5% — — — 121,000 5.22 20,300 121,000 5.22 20,300 10,100 5.4 1,800 38% Total Silver 535,500 5.24 90,200 3,538,100 3.67 418,000 4,073,600 3.88 508,200 1,610,400 2.4 126,400 68% 83 Table of Contents Silver Resources at December 31, 2024 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Tonnage (000 tonnes) Grade (g/tonne) Ounces (3) (000) Metallurgical Recovery (3) Wafi-Golpu, Papua New Guinea (4) 50% — — — 53,600 4.42 7,600 53,600 4.42 7,600 15,500 4.5 2,200 45% Cadia, Australia 100% — — — 1,245,100 0.65 26,100 1,245,100 0.65 26,100 549,400 0.4 7,900 67% Pueblo Viejo, Dominican Republic (4)(5) 40% 8,200 7.69 2,000 38,200 7.82 9,600 46,400 7.80 11,600 5,000 6.8 1,100 71% NuevaUnión, Chile (4)(6) 50% 164,300 0.96 5,100 349,900 1.19 13,400 514,100 1.12 18,400 602,200 1.2 22,500 66% Norte Abierto, Chile (4)(7) 50% 77,200 1.20 3,000 596,900 1.07 20,600 674,200 1.09 23,500 369,600 1.0 11,300 78% Peñasquito, Mexico 100% 48,200 27.22 42,200 163,100 24.84 130,300 211,300 25.39 172,400 21,100 25.4 17,200 80% La Bikina, Mexico (4) 50% — — — 19,900 13.99 9,000 19,900 13.99 9,000 1,600 11.0 500 25% Cerro Negro Underground 100% 100 70.12 300 700 61.42 1,400 900 62.67 1,700 7,300 26.5 6,200 76% Cerro Negro Open Pit 100% 1,200 6.76 300 1,200 6.62 300 2,400 6.70 500 300 6.7 100 71% Total Cerro Negro, Argentina 100% 1,300 12.61 500 1,900 27.54 1,700 3,200 21.43 2,200 7,600 25.7 6,300 75% Conga, Peru (4) 100% — — — 693,800 2.06 45,900 693,800 2.06 45,900 175,000 1.1 6,300 70% Yanacocha Open Pit 100% 16,300 6.71 3,500 103,900 10.16 33,900 120,200 9.69 37,400 26,300 13.4 11,400 43% Yanacocha Leach Pad 100% — — — — — — — — — 62,700 2.2 4,500 4% Yanacocha Underground 100% 500 0.37 — 6,200 37.02 7,300 6,700 34.23 7,400 3,400 40.4 4,400 83% Total Yanacocha, Peru (9) 100% 16,800 6.52 3,500 110,100 11.66 41,300 126,900 10.98 44,800 92,400 6.8 20,300 47% Galore Creek, Canada (4)(11) 50% 212,800 4.08 27,900 385,600 4.77 59,100 598,400 4.52 87,000 118,900 2.6 9,900 73% Brucejack, Canada 100% — — — 4,300 19.68 2,700 4,300 19.68 2,700 16,600 11.6 6,200 82% NGM, United States (12) 38.5% — — — 98,300 5.64 17,800 98,300 5.64 17,800 10,300 4.2 1,400 38% Total Silver 528,900 4.96 84,300 3,760,700 3.18 385,000 4,289,600 3.40 469,200 1,985,100 1.8 113,200 69% ____________________________ (1) Resources are reported exclusive of reserves.
With respect to a significant portion of the Gold Quarry mine at Carlin, NGM pays a net smelter royalty equivalent to 16.2% of the mineral production. NGM wholly-owns or controls the remainder of the Gold Quarry mineral rights, in some cases subject to additional royalties.
The long-term leases extend for at least the anticipated mine life of those deposits. With respect to a significant portion of the Gold Quarry mine at Carlin, NGM pays a net smelter royalty equivalent to 16.2% of the mineral production. NGM wholly-owns or controls the remainder of the Gold Quarry mineral rights, in some cases subject to additional royalties.
Gold reserves at December 31, 2024 and 2023 were estimated at a gold price of $1,300 per ounce and were provided by the NuevaUnión joint venture. (10) Project is currently undeveloped. Gold reserves at December 31, 2024 and 2023 were estimated at a gold price of $1,200 per ounce and were provided by the Norte Abierto joint venture.
Gold reserves at December 31, 2025 were estimated at a gold price of $1,300 per ounce. Gold reserves at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture. (16) Project is currently undeveloped. Gold reserves at December 31, 2025 were estimated at a gold price of $1,700 per ounce.
GAAP and as a result our attributable portion of Pueblo Viejo's gross property, plant and mine development is included in the carrying value of our equity method investment at December 31, 2024. As of December 31, 2024, Pueblo Viejo reported 8.2 million ounces of attributable gold reserves and 48.9 million ounces of attributable silver reserves. Boddington and Tanami, Australia.
GAAP and as a result our attributable portion of Pueblo Viejo's gross property, plant and mine development is included in the carrying value of our equity method investment at December 31, 2025. As of December 31, 2025, Pueblo Viejo reported 8.2 million ounces of attributable gold reserves and 49 million ounces of attributable silver reserves. Red Chris, Canada.
(8) The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Silver reserves at December 31, 2024 were estimated at a gold price of $20.00 per ounce. Silver reserves at December 31, 2024 and 2023 were provided by Barrick, the operator of Pueblo Viejo. (9) Project is currently undeveloped.
(14) The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Gold reserves at December 31, 2025 were estimated at a gold price of $1,500 per ounce. Gold reserves at December 31, 2025 and 2024 were provided by Barrick, the operator of Pueblo Viejo. (15) Project is currently undeveloped.
Newmont’s share of NGM’s gross property, plant and mine development at December 31, 2024 was $8,894. As of December 31, 2024 and 2023, NGM reported 17.9 million and 18.3 million attributable ounces of gold reserves, respectively, 0.1 million and 0.1 million tonnes of copper reserves, respectively, and 14.5 million and 14.2 million ounces of silver reserves, respectively.
Newmont’s share of NGM’s gross property, plant and mine development at December 31, 2025 was $9,273. As of December 31, 2025 and 2024, NGM reported 17.4 million and 17.9 million attributable ounces of gold reserves, respectively, 0.1 million and 0.1 million tonnes of copper reserves, respectively, and 14.6 million and 14.5 million ounces of silver reserves, respectively.
(4) Gold resources related to the underground mine at December 31, 2024 were estimated at a gold price of $1,400 per ounce. (5) Project is currently undeveloped. Resource estimates provided by Teck Resources, the Galore Creek joint venture partner. (6) Gold resources at December 31, 2024 were estimated at a gold price of $1,400 per ounce.
(12) Project is currently undeveloped. Resource estimates provided by Teck Resources, the Galore Creek joint venture partner. (13) Gold resources related to the underground mine at December 31, 2025 were estimated at a gold price of $1,400 per ounce. (14) Gold resources at December 31, 2025 were estimated at a gold price of $2,000 per ounce.
Tonnes may not recalculate as they are rounded to the nearest 100,000. 89 Table of Contents
Tonnes may not recalculate as they are rounded to the nearest 100,000.
Gold resources at December 31, 2024 and 2023 were provided by Barrick, the operator of Pueblo Viejo. (9) Project is currently undeveloped. Gold resources at December 31, 2024 and 2023 were estimated at a gold price of $1,300 per ounce and were provided by the NuevaUnión joint venture. (10) Project is currently undeveloped.
Gold resources at December 31, 2025 were estimated at a gold price of $1,300 per ounce. Gold resources at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture. (9) Project is currently undeveloped. Gold resources at December 31, 2025 were estimated at a gold price of $2,000 per ounce.
The mining fleet includes a fleet of load-haul-dump vehicles, trucks for material loading and transport to surface, excavators, bolters, shotcrete sprayers, long-hole drills, and cable bolters. Brucejack’s gross property, plant and mine development at December 31, 2024 was $2,105. Brucejack reported 1.9 million ounces of gold reserves at December 31, 2024. Red Chris, Canada.
The mining fleet includes a fleet of load-haul-dump vehicles, trucks for material loading and transport to surface, bolters, jumbo drills, shotcrete sprayers, long-hole drills, and cable bolters. Brucejack’s gross property, plant and mine development at December 31, 2025 was $2,202. Brucejack reported 2.9 million ounces of gold reserves at December 31, 2025. NGM, Nevada, U.S.
As of December 31, 2024 and 2023, Cadia reported 14.1 million and 14.7 million ounces of gold reserves, respectively, 3.1 million and 3.2 million tonnes of copper reserves, respectively, 22.8 million and 24.0 million ounces of silver reserves, respectively and 0.1 million and 0.1 million tonnes of molybdenum reserves, respectively.
As of December 31, 2025 and 2024, Cadia reported 13.5 million and 14.1 million ounces of gold reserves, respectively, 2.9 million and 3.1 million tonnes of copper reserves, respectively, 21.8 million and 22.8 million ounces of silver reserves, respectively and 0.1 million and 0.1 million tonnes of molybdenum reserves, respectively.
Gold resources at December 31, 2024 and 2023 were estimated at a gold price of $1,400 per ounce and were provided by the Norte Abierto joint venture. (11) Gold resources at December 31, 2024 were estimated at a gold price of $1,400 per ounce.
Gold resources at December 31, 2025 and 2024 were provided by the Norte Abierto joint venture. (10) Gold resources at December 31, 2025 were estimated at a gold price of $1,400 per ounce. (11) Gold resources related to the Yanacocha Sulfides project at December 31, 2025 were estimated at a gold price of $1,400 per ounce.
(2) Sites acquired through the Newcrest transaction in 2023. Refer to Note 3 to the Consolidated Financial Statements for further information. (3) For the year ended December 31, 2022, all of our copper co-product production came from Boddington. (4) In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment.
(2) All of our silver, lead, and zinc co-product production came from Peñasquito. (3) In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment. Refer to Note 3 to the Consolidated Financial Statements for further information. (4) Sites acquired through the Newcrest transaction in 2023.
All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (2) Costs applicable to sales per GEO and All-in sustaining costs per GEO are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (3) Per GEO measures may not recalculate due to rounding.
All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. All-in sustaining costs per GEO are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. (2) Per GEO measures may not recalculate due to rounding. (3) Sites acquired through the Newcrest transaction in 2023.
The Newmont Tanami Operations are comprised of exploration licenses encompassing a total area of 1,540,301 acres (623,338 hectares) including 556,545 acres (225,226 hectares) relating to the Tobruk and Monza Joint Ventures entered into with Prodigy Gold, and 44,333 acres (17,941 hectares) relating to a Joint Venture entered into with Top End Exploration Pty Ltd, for which Newmont is the operator, and 11,025 acres (4,462 hectares) of mineral leases granted pursuant to the Northern Territory Mineral Titles Act.
The Newmont Tanami Operations are comprised of exploration licenses encompassing a total area of 1,540,301 acres (623,339 hectares) including 556,545 acres (225,226 hectares) relating to the Tobruk and Monza Joint Ventures entered into with Prodigy Gold, and 44,333 acres (17,941 hectares) relating to a Joint Venture entered into with Top End Exploration Pty Ltd, for which Newmont is the operator, and 44,333 acres (17,941 hectares) relating to the Terry's South Joint Venture entered into with JRE.
Tonnes may not recalculate as they are rounded to the nearest 100,000. (4) The net smelter return value utilized in 2024 reserves not less than $14.10 per tonne. (5) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans.
Tonnes may not recalculate as they are rounded to the nearest 100,000. (4) Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans.
Newmont is conducting a feasibility study on a potential underground block cave mine, and has commenced an exploration decline. Gold and copper porphyry-style mineralization consists of vein, disseminated and breccia sulfides. The main sulfide mineral 52 Table of Contents assemblage is pyrite-chalcopyrite-bornite.
Newmont is conducting a feasibility study on a potential underground block cave mine, and has commenced an exploration decline. Gold and copper porphyry-style mineralization consists of vein, disseminated and breccia sulfides. The main sulfide mineral assemblage is pyrite-chalcopyrite-bornite. Ore from the mine is fed to a primary crusher with crushed ore conveyed to a coarse ore stockpile.
(7) Copper resources related to the undeveloped Yanacocha Sulfides project at December 31, 2024 were estimated at a copper price of $3.25 per pound. (8) Project is currently undeveloped. Copper resources at December 31, 2024 and 2023 were estimated at a copper price of $3.00 per pound and were provided by the NuevaUnión joint venture. (9) Project is currently undeveloped.
(6) Project is currently undeveloped. Copper resources at December 31, 2025 were estimated at a copper price of $3.00 per pound. Copper resources at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture. (7) Project is currently undeveloped. Copper resources at December 31, 2025 were estimated at a copper price of $4.00 per pound.
NuevaUnión is an open pit mine and is a porphyry copper gold deposit.
Open pit mine and is an alkali porphyry copper gold deposit.
(5) Currently included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements. (6) The net smelter return value utilized in 2024 reserves not less than $21.70 per tonne.
(5) Included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements. (6) The net smelter return value utilized in 2025 reserves not less than $24.62 per tonne. (7) The net smelter return value utilized in 2025 reserves not less than $18.24 per tonne. (8) Project is currently undeveloped.
Copper Resources at December 31, 2024 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Metallurgical Recovery (3) Red Chris, Canada (4) 70% — —% — 335,100 0.34% 1,100 335,100 0.34% 1,100 62,100 0.4% 200 81% Galore Creek, Canada (5)(12) 50% 212,800 0.44% 900 385,600 0.47% 1,800 598,400 0.46% 2,800 118,900 0.3% 300 93% Conga, Peru (6)(12) 100% — —% — 693,800 0.26% 1,800 693,800 0.26% 1,800 230,500 0.2% 400 84% Yanacocha, Peru (7) 100% 1,500 1.02% — 99,800 0.36% 400 101,300 0.37% 400 39,700 0.4% 100 81% NuevaUnión, Chile (8)(12) 50% 164,300 0.19% 300 349,900 0.34% 1,200 514,100 0.30% 1,500 602,200 0.4% 2,300 89% Norte Abierto, Chile (9)(12) 50% 57,600 0.24% 100 551,300 0.19% 1,100 608,900 0.20% 1,200 361,800 0.2% 700 90% Boddington, Australia 100% 90,600 0.12% 100 154,100 0.11% 200 244,700 0.12% 300 3,500 0.1% — 83% Cadia Open Pit 100% 30,800 0.13% — — —% — 30,800 0.13% — 11,000 0.5% 100 85% Cadia Underground 100% — —% — 1,245,100 0.25% 3,200 1,245,100 0.25% 3,200 549,400 0.2% 900 86% Total Cadia, Australia 100% 30,800 0.13% — 1,245,100 0.25% 3,200 1,275,900 0.25% 3,200 560,400 0.2% 1,000 86% Namosi Open Pit 73.24% — —% — 105,500 0.61% 600 105,500 0.61% 600 1,346,900 0.3% 4,300 84% Namosi Underground 73.24% — —% — — —% — — —% — 209,900 0.4% 900 92% Total Namosi, Fiji (12) 73.24% — —% — 105,500 0.61% 600 105,500 0.61% 600 1,556,800 0.3% 5,200 85% Wafi-Golpu, Papua New Guinea (10)(12) 50% — —% — 140,800 0.73% 1,000 140,800 0.73% 1,000 91,900 0.7% 600 95% NGM, United States (11)(13) 38.5% — —% — 113,700 0.17% 200 113,700 0.17% 200 11,100 0.2% — 67% Total Copper 557,600 0.28% 1,600 4,174,600 0.30% 12,600 4,732,200 0.30% 14,100 3,638,800 0.3% 11,000 87% 83 Table of Contents Copper Resources at December 31, 2023 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Metallurgical Recovery (3) Red Chris, Canada (14) 70% — —% — 334,700 0.34% 1,100 334,700 0.34% 1,100 62,100 0.4% 200 81% Galore Creek, Canada (5)(12) 50% 212,800 0.44% 900 385,600 0.47% 1,800 598,400 0.46% 2,800 118,900 0.3% 300 93% Conga, Peru (12) 100% — —% — 693,800 0.26% 1,800 693,800 0.26% 1,800 230,500 0.2% 400 84% Yanacocha, Peru 100% 1,500 1.02% — 99,800 0.36% 400 101,300 0.37% 400 39,700 0.4% 100 81% NuevaUnión, Chile (8)(12) 50% 164,300 0.19% 300 349,900 0.34% 1,200 514,100 0.30% 1,500 602,200 0.4% 2,300 89% Norte Abierto, Chile (9)(12) 50% 57,600 0.24% 100 551,300 0.19% 1,100 608,900 0.20% 1,200 361,800 0.2% 700 90% Boddington, Australia 100% 98,200 0.11% 100 169,700 0.11% 200 267,900 0.11% 300 2,400 0.1% — 82% Cadia Underground 100% — —% — 1,596,600 0.23% 3,700 1,596,600 0.23% 3,700 497,000 0.2% 900 85% Cadia Open Pit 100% 30,900 0.13% — — —% — 30,900 0.13% — 11,000 0.5% 100 80% Total Cadia, Australia (13)(14) 100% 30,900 0.13% — 1,596,600 0.23% 3,700 1,627,500 0.23% 3,800 508,000 0.2% 900 85% Telfer Open Pit 100% — —% — 20,300 0.06% — 20,300 0.06% — — —% — 49% Telfer Stockpiles 100% — —% — 5,600 0.07% — 5,600 0.07% — — —% — 46% Telfer Underground 100% — —% — 1,700 0.56% — 1,700 0.56% — — —% — 94% Total Telfer, Australia (14)(15) 100% — —% — 27,600 0.09% — 27,600 0.09% — — —% — 65% Havieron, Australia (14)(15) 70% — —% — 33,200 0.34% 100 33,200 0.34% 100 11,400 0.2% — 86% Telfer Projects, Australia (14)(15) 100% — —% — 51,700 0.29% 100 51,700 0.29% 100 1,900 0.3% — 78% Namosi Open Pit 73.24% — —% — 105,500 0.61% 600 105,500 0.61% 600 1,346,900 0.3% 4,300 84% Namosi Underground 73.24% — —% — — —% — — —% — 209,900 0.4% 900 92% Total Namosi, Fiji (12)(14) 73.24% — —% — 105,500 0.61% 600 105,500 0.61% 600 1,556,800 0.3% 5,200 85% Wafi-Golpu, Papua New Guinea (12)(14) 50% — —% — 140,800 0.73% 1,000 140,800 0.73% 1,000 91,900 0.7% 600 95% NGM, United States (11) 38.5% — —% — 136,000 0.15% 200 136,000 0.15% 200 19,300 0.2% — 65% Total Copper 565,300 0.28% 1,600 4,676,100 0.29% 13,500 5,241,400 0.29% 15,000 3,606,800 0.3% 10,900 88% ____________________________ (1) Resources are reported exclusive of reserves.
Refer to Note 3 of the Consolidated Financial Statements for further information on the Company's divestitures. 81 Table of Contents Copper Resources at December 31, 2025 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Metallurgical Recovery (3) Wafi-Golpu, Papua New Guinea (4)(5) 50% — —% — 140,800 0.73% 1,000 140,800 0.73% 1,000 91,900 0.7% 600 95% Cadia, Australia 100% 28,500 0.13% — 1,009,300 0.25% 2,600 1,037,800 0.25% 2,600 163,900 0.2% 300 87% Boddington, Australia 100% 97,300 0.12% 100 168,200 0.11% 200 265,500 0.11% 300 3,800 0.1% — 82% NuevaUnión, Chile (4)(6) 50% 164,300 0.19% 300 349,900 0.34% 1,200 514,100 0.30% 1,500 602,200 0.4% 2,300 89% Norte Abierto, Chile (4)(7) 50% 58,000 0.23% 100 479,900 0.20% 900 537,900 0.20% 1,100 373,300 0.2% 800 86% Conga, Peru (4)(8) 100% — —% — 693,800 0.26% 1,800 693,800 0.26% 1,800 230,500 0.2% 400 84% Yanacocha, Peru (9) 100% 3,700 0.29% — 114,100 0.61% 700 117,800 0.60% 700 134,900 0.4% 500 83% Galore Creek, Canada (4)(10) 50% 212,800 0.44% 900 385,600 0.47% 1,800 598,400 0.46% 2,800 118,900 0.3% 300 93% Red Chris, Canada (11) 70% — —% — 334,800 0.34% 1,100 334,800 0.34% 1,100 62,000 0.4% 200 81% NGM, United States (12) 38.5% — —% — 130,600 0.16% 200 130,600 0.16% 200 12,100 0.1% — 69% Total Copper 564,600 0.27% 1,500 3,806,800 0.30% 11,600 4,371,500 0.30% 13,100 1,793,400 0.3% 5,600 88% Copper Resources at December 31, 2024 (1)(2) Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources Deposits/Districts Newmont Share Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Tonnage (000 tonnes) Grade (Cu%) Tonnes (3) (000) Metallurgical Recovery (3) Namosi Open Pit 73.24% — —% — 105,500 0.61% 600 105,500 0.61% 600 1,346,900 0.3% 4,300 84% Namosi Underground 73.24% — —% — — —% — — —% — 209,900 0.4% 900 92% Total Namosi, Fiji (4) 73.24% — —% — 105,500 0.61% 600 105,500 0.61% 600 1,556,800 0.3% 5,200 85% Wafi-Golpu, Papua New Guinea (4) 50% — —% — 140,800 0.73% 1,000 140,800 0.73% 1,000 91,900 0.7% 600 95% Cadia, Australia 100% 30,800 0.13% — 1,245,100 0.25% 3,200 1,275,900 0.25% 3,200 560,400 0.2% 1,000 86% Boddington, Australia 100% 90,600 0.12% 100 154,100 0.11% 200 244,700 0.12% 300 3,500 0.1% — 83% NuevaUnión, Chile (4)(6) 50% 164,300 0.19% 300 349,900 0.34% 1,200 514,100 0.30% 1,500 602,200 0.4% 2,300 89% Norte Abierto, Chile (4)(7) 50% 57,600 0.24% 100 551,300 0.19% 1,100 608,900 0.20% 1,200 361,800 0.2% 700 90% Conga, Peru (4) 100% — —% — 693,800 0.26% 1,800 693,800 0.26% 1,800 230,500 0.2% 400 84% Yanacocha, Peru 100% 1,500 1.02% — 99,800 0.36% 400 101,300 0.37% 400 39,700 0.4% 100 81% Galore Creek, Canada (4)(10) 50% 212,800 0.44% 900 385,600 0.47% 1,800 598,400 0.46% 2,800 118,900 0.3% 300 93% Red Chris, Canada 70% — —% — 335,100 0.34% 1,100 335,100 0.34% 1,100 62,100 0.4% 200 81% NGM, United States (12) 38.5% — —% — 113,700 0.17% 200 113,700 0.17% 200 11,100 0.2% — 67% Total Copper 557,600 0.28% 1,600 4,174,600 0.30% 12,600 4,732,200 0.30% 14,100 3,638,800 0.3% 11,000 87% ____________________________ (1) Resources are reported exclusive of reserves.
Amounts presented may not recalculate in total due to rounding. (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. 77 Table of Contents (3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses.
Amounts presented may not recalculate in total due to rounding. (2) Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000. (3) Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes.

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Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeITEM 3. LEGAL PROCEEDINGS Information regarding legal proceedings is contained in Note 25 to the Consolidated Financial Statements contained in this Report and is incorporated herein by reference. The Company has elected to apply a threshold of $1 million pursuant to Item 103(c)(3)(iii) of Regulation S-K in connection with environmental proceedings to which a governmental authority is a party.
Biggest changeITEM 3. LEGAL PROCEEDINGS Information regarding legal proceedings is contained in Note 24 to the Consolidated Financial Statements contained in this Report and is incorporated herein by reference. The Company has elected to apply a threshold of $1 million pursuant to Item 103(c)(3)(iii) of Regulation S-K in connection with environmental proceedings to which a governmental authority is a party.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeNewmont is required to report certain mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K, and that required information is included in Exhibit 95 and is incorporated by reference into this Annual Report.
Biggest changeThe information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is incorporated herein by reference to Exhibit 95 to Newmont Corporation’s Quarterly Report on Form 10-Q for the period ended March 31, 2025 filed with the SEC on April 24, 2025.
The program focuses on Integrated Systems, Robust Capabilities and Empowered Behaviors, through a leadership commitment to care, clarity, and capability. We will also continue to transparently share the lessons we learned with our employees and our peers in the industry to help improve the safety performance of our sector.
Newmont’s unified approach to safety and health called Always Safe, focuses on Integrated Systems, Robust Capabilities and Empowered Behaviors, through a leadership commitment to care, clarity, and capability. We will also continue to transparently share the lessons we learned with our employees and our peers in the industry to help improve the safety performance of our sector.
It is noted that the Nevada mines owned by NGM, in which the Company holds a 38.5% interest, are not included in the Company’s Exhibit 95 mine safety disclosure reporting as such sites are operated by our joint venture partner, Barrick. 90 Table of Contents PART II
It is noted that the Nevada mines owned by Nevada Gold Mines LLC, the joint venture between the Company (38.5%) and Barrick (61.5%), are not required to be disclosed in Exhibit 95 mine safety disclosure reporting as such sites are operated by our joint venture partner, Barrick. 87 Table of Contents PART II
We are working diligently to strengthen and improve our safety systems, along with the key safety tools that we use in the field.
ITEM 4. MINE SAFETY DISCLOSURES At Newmont, safety is a core value, and we strive for superior performance. We are working diligently to strengthen and improve our safety systems, along with the key safety tools that we use in the field.
Removed
ITEM 4. MINE SAFETY DISCLOSURES At Newmont, safety is a core value, and we strive for superior performance. In 2024, we lost four colleagues due to fatal events at sites not subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”).
Added
The health and safety of our people and our host communities is paramount. Issuers operating U.S. mine sites regulated by MSHA are required to report certain mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K.
Removed
We are fully committed to understanding the factors that contributed to these tragedies, undertaking decisive action to improve our safety culture with a clear focus on seeking to effectively control all of the risks that could lead to a fatality. Newmont’s Always Safe program reflects learning from these tragic events.
Added
On February 28, 2025, the Company sold its ownership in the CC&V mine. Refer to Note 3 to the Consolidated Financial Statements for further information. As a result of this sale, the Company no longer operates any U.S. based mine sites regulated by MSHA.
Removed
The health and safety of our people and our host communities is paramount. The operation of our U.S. based mine is subject to regulation by the MSHA under the Mine Act. MSHA inspects our mine on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act.
Removed
Following passage of The Mine Improvement and New Emergency Response Act of 2006, MSHA significantly increased the numbers of citations and orders charged against mining operations. The dollar penalties assessed for citations issued have also increased in recent years.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest change(2) In February 2024, the Board of Directors authorized a $1 billion stock repurchase program to repurchase shares of outstanding common stock to provide returns to stockholders. In connection with the expected completion of such program, in October 2024, the Board authorized an additional $2 billion share repurchase program, which will expire after 24 months (in October 2026).
Biggest changeIn October 2024, the Board of Directors authorized an additional $2,000 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 $3,000 stock repurchase program to repurchase shares of outstanding common stock. The program will be executed at the Company's discretion.
During the period from October 1, 2024 to December 31, 2024, 16,841,467 shares of Newmont's equity securities registered pursuant to Section 12 of the Exchange Act of 1934, as amended, were purchased by the Company, or an affiliated purchaser.
During the period from October 1, 2025 to December 31, 2025, 4,943,977 shares of Newmont's equity securities registered pursuant to Section 12 of the Exchange Act of 1934, as amended, were purchased by the Company, or an affiliated purchaser.
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES (in millions, except share and per share data) Our common stock is listed and principally traded on the New York Stock Exchange under the symbol “NEM.” On February 13, 2025, there were 1,126,861,075 shares of Newmont’s common stock outstanding, which were held by approximately 6,500 stockholders of record.
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES (dollars in millions, except share, stockholders, and per share data) Our common stock is listed and principally traded on the New York Stock Exchange under the symbol “NEM.” On February 12, 2026, there were 1,087,874,212 shares of Newmont’s common stock outstanding, which were held by approximately 6,000 stockholders of record.
(a) (b) (c) (d) Period Total Number of Shares Purchased (1) Average Price Paid Per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Maximum Dollar Value of Shares that may yet be Purchased under the Plans or Programs (2) October 1, 2024 through October 31, 2024 10,300,979 $ 51.32 10,277,445 $ 2,024 November 1, 2024 through November 30, 2024 3,645,079 $ 42.73 3,627,052 $ 1,869 December 1, 2024 through December 31, 2024 2,895,409 $ 39.92 2,891,138 $ 1,754 ____________________________ (1) The total number of shares purchased (and the average price paid per share) reflects: (i) shares purchased pursuant to the repurchase program described in (2) below; and (ii) shares delivered to the Company from stock awards held by employees upon vesting for the purpose of covering the recipients’ tax withholding obligations, totaling 23,534 shares, 18,027 shares, and 4,271 shares for the fiscal months of October, November, December 2024, respectively.
(a) (b) (c) (d) Period Total Number of Shares Purchased (1) Average Price Paid Per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) Maximum Dollar Value of Shares that may yet be Purchased under the Plans or Programs (2) October 1, 2025 through October 31, 2025 2,571,734 $ 85.08 2,546,672 $ 2,662 November 1, 2025 through November 30, 2025 1,382,003 $ 84.92 1,373,974 $ 2,545 December 1, 2025 through December 31, 2025 990,240 $ 95.85 978,903 $ 2,451 ____________________________ (1) The total number of shares purchased (and the average price paid per share) reflects: (i) shares purchased pursuant to the repurchase program described in (2) below; and (ii) shares delivered to the Company from stock awards held by employees upon vesting for the purpose of covering the recipients’ tax withholding obligations, totaling 25,062 shares, 8,029 shares, and 11,337 shares for the fiscal months of October, November, December 2025, respectively.
The program will be executed at the Company's discretion. The repurchase programs may be discontinued at any time, and the programs do not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount during the authorization period.
The repurchase program 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. ITEM 6.
Removed
Consequently, the Board of Directors may revise or terminate such share repurchase authorizations in the future. ITEM 6. RESERVED None. 91 Table of Contents
Added
Subsequent to the end of the covered period, the Company repurchased 672,232 additional shares at an average price of $111.81 per share pursuant to a Rule 10b5-1 plan for a total amount of $3,624 repurchased as of the date of filing under the stock repurchase programs described in (2) below.
Added
(2) In February 2024, the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to offset the dilutive impact of employee stock award vesting and to provide returns to stockholders, provided that the aggregate value of shares of common stock repurchased does not exceed $1,000; this program has been completed.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest changeITEM 6. RESERVED 91 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS 92 Overview 92 Consolidated Financial Results 93 Results of Consolidated Operations 98 Foreign Currency Exchange Rates 102 Liquidity and Capital Resources 103 Environmental 109 Forward Looking Statements 110 Non-GAAP Financial Measures 110 Accounting Developments 121 Critical Accounting Estimates 121 ITEM 7A.
Biggest changeITEM 6. RESERVED 88 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS 89 Overview 89 Consolidated Financial Results 90 Results of Consolidated Operations 94 Foreign Currency Exchange Rates 98 Liquidity and Capital Resources 99 Environmental 104 Forward Looking Statements 105 Non-GAAP Financial Measures 105 Accounting Developments 116 Critical Accounting Estimates 116 ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 125 Metal Prices 125 Foreign Currency 125 Commodity Price Exposure 126 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 128
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 120 Metal Prices 120 Foreign Currency 121 Commodity Price Exposure 121 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 123

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

231 edited+72 added−102 removed111 unchanged
Biggest changeThis will result in an impact to costs allocated to the respective GEOs, particularly resulting in higher costs allocated to gold. 98 Table of Contents Gold or Other Metals Produced Costs Applicable to Sales (1) Depreciation and Amortization All-In Sustaining Costs (2) Year Ended December 31, 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold) Brucejack (3) 258 29 — $ 1,254 $ 1,898 $ — $ 691 $ 617 $ — $ 1,603 $ 2,646 $ — Red Chris (3) 40 5 — $ 1,225 $ 905 $ — $ 367 $ 298 $ — $ 1,607 $ 1,439 $ — Peñasquito 299 143 566 $ 776 $ 1,219 $ 771 $ 355 $ 516 $ 258 $ 984 $ 1,590 $ 968 Merian 274 322 403 $ 1,457 $ 1,207 $ 915 $ 305 $ 256 $ 199 $ 1,852 $ 1,541 $ 1,105 Cerro Negro 238 269 278 $ 1,325 $ 1,257 $ 1,007 $ 521 $ 524 $ 525 $ 1,631 $ 1,509 $ 1,262 Yanacocha 354 276 244 $ 1,003 $ 1,069 $ 1,254 $ 279 $ 310 $ 380 $ 1,196 $ 1,266 $ 1,477 Boddington 590 745 798 $ 1,056 $ 847 $ 802 $ 193 $ 144 $ 145 $ 1,288 $ 1,067 $ 921 Tanami 408 448 484 $ 947 $ 759 $ 675 $ 300 $ 249 $ 207 $ 1,281 $ 1,060 $ 960 Cadia (3) 464 97 — $ 653 $ 1,079 $ — $ 263 $ 130 $ — $ 1,048 $ 1,271 $ — Lihir (3) 614 134 — $ 1,270 $ 1,117 $ — $ 270 $ 153 $ — $ 1,512 $ 1,517 $ — Ahafo 798 581 574 $ 904 $ 947 $ 990 $ 270 $ 312 $ 292 $ 1,072 $ 1,222 $ 1,178 NGM 1,039 1,170 1,169 $ 1,219 $ 1,070 $ 989 $ 413 $ 387 $ 404 $ 1,605 $ 1,397 $ 1,220 Held for Sale (4) CC&V 146 172 182 $ 1,390 $ 1,156 $ 1,302 $ 90 $ 136 $ 386 $ 1,691 $ 1,644 $ 1,697 Musselwhite 212 180 173 $ 1,045 $ 1,186 $ 1,135 $ 86 $ 444 $ 464 $ 1,541 $ 1,843 $ 1,531 Porcupine 284 260 280 $ 1,097 $ 1,167 $ 1,004 $ 127 $ 455 $ 369 $ 1,437 $ 1,577 $ 1,248 Éléonore 240 232 215 $ 1,339 $ 1,263 $ 1,228 $ 88 $ 433 $ 531 $ 1,811 $ 1,838 $ 1,599 Akyem 204 295 420 $ 1,596 $ 931 $ 804 $ 271 $ 413 $ 340 $ 1,816 $ 1,210 $ 972 Divested (15) Telfer (3)(5) 83 43 — $ 2,377 $ 1,882 $ — $ 142 $ 87 $ — $ 2,993 $ 1,988 $ — Total/Weighted Average (6) 6,545 5,401 5,786 $ 1,126 $ 1,050 $ 933 $ 304 $ 327 $ 322 $ 1,516 $ 1,444 $ 1,211 Merian (25%) (69) (80) (101) Yanacocha (—%, —%, and 43.65%, respectively) (7) — — (14) Attributable to Newmont 6,476 5,321 5,671 Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold) Red Chris (3)(8) 144 20 — $ 1,209 $ 1,020 $ — $ 366 $ 181 $ — $ 1,640 $ 1,660 $ — Peñasquito (9) 1,102 529 1,048 $ 831 $ 1,283 $ 828 $ 343 $ 561 $ 267 $ 1,090 $ 1,756 $ 1,112 Boddington (10) 206 245 227 $ 994 $ 830 $ 782 $ 189 $ 144 $ 145 $ 1,172 $ 1,067 $ 894 Cadia (3)(11) 478 90 — $ 603 $ 1,017 $ — $ 263 $ 127 $ — $ 987 $ 1,342 $ — Divested (15) Telfer (3)(5)(12) 14 7 — $ 2,398 $ 1,703 $ — $ 161 $ 109 $ — $ 2,885 $ 2,580 $ — Total/Weighted-Average (6) 1,944 891 1,275 $ 834 $ 1,127 $ 819 $ 307 $ 378 $ 245 $ 1,161 $ 1,579 $ 1,114 Copper (tonnes in thousands) Red Chris (3)(8) 26 4 — Boddington (10) 37 44 38 Cadia (3)(11) 87 16 — Divested (15) Telfer (3)(5)(12) 3 1 — Total/Weighted-Average 153 65 38 Lead (tonnes in thousands) Peñasquito (9) 96 51 68 Zinc (tonnes in thousands) Peñasquito (9) 258 104 171 Attributable gold from equity method investments (13) (ounces in thousands) Pueblo Viejo (40%) 235 224 285 Fruta del Norte (3)(14) 138 — — Attributable to Newmont 373 224 285 99 Table of Contents ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation .
Biggest changeGold or Other Metals Produced Costs Applicable to Sales (1) Depreciation and Amortization All-In Sustaining Costs (2) Year Ended December 31, 2025 2024 2023 2025 2024 2023 2025 2024 2023 2025 2024 2023 Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold) Lihir (3) 585 614 134 $ 1,297 $ 1,270 $ 1,117 $ 322 $ 270 $ 153 $ 1,607 $ 1,512 $ 1,517 Cadia (3) 385 464 97 $ 845 $ 653 $ 1,079 $ 324 $ 263 $ 130 $ 1,253 $ 1,048 $ 1,271 Tanami 391 408 448 $ 1,114 $ 947 $ 759 $ 323 $ 300 $ 249 $ 1,716 $ 1,281 $ 1,060 Boddington 565 590 745 $ 1,244 $ 1,056 $ 847 $ 233 $ 193 $ 144 $ 1,514 $ 1,288 $ 1,067 Ahafo South 664 798 581 $ 1,227 $ 904 $ 947 $ 276 $ 270 $ 312 $ 1,494 $ 1,072 $ 1,222 Ahafo North (4) 70 — — $ 532 $ — $ — $ 168 $ — $ — $ 696 $ — $ — Merian 237 274 322 $ 1,562 $ 1,457 $ 1,207 $ 317 $ 305 $ 256 $ 1,921 $ 1,852 $ 1,541 Cerro Negro (5) 202 238 269 $ 1,594 $ 1,325 $ 1,257 $ 633 $ 521 $ 524 $ 2,220 $ 1,631 $ 1,509 Yanacocha 515 354 276 $ 795 $ 1,003 $ 1,069 $ 218 $ 279 $ 310 $ 964 $ 1,196 $ 1,266 Peñasquito 415 299 143 $ 922 $ 776 $ 1,219 $ 382 $ 355 $ 516 $ 1,120 $ 984 $ 1,590 Red Chris (3) 62 40 5 $ 1,358 $ 1,225 $ 905 $ 399 $ 367 $ 298 $ 1,750 $ 1,607 $ 1,439 Brucejack (3) 231 258 29 $ 1,465 $ 1,254 $ 1,898 $ 775 $ 691 $ 617 $ 2,020 $ 1,603 $ 2,646 NGM 999 1,039 1,170 $ 1,334 $ 1,219 $ 1,070 $ 475 $ 413 $ 387 $ 1,629 $ 1,605 $ 1,397 Divested (6) CC&V 28 146 172 $ 1,397 $ 1,390 $ 1,156 $ 62 $ 90 $ 136 $ 1,684 $ 1,691 $ 1,644 Musselwhite 33 212 180 $ 1,040 $ 1,045 $ 1,186 $ — $ 86 $ 444 $ 1,531 $ 1,541 $ 1,843 Porcupine 55 284 260 $ 1,300 $ 1,097 $ 1,167 $ 19 $ 127 $ 455 $ 1,810 $ 1,437 $ 1,577 Éléonore 50 240 232 $ 1,104 $ 1,339 $ 1,263 $ — $ 88 $ 433 $ 1,403 $ 1,811 $ 1,838 Akyem 43 204 295 $ 2,358 $ 1,596 $ 931 $ 62 $ 271 $ 413 $ 2,664 $ 1,816 $ 1,210 Telfer (3)(7) — 83 43 $ — $ 2,377 $ 1,882 $ — $ 142 $ 87 $ — $ 2,993 $ 1,988 Total/Weighted Average (8) 5,530 6,545 5,401 $ 1,199 $ 1,126 $ 1,050 $ 362 $ 304 $ 327 $ 1,609 $ 1,516 $ 1,444 Merian (25%) (59) (69) (80) Attributable to Newmont 5,471 6,476 5,321 Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold) Cadia (3)(9) 372 478 90 $ 812 $ 603 $ 1,017 $ 326 $ 263 $ 127 $ 1,230 $ 987 $ 1,342 Boddington (10) 109 206 245 $ 1,165 $ 994 $ 830 $ 223 $ 189 $ 144 $ 1,397 $ 1,172 $ 1,067 Peñasquito (11) 799 1,102 529 $ 1,066 $ 831 $ 1,283 $ 402 $ 343 $ 561 $ 1,318 $ 1,090 $ 1,756 Red Chris (3)(12) 129 144 20 $ 1,341 $ 1,209 $ 1,020 $ 399 $ 366 $ 181 $ 1,692 $ 1,640 $ 1,660 Divested (6) Telfer (3)(7)(13) — 14 7 $ — $ 2,398 $ 1,703 $ — $ 161 $ 109 $ — $ 2,885 $ 2,580 Total/Weighted-Average (8) 1,409 1,944 891 $ 1,032 $ 834 $ 1,127 $ 368 $ 307 $ 378 $ 1,392 $ 1,161 $ 1,579 Copper (tonnes in thousands) Cadia (3)(9) 82 87 16 Boddington (10) 24 37 44 Red Chris (3)(12) 29 26 4 Divested (6) Telfer (3)(7)(13) — 3 1 Total/Weighted-Average 135 153 65 Lead (tonnes in thousands) Peñasquito (11) 98 96 51 Zinc (tonnes in thousands) Peñasquito (11) 231 258 104 Attributable gold from equity method investments (14) (ounces in thousands) Pueblo Viejo (40%) 253 235 224 95 Table of Contents Fruta del Norte (32%) (3)(15) 165 138 — Attributable to Newmont 418 373 224 ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation .
(14) Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, alternative minimum 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.
(14) Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, alternative minimum 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.
(2) Includes by-product credits of $240. (3) Includes stockpile, leach pad, and product inventory adjustments of $2 at Brucejack, $27 at Red Chris, $1 at Peñasquito, $9 at Cerro Negro, $21 at NGM, and $32 at Telfer.
(2) Includes by-product credits of $240. (3) Includes stockpile and leach pad inventory adjustments of $9 at Cerro Negro, $1 at Peñasquito, $27 at Red Chris, $2 at Brucejack, $21 at NGM, and $32 at Telfer.
(2) Includes by-product credits of $137. (3) Includes stockpile and leach pad inventory adjustments of $3 at Porcupine, $5 at Éléonore, $2 at Brucejack, $32 at Peñasquito, $2 at Cerro Negro, $5 at Yanacocha, $4 at Telfer, $1 at Akyem, and $43 at NGM.
(2) Includes by-product credits of $137. (3) Includes stockpile and leach pad inventory adjustments of $4 at Telfer, $1 at Akyem, $2 at Cerro Negro, $3 at Porcupine, $5 at Éléonore, $5 at Yanacocha, $32 at Peñasquito, $2 at Brucejack, and $43 at NGM.
(13) For the year ended December 31, 2023, Red Chris sold 3 thousand tonnes of copper, Peñasquito sold 17 million ounces of silver, 49 thousand tonnes of lead and 101 thousand tonnes of zinc, Boddington sold 45 thousand tonnes of copper, Cadia sold 21 thousand tonnes of copper, and Telfer sold 2 thousand tonnes of copper.
(13) For the year ended December 31, 2023, Cadia sold 21 thousand tonnes of copper, Boddington sold 45 thousand tonnes of copper, Peñasquito sold 17 million ounces of silver, 49 thousand tonnes of lead and 101 thousand tonnes of zinc, Red Chris sold 3 thousand tonnes of copper, and Telfer sold 2 thousand tonnes of copper.
Year Ended December 31, 2023 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 CC&V $ 198 $ 10 $ 10 $ — $ 2 $ — $ 62 $ 282 171 $ 1,644 Musselwhite 214 5 10 — — — 104 333 181 $ 1,843 Porcupine 301 23 12 — — — 71 407 258 $ 1,577 Éléonore 295 9 10 — — — 114 428 233 $ 1,838 Brucejack (10) 69 — 7 — 1 3 16 96 36 $ 2,646 Red Chris (10) 4 — — — — — 2 6 4 $ 1,439 Peñasquito 158 7 1 — 2 9 29 206 130 $ 1,590 Merian 385 7 14 — — 1 85 492 319 $ 1,541 Cerro Negro 328 5 5 — 5 — 51 394 261 $ 1,509 Yanacocha 294 24 7 — — — 24 349 275 $ 1,266 Boddington 634 17 5 — — 18 125 799 749 $ 1,067 Tanami 337 3 1 — — — 130 471 444 $ 1,060 Cadia (10) 129 — 1 — — 6 16 152 120 $ 1,271 Telfer (10) 126 — 2 — — 3 2 133 67 $ 1,988 Lihir (10) 146 — 2 — — — 51 199 131 $ 1,517 Ahafo 547 20 2 — 2 — 135 706 578 $ 1,222 Akyem 275 44 1 — — — 37 357 296 $ 1,210 NGM 1,249 17 13 11 2 6 332 1,630 1,167 $ 1,397 Corporate and Other (11) — — 89 255 6 — 37 387 — $ — Total Gold 5,689 191 192 266 20 46 1,423 7,827 5,420 $ 1,444 Gold equivalent ounces - other metals (12)(13) Red Chris (10) 17 — — — — 3 7 27 16 $ 1,660 Peñasquito 651 30 5 1 1 82 120 890 507 $ 1,756 Boddington 204 3 1 — — 15 39 262 246 $ 1,067 Cadia (10) 116 — 1 — — 19 17 153 114 $ 1,342 Telfer (10) 22 — 2 — — 4 5 33 13 $ 2,580 Corporate and Other (11) — — 11 32 — — 6 49 — $ — Total Gold Equivalent Ounces 1,010 33 20 33 1 123 194 1,414 896 $ 1,579 Consolidated $ 6,699 $ 224 $ 212 $ 299 $ 21 $ 169 $ 1,617 $ 9,241 ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation .
Year Ended December 31, 2023 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 (10) $ 146 $ — $ 2 $ — $ — $ — $ 51 $ 199 131 $ 1,517 Cadia (10) 129 — 1 — — 6 16 152 120 $ 1,271 Tanami 337 3 1 — — — 130 471 444 $ 1,060 Boddington 634 17 5 — — 18 125 799 749 $ 1,067 Telfer (10) 126 — 2 — — 3 2 133 67 $ 1,988 Ahafo South 547 20 2 — 2 — 135 706 578 $ 1,222 Akyem 275 44 1 — — — 37 357 296 $ 1,210 Merian 385 7 14 — — 1 85 492 319 $ 1,541 Cerro Negro 328 5 5 — 5 — 51 394 261 $ 1,509 Porcupine 301 23 12 — — — 71 407 258 $ 1,577 Éléonore 295 9 10 — — — 114 428 233 $ 1,838 Yanacocha 294 24 7 — — — 24 349 275 $ 1,266 Musselwhite 214 5 10 — — — 104 333 181 $ 1,843 Peñasquito 158 7 1 — 2 9 29 206 130 $ 1,590 CC&V 198 10 10 — 2 — 62 282 171 $ 1,644 Red Chris (10) 4 — — — — — 2 6 4 $ 1,439 Brucejack (10) 69 — 7 — 1 3 16 96 36 $ 2,646 Non-managed NGM 1,249 17 13 11 2 6 332 1,630 1,167 $ 1,397 Corporate and Other (11) — — 89 255 6 — 37 387 — $ — Total Gold 5,689 191 192 266 20 46 1,423 7,827 5,420 $ 1,444 Gold equivalent ounces - other metals (12)(13) Managed Cadia (10) 116 — 1 — — 19 17 153 114 $ 1,342 Boddington 204 3 1 — — 15 39 262 246 $ 1,067 Telfer (10) 22 — 2 — — 4 5 33 13 $ 2,580 Peñasquito (14) 651 30 5 1 1 82 120 890 507 $ 1,756 Red Chris (10) 17 — — — — 3 7 27 16 $ 1,660 Corporate and Other (11) — — 11 32 — — 6 49 — $ — Total Gold Equivalent Ounces 1,010 33 20 33 1 123 194 1,414 896 $ 1,579 Consolidated $ 6,699 $ 224 $ 212 $ 299 $ 21 $ 169 $ 1,617 $ 9,241 ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation .
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 continue, including limitations on shipping produced metals; our supply chain could continue to experience 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.
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 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.
Refer to Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment. (8) Includes finance lease payments for sustaining projects of $64 and excludes finance lease payments for development projects of $36. (9) Per ounce measures may not recalculate due to rounding. (10) Sites acquired through the Newcrest transaction.
Refer to Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment. (8) Includes finance lease payments for sustaining projects of $64 and excludes finance lease payments for development projects of $36. (9) Per ounce measures may not recalculate due to rounding. (10) Sites acquired through Newcrest transaction.
When the income approach is utilized to determine fair value, the estimated cash flows used to assess the fair value of a reporting unit are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices.
When the income approach is utilized to determine fair value, the estimated cash flows used to assess the fair value of a reporting unit are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term metal prices.
In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates.
In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable reserve estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates.
The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of our mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and our projections for long-term average metal prices.
The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of our mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and our projections for long-term metal prices.
At December 31, 2024, the Company held AUD- and CAD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures to be incurred between October 2024 and December 2025 at certain sites, respectively.
At December 31, 2025, the Company held AUD- and CAD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures to be incurred between October 2024 and December 2026 at certain sites, respectively.
Examples of events or circumstances that could reasonably be 122 Table of Contents expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units include, but are not limited to, such items as: (i) a decrease in forecasted production levels if we are unable to realize the mineable reserves, resources and exploration potential at our mining properties and extend the life of mine (ii) increased production or capital costs (iii) adverse changes in macroeconomic conditions including the market price of metals and changes in the equity and debt markets or country specific factors which could result in higher discount rates, (iv) significant unfavorable changes in tax rates including increased corporate income or mining tax rates, and (v) negative changes in regulation, legislation, and political environments which could impact our ability to operate in the future.
Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units include, but are not limited to, such items as: (i) a decrease in forecasted production levels if we are unable to realize the mineable reserves, resources and exploration potential at our mining properties and extend the life of mine (ii) increased production or capital costs (iii) adverse changes in macroeconomic conditions including the market price of metals and changes in the equity and debt markets or country specific factors which could result in higher discount rates, (iv) significant unfavorable changes in tax rates including increased corporate income or mining tax rates, and (v) negative changes in regulation, legislation, and political environments which could impact our ability to operate in the future.
Our near-term development capital projects include Tanami Expansion 2, Ahafo North, and Cadia Panel Caves. These projects are being funded from existing liquidity and will continue to be funded from future operating cash flows. Capital costs are estimated to be between $1,700 and $1,800 for Tanami Expansion 2 with an expected commercial production date in the second half of 2027.
Our near-term development capital projects include Tanami Expansion 2 and Cadia Panel Caves. These projects are being funded from existing liquidity and will continue to be funded from future operating cash flows. Capital costs are estimated to be between $1,700 and $1,800 for Tanami Expansion 2 with an expected commercial production date in the second half of 2027.
The classification of sustaining and development capital projects and finance leases is based on a systematic review of our project portfolio in light of the nature of each project.
The classification of sustaining and development capital projects and leases is based on a systematic review of our project portfolio in light of the nature of each project.
At December 31, 2024, 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.
At December 31, 2025, 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 14 to the Consolidated Financial Statements for further information. For the years ended December 31, 2024, 2023, and 2022, sustaining capital includes capital expenditures such as tailings facility construction, underground and surface mine development, capital component purchases, mining equipment, reserves drilling conversion, and infrastructure improvements.
Refer to Note 14 to the Consolidated Financial Statements for further information. For the years ended December 31, 2025, 2024, and 2023, sustaining capital includes capital expenditures such as tailings facility construction, infrastructure improvements, underground and surface mine development, capital component purchases, mining equipment, and reserves drilling conversion.
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 December 31, 2024, Newmont USA guaranteed $600 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision).
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 December 31, 2025, Newmont USA guaranteed $517 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision).
Significant negative industry or economic trends, adverse social or political developments, declines in our market capitalization, geotechnical difficulties, reduced estimates of future cash flows from our reporting segments or other disruptions to our business are a few examples of events that we monitor, as they could indicate that the carrying value of the Company’s long-lived assets, including development projects, may not be recoverable.
Significant negative industry or economic trends, adverse social or political developments, declines in our market capitalization, geotechnical difficulties, reduced estimates of future cash flows from our reporting 116 Table of Contents segments or other disruptions to our business are a few examples of events that we monitor, as they could indicate that the carrying value of the Company’s long-lived assets, including development projects, may not be recoverable.
Refer to the Notes to the Consolidated Financial Statements for explanations of other financial statement line items. Results of Consolidated Operations Newmont has developed gold equivalent ounces (“GEO”) metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead and zinc.
Refer to the Notes to the 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.
For the year ended December 31, 2024, development projects primarily included Red Chris Block Caves, Pamour at Porcupine, Cerro Negro expansions projects, Yanacocha Sulfides, Tanami Expansion 2, Cadia Panel Caves, Phase 14A Wall construction at Lihir, Ahafo North, and the Goldrush Complex at NGM.
For the year ended December 31, 2024, development projects included Red Chris Block Caves, Pamour at Porcupine, Cerro Negro expansion projects, Yanacocha Sulfides, Tanami Expansion 2, Cadia Panel Caves, Phase 14A Wall construction at Lihir, Ahafo North, and Goldrush Complex at NGM.
(15) Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, alternative minimum 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.
(12) Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, alternative minimum 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.
(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 ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024.
(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 ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024.
(2) For additional information regarding our discontinued operations, refer to Note 1 to our Consolidated Financial Statements. (3) Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP.
(2) For additional information regarding our discontinued operations, refer to Note 1 of the Consolidated Financial Statements. (3) Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP.
(14) For the year ended December 31, 2024, Red Chris sold 26 thousand tonnes of copper, Peñasquito sold 33 million ounces of silver, 97 thousand tonnes of lead and 247 thousand tonnes of zinc, Boddington sold 37 thousand tonnes of copper, Cadia sold 84 thousand tonnes of copper, and Telfer sold 3 thousand tonnes of copper.
(13) For the year ended December 31, 2024, Cadia sold 84 thousand tonnes of copper, Boddington sold 37 thousand tonnes of copper, Peñasquito sold 33 million ounces of silver, 97 thousand tonnes of lead and 247 thousand tonnes of zinc, Red Chris sold 26 thousand tonnes of copper, and Telfer sold 3 thousand tonnes of copper.
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, noncontrolling interests, foreign currency or regulatory restrictions limiting repatriation of cash.
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 102 Table of Contents dividend, loan, or otherwise, except to the extent of any rights, noncontrolling interests, foreign currency or regulatory restrictions limiting repatriation of cash.
(8) Includes finance lease payments for sustaining projects of $84 and excludes finance lease payments for development projects of $37. (9) Per ounce measures may not recalculate due to rounding. (10) Corporate and Other is a non-operating segment and includes the Company's business activities relating to its corporate and regional offices and all equity method investments.
(8) Includes finance lease payments for sustaining projects of $84 and excludes finance lease payments for development projects of $37. 114 Table of Contents (9) Per ounce measures may not recalculate due to rounding. (10) Corporate and Other is a non-operating segment and includes the Company's business activities relating to its corporate and regional offices and all equity method investments.
We have exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency 123 Table of Contents exchange gains (losses).
We have exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency exchange gains (losses).
Refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. For testing purposes of our reporting units, management's best estimates of the expected future results are the primary driver in determining the fair value.
Refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk. 117 Table of Contents Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. For testing purposes of our reporting units, management's best estimates of the expected future results are the primary driver in determining the fair value.
Sustaining capital and finance lease payments are relevant to the AISC metric as these are needed to maintain the Company’s current operations and provide improved transparency related to our ability to finance these expenditures from current operations.
Sustaining capital and lease related costs are relevant to the AISC metric as these are needed to maintain the Company’s current operations and provide improved transparency related to our ability to finance these expenditures from current operations.
(6) Other expense, net is adjusted for Newcrest transaction-related costs of $72, settlement costs of $44, and restructuring and severance costs of $38, included in Other expense, net . (7) Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment.
(6) Excludes Newcrest transaction and integration costs of $72, settlement of costs of $44, and restructuring and severance costs of $38, included in Other expense, net . (7) Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment.
Refer to Note 6 to the Consolidated Financial Statements for further information regarding reclamation and remediation obligations. Income and mining taxes We account for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of our liabilities and assets and the related income tax basis for such liabilities and assets.
Refer to Note 6 to the Consolidated Financial Statements for further information regarding reclamation and remediation obligations. 118 Table of Contents Income and Mining Taxes We account for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of our liabilities and assets and the related income tax basis for such liabilities and assets.
We allocate these costs to gold and other metals at Corporate and Other using the proportion of CAS between gold and other metals. Other expense, net . Excludes certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations.
We allocate these costs to gold and other metals at Corporate and Other using the proportion of costs applicable to sales between gold and other metals. Other expense, net . Excludes certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations.
If the Company determines to 121 Table of Contents sell or abandon a project due to uncertainty from changes in circumstances related to technical, economic, social, political or community factors, or other evolving circumstances indicate that the carrying value may not be recoverable, then a recoverability test is performed to determine if an impairment charge should be recorded.
If the Company determines to sell or abandon a project due to uncertainty from changes in circumstances related to technical, economic, social, political or community factors, or other evolving circumstances indicate that the carrying value may not be recoverable, then a recoverability test is performed to determine if an impairment charge should be recorded.
Newcrest Finance is a finance subsidiary with no material assets or operations other than those related to issued external debt. Newmont USA’s primary investments are comprised of 107 Table of Contents its 38.5% interest in NGM.
Newcrest Finance is a finance subsidiary with no material assets or operations other than those related to issued external debt. Newmont USA’s primary investments are comprised of its 38.5% interest in NGM.
(5) Excludes development expenditures of $8 at Red Chris, $12 at Peñasquito, $6 at Merian, $17 at Cerro Negro, $3 at Boddington, $21 at Tanami, $36 at Ahafo, $10 at NGM, $70 at Corporate and Other, $4 at CC&V, $1 at Porcupine, $4 at Akyem, and $3 at Telfer, totaling $195 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(5) Excludes development expenditures of $21 at Tanami, $3 at Boddington, $27 at Ahafo South, $9 at Ahafo North, $6 at Merian, $17 at Cerro Negro, $12 at Peñasquito, $8 at Red Chris, $10 at NGM, $70 at Corporate and Other, $4 at CC&V, $1 at Porcupine, $4 at Akyem, and $3 at Telfer, totaling $195 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
We also allocate these costs incurred at Corporate and Other using the proportion of CAS between gold and other metals. 117 Table of Contents Year Ended December 31, 2024 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 Brucejack $ 312 $ 5 $ 13 $ — $ — $ 3 $ 66 $ 399 249 $ 1,603 Red Chris 47 2 1 — — — 12 62 39 $ 1,607 Peñasquito 225 8 — — — 16 36 285 290 $ 984 Merian 401 8 15 — — 1 83 508 274 $ 1,852 Cerro Negro 312 6 2 1 2 — 61 384 236 $ 1,631 Yanacocha 353 34 9 — 3 — 22 421 352 $ 1,196 Boddington 613 16 1 — — 13 105 748 581 $ 1,288 Tanami 390 3 7 — — — 127 527 411 $ 1,281 Cadia 297 2 9 — — 16 152 476 454 $ 1,048 Lihir 787 12 16 — 2 — 121 938 620 $ 1,512 Ahafo 722 19 5 — 1 1 108 856 798 $ 1,072 NGM 1,263 18 13 9 4 6 350 1,663 1,036 $ 1,605 Corporate and Other (10) — — 111 386 19 — 18 534 — $ — Held for Sale (11) CC&V 200 11 3 — 2 — 27 243 144 $ 1,691 Musselwhite 224 4 6 — 1 — 96 331 215 $ 1,541 Porcupine 310 12 5 — — — 79 406 282 $ 1,437 Éléonore 325 5 11 — — — 99 440 243 $ 1,811 Akyem 338 21 1 — 1 — 23 384 212 $ 1,816 Divested (12) Telfer 245 11 10 — — 4 38 308 103 $ 2,993 Total Gold 7,364 197 238 396 35 60 1,623 9,913 6,539 $ 1,516 Gold equivalent ounces - other metals (13)(14) Red Chris 172 5 4 — — 5 47 233 142 $ 1,640 Peñasquito 903 32 1 2 2 117 129 1,186 1,088 $ 1,090 Boddington 204 3 — — — 11 22 240 205 $ 1,172 Cadia 280 2 10 — — 32 136 460 465 $ 987 Corporate and Other (10) — — 14 44 — — 1 59 — $ — Divested (12) Telfer 40 2 1 — — 2 4 49 16 $ 2,885 Total Gold Equivalent Ounces 1,599 44 30 46 2 167 339 2,227 1,916 $ 1,161 Consolidated $ 8,963 $ 241 $ 268 $ 442 $ 37 $ 227 $ 1,962 $ 12,140 ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation .
(15) All-in sustaining costs at Peñasquito is comprised of $413, $138, and $529 for silver, lead, and zinc, respectively. 113 Table of Contents Year Ended December 31, 2024 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 $ 787 $ 12 $ 16 $ — $ 2 $ — $ 121 $ 938 620 $ 1,512 Cadia 297 2 9 — — 16 152 476 454 $ 1,048 Tanami 390 3 7 — — — 127 527 411 $ 1,281 Boddington 613 16 1 — — 13 105 748 581 $ 1,288 Ahafo South 722 19 5 — 1 1 108 856 798 $ 1,072 Merian 401 8 15 — — 1 83 508 274 $ 1,852 Cerro Negro 312 6 2 1 2 — 61 384 236 $ 1,631 Yanacocha 353 34 9 — 3 — 22 421 352 $ 1,196 Peñasquito 225 8 — — — 16 36 285 290 $ 984 Red Chris 47 2 1 — — — 12 62 39 $ 1,607 Brucejack 312 5 13 — — 3 66 399 249 $ 1,603 Non-managed NGM 1,263 18 13 9 4 6 350 1,663 1,036 $ 1,605 Corporate and Other (10) — — 111 386 19 — 18 534 — $ — Held for sale (11) CC&V 200 11 3 — 2 — 27 243 144 $ 1,691 Musselwhite 224 4 6 — 1 — 96 331 215 $ 1,541 Porcupine 310 12 5 — — — 79 406 282 $ 1,437 Éléonore 325 5 11 — — — 99 440 243 $ 1,811 Akyem 338 21 1 — 1 — 23 384 212 $ 1,816 Divested (11) Telfer 245 11 10 — — 4 38 308 103 $ 2,993 Total Gold 7,364 197 238 396 35 60 1,623 9,913 6,539 $ 1,516 Gold equivalent ounces - other metals (12)(13) Managed Cadia 280 2 10 — — 32 136 460 465 $ 987 Boddington 204 3 — — — 11 22 240 205 $ 1,172 Peñasquito (14) 903 32 1 2 2 117 129 1,186 1,088 $ 1,090 Red Chris 172 5 4 — — 5 47 233 142 $ 1,640 Corporate and Other (10) — — 14 44 — — 1 59 — $ — Divested (11) Telfer 40 2 1 — — 2 4 49 16 $ 2,885 Total Gold Equivalent Ounces 1,599 44 30 46 2 167 339 2,227 1,916 $ 1,161 Consolidated $ 8,963 $ 241 $ 268 $ 442 $ 37 $ 227 $ 1,962 $ 12,140 ____________________________ (1) Excludes Depreciation and amortization and Reclamation and remediation .
The following MD&A generally discusses our consolidated financial condition and results of operations for 2024 and 2023 and year-to-year comparisons between 2024 and 2023.
The following MD&A generally discusses our consolidated financial condition and results of operations for 2025 and 2024 and year-to-year comparisons between 2025 and 2024.
Net assets attributable to noncontrolling interests were $181 at December 31, 2024. 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.
Net assets attributable to noncontrolling interests were $175 at December 31, 2025. 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.
Discussions of our consolidated financial condition and results of operations for 2022 and year-to-year comparisons between 2023 and 2022 are included in Item 7, Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations, of the Company’s Annual Report on Form 10-K , filed with the Securities and Exchange Commission on February 29, 2024.
Discussions of our consolidated financial condition and results of operations for 2023 and year-to-year comparisons between 2024 and 2023 are included in Item 7, Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations, of the Company’s Annual Report on Form 10-K , filed with the Securities and Exchange Commission on February 21, 2025.
(12) For the year ended December 31, 2024 and 2023, Telfer produced 6 million and 3 million pounds of copper, respectively. (13) Income and expenses of equity method investments are included in Equity income (loss) of affiliates . Refer to Note 15 to the Consolidated Financial Statements for further discussion of our equity method investments.
(13) For the years ended December 31, 2024 and 2023, Telfer produced 6 million and 3 million pounds of copper, respectively. (14) Income and expenses of equity method investments are included in Equity income (loss) of affiliates . Refer to Note 15 to the Consolidated Financial Statements for further discussion of our equity method investments.
Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts.
Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP 106 Table of Contents financial measures used by mining industry analysts.
The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. Treatment and refining costs . Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal.
The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals. Treatment and refining costs . Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal.
We determined development (i.e. non-sustaining) capital expenditures and finance lease payments to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation and are excluded from the calculation of AISC.
We determined development (i.e. non-sustaining) capital expenditures and lease payments to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation and are excluded from the 111 Table of Contents calculation of AISC.
The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. We also allocate these costs incurred at Corporate and Other using the proportion of CAS between gold and other metals. General and administrative .
The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals. We also allocate these costs incurred at Corporate and Other using the proportion of costs applicable to sales between gold and other metals. General and administrative .
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”).
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”).
Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows: Year Ended December 31, 2024 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ 3,348 $ 2.92 $ 2.92 Net loss (income) attributable to Newmont stockholders from discontinued operations (2) (68) (0.06) (0.06) Net income (loss) attributable to Newmont stockholders from continuing operations 3,280 2.86 2.86 Loss on assets held for sale (3) 1,114 0.97 0.97 Impairment charges (4) 78 0.07 0.07 Newcrest transaction and integration costs (5) 72 0.06 0.06 Reclamation and remediation charges (6) (71) (0.06) (0.06) Change in fair value of investments and options (7) (62) (0.05) (0.05) Settlement costs (8) 44 0.04 0.04 Restructuring and severance (9) 38 0.03 0.03 (Gain) loss on asset and investment sales (10) (35) (0.03) (0.03) Gain on debt extinguishment (11) (32) (0.03) (0.03) Pension settlements (12) 1 — — Tax effect of adjustments (13) (315) (0.27) (0.27) Valuation allowance and other tax adjustments (14) (121) (0.11) (0.11) Adjusted net income (loss) $ 3,991 $ 3.48 $ 3.48 Weighted average common shares (millions): (15) 1,146 1,148 ____________________________ (1) Per share measures may not recalculate due to rounding.
(13) Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP. 107 Table of Contents Year Ended December 31, 2024 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ 3,348 $ 2.92 $ 2.92 Net loss (income) attributable to Newmont stockholders from discontinued operations (2) (68) (0.06) (0.06) Net income (loss) attributable to Newmont stockholders from continuing operations 3,280 2.86 2.86 (Gain) loss on sale of assets held for sale (3) 1,114 0.97 0.97 Impairment charges (4) 78 0.07 0.07 Newcrest transaction and integration costs (5) 72 0.06 0.06 Reclamation and remediation charges (6) (71) (0.06) (0.06) Change in fair value of investments (7) (62) (0.05) (0.05) Settlement costs (8) 44 0.04 0.04 Restructuring and severance (9) 38 0.03 0.03 (Gain) on asset and investment sales (10) (35) (0.03) (0.03) (Gain) on debt extinguishment (11) (32) (0.03) (0.03) Pension settlements (12) 1 — — Tax effect of adjustments (13) (315) (0.27) (0.27) Valuation allowance and other tax adjustments (14) (121) (0.11) (0.11) Adjusted net income (loss) $ 3,991 $ 3.48 $ 3.48 Weighted average common shares (millions): (15) 1,146 1,148 ____________________________ (1) Per share measures may not recalculate due to rounding.
In June 2024, the Company entered into A$1,126 of 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 expected to be incurred between October 2024 and December 2025, related to the construction and development phase of the Tanami Expansion 2, Cadia Panel Caves, and Cadia Tailings projects.
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.
(5) Reclamation and remediation charges, included in Reclamation and remediation , represent revisions to reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 6 to our Consolidated Financial Statements for further information.
(5) Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation . Refer to Note 6 of the Consolidated Financial Statements for further information.
Year Ended December 31, 2023 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ (2,494) $ (2.97) $ (2.97) Net loss (income) attributable to Newmont stockholders from discontinued operations (2) (27) (0.03) (0.03) Net income (loss) attributable to Newmont stockholders from continuing operations (3) (2,521) (3.00) (3.00) Impairment charges, net (4) 1,888 2.25 2.25 Reclamation and remediation charges (5) 1,260 1.50 1.50 Newcrest transaction and integration costs (6) 464 0.56 0.56 (Gain) loss on asset and investment sales (7) 197 0.23 0.23 Change in fair value of investments (8) 47 0.05 0.05 Restructuring and severance (9) 24 0.03 0.03 Pension settlements (10) 9 0.01 0.01 Settlement costs (11) 7 0.01 0.01 COVID-19 specific costs (12) 1 — — Other (13) (5) — — Tax effect of adjustments (14) (613) (0.73) (0.73) Valuation allowance and other tax adjustments (15) 566 0.66 0.66 Adjusted net income (loss) $ 1,324 $ 1.57 $ 1.57 Weighted average common shares (millions): (3) 841 841 ____________________________ (1) Per share measures may not recalculate due to rounding.
(15) Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP. 108 Table of Contents Year Ended December 31, 2023 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ (2,494) $ (2.97) $ (2.97) Net loss (income) attributable to Newmont stockholders from discontinued operations (2) (27) (0.03) (0.03) Net income (loss) attributable to Newmont stockholders from continuing operations (3) (2,521) (3.00) (3.00) Impairment charges (4) 1,888 2.25 2.25 Reclamation and remediation charges (5) 1,260 1.50 1.50 Newcrest transaction and integration costs (6) 464 0.56 0.56 (Gain) loss on asset and investment sales (7) 197 0.23 0.23 Change in fair value of investments (8) 47 0.05 0.05 Restructuring and severance (9) 24 0.03 0.03 Pension settlements (10) 9 0.01 0.01 Settlement costs (11) 7 0.01 0.01 Other (12) (4) — — Tax effect of adjustments (13) (613) (0.73) (0.73) Valuation allowance and other tax adjustments (14) 566 0.66 0.66 Adjusted net income (loss) $ 1,324 $ 1.57 $ 1.57 Weighted average common shares (millions): (3) 841 841 ____________________________ (1) Per share measures may not recalculate due to rounding.
The remaining assets and liabilities of the Obligor Group are considered immaterial at December 31, 2024.
The remaining assets and liabilities of the Obligor Group are considered immaterial at December 31, 2025.
We determined sustaining capital and finance lease payments as those capital expenditures and finance lease payments that are necessary to maintain current production and execute the current mine plan.
We determined sustaining capital and lease related costs as those capital expenditures and lease payments that are necessary to maintain current production and execute the current mine plan.
Refer to Note 10 to the Consolidated Financial Statements for additional detail on the valuation allowance. For additional risk factors that could impact the Company’s ability to realize the deferred tax assets, refer to Note 2 to the Consolidated Financial Statements. 124 Table of Contents
Refer to Note 10 to the Consolidated Financial Statements for additional detail on the valuation allowance. For additional risk factors that could impact the Company’s ability to realize the deferred tax assets, refer to Note 2 to the Consolidated Financial Statements.
These costs are presented net as a reduction of Sales on the Consolidated Statements of Operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. Sustaining capital and finance lease payments .
These costs are presented net as a reduction of Sales on the Consolidated Statements of Operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals. Sustaining capital and lease related costs .
We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities. At December 31, 2024, $1,970 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.
We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities. At December 31, 2025, $2,347 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.
We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves to sustain production at existing operations.
Includes incurred expenses related to projects that are designed to sustain current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves to sustain production at existing operations.
At December 31, 2024 and 2023, $7,015 and $8,385, respectively, were accrued for reclamation costs relating to currently or recently producing or development stage mineral properties, of which $928 and $558, respectively, were classified as current liabilities. In addition, we are involved in several matters concerning environmental obligations associated with former, primarily historical, mining activities.
At December 31, 2025 and 2024, $6,800 and $7,015, respectively, were accrued for reclamation costs relating to currently or recently producing or development stage mineral properties, of which $829 and $928, respectively, were classified as current liabilities. In addition, we are involved in several matters concerning environmental obligations associated with former, primarily historical, mining activities.
Refer to Notes 7 and 19 to the Consolidated Financial Statements for further information regarding goodwill. Carrying value of Conga We review and evaluate the Company’s Conga development project for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Refer to Notes 7 and 19 to the Consolidated Financial Statements for further information regarding goodwill. Carrying Value of Idled Development Projects in Peru We review and evaluate the Company’s idled development projects in Peru, including Conga and Yanacocha Sulfides, for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
(4) Includes operating accretion of $65, included in Reclamation and remediation , and amortization of asset retirement costs $106; 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 $114 and $742, respectively, included in Reclamation and remediation .
(4) Includes operating accretion of $120, included in Reclamation and remediation , and amortization of asset retirement costs $82; 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 $194 and $(65), respectively, included in Reclamation and remediation .
(13) Corporate and Other is a non-operating segment and includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Consolidated Financial Statements for further information.
(11) Corporate and Other is a non-operating segment and includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Consolidated Financial Statements for further information. (12) Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures.
Cash and cash equivalents denominated in Argentine peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates above for further information. At December 31, 2024, $1,655 in consolidated cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes.
Cash and cash equivalents denominated in Argentine peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates above for further information. At December 31, 2025, $2,078 of consolidated Cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes.
During the fourth quarter of 2024, we recognized a benefit of $50 related to business insurance proceeds as a result of the event, recorded in Costs applicable to sales . (6) All-in sustaining costs and Depreciation and amortization include expense for Corporate and Other.
Production resumed at the end of the third quarter of 2024. During the fourth quarter of 2024, we recognized a benefit of $50 related to business insurance proceeds as a result of the event, recorded in Costs applicable to sales . (8) All-in sustaining costs and Depreciation and amortization include expense for Corporate and Other.
(6) Other expense, net is adjusted for settlement costs of Newcrest transaction-related costs of $464, restructuring and severance costs of $24, settlement costs of $7, and distributions from the Newmont Global Community Support fund of $1, included in Other expense, net . 119 Table of Contents (7) Excludes capitalized interest related to sustaining capital expenditures.
(6) Excludes Newcrest transaction and integration costs of $464, restructuring and severance costs of $24, settlement costs of $7, and distributions from the Newmont Global Community Support fund of $1, included in Other expense, net . (7) Excludes capitalized interest related to sustaining capital expenditures.
(2) All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures below. (3) Sites acquired through the Newcrest transaction during the fourth quarter of 2023, and as such, the comparative results of operations information is not meaningful. Refer to Note 3 to the Consolidated Financial Statements for further information on the Newcrest transaction.
(2) All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures below. (3) Sites acquired through the Newcrest transaction during the fourth quarter of 2023. Refer to Note 3 to the Consolidated Financial Statements for further information on the Newcrest transaction.
The Company currently expects to incur higher annual sustaining capital spend over the next few years at our ongoing operations, excluding those operations that are designated as held for sale, relative to historical amounts as we continue to advance the critical tailings work at Cadia and strengthen operating efficiency across our portfolio.
The Company currently expects to incur higher annual sustaining capital spend over the next few years at our ongoing operations relative to historical amounts as we continue to advance the critical tailings work at Cadia and Boddington and strengthen operating efficiency across our portfolio.
(6) Reclamation and remediation charges, net, included in Reclamation and remediation , represents revisions to the reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 6 to our Consolidated Financial Statements for further information.
(7) Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation . Refer to Note 6 of the Consolidated Financial Statements for further information.
(5) Reclamation and remediation charges, included in Reclamation and remediation , represents revisions to the reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 6 to our Consolidated Financial Statements for further information.
(7) Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation . Refer to Note 6 of the Consolidated Financial Statements for further information.
As discussed above under Depreciation and amortization, various factors could impact our ability to achieve our forecasted production schedules from proven and probable reserves which could impact the carrying value of our long-lived assets.
Various factors could impact our ability to achieve our forecasted production schedules from proven and probable reserves which could impact the carrying value of our long-lived assets.
The significant assumption in determining the future cash flows for each mine site at December 31, 2024 is a long-term gold price of $1,900 per ounce.
The significant assumption in determining the future cash flows for each mine site at December 31, 2025 is a long-term gold price of $2,500 per ounce.
Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to: • Earnings history; • Projected future financial and taxable income based upon existing reserves and long-term estimates of commodity prices; • The duration of statutory carry forward periods; • Prudent and feasible tax planning strategies readily available that may alter the timing of reversal of the temporary difference; • Nature of temporary differences and predictability of reversal patterns of existing temporary differences; and • The sensitivity of future forecasted results to commodity prices and other factors.
Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to: • Earnings history; • Projected future financial and taxable income based upon existing reserves and long-term estimates of commodity prices; • The duration of statutory carry forward periods; • Prudent and feasible tax planning strategies readily available that may alter the timing of reversal of the temporary difference; • Nature of temporary differences and predictability of reversal patterns of existing temporary differences; and • The sensitivity of future forecasted results to commodity prices and other factors. 119 Table of Contents The Company assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets.
At December 31, 2024, (i) Newmont’s total consolidated indebtedness was approximately $8,972, none of which was secured (other than $496 of Lease and other financing obligations ), and (ii) Newmont’s non-guarantor subsidiaries had $8,867 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.
At December 31, 2025, (i) Newmont’s total consolidated indebtedness was approximately $5,589, none of which was secured (other than $474 of Lease and other financing obligations ), and (ii) Newmont’s non-guarantor subsidiaries had $9,133 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.
The Company continues to evaluate strategic priorities and deployment of capital to projects in the pipeline to ensure we execute on our capital priorities and provide long-term value to stockholders. Included in the Company's continuous evaluation is consideration of current market opportunities or pressures.
The Company continues to evaluate strategic priorities and deployment of capital to projects in the pipeline to ensure we execute on our capital priorities and provide long-term value to stockholders. Included in the Company's continuous evaluation is consideration of current market opportunities or pressures. Refer to Note 2 to the Consolidated Financial Statements for further discussion.
AISC is a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as costs applicable to sales per ounce, to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations.
AISC is a metric that expands on GAAP measures, such as costs applicable to sales, to provide visibility into the economics of our mining operations related to expenditures, operating performance, and the ability to generate cash flow from our continuing 110 Table of Contents operations.
For further information, refer to Note 3 to the Consolidated Financial Statements. 92 Table of Contents Newcrest Acquisition On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549.
Newcrest Acquisition On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549.
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 United States dollar and foreign currencies; and (vii) the impact of specific transactions and assessments including significant impairments of goodwill during 2023 and 2022.
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 United States dollar and foreign currencies; (vii) changes in permanent reinvestment assertions for Papua New Guinea and Ghana and (viii) the impact of specific transactions and assessments.
As of December 31, 2024, 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 Consolidated Financial Statements for further discussion on risks and uncertainties.
As of December 31, 2025, 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 Consolidated Financial Statements for further discussion on risks and uncertainties. At December 31, 2025, the Company had $7,647 in Cash and cash equivalents.
Refer to Note 20 to our Consolidated Financial Statements. (12) Pension settlements, included in Other income (loss), net, primarily represents pension settlement charges related to lump sum payments to participants. Refer to Note 11 to our Consolidated Financial Statements for further information.
(11) Represents the gains on debt redemptions; included in Other income (loss), net . Refer to Note 20 of the Consolidated Financial Statements for further information. (12) Primarily represents pension settlement charges related to lump sum payments to participants; included in Other income (loss), net . Refer to Note 11 of the Consolidated Financial Statements for further information.
Year Ended December 31, 2024 2023 2022 Net cash provided by (used in) operating activities $ 6,363 $ 2,763 $ 3,220 Less: Net cash used in (provided by) operating activities of discontinued operations (45) (9) (22) Net cash provided by (used in) operating activities of continuing operations 6,318 2,754 3,198 Less: Additions to property, plant and mine development (3,402) (2,666) (2,131) Free Cash Flow $ 2,916 $ 88 $ 1,067 Net cash provided by (used in) investing activities (1) $ (2,702) $ (1,002) $ (2,983) Net cash provided by (used in) financing activities $ (2,953) $ (1,603) $ (2,356) ____________________________ (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.
Year Ended December 31, 2025 2024 2023 Net cash provided by (used in) operating activities $ 10,334 $ 6,363 $ 2,763 Less: Net cash used in (provided by) investing activities of discontinued operations — (45) (9) Net cash provided by (used in) operating activities of continuing operations 10,334 6,318 2,754 Less: Additions to property, plant and mine development (3,035) (3,402) (2,666) Free cash flow $ 7,299 $ 2,916 $ 88 Net cash provided by (used in) investing activities (1) $ 606 $ (2,702) $ (1,002) Net cash provided by (used in) financing activities $ (7,040) $ (2,953) $ (1,603) ____________________________ (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.
Free Cash Flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Consolidated Statements of Cash Flows.
Free Cash Flow Management uses Free cash flow as a non-GAAP measure to analyze cash flows generated from operations. Free cash flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Consolidated Statements of Cash Flows.
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 new program does not exceed $1 billion. The program will expire after 24 months (in February 2026).
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 new program does not exceed $1 billion; this program has been completed.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

17 edited+1 added−2 removed14 unchanged
Biggest changeFluctuations in the local currency exchange rates in relation to the U.S. dollar can increase or decrease profit margins, cash flow and Costs applicable to sales per ounce to the extent costs are paid in local currency at foreign operations. 125 Table of Contents We performed a sensitivity analysis to estimate the impact to Costs applicable to sales per ounce arising from a hypothetical 10% adverse movement to local currency exchange rates at December 31, 2024 in relation to the U.S. dollar at our foreign mining operations, with no mitigation assumed from our foreign currency cash flow hedges.
Biggest changeWe performed a sensitivity analysis to estimate the impact to Costs applicable to sales arising from a hypothetical 10% adverse movement to local currency exchange rates at December 31, 2025 in relation to the U.S. dollar at our foreign mining operations, with no mitigation assumed from our foreign currency cash flow hedges.
We perform an analysis on the provisional concentrate sales to determine the potential impact to Net income (loss) attributable to Newmont stockholders for each 10% change to the average price on the provisional concentrate sales subject to final pricing over the next several months. Refer below for our analysis as of December 31, 2024.
We perform an analysis on the provisional concentrate sales to determine the potential impact to Net income (loss) attributable to Newmont stockholders for each 10% change to the average price on the provisional concentrate sales subject to final pricing over the next several months. Refer below for our analysis as of December 31, 2025.
Interest Rate Risk We are subject to interest rate risk related to the fair value of our senior notes which is wholly comprised of fixed rates at December 31, 2024. For fixed rate debt, changes in interest rates generally affect the fair value of the debt instrument, but not our earnings or cash flows.
Interest Rate Risk We are subject to interest rate risk related to the fair value of our senior notes which is wholly comprised of fixed rates at December 31, 2025. For fixed rate debt, changes in interest rates generally affect the fair value of the debt instrument, but not our earnings or cash flows.
Our counterparties cannot require settlement solely because of an adverse change in the fair value of a derivative. We have performed sensitivity analyses as of December 31, 2024 regarding the Cadia PPA and foreign currency cash flow hedges.
Our counterparties cannot require settlement solely because of an adverse change in the fair value of a derivative. We have performed sensitivity analyses as of December 31, 2025 regarding the Cadia PPA and foreign currency cash flow hedges.
Hedging The Company's hedging instruments consisted of the Cadia Power Purchase Agreement ("Cadia PPA") and foreign currency cash flow hedges at December 31, 2024, which were transacted for risk management purposes.
Hedging The Company's hedging instruments consisted of the Cadia Power Purchase Agreement ("Cadia PPA") and foreign currency cash flow hedges at December 31, 2025, which were transacted for risk management purposes.
(2) The closing settlement price as of December 31, 2024 is determined utilizing the London Metal Exchange for copper, lead and zinc and the London Bullion Market Association for gold and silver.
(2) The closing settlement price as of December 31, 2025 is determined utilizing the London Metal Exchange for copper, lead and zinc and the London Bullion Market Association for gold and silver.
For information concerning the sensitivity of our impairment analysis over long-lived assets and goodwill to changes in metal price, refer to Critical Accounting Estimates within Item 7, MD&A, and Notes 2, 7 and 19 to the Consolidated Financial Statements.
For information concerning the sensitivity of our impairment analysis over long-lived assets and goodwill to changes in metal price, refer to Critical Accounting Estimates within Item 7, MD&A, and Note 2 to the Consolidated Financial Statements.
Refer to Note 14 to the Consolidated Financial Statements for further information on our derivative instruments. 127 Table of Contents
Refer to Note 14 to the Consolidated Financial Statements for further information on our derivative instruments. 122 Table of Contents
Refer to Note 13 to our Consolidated Financial Statements for further information pertaining to the fair value of our fixed rate debt. Foreign Currency We have significant operations and/or assets in the U.S., Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji and Ghana.
Refer to Note 13 to our Consolidated Financial Statements for further information pertaining to the fair value of our fixed rate debt. 120 Table of Contents Foreign Currency 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.
The significant assumptions in determining the stockpile, leach pad and product inventory adjustments for each mine site reporting unit at December 31, 2024 included production cost and capitalized expenditure assumptions unique to each operation, and the following short-term and long-term assumptions: Short-term Long-term Gold price (per ounce) $ 2,663 $ 1,900 Copper price (per pound) $ 4.17 $ 4.00 Silver price (per ounce) $ 31.38 $ 25.00 Lead price (per pound) $ 0.91 $ 0.90 Zinc price (per pound) $ 1.38 $ 1.25 AUD to USD exchange rate $ 0.65 $ 0.70 CAD to USD exchange rate $ 0.71 $ 0.75 MXN to USD exchange rate $ 0.05 $ 0.05 The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors.
The significant assumptions in determining the stockpile, leach pad and product inventory adjustments for each mine site reporting unit at December 31, 2025 included production cost and capitalized expenditure assumptions unique to each operation, and the following short-term and long-term assumptions: Short-term Long-term Gold price (per ounce) $ 4,135 $ 2,500 Copper price (per pound) $ 5.03 $ 4.00 Silver price (per ounce) $ 54.73 $ 25.00 Lead price (per pound) $ 0.89 $ 0.90 Zinc price (per pound) $ 1.44 $ 1.25 AUD to USD exchange rate $ 0.66 $ 0.70 CAD to USD exchange rate $ 0.72 $ 0.75 MXN to USD exchange rate $ 0.05 $ 0.05 The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors.
The sensitivity analyses indicated that a hypothetical 10% adverse movement would result in an approximate $71 increase to Costs applicable to sales per gold ounce at December 31, 2024. Commodity Price Exposure Our provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes.
The sensitivity analysis indicated that a hypothetical 10% adverse movement would result in an approximate increase of $498 to Costs applicable to sales at December 31, 2025. Commodity Price Exposure Our provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes.
Therefore, we do not have significant exposure to interest rate risk for our fixed rate debt; however, we do have exposure to fair value risk if we repurchase or exchange long-term debt prior to maturity which could be material.
The terms of our fixed rate debt obligations do not generally allow investors to demand payment of these obligations prior to maturity. Therefore, we do not have significant exposure to interest rate risk for our fixed rate debt; however, we do have exposure to potentially material fair value risk if we repurchase or exchange long-term debt prior to maturity.
The sensitivity analyses indicated that a hypothetical 10% adverse movement would result in an approximate decrease in the fair value of the Cadia PPA cash flow hedge and the foreign currency cash flow hedges of $32 and $195 at December 31, 2024, respectively.
The foreign currency exchange rates we used in performing the sensitivity analysis were based on AUD and CAD market rates in effect at December 31, 2025. 121 Table of Contents The sensitivity analyses indicated that a hypothetical 10% adverse movement would result in an approximate decrease in the fair value of the Cadia PPA cash flow hedge and the foreign currency cash flow hedges of $40 and $220 at December 31, 2025, respectively.
A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions. For information concerning the sensitivity of our stockpiles and ore on leach pads to changes in metal price, refer to Critical Accounting Estimates within Item 7, MD&A.
A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions.
Provisionally Priced Sales Subject to Final Pricing (1) Average Provisional Price (per ounce/pound) Effect of 10% change in Average Price (millions) Market Closing Settlement Price (2) (per ounce/pound) Gold (ounces, in thousands) 265 $ 2,635 $ 46 $ 2,609 Copper (pounds, in millions) 85 $ 3.99 $ 23 $ 3.95 Silver (ounces, in millions) 6 $ 28.99 $ 12 $ 28.91 Lead (pounds, in millions) 52 $ 0.88 $ 3 $ 0.87 Zinc (pounds, in millions) 114 $ 1.34 $ 10 $ 1.35 ____________________________ (1) Includes provisionally priced by-product sales subject to final pricing, which are recognized as a reduction to Costs applicable to sales.
Provisionally Priced Sales Subject to Final Pricing (1) Average Provisional Price (per ounce/pound) Effect of 10% change in Average Price (millions) Market Closing Settlement Price (2) (per ounce/pound) Gold (ounces, in thousands) 141 $ 4,332 $ 42 $ 4,368 Copper (pounds, in millions) 66 $ 5.65 $ 26 $ 5.67 Silver (ounces, in millions) 7 $ 70.31 $ 33 $ 71.99 Lead (pounds, in millions) 48 $ 0.90 $ 3 $ 0.89 Zinc (pounds, in millions) 84 $ 1.41 $ 8 $ 1.39 ____________________________ (1) Includes provisionally priced by-product sales subject to final pricing, which are recognized as a reduction to Costs applicable to sales.
Credit Risk Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument.
Credit Risk Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. We mitigate credit risk by entering into derivatives with high credit quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of the counterparties.
We mitigate credit risk by entering into derivatives with high credit quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of the counterparties. 126 Table of Contents Market Liquidity Risk Market liquidity risk is the risk that a derivative cannot be eliminated quickly, by either liquidating it or by establishing an offsetting position.
Market Liquidity Risk Market liquidity risk is the risk that a derivative cannot be eliminated quickly, by either liquidating it or by establishing an offsetting position.
Removed
The terms of our fixed rate debt obligations do not generally allow investors to demand payment of these obligations prior to maturity.
Added
Fluctuations in the local currency exchange rates in relation to the U.S. dollar can increase or decrease profit margins, cash flow and Costs applicable to sales to the extent costs are paid in local currency at foreign operations.
Removed
The foreign currency exchange rates we used in performing the sensitivity analysis were based on AUD and CAD market rates in effect at December 31, 2024.

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