Newmont Corporation (NEM)

Newmont Announces Key Executive Appointments for the Next Phase of DeliveryJune 15, 2026 5:20 PM
Business Wire Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (“Newmont”) today announced leadership appointments that further shape its go-forward Executive Leadership Team under President and Chief Executive Officer Natascha Viljoen and reflect the depth of leadership talent within the company. Effective July 1, 2026, Brian Tabolt has been appointed Chief Financial Officer, Mark Rodgers has been appointed Chief Operating Officer, and David Thornton has been appointed Chief Technical Officer. In addition, David Fry has been promoted to Executive Vice President, Project Development, reflecting the importance of disciplined project development and execution as Newmont advances its highest-return growth opportunities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260615487768/en/Mark Rodgers - COO “These appointments bring together respected leaders with deep industry experience and a strong understanding of our operational, financial, technical and project development disciplines,” said Natascha Viljoen. “They reflect the strength of leadership and depth of talent we have built at Newmont and the capabilities we need to strengthen performance across the business, advance our world-class portfolio with discipline and pace, and continue creating long-term value for shareholders and stakeholders. They also speak to the opportunity our portfolio creates for talented people to grow, take on meaningful leadership roles and help shape Newmont’s future.” Brian Tabolt, who most recently served as Newmont’s Chief Accounting Officer and Group Head, Finance, will bring over 20 years of expertise to lead the global finance organization as Chief Financial Officer. Since joining Newmont in 2021, Brian has held a series of strategic leadership roles that reflect his contributions to strengthening financial oversight and discipline, as well as the evolution of capital allocation and integrated planning across the business, including Group Head, Financial Planning and Analysis and interim Chief Financial Officer. Prior to Newmont, Brian served as Vice President, Controller and Chief Accounting Officer at Molson Coors Beverage Company, and earlier in senior technical accounting and SEC reporting roles. He began his career in public accounting at Deloitte. As Chief Operating Officer, Mark Rodgers will lead Newmont’s operating portfolio, strengthening alignment across the company’s 12 operating sites and its health, safety, security and environment work. Mark currently serves as Managing Director, Africa and Asia Pacific at Newmont. He joined the company in 2020 and has held a series of senior leadership roles across multiple regions, including serving as Managing Director of Latin America and Caribbean, Africa and Asia Pacific. Mark is a seasoned senior executive with more than 30 years of experience in the resources industry, including working for BHP and Rio Tinto. With more than 25 years of mining experience, David Thornton will serve as Newmont’s Chief Technical Officer. In this role, David will lead the company’s Technical Services function, including exploration, asset management, processing, mine planning and digital. His leadership will help strengthen Newmont’s technical capability to improve operational and project performance and advance technology and innovation across the business. He currently serves as Managing Director, Americas at Newmont, following prior leadership roles including Managing Director of Latin America and Caribbean and Africa and as Vice President, Productivity for North America. He joined Newmont in 2016 and has held technical roles across surface and underground operations. Before joining the company, he held engineering and leadership roles at Gold Fields in Australia and Barrick Gold Corporation. David Fry currently serves as Newmont’s Group Head, Global Projects and brings significant international project delivery experience across mining, energy and infrastructure. Before joining Newmont, he served as Managing Director, Projects at Rio Tinto, where he led a major portfolio of projects across the Asia-Pacific region. Earlier in his career, he held a range of engineering, project and operational leadership roles in the oil and gas sector, including with UGL and Origin Energy. These appointments strengthen Newmont’s ability to execute its strategy with clarity and focus. With strong alignment across operations, finance and technical functions, the company is well positioned to improve performance, maintain cost discipline, execute effectively and deliver long-term value for shareholders. About Newmont Newmont is the world’s leading gold company and producer of copper, zinc, lead, and silver. The company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925. At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont’s sustainability strategy and initiatives, go to www.newmont.com. Cautionary Statement Regarding Forward-Looking Statements This news release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements in this news release include, without limitation, expectations regarding future performance improvements, opportunities, value creation and other statements regarding future events or results. For a discussion of risks and other factors that might impact future looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on February 21, 2025, under the heading Risk Factors. View source version on businesswire.com: https://www.businesswire.com/news/home/20260615487768/en/ Media Contact - Global
Shannon Brushe
globalcommunications@newmont.com Investor Relations Contact – Global
Neil Backhouse
investor.relations@newmont.com Investor Contact – Asia Pacific
Clare Kasperzak
apac.investor.relations@newmont.com Original: Newmont Announces Key Executive Appointments for the Next Phase of Delivery

Newmont Transaction Highlights Rising Valuations For Undeveloped Gold AssetsMay 13, 2026 8:30 AM
PR Newswire (US) Issued on behalf of Greenland Mines Ltd.Newmont reported $4,900/oz realized in Q1. Kinross reported $4,873. Agnico Eagle posted record operating margins. Barrick is preparing a NewCo IPO of its North American gold assets. The deposits that priced at $1,800 are now sitting on a different planet — and the ones with the most ounces have the most to gain.The gold price reset is over. Senior producers won it in Q1 2026 earnings, well before the analysts finished updating their decks. The market is still catching up. Newmont's (NYSE: NEM) $4,900-per-ounce realized price and $3.1 billion in quarterly free cash flow already reflect what the mining industry figured out two quarters ago[1]: when the price deck moves from $1,800 to $4,900 on the same ore body, undeveloped ounces in the ground are effectively being revalued — and the deposits that the 2022 economics treated as long-dated optionality now screen as potential near-term development candidates at the new deck.CHARLOTTE, N.C., May 13, 2026 /PRNewswire/ -- Baystreet.ca News Commentary — That repricing has now been quantified on one of the largest undeveloped palladium-gold-platinum systems on Earth. Greenland Mines Ltd. (NASDAQ: GRML) released SLR Consulting's independent metal-price sensitivity analysis on its Skaergaard Project on May 7, 2026. Same block model. Same drill database. Same 1.43 g/t PdEq cut-off. Same 3.12 t/m³ bulk density. The only thing that changed was the price deck. The result: 16.58 million ounces of palladium-equivalent Indicated and 21.92 million ounces Inferred — a 45% grade uplift in the Indicated category and 55% in the Inferred, on a block model that hasn't been touched since 2022[2]. These figures are sensitivity scenarios, not new Mineral Resource or economic estimates; they illustrate how Skaergaard reads under different long term metal price assumptions. That is what the senior-producer realized prices look like when you push them through an undeveloped resource estimate.THE STRUCTURAL POSITIONThe 2022 NI 43-101 Mineral Resource on Skaergaard, prepared by SLR Consulting (Canada) Ltd., established a Total Indicated and Inferred Resource of 364.37 million tonnes at 2.17 g/t PdEq, with the Indicated category alone at 158.95 million tonnes grading 2.22 g/t PdEq. That equates to 25.4 Moz palladium-equivalent and 23.5 Moz gold-equivalent across the combined Indicated and Inferred categories, which on an illustrative basis and before any technical or economic factors, corresponds to a gross undiscounted in-situ metal value of approximately $68 billion at February 2026 metal prices[3]. Greenland Mines holds an 80% direct interest in the Project and an option on the remaining 20%.The 2022 base case used $1,725/oz Pd, $1,800/oz Au, and $1,250/oz Pt. SLR's three sensitivity scenarios — Low, Medium, and High — applied updated metal price assumptions ranging from $3,000/oz Au in the Low case to $5,000/oz Au in the High case, leaving every other technical input untouched[2]. The dominant variable in the read is the gold price.Senior gold producers are currently realizing approximately $4,800 to $4,900 per ounce. The high-price sensitivity scenario is broadly aligned with that realized-price range, while still representing an upside long-term price case in SLR's framework. SLR explicitly notes that the increases in equivalent grades and contained PdEq metal are primarily driven by higher gold prices, and considers the high-price sensitivity case relatively aggressive, viewing the Low and Medium price sets as more reasonable long-term reference points[2]. The 2026 field, drill, and bulk-sample campaign is fully funded.President Bo Møller Stensgaard, Ph.D., described the result as the kind of scale and price leverage that long-term institutional and strategic partners look for in the next generation of precious- and critical-metal projects[2].
READ THE ENTIRE REPORT ON GREENLAND MINES LTD HERETHE SENIOR GOLD CYCLEFour U.S.-listed senior gold producers reported Q1 2026 results in the same window as the Greenland Mines sensitivity work — each one a different read on what realized gold prices in the $4,800 to $4,900 range are doing to the precious-metals industry.Newmont (NYSE: NEM) — the world's largest gold producer — reported Q1 2026 results on April 23, 2026, with all-time record free cash flow of $3.1 billion, revenue of $7.31 billion (up 46% year-on-year), and adjusted earnings per share of $2.90 (an all-time quarterly record). Average realized gold price was $4,900 per ounce; gold by-product all-in sustaining cost was $1,029 per ounce; attributable gold production was 1.3 million ounces[1]. The Board authorized an additional $6.0 billion for share repurchases. Newmont remains on track for full-year 2026 production guidance of 5.3 million attributable gold ounces. CEO Natascha Viljoen credited "strong operational and financial performance"[1]. For investors trying to understand what the gold supercycle looks like at the income-statement level of the largest producer in the world, Newmont's Q1 is the cleanest available data point.Barrick Mining (NYSE: B) (TSX: ABX) rebranded from "Gold" to "Mining" in May 2025, with its NYSE ticker changing from GOLD to B — a structural acknowledgment that the Company is now a substantial gold-and-copper producer rather than a pure gold play. Q4 2025 results, released February 5, 2026, included record quarterly operating cash flow of $2.73 billion, free cash flow of $1.62 billion, and net earnings per share of $1.43 — the highest in the Company's history. Full-year 2025 production was 3.26 million ounces of gold and a record 220,000 tonnes of copper. The 2026 guidance range is 2.9 to 3.25 million gold ounces at a $4,500/oz price assumption, with all-in sustaining costs guided to $1,760 to $1,950 per ounce[4]. The Board has authorized preparations for an Initial Public Offering of a new entity ("NewCo") holding Barrick's North American gold assets — including its joint venture interests in Nevada Gold Mines and Pueblo Viejo, plus the wholly owned Fourmile discovery in Nevada — targeted for completion by late 2026. The structural signal is straightforward: the largest producers are now actively unlocking value through asset-level repricings and corporate restructurings.Agnico Eagle Mines (NYSE: AEM) (TSX: AEM) reported Q1 2026 results on April 30, 2026, with payable gold production of 825,109 ounces, record quarterly operating margins, record adjusted net income of $1.7 billion (up 121% year-on-year), and free cash flow of $732 million[5]. All-in sustaining cost was $1,483 per ounce. Operations were led by Detour Lake (record quarterly mill throughput at Macassa), Canadian Malartic, and Fosterville. The Hope Bay project in Nunavut, Canada is expected to advance to a construction decision in May 2026. Full-year 2026 production guidance is 3.3 to 3.5 million gold ounces — a 20% to 30% production growth pipeline over the next decade. Agnico Eagle is the operational illustration of what an Arctic and Tier-1 jurisdiction-focused gold producer looks like at current realized prices.Kinross Gold (NYSE: KGC) (TSX: K) reported Q1 2026 results on April 29, 2026, with revenue of $2.41 billion (up 61% year-on-year), production of 492,563 gold-equivalent ounces, and an average realized gold price of $4,873 per ounce[6]. Most importantly, free cash flow was approximately $840 million — the fourth consecutive quarterly record. Margins reached a record $3,476 per gold-equivalent ounce, outpacing the rise in the gold price itself. The Company ended Q1 with $2.2 billion in cash and $1.4 billion in net cash. Full-year 2026 guidance remains 2.0 million gold-equivalent ounces at a production cost of sales of $1,360 per ounce and an all-in sustaining cost of $1,730 per ounce. Kinross is targeting return of approximately 40% of free cash flow to shareholders in 2026 through dividends and buybacks. For investors evaluating the cash-flow conversion economics of the senior gold cycle, Kinross's margin expansion is the cleanest measure available.THE GRML POSITIONAgainst that backdrop — four senior gold producers reporting record financial metrics on realized gold prices in the $4,800 to $4,900 range — Greenland Mines' May 7 sensitivity work translates the cycle into a tangible deposit-level number on one of the largest undeveloped Pd-Au-Pt systems on Earth.The H5 horizon — historically the highest-grade zone in the Skaergaard deposit — moves from 2.85 g/t PdEq Indicated in the 2022 base case to 6.56 g/t PdEq Indicated in the High case. Total Indicated PdEq content moves from 11.41 Moz (2022) to 16.58 Moz; total Inferred from 14.11 Moz to 21.92 Moz[2]. SLR also recommends that any future Mineral Resource updates be reported on a net smelter return (NSR) basis rather than using metal equivalents, in line with evolving practice under SK 1300 and NI 43-101.The Skaergaard intrusion has been studied since the 1990s. Approximately $30 million of historical exploration investment has gone into building the 2022 NI 43-101 Mineral Resource. SLR Consulting (Canada) Ltd. is the Qualified Person firm. GTK Mintec is driving metallurgy and pilot processing at the Geological Survey of Finland's Outokumpu facility. WSP is leading the environmental baseline. Greenland Mines and its 80%-owned subsidiary Major Precious Greenland A/S were admitted to the European Raw Materials Alliance on April 22, 2026[7]. The 2026 field, drill, and bulk-sample campaign is fully funded.The 2026 program will begin evaluating open-pit and bulk-mining scenarios alongside the underground concept — a separate, mine-method-based lever independent of any further metal-price assumption[2].The deposit didn't change. The math around it did.FREQUENTLY ASKED QUESTIONSWhat did the May 7, 2026 SLR sensitivity study actually conclude?Applied to the existing 2022 underground-constrained Mineral Resource model, with all geologic and technical inputs held constant, the high-price sensitivity case indicates 16.58 million ounces of palladium-equivalent Indicated and 21.92 million ounces of palladium-equivalent Inferred — a 45% grade uplift in the Indicated category and 55% in the Inferred versus the 2022 base case[2].Why is gold the dominant variable in the sensitivity analysis?Approximately 73% of the contained metal at Skaergaard is in the platinum group metals and 27% is in gold by ounce count, but on a value basis, gold accounts for the majority of the in-situ value at $5,000/oz Au in the high-price case. That is why a move in the gold price deck from $1,800 (2022) to $5,000 (2026 high case) drives the dominant share of the 45% to 55% PdEq grade uplift[2].What is the 2026 program?A fully funded summer field, drill, and bulk-sample campaign supported by SLR Consulting (geology / Qualified Person), GTK Mintec (metallurgy and pilot processing at the Geological Survey of Finland's Outokumpu facility), and WSP (environmental baseline). The program will begin evaluating open-pit and bulk-mining scenarios alongside the underground concept[2].Has GRML completed a feasibility study?No. The most recent technical work is the 2022 NI 43-101 Mineral Resource Estimate. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Skaergaard Project.For more information about Greenland Mines Ltd. (NASDAQ: GRML), visit the Baystreet GRML profile.Article Sources:Newmont Corporation, "Newmont Generates Record Quarterly Earnings and Free Cash Flow, Reports First Quarter 2026 Results and Announces Increased Share Repurchase Authorization," April 23, 2026.Greenland Mines Ltd., "Greenland Mines Reports Up To 45% – 55% Increase in Palladium Equivalent (PdEq) Grades at Skaergaard in Sensitivity Study," May 7, 2026.Klotho Neurosciences, Inc., Form 8-K and accompanying disclosures regarding the acquisition of Greenland Mines Corp., March 4, 2026; Greenland Mines Ltd. corporate disclosures.Barrick Mining Corporation, "Barrick Reports Full Year and Fourth Quarter 2025 Results," February 5, 2026; Barrick NewCo IPO authorization announcement.Agnico Eagle Mines Limited, "Agnico Eagle Reports First Quarter 2026 Results, Including Record Quarterly Operating Margins and Adjusted Net Income," April 30, 2026.Kinross Gold Corporation, "Kinross reports strong 2026 first-quarter results," April 29, 2026.Greenland Mines Ltd., admission to the European Raw Materials Alliance announcement, April 22, 2026.CONTACT:
BAYSTREET.CA
info @acblanke1Cautionary Note Regarding Mineral Resources: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The sensitivity cases referenced in this article are illustrative of the deposit's leverage to long-term metal price environments rather than economic estimates. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Skaergaard Project. There is no certainty that any portion of the Mineral Resources will be converted to Mineral Reserves or that the Project will be brought into commercial production.DISCLAIMER:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Baystreet.ca is a wholly-owned subsidiary of B Street Media Inc. ("BAY"). The owners of BAY also own MIQ. BAY has not been paid directly by Greenland Mines Ltd.; however, the owner(s) of BAY also own MIQ, which has been paid a fee by Greenland Mines Ltd. directly. There may be 3rd parties who may have shares of Greenland Mines Ltd., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. BAY owns shares of Greenland Mines Ltd. which were purchased in the open market, and reserves the right to buy and sell, and will buy and sell shares of Greenland Mines Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated has been approved by Greenland Mines Ltd.; this is a paid advertisement, and we own shares of Greenland Mines Ltd. that we will sell, and we also reserve the right to buy shares of Greenland Mines Ltd. in the open market or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Logo: https://mma.prnewswire.com/media/2973736/Baystreet_Logo.jpg  View original content:https://www.prnewswire.com/news-releases/newmont-transaction-highlights-rising-valuations-for-undeveloped-gold-assets-302770489.htmlSOURCE Baystreet Original: Newmont Transaction Highlights Rising Valuations For Undeveloped Gold Assets

Greenland Mines Just Reported PdEq Grades Up 45-55% in MetalPrice Sensitivity Work at One of the World's Largest Undeveloped Pd-Au-Pt DepositsMay 7, 2026 10:09 AM
PR Newswire (US) Issued on behalf of Greenland Mines LtdEquity Insider News CommentaryCHARLOTTE, N.C., May 7, 2026 /PRNewswire/ -- Companies Mentioned: Greenland Mines Ltd (NASDAQ: GRML) Ivanhoe Mines (OTCQX: IVPAF) Platinum Group Metals Ltd (NYSE American: PLG) Newmont (NYSE: NEM) Kinross Gold (NYSE: KGC)  KEY TAKEAWAYSGreenland Mines Ltd. (NASDAQ: GRML) has reported the results of an independent metal-price sensitivity analysis on its Skaergaard Project, completed by SLR Consulting, indicating PdEq grade increases of 45% (Indicated) and 55% (Inferred) versus the existing 2022 base case — together with 16.58 Moz PdEq Indicated and 21.92 Moz PdEq Inferred in the illustrative high-price sensitivity case at $5,000/oz Au.SLR's analysis applies updated long-term gold, palladium and platinum price assumptions to the existing 2022 underground-constrained Mineral Resource model, holding the geologic model, drill database, cut-off (1.43 g/t PdEq), and classification criteria unchanged — isolating metal-price leverage as a single, clean variable.Greenland Mines holds an 80% direct interest in the Skaergaard Project with an option to acquire the remaining 20%, on what it describes as one of the largest undeveloped palladium-gold-platinum deposits in the world.The 2026 program will begin to evaluate open-pit and bulk-mining scenarios alongside underground concepts — a strategic shift that could materially expand the resource base again, this time on a mine-method basis rather than a pricing basis.The sensitivity work reinforces a thesis already unfolding across the PGM and gold complex, where Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) has just hit three Phase-2 expansion milestones at Platreef, Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) is advancing the Waterberg DFS update, and Newmont (NYSE: NEM) and Kinross Gold (NYSE: KGC) have just delivered standout Q1 2026 results into a $4,800–$4,900/oz realized gold price environment.Once in a generation, the precious-metals industry produces a piece of technical work whose implications are larger than the work itself.The Skaergaard Project sits in Southeast Greenland, hosted in the Eocene-age Skaergaard intrusion — one of the most studied layered mafic intrusions on Earth. Its precious-metals potential has been recognized academically since the 1990s. What had not been quantified until recently was just how much the deposit's economics would shift under modern long-term metal-price assumptions.This week, Greenland Mines Ltd. (NASDAQ: GRML) answered that question.The Company reported the results of an independent metal-price sensitivity analysis completed by SLR Consulting (Canada) Ltd. — the same Qualified Person firm that authored the November 22, 2022 NI 43-101 Technical Report on Skaergaard. Applied to the existing 2022 underground-constrained Mineral Resource model, with all geologic and technical inputs held constant, the high-price sensitivity case indicates 16.58 million ounces of palladium-equivalent Indicated and 21.92 million ounces of palladium-equivalent Inferred. Average PdEq grades increase by 45% (Indicated) and 55% (Inferred) against the 2022 base case.This is not a new resource estimate. It is something arguably more useful for an investor evaluating where Skaergaard sits within the broader PGM and gold supply story: a clean, single-variable read on the deposit's leverage to metal prices, performed on the existing 2022 underground constrained Mineral Resource model without changing tonnages, classification or cutoff grade.THE TECHNICAL FRAMINGThe work isolates one variable. SLR retained the 2022 block model, the same drill database, the underground mining shape, the 1.43 g/t PdEq cut-off, the bulk density of 3.12 t/m³, the classification criteria, and every other technical assumption. Only metal-price assumptions and the resulting PdEq conversion factors changed.Three sensitivity cases were constructed:Low case: $1,725/oz Pd, $3,000/oz Au, $2,100/oz PtMedium case: $1,725/oz Pd, $3,500/oz Au, $2,100/oz PtHigh case: $1,800/oz Pd, $5,000/oz Au, $2,175/oz PtThe 2022 base case had used $1,725/oz Pd, $1,800/oz Au, and $1,250/oz Pt. SLR considers the high price sensitivity case relatively aggressive and views the Low and Medium cases as more reasonable long term reference points for any future Mineral Resource update, alongside updated cost assumptions.Two observations matter here. First, even the low sensitivity case lifts the in-situ PdEq content meaningfully versus the 2022 base case. Second, the dominant variable in the high case is the gold price — moving from $1,800 to $5,000 per ounce — which reflects the actual move that has occurred in the gold market since the 2022 Technical Report was filed. Spot gold has averaged above $4,500/oz through the first quarter of 2026, with senior producers reporting realized prices of approximately $4,873–$4,900/oz.Put differently: the high-price sensitivity case is not purely hypothetical. It is broadly aligned with where the gold price has recently traded, and the direction of major banks' long-term forecasts revisions, while still representing an upside price scenario.In its memorandum, SLR also recommends that any future Mineral Resource updates for Skaergaard be reported on a net smelter return (NSR) basis rather than using metal equivalents, to better reflect horizon by horizon value distribution and evolving SK 1300/NI 43101 practice.WHAT THE NUMBERS SHOWThree structural points stand out across the SLR sensitivity table.First, the H5 horizon — historically the highest-grade zone in the deposit — sees the most aggressive grade uplift, with Indicated grade moving from 2.85 g/t PdEq (2022) to 6.56 g/t PdEq (high case), and Inferred grade moving from 2.49 g/t PdEq to 5.57 g/t PdEq. This is the kind of grade profile that, in principle, could materially influence the underlying mining economics of a project — for example in cut-off discussions and early-mine cash-flow modelling — once formal economic studies are completed.Second, total Indicated PdEq content increases from 11.41 Moz (2022) to 16.58 Moz (high case) — a 45% step-up. Total Inferred PdEq content increases from 14.11 Moz to 21.92 Moz — a 55% step-up. These uplifts compound across the full deposit.Third — and most important for a forward-looking thesis — the Company has signaled that this sensitivity work is only the first lever it intends to pull. The 2026 program will begin evaluating open-pit and bulk-mining scenarios alongside underground concepts. The 2022 Mineral Resource was constrained by an underground-only mining shape. A bulk-tonnage scenario, where supported by geotechnical and geophysical data, has the potential to expand the resource base on a mine-method basis — independent of any further metal-price assumption. That is two distinct levers, applied sequentially, on a deposit that already ranks among the largest undeveloped Pd-Au-Pt systems in the world.THE STRATEGIC ARCHITECTUREThe technical foundation surrounding this announcement is unusually well-built for a company of Greenland Mines' stage. The Company has assembled three world-class consultants around the Skaergaard Project on a rapid cadence over recent months:SLR Consulting as Geological Consultant and Qualified Person — the same firm that prepared the 2022 NI 43-101 Technical Report and the current Mineral Resource Estimate, bringing zero relearning curve into the 2026 program;GTK Mintec for metallurgical and pilot-scale processing test work at the Geological Survey of Finland's mineral processing facility in Outokumpu — one of the most established industrial-scale pilot platforms in Europe; andWSP for the environmental baseline study required under Greenlandic mining law.President Bo Møller Stensgaard, Ph.D. framed the work bluntly in the Company's announcement: "The SLR sensitivity work crystallizes what makes Skaergaard so compelling. On the same conservative 2022 block model, simply applying a more gold-bullish long-term price deck takes the combined Pd-Au-Pt expression up by approximately 50%, with strong equivalent grade uplift in both the Indicated and Inferred categories. That is the kind of scale and price leverage that long-term institutional and strategic stakeholders and partners are looking for in the next generation of precious- and critical-metal projects."Stensgaard further noted that the 2026 program is fully funded and will run a summer field, drill and bulk-sample campaign, supported by a North Atlantic low-carbon processing strategy — and that the Company sees Skaergaard increasingly as "a future operation in the making, with mine method and metal prices acting as levers on what is already a very large Pd-Au-Pt and critical-metals system."For any investor whose mental model of a junior PGM developer involves long timelines and uncertain fundamentals, this is a different posture entirely.MACRO BACKDROP: THE PGM AND GOLD SUPERCYCLEThe reason this sensitivity work matters now — rather than being a footnote in a quiet quarter — is that the broader precious-metals complex has spent the last twelve months structurally re-rating.Bank of America Global Research raised its 2026 platinum forecast to $2,450/oz (from $1,825) and palladium to $1,725/oz (from $1,525) earlier this year, citing persistent market deficits, trade dislocations, and Chinese demand support including the launch of physically-backed platinum and palladium futures contracts on the Guangzhou Futures Exchange. The World Platinum Investment Council reports that the platinum market entered a third consecutive year of supply deficit in 2025.On the policy side, the U.S. Department of Commerce has estimated a dumping margin of approximately 828% on unworked Russian palladium imports — a number large enough to reshape U.S. import economics if any tariffs are imposed. And on the gold side, senior producer realized prices in Q1 2026 ran $4,800–$4,900/oz — roughly double the 2022 base-case price embedded in the previous Skaergaard Mineral Resource.Against that backdrop, an undeveloped Pd-Au-Pt deposit located in a Western-aligned jurisdiction, with a fully funded 2026 work program, a clean technical foundation, and direct exposure to all three of the commodities driving the macro cycle, occupies a relatively unique position.COMPANIES WORTH WATCHING ALONGSIDE GREENLAND MINESThe PGM-and-gold supply-deficit thesis has produced a clear set of U.S.-listed comparable names. Each has reported material newsflow within the past two weeks tied to the same macro cycle.Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF)On April 23, 2026, Ivanhoe Mines announced the completion of three major project milestones at the Platreef Platinum-Palladium-Nickel-Rhodium-Gold-Copper Mine in Limpopo, South Africa: the completion of construction of the 4 Mt/y Shaft #3, the breaking of ground for the Phase 2 concentrator site, and the commencement of widening of Shaft #2. The Phase 2 expansion is now on track to lift Platreef's annualized production almost five-fold to over 460,000 ounces of platinum, palladium, rhodium and gold (3PE+Au), plus approximately 9,000 tonnes of nickel and 6,000 tonnes of copper. Phase 2 life-of-mine total cash cost is estimated at $599/oz of 3PE+Au, falling to $511/oz after Phase 3 — against a basket spot price of approximately $2,000/oz of 3PE+Au at April 22, 2026. Founder and Co-Chairman Robert Friedland framed Platreef as a "once-in-a-generation geological wonder," with a flat-lying orebody approximately 25 times thicker than typical South African seams. For investors trying to understand what the institutional-grade end of the PGM development pipeline looks like, Ivanhoe is the reference point.Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG)Platinum Group Metals holds a 50.16% interest in the Waterberg Project on the Northern Limb of the Bushveld Complex in South Africa — a palladium-dominant deposit (approximately 63.5% palladium, 28.7% platinum, and 6.2% gold across its 4E reserves) that sits at the institutional-quality end of the development-stage PGM universe. The Company filed the Waterberg Independent Definitive Feasibility Study Update Technical Report and continues to advance Waterberg through the financing and partnership decisions that precede a build. Industry analysts have repeatedly noted Waterberg's structural attractiveness given current PGE prices and the project's modest share count. For investors evaluating where leveraged palladium exposure can be built without taking single-asset African operating risk, PLG is widely cited as the most relevant U.S.-listed name.Newmont (NYSE: NEM)Newmont, the world's largest gold producer, reported its first quarter 2026 results on April 23 and posted what the Company described as record quarterly free cash flow. Reported metrics included an all-time quarterly record of $3.1 billion in free cash flow, $5.2 billion of adjusted EBITDA, $3.3 billion of net income, $2.90 of adjusted EPS, an average realized gold price of approximately $4,900 per ounce, and gold AISC of $1,029 per ounce. The Board authorized an additional $6 billion share repurchase program. Production of 1.3 million attributable gold ounces leaves Newmont on track to meet 2026 full-year guidance of 5.3 million ounces. The relevance for a Pd-Au-Pt developer like Greenland Mines is direct: Newmont's Q1 confirms — at the senior producer level — that the realized-price environment now sits at or above the gold assumptions used in SLR's high-price sensitivity case.Kinross Gold (NYSE: KGC)Kinross Gold reported strong first quarter 2026 results on April 30, with average realized gold price of $4,873 per ounce — up from $2,857 in Q1 2025. Production of 492,563 Au-equivalent ounces was delivered against full-year guidance, and the Company added approximately $440 million in cash to the balance sheet during the quarter, ending Q1 with $2.2 billion of cash and equivalents and approximately $3.9 billion of total liquidity. Capital expenditures stepped up to $283.2 million, driven by development at Great Bear, Curlew, Round Mountain Phase X, and Bald Mountain Redbird Phases 1 and 2. Lobo-Marte's Environmental Impact Assessment was submitted in April, formally initiating permitting on what management has described as a long-life, large-scale growth project. For investors who care about what the gold-price environment looks like operationally — not just on the spot screen — Kinross's Q1 is one of the cleanest available data points in the senior gold space.WHY THIS MATTERS NOWThe combination of fact patterns now in front of investors at Greenland Mines is unusual:A 2022 NI 43-101 Mineral Resource on Skaergaard, prepared by SLR, that already sits among the largest undeveloped palladium-gold-platinum deposits in the world.A 45–55% PdEq grade uplift in the high-price sensitivity case, on the same block model and with all other technical assumptions held constant.16.58 Moz PdEq Indicated and 21.92 Moz PdEq Inferred at metal prices already aligned with where the gold market has traded.A 2026 work program that will begin evaluating open-pit and bulk-mining scenarios — a second, mine-method-based lever that has the potential to expand the resource base again.A fully funded summer field, drill and bulk-sample campaign supported by SLR (geology), GTK Mintec (metallurgy), and WSP (environmental).A direct 80% interest in the Skaergaard Project with an option on the remaining 20%.A North Atlantic low-carbon processing strategy connecting Greenlandic mining to North American and European refining markets.Mineral Resources are not Mineral Reserves, the sensitivity outputs are not standalone Mineral Resource or Reserve figures, and no preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on Skaergaard. Investors should treat the SLR work as illustrative of leverage to long-term metal price environments — which it is — rather than as economic estimates.But the framing matters: Greenland Mines is in possession of one of the largest undeveloped Pd-Au-Pt deposits in the world, has assembled a world-class technical team around it, and has just produced an independent piece of work showing that the deposit's PdEq metal content in the high-price sensitivity case scales 45–55% relative to the 2022 base-case PdEq values, under metal-price assumptions that the market has, in significant part, already met.That is a setup that does not appear often.For more information about Greenland Mines Ltd., please visit: Greenland Mines Ltd – Equity Insider Profile.Article Sources:Greenland Mines Ltd press release, 'Greenland Mines Reports Up To 45%–55% Increase in Palladium Equivalent (PdEq) Grades at Skaergaard in Sensitivity Study,' April 30, 2026.SLR Consulting (Canada) Ltd. NI 43-101 Technical Report on the Skaergaard Project, Southeastern Greenland, effective November 22, 2022.Ivanhoe Mines news release, 'Ivanhoe Mines Announces Completion of Three Major Project Milestones at the Platreef Platinum-Palladium-Nickel-Rhodium-Gold-Copper Mine,' April 23, 2026.Platinum Group Metals Ltd. corporate disclosures and Waterberg Independent Definitive Feasibility Study Update Technical Report.Newmont Corporation, 'Newmont Generates Record Quarterly Earnings and Free Cash Flow, Reports First Quarter 2026 Results and Announces Increased Share Repurchase Authorization,' April 23, 2026.Kinross Gold Corporation, 'Kinross reports strong 2026 first-quarter results,' April 30, 2026.Bank of America Global Research, 2026 PGM and gold price forecasts.World Platinum Investment Council (WPIC) supply/demand commentary.U.S. Department of Commerce preliminary anti-dumping determination on unworked Russian palladium imports.Media Contact
Equity Insider
info @therooster-2873DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity-Insider.com is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Greenland Mines Corp. advertising and digital media from Creative Digital Media Group ("CDMG"). There may be 3rd parties who may have shares of Greenland Mines Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ does not own any shares of Greenland Mines Corp. but reserve the right to buy and sell, and will buy and sell shares of Greenland Mines Corp. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been reviewed and approved on behalf of Greenland Mines Corp. by CDMG. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Cautionary Note Regarding Forward-Looking StatementsThis publication contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of the management team of Greenland Mines Ltd. and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. The Mineral Resource Estimates referenced in this publication were prepared in accordance with NI 43-101 by SLR Consulting as disclosed in the technical report dated November 22, 2022. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The gross undiscounted in-situ metal values expressed herein are illustrative calculations using February 2026 metal prices and do not account for mining recoveries, metallurgical losses, capital costs, operating costs, royalties, taxes, permitting requirements, or any other technical or economic factors. These values are not indicative of future revenue, project economics or net present value. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Skaergaard Project, and there is no certainty that the Mineral Resources disclosed will be converted to Mineral Reserves or that an economically viable mining operation can be established. You should carefully consider the foregoing factors and the other risks and uncertainties described in filings made with the SEC by Greenland Mines Ltd. from time to time, which may be found on the SEC's website at www.sec.gov.Logo: https://mma.prnewswire.com/media/2840019/5955888/Equity_Insider_Logo.jpg View original content:https://www.prnewswire.com/news-releases/greenland-mines-just-reported-pdeq-grades-up-4555-in-metalprice-sensitivity-work-at-one-of-the-worlds-largest-undeveloped-pd-au-pt-deposits-302765757.htmlSOURCE Equity Insider Original: Greenland Mines Just Reported PdEq Grades Up 45-55% in MetalPrice Sensitivity Work at One of the World's Largest Undeveloped Pd-Au-Pt Deposits

Newmont Beats Q1 Estimates as Record Cash Flow Drives Buyback ExpansionApril 24, 2026 7:14 AM
IH Market News
Newmont Corporation (NYSE:NEM) reported first-quarter results ahead of expectations, with adjusted earnings per share of $2.90 topping forecasts by $0.72 and revenue of $7.31 billion exceeding the $6.53 billion consensus.Despite the strong results, shares were slightly lower in premarket trading on Friday.



Record Cash Flow and Strong Gold Prices



The world’s largest gold miner generated a record $3.1 billion in free cash flow during the quarter, supported by an average realised gold price of $4,900 per ounce and production of 1.3 million attributable gold ounces—around 6% above Visible Alpha estimates.The performance led the board to approve an additional $6.0 billion share buyback programme, following the full execution of its previous $6.0 billion authorisation. Since the last earnings update, the company has repurchased $2.4 billion worth of shares.“Newmont delivered strong operational and financial performance in the first quarter, producing approximately 1.3 million attributable gold ounces and generating an all-time record $3.1 billion in quarterly free cash flow,” said Natascha Viljoen.



Costs Fall, Profit Surges



All-in sustaining costs for gold, net of by-products, came in at $1,029 per ounce, down 21% from the previous quarter, helped by stronger silver and copper prices and volumes.Net income rose to $3.3 billion, or $3.00 per diluted share, compared with $1.3 billion in the fourth quarter of 2025.Revenue increased 42% year-on-year from $5.0 billion, driven by higher gold prices and improved metal sales.The company ended the quarter with $8.8 billion in cash and a net cash position of $3.2 billion.



Positive Outlook and Growth Catalysts



Analysts at Macquarie Group said the results show Newmont is “off to a good start,” highlighting the production outperformance.Stifel expects stronger performance through 2026 and 2027 as key operations including Boddington, Lihir, Peñasquito and Cerro Negro stabilise. The firm also pointed to upcoming developments such as the Ahafo North shaft commissioning in 2027 and the expansion of Panel Caves 2 and 3 at Cadia in 2026–2027 as “positive medium-term catalysts.”



Dividend and Guidance Maintained



Newmont declared a quarterly dividend of $0.26 per share, payable on June 22, 2026 to shareholders on record as of May 27, 2026.The company also reaffirmed its full-year 2026 production guidance of 5.3 million attributable gold ounces.Newmont stock price

Original: Newmont Beats Q1 Estimates as Record Cash Flow Drives Buyback Expansion

Newmont Generates Record Quarterly Earnings and Free Cash Flow, Reports First Quarter 2026 Results and Announces Increased Share Repurchase AuthorizationApril 23, 2026 4:05 PM
Business Wire
Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced first quarter 2026 results and declared a dividend of $0.261 per share.


"Newmont delivered strong operational and financial performance in the first quarter, producing approximately 1.3 million attributable gold ounces and generating an all-time record $3.1 billion in quarterly free cash flow, keeping us well on track to achieve our 2026 guidance," said Natascha Viljoen, Newmont's President and Chief Executive Officer. "Supported by our enhanced capital allocation framework, we have doubled the size of our share repurchase program with an additional $6.0 billion authorization, following the full execution of our previous program, under which we repurchased $2.4 billion of shares since the last earnings call. We look forward to building on this momentum in the second quarter and continue delivering sustainable returns to our shareholders."


Q1 2026 Results



On track to meet Newmont's full year 2026 production guidance2 of 5.3 million attributable gold ounces; produced 1.3 million attributable gold ounces, as well as 9 million ounces of silver and 30 thousand tonnes of copper, primarily from Newmont's managed operations



Gold by-product All-In Sustaining Costs (AISC) was $1,029 per ounce3, benefitting from favorable silver and copper sales volume and prices, ongoing cost and productivity initiatives, and lower sustaining capital spend



Reported Net Income of $3.3 billion, Adjusted Net Income (ANI)3 of $3.2 billion or $2.90 per diluted share, and Adjusted EBITDA3 of $5.2 billion



Generated $3.8 billion of cash from operating activities, net of working capital impacts of $202 million; reported record Free Cash Flow3 of $3.1 billion



Delivered $2.7 billion of shareholder returns through share repurchases and dividend payments since the last earnings call4; declared a dividend of $0.26 per share of common stock for the first quarter of 2026



Through the date of filing, Newmont has executed and settled total trades of common stock repurchases of $6.0 billion under the previously authorized share purchase programs, including $2.4 billion since the last earnings call5



Newmont's Board of Directors authorized an additional $6.0 billion share repurchase program to be executed at the Company's discretion in line with Newmont's enhanced capital allocation framework6



Received net cash proceeds of approximately $321 million from the sale of equity investments in SolGold and Greatland Resources Limited, as well as contingency payments related to the divestments of Musselwhite and Cripple Creek & Victor last year7; generated over $4.6 billion in total after-tax proceeds from the non-core divestiture program to date



Ended the quarter with $8.8 billion of cash and $12.8 billion in total liquidity8, with a net cash position of $3.2 billion3




____________________



1







Newmont's Board of Directors declared a dividend of $0.26 per share of common stock for the first quarter of 2026, payable on June 22, 2026 to holders of record at the close of business on May 27, 2026.








2







See discussion of guidance and cautionary statement at the end of this release regarding forward-looking statements.








3







Non-GAAP metrics; see reconciliations at the end of this release.








4







Includes $2.4 billion of share repurchases since February 19, 2026, including $556 million of share repurchases settled in April 2026.








5







Includes $1.2 billion of share purchases in 2024, $2.3 billion repurchased in 2025 and $2.5 billion through the date of filing in 2026.








6







The share repurchase program will be executed at the Company's discretion. The share repurchase program permits shares to be repurchased in a variety of methods, has no time limit and may be suspended or discontinued at any time. See cautionary statement regarding forward-looking statements at end of this release.








7







Net proceeds includes $117 million related to the sale of Newmont's shares in Greatland Resources Limited, $105 million related to the sale of Newmont's shares in SolGold and $20 million of a contingent payment received from Orla Mining in relation to the sale of the Musselwhite asset, and $79 million of contingent payments from SSR Mining in relation to the sale of the CC&V asset.








8







Total liquidity as of March 31, 2026 includes $4.0 billion available on a revolving credit facility.







Delivering on Newmont's Enhanced Capital Allocation Framework


In February, Newmont announced an enhanced capital allocation framework, designed to be sustainable through the commodity and investment cycles while maximizing total return of capital to shareholders, maintaining a flexible and resilient balance sheet, and focusing on high-return capital investments for long-term value creation. The capital allocation uses below are presented in order of priority.1 Newmont is consistently delivering on these priorities, supported by the record free cash flow generated in the first quarter of 2026.


Ongoing Sustaining Capital Investment in World-Class Portfolio


Newmont sees a clear opportunity to enhance the longevity of its portfolio and preserve asset integrity through targeted investments in critical infrastructure, ensuring the delivery of safe production across its operations. This includes tailings solutions, primarily at Cadia and Boddington, to support near- and long-term production capacity, positioning Newmont's world-class operations to produce well into the middle of the century. These investments will require elevated sustaining capital spend over the next few years, as planned. Reflective of this approach, Newmont expects to spend $1.95 billion in 2026, as detailed in the '2026 Guidance Expectations' section below. In the first quarter, Newmont spent $381 million in sustaining capital, with spend expected to increase beginning in the second quarter, with full-year 2026 guidance remaining unchanged.2


Sustainable Through the Cycle Cash Dividend


Newmont is committed to returning capital to shareholders through a sustainable cash dividend of $1.1 billion per year. Central to this framework is a dividend structured to grow on a per share basis without increasing Newmont's financial commitment, as share repurchases executed through the cycle permanently lower the outstanding share count. The annual total per share dividend target will be calculated annually in February based on the current number of shares issued and outstanding. The dividend payment will be divided into four equal payments rounded up to the nearest $0.01, to be paid out on a quarterly basis, subject to quarterly approval by Newmont's Board of Directors1. In line with this commitment, a dividend of $0.26 per share for the first quarter of 2026 has been declared payable on June 22, 2026, to holders of record of such common stock at the close of business on May 27, 2026. This equates to an indicated total annualized dividend of $1.04 per share, demonstrating the initial benefit of Newmont’s ongoing share repurchase program, with continued per share dividend increases expected as share repurchases continue.


Disciplined Approach to Development Capital Reinvestment


Newmont expects to spend $1.4 billion in development capital in 2026 as it advances the highest-return free cash flow generative near-term projects, while continuing to study, evaluate and define the future growth profile of its portfolio. In the first quarter of 2026, Newmont invested $239 million in its current development projects, with full-year 2026 guidance remaining unchanged.2 Newmont will maintain a disciplined focus on capital efficiency and value creation.


Maintaining an Optimized Capital Structure Through the Cycle


Newmont is focused on maintaining a resilient balance sheet, anchored by a $1 billion net cash target3, with flexibility of plus or minus $2 billion depending on market conditions. This approach ensures Newmont's ability to return capital to shareholders and fund capital programs across commodity price cycles to support sustainable production growth. During strong commodity price environments, Newmont intends to further optimize its balance sheet by actively managing gross debt, while maintaining a minimum cash balance of $5 billion through the cycle. Consistent with these priorities, Newmont reduced gross debt by an additional $42 million since the previous earnings call. Newmont ended the first quarter of 2026 with a cash balance of $8.8 billion and a net cash balance of $3.2 billion3.


Ratable Share Repurchase Program


Once the above priorities are complete, Newmont intends to deploy excess cash4 on a ratable basis to share repurchases, driving sustained per share growth in the dividend and improving multiple per share metrics, including providing shareholders with greater exposure to the strong free cash flow generation from Newmont's world-class portfolio. Since the last earnings call, Newmont executed an additional $2.4 billion of share repurchases, fully exhausting the previous repurchase authorization of $6.0 billion. To continue delivering on this priority, Newmont's Board of Directors approved an additional $6.0 billion repurchase program. Newmont intends to request additional approval from its Board of Directors as the current authorization approaches completion, consistent with the Company's disciplined and repeatable approach to returning excess cash to shareholders.



____________________



1







See cautionary statement at the end of this release. The Enhanced Capital Allocation Framework is provided for illustrative purposes and remains non-binding. Guidance expectations, including capital allocation uses, future dividends, debt management and share repurchases, are forward-looking statements. An annualized dividend has not been declared by the Board of Directors.








2







Sustaining and development capital guidance and spend to date excludes capitalized interest.








3







Net cash balance is Cash and cash equivalents less Debt and Lease and other financing obligations as presented on the Consolidated Balance Sheets. Net cash balance will change based on Net cash provided by operating activities, Additions to property, plant and mine development, dividends paid to common shareholders, repayment of debt principal, and other investing and financing activities. Refer to the Net Debt reconciliation below in the Non-GAAP Financial Measures schedules in this release.








4







Excess Cash is defined as cash available from operations (including Exploration, G&A, etc.) after funding balance sheet obligations (including debt principal repayments and reclamation spend), capital expenditures, other investing activities, paying the dividend, and achieving the net cash target.







Summary of Results




 







2025






 






2026








 







Q1






Q2






Q3






Q4






FY






 






Q1






YTD








Average realized gold price ($/oz)







$






2,944







$






3,320







$






3,539







$






4,216







$






3,498








$






4,900







$






4,900









Attributable gold production (Moz) (1)







 






1.54







 






1.48







 






1.42







 






1.45







 






5.89








 






1.30







 






1.30









Total CAS ($M) (2)







$






2,106







$






2,001







$






1,951







$






2,027







$






8,085








$






1,937







$






1,937









Gold By-Product CAS ($/oz) (2)(3)







$






930







$






917







$






831







$






738







$






855








$






541







$






541









Gold Co-Product CAS ($/oz) (2)(3)







$






1,227







$






1,215







$






1,185







$






1,166







$






1,199








$






1,307







$






1,307









Gold By-Product AISC ($/oz) (3)







$






1,447







$






1,375







$






1,303







$






1,302







$






1,358








$






1,029







$






1,029









Gold Co-Product AISC ($/oz) (3)







$






1,651







$






1,593







$






1,566







$






1,620







$






1,609








$






1,709







$






1,709









Net income (loss) attributable to




Newmont stockholders ($M)







$






1,891







$






2,061







$






1,832







$






1,301







$






7,085








$






3,262







$






3,262









Net income (loss) attributable to Newmont stockholders per share ($/diluted share)







$






1.68







$






1.85







$






1.67







$






1.19







$






6.39








$






3.00







$






3.00









Adjusted net income ($M) (4)







$






1,404







$






1,594







$






1,883







$






2,753







$






7,634








$






3,156







$






3,156









Adjusted net income per share




($/diluted share) (4)







$






1.25







$






1.43







$






1.71







$






2.52







$






6.89








$






2.90







$






2.90









Adjusted EBITDA ($M) (4)







$






2,629







$






2,997







$






3,309







$






4,545







$






13,480








$






5,154







$






5,154









Cash from operations before working capital ($M) (5)







$






2,172







$






2,228







$






2,584







$






3,560







$






10,544








$






3,987







$






3,987









Net cash from operating activities ($M)







$






2,031







$






2,384







$






2,298







$






3,621







$






10,334








$






3,785







$






3,785









Capital expenditures ($M) (6)







$






826







$






674







$






727







$






808







$






3,035








$






641







$






641









Free cash flow ($M) (7)







$






1,205







$






1,710







$






1,571







$






2,813







$






7,299








$






3,144







$






3,144








First Quarter 2026 Production and Financial Summary


Attributable gold production1 decreased 10 percent to 1,301 thousand ounces from the prior quarter, driven by lower production at Boddington as a result of the impact of the bushfire, lower production at Tanami as a result of lower grade from planned mine sequencing and the impact of record rainfall, and lower grade and planned maintenance at Lihir and Cerro Negro. In addition, lower production was delivered from the non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo. These decreases were partially offset by increased production at Yanacocha, Cadia, and Merian. Consolidated gold sales were 1,232 thousand ounces for the quarter.


Copper production increased 3 percent to 30 thousand tonnes compared to the prior quarter, driven by higher grade and improved throughput at Cadia. Silver production increased 29 percent to 9 million ounces, lead production increased 17 percent to 27 thousand tonnes and zinc production increased 35 percent to 62 thousand tonnes compared to the prior quarter, driven by higher co-product grade at Peñasquito.


Average realized gold price was $4,900 per ounce, an increase of $684 per ounce over the prior quarter. Average realized gold price includes $4,857 per ounce of gross price received, a favorable impact of $49 per ounce of mark-to-market on provisionally-priced sales and reductions of $6 per ounce for treatment and refining charges.


Costs Applicable to Sales (CAS)2 allocated to gold totaled $1.6 billion for the quarter, with an additional $327 million allocated to co-product metals. Gold By-Product CAS per ounce3 decreased 27 percent to $541 for the quarter primarily driven by favorable co-product volumes and sales pricing, particularly related to silver and copper. CAS also benefited from lower direct costs in the first quarter at Tanami, Lihir and Peñasquito, as well as a favorable build in inventory at Boddington. Newmont's continued focus on cost discipline and productivity also supported the offset of higher royalty expense from a higher gold price. Gold Co-Product CAS per ounce3 was $1,307.


Gold By-Product All-In Sustaining Costs (AISC) per ounce3 decreased 21 percent to $1,029 for the quarter. Building from CAS per ounce, the decrease was primarily due to lower sustaining capital spend, G&A, and other expenses. Sustaining capital spend is expected to ramp up through the remainder of this year, with Newmont remaining on track to spend its full year guidance. Gold Co-Product AISC per ounce3 was $1,709.


Net income attributable to Newmont stockholders was $3.3 billion or $3.00 per diluted share, an increase of $2.0 billion from the prior quarter. This increase was primarily driven by higher revenues due to a higher realized gold price, slightly lower CAS, impairment charges recognized during the quarter of $9 million compared to $779 million recognized in the prior quarter primarily related to Yanacocha Sulfides, and a decrease of $666 million in income and mining tax expense, primarily due to the recognition of one-time deferred tax items in the prior quarter.


Adjusted net income4 for the quarter was $3.2 billion or $2.90 per diluted share, compared to $2.8 billion or $2.52 per diluted share in the prior quarter. Primary adjustments to first quarter net income include a net gain on the fair value of investments and options of $87 million, partially offset by impairment charges of $9 million primarily related to assets no longer in use.


Consolidated cash from operations before working capital5 increased 12 percent from the prior quarter to $4.0 billion primarily due to higher revenue from a higher realized gold price and lower CAS.


Consolidated net cash from operating activities increased 5 percent from the prior quarter to $3.8 billion primarily due to higher consolidated cash from operations before working capital. This was partially offset by a net unfavorable working capital movement of $202 million, driven by the continued cash spend for previously accrued reclamation activities of $209 million, primarily related to the ongoing construction of the Yanacocha water treatment plants, as well as a build in inventory and stockpiles of $152 million, and an accrual of other liabilities of $118 million, primarily related to severance and employee-related liabilities. These unfavorable working capital adjustments were partially offset by an accrual for future tax payments of $200 million and an increase in accounts receivable of $70 million due to the timing of cash collections.


Income and mining cash tax paid increased 68 percent from the prior quarter to $1.3 billion due to higher net income attributable to Newmont shareholders, as well as higher cash tax paid due to the timing of annual tax payments accrued in 2025.


Free Cash Flow7 increased 12 percent from the prior quarter to $3.1 billion primarily due to an increase in net cash provided by operating activities and lower capital investment, partially offset by an unfavorable working capital impact in the current quarter compared to a favorable working capital benefit in the prior quarter.


Balance sheet and liquidity remained strong in the first quarter, ending with $8.8 billion of cash and cash equivalents, with $12.8 billion of total liquidity; ended the quarter in a net cash position of $3.2 billion.8


Non-Managed Joint Venture and Equity Method Investments9


Nevada Gold Mines (NGM) attributable gold production decreased 19 percent to 236 thousand ounces, with a 2 percent increase in CAS per ounce to $1,281 per ounce.3 AISC per ounce increased 6 percent from the prior quarter to $1,595 per ounce.3


Pueblo Viejo attributable gold production decreased 22 percent to 54 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $167 million in the first quarter. Capital contributions of $17 million were made during the quarter related to the expansion project at Pueblo Viejo.


Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the first quarter of 2026 decreased 5 percent to 38 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $89 million for the first quarter.



____________________



1







Attributable gold production includes ounces from the Company's equity method investment in Pueblo Viejo (40%) and in Lundin Gold (32%).








2







Consolidated Costs applicable to sales (CAS) excludes Depreciation and amortization and Reclamation and remediation.








3







Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.








4







Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.








5







Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled in the Condensed Consolidated Statements of Cash Flows.








6







Capital expenditures refers to Additions to property plant and mine development from the Condensed Consolidated Statements of Cash Flows, inclusive of capitalized interest.








7







Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities.








8







Non-GAAP measure. See end of this release for reconciliation.








9







Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag.







2026 Guidance Expectations (+/-5%)


Newmont remains on track to meet its previously published 2026 guidance. For more details, refer to the Company’s Fourth Quarter 2025 Earnings and 2026 Guidance press release, issued on February 19, 2026, and available on Newmont.com. Please see the cautionary statement and footnotes for additional information.




Guidance Metric (+/-5%) (1)







2026E








Attributable Gold Production (Moz)







 








Managed Portfolio







3,915








Non-Managed Portfolio







1,345








Total Newmont Attributable Gold Production







5,260








Gold By-Product CAS ($/oz) (2)








Managed Portfolio







$965








Non-Managed Portfolio







$1,400








Total Newmont Gold By-Product CAS ($/oz) (2)







$1,055








Gold By-Product AISC ($/oz) (2)








Managed Portfolio







$1,650








Non-Managed Portfolio







$1,775








Total Newmont Gold By-Product AISC ($/oz) (2)







$1,680








Sustaining Capital ($M)








Managed Portfolio







$1,660








Non-Managed Portfolio







$290








Total Newmont Sustaining Capital (3)(4)







$1,950








Development Capital ($M)








Managed Portfolio







$1,160








Non-Managed Portfolio







$240








Total Newmont Development Capital (4)







$1,400








Co-Product Production








Copper Production (ktonne)







102








Silver Production (Moz)







32








Lead Production (ktonne)







90








Zinc Production (ktonne)







220








Consolidated Expenses








Exploration & Advanced Projects ($M)







$525








General & Administrative ($M)







$375








Interest Expense ($M) (5)







$175








Depreciation & Amortization ($M)







$2,815








Reclamation and Remediation Accretion ($M)







$385








Adjusted Tax Rate (6)







33%








Capitalized Interest ($M)







$175









1







2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Guidance. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. See cautionary statement at the end of this release.








2







Presented on a consolidated basis and reflects an assumed metal price assumptions of Gold ($4,500/oz.), Copper ($5.00/lb.), Silver ($60.00/oz), Lead ($0.90/lb.) and Zinc ($1.30/lb.) and foreign exchange rates of AUD:USD ($0.70), CAD:USD ($0.75), and USD:MXN ($17.00).








3







Sustaining capital is presented on an attributable basis.








4







Capital guidance excludes amounts attributable to the Pueblo Viejo joint venture.








5







Interest expense guidance is net of capitalized interest.








6







The adjusted tax rate excludes certain items such as tax valuation allowance adjustments.







2026 SEASONALITY GUIDANCE1 AND SECOND QUARTER COMMENTARY




Total Portfolio







H1 2026E






 






H2 2026E








Attributable Production







48%






 






52%








Sustaining Capital







48%






 






52%








Development Capital







45%






 






55%









1







2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. See cautionary statement at the end of this release.







H1/H2 Commentary: Attributable gold production in 2026 is expected to be approximately 52 percent weighted to the second half of the year. The increase in production in the second half of the year is expected to be driven by Boddington, Tanami, Lihir, Cerro Negro and Peñasquito while Cadia, Ahafo South and Merian are expected to produce higher ounces from higher grades in the first half of the year. Ahafo North production is expected to increase sequentially throughout 2026.


Sustaining capital spend in 2026 is expected to be approximately 52 percent weighted to the second half of the year. Spend in the second and third quarters is expected to be higher due to warmer weather surface work at Red Chris and Brucejack in Northern Canada and higher tailings spend at Cadia, Boddington and Tanami in Australia. Development capital spend is expected to be weighted 55 percent to the second half of 2026 driven primarily by the timing of significant work at the Lihir Nearshore Barrier starting in the second half of 2026.


Second Quarter Commentary: Newmont expects to produce 23 percent of total attributable production in the second quarter of 2026, slightly below first quarter production. Unit costs are expected to be notably higher than the first quarter due to higher sustaining capital spend, lower silver production, and higher costs applicable to sales at Boddington, Tanami, Lihir and Peñasquito. Unit costs may also be impacted by higher oil prices and a full quarter of the increased Ghana royalty. Sustaining and development capital spend are expected to increase in the second quarter due to the planned timing of investment.


ASSUMPTIONS AND SENSITIVITIES1




 







Assumption






 






Change (+/-)






 






Revenue and Cost Impact ($M) (2)








Gold ($/oz)







$4,500






 






$100






 






$505








Australian Dollar







$0.70






 






$0.05






 






$100








Canadian Dollar







$0.75






 






$0.05






 






$30








Mexican Peso







$17.00






 






$1.00






 






$25








Oil ($/bbl Brent)







$70.00






 






$10.00






 






$60








Copper ($/tonne) (3)







$11,023






 






$550






 






$60








Silver ($/oz) (4)







$60.00






 






$1.00






 






$25








Lead ($/tonne) (3)







$1,894






 






$220






 






$20








Zinc ($/tonne) (3)







$2,866






 






$220






 






$50









1







2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. See cautionary statement at the end of this release.








2







Impacts are presented on a pretax basis.








3







Co-product metal pricing assumptions in imperial units equate to Copper ($5.00/lb.), Lead ($0.90/lb.) and Zinc ($1.30/lb.).








4







Silver revenue impact relates only to co-product silver revenue from Peñasquito, including the impact of the silver stream agreement.







Excluded from the sensitivity above is a royalty, production tax, and workers participation impact of approximately $6 per ounce for every $100 per ounce change in gold price.


Ghana Stability Agreement


On March 10, 2026, the Government of Ghana enacted a sliding royalty rate of 5 percent to 12 percent dependent on gold price. Subsequently on April 1, 2026, the Government of Ghana adjusted the previously enacted Growth and Sustainability Levy from 3 percent to 1 percent. Based on these changes, Newmont anticipates a potential impact to Gold AISC of approximately $185 per ounce for our Ghana operations, with a resulting impact for total Newmont of approximately $25 per ounce. The impact of these changes was not included in 2026 guidance, but Newmont is working to offset these costs through ongoing global cost and productivity initiatives. Newmont continues to engage constructively with the Government of Ghana on matters related to taxes, royalties and the broader fiscal environment, with the objective of supporting its long-standing partnership and maintaining Ghana as a priority destination for future investment.


Cadia Operations Update


On April 14, 2026, a magnitude 4.5Mla earthquake was recorded in the New South Wales Central West near Newmont's Cadia operation. Safety protocols were activated immediately at the time of the event and there were no reported injuries. The assessment of the impact remains ongoing across the operation; however, initial findings suggest the damage is limited. All surface infrastructure was inspected immediately following the event and sustained no damage, including the tailings facilities. The operation is currently processing surface stockpiles and expects underground rehabilitation to be completed in the next five weeks enabling a return to 80 percent operating capacity. Full operational capacity is expected by the end of the second quarter. As a result, second quarter production at Cadia is expected to be lower due to a short gap in mill feed, with operations returning to normal levels beginning in the third quarter.


Committed to Concurrent Reclamation


As mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental and regulatory impacts associated with the end of mining operations. Newmont’s global Closure Strategy integrates closure planning throughout each operation’s lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to recognize reclamation and remediation expense throughout the year. In the three months ended March 31, 2026, Newmont spent $209 million on reclamation activities, including $169 million on the construction of water treatment plants at Yanacocha. Newmont anticipates 2026 spending of approximately $850 million for the total portfolio and approximately $550 million on the Yanacocha water treatment plants. Total estimated spend on the Yanacocha water treatment plants is approximately $1.8 billion, with $938 million spent to date. Once complete, total reclamation spend is expected to return to more normal levels of $300 to $400 million in 2028.


Projects Update


For details on Newmont’s key projects currently in execution, refer to the Company’s Fourth Quarter 2025 Earnings and 2026 Guidance press release, issued on February 19, 2026, and available on Newmont.com. Additional project updates will be provided as they become available. Please refer to the cautionary statement and footnotes for further information.


2026 Site Guidance as of February 19, 2026




2026 Guidance (+/- 5%) (1)






Consolidated Production (Koz)






Attributable Production (Koz)






Consolidated By-Product CAS ($/oz)






Consolidated By-Product




AISC ($/oz) (2)






Attributable Sustaining Capital ($M)






Attributable Development Capital ($M)








Managed Portfolio






 






 






 






 






 






 








Lihir






560






 






560






 






1,475






 






1,765






 






95






 






140






 








Cadia






270






 






270






 






(180






)






1,575






 






425






 






370






 








Tanami






365






 






365






 






1,250






 






2,145






 






270






 






330






 








Boddington






580






 






580






 






1,160






 






1,630






 






225






 






—






 








Ahafo South






440






 






440






 






1,830






 






2,160






 






115






 






10






 








Ahafo North






315






 






315






 






1,045






 






1,285






 






55






 






30






 








Merian (3)






300






 






225






 






1,480






 






1,800






 






80






 






—






 








Cerro Negro






220






 






220






 






1,430






 






1,960






 






95






 






120






 








Yanacocha






460






 






460






 






1,070






 






1,170






 






10






 






—






 








Peñasquito






185






 






185






 






(4,325






)






(2,395






)






100






 






—






 








Red Chris






35






 






35






 






1,390






 






3,625






 






60






 






160






 








Brucejack






260






 






260






 






1,475






 






2,085






 






115






 






—






 








Non-Managed Portfolio






 








Nevada Gold Mines (4)






935






 






935






 






1,400






 






1,775






 






290






 






240






 








Pueblo Viejo (5)






 






255






 






 






 






 






 








Fruta Del Norte (6)






 






155






 






 






 






 






 








Co-Product Production






 








Cadia - Copper (ktonne)






65






 






65






 






 






 






 






 








Boddington - Copper (ktonne)






17






 






17






 






 






 






 






 








Peñasquito - Silver (Moz)






32






 






32






 






 






 






 






 








Peñasquito - Lead (ktonne)






90






 






90






 






 






 






 






 








Peñasquito - Zinc (ktonne)






220






 






220






 






 






 






 






 








Red Chris - Copper (ktonne)






20






 






20






 






 






 






 






 








____________________



1







2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2026 Guidance assumes $4,500/oz Au, $5.00/lb Cu, $60.00/oz Ag, $1.30/lb Zn, $0.90/lb Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $70/barrel Brent. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Guidance. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. See cautionary statement at the end of this release.








2







All-in sustaining costs (AISC) as used in the Company’s Guidance is a non-GAAP metric; see 2026 Guidance - Gold AISC Reconciliation and related note for further information.








3







Consolidated production for Merian is presented on a total production basis for the mine site; attributable production represents a 75% interest for Merian.








4







Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM.








5







Attributable production includes Newmont’s 40% interest in Pueblo Viejo, which is accounted for as an equity method investment.








6







Attributable production includes Newmont’s 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag.









 






 






2025






 






2026








Operating Results






 






Q1






Q2






Q3






Q4






FY






 






Q1






Q2






Q3






Q4






YTD








Sales Volumes (koz)






 






 






 






 






 






 






 






 






 






 






 






 








Consolidated gold ounces sold






 






 






1,442






 






 






1,380






 






 






1,319






 






 






1,378






 






 






5,519






 






 






 






1,232






 






 






 






 






 






1,232






 








Attributable gold ounces sold (1)






 






 






1,430






 






 






1,363






 






 






1,308






 






 






1,358






 






 






5,459






 






 






 






1,211






 






 






 






 






 






1,211






 








Consolidated copper tonnes sold (thousands)






 






 






35






 






 






37






 






 






31






 






 






31






 






 






134






 






 






 






30






 






 






 






 






 






30






 








Consolidated silver ounces sold (millions)






 






 






6






 






 






7






 






 






8






 






 






7






 






 






28






 






 






 






10






 






 






 






 






 






10






 








Consolidated lead tonnes sold (thousands)






 






 






21






 






 






23






 






 






27






 






 






24






 






 






95






 






 






 






28






 






 






 






 






 






28






 








Consolidated zinc tonnes sold (thousands)






 






 






73






 






 






56






 






 






68






 






 






49






 






 






246






 






 






 






58






 






 






 






 






 






58






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Average Realized Price ($/oz, $/lb)






 






 






 






 






 






 






 






 






 






 






 






 








Average realized gold price






 






$






2,944






 






$






3,320






 






$






3,539






 






$






4,216






 






$






3,498






 






 






$






4,900






 






 






 






 






$






4,900






 








Average realized copper price






 






$






4.65






 






$






4.37






 






$






4.67






 






$






6.04






 






$






4.89






 






 






$






5.68






 






 






 






 






$






5.68






 








Average realized silver price






 






$






30.12






 






$






29.50






 






$






37.02






 






$






57.29






 






$






38.92






 






 






$






66.78






 






 






 






 






$






66.78






 








Average realized lead price






 






$






0.89






 






$






0.88






 






$






0.86






 






$






0.88






 






$






0.87






 






 






$






0.84






 






 






 






 






$






0.84






 








Average realized zinc price






 






$






1.13






 






$






1.13






 






$






1.29






 






$






1.41






 






$






1.23






 






 






$






1.44






 






 






 






 






$






1.44






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Attributable Gold Production (koz)






 






 






 






 






 






 






 






 






 






 






 






 








Lihir






 






 






164






 






 






160






 






 






129






 






 






132






 






 






585






 






 






 






113






 






 






 






 






 






113






 








Cadia






 






 






103






 






 






104






 






 






97






 






 






81






 






 






385






 






 






 






94






 






 






 






 






 






94






 








Tanami






 






 






78






 






 






90






 






 






100






 






 






123






 






 






391






 






 






 






82






 






 






 






 






 






82






 








Boddington






 






 






126






 






 






147






 






 






146






 






 






146






 






 






565






 






 






 






111






 






 






 






 






 






111






 








Ahafo South (2)






 






 






205






 






 






197






 






 






145






 






 






119






 






 






664






 






 






 






128






 






 






 






 






 






128






 








Ahafo North (2)






 






 






—






 






 






—






 






 






—






 






 






68






 






 






70






 






 






 






62






 






 






 






 






 






62






 








Merian (75%)






 






 






47






 






 






40






 






 






35






 






 






56






 






 






178






 






 






 






66






 






 






 






 






 






66






 








Cerro Negro






 






 






28






 






 






42






 






 






68






 






 






64






 






 






202






 






 






 






46






 






 






 






 






 






46






 








Yanacocha






 






 






105






 






 






131






 






 






152






 






 






127






 






 






515






 






 






 






144






 






 






 






 






 






144






 








Peñasquito






 






 






123






 






 






148






 






 






88






 






 






56






 






 






415






 






 






 






54






 






 






 






 






 






54






 








Red Chris (70%)






 






 






14






 






 






15






 






 






15






 






 






18






 






 






62






 






 






 






14






 






 






 






 






 






14






 








Brucejack






 






 






41






 






 






50






 






 






79






 






 






61






 






 






231






 






 






 






59






 






 






 






 






 






59






 








Managed Core Portfolio






 






 






1,034






 






 






1,124






 






 






1,054






 






 






1,051






 






 






4,263






 






 






 






973






 






 






 






 






 






973






 








Nevada Gold Mines (38.5%)






 






 






216






 






 






239






 






 






251






 






 






293






 






 






999






 






 






 






236






 






 






 






 






 






236






 








Pueblo Viejo (40%) (3)






 






 






49






 






 






63






 






 






72






 






 






69






 






 






253






 






 






 






54






 






 






 






 






 






54






 








Fruta Del Norte (32%) (4)






 






 






43






 






 






38






 






 






44






 






 






40






 






 






165






 






 






 






38






 






 






 






 






 






38






 








Non-Managed Core Portfolio






 






 






308






 






 






340






 






 






367






 






 






402






 






 






1,417






 






 






 






328






 






 






 






 






 






328






 








Total Core Portfolio






 






 






1,342






 






 






1,464






 






 






1,421






 






 






1,453






 






 






5,680






 






 






 






1,301






 






 






 






 






 






1,301






 








Non-Core Assets (5)






 






 






195






 






 






14






 






 






—






 






 






—






 






 






209






 






 






 






—






 






 






 






 






 






—






 








Total Attributable Gold Production






 






 






1,537






 






 






1,478






 






 






1,421






 






 






1,453






 






 






5,889






 






 






 






1,301






 






 






 






 






 






1,301






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Co-Product Production






 






 






 






 






 






 






 






 






 






 






 






 








Cadia copper tonnes (thousands)






 






 






21






 






 






22






 






 






22






 






 






17






 






 






82






 






 






 






21






 






 






 






 






 






21






 








Boddington copper tonnes (thousands)






 






 






7






 






 






7






 






 






6






 






 






4






 






 






24






 






 






 






3






 






 






 






 






 






3






 








Red Chris copper tonnes (thousands)






 






 






7






 






 






7






 






 






7






 






 






8






 






 






29






 






 






 






6






 






 






 






 






 






6






 








Total copper tonnes (thousands)






 






 






35






 






 






36






 






 






35






 






 






29






 






 






135






 






 






 






30






 






 






 






 






 






30






 








Peñasquito silver ounces (millions)






 






 






6






 






 






8






 






 






7






 






 






7






 






 






28






 






 






 






9






 






 






 






 






 






9






 








Peñasquito lead tonnes (thousands)






 






 






22






 






 






27






 






 






26






 






 






23






 






 






98






 






 






 






27






 






 






 






 






 






27






 








Peñasquito zinc tonnes (thousands)






 






 






59






 






 






67






 






 






59






 






 






46






 






 






231






 






 






 






62






 






 






 






 






 






62






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Total CAS ($M)





 

 






 






 






 






 






 






 






 






 






 








Total CAS






 






$






2,106






 






$






2,001






 






$






1,951






 






$






2,027






 






$






8,085






 






 






$






1,937






 






 






 






 






$






1,937






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Gold By-Product CAS Consolidated ($/oz)





 

 






 






 






 






 






 






 






 






 






 








Lihir






 






$






1,009






 






$






1,287






 






$






1,468






 






$






1,484






 






$






1,297






 






 






$






1,503






 






 






 






 






$






1,503






 








Cadia






 






$






(643






)






$






(514






)






$






(593






)






$






(1,007






)






$






(676






)






 






$






(1,062






)






 






 






 






$






(1,062






)








Tanami






 






$






1,087






 






$






1,278






 






$






1,158






 






$






963






 






$






1,114






 






 






$






1,099






 






 






 






 






$






1,099






 








Boddington






 






$






970






 






$






1,000






 






$






1,054






 






$






1,002






 






$






1,005






 






 






$






1,158






 






 






 






 






$






1,158






 








Ahafo South






 






$






1,238






 






$






1,010






 






$






1,309






 






$






1,458






 






$






1,227






 






 






$






1,696






 






 






 






 






$






1,696






 








Ahafo North






 






$






—






 






$






—






 






$






—






 






$






532






 






$






532






 






 






$






1,190






 






 






 






 






$






1,190






 








Merian






 






$






1,497






 






$






1,808






 






$






1,722






 






$






1,297






 






$






1,562






 






 






$






1,320






 






 






 






 






$






1,320






 








Cerro Negro






 






$






2,063






 






$






2,118






 






$






1,375






 






$






1,240






 






$






1,594






 






 






$






1,181






 






 






 






 






$






1,181






 








Yanacocha






 






$






961






 






$






882






 






$






769






 






$






618






 






$






795






 






 






$






1,005






 






 






 






 






$






1,005






 








Peñasquito






 






$






(949






)






$






(880






)






$






(1,882






)






$






(3,587






)






$






(1,578






)






 






$






(10,482






)






 






 






 






$






(10,482






)








Red Chris






 






$






(1,200






)






$






71






 






$






125






 






$






(1,789






)






$






(723






)






 






$






(2,094






)






 






 






 






$






(2,094






)








Brucejack






 






$






1,800






 






$






1,861






 






$






1,184






 






$






1,257






 






$






1,465






 






 






$






1,736






 






 






 






 






$






1,736






 








Managed Core Portfolio






 






$






733






 






$






789






 






$






732






 






$






594






 






$






713






 






 






$






363






 






 






 






 






$






363






 








Nevada Gold Mines (38.5%)






 






$






1,426






 






$






1,448






 






$






1,241






 






$






1,258






 






$






1,334






 






 






$






1,281






 






 






 






 






$






1,281






 








Non-Managed Core Portfolio






 






$






1,426






 






$






1,448






 






$






1,241






 






$






1,258






 






$






1,334






 






 






$






1,281






 






 






 






 






$






1,281






 








Total Core Portfolio






 






$






854






 






$






903






 






$






831






 






$






738






 






$






830






 






 






$






541






 






 






 






 






$






541






 








Non-Core Assets (5)






 






$






1,410






 






$






2,032






 






$






—






 






$






—






 






$






1,456






 






 






$






—






 






 






 






 






$






—






 








Total Gold By-Product CAS/oz (6)






 






$






930






 






$






917






 






$






831






 






$






738






 






$






855






 






 






$






541






 






 






 






 






$






541






 









 






 






2025






 






2026








Operating Results (continued)






 






Q1






Q2






Q3






Q4






FY






 






Q1






Q2






Q3






Q4






YTD








Gold Co-Product CAS ($/oz)






 






 






 






 






 






 






 






 






 






 






 






 








Cadia






 






$






794






 






$






805






 






$






820






 






$






981






 






$






845






 






 






$






1,050






 






 






 






 






$






1,050






 








Boddington






 






$






1,239






 






$






1,207






 






$






1,268






 






$






1,262






 






$






1,244






 






 






$






1,421






 






 






 






 






$






1,421






 








Peñasquito






 






$






898






 






$






756






 






$






956






 






$






1,235






 






$






922






 






 






$






1,188






 






 






 






 






$






1,188






 








Red Chris (70%)






 






$






1,106






 






$






1,475






 






$






1,492






 






$






1,352






 






$






1,358






 






 






$






1,658






 






 






 






 






$






1,658






 








Managed Core Portfolio






 






$






1,150






 






$






1,154






 






$






1,172






 






$






1,140






 






$






1,154






 






 






$






1,314






 






 






 






 






$






1,314






 








Total Core Portfolio






 






$






1,198






 






$






1,204






 






$






1,185






 






$






1,166






 






$






1,188






 






 






$






1,307






 






 






 






 






$






1,307






 








Total Gold Co-Product CAS/oz (6)






 






$






1,227






 






$






1,215






 






$






1,185






 






$






1,166






 






$






1,199






 






 






$






1,307






 






 






 






 






$






1,307






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Co-Product CAS ($/unit)






 






 






 






 






 






 






 






 






 






 






 






 








Cadia - copper ($/tonne)






 






$






3,468






 






$






3,517






 






$






3,534






 






$






4,289






 






$






3,688






 






 






$






2,858






 






 






 






 






$






2,858






 








Boddington - copper ($/tonne)






 






$






5,423






 






$






5,163






 






$






5,048






 






$






5,548






 






$






5,287






 






 






$






3,912






 






 






 






 






$






3,912






 








Red Chris - copper ($/tonne)






 






$






4,991






 






$






6,738






 






$






6,870






 






$






5,783






 






$






6,087






 






 






$






4,474






 






 






 






 






$






4,474






 








Total - copper ($/tonne)






 






$






4,182






 






$






4,422






 






$






4,531






 






$






4,821






 






$






4,476






 






 






$






3,273






 






 






 






 






$






3,273






 








Peñasquito- silver ($/ounce)






 






$






10






 






$






9






 






$






12






 






$






16






 






$






12






 






 






$






15






 






 






 






 






$






15






 








Peñasquito - lead ($/tonne)






 






$






997






 






$






933






 






$






1,212






 






$






1,728






 






$






1,226






 






 






$






590






 






 






 






 






$






590






 








Peñasquito - zinc ($/tonne)






 






$






1,499






 






$






1,376






 






$






1,743






 






$






2,433






 






$






1,723






 






 






$






1,156






 






 






 






 






$






1,156






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Gold By-Product AISC Consolidated ($/oz)







 






 






 






 






 






 






 






 






 






 








Lihir






 






$






1,339






 






$






1,563






 






$






1,810






 






$






1,775






 






$






1,607






 






 






$






1,771






 






 






 






 






$






1,771






 








Cadia






 






$






133






 






$






92






 






$






99






 






$






213






 






$






135






 






 






$






(139






)






 






 






 






$






(139






)








Tanami






 






$






1,659






 






$






1,698






 






$






1,748






 






$






1,738






 






$






1,716






 






 






$






1,791






 






 






 






 






$






1,791






 








Boddington






 






$






1,348






 






$






1,250






 






$






1,346






 






$






1,343






 






$






1,321






 






 






$






1,587






 






 






 






 






$






1,587






 








Ahafo South






 






$






1,462






 






$






1,220






 






$






1,541






 






$






1,932






 






$






1,494






 






 






$






1,964






 






 






 






 






$






1,964






 








Ahafo North






 






$






—






 






$






—






 






$






—






 






$






691






 






$






696






 






 






$






1,408






 






 






 






 






$






1,408






 








Merian






 






$






1,864






 






$






2,074






 






$






2,255






 






$






1,628






 






$






1,921






 






 






$






1,532






 






 






 






 






$






1,532






 








Cerro Negro






 






$






2,857






 






$






3,023






 






$






1,776






 






$






1,831






 






$






2,220






 






 






$






1,567






 






 






 






 






$






1,567






 








Yanacocha






 






$






1,170






 






$






1,144






 






$






868






 






$






740






 






$






964






 






 






$






1,072






 






 






 






 






$






1,072






 








Peñasquito






 






$






(254






)






$






(406






)






$






(1,216






)






$






(2,440






)






$






(889






)






 






$






(9,318






)






 






 






 






$






(9,318






)








Red Chris






 






$






(467






)






$






1,357






 






$






1,625






 






$






(847






)






$






398






 






 






$






(1,117






)






 






 






 






$






(1,117






)








Brucejack






 






$






2,230






 






$






2,490






 






$






1,763






 






$






1,815






 






$






2,020






 






 






$






2,105






 






 






 






 






$






2,105






 








Managed Core Portfolio






 






$






1,309






 






$






1,276






 






$






1,255






 






$






1,245






 






$






1,271






 






 






$






893






 






 






 






 






$






893






 








Nevada Gold Mines (38.5%)






 






$






1,789






 






$






1,771






 






$






1,502






 






$






1,508






 






$






1,629






 






 






$






1,595






 






 






 






 






$






1,595






 








Non-Managed Core Portfolio






 






$






1,789






 






$






1,771






 






$






1,502






 






$






1,508






 






$






1,629






 






 






$






1,595






 






 






 






 






$






1,595






 








Total Core Portfolio






 






$






1,394






 






$






1,360






 






$






1,303






 






$






1,302






 






$






1,339






 






 






$






1,029






 






 






 






 






$






1,029






 








Non-Core Assets (5)






 






$






1,787






 






$






2,550






 






$






—






 






$






—






 






$






1,845






 






 






$






—






 






 






 






 






$






—






 








Total Gold By-product AISC (6)






 






$






1,447






 






$






1,375






 






$






1,303






 






$






1,302






 






$






1,358






 






 






$






1,029






 






 






 






 






$






1,029






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Gold Co-Product AISC ($/oz)






 






 






 






 






 






 






 






 






 






 






 






 








Cadia






 






$






1,184






 






$






1,109






 






$






1,188






 






$






1,584






 






$






1,253






 






 






$






1,638






 






 






 






 






$






1,638






 








Boddington






 






$






1,544






 






$






1,422






 






$






1,524






 






$






1,565






 






$






1,514






 






 






$






1,825






 






 






 






 






$






1,825






 








Peñasquito






 






$






1,091






 






$






944






 






$






1,133






 






$






1,491






 






$






1,120






 






 






$






1,495






 






 






 






 






$






1,495






 








Red Chris






 






$






1,322






 






$






1,903






 






$






2,037






 






$






1,723






 






$






1,750






 






 






$






2,110






 






 






 






 






$






2,110






 








Managed Core Portfolio






 






$






1,596






 






$






1,542






 






$






1,582






 






$






1,651






 






$






1,592






 






 






$






1,736






 






 






 






 






$






1,736






 








Total Core Portfolio






 






$






1,630






 






$






1,582






 






$






1,566






 






$






1,620






 






$






1,599






 






 






$






1,709






 






 






 






 






$






1,709






 








Total Gold Co-product AISC (6)






 






$






1,651






 






$






1,593






 






$






1,566






 






$






1,620






 






$






1,609






 






 






$






1,709






 






 






 






 






$






1,709






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Co-Product AISC ($/unit)






 






 






 






 






 






 






 






 






 






 






 






 








Cadia - copper ($/tonne)






 






$






5,316






 






$






4,909






 






$






5,187






 






$






7,106






 






$






5,584






 






 






$






4,466






 






 






 






 






$






4,466






 








Boddington - copper ($/tonne)






 






$






6,760






 






$






5,917






 






$






5,985






 






$






6,757






 






$






6,340






 






 






$






4,712






 






 






 






 






$






4,712






 








Red Chris - copper ($/tonne)






 






$






6,053






 






$






8,550






 






$






9,111






 






$






7,066






 






$






7,681






 






 






$






5,293






 






 






 






 






$






5,293






 








Total - copper ($/tonne)






 






$






6,014






 






$






6,068






 






$






6,440






 






$






7,305






 






$






6,423






 






 






$






4,816






 






 






 






 






$






4,816






 








Peñasquito - silver ($/ounce)






 






$






13






 






$






12






 






$






15






 






$






20






 






$






15






 






 






$






19






 






 






 






 






$






19






 








Peñasquito - lead ($/tonne)






 






$






1,185






 






$






1,146






 






$






1,405






 






$






2,054






 






$






1,456






 






 






$






733






 






 






 






 






$






733






 








Peñasquito - zinc ($/tonne)






 






$






2,026






 






$






1,659






 






$






2,105






 






$






2,994






 






$






2,156






 






 






$






1,523






 






 






 






 






$






1,523






 








____________________



(1)







Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment, and the Fruta del Norte mine, which is wholly owned by Lundin Gold, in which the Company holds a 32% interest and is accounted for as an equity method investment.








(2)







In the fourth quarter of 2025, the Ahafo North development project achieved commercial production and became a reportable segment. Prior to that date, Ahafo North development gold ounces of 2 thousand were included in the Ahafo South reportable segment.








(3)







Represents attributable gold from Newmont's 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. Attributable gold ounces produced at Pueblo Viejo are not included in attributable gold ounces sold, as noted in endnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.








(4)







Represents attributable gold from Newmont's 32% interest in Lundin Gold, which wholly owns and operates the Fruta del Norte mine and is accounted for on a quarterly lag as an equity method investment. Attributable gold ounces produced by Lundin Gold represent prior quarter production and are not included in attributable gold ounces sold, as noted in endnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.








(5)







The Company completed the sale of CC&V, Musselwhite, and Éléonore in the first quarter of 2025, and Porcupine and Akyem in the second quarter of 2025. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information.








(6)







Non-GAAP measure. See end of this release for reconciliation.









NEWMONT CORPORATION








CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS








(unaudited, in millions except per share)








 






 






 






 






 






 






 






 






 








 






 






2025 (1)






 






2026 (1)








 






 






Q1






 






Q2






 






Q3






 






Q4






 






FY






 






Q1






 






Q2






 






Q3






 






Q4






 






YTD








 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Sales







$






5,010






 






 






$






5,317






 






 






$






5,524






 






 






$






6,818






 






 






$






22,669






 






 






$






7,307






 






 






 






 






 






 






 






 






$






7,307






 








 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Costs and expenses:







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Costs applicable to sales (2)







 






2,106






 






 






 






2,001






 






 






 






1,951






 






 






 






2,027






 






 






 






8,085






 






 






 






1,937






 






 






 






 






 






 






 






 






 






1,937






 








Depreciation and amortization







 






593






 






 






 






620






 






 






 






643






 






 






 






665






 






 






 






2,521






 






 






 






632






 






 






 






 






 






 






 






 






 






632






 








Reclamation and remediation







 






93






 






 






 






83






 






 






 






123






 






 






 






(50






)






 






 






249






 






 






 






78






 






 






 






 






 






 






 






 






 






78






 








Exploration







 






49






 






 






 






61






 






 






 






65






 






 






 






68






 






 






 






243






 






 






 






51






 






 






 






 






 






 






 






 






 






51






 








Advanced projects, research and development







 






43






 






 






 






40






 






 






 






40






 






 






 






43






 






 






 






166






 






 






 






45






 






 






 






 






 






 






 






 






 






45






 








General and administrative







 






110






 






 






 






95






 






 






 






86






 






 






 






91






 






 






 






382






 






 






 






79






 






 






 






 






 






 






 






 






 






79






 








Impairment charges







 






15






 






 






 






9






 






 






 






39






 






 






 






779






 






 






 






842






 






 






 






9






 






 






 






 






 






 






 






 






 






9






 








(Gain) loss on sale of assets held for sale







 






(276






)






 






 






(699






)






 






 






(99






)






 






 






8






 






 






 






(1,066






)






 






 






—






 






 






 






 






 






 






 






 






 






—






 








Other expense, net







 






28






 






 






 






39






 






 






 






100






 






 






 






119






 






 






 






286






 






 






 






10






 






 






 






 






 






 






 






 






 






10






 








 







 






2,761






 






 






 






2,249






 






 






 






2,948






 






 






 






3,750






 






 






 






11,708






 






 






 






2,841






 






 






 






 






 






 






 






 






 






2,841






 








Other income (expense):







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Change in fair value of investments and options







 






291






 






 






 






151






 






 






 






38






 






 






 






124






 






 






 






604






 






 






 






87






 






 






 






 






 






 






 






 






 






87






 








Other income (loss), net







 






10






 






 






 






(36






)






 






 






(55






)






 






 






87






 






 






 






6






 






 






 






69






 






 






 






 






 






 






 






 






 






69






 








Interest expense, net of capitalized interest







 






(79






)






 






 






(65






)






 






 






(52






)






 






 






(33






)






 






 






(229






)






 






 






(39






)






 






 






 






 






 






 






 






 






(39






)








 







 






222






 






 






 






50






 






 






 






(69






)






 






 






178






 






 






 






381






 






 






 






117






 






 






 






 






 






 






 






 






 






117






 








Income (loss) before income and mining tax and other items







 






2,471






 






 






 






3,118






 






 






 






2,507






 






 






 






3,246






 






 






 






11,342






 






 






 






4,583






 






 






 






 






 






 






 






 






 






4,583






 








Income and mining tax benefit (expense)







 






(647






)






 






 






(1,092






)






 






 






(787






)






 






 






(2,070






)






 






 






(4,596






)






 






 






(1,404






)






 






 






 






 






 






 






 






 






(1,404






)








Equity income (loss) of affiliates







 






78






 






 






 






49






 






 






 






123






 






 






 






171






 






 






 






421






 






 






 






149






 






 






 






 






 






 






 






 






 






149






 








Net income (loss)







 






1,902






 






 






 






2,075






 






 






 






1,843






 






 






 






1,347






 






 






 






7,167






 






 






 






3,328






 






 






 






 






 






 






 






 






 






3,328






 








Net loss (income) attributable to noncontrolling interests (3)







 






(11






)






 






 






(14






)






 






 






(11






)






 






 






(46






)






 






 






(82






)






 






 






(66






)






 






 






 






 






 






 






 






 






(66






)








Net income (loss) attributable to Newmont stockholders







$






1,891






 






 






$






2,061






 






 






$






1,832






 






 






$






1,301






 






 






$






7,085






 






 






$






3,262






 






 






 






 






 






 






 






 






$






3,262






 








 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Weighted average common shares (millions):







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Basic







 






1,126






 






 






 






1,110






 






 






 






1,097






 






 






 






1,090






 






 






 






1,106






 






 






 






1,085






 






 






 






 






 






 






 






 






 






1,085






 








Effect of employee stock-based awards







 






1






 






 






 






2






 






 






 






3






 






 






 






4






 






 






 






2






 






 






 






2






 






 






 






 






 






 






 






 






 






2






 








Diluted







 






1,127






 






 






 






1,112






 






 






 






1,100






 






 






 






1,094






 






 






 






1,108






 






 






 






1,087






 






 






 






 






 






 






 






 






 






1,087






 








 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income (loss) attributable to Newmont stockholders per common share:







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Basic







$






1.68






 






 






$






1.86






 






 






$






1.67






 






 






$






1.19






 






 






$






6.41






 






 






$






3.01






 






 






 






 






 






 






 






 






$






3.01






 








Diluted







$






1.68






 






 






$






1.85






 






 






$






1.67






 






 






$






1.19






 






 






$






6.39






 






 






$






3.00






 






 






 






 






 






 






 






 






$






3.00






 








____________________



(1)







Certain amounts and disclosures have been reclassified to conform to the presentation.








(2)







Excludes Depreciation and amortization and Reclamation and remediation.








(3)







Relates to the Suriname Gold project C.V. (“Merian”) reportable segment.









NEWMONT CORPORATION








CONDENSED CONSOLIDATED BALANCE SHEETS








(unaudited, in millions)








 






 






 






 






 








 






 






2025






 






2026








 






 






MAR






 






JUN






 






SEP






 






DEC






 






MAR






 






JUN






 






SEP






 






DEC








ASSETS







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cash and cash equivalents







$






4,698






 






 






$






6,185






 






 






$






5,639






 






 






$






7,647






 






 






$






8,775






 






 






 






 






 






 






 








Trade receivables







 






887






 






 






 






637






 






 






 






1,047






 






 






 






1,067






 






 






 






1,137






 






 






 






 






 






 






 








Investments







 






18






 






 






 






468






 






 






 






328






 






 






 






594






 






 






 






4






 






 






 






 






 






 






 








Inventories







 






1,493






 






 






 






1,500






 






 






 






1,504






 






 






 






1,512






 






 






 






1,501






 






 






 






 






 






 






 








Stockpiles and ore on leach pads







 






792






 






 






 






767






 






 






 






944






 






 






 






1,177






 






 






 






1,211






 






 






 






 






 






 






 








Other receivables







 






428






 






 






 






521






 






 






 






506






 






 






 






678






 






 






 






538






 






 






 






 






 






 






 








Other current assets







 






225






 






 






 






219






 






 






 






238






 






 






 






391






 






 






 






345






 






 






 






 






 






 






 








Assets held for sale







 






2,199






 






 






 






102






 






 






 






166






 






 






 






—






 






 






 






—






 






 






 






 






 






 






 








Current assets







 






10,740






 






 






 






10,399






 






 






 






10,372






 






 






 






13,066






 






 






 






13,511






 






 






 






 






 






 






 








Property, plant and mine development, net







 






33,568






 






 






 






33,591






 






 






 






33,621






 






 






 






33,310






 






 






 






33,323






 






 






 






 






 






 






 








Investments







 






4,856






 






 






 






4,455






 






 






 






4,103






 






 






 






4,186






 






 






 






4,187






 






 






 






 






 






 






 








Stockpiles and ore on leach pads







 






2,409






 






 






 






2,540






 






 






 






2,521






 






 






 






2,410






 






 






 






2,538






 






 






 






 






 






 






 








Deferred income tax assets







 






59






 






 






 






55






 






 






 






40






 






 






 






45






 






 






 






32






 






 






 






 






 






 






 








Goodwill







 






2,658






 






 






 






2,658






 






 






 






2,658






 






 






 






2,658






 






 






 






2,658






 






 






 






 






 






 






 








Other non-current assets







 






1,229






 






 






 






1,467






 






 






 






1,375






 






 






 






1,446






 






 






 






1,421






 






 






 






 






 






 






 








Total assets







$






55,519






 






 






$






55,165






 






 






$






54,690






 






 






$






57,121






 






 






$






57,670






 






 






 






 






 






 






 








 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








LIABILITIES







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Accounts payable







$






771






 






 






$






742






 






 






$






832






 






 






$






816






 






 






$






828






 






 






 






 






 






 






 








Employee-related benefits







 






502






 






 






 






562






 






 






 






750






 






 






 






898






 






 






 






795






 






 






 






 






 






 






 








Income and mining taxes payable







 






378






 






 






 






705






 






 






 






884






 






 






 






1,188






 






 






 






1,377






 






 






 






 






 






 






 








Lease and other financing obligations







 






109






 






 






 






112






 






 






 






116






 






 






 






118






 






 






 






116






 






 






 






 






 






 






 








Other current liabilities







 






2,357






 






 






 






2,544






 






 






 






2,500






 






 






 






2,692






 






 






 






2,415






 






 






 






 






 






 






 








Liabilities held for sale







 






1,309






 






 






 






5






 






 






 






4






 






 






 






—






 






 






 






—






 






 






 






 






 






 






 








Current liabilities







 






5,426






 






 






 






4,670






 






 






 






5,086






 






 






 






5,712






 






 






 






5,531






 






 






 






 






 






 






 








Debt







 






7,507






 






 






 






7,132






 






 






 






5,180






 






 






 






5,115






 






 






 






5,079






 






 






 






 






 






 






 








Lease and other financing obligations







 






370






 






 






 






363






 






 






 






355






 






 






 






356






 






 






 






337






 






 






 






 






 






 






 








Reclamation and remediation liabilities







 






6,376






 






 






 






6,216






 






 






 






6,228






 






 






 






6,297






 






 






 






6,169






 






 






 






 






 






 






 








Deferred income tax liabilities







 






2,733






 






 






 






2,890






 






 






 






2,885






 






 






 






4,045






 






 






 






3,948






 






 






 






 






 






 






 








Employee-related benefits







 






575






 






 






 






596






 






 






 






583






 






 






 






634






 






 






 






604






 






 






 






 






 






 






 








Silver streaming agreement







 






671






 






 






 






646






 






 






 






623






 






 






 






598






 






 






 






572






 






 






 






 






 






 






 








Other non-current liabilities







 






430






 






 






 






365






 






 






 






339






 






 






 






322






 






 






 






332






 






 






 






 






 






 






 








Total liabilities







 






24,088






 






 






 






22,878






 






 






 






21,279






 






 






 






23,079






 






 






 






22,572






 






 






 






 






 






 






 








 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








EQUITY







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Common stock







 






1,803






 






 






 






1,772






 






 






 






1,760






 






 






 






1,753






 






 






 






1,727






 






 






 






 






 






 






 








Treasury stock







 






(293






)






 






 






(294






)






 






 






(297






)






 






 






(301






)






 






 






(346






)






 






 






 






 






 






 








Additional paid-in capital







 






29,624






 






 






 






29,141






 






 






 






28,955






 






 






 






28,847






 






 






 






28,417






 






 






 






 






 






 






 








Accumulated other comprehensive income (loss)







 






(39






)






 






 






44






 






 






 






109






 






 






 






137






 






 






 






156






 






 






 






 






 






 






 








Retained earnings







 






153






 






 






 






1,449






 






 






 






2,699






 






 






 






3,431






 






 






 






4,972






 






 






 






 






 






 






 








Newmont stockholders' equity







 






31,248






 






 






 






32,112






 






 






 






33,226






 






 






 






33,867






 






 






 






34,926






 






 






 






 






 






 






 








Noncontrolling interests







 






183






 






 






 






175






 






 






 






185






 






 






 






175






 






 






 






172






 






 






 






 






 






 






 








Total equity







 






31,431






 






 






 






32,287






 






 






 






33,411






 






 






 






34,042






 






 






 






35,098






 






 






 






 






 






 






 








Total liabilities and equity







$






55,519






 






 






$






55,165






 






 






$






54,690






 






 






$






57,121






 






 






$






57,670






 






 






 






 






 






 






 









NEWMONT CORPORATION








CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS








(unaudited, in millions)








 






 






 






 






 








 






 






2025 (1)






 






2026 (1)








 






 






Q1






 






Q2






 






Q3






 






Q4






 






FY






 






Q1






 






Q2






 






Q3






 






Q4






 






YTD








Operating activities:







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net income (loss)







$






1,902






 






 






$






2,075






 






 






$






1,843






 






 






$






1,347






 






 






$






7,167






 






 






$






3,328






 






 






 






 






 






 






 






 






$






3,328






 








Non-cash adjustments:







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Depreciation and amortization







 






593






 






 






 






620






 






 






 






643






 






 






 






665






 






 






 






2,521






 






 






 






632






 






 






 






 






 






 






 






 






 






632






 








Impairment charges







 






15






 






 






 






9






 






 






 






39






 






 






 






779






 






 






 






842






 






 






 






9






 






 






 






 






 






 






 






 






 






9






 








(Gain) loss on sale of assets held for sale







 






(276






)






 






 






(699






)






 






 






(99






)






 






 






8






 






 






 






(1,066






)






 






 






—






 






 






 






 






 






 






 






 






 






—






 








Change in fair value of investments and options







 






(291






)






 






 






(151






)






 






 






(38






)






 






 






(124






)






 






 






(604






)






 






 






(87






)






 






 






 






 






 






 






 






 






(87






)








Reclamation and remediation







 






89






 






 






 






77






 






 






 






116






 






 






 






(63






)






 






 






219






 






 






 






75






 






 






 






 






 






 






 






 






 






75






 








Deferred income taxes







 






125






 






 






 






217






 






 






 






74






 






 






 






975






 






 






 






1,391






 






 






 






(45






)






 






 






 






 






 






 






 






 






(45






)








Other non-cash adjustments







 






15






 






 






 






80






 






 






 






6






 






 






 






(27






)






 






 






74






 






 






 






75






 






 






 






 






 






 






 






 






 






75






 








Cash from operations before working capital (2)







 






2,172






 






 






 






2,228






 






 






 






2,584






 






 






 






3,560






 






 






 






10,544






 






 






 






3,987






 






 






 






 






 






 






 






 






 






3,987






 








Change in operating assets and liabilities:







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Trade and other receivables







 






228






 






 






 






215






 






 






 






(369






)






 






 






(167






)






 






 






(93






)






 






 






70






 






 






 






 






 






 






 






 






 






70






 








Inventories, stockpiles and ore on leach pads







 






(175






)






 






 






(61






)






 






 






(106






)






 






 






(112






)






 






 






(454






)






 






 






(152






)






 






 






 






 






 






 






 






 






(152






)








Other assets







 






(9






)






 






 






(89






)






 






 






(45






)






 






 






(104






)






 






 






(247






)






 






 






(11






)






 






 






 






 






 






 






 






 






(11






)








Accounts payable







 






(69






)






 






 






(30






)






 






 






91






 






 






 






(11






)






 






 






(19






)






 






 






18






 






 






 






 






 






 






 






 






 






18






 








Reclamation and remediation liabilities







 






(95






)






 






 






(185






)






 






 






(247






)






 






 






(276






)






 






 






(803






)






 






 






(209






)






 






 






 






 






 






 






 






 






(209






)








Accrued tax liabilities (3)







 






91






 






 






 






263






 






 






 






173






 






 






 






512






 






 






 






1,039






 






 






 






200






 






 






 






 






 






 






 






 






 






200






 








Other accrued liabilities







 






(112






)






 






 






43






 






 






 






217






 






 






 






219






 






 






 






367






 






 






 






(118






)






 






 






 






 






 






 






 






 






(118






)








Net change in operating assets and liabilities







 






(141






)






 






 






156






 






 






 






(286






)






 






 






61






 






 






 






(210






)






 






 






(202






)






 






 






 






 






 






 






 






 






(202






)








Net cash provided by (used in) operating activities







 






2,031






 






 






 






2,384






 






 






 






2,298






 






 






 






3,621






 






 






 






10,334






 






 






 






3,785






 






 






 






 






 






 






 






 






 






3,785






 








 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Investing activities:







 






 






 






 






 






 






 






 






 






 






?






 






 






 






 






 






 






 






?








Additions to property, plant and mine development







 






(826






)






 






 






(674






)






 






 






(727






)






 






 






(808






)






 






 






(3,035






)






 






 






(641






)






 






 






 






 






 






 






 






 






(641






)








Proceeds from sales of investments







 






7






 






 






 






367






 






 






 






578






 






 






 






34






 






 






 






986






 






 






 






257






 






 






 






 






 






 






 






 






 






257






 








Proceeds from sales of mining operations and other assets, net







 






1,684






 






 






 






991






 






 






 






114






 






 






 






22






 






 






 






2,811






 






 






 






91






 






 






 






 






 






 






 






 






 






91






 








Return of investment from equity method investees







 






20






 






 






 






24






 






 






 






11






 






 






 






7






 






 






 






62






 






 






 






26






 






 






 






 






 






 






 






 






 






26






 








Contributions to equity method investees







 






(31






)






 






 






(17






)






 






 






(4






)






 






 






(7






)






 






 






(59






)






 






 






(25






)






 






 






 






 






 






 






 






 






(25






)








Other







 






(116






)






 






 






(12






)






 






 






(3






)






 






 






(28






)






 






 






(159






)






 






 






(10






)






 






 






 






 






 






 






 






 






(10






)








Net cash provided by (used in) investing activities







 






738






 






 






 






679






 






 






 






(31






)






 






 






(780






)






 






 






606






 






 






 






(302






)






 






 






 






 






 






 






 






 






(302






)








 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Financing activities:







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Repurchases of common stock







 






(348






)






 






 






(1,011






)






 






 






(516






)






 






 






(428






)






 






 






(2,303






)






 






 






(1,895






)






 






 






 






 






 






 






 






 






(1,895






)








Dividends paid to common stockholders







 






(282






)






 






 






(279






)






 






 






(273






)






 






 






(272






)






 






 






(1,106






)






 






 






(282






)






 






 






 






 






 






 






 






 






(282






)








Distributions to noncontrolling interests







 






(44






)






 






 






(56






)






 






 






(32






)






 






 






(85






)






 






 






(217






)






 






 






(105






)






 






 






 






 






 






 






 






 






(105






)








Repayment of debt







 






(985






)






 






 






(398






)






 






 






(1,977






)






 






 






(70






)






 






 






(3,430






)






 






 






(39






)






 






 






 






 






 






 






 






 






(39






)








Funding from noncontrolling interests







 






39






 






 






 






31






 






 






 






33






 






 






 






30






 






 






 






133






 






 






 






35






 






 






 






 






 






 






 






 






 






35






 








Payments on lease and other financing obligations







 






(23






)






 






 






(23






)






 






 






(24






)






 






 






(25






)






 






 






(95






)






 






 






(27






)






 






 






 






 






 






 






 






 






(27






)








Other







 






(19






)






 






 






(9






)






 






 






(11






)






 






 






17






 






 






 






(22






)






 






 






(44






)






 






 






 






 






 






 






 






 






(44






)








Net cash provided by (used in) financing activities







 






(1,662






)






 






 






(1,745






)






 






 






(2,800






)






 






 






(833






)






 






 






(7,040






)






 






 






(2,357






)






 






 






 






 






 






 






 






 






(2,357






)








Effect of exchange rate changes on cash, cash equivalents and restricted cash







 






(5






)






 






 






10






 






 






 






(13






)






 






 






4






 






 






 






(4






)






 






 






1






 






 






 






 






 






 






 






 






 






1






 








Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale







 






1,102






 






 






 






1,328






 






 






 






(546






)






 






 






2,012






 






 






 






3,896






 






 






 






1,127






 






 






 






 






 






 






 






 






 






1,127






 








Change in cash and restricted cash reclassified to assets held for sale (4)







 






(22






)






 






 






160






 






 






 






—






 






 






 






—






 






 






 






138






 






 






 






—






 






 






 






 






 






 






 






 






 






—






 








Net change in cash, cash equivalents and restricted cash







 






1,080






 






 






 






1,488






 






 






 






(546






)






 






 






2,012






 






 






 






4,034






 






 






 






1,127






 






 






 






 






 






 






 






 






 






1,127






 








Cash, cash equivalents and restricted cash at beginning of period







 






3,650






 






 






 






4,730






 






 






 






6,218






 






 






 






5,672






 






 






 






3,650






 






 






 






7,684






 






 






 






 






 






 






 






 






 






7,684






 








Cash, cash equivalents and restricted cash at end of period







$






4,730






 






 






$






6,218






 






 






$






5,672






 






 






$






7,684






 






 






$






7,684






 






 






$






8,811






 






 






 






 






 






 






 






 






$






8,811






 








 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Reconciliation of cash, cash equivalents and restricted cash:







 






 






 






 






 






 






 






 






 






 






?






 






 






 






 






 






 






 






 








Cash and cash equivalents







$






4,698






 






 






$






6,185






 






 






$






5,639






 






 






$






7,647






 






 






$






7,647






 






 






$






8,775






 






 






 






 






 






 






 






 






$






8,775






 








Restricted cash included in Other current assets







 






1






 






 






 






2






 






 






 






1






 






 






 






3






 






 






 






3






 






 






 






3






 






 






 






 






 






 






 






 






 






3






 








Restricted cash included in Other non-current assets







 






31






 






 






 






31






 






 






 






32






 






 






 






34






 






 






 






34






 






 






 






33






 






 






 






 






 






 






 






 






 






33






 








Total cash, cash equivalents and restricted cash







$






4,730






 






 






$






6,218






 






 






$






5,672






 






 






$






7,684






 






 






$






7,684






 






 






$






8,811






 






 






 






 






 






 






 






 






$






8,811






 








____________________



(1)







Certain amounts and disclosures have been reclassified to conform to the presentation.








(2)







Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled above.








(3)







Cash payments for income and mining taxes, net of refunds, of $2,458 for the year ended December 31, 2025 is comprised of $465, $648, $588, and $757 for the first, second, third, and fourth quarter, respectively. Cash payments for income and mining taxes, net of refunds, of $1,268 for the three months ended March 31, 2026.








(4)







During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets, including Cash and cash equivalents and restricted cash, included in Other current assets and Other non-current assets, were reclassified to Assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for additional information.







Non-GAAP Financial Measures (dollars in millions, except per share, per ounce and per pound amounts, unless otherwise noted)


Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to Non-GAAP Financial Measures within Part II, Item 7 within our Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026 for further information on the non-GAAP financial measures presented below, including why management believes that its presentation of non-GAAP financial measures provides useful information to investors.


Adjusted Net Income (Loss)


Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:




 







Three Months Ended

March 31, 2026








 







 






 






per share data (1)








 







 






 






basic






 






diluted








Net income (loss) attributable to Newmont stockholders







$






3,262






 






 






$






3.01






 






 






$






3.00






 








Adjustments:







 






 






 






 






 








Change in fair value of investments and options (2)







 






(87






)






 






 






(0.08






)






 






 






(0.08






)








Impairment charges (3)







 






9






 






 






 






0.01






 






 






 






0.01






 








Restructuring and severance (4)







 






6






 






 






 






—






 






 






 






—






 








Settlement costs (5)







 






(2






)






 






 






—






 






 






 






—






 








(Gain) loss on debt extinguishment (6)







 






(1






)






 






 






—






 






 






 






—






 








Other (7)







 






(25






)






 






 






(0.03






)






 






 






(0.03






)








Tax effect of adjustments (8)







 






22






 






 






 






0.03






 






 






 






0.03






 








Valuation allowance and other tax adjustments (9)







 






(28






)






 






 






(0.03






)






 






 






(0.03






)








Adjusted net income (loss)







$






3,156






 






 






$






2.91






 






 






$






2.90






 








?







 






 






 






 






 








Weighted average common shares (millions): (10)







 






 






 






1,085






 






 






 






1,087






 








____________________



(1)







Per share measures may not recalculate due to rounding.








(2)







Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Other income (loss), net.








(3)







Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net.








(4)







Primarily represents restructuring and severance related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net.








(5)







Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net.








(6)







Represents the gain on debt redemptions; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.








(7)







Primarily consists of a gain on the receipt of the deferred consideration related to the sale of CC&V; included in Other income (loss), net. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.








(8)







The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (7), as described above, and are calculated using the applicable regional tax rate.








(9)







Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three months ended March 31, 2026 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $(111), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $24, net reductions to the reserve for uncertain tax positions of $(3), and other tax adjustments of $62. For further information on reductions to the reserve for uncertain tax positions, refer to Note 9 to the Condensed Consolidated Financial Statements.








(10)







Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.









 







Three Months Ended

March 31, 2025








 







 






 






per share data (1)








 







 






 






basic






 






diluted








Net income (loss) attributable to Newmont stockholders







 






1,891






 






 






 






1.68






 






 






 






1.68






 








Adjustments:







 






 






 






 






 








Change in fair value of investments and options (2)







 






(291






)






 






 






(0.25






)






 






 






(0.25






)








(Gain) loss on sale of assets held for sale (3)







 






(276






)






 






 






(0.25






)






 






 






(0.25






)








Impairment charges (4)







 






15






 






 






 






0.01






 






 






 






0.01






 








(Gain) loss on debt extinguishment (5)







 






10






 






 






 






0.01






 






 






 






0.01






 








Restructuring and severance (6)







 






9






 






 






 






0.01






 






 






 






0.01






 








(Gain) loss on asset and investment sales (7)







 






5






 






 






 






—






 






 






 






—






 








Newcrest transaction and integration costs (8)







 






4






 






 






 






—






 






 






 






—






 








Settlement costs (9)







 






3






 






 






 






—






 






 






 






—






 








Other (10)







 






7






 






 






 






—






 






 






 






—






 








Tax effect of adjustments (11)







 






197






 






 






 






0.19






 






 






 






0.19






 








Valuation allowance and other tax adjustments (12)







 






(170






)






 






 






(0.15






)






 






 






(0.15






)








Adjusted net income (loss)







$






1,404






 






 






$






1.25






 






 






$






1.25






 








?







 






 






 






 






 








Weighted average common shares (millions): (13)







 






 






 






1,126






 






 






 






1,127






 








____________________



(1)







Per share measures may not recalculate due to rounding.








(2)







Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable equity and other securities; included in Other income (loss), net.








(3)







Consists of the gain on the divestments of certain non-core assets; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.








(4)







Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net.








(5)







Represents the loss on debt redemptions; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.








(6)







Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net.








(7)







Primarily represents gains and losses related to the sale of certain assets and investments; included in Other income (loss), net.








(8)







Represents costs incurred related to the Newcrest transaction; included in Other expense, net.








(9)







Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net.








(10)







Represents costs incurred related to transition service agreements for divested reportable segments; included in Other income (loss), net.








(11)







The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (10), as described above, and are calculated using the applicable regional tax rate.








(12)







Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three months ended March 31, 2025 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $(197), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(8), net reductions to the reserve for uncertain tax positions of $(14), recording of a deferred tax liability for the outside basis difference at Akyem of $2 due to the status change to held for sale, and other tax adjustments of $47. For further information on reductions to the reserve for uncertain tax positions, refer to Note 9 to the Condensed Consolidated Financial Statements.








(13)







Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.







Earnings Before Interest, Taxes, Depreciation and Amortization and Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization


Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:




?







Three Months Ended

March 31,








?







2026






 






2025








Net income (loss) attributable to Newmont stockholders







$






3,262






 






 






$






1,891






 








Net income (loss) attributable to noncontrolling interests







 






66






 






 






 






11






 








Equity loss (income) of affiliates







 






(149






)






 






 






(78






)








Income and mining tax expense (benefit)







 






1,404






 






 






 






647






 








Depreciation and amortization







 






632






 






 






 






593






 








Interest expense, net of capitalized interest







 






39






 






 






 






79






 








EBITDA







 






5,254






 






 






 






3,143






 








Adjustments:







 






 






 








Change in fair value of investments and options (1)







 






(87






)






 






 






(291






)








Impairment charges (2)







 






9






 






 






 






15






 








Restructuring and severance (3)







 






6






 






 






 






9






 








Settlement costs (4)







 






(2






)






 






 






3






 








(Gain) loss on debt extinguishment (5)







 






(1






)






 






 






10






 








(Gain) loss on sale of assets held for sale (6)







 






—






 






 






 






(276






)








(Gain) loss on asset and investment sales (7)







 






—






 






 






 






5






 








Newcrest transaction and integration costs (8)







 






—






 






 






 






4






 








Other (9)







 






(25






)






 






 






7






 








Adjusted EBITDA







$






5,154






 






 






$






2,629






 








____________________



(1)







Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Other income (loss), net.








(2)







Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net.








(3)







Primarily represents restructuring and severance related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net.








(4)







Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net.








(5)







Represents the gains and losses on debt redemptions incurred in 2026 and 2025, respectively; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.








(6)







Primarily consists of the gain on the sales of certain non-core assets in 2025; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.








(7)







Primarily represents gains and losses related to the sale of certain assets and investments; included in Other income (loss), net.








(8)







Represents costs incurred in 2025 related to the Newcrest transaction; included in Other expense, net.








(9)







Primarily consists of a gain on the receipt of the deferred consideration related to the sale of CC&V in 2026 and costs incurred related to transition service agreements for divested reportable segments in 2025; included in Other income (loss), net. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.







Net Debt


Net debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents, as presented on the Condensed Consolidated Balance Sheets. Cash and cash equivalents are subtracted from Debt and Lease and other financing obligations as these could be used to reduce the Company's debt obligations.


The following table sets forth a reconciliation of Net debt, a non-GAAP financial measure, to Debt and Lease and other financing obligations, which the Company believes to be the GAAP financial measures most directly comparable to Net debt. The Company has also presented Net debt excluding Lease and other financing obligations to provide a supplemental view of evaluating the financial flexibility and strength of the Company's balance sheet.




?







At March 31,

2026






 






At December 31,

2025








Debt







$






5,079






 






 






$






5,115






 








Less: Cash and cash equivalents







 






(8,775






)






 






 






(7,647






)








Net debt (cash) excluding lease and other financing obligations







 






(3,696






)






 






 






(2,532






)








Add: Lease and other financing obligations







 






453






 






 






 






474






 








Net debt (cash)







$






(3,243






)






 






$






(2,058






)







Net debt to Adjusted EBITDA ratio


Management uses net debt to Adjusted EBITDA as non-GAAP measures to evaluate the Company’s operating performance, including our ability to generate earnings sufficient to service our debt. Net debt to Adjusted EBITDA represents the ratio of the Company’s debt, net of cash and cash equivalents, to Adjusted EBITDA. Net debt to Adjusted EBITDA does not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Net debt to Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of net debt to Adjusted EBITDA measure is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that net debt to Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of net debt to Adjusted EBITDA is evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted EBITDA as follows:




 







Three Months Ended








 







March 31,

2026






 






December 31,

2025






 






September 30,

2025






 






June 30,

2025








 







 






 






 






 






 






 






 








Net income (loss) attributable to Newmont stockholders







$






3,262






 






 






$






1,301






 






 






$






1,832






 






 






$






2,061






 








Net income (loss) attributable to noncontrolling interests







 






66






 






 






 






46






 






 






 






11






 






 






 






14






 








Equity loss (income) of affiliates







 






(149






)






 






 






(171






)






 






 






(123






)






 






 






(49






)








Income and mining tax expense (benefit)







 






1,404






 






 






 






2,070






 






 






 






787






 






 






 






1,092






 








Depreciation and amortization







 






632






 






 






 






665






 






 






 






643






 






 






 






620






 








Interest expense, net of capitalized interest







 






39






 






 






 






33






 






 






 






52






 






 






 






65






 








EBITDA (1)







$






5,254






 






 






$






3,944






 






 






$






3,202






 






 






$






3,803






 








Adjustments:







 






 






 






 






 






 






 








Change in fair value of investments and options







$






(87






)






 






$






(124






)






 






$






(38






)






 






$






(151






)








Impairment charges







 






9






 






 






 






779






 






 






 






39






 






 






 






9






 








Restructuring and severance







 






6






 






 






 






75






 






 






 






87






 






 






 






15






 








Settlement costs







 






(2






)






 






 






1






 






 






 






(2






)






 






 






—






 








(Gain) loss on debt extinguishment







 






(1






)






 






 






1






 






 






 






72






 






 






 






18






 








Reclamation and remediation charges







 






—






 






 






 






(137






)






 






 






41






 






 






 






—






 








(Gain) loss on sale of assets held for sale







 






—






 






 






 






8






 






 






 






(99






)






 






 






(699






)








(Gain) loss on asset and investment sales







 






—






 






 






 






7






 






 






 






6






 






 






 






2






 








Newcrest transaction and integration costs







 






—






 






 






 






4






 






 






 






2






 






 






 






(10






)








Other







 






(25






)






 






 






(13






)






 






 






(1






)






 






 






10






 








Adjusted EBITDA (1)







$






5,154






 






 






$






4,545






 






 






$






3,309






 






 






$






2,997






 








12 month trailing Adjusted EBITDA







$






16,005






 






 






 






 






 






 






 








 







 






 






 






 






 






 






 








Total Debt







$






5,079






 






 






 






 






 






 






 








Less: Cash and cash equivalents







 






(8,775






)






 






 






 






 






 






 








Net debt (cash) excluding leases and other financing obligations







 






(3,696






)






 






 






 






 






 






 








Add: Lease and other financing obligations







 






453






 






 






 






 






 






 






 








Net debt (cash)







$






(3,243






)






 






 






 






 






 






 








 







 






 






 






 






 






 






 








Net debt (cash) to Adjusted EBITDA







 






(0.2






)






 






 






 






 






 






 








____________________



(1)







See EBITDA and Adjusted EBITDA reconciliation for more details on adjustments.







Free Cash Flow


The following table sets forth a reconciliation of Free cash flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free cash flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.




 







Three Months Ended

March 31,








 







2026






 






2025








Net cash provided by (used in) operating activities







$






3,785






 






 






$






2,031






 








Less: Additions to property, plant and mine development







 






(641






)






 






 






(826






)








Free cash flow







$






3,144






 






 






$






1,205






 








 







 






 






 








Net cash provided by (used in) investing activities (1)







$






(302






)






 






$






738






 








Net cash provided by (used in) financing activities







$






(2,357






)






 






$






(1,662






)








____________________



(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.?







All-In Sustaining Costs


All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold.




Three Months Ended March 31, 2026







Costs Applicable to Sales (1)(2)






 






Reclamation Costs (3)






 






Advanced Projects, Research and Development and Exploration (4)






 






General and Administrative






 






Other Expense, Net (5)






 






Treatment and Refining Costs






 






Sustaining Capital and Lease Related Costs (6)(7)






 






Co-Product All-In Sustaining Costs






 






Ounces (000) Sold






 






Co-Product All-In Sustaining Costs Per oz. (8)






 






Co-Product All-In Sustaining Costs from GEO






 






Less:




Co-product sales (13)






 






By-Product All-In Sustaining Costs






 






By-Product All-In Sustaining Costs per Ounce (8)








Gold







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Managed







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Lihir







$






176






 






$






4






 






$






2






 






$






—






 






$






—






 






$






—






 






 






$






25






 






$






207






 






117






 






$






1,771






 






$






—






 






$






—






 






 






$






207






 






 






$






1,771






 








Cadia







 






101






 






 






1






 






 






2






 






 






—






 






 






—






 






 






2






 






 






 






52






 






 






158






 






96






 






$






1,638






 






 






96






 






 






(267






)






 






 






(13






)






 






$






(139






)








Tanami







 






98






 






 






2






 






 






2






 






 






—






 






 






—






 






 






—






 






 






 






57






 






 






159






 






89






 






$






1,791






 






 






—






 






 






—






 






 






 






159






 






 






$






1,791






 








Boddington







 






137






 






 






6






 






 






—






 






 






—






 






 






—






 






 






—






 






 






 






34






 






 






177






 






97






 






$






1,825






 






 






13






 






 






(36






)






 






 






154






 






 






$






1,587






 








Ahafo South







 






212






 






 






2






 






 






1






 






 






—






 






 






—






 






 






—






 






 






 






30






 






 






245






 






125






 






$






1,964






 






 






—






 






 






—






 






 






 






245






 






 






$






1,964






 








Ahafo North







 






75






 






 






1






 






 






1






 






 






—






 






 






—






 






 






—






 






 






 






11






 






 






88






 






63






 






$






1,408






 






 






—






 






 






—






 






 






 






88






 






 






$






1,408






 








Merian







 






111






 






 






2






 






 






1






 






 






—






 






 






—






 






 






—






 






 






 






15






 






 






129






 






84






 






$






1,532






 






 






—






 






 






—






 






 






 






129






 






 






$






1,532






 








Cerro Negro







 






66






 






 






2






 






 






1






 






 






—






 






 






1






 






 






—






 






 






 






18






 






 






88






 






56






 






$






1,567






 






 






—






 






 






—






 






 






 






88






 






 






$






1,567






 








Yanacocha







 






140






 






 






6






 






 






1






 






 






—






 






 






1






 






 






—






 






 






 






1






 






 






149






 






139






 






$






1,072






 






 






—






 






 






—






 






 






 






149






 






 






$






1,072






 








Peñasquito







 






68






 






 






5






 






 






—






 






 






—






 






 






—






 






 






4






 






 






 






8






 






 






85






 






57






 






$






1,495






 






 






297






 






 






(913






)






 






 






(531






)






 






$






(9,318






)








Red Chris







 






22






 






 






2






 






 






1






 






 






—






 






 






—






 






 






—






 






 






 






3






 






 






28






 






13






 






$






2,110






 






 






31






 






 






(75






)






 






 






(16






)






 






$






(1,117






)








Brucejack







 






98






 






 






2






 






 






3






 






 






—






 






 






—






 






 






1






 






 






 






16






 






 






120






 






57






 






$






2,105






 






 






—






 






 






—






 






 






 






120






 






 






$






2,105






 








Non-managed







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








NGM







 






306






 






 






5






 






 






4






 






 






3






 






 






2






 






 






1






 






 






 






60






 






 






381






 






239






 






$






1,595






 






 






—






 






 






—






 






 






 






381






 






 






$






1,595






 








Corporate and Other (9)







 






—






 






 






—






 






 






22






 






 






64






 






 






2






 






 






—






 






 






 






3






 






 






91






 






—






 






$






—






 






 






16






 






 






—






 






 






 






107






 






 






$






—






 








Total Gold







 






1,610






 






 






40






 






 






41






 






 






67






 






 






6






 






 






8






 






 






 






333






 






 






2,105






 






1,232






 






$






1,709






 






$






453






 






$






(1,291






)






 






$






1,267






 






 






$






1,029






 








 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Gold equivalent ounces - other metals (10)(11)







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Managed







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cadia







 






61






 






 






—






 






 






1






 






 






—






 






 






—






 






 






2






 






 






 






32






 






 






96






 






59






 






$






1,621






 






 






 






 






 






 






 






 








Boddington







 






11






 






 






—






 






 






—






 






 






—






 






 






—






 






 






—






 






 






 






2






 






 






13






 






8






 






$






1,710






 






 






 






 






 






 






 






 








Peñasquito (12)







 






229






 






 






17






 






 






—






 






 






—






 






 






—






 






 






20






 






 






 






31






 






 






297






 






178






 






$






1,664






 






 






 






 






 






 






 






 








Red Chris







 






26






 






 






3






 






 






—






 






 






—






 






 






—






 






 






(2






)






 






 






4






 






 






31






 






16






 






$






1,921






 






 






 






 






 






 






 






 








Corporate and Other (9)







 






—






 






 






—






 






 






4






 






 






12






 






 






—






 






 






—






 






 






 






—






 






 






16






 






—






 






$






—






 






 






 






 






 






 






 






 








Total Gold Equivalent Ounces







 






327






 






 






20






 






 






5






 






 






12






 






 






—






 






 






20






 






 






 






69






 






 






453






 






261






 






$






1,734






 






 






 






 






 






 






 






 








 







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Consolidated







$






1,937






 






$






60






 






$






46






 






$






79






 






$






6






 






$






28






 






 






$






402






 






$






2,558






 






 






 






 






 






 






 






 






 






 






 






 








____________________



(1)







Excludes Depreciation and amortization and Reclamation and remediation.








(2)







Includes by-product credits of $153.








(3)







Includes operating accretion of $33, included in Reclamation and remediation, and amortization of asset retirement costs of $27; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $41 and $4, respectively, included in Reclamation and remediation.








(4)







Excludes development expenditures of $4 at Cadia, $1 at Boddington, $8 at Ahafo South, $1 at Ahafo North, $5 at Merian, $4 at Cerro Negro, $2 at Yanacocha, $3 at Peñasquito, $1 at Red Chris, $5 at NGM, $16 at Corporate and Other, totaling $50 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.








(5)







Excludes impairment charges of $9, restructuring and severance of $6, settlement costs of $(2); included in Other expense, net.








(6)







Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.








(7)







Includes finance lease payments and other costs for sustaining projects of $22.








(8)







Per ounce measures may not recalculate due to rounding.








(9)







Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.








(10)







Gold equivalent ounces ("GEOs") is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($4,000/oz.), Copper ($5.00/lb.), Silver ($50.00/oz.), Lead ($0.90/lb.) and Zinc ($1.30/lb.) pricing for 2026.








(11)







Cadia sold 21 thousand tonnes of copper, Boddington sold 3 thousand tonnes of copper, Peñasquito sold 10 million ounces of silver, 28 thousand tonnes of lead and 58 thousand tonnes of zinc, and Red Chris sold 6 thousand tonnes of copper.








(12)







All-in sustaining costs at Peñasquito is comprised of $188, $21, and $88 for silver, lead, and zinc, respectively.








(13)







Excludes treatment and refining costs as these amounts are reflected in co-product all-in sustaining costs from GEOs; refer to the "Net average realized price per ounce/ pound" section below for a reconciliation of sales.









Three Months Ended March 31, 2025







Costs




Applicable




to




Sales (1)(2)(3)






 






Reclamation




Costs (4)






 






Advanced




Projects,




Research and




Development




and




Exploration(5)






 






General




and




Administrative






 






Other Expense, Net(6)






 






Treatment and Refining Costs






 






Sustaining Capital and Lease Related Costs(7)(8)






 






All-In Sustaining Costs






 






Ounces (000) Sold






 






Co-Product All-In Sustaining Costs Per oz.(9)






 






Co-Product All-In Sustaining Costs from GEO






 






Less:




Co-Product Sales






 






By-Product All-In Sustaining Costs






 






By-Product All-In Sustaining Costs per Ounce (9)








Gold







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Managed







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Lihir







$






161






 






$






4






 






$






1






 






$






—






 






$






—






 






$






—






 






$






48






 






$






214






 






160






 






$






1,339






 






$






—






 






$






—






 






 






$






214






 






 






$






1,339






 








Cadia







 






77






 






 






1






 






 






—






 






 






—






 






 






—






 






 






2






 






 






36






 






 






116






 






98






 






$






1,184






 






 






108






 






 






(211






)






 






 






13






 






 






$






133






 








Tanami







 






82






 






 






1






 






 






2






 






 






—






 






 






—






 






 






—






 






 






40






 






 






125






 






75






 






$






1,659






 






 






—






 






 






—






 






 






 






125






 






 






$






1,659






 








Boddington







 






167






 






 






5






 






 






1






 






 






—






 






 






—






 






 






1






 






 






34






 






 






208






 






135






 






$






1,544






 






 






48






 






 






(74






)






 






 






182






 






 






$






1,348






 








Ahafo South







 






247






 






 






4






 






 






2






 






 






—






 






 






—






 






 






—






 






 






38






 






 






291






 






199






 






$






1,462






 






 






—






 






 






—






 






 






 






291






 






 






$






1,462






 








Merian







 






72






 






 






2






 






 






—






 






 






—






 






 






—






 






 






—






 






 






15






 






 






89






 






48






 






$






1,864






 






 






—






 






 






—






 






 






 






89






 






 






$






1,864






 








Cerro Negro (10)







 






78






 






 






2






 






 






1






 






 






—






 






 






1






 






 






—






 






 






26






 






 






108






 






38






 






$






2,857






 






 






—






 






 






—






 






 






 






108






 






 






$






2,857






 








Yanacocha







 






93






 






 






11






 






 






—






 






 






—






 






 






8






 






 






—






 






 






1






 






 






113






 






96






 






$






1,170






 






 






—






 






 






—






 






 






 






113






 






 






$






1,170






 








Peñasquito







 






106






 






 






4






 






 






—






 






 






—






 






 






—






 






 






8






 






 






11






 






 






129






 






118






 






$






1,091






 






 






252






 






 






(411






)






 






 






(30






)






 






$






(254






)








Red Chris







 






16






 






 






1






 






 






—






 






 






—






 






 






—






 






 






—






 






 






2






 






 






19






 






15






 






$






1,322






 






 






43






 






 






(69






)






 






 






(7






)






 






$






(467






)








Brucejack







 






83






 






 






1






 






 






2






 






 






—






 






 






—






 






 






1






 






 






16






 






 






103






 






46






 






$






2,230






 






 






—






 






 






—






 






 






 






103






 






 






$






2,230






 








Non-managed







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








NGM







 






308






 






 






4






 






 






1






 






 






3






 






 






—






 






 






2






 






 






70






 






 






388






 






216






 






$






1,789






 






 






—






 






 






—






 






 






 






388






 






 






$






1,789






 








Corporate and Other (11)







 






—






 






 






—






 






 






29






 






 






92






 






 






3






 






 






—






 






 






2






 






 






126






 






—






 






$






—






 






 






19






 






 






—






 






 






 






145






 






 






$






—






 








Held for sale (12)







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Porcupine







 






63






 






 






2






 






 






1






 






 






—






 






 






—






 






 






—






 






 






21






 






 






87






 






51






 






$






1,728






 






 






—






 






 






—






 






 






 






87






 






 






$






1,728






 








Akyem







 






90






 






 






4






 






 






—






 






 






—






 






 






—






 






 






—






 






 






8






 






 






102






 






39






 






$






2,594






 






 






—






 






 






—






 






 






 






102






 






 






$






2,594






 








Divested (12)







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








CC&V







 






39






 






 






2






 






 






—






 






 






—






 






 






—






 






 






—






 






 






5






 






 






46






 






27






 






$






1,708






 






 






—






 






 






—






 






 






 






46






 






 






$






1,708






 








Musselwhite







 






33






 






 






1






 






 






—






 






 






—






 






 






—






 






 






—






 






 






14






 






 






48






 






32






 






$






1,530






 






 






—






 






 






—






 






 






 






48






 






 






$






1,530






 








Éléonore







 






54






 






 






1






 






 






2






 






 






—






 






 






—






 






 






—






 






 






12






 






 






69






 






49






 






$






1,403






 






 






—






 






 






—






 






 






 






69






 






 






$






1,403






 








Total Gold







 






1,769






 






 






50






 






 






42






 






 






95






 






 






12






 






 






14






 






 






399






 






 






2,381






 






1,442






 






$






1,651






 






$






470






 






$






(765






)






 






$






2,086






 






 






$






1,447






 








?







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Gold equivalent ounces - other metals (13)(14)







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Managed







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cadia







 






71






 






 






1






 






 






—






 






 






—






 






 






—






 






 






2






 






 






34






 






 






108






 






92






 






$






1,171






 






 






 






 






 






 






 






 








Boddington







 






38






 






 






1






 






 






—






 






 






—






 






 






—






 






 






1






 






 






8






 






 






48






 






32






 






$






1,489






 






 






 






 






 






 






 






 








Peñasquito (15)







 






193






 






 






6






 






 






—






 






 






1






 






 






—






 






 






28






 






 






24






 






 






252






 






212






 






$






1,189






 






 






 






 






 






 






 






 








Red Chris







 






35






 






 






1






 






 






—






 






 






—






 






 






—






 






 






1






 






 






6






 






 






43






 






32






 






$






1,334






 






 






 






 






 






 






 






 








Corporate and Other (11)







 






—






 






 






—






 






 






5






 






 






14






 






 






—






 






 






—






 






 






—






 






 






19






 






—






 






$






—






 






 






 






 






 






 






 






 








Total Gold Equivalent Ounces







 






337






 






 






9






 






 






5






 






 






15






 






 






—






 






 






32






 






 






72






 






 






470






 






368






 






$






1,275






 






 






 






 






 






 






 






 








?







 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Consolidated







$






2,106






 






$






59






 






$






47






 






$






110






 






$






12






 






$






46






 






$






471






 






$






2,851






 






 






 






 






 






 






 






 






 






 






 






 









____________________








(1)







Excludes Depreciation and amortization and Reclamation and remediation.








(2)







Includes by-product credits of $64.








(3)







Includes stockpile, leach pad, and product inventory adjustments of $3 at Cerro Negro, and $15 at NGM.








(4)







Include operating accretion of $38, included in Reclamation and remediation, and amortization of asset retirement costs of $21; 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 $51 and $4, respectively, included in Reclamation and remediation.








(5)







Excludes development expenditures of $2 at Boddington, $6 at Ahafo South, $2 at Ahafo North, $7 at Merian, $4 at Cerro Negro, $1 at Yanacocha, $4 at Peñasquito, $2 at Red Chris, $1 at NGM, $16 at Corporate and Other, totaling $45 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.








(6)







Excludes restructuring and severance of $9, Newcrest transaction and integration costs of $4, impairment charges of $15, and settlement costs of $3; included Other expense, net.








(7)







Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.








(8)







Includes finance lease payments and other costs for sustaining projects of $20.








(9)







Per ounce measures may not recalculate due to rounding.








(10)







During the first quarter of 2025, mining and processing operations at the site were temporarily suspended due to safety events. Full operations resumed in April 2025.








(11)







Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.








(12)







Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.








(13)







Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($0.90/lb.) and Zinc ($1.20/lb.) pricing for 2025.








(14)







For the three months ended March 31, 2025, Cadia sold 21 thousand tonnes of copper, Boddington sold 7 thousand tonnes of copper, Peñasquito sold 6 million ounces of silver, 21 thousand tonnes of lead and 73 thousand tonnes of zinc, and Red Chris sold 7 thousand tonnes of copper.








(15)







All-in sustaining costs at Peñasquito is comprised of $79, $25, and $148 for silver, lead, and zinc, respectively.







Gold by-product metrics


Copper, silver, lead, zinc, and molybdenum are by-products often obtained during the process of extracting and processing the primary ore-body. In our GAAP Condensed Consolidated Financial Statements, the value of these by-products is recorded as a credit to our CAS and the value of the primary ore is recorded as Sales. In certain instances, copper, silver, lead, and zinc are co-products, or a significant resource in the primary ore-body, and the revenue is recorded as Sales in our GAAP Condensed Consolidated Financial Statements.


Gold by-product metrics are non-GAAP financial measures that serve as a basis for comparing the Company’s performance with certain competitors. As Newmont’s operations are primarily focused on gold production, “Gold by-product metrics” were developed to allow investors to view Sales, CAS per ounce and AISC per ounce calculations that classify all copper, silver, lead, zinc, and molybdenum production as a by-product, even when copper, silver, lead or zinc is a significant resource in the primary ore-body. These metrics are calculated by subtracting copper, silver, lead, and zinc sales recognized from Sales and including these amounts as offsets to CAS.


Gold by-product metrics are calculated on a consistent basis for the periods presented on a consolidated basis. These metrics are intended to provide supplemental information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks.


The following reconciles these non-GAAP measures to the most directly comparable GAAP measures:




 







Three Months Ended

March 31,








Total Newmont Sales and Costs Applicable to Sales







2026






 






2025 (1)








Consolidated gold sales, net (Managed Core)







$






4,865






 






 






$






3,041






 








Consolidated gold sales, net (Non-Managed Core)







 






1,171






 






 






 






626






 








Consolidated gold sales, net (Non-Core)







 






—






 






 






 






578






 








Consolidated other metal sales, net







 






1,271






 






 






 






765






 








Sales (Total Newmont)







$






7,307






 






 






$






5,010






 








 







 






 






 








Consolidated other metal sales, net (2)







$






1,271






 






 






$






765






 








Add back: Treatment and refining charges from other metals (3)







$






20






 






 






 








Consolidated other metal sales, excluding treatment and refining charges (4)







$






1,291






 






 






$






765






 








 







 






 






 








Costs applicable to sales (Managed Core)







$






1,631






 






 






$






1,519






 








Costs applicable to sales (Non-Managed Core)







 






306






 






 






 






308






 








Costs applicable to sales (Non-Core)







 






—






 






 






 






279






 








Costs applicable to sales (Total Newmont)







$






1,937






 






 






$






2,106






 








 







 






 






 








Total Newmont Consolidated Gold By-product Unit Costs







 






 






 








Costs applicable to sales







$






1,937






 






 






$






2,106






 








Less: Consolidated other metal sales, net (2)







 






(1,271






)






 






 






(765






)








By-product costs applicable to sales







$






666






 






 






$






1,341






 








Gold sold (thousand ounces)







 






1,232






 






 






 






1,442






 








Total Gold CAS per ounce (by-product) (4)(5)







$






541






 






 






$






930






 








 







 






 






 








Total AISC







$






2,558






 






 






$






2,851






 








Less: Consolidated other metal sales, excluding treatment and refining charges (4)







 






(1,291






)






 






 






(765






)








By-product AISC







$






1,267






 






 






$






2,086






 








Gold sold (thousand ounces)







 






1,232






 






 






 






1,442






 








Total Gold AISC per ounce (by-product) (5)







$






1,029






 






 






$






1,447






 








 







 






 






 








Managed Core Gold By-product Unit Costs







 






 






 








Costs applicable to sales (Managed Core) (6)







$






1,631






 






 






$






1,519






 








Less: Consolidated other metal sales, net (2)







 






(1,271






)






 






 






(765






)








By-product costs applicable to sales







$






360






 






 






$






754






 








Gold sold (thousand ounces)







 






993






 






 






 






1,028






 








Total Gold CAS per ounce (by-product) - Managed Core (4)(5)







$






363






 






 






$






733






 








 







 






 






 








Total AISC







$






2,177






 






 






$






2,111






 








Less: Consolidated other metal sales, excluding treatment and refining charges (4)







 






(1,291






)






 






 






(765






)








By-product AISC







$






886






 






 






$






1,346






 








Gold sold (thousand ounces)







 






993






 






 






 






1,028






 








Total Gold AISC per ounce (by-product) - Managed Core (4)(5)







$






893






 






 






$






1,309






 








 







 






 






 








Total Core Gold By-product Unit Costs







 






 






 








Costs applicable to sales (Total Core) (6)







$






1,937






 






 






$






1,827






 








Less: Consolidated other metal sales, net (2)







 






(1,271






)






 






 






(765






)








By-product costs applicable to sales







$






666






 






 






$






1,062






 








Gold sold (thousand ounces)







 






1,232






 






 






 






1,244






 








Total Gold CAS per ounce (by-product) - Total Core (5)







$






541






 






 






$






854






 








 







 






 






 








Total AISC







$






2,558






 






 






$






2,499






 








Less: Consolidated other metal sales, excluding treatment and refining charges (4)







 






(1,291






)






 






 






(765






)








By-product AISC







$






1,267






 






 






$






1,734






 








Gold sold (thousand ounces)







 






1,232






 






 






 






1,244






 








Total Gold AISC per ounce (by-product) - Total Core (5)







$






1,029






 






 






$






1,394






 









____________________








(1)







Certain amounts for the prior period have been recast to reflect current year presentation.








(2)







Included in Sales as presented on the Condensed Consolidated Statement of Operations; refer to the reconciliation provided in the table above.








(3)







Consists of treatment and refining charges related to metals other than gold; refer to the "Net average realized price per ounce/ pound" section below for a reconciliation of treatment and refining charges by metal.








(4)







For purposes of calculating AISC per ounce (by-product basis), treatment and refining charges are excluded from consolidated other metal sales, as these amounts are already reflected in AISC.








(5)







Per ounce measures may not recalculate due to rounding.








(6)







Included in Costs applicable to sales as presented on the Condensed Consolidated Statement of Operations; refer to the reconciliation provided in the table above.







2026 Guidance - Gold AISC Reconciliation


A reconciliation of the 2026 Gold AISC outlook to the 2026 Gold CAS outlook is provided below. The estimates in the table below are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws.




2026 Guidance - Gold (1)(2)







 








(in millions, except ounces and per ounce)







Guidance Estimate








Cost Applicable to Sales (3)(4)







$






8,610






 








Reclamation Costs (5)







 






220






 








Advanced Projects & Exploration (6)







 






200






 








General and Administrative (7)







 






375






 








Other Expense







 






25






 








Treatment and Refining Costs







 






145






 








Sustaining Capital (8)







 






1,950






 








Sustaining Finance Lease Payments







 






105






 








Less: Consolidated Other Metal Sales, net (9)







 






(3,400






)








All-in Sustaining Costs







$






8,230






 








Ounces (000) Sold (10)







 






4,900






 








All-in Sustaining Costs per Ounce







$






1,680






 









____________________








(1)







The reconciliation is provided for illustrative purposes in order to better describe management’s estimates of the components of the calculation. Estimates for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result, the total All-in sustaining costs and the All-in sustaining costs per ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for the 2026 AISC Gold Guidance on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts.








(2)







All values are presented on a consolidated basis for Newmont.








(3)







Excludes Depreciation and amortization and Reclamation and remediation.








(4)







Includes stockpile and leach pad inventory adjustments.








(5)







Reclamation costs include operating accretion and amortization of asset retirement costs.








(6)







Advanced Projects and Exploration excludes non-sustaining advanced projects and exploration.








(7)







Includes stock-based compensation.








(8)







Excludes development capital expenditures, capitalized interest and change in accrued capital.








(9)







Assumes copper production of 102 thousand tonnes at $11,023 per tonne, silver production of 32 million ounces at $60.00 per ounce, lead production of 90 thousand tonnes at $1,894 per tonne, and zinc production of 220 thousand tonnes at $2,866 per tonne.








(10)







Consolidated sales for Merian is presented on a total sales basis for the mine site and excludes sales from Pueblo Viejo and Fruta del Norte.







Net average realized price per ounce/ pound


Average realized price per ounce/ pound are non-GAAP financial measures. The measures are calculated by dividing the net consolidated gold, copper, silver, lead, and zinc sales by the consolidated gold ounces, copper pounds, silver ounces, lead pounds and zinc pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on a consolidated basis. Average realized price per ounce/ pound statistics are intended to provide additional information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.


The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure:




 







Three Months Ended

March 31,






 






Increase

(Decrease)






 






Percent

Change








 







2026






 






2025








Consolidated gold sales, net







$






6,036






 






 






$






4,245






 






 






$






1,791






 






 






42






%








Consolidated copper sales, net







 






378






 






 






 






354






 






 






 






24






 






 






7






%








Consolidated silver sales, net







 






658






 






 






 






188






 






 






 






470






 






 






250






%








Consolidated lead sales, net







 






52






 






 






 






42






 






 






 






10






 






 






24






%








Consolidated zinc sales, net







 






183






 






 






 






181






 






 






 






2






 






 






1






%








Total sales







$






7,307






 






 






$






5,010






 






 






$






2,297






 






 






46






%









 







Three Months Ended March 31, 2026








 







Gold






 






Copper






 






Silver






 






Lead






 






Zinc








 







(ounces)






 






(pounds)






 






(ounces)






 






(pounds)






 






(pounds)








Consolidated sales:







 






 






 






 






 






 






 






 






 








Gross before provisional pricing and streaming impact







$






5,983






 






 






$






387






 






 






$






570






 






 






$






54






 






 






$






188






 








Provisional pricing mark-to-market







 






61






 






 






 






(9






)






 






 






70






 






 






 






(1






)






 






 






3






 








Silver streaming amortization







 






—






 






 






 






—






 






 






 






29






 






 






 






—






 






 






 






—






 








Gross after provisional pricing and streaming impact







 






6,044






 






 






 






378






 






 






 






669






 






 






 






53






 






 






 






191






 








Treatment and refining charges







 






(8






)






 






 






—






 






 






 






(11






)






 






 






(1






)






 






 






(8






)








Net







$






6,036






 






 






$






378






 






 






$






658






 






 






$






52






 






 






$






183






 








Consolidated ounces/pounds sold (1)(2)







 






1,232






 






 






 






67






 






 






 






10






 






 






 






62






 






 






 






127






 








Average realized price (per ounce/pound): (3)







 






 






 






 






 






 






 






 






 








Gross before provisional pricing and streaming impact







$






4,857






 






 






$






5.81






 






 






$






57.98






 






 






$






0.86






 






 






$






1.48






 








Provisional pricing mark-to-market







 






49






 






 






 






(0.13






)






 






 






7.08






 






 






 






(0.01






)






 






 






0.02






 








Silver streaming amortization







 






—






 






 






 






—






 






 






 






2.90






 






 






 






—






 






 






 






—






 








Gross after provisional pricing and streaming impact







 






4,906






 






 






 






5.68






 






 






 






67.96






 






 






 






0.85






 






 






 






1.50






 








Treatment and refining charges







 






(6






)






 






 






—






 






 






 






(1.18






)






 






 






(0.01






)






 






 






(0.06






)








Net







$






4,900






 






 






$






5.68






 






 






$






66.78






 






 






$






0.84






 






 






$






1.44






 









____________________








(1)







Amounts reported in millions except gold ounces, which are reported in thousands.








(2)







For the three months ended March 31, 2026 the Company sold 30 thousand tonnes of copper, 28 thousand tonnes of lead, and 58 thousand tonnes of zinc.








(3)







Per ounce/pound measures may not recalculate due to rounding.?











Three Months Ended March 31, 2025








 







Gold






 






Copper






 






Silver






 






Lead






 






Zinc








 







(ounces)






 






(pounds)






 






(ounces)






 






(pounds)






 






(pounds)








Consolidated sales:







 






 






 






 






 






 






 






 






 








Gross before provisional pricing and streaming impact







$






4,167






 






 






$






324






 






 






$






157






 






 






$






43






 






 






$






207






 








Provisional pricing mark-to-market







 






92






 






 






 






34






 






 






 






19






 






 






 






—






 






 






 






(6






)








Silver streaming amortization







 






—






 






 






 






—






 






 






 






19






 






 






 






—






 






 






 






—






 








Gross after provisional pricing and streaming impact







 






4,259






 






 






 






358






 






 






 






195






 






 






 






43






 






 






 






201






 








Treatment and refining charges







 






(14






)






 






 






(4






)






 






 






(7






)






 






 






(1






)






 






 






(20






)








Net







$






4,245






 






 






$






354






 






 






$






188






 






 






$






42






 






 






$






181






 








Consolidated ounces/pounds sold (1)(2)







 






1,442






 






 






 






76






 






 






 






6






 






 






 






47






 






 






 






161






 








Average realized price (per ounce/pound): (3)







 






 






 






 






 






 






 






 






 








Gross before provisional pricing and streaming impact







$






2,890






 






 






$






4.25






 






 






$






25.23






 






 






$






0.91






 






 






$






1.28






 








Provisional pricing mark-to-market







 






64






 






 






 






0.45






 






 






 






3.03






 






 






 






—






 






 






 






(0.03






)








Silver streaming amortization







 






—






 






 






 






—






 






 






 






3.04






 






 






 






—






 






 






 






—






 








Gross after provisional pricing and streaming impact







 






2,954






 






 






 






4.70






 






 






 






31.30






 






 






 






0.91






 






 






 






1.25






 








Treatment and refining charges







 






(10






)






 






 






(0.05






)






 






 






(1.18






)






 






 






(0.02






)






 






 






(0.12






)








Net







$






2,944






 






 






$






4.65






 






 






$






30.12






 






 






$






0.89






 






 






$






1.13






 









____________________








(1)







Amounts reported in millions except gold ounces, which are reported in thousands.








(2)







For the three months ended March 31, 2025 the Company sold 35 thousand tonnes of copper, 21 thousand tonnes of lead, and 73 thousand tonnes of zinc.








(3)







Per ounce/pound measures may not recalculate due to rounding.?







Conference Call Information


A conference call will be held on Thursday, April 23, 2026 at 5:30 p.m. Eastern Daylight Time (3:30 p.m. Mountain Daylight Time), which is 7:30 a.m. Australian Eastern Standard Time on Friday, April 24, 2026. A replay of the webcast will be available on the Company’s website.


Webcast Details

Title: Newmont First Quarter 2026 Results Conference Call

Attendee URL: https://events.q4inc.com/attendee/351410623

Analyst Registration for Q&A: https://events.q4inc.com/analyst/351410623?pwd=1xsDlN9Y


The webcast materials will be available April 23, 2026, after North American markets close, under the “Investor Relations” section of the Company’s website. Additionally, the conference call will be archived for a limited time on the Company’s website.


About Newmont


Newmont is the world’s leading gold Company and producer of copper, zinc, lead, and silver. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925. At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont’s sustainability strategy and initiatives, go to www.newmont.com.


Cautionary Statement Regarding Forward Looking Statements, Including Outlook Assumptions, and Notes:


This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as “anticipate,” “intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,” "pending" or “potential.” Forward-looking statements in this news release may include, without limitation, (i) estimates of future production and sales, including production outlook and average future production; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures, including development and sustaining capital; (iv) expectations regarding project development, including, without limitation, Tanami Expansion 2, Cadia Panel Caves, Ahafo North, Red Chris Block Cave, Nearshore Barrier at Lihir, or the Cerro Negro Expansion project, including with respect to timeline, mine life, production, and capital costs; (v) expectations regarding share and debt repurchases; (vi) estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, productivity improvements, and future cash flow enhancements, (vii) expectations regarding Newmont’s core portfolio; (viii) expectations regarding future investments or divestitures; (ix) expectations regarding free cash flow and returns to stockholders, including with respect to future dividends and future share repurchases; (x) expectations regarding exploration, including timeline, growth potential, opportunities and costs, including without limitation with respect to Brucejack and Ahafo South, and future reserve and resource development; and (xi) other financial and operating outlook, including, without limitation, 2026 Guidance and other future operating, reclamation, remediation and financial metrics. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to U.S. dollar and Canadian dollar to U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Such uncertainties could result in operating sites being placed into care and maintenance and impact estimates, costs and timing of projects. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities.


Future dividends beyond the dividend payable on June 22, 2026 to holders of record at the close of business on May 27, 2026 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. Management’s expectations with respect to future dividends are “forward-looking statements” and are non-binding. The Capital Allocation Framework is provided for illustrative purposes and remains non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board.


Investors are also cautioned that the extent to which the Company repurchases its shares under the authorized share repurchase program, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The 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 program amount.


For a more detailed discussion of such risks and other factors that might impact future looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on, or about, February 19, 2026, under the heading “Risk Factors", and other factors identified in the Company's reports filed with the SEC, available on the SEC website or at www.newmont.com. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk. Investors are also encouraged to review our Form 10-Q for the quarter ended March 31, 2026, as filed on April 23, 2026.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423624232/en/
Investor Contact - Global

Neil Backhouse

investor.relations@newmont.com
Investor Contact - Asia Pacific

Clare Kasperzak

apac.investor.relations@newmont.com
Media Contact - Global

Shannon Brushe

globalcommunications@newmont.com
Media Contact - Asia Pacific

Rosalie Cobai

australiacommunications@newmont.com


Original: Newmont Generates Record Quarterly Earnings and Free Cash Flow, Reports First Quarter 2026 Results and Announces Increased Share Repurchase Authorization