Newmont (NEM) doubles earnings in 2025 with $7.1B profit and strong cash flow

Rhea-AI Filing Summary

Newmont Corporation reported a sharply stronger 2025, driven mainly by higher metal prices and portfolio moves. Sales reached $22,669 million, with gold contributing $19,304 million. Net income from continuing operations attributable to stockholders rose to $7,085 million, or $6.39 per diluted share, from $2.86 in 2024.

Adjusted net income was $7,634 million, or $6.89 per diluted share, and adjusted EBITDA climbed to $13,480 million, up 55%. Operating cash flow from continuing operations increased to $10,334 million, with free cash flow of $7,299 million. The company ended 2025 with $7.6 billion of cash and $11.6 billion of total liquidity, after redeeming $3.4 billion of senior notes, repurchasing $2.3 billion of shares, and declaring total dividends of $1.01 per share.

Attributable gold production was approximately 6 million ounces, down 14% mainly due to divestitures, while average realized gold price rose to $3,498 per ounce. Newmont advanced its project pipeline, including Ahafo North reaching commercial production and ongoing investment in Tanami Expansion 2 and Cadia panel caves, and continued to emphasize ESG, climate targets and extensive risk-factor disclosure across its global operations.

Positive

• Significantly stronger profitability: 2025 net income from continuing operations attributable to stockholders rose to $7,085 million ($6.39 per diluted share), with adjusted net income at $7,634 million ($6.89 per share), more than doubling 2024 levels.
• Major improvement in cash generation and balance sheet: operating cash flow from continuing operations increased to $10,334 million and free cash flow to $7,299 million, while Newmont redeemed $3.4 billion of senior notes, repurchased $2.3 billion of shares and still ended with $7.6 billion of cash and $11.6 billion of total liquidity.
• Strategic portfolio reshaping and project progress: the company completed sales of multiple non-core mines and a development project, achieved commercial production at Ahafo North, and advanced large-scale projects such as Tanami Expansion 2 and the Cadia panel caves.

Negative

• Lower gold output following divestitures: attributable gold production was approximately 6 million ounces in 2025, a 14% decrease from the prior year, largely driven by the sale of several operating segments.

Insights

Mining equity analyst

Newmont’s 2025 shows much stronger earnings, cash flow and balance sheet.

Newmont delivered a major earnings step-up in 2025, with net income attributable to stockholders at $7,085 million and adjusted EBITDA of $13,480 million, up 55%. Higher realized gold prices and gains on divestments outweighed the impact of asset sales and higher taxes and impairments.

Cash generation was robust: operating cash flow from continuing operations reached $10,334 million and free cash flow $7,299 million. Management used this to redeem $3.4 billion of senior notes, repurchase $2.3 billion of shares and still finish with $7.6 billion in cash and $11.6 billion in total liquidity.

Strategically, Newmont completed multiple non-core divestitures and brought Ahafo North into commercial production while funding Tanami Expansion 2 and Cadia panel caves. Attributable gold production fell 14% to about 6 million ounces, largely from divestments, so future performance will hinge on execution at the remaining tier-one assets and delivery of key projects over the next several years as described in the development timelines.

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Form 10-K

(Mark One)

☒     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2025

or

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from__________to__________

Commission File Number: 001-31240

NEWMONT CORPORATION

(Exact name of registrant as specified in its charter)

Delaware						84-1611629
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)
6900 E Layton Ave
Denver, Colorado						80237
(Address of Principal Executive Offices)						(Zip Code)
Registrant’s telephone number, including area code (303) 863-7414

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, par value $1.60 per share

NEM

New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     ☒ Yes     ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.     ☐ Yes     ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     ☒ Yes     ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     ☒ Yes     ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

Indicate by check mark whether the Registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.     ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.     ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).     ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).     ☐ Yes     ☒ No

At June 30, 2025, the aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates of the registrant was $64,108,664,771 based on the closing sale price as reported on the New York Stock Exchange. There were 1,087,874,212 shares of common stock outstanding on February 12, 2026.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Registrant’s definitive Proxy Statement for the Registrant’s 2026 Annual Stockholders Meeting will be filed no later than 120 days after the close of the Registrant's fiscal year ended December 31, 2025, are incorporated by reference into Part III of this report.

TABLE OF CONTENTS

			PART I			Page
GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS						1
RESULTS AND HIGHLIGHTS						2
ITEM 1.			BUSINESS			6
			Introduction			6
			Segment Information			6
			Products			6
			Competition			9
			Licenses and Concessions			9
			Condition of Physical Assets and Insurance			9
			Environmental, Social and Governance			10
			Risk Factor Summary			13
			Forward-Looking Statements			15
			Available Information			17
ITEM 1A.			RISK FACTORS			17
ITEM 1B.			UNRESOLVED STAFF COMMENTS			50
ITEM 1C.			CYBERSECURITY			50
ITEM 2.			PROPERTIES			53
			Production and Development Properties			53
			Operating Statistics			63
			Proven and Probable Reserves			70
			Measured, Indicated, and Inferred Resources			78
ITEM 3.			LEGAL PROCEEDINGS			87
ITEM 4.			MINE SAFETY DISCLOSURES			87
			PART II
ITEM 5.			MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES			88
ITEM 6.			RESERVED			88
ITEM 7.			MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS			89
			Overview			89
			Consolidated Financial Results			90
			Results of Consolidated Operations			94
			Foreign Currency Exchange Rates			98
			Liquidity and Capital Resources			99
			Environmental			104
			Forward Looking Statements			105
			Non-GAAP Financial Measures			105
			Accounting Developments			116
			Critical Accounting Estimates			116
ITEM 7A.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			120
			Metal Prices			120
			Foreign Currency			121
			Commodity Price Exposure			121
ITEM 8.			FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA			123
ITEM 9.			CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE			187
ITEM 9A.			CONTROLS AND PROCEDURES			187
ITEM 9B.			OTHER INFORMATION			189
ITEM 9C.			DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS			189
			PART III
ITEM 10.			DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE			190
ITEM 11.			EXECUTIVE COMPENSATION			192
ITEM 12.			SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS			192
ITEM 13.			CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE			192
ITEM 14.			PRINCIPAL ACCOUNTANT FEES AND SERVICES			192
			PART IV
ITEM 15.			EXHIBITS, FINANCIAL STATEMENT SCHEDULES			193
ITEM 16.			FORM 10-K SUMMARY			193
SIGNATURES						SCH-1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS						SCH-2

Table of Contents

GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS

Unit						Unit of Measure
$						United States Dollar
%						Percent
A$						Australian Dollar
C$						Canadian Dollar
gram						Metric Gram
ounce						Troy Ounce
tonne						Metric Ton

Abbreviation						Description
AISC (1)						All-In Sustaining Costs
ARC						Asset Retirement Cost
ARS						Argentine Peso
ASC						FASB Accounting Standard Codification
ASU						FASB Accounting Standard Update
AUD						Australian Dollar
CAD						Canadian Dollar
CAS						Costs Applicable to Sales
EBITDA (1)						Earnings Before Interest, Taxes, Depreciation and Amortization
EPA						U.S. Environmental Protection Agency
ESG						Environmental, Social and Governance
Exchange Act						U.S. Securities Exchange Act of 1934
FASB						Financial Accounting Standards Board
GAAP						U.S. Generally Accepted Accounting Principles
GEO (2)						Gold Equivalent Ounces
GHG						Greenhouse Gases, which are defined by the EPA as gases that trap heat in the atmosphere
GISTM						Global Industry Standard on Tailings Management
IMF						International Monetary Fund
INDEC						Instituto Nacional de Estadistca y Censos
IFRS						International Financial Reporting Standards
LBMA						London Bullion Market Association
MD&A						Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations
MINAM						Ministry of the Environment of Peru
Mine Act						U.S. Federal Mine Safety and Health Act of 1977
MINEM						Ministry of Energy and Mines of Peru
MSHA						Federal Mine Safety and Health Administration
MXN						Mexican Peso
NPDES						National Pollutant Discharge Elimination System
NSR						Net Smelter Return
PNG						Papua New Guinea
PSU						Performance Leverage Stock Unit
RSU						Restricted Stock Unit
SAG						Semi-Autogenous Grinding
SEC						U.S. Securities and Exchange Commission
Securities Act						U.S. Securities Act of 1933
SOFR						Secured Overnight Financing Rate
TSF						Tailings Storage Facility
UN						The United Nations
UOP						Units of Production
U.S.						The United States of America
USD						United States Dollar
WTP						Water Treatment Plant

____________________________

(1)Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

(2)Refer to Results of Consolidated Operations within Part II, Item 7, MD&A.

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NEWMONT CORPORATION

RESULTS AND HIGHLIGHTS

(unaudited, dollars in millions, except per share, per ounce, per pound, and per tonne)

			Year Ended December 31,
			2025						2024						2023
Financial Results:
Sales			$	22,669					$	18,682					$	11,812
Gold			$	19,304					$	15,746					$	10,593
Copper			$	1,438					$	1,327					$	575
Silver			$	1,080					$	792					$	335
Lead			$	183					$	195					$	96
Zinc			$	664					$	622					$	213
Costs applicable to sales (1)			$	8,085					$	8,963					$	6,699
Gold			$	6,615					$	7,364					$	5,689
Copper			$	597					$	696					$	359
Silver			$	334					$	360					$	300
Lead			$	116					$	116					$	98
Zinc			$	423					$	427					$	253
Net income (loss) from continuing operations			$	7,167					$	3,313					$	(2,494)
Net income (loss)			$	7,167					$	3,381					$	(2,467)
Net income (loss) from continuing operations attributable to Newmont stockholders			$	7,085					$	3,280					$	(2,521)
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders			$	6.39					$	2.86					$	(3.00)
Net income (loss) attributable to Newmont stockholders			$	6.39					$	2.92					$	(2.97)
Adjusted net income (loss) (2)			$	7,634					$	3,991					$	1,324
Adjusted net income (loss) per share, diluted (2)			$	6.89					$	3.48					$	1.57
Earnings before interest, taxes and depreciation and amortization (2)			$	14,092					$	7,528					$	320
Adjusted earnings before interest, taxes and depreciation and amortization (2)			$	13,480					$	8,675					$	4,215
Net cash provided by (used in) operating activities of continuing operations			$	10,334					$	6,318					$	2,754
Free cash flow (2)			$	7,299					$	2,916					$	88
Regular cash dividends paid per common share			$	1.00					$	1.00					$	1.60
Regular cash dividends declared per common share			$	1.01					$	1.00					$	1.45

____________________________

(1)Excludes Depreciation and amortization and Reclamation and remediation.

(2)Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

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NEWMONT CORPORATION

RESULTS AND HIGHLIGHTS

(unaudited, dollars in millions, except per share, per ounce, per pound, and per tonne)

			Year Ended December 31,
			2025						2024						2023
Operating Results:
Consolidated gold ounces (thousands):
Produced			5,530						6,545						5,401
Sold			5,519						6,539						5,420
Attributable gold ounces (thousands):
Attributable to Newmont			5,471						6,476						5,321
Pueblo Viejo (40%)			253						235						224
Fruta del Norte (1)			165						138						—
Produced			5,889						6,849						5,545
Sold (2)			5,459						6,471						5,340
Consolidated and attributable gold equivalent ounces - other metals (thousands):
Produced			1,409						1,944						891
Sold			1,425						1,916						896
Consolidated and attributable - other metals:
Produced copper:
Pounds (millions)			296						338						145
Tonnes (thousands)			135						153						65
Sold copper:
Pounds (millions)			294						332						155
Tonnes (thousands)			134						150						71
Produced silver (million ounces)			28						33						18
Sold silver (million ounces)			28						33						17
Produced lead:
Pounds (millions)			216						212						113
Tonnes (thousands)			98						96						51
Sold lead:
Pounds (millions)			209						213						107
Tonnes (thousands)			95						97						49
Produced zinc:
Pounds (millions)			509						569						230
Tonnes (thousands)			231						258						104
Sold zinc:
Pounds (millions)			542						545						222
Tonnes (thousands)			246						247						101
Average realized price:
Gold (per ounce)			$	3,498					$	2,408					$	1,954
Copper (per pound)			$	4.89					$	4.00					$	3.71
Copper (per tonne)			$	10,787					$	8,831					$	8,158
Silver (per ounce)			$	38.92					$	24.13					$	19.97
Lead (per pound)			$	0.87					$	0.91					$	0.90
Lead (per tonne)			$	1,927					$	2,016					$	1,976
Zinc (per pound)			$	1.23					$	1.14					$	0.96
Zinc (per tonne)			$	2,705					$	2,520					$	2,116

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NEWMONT CORPORATION

RESULTS AND HIGHLIGHTS

(unaudited, dollars in millions, except per share, per ounce, per pound, and per tonne)

			Year Ended December 31,
			2025						2024						2023
Operating Results (continued):
Consolidated costs applicable to sales: (3)(4)
Gold (per ounce)			$	1,199					$	1,126					$	1,050
Gold equivalent ounces - other metals (per ounce)			$	1,032					$	834					$	1,127
Copper (per tonne)			$	4,476					$	4,625					$	5,081
Silver (per ounce)			$	12					$	11					$	18
Lead (per tonne)			$	1,226					$	1,201					$	2,018
Zinc (per tonne)			$	1,723					$	1,729					$	2,507
All-in sustaining costs: (5)
Gold (per ounce)			$	1,609					$	1,516					$	1,444
Gold equivalent ounces - other metals (per ounce)			$	1,392					$	1,161					$	1,579
Copper (per tonne)			$	6,423					$	6,638					$	6,931
Silver (per ounce)			$	15					$	14					$	24
Lead (per tonne)			$	1,456					$	1,467					$	2,579
Zinc (per tonne)			$	2,156					$	2,350					$	3,622

____________________________

(1)The Fruta del Norte mine is wholly owned by Lundin Gold Inc., in which the Company holds a 32% interest and is accounted for as an equity method investment on a quarter lag.

(2)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine and the Fruta del Norte mine.

(3)Excludes Depreciation and amortization and Reclamation and remediation.

(4)Calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively.

(5)All AISC figures are presented on a co-product basis; costs are allocated to co-product metals based upon the relative sales value, determined using GEO pricing, of gold and other metals produced during the period. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

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2025 Highlights (dollars in millions, except per share, per ounce and per pound amounts)

•Net income: Delivered Net income (loss) from continuing operations attributable to Newmont stockholders of $7,085 or $6.39 per diluted share, an increase of $3,805 from the prior year primarily due to (i) a net increase in Sales largely due to higher average realized gold prices partially offset by the impact from divestitures, (ii) a net gain on completed divestments, compared to prior year write-downs from assets held for sale, recognized in (Gain) loss on sale of assets held for sale, and (iii) a net decrease in costs applicable to sales, recognized in Costs applicable to sales, primarily resulting from divested sites. This increase was partially offset by the increase in Income and mining tax benefit (expense) and Impairment charges, primarily at Yanacocha.

•Adjusted net income: Reported Adjusted net income (loss) of $7,634 or $6.89 per diluted share, an increase of $3.41 per diluted share from the prior year (refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A).

•Adjusted EBITDA: Reported $13,480 in Adjusted EBITDA, an increase of 55% from the prior year (refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A).

•Cash flow: Reported Net cash provided by (used in) operating activities of continuing operations of $10,334, an increase of 64% from the prior year, and Free cash flow of $7,299 (refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A).

•Portfolio updates: Achieved commercial production at the Ahafo North project in Ghana resulting in classification as a reportable segment. Completed the sale of the CC&V, Musselwhite, Éléonore, Akyem, and Porcupine reportable segments and the Coffee development project.

•Attributable gold production: Produced approximately 6 million ounces of gold, a decrease of 14% from prior year largely driven by impact of divestments.

•Financial strength: Ended the year with $7.6 billion of consolidated cash and $11.6 billion of total liquidity; redeemed $3.4 billion of senior notes and settled $2.3 billion of share repurchases; declared a total dividend of $1.01 per share for the year.

Our Global Project Pipeline

Newmont’s project pipeline supports stable production with improving margins and mine life. Near-term development capital projects are presented below. Additional projects represent incremental improvements to production and cost guidance. We manage our wider project portfolio to maintain flexibility to address the development risks associated with our projects including permitting, local community and government support, engineering and procurement availability, technical issues, escalating costs and other associated risks that could adversely impact the timing and costs of certain opportunities.

Tanami Expansion 2, Tanami. This project secures Tanami’s future as a long-life, low-cost producer by extending mine life beyond 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure to achieve higher production and provide a platform for future growth. The expansion is expected to increase average annual gold production and improve efficiency for the first five years (2028 - 2032). The project is expected to achieve commercial production in the second half of 2027, and total capital costs for the project are estimated to be between $1,700 and $1,800. Development capital costs (excluding capitalized interest and capitalized depreciation and amortization) since approval were $1,304, of which $284 related to 2025.

Cadia Panel Caves, Cadia. This project includes two panel caves to recover approximately 5 million ounces of gold reserves and 1.1 million tonnes of copper reserves. Cave establishment continues through the firing of additional drawbells in PC2-3 and cave establishment is expected to be completed by late 2026. The first drawbell in PC1-2 was successfully fired in December 2025, marking the start of the next critical phase of cave establishment, with the last drawbell expected to be completed in 2029. Capital costs for the PC2-3 and PC1-2 project are estimated to be between $2,000 and $2,400. Development capital costs (excluding capitalized interest and capitalized depreciation and amortization) for PC2-3, PC1-2, and PC1 combined since acquisition of Newcrest were $516, of which $268 related to 2025.

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PART I

ITEM 1.       BUSINESS (dollars in millions, except per share, per ounce and per pound amounts)

Introduction

Newmont Corporation was incorporated in 1921 and is primarily a gold producer with significant operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. At December 31, 2025, Newmont had attributable proven and probable gold reserves of 118.2 million ounces, attributable measured and indicated gold resources of 88.1 million ounces, attributable inferred gold resources of 60.6 million ounces, and an aggregate land position of approximately 19,200 square miles (49,800 square kilometers). Newmont is also engaged in the production of copper, silver, lead, and zinc. As the world’s leading gold company, Newmont remains committed to creating value and improving lives through sustainable and responsible mining.

Newmont’s corporate headquarters are in Denver, Colorado, U.S. In this report, “Newmont,” the “Company,” “our,” and “we” refer to Newmont Corporation together with our affiliates and subsidiaries, unless the context otherwise requires.

Divestiture of Non-Core Assets

Based on a comprehensive review of the Company’s portfolio of assets following the acquisition of Newcrest Mining Limited ("Newcrest"), the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested included Telfer, CC&V, Musselwhite, Éléonore, Porcupine, Akyem, and the Coffee development project in Canada. The Company presented these assets as held for sale in the first quarter of 2024 and recorded the assets at the lower of their carrying value or fair value, less costs to sell.

The Company completed the sale of the assets of the Telfer reportable segment in the fourth quarter of 2024, the sale of the CC&V, Musselwhite, and Éléonore reportable segments in the first quarter of 2025, the sale of the Porcupine and Akyem reportable segments in the second quarter of 2025, and the sale of the Coffee development project in the fourth quarter of 2025. Refer to Note 3 to the Consolidated Financial Statements for further information on the Company's divestitures.

Newcrest Acquisition

On November 6, 2023, we completed the acquisition of Newcrest (“the Newcrest transaction”). Results of Newcrest for the period November 6 to December 31, 2023 and the years ended December 31, 2024 and 2025 are included in this report. Refer to Note 3 to the Consolidated Financial Statements for further information on the Company's acquisitions.

Segment Information

The Company's 13 reportable segments consist of each of its 12 mining operations that it manages and its 38.5% proportionate interest in Nevada Gold Mines ("NGM"), which it does not directly manage. The reportable segments at December 31, 2025 exclude reportable segments that have been divested.

In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment.

For information on acquisitions and divestitures impacting the comparability of our results, refer to Note 3 to the Consolidated Financial Statements.

Refer to Item 1A, Risk Factors, below, and Note 4 to the Consolidated Financial Statements for further information relating to our reportable segments. Refer to Note 5 to the Consolidated Financial Statements for information relating to domestic and export sales and lack of dependence on a limited number of customers.

Products

References in this report to “attributable” means that portion of gold, copper, silver, lead, or zinc produced, sold or included in proven and probable reserves and measured, indicated, and inferred resources based on our proportionate ownership, unless otherwise noted.

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Gold

General. The details of our consolidated and attributable gold production from continuing operations are set forth below:

			Year Ended December 31,
			2025						2024						2023
Consolidated gold ounces produced (thousands)			5,530						6,545						5,401
Attributable gold ounces produced (thousands)			5,889						6,849						5,545
Attributable gold ounces produced from equity method investments (thousands):
Pueblo Viejo (40%)			253						235						224
Fruta del Norte (32%) (1)			165						138						—
			418						373						224

____________________________

(1)The Fruta del Norte mine is wholly owned and operated by Lundin Gold Inc. ("Lundin Gold"). The Company acquired a 32% interest in Lundin Gold through the Newcrest transaction, which is accounted for as an equity method investment on a quarterly lag. As a result, results of operations were not reported until the first quarter of 2024. Refer to Notes 3 and 15 to the Consolidated Financial Statements for additional information.

For the years ended December 31, 2025, 2024 and 2023, 85%, 85% and 89%, respectively, of our Sales were attributable to gold. Most of our Sales come from the sale of refined gold. The end product at our gold operations, however, is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of our refining agreements, the doré bars are refined for a fee, and our share of the refined gold and the separately-recovered silver is credited to our account or delivered to buyers. Additionally, a portion of gold is sold in concentrate containing other metals such as copper, silver, lead, and/or zinc.

Gold Uses. Gold generally is used for fabrication or investment. Fabricated gold has a variety of end uses, including jewelry, electronics, dentistry, industrial and decorative uses, medals, medallions, and official coins. Gold investors buy gold bullion, official coins, and jewelry.

Gold Supply. A combination of mine production, recycling and draw-down of existing gold stocks held by governments, financial institutions, industrial organizations and private individuals make up the annual gold supply. Based on public information available, for the years ended December 31, 2023 through 2025, mine production has averaged approximately 73% of the annual gold supply with the remainder primarily sourced from recycled gold.

Gold Price. The following table presents the annual high, low, and average daily afternoon LBMA Gold Price over the past ten years on the London Bullion Market ($/ounce):

Year			High						Low						Average
2026 (through February 12, 2026)			$	5,405					$	4,353					$	4,808
2025			$	4,449					$	2,633					$	3,432
2024			$	2,778					$	1,985					$	2,386
2023			$	2,078					$	1,811					$	1,941
2022			$	2,039					$	1,629					$	1,800
2021			$	1,943					$	1,684					$	1,799
2020			$	2,067					$	1,474					$	1,770
2019			$	1,546					$	1,270					$	1,393
2018			$	1,355					$	1,178					$	1,268
2017			$	1,346					$	1,151					$	1,257
2016			$	1,366					$	1,077					$	1,251

On February 12, 2026, the afternoon LBMA gold price was $5,043 per ounce.

Refer to Note 2 to the Consolidated Financial Statements for information on how we recognize revenue for gold sales from doré production.

Other Co-product Metals

Generally, if a metal expected to be mined represents more than 10% to 20% of the life of mine sales value of all the metal expected to be mined, the metal is considered a co-product and recognized as Sales in the Consolidated Financial Statements.

Copper production at Cadia, Boddington, and Red Chris and silver, lead, and zinc production at Peñasquito are considered co-products. Copper production at Telfer, prior to divestment in the fourth quarter of 2024, was considered a co-product. Copper, silver, lead, and zinc sales are generally in the form of concentrate that is sold to smelters for further treatment and refining.

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The following table details consolidated co-product production and the percentage of Sales that was attributable to copper, silver, lead, and zinc for the years ended December 31, 2025, 2024, and 2023:

			2025												2024												2023
			Co-product Production						Sales as % of Total Sales						Co-product Production						Sales as % of Total Sales						Co-product Production						Sales as % of Total Sales
Copper (pounds/millions)			296						6		%				338						7		%				145						5		%
Silver (ounces/millions)			28						5		%				33						4		%				18						3		%
Lead (pounds/millions)			216						1		%				212						1		%				113						1		%
Zinc (pounds/millions)			509						3		%				569						3		%				230						2		%

By-product Metals

If a metal expected to be mined falls below the co-product sales value percentages, the metal is considered a by-product. Revenues from by-product sales are credited to Costs applicable to sales in the Consolidated Financial Statements.

Aside from the co-product sales at Cadia, Boddington, Peñasquito, Red Chris, and Telfer, copper and silver produced at other Newmont sites are by-product metals.

Gold and Other Metals Processing Methods

Doré. Gold is extracted from naturally-oxidized ores by either milling or heap leaching, depending on the amount of gold contained in the ore, the amenability of the ore to treatment and related capital and operating costs. Higher grade oxide ores are generally processed through mills, where the ore is ground into a fine powder and mixed with water into a slurry, which then passes through a carbon-in-leach circuit to recover the gold. Lower grade oxide ores are generally processed using heap leaching. Heap leaching consists of stacking crushed or run-of-mine ore on impermeable, synthetically lined pads where a weak cyanide solution is applied to the surface of the heap to dissolve the gold contained within the ore. In both cases, the gold-bearing solution is then collected and pumped to process facilities to remove the gold by collection on carbon or by zinc precipitation.

Gold contained in ores that are not naturally-oxidized can be directly milled if the gold is liberated and amenable to cyanidation, generally known as free milling ores. Ores that are not amenable to cyanidation, known as refractory ores, require more costly and complex processing techniques than oxide or free milling ore. Higher grade refractory ores are processed through either roasters or autoclaves. Roasters heat finely ground ore to a high temperature, burn off the carbon and oxidize the sulfide minerals that prevent efficient leaching. Autoclaves use heat, oxygen and pressure to oxidize sulfide ores.

Some gold sulfide ores may be processed through a flotation plant. In flotation, ore is finely ground, turned into slurry, then placed in a tank known as a flotation cell. Chemicals are added to the slurry causing the gold-containing sulfides to attach to air bubbles and float to the top of the tank. The sulfides are removed from the cell and converted into a concentrate that can then be processed in an autoclave, roaster, or fine grinding circuit to recover the gold through leaching. Gold-bearing solution is then plated onto cathodes in an electrowinning process or precipitated using zinc powder. In both cases, the precipitate is melted with fluxes in a furnace to produce doré.

Concentrate. Ore containing zinc, silver, lead, and gold is delivered to a crushing and grinding plant which feeds a sulfide processing plant. The sulfide processing plant primarily comprises lead and zinc flotation stages. In the lead and zinc flotation, the slurry is conditioned with reagents to activate the desired minerals and produce lead and zinc concentrate. The lead concentrate is highly enriched in gold and silver, with a smaller fraction of the precious metal recovered in the zinc concentrate. The resulting concentrate is sold to smelters or traders for further processing.

Ore containing copper and gold is crushed to a coarse size at the mine and then transported via conveyor to a process plant, where it is further crushed and then finely ground as a slurry. The ore is initially treated by successive stages of flotation resulting in a gold/copper concentrate generally containing within 10% to 26% copper and is dewatered and transported off-site. The flotation tailings have a residual gold content that is recovered in a carbon-in-leach circuit.

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A summary of product and form by segment is set forth below.

Segment

Products (1)

Form

Lihir, Papua New Guinea

Gold

Doré

Cadia, Australia

Gold, Copper

Doré, Concentrate

Tanami, Australia

Gold

Doré

Boddington, Australia

Gold, Copper

Doré, Concentrate

Ahafo South, Ghana

Gold

Doré

Ahafo North, Ghana

Gold

Doré

Merian, Suriname

Gold

Doré

Cerro Negro, Argentina

Gold

Doré

Yanacocha, Peru

Gold

Doré

Peñasquito, Mexico

Gold, Silver, Lead, Zinc

Doré, Concentrate

Red Chris, Canada

Gold, Copper

Concentrate

Brucejack, Canada

Gold

Doré, Concentrate

NGM, U.S.

Gold

Doré, Concentrate

Divested (2)

CC&V, U.S.

Gold

Doré

Musselwhite, Canada

Gold

Doré

Porcupine, Canada

Gold

Doré

Éléonore, Canada

Gold

Doré

Akyem, Ghana

Gold

Doré

Telfer, Australia

Gold, Copper

Doré, Concentrate

____________________________

(1)Products listed are only for gold and co-product metals. See above for further information on co-product classification.

(2)Refer to Note 3 to the Consolidated Financial Statements for further information on divestitures.

Competition

The top 10 producers of gold comprise approximately 25% of total worldwide mined gold production. We currently rank as the top gold producer with approximately 5% of estimated total worldwide mined gold production. Our competitive position is based on the size and grade of our ore bodies anchored in favorable mining jurisdictions and our ability to manage costs compared with other producers. We have a diverse portfolio of mining operations with varying ore grades and cost structures. Our costs are driven by the location, grade and nature of our ore bodies, and the level of input costs, including energy, labor, and equipment. The metals markets are cyclical, and our ability to maintain our competitive position over the long term is based on our ability to acquire and develop quality deposits, hire and retain a skilled workforce, and manage our costs.

Licenses and Concessions

Other than operating licenses for our mining and processing facilities, there are no third-party patents, operating licenses, or franchises material to our business. In many countries, however, we conduct our mining and exploration activities pursuant to land-related licenses which include leases, concessions, claims, or prospecting licenses granted by the host government. These countries include, among others, the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. Refer to Item 2, Properties, below for further information on land-related licenses and concessions by property. The concessions and contracts are subject to the political risks associated with the host country. Refer to Item 1A, Risk Factors, below for further information.

Condition of Physical Assets and Insurance

Our business is capital intensive and requires ongoing capital investment for the replacement, modernization or expansion of equipment and facilities. Refer to Results of Consolidated Operations and Liquidity and Capital Resources within Part II, Item 7, MD&A, for further information.

We maintain insurance policies against property loss, business interruption, and other risks that are typical in the operation of our business, in amounts that we believe to be reasonable. Such insurance, however, contains exclusions and limitations on coverage, particularly with respect to environmental liability and political risk. There can be no assurance that claims would be paid under such insurance policies in connection with a particular event. Refer to Item 1A, Risk Factors, below for further information.

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Environmental, Social and Governance

Overview

Focusing on environmental, social and governance ("ESG") practices are an important part of Newmont’s business. Widely recognized for our principled ESG practices, we have been consistently ranked as a leader in the mining and metal sector of the S&P Global, and we have been listed on the Dow Jones Sustainability World Index since 2007.

ESG is a key part of how we make investment decisions and central to our culture and purpose to create value and improve lives through sustainable and responsible mining. Sustainability and safety are integrated into the business at all levels of the organization through our global policies, standards, strategies, business plans, and remuneration plans. Our global strategies, notably those related to Sustainability and Health, Safety, and Security, direct all levels of our business in environmental stewardship, strong workforce safety and health practices, social responsibility and good governance. With clear targets, open communication and transparent reporting, we strive for continuous improvement to meet the evolving expectations of investors, governments, communities and other key stakeholders, and to contribute to a sustainable future for all.

Stakeholder Engagement

We engage regularly with relevant stakeholders, who we consider to be any person or organization potentially impacted by our activities or influential to our success, which allows us to gain a greater understanding of their needs, interests and perspectives while, at the same time, encouraging shared decision making to promote mutually beneficial outcomes. These engagements also inform what information is most useful for stakeholders for the purposes of our non-financial reporting. Newmont also engages with and commits to meeting the expectations of a variety of organizations at a global, regional, national and local level - and where applicable - adhering to these organizations' high standards of governance, social and environmental policies and performance. These memberships and other external commitments reflect our values, support our approach to working collaboratively on best practices across several key matters and allow external stakeholders to hold us accountable. Our participation in industry initiatives, wherein we often take a leadership role, allows us to inform and influence global standards and practices, as well as gain insight into emerging expectations and issues.

Reporting

We believe that transparency and accountability are key attributes of governance. Since 2003, Newmont has been reporting on how we manage the sustainability issues of relevance to stakeholders around the globe. Our sustainability report provides an annual review of non-financial performance on governance, strategy and management approach, risk management, and performance and targets in key areas that include health, safety and security, workforce, the environment, supply chain, social responsibility, business integrity and compliance, value sharing, and inclusion, diversity, and equity domains. Our sustainability report is compiled in accordance with the Global Reporting Initiative ("GRI") Standards (GRI 1: Foundation 2021; G4 Mining and Metals Sector Disclosure), and the Sustainability Accounting Standards Board Metals & Mining Industry Standard (Version 2023-12). Select data is subject to an external limited assurance review and reflects Newmont’s commitment to transparency and reporting obligations as a founding member of the International Council on Mining and Metals ("ICMM") and as an early adopter of the UN Guiding Principles Reporting Framework. Additionally, our sustainability report aligns with the requirements the ICMM's Mining Principles' Performance Expectations and Position Statements, the GISTM and the World Gold Council's Responsible Gold Mining Principles.

Newmont’s sustainability reporting suite also includes our sustainability-linked bond framework, ESG data tables, conflict-free gold report, modern slavery statement, policy influence disclosures, taxes and royalties contributions report, and other reports and responses, which can be found on our website at www.newmont.com/sustainability.

The information in our sustainability report and on our website is not incorporated by reference in this annual report or otherwise “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

Environmental Practices

Climate Change. We accept the Intergovernmental Panel on Climate Change’s assessment of climate science, and we acknowledge that human activities contribute to climate change and business has an important role in addressing this global challenge. It is our firm belief that climate change is one of the greatest global challenges of our time. For a discussion of climate-related risks, refer to Item 1A, Risk Factors.

Climate Targets and Initiatives to Achieve. We believe that value-creation industries like mining have a responsibility to drive actions to transition us to a low-carbon economy. In an effort to play our part in addressing climate change, in 2020 we announced science-based, GHG emissions reduction targets of 32% for Scope 1 and Scope 2 and 30% for Scope 3 by 2030 ("2030 climate targets"), with an ultimate ambition of being carbon neutral by 2050. Newmont's emission calculation methodology framework dictates that any change of 5% resulting from divestitures or acquisitions requires recalculation of baseline data. The acquisition of Newcrest in November 2023 as well as the divestitures in 2024 through 2025 triggered Newmont to recalculate the target baseline years and trailing years of GHG emissions data. We are continuing to review our targets and roadmap which may result in amendments

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in the future. Investors are reminded that climate-related targets are subject to aspirational management goals and forward-looking statements, which remain subject to risks and uncertainties. For example, our ability to achieve our Scope 3 emissions targets is subject to the actions of entities not within our control, though we continue to work with our partners on these matters. While we review our performance annually and seek opportunities to advance, meeting this target should not be projected or relied upon. Refer to Forward-Looking Statements, below, and Item 1A, Risk Factors of this report under the heading "Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy."

Our most significant opportunities to reduce emissions exist in building or deploying cleaner energy solutions at our mine sites, as well as the greening of the electrical grid that supplies energy to our operations. Since announcing our 2030 climate targets, we have taken steps to invest in climate change initiatives in support of our goal. We also see sustainable finance as a way to further demonstrate Newmont's focus on climate change. In December 2021, Newmont became the first in the mining industry to issue a sustainability-linked bond, with the registered public offering of $1 billion aggregate principal amount of 2.6% Sustainability-Linked Senior Notes due 2032 (the "Notes"), with the coupon linked to Newmont’s performance against key ESG goals regarding 2030 climate targets. In connection with the issuance of the Notes, Newmont published a Sustainability-Linked Bond Framework and obtained a second party opinion on the framework from the Institutional Shareholder Services group of companies ESG. The Notes align Newmont’s business and financing by creating a direct link between its sustainability performance and funding strategies.

In addition to our focus on reducing carbon emissions, we believe that access to clean, safe water is a human right, and reliable water supplies are vital for hygiene, sanitation, livelihoods and the health of the environment. Because water is also critical to our business, we recognize the need to use water efficiently, protect water resources, and collaborate with the stakeholders within the watersheds where we operate to effectively manage this shared resource. We operate in water-stressed areas with limited supply, and increased pressure on water supplies may occur due to increasing populations in and around communities in proximity to our operations.

Biodiversity. Our operations span multiple continents in a range of ecosystems that include tropical, desert and arctic climates. We understand the impact our activities can have on the environment and are committed to protect and prevent – or otherwise minimize, mitigate and remediate – those impacts in the areas where we operate through responsible management during all aspects of the mine lifecycle and collaboration with stakeholders to develop integrated approaches to land use.

Our Environmental Impact. We conduct our operations so as to protect public health and the environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our mining and exploration activities are subject to various laws and regulations in multiple jurisdictions governing the protection of the environment. These laws and regulations are continually changing.

Our Environmental Reclamation and Remediation Commitments. Each operating mine has a reclamation plan in place that meets, in all material respects, applicable legal and regulatory requirements. We are also involved in several matters concerning environmental obligations associated with former, primarily historical, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites. The reclamation and remediation stage is a multifaceted process with complex risks. Successfully closing and reclaiming mines is crucial for gaining stakeholder trust and maintaining social acceptance. Notably, Newmont is committed to the implementation of the GISTM and disclosure of implementation status for tailings facilities. Disclosures can be found on our website. Conformance with the GISTM remains ongoing and has and may continue to result in further increases to our sustaining costs and estimated closure costs. Additionally, laws, regulations and permit requirements focused on water management and discharge requirements for operations and water treatment are becoming increasingly stringent. Compliance with water management and discharge quality remains dynamic and has and may continue to result in further increases to our estimated closure costs. For a discussion of the most significant reclamation and remediation activities, refer to Note 6 and Note 24 to the Consolidated Financial Statements. For discussion of regulatory, tailings storage facilities, water, climate and other environmental risks, refer to Item 1A, Risk Factors, for additional information.

Social Practices

Our People. At Newmont, one of the strategic pillars is people.

The success of our business comes from the accomplishments and well-being of our employees and contractors. That is why we strive to build a workplace culture that fosters leaders where everyone belongs, thrives, and is valued.

At December 31, 2025, approximately 17,500 people were employed by Newmont and Newmont subsidiaries, and approximately 26,600 people were working as contractors in support of Newmont’s operations and attainment of our objectives. Additionally, at December 31, 2025, approximately 27% of our workforce were members of a union or participated in collective bargaining. We are committed to fostering solid relationships with all members of our workforce based on trust, treating workers fairly and providing them with safe and healthy working conditions. For a discussion of related risks, refer to Item 1A, Risk Factors.

Our people strategy represents a multi-year journey, and its three pillars and respective aspirations include: (i) leadership – grow and attract exceptional leaders for our Company, the industry and beyond; (ii) inclusion, diversity and equity - through bold actions cultivate an inclusive, diverse and engaged workforce; and (iii) people experiences - foster a meaningful work experience that

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enables our culture and strategy to flourish. The Board of Directors’ Leadership Development and Compensation Committee holds reviews with management every quarter and on an ad hoc basis as needed to ensure appropriate management of human capital and progress against our stated goals.

The people who work on our behalf give us a competitive advantage. Through our global people strategy, we align our talent management efforts with the overall business strategy. The strategy’s focus areas include enhancing the employee experience and evolving for future workforce needs; building our bench strength and leadership capabilities; developing effective labor relations that align stakeholders with a shared future; and improving inclusion.

Inclusion, Diversity, and Equity. Inclusion is one of our five core values. We support this through a focus on our culture and four key areas of inclusion: (i) start with respect; (ii) listen to and engage employees; (iii) leverage dissonance, consistency, and persistence toward a future state culture; and (iv) focus on the career progress of underrepresented team members. Newmont is an equal employment opportunity employer and Newmont's policy is to not make employment-related decisions based on gender or any other protected basis.

In our annual sustainability report, Newmont voluntarily reports workforce and labor information in accordance with GRI Standards, including data on workforce demographics, compensation and equal remuneration, gender diversity, union representation, labor relations, employee turnover, hiring representation, and training and development. Newmont also reports employment data in U.S. Equal Employment Opportunity Commission EEO-1 reports which can be found on our website. The information in our sustainability report and on our website is not incorporated by reference in this annual report.

ESG Performance-based Compensation. The importance of ESG performance is emphasized with our workforce through our training and development programs and our compensation design. Employees eligible for our short-term incentive plan are held accountable for the Company’s health, safety, and sustainability performance through Newmont’s performance-based compensation structure. ESG will comprise 30% of the Company’s short-term incentive plan payout for 2025, with 20% allocated to health & safety metrics and 10% to sustainability performance based social and environment metrics.

Additional information regarding the Company’s compensation programs and performance will be provided in the 2026 Proxy Statement.

Health and Safety. Safeguarding the health and safety of our employees and contractors is fundamental to how we operate. Mining activities pose risks and hazards that must be effectively managed and controlled to minimize their impact. Safety is one of Newmont's core values, and our global Health, Safety, and Security strategy aims to advance our journey toward a workplace free from fatalities, injuries and illnesses. We believe that our operations are in compliance with applicable laws and regulations in all material respects. We continue to sustain robust controls at our operations and offices around the globe. We measure the effectiveness of our approach to managing the wide range of health and safety risks by setting measurable objectives and targets. The quality and effectiveness of our health and safety controls are audited regularly as part of our assurance and governance process.

Commitments to Communities. Gaining and maintaining the trust of stakeholders impacted by a business is an ongoing endeavor. At Newmont, we use a collaborative approach to relationships with stakeholders and earning social acceptance. Through understanding and managing our activities' impacts on communities and involving local stakeholders in decision making, we aim to build enduring relationships based on respect and mutually beneficial and sustainable development outcomes. We monitor various metrics and performance objectives to assess the effectiveness of our social acceptance approach, and to better understand both the positive and negative impacts that our activities have on host communities. We seek to include impacted communities and groups in determining mitigation or optimization of these impacts in a manner that is culturally appropriate and with the consent of those impacted. We also recognize our responsibility to respect and promote human rights.

Governance Practices

Board of Directors Oversight. Newmont believes that strong corporate governance, with management accountability and active oversight from an experienced Board of Directors, is essential for mitigating risk, serving in the best interests of all stakeholders and creating long-term value. The highest level of oversight at Newmont resides with Newmont’s Board of Directors (the “Board"). The Board of Directors plays a critical role, overseeing the Company’s business strategy and the overall goal of delivering long-term value creation for stockholders and other stakeholders. The members of the Board of Directors bring a broad range of backgrounds, experiences and talents, along with ethnic and gender diversity, to our governance process. As of December 31, 2025, the Board of Directors was comprised of 12 directors (11 independent non-executive directors and one executive director) with more than 55% of the independent directors with a form of ethnic or gender diversity to the Board of Directors, with 36% female representation among independent directors. With the retirement of Tom Palmer, and the appointment of Natascha Viljoen to the Board on January 1, 2026, to her new role as President and Chief Executive Officer, overall female representation on the Board increased to 42%.

Four core Board committees, Audit, Corporate Governance and Nominating, Leadership Development and Compensation, and Safety and Sustainability, provide oversight and guidance in these key areas. Each committee assists the Board of Directors in carrying out responsibilities such as assessing major risks, ensuring high standards of ethical business conduct, succession planning and talent management, and approving and providing oversight of the sustainability strategy, which includes commitments to the adoption of best practices in promotion of a healthy and safe work environment, and environmentally sound and socially responsible mining and

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resource development. All members of these four core Committees are independent, as defined in the listing standards of the New York Stock Exchange and Newmont’s Corporate Governance Guidelines. More information on Newmont’s Board, governance practices and risk oversight can be found in our annual Proxy Statement.

Code of Conduct. Our global Code of Conduct (the “Code”), which was adopted and approved by Newmont’s Board, forms the foundation for our integrity expectations, and six overarching policies, along with our standards on Anti-Corruption, Conflicts of Interest, Gifts and Entertainment and U.S. Export Compliance, state the minimum requirements for conducting business honestly, ethically and in the best interests of Newmont. Our Code reflects our belief that as important as what we do is how we do it. It requires all representatives of Newmont to demonstrate our values – safety, integrity, sustainability, inclusion and responsibility – in every aspect of our professional lives and ultimately, to live up to our purpose, which is to create value and improve lives through sustainable and responsible mining.

Governance Materials. Our Corporate Governance Guidelines, Proxy Statement, policies, and the charters for the Committees of the Board of Directors are available on our website, www.newmont.com, and are available free of charge upon request to Investor Relations at our principal executive office. We also file with the New York Stock Exchange an annual certification that our Chief Executive Officer is unaware of any violation of the NYSE’s corporate governance standards. We make available free of charge through our website this annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. The information on our website is not incorporated by reference in this report.

Risk Factor Summary

We are subject to a variety of risks and uncertainties, including risks related to our operations and business, financial risks, risks related to our industry, environmental and climate risks, risks related to the jurisdictions in which we operate, risks related to our workforce, legal risks and risks related to our common stock, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. Risks that we deem material are described in Item 1A, Risk Factors of this report. These risks include, but are not limited to, the following:

•A substantial or extended decline in gold, copper, silver, lead or zinc prices would have a material adverse effect on us.

•We may be unable to replace gold, copper, silver, lead or zinc reserves as they become depleted.

•Estimates of proven and probable reserves and measured, indicated and inferred resources are uncertain and the volume and grade of ore actually recovered may vary from our estimates.

•Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated.

•Increased operating and capital costs could affect our profitability.

•Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made.

•Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects.

•We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure or cybersecurity attacks and risks associated with implementation, upgrade, operation and integration.

•To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures, our interests in these properties is subject to risks normally associated with the conduct of joint ventures.

•Our operations and business have in the past been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics and other health emergencies.

•Increased exposure to foreign exchange fluctuations and capital controls may adversely affect Newmont’s costs, earnings and the value of some of our assets.

•Future funding requirements may affect our business, our ability to pursue new business opportunities, invest in existing and new projects, pay cash dividends or engage in share repurchase transactions.

•Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations.

•Our ability to recognize the benefits of deferred tax assets is dependent on future cash flows and taxable income.

•Any downgrade in the credit ratings assigned to our debt securities could increase our future borrowing costs and adversely affect the availability of new financing.

•Returns for investments in pension plans are uncertain.

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•We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining.

•Mining operations involve a high degree of risk, including hazards related to the use of explosives and hazardous chemicals and critical equipment failure.

•We rely on our supply chain operations to procure goods and services to support our operations and projects, and competition with other natural resource companies, and shortage of critical parts, services and equipment may adversely affect our operations and development projects.

•We may be unable to obtain or retain necessary permits and land or mining tenure which could adversely affect our operations and projects.

•Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations.

•Illegal mining and artisanal mining occurs on or adjacent to certain of our properties exposing such sites to security risks.

•Civil disturbances and criminal activities can disrupt business and expose the Company to liability.

•Our operations and projects face substantial regulation of health and safety.

•Our operations and projects are subject to extensive environmental laws and regulations.

•Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy.

•Our operations and projects are subject to a range of transitional and physical risks related to climate change.

•Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability.

•Our operations and projects may be adversely affected by rising energy prices or energy shortages.

•Our operations and projects are dependent on the availability of sufficient water supplies and subject to water-related risks.

•Our operations and projects are subject to risks related to our relationships and/or agreements with local communities, including Indigenous Peoples, and laws for the protection of cultural heritage.

•Our operations and projects are subject to risks of doing business in multiple jurisdictions.

•New or changing legislation and tax risks in certain operating jurisdictions could negatively affect us.

•Changes in mining or investment policies or shifts in political and social attitudes in the jurisdictions in which we operate may adversely affect our operations or profitability.

•Our operations at Yanacocha and projects in Peru are subject to political and social unrest risks.

•Our Merian operation in Suriname is subject to political, security and economic risks.

•Our operations at Ahafo South and Ahafo North in Ghana are subject to political, economic, security and other risks.

•Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina, regulatory risk and labor unrest.

•Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties.

•Our operations and projects in Canada are subject to legal and regulatory risks and other uncertainties in connection with claims and challenges by Indigenous groups.

•Our business depends on good relations with our employees.

•Our Peñasquito operation in Mexico is subject to social, political, regulatory, and economic risks.

•We may not be able to operate successfully if we are unable to recruit, hire, retain and develop key personnel and a qualified and diverse workforce. In addition, we are dependent upon our employees being able to perform their jobs in a safe and respectful work environment.

•We rely on contractors to conduct a significant portion of our operations and construction projects.

•Our business is subject to the U.S. Foreign Corrupt Practices Act, and other related anti-bribery laws and regulations. A breach or violation of these rules and regulations could lead to substantial sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of licenses or permits and other collateral consequences and reputational harm.

•Newmont’s global operations create exposure to U.S. and international trade, sanctions, and export control risks. As a U.S.-headquartered company, Newmont must comply with U.S. trade laws worldwide, as well as applicable local regulations. These risks stem from cross-border movement of mineral, equipment, technology, services, capital, and data, often involving third

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parties. Trade compliance failures may result in legal exposure, financial penalties, operational disruption, reputational damage, and restricted access financial systems or markets.

•Unanticipated litigation or negative developments in pending litigation or with respect to other contingencies may adversely affect our financial condition and results of operations.

•Title to some of our properties may be insufficient, defective, or challenged.

•The price of our common stock may be volatile, which may make it difficult for you to sell the common stock at the price you paid or at prices you find attractive.

•Holders of our common stock, CDIs and PDIs may not receive dividends.

•Compliance with exchange listing rules as a foreign exempt listing may differ from investor expectations.

•We may not receive any or all deferred or contingent consideration for divested assets.

•We are subject to ongoing indemnification and other retained liabilities from certain recent and historical transactions.

Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business, financial condition, results of operations and cash flows.

Forward-Looking Statements

Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s),” “estimate(s),” “should,” “intend(s),” "target(s)," "plan(s)," "potential," and similar expressions are intended to identify forward-looking statements. Our forward-looking statements may include, without limitation:

•estimates regarding future earnings and the sensitivity of earnings to gold, copper, silver, lead, zinc and other metal prices;

•estimates of future mineral production and sales;

•estimates of future production costs, other expenses and taxes for specific operations and on a consolidated basis, including estimates of future costs applicable to sales and all-in sustaining costs;

•estimates of future cash flows and the sensitivity of cash flows to gold, copper, silver, lead, zinc and other metal prices;

•estimates of future capital expenditures, including development and sustaining capital, as well as construction or closure activities and other cash needs, for specific operations and on a consolidated basis, and expectations as to the funding or timing thereof;

•estimates as to the projected development of certain ore deposits or projects, such as the Tanami Expansion 2, Cerro Negro District Expansion 1, Cadia Panel Caves, Red Chris Block Cave and Wafi-Golpu, including without limitation expectations for the production, milling, costs applicable to sales, all-in sustaining costs, mine-life extension, the costs of such development and other capital costs, financing plans for these deposits and expected production commencement dates, construction completion dates and other timelines;

•estimates of reserves and resources statements regarding future exploration results and reserve and resource replacement and the sensitivity of reserves to metal price changes;

•statements regarding the availability of, and terms and costs related to, future borrowing or financing and expectations regarding future share repurchase transactions, debt repayments or debt tender transactions;

•statements regarding future cash flows and returns to stockholders, including with respect to future dividends and expected payout levels;

•estimates regarding future exploration expenditures and discoveries;

•statements regarding fluctuations in financial and currency markets;

•estimates regarding potential cost savings, productivity, operating performance and ownership and cost structures;

•expectations regarding statements on future or recently completed transactions and expectations regarding potential future transactions;

•estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, and future cash flow enhancements through portfolio optimization, restructurings and cost savings initiatives;

•expectations of future equity and enterprise value;

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•expectations regarding the start-up time, design, mine life, production and costs applicable to sales and exploration potential of our projects;

•statements regarding future hedge and derivative positions or modifications thereto;

•statements regarding local, community, political, economic or governmental conditions and environments;

•statements and expectations regarding the impacts of health and safety conditions;

•statements regarding the impacts of changes in the legal and regulatory environment in which we operate, including, without limitation, relating to regional, national, domestic and foreign laws;

•statements regarding climate strategy and expectations regarding greenhouse gas emission targets (including Scope 1, Scope 2 and Scope 3 targets) and other climate-related goals, aspirations and ambitions, and related operating costs and capital expenditures;

•statements regarding expected changes in the tax regimes in which we operate, including, without limitation, estimates of future tax rates and estimates of the impacts to income tax expense, valuation of deferred tax assets and liabilities, and other financial impacts;

•estimates of income taxes and expectations relating to tax contingencies or tax audits;

•estimates of future costs, accruals for reclamation costs and other liabilities for certain environmental matters, including without limitation, in connection with water treatment, such as the Yanacocha water treatment plants, and tailings management;

•statements relating to potential impairments, revisions or write-offs, including without limitation, the result of fluctuation in metal prices, unexpected production or capital costs, or unrealized reserve potential;

•estimates of pension and other post-retirement costs;

•statements regarding estimates of timing of adoption of recent accounting pronouncements and expectations regarding future impacts to the financial statements resulting from accounting pronouncements; and

•estimates of future cost reductions, savings and efficiencies in connection with programs and cost saving initiatives.

Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Such risks include, but are not limited to:

•there being no significant change to current geotechnical, metallurgical, hydrogeological and other physical conditions;

•the price of gold, copper, silver, lead, zinc and other metal prices and commodities;

•the cost of operations and prices for key supplies;

•currency fluctuations, including exchange rate assumptions;

•other macroeconomic events impacting inflation, interest rates, supply chain, and capital markets;

•operating performance of equipment, processes and facilities;

•environmental impacts and geotechnical challenges including in connection with climate-related and other catastrophic events;

•labor relations;

•healthy and safety impacts including in connection with global events, pandemics, and epidemics;

•timing of receipt of necessary governmental and regulatory permits or approvals;

•domestic and foreign laws or regulations, particularly relating to the environment, mining and processing;

•changes in tax laws;

•political developments in any jurisdiction in which Newmont operates being consistent with its current expectations;

•our ability to obtain or maintain necessary financing; and

•other risks and hazards associated with mining operations.

More detailed information regarding these factors is included in Item 1A, Risk Factors and elsewhere throughout this report. Many of these factors are beyond our ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements.

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All subsequent written and oral forward-looking statements attributable to Newmont or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We disclaim any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Available Information

Newmont maintains a website at www.newmont.com and makes available, through the Investor Relations section of the website, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Section 16 filings and all amendments to those reports, as soon as reasonably practicable after such material is electronically filed with the SEC. Certain other information, including Newmont’s Corporate Governance Guidelines, the charters of key committees of its Board of Directors and its Code of Conduct are also available on the website.

ITEM 1A.       RISK FACTORS (dollars in millions, except per share, per ounce and per pound amounts)

Our business activities are subject to significant risks, including those described below. You should carefully consider these risks. If any of the described risks actually occurs, our business, financial position and results of operations could be materially adversely affected. Such risks are not the only ones we face and additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business. This report contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described below. Refer to “Forward-Looking Statements.”

Risks Related to Our Operations and Business

A substantial or extended decline in gold, copper, silver, lead or zinc prices would have a material adverse effect on us.

Our business is dependent on the prices of gold, copper, silver, lead and zinc, which fluctuate on a daily basis and are affected by numerous factors beyond our control. Factors tending to influence prices include:

•Gold sales, purchases or leasing by governments and central banks;

•Speculative short positions taken by significant investors or traders in gold, copper, silver, lead, zinc or other metals;

•The relative strength of the U.S. dollar;

•The monetary policies employed by the world’s major Central Banks;

•The fiscal policies employed by the world’s major industrialized economies;

•Expectations of the future rate of inflation;

•Interest rates;

•Recession or reduced economic activity in the United States, Australia, China, India and other industrialized or developing countries;

•Decreased industrial, jewelry, base metal or investment demand;

•Increased import and export taxes;

•Increased supply from production, disinvestment and scrap;

•Forward sales by producers in hedging or similar transactions;

•Availability of cheaper substitute materials; and

•Changing investor or consumer sentiment, including in connection with transition to a low-carbon economy, investor interest in crypto currencies and other investment alternatives and other factors.

Average gold prices for 2025 were $3,432 per ounce (2024: $2,386; 2023: $1,941), average copper prices for 2025 were $4.51 per pound (2024: $4.15; 2023: $3.85), average silver prices for 2025 were $40.03 per ounce (2024: $28.27; 2023: $23.35), average lead prices for 2025 were $0.89 per pound (2024: $0.94; 2023: $0.97), and average zinc prices for 2025 were $1.30 per pound (2024: $1.26; 2023: $1.20). Prices are obtained from the London Bullion Market Association for gold and silver and the London Metal Exchange for copper, lead and zinc. Any decline in our realized prices adversely impacts our revenues, net income and operating cash flows, particularly in light of our strategy of not engaging in hedging transactions with respect to sales of gold, copper, silver, lead or zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital, and on the quantities of reserves that the Company can economically produce. Refer to Note 2 to the Consolidated Financial Statements for further information.

In addition, sustained lower gold, silver, copper, zinc or lead prices can:

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•Reduce revenues further through production declines due to cessation of the mining of deposits, or portions of deposits, that become uneconomic at sustained lower metal prices;

•Reduce or eliminate the profit that we currently expect from ore stockpiles and ore on leach pads and increase the likelihood and amount that the Company might be required to record write downs related to the carrying value of its stockpiles and ore on leach pads;

•Halt or delay the development of new projects;

•Reduce funds available for exploration and advanced projects with the result that depleted reserves may not be replaced; and

•Reduce existing reserves by removing ores from reserves that can no longer be economically processed at prevailing prices.

We may be unable to replace gold, copper, silver, lead or zinc reserves as they become depleted.

Mining companies must continually replace reserves depleted by production to maintain production levels over the long term and provide a return on invested capital. Depleted reserves can be replaced in several ways, including expanding known ore bodies, by locating new deposits or acquiring interests in reserves from third parties. Exploration is highly speculative in nature, involves many risks and uncertainties and is frequently unsuccessful in discovering significant mineralization. Accordingly, our current or future exploration programs may not result in new mineral producing operations. Even if significant mineralization is discovered, it will likely take many years from the initial phases of exploration until commencement of production, during which time the economic feasibility of production may change.

We may consider, from time to time, the acquisition of ore reserves from others related to development properties and operating mines. Such acquisitions are typically based on an analysis of a variety of factors including historical operating results, estimates of and assumptions regarding the extent of ore reserves, the timing of production from such reserves and cash and other operating costs. Other factors that affect our decision to make any such acquisitions may also include our assumptions for future gold, copper, silver, lead or zinc prices or other mineral prices and the projected economic returns and evaluations of existing or potential liabilities associated with the property and its operations and projections of how these may change in the future. In addition, in connection with any acquisitions we may rely on data and reports prepared by third parties (including ability to permit and compliance with existing regulations) and which may contain information or data that we are unable to independently verify or confirm. Other than historical operating results, all these factors are uncertain and may have an impact on our revenue, our cash flow and other operating issues, as well as contributing to the uncertainties related to the process used to estimate reserves and resources. In addition, there may be intense competition for the acquisition of attractive mining properties.

As a result of these uncertainties, our exploration programs and any acquisitions which we may pursue may not result in the expansion or replacement of our current production with new ore reserves or operations, which could have a material adverse effect on our business, prospects, results of operations and financial position.

Estimates of proven and probable reserves and measured, indicated and inferred resources are uncertain and the volume and grade of ore actually recovered may vary from our estimates.

The mineral reserves stated in this report represent the amount of gold, copper, silver, lead, zinc and molybdenum that we estimated, at December 31, 2025, could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on the prices of gold, copper, silver, lead, zinc, and molybdenum and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. If our reserve estimations are required to be revised due to significantly lower gold, copper, silver, lead, zinc, and molybdenum prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in material write-downs of our investment in mining properties, goodwill and increased amortization, reclamation and closure charges.

Producers use pre-feasibility or feasibility studies for undeveloped ore bodies to derive estimates of capital and operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery rates of metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors. Actual operating and capital cost and economic returns on projects may differ significantly from original estimates. Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may change.

Additionally, resources do not indicate proven and probable reserves as defined by the SEC or the Company’s standards. Estimates of measured, indicated and inferred resources are subject to further exploration and development, and are, therefore, subject to considerable uncertainty. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. The Company cannot be certain that any part or parts of the resource will ever be converted into mineral reserves.

In addition, if the price of gold, copper, silver, lead, zinc, or molybdenum declines from recent levels, if production costs increase, grades decline, recovery rates decrease or if applicable laws and regulations are adversely changed, the indicated level of

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recovery may not be realized or mineral reserves or resources might not be mined or processed profitably. Similarly, mineral reserves may be impacted if assumptions relating to mine planning change or are not achieved, for example if planned improvements from our business improvement programs are not realized. If we determine that certain of our mineral reserves have become uneconomic, this may ultimately lead to a reduction in our aggregate reported mineral reserves and resources. Consequently, if our actual mineral reserves and resources are less than current estimates, our business, prospects, results of operations and financial position may be materially impaired.

Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated.

Mine development and expansion projects typically require a number of years and significant expenditures during the development phase before production is possible. Such projects could experience unexpected problems and delays during permitting, development, construction and mine start-up. Our decision to develop a project is typically based on the results of studies, which estimate the anticipated economic returns of a project. The actual project profitability or economic feasibility may differ from such estimates as a result of any of the following factors, among others:

•Changes in tonnage, grades and metallurgical characteristics of ore to be mined and processed;

•Changes in input commodity and labor costs, including as a result of inflation or tariffs;

•The quality of the data on which engineering assumptions were made;

•Increases in development capital and investment costs;

•Adverse geotechnical, geothermal and hydrogeological conditions;

•Availability of adequate and skilled labor force;

•Availability, supply and cost including: critical assets, water, reagents, and power;

•Costs related to environmental management and sales including waste management, monitoring and transport and storage of product sales;

•Fluctuations in inflation and currency exchange rates;

•Availability, cost and terms of financing;

•Ability to achieve anticipated benefits, synergies, savings and other efficiencies in connection with acquisitions, business improvement programs and initiatives, and through portfolio optimization and divestitures;

•Delays or inability to obtain environmental or other government permits or approvals or changes in the laws and regulations related to our operations or project development;

•Changes in tax laws, customs law and tariffs, the laws and/or regulations around royalties and other taxes due to the regional and national governments and royalty agreements;

•Government instability, including in jurisdictions that do not have a long-standing or significant mining industry, such that there may be limited clarity on agreements with such governments, or decreased governmental support for development of mining projects;

•Weather or severe climate impacts, including, without limitation, prolonged or unexpected precipitation, drought and/or sub-zero temperatures;

•Potential delays and restrictions in connection with health and safety issues, including pandemics (such as COVID-19 and related variants) and other infectious diseases, such as malaria or the zika virus;

•Potential delays relating to social and community issues, including, without limitation, issues resulting in protests, road blockages or work stoppages; and

•Potential challenges to mining activities or to permits or other approvals or delays in development and construction of projects based on claims of disturbance of cultural resources or the inability to secure consent generally from Indigenous groups.

New projects require, among other things, the successful completion of feasibility studies, attention to various fiscal, tax and royalty matters, obtainment of, and compliance with, required governmental and regulatory permits and arrangements for necessary surface and other land rights. We may also have to identify adequate sources of water and power for new projects, ensure that appropriate community infrastructure (for example, reliable rail, ports, roads, and bridges) is developed to support the project and secure appropriate financing to fund a new project. These infrastructures and services are often provided by third parties whose operational activities are outside of our control. Establishing infrastructure for our development projects requires significant resources, identification of adequate sources of raw materials and supplies, and the cooperation of national and regional governments, none of which can be assured. In addition, new projects have no operating history upon which to base estimates of future financial and operating performance, including future cash flow. Thus, it is possible that actual costs may increase and economic returns may differ materially from our estimates. Consequently, our future development activities may not result in the expansion or replacement of

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current production with new production, or one or more of these new production sites or facilities may be less profitable than currently anticipated or may not be profitable at all, any of which could have a material adverse effect on our results of operations and financial position.

For our existing operations, we base our mine plans on geological and metallurgical assumptions, financial projections and commodity price estimates. These estimates are periodically updated to reflect changes in our operations, including modifications to our proven and probable reserves, revisions to environmental obligations, changes in legislation and/or our political or economic environment, and other significant events associated with or impacting mining operations. Further, future positive revisions, if any, remain subject to improvements in costs, recovery, commodity price or a combination of these and other factors. Additionally, we review our operations for events and circumstances that could indicate that the carrying value of our long-lived assets may not be recoverable. If indicators of impairment are determined to exist at our mine operations, and an impairment charge is incurred, such charges are not reversible at a later date even when favorable modifications to our proven and probable reserves and measured, indicated and inferred resources, favorable revisions to environmental obligations, favorable changes in legislation and/or our political or economic environment, and other favorable events occur. As a result of these uncertainties, actual results may be less favorable than estimated returns and initial financial outlook.

Increased operating and capital costs could affect our profitability.

Costs at any particular mining location are subject to variation due to a number of factors, such as variable ore grade, changing metallurgy and revisions to mine plans in response to the physical shape and location of the ore body, as well as the age and utilization rates for the mining and processing related facilities and equipment. In addition, costs are affected by the price and availability of input commodities, such as fuel, electricity, labor, chemical reagents, explosives, steel, concrete and mining and processing related equipment and facilities. Commodity costs are, at times, subject to volatile price movements, including increases that could make production at certain operations less profitable. Further, changes in laws and regulations can affect commodity prices, uses, and transport. Reported costs may also be affected by changes in accounting standards. A material increase in costs at any significant location could have a significant effect on our profitability and operating cash flow.

Our operational costs, including, without limitation, labor costs, can be impacted by inflation. Certain of our operations are located in countries that have in the past experienced high rates of inflation, such as in Argentina, Suriname, and Ghana. It is possible that in the future, high inflation in the countries in which we operate may result in an increase in operational costs in local currencies (without a concurrent devaluation of the local currency of operations against the dollar or an increase in the dollar price of gold, copper, silver, lead or zinc). A material increase in costs at any significant location could have a significant effect on our profitability and operating cash flow.

We could have significant increases in capital and operating costs over the next several years in connection with new projects, costs related to closure reclamation activities, and in the sustaining and/or expansion of existing mining and processing operations. Costs associated with capital expenditures may increase in the future as a result of factors beyond our control. Increased capital expenditures may have an adverse effect on the profitability of and cash flow generated from existing operations, as well as the economic returns anticipated from new projects. Significantly higher and sustained increases in operational costs or capital expenditures could result in the deferral or closure of projects and mines in the event that costs become prohibitive.

At the beginning of the third quarter of 2025, management committed to a strategic plan designed to reduce operating costs and continue to advance the Company’s ongoing commitment to profitability, which included streamlining its organizational structure and a reduction of the Company’s workforce and office space in certain markets. Such initiatives involve expenses primarily relating to employee severance, consulting costs, and other restructuring charges. Cost saving estimates are based on a number of assumptions, including compliance with local legal requirements across jurisdictions. Actual costs, timing, and benefits may differ from current estimates as the Company continues to assess the full scope of the impact arising from, or related to, the workforce reduction and operating model changes. There can be no assurance that the expected cost reductions or operational efficiencies will be realized within the anticipated timeframe, or at all.

Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made.

Natural resource extractive companies are required to close their operations and rehabilitate the lands that they mine in accordance with a variety of environmental laws and regulations. Estimates of the total ultimate closure and rehabilitation costs for gold, silver, copper, zinc and lead mining operations are significant and based principally on current legal, community and regulatory requirements and mine closure plans that may change materially.

Additionally, we may be held responsible for the costs of addressing contamination at the site of current or former activities or at third party sites or be held liable to third parties for exposure to hazardous substances should those be identified in the future. Under the U.S. Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (“CERCLA”) and its state law equivalents, current or former owners of properties may be held jointly and severally liable for the costs of site cleanup or required to undertake remedial actions in response to unpermitted releases of hazardous substances at such property, in addition to, among other potential consequences, liability to governmental entities for the cost of damages to natural resources, which may be significant. These subject properties are referred to as “superfund” sites. For example, the inactive Midnite uranium mine is a superfund site subject to CERCLA.

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It is possible that certain of our other current or former operations, projects or exploration locations in the U.S. could be designated as a superfund site in the future, exposing us to potential liability under CERCLA.

The laws and regulations governing mine closure and reclamation in a particular jurisdiction are subject to review at any time and may be amended to impose additional requirements and conditions which may cause our provisions for environmental liabilities to be underestimated and could materially affect our financial position or results of operations. For a more detailed description of potential environmental liabilities, see the discussion in Environmental Matters in Note 24 to the Consolidated Financial Statements. In addition, regulators are increasingly requesting security in the form of cash collateral, credit, trust arrangements or guarantees to secure the performance of environmental obligations, which could have an adverse effect on our financial position. Any underestimated or unanticipated retirement and rehabilitation costs could materially affect our financial position, results of operations and cash flows. Environmental liabilities are accrued when they become known, or new permit conditions or limits are added, are probable and can be reasonably estimated. Whenever a previously unrecognized remediation liability becomes known, or a previously estimated reclamation cost is increased, the amount of that liability and additional cost will be recorded at that time and could materially reduce our consolidated net income attributable to Newmont stockholders and potentially result in impairments.

For example, in early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, the MINAM, issued proposed modifications to water quality criteria for designated beneficial uses which apply to mining companies, including Yanacocha. These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure. In 2017, Yanacocha submitted a modification to its previously approved compliance achievement plan to the MINEM. In May 2022, Yanacocha submitted a proposed modification to this plan requesting an extension of time for coming into full compliance with the new regulations to 2027. In June 2023, Yanacocha received approval of its updated compliance plan from MINEM and was granted an extension to June 2026 to achieve compliance. The Company appealed this approval to the Mining Council requesting the regulatory extension until 2027, and in April 2024, MINEM approved the compliance schedule.

The Company is conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, including the modifications promulgated by MINAM, as referenced above, will be met. During 2025, a comprehensive update to the Yanacocha reclamation plan was completed which addressed changes in closure activities and estimated closure costs while aiming to preserve optionality for potential future projects at Yanacocha. Ongoing studies, which will extend beyond the current year, continue to evaluate and revise assumptions and estimated costs of changes to the reclamation plan. While certain estimated costs remain subject to revision, the Company’s asset retirement obligation includes construction and operating costs for two new water treatment plants and initial consideration of known risks (including the associated risk that these water treatment estimates could change in the future as more work is completed). The ultimate water treatment costs of the two water treatment plants remain uncertain as ongoing study work and assessment of opportunities that incorporates the latest design considerations remain in progress. These and other risks and contingencies that are the subject of ongoing studies could result in future material increases to the reclamation obligation at Yanacocha, including, but not limited to, a comprehensive review of our tailings storage facility management, review of Yanacocha’s water balance and storm water management system and review of post-closure management costs. The ongoing Yanacocha closure studies are expected to continue in the future. Future material increases or decreases to the asset retirement obligation could occur as additional analyses are completed and further refinements to water quality and volume modeling are completed. Additionally, revisions to the Yanacocha reclamation plan may change in connection with the Company’s ultimate submission and review of the plan with Peruvian regulators. Refer to Notes 6 and 24 to our Consolidated Financial Statements for information regarding reclamation and remediation, and Note 1 to our Consolidated Financial Statements regarding the Company’s interest in Yanacocha.

Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects.

Damage to our reputation can be the result of the actual or perceived occurrence of a variety of events and circumstances, and could result in negative publicity (for example, with respect to handling of environmental, tailings and tailings failures, employee, safety and security matters, dealings with local community organizations or individuals, community commitments, handling of cultural sites or resources, and various other matters).

In recent years we have provided greater transparency on environmental, social and governance performance in response to stakeholder engagement and requests, and provided supplemental disclosures in our Annual Sustainability Report and other sustainability reports on our website in connection with stakeholder concerns and issues. Such increased transparency may result in greater scrutiny and impact how the Company is perceived.

The Code forms the foundation of our internal governance structure as well as our commitment to responsible mining. We encourage employees and others to promptly report incidents of possible violations of the Code and/or our global policies and standards, including without limitation in the areas of business integrity, social and environmental, community relations and human rights. Employees and non-employees, including suppliers and community members, can anonymously report concerns via our third-party-administered helpline. Each mine site also has a complaints and grievances register to record matters raised by local stakeholders. When necessary, we use independent mechanisms agreed to by the complainants, such as a local leader or committee,

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to facilitate resolution of such matters before they require public or legal intervention. However, we are not always able to resolve these matters before they are raised publicly or in legal or regulatory proceedings and in the future we may not be able to meet the growing demands of stakeholders through these mechanisms. Such matters once publicized may negatively impact our reputation and may have a material adverse effect on our business, financial position and results of operations.

The growing use of social media to generate, publish and discuss community news and issues and to connect with others has made it significantly easier, among other things, for individuals and groups to share their opinions of us and our activities, whether true or not. We do not have direct control over how we are perceived by others and any resulting loss of reputation could have a material adverse effect on our business, financial position and results of operations.

We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure or cybersecurity attacks and risks associated with implementation, upgrade, operation and integration.

Our business operations rely heavily on technology platforms and systems to manage and optimize our globally diverse mining assets. These systems are critical to ensuring safety, operational efficiency, cost management, and meeting environmental, social, and governance (ESG) objectives. However, the increasing sophistication of cybersecurity threats, coupled with the adoption of emerging technologies such as artificial intelligence (AI), automation, and cloud-based platforms, poses important risks to our operations, financial performance, and reputation.

Our systems, as well as those of our third-party service providers, vendors, and partners, face a wide range of cybersecurity threats, including: Ransomware, malware, and phishing schemes targeting critical systems and sensitive data; unauthorized access and breaches affecting intellectual property, financial information, and operational data; vulnerabilities introduced through supply chain dependencies and third-party security weaknesses; human error, design flaws, and system misconfigurations.

The adoption of new technologies and the adoption of remote and flexible work arrangements enhances our operational capabilities but introduces additional risks. AI, for example, is increasingly leveraged by Newmont for decision-making, mineral extraction optimization, and autonomous operations. While AI has the potential to improve efficiency and safety, it also presents unique vulnerabilities, including algorithmic biases that could lead to inaccurate decisions or unintended outcomes; data integrity risks, such as manipulation or corruption of datasets used to train AI systems; unauthorized access or exploitation of AI-powered systems, potentially compromising operations or sensitive data.

Additionally, the increased interconnectivity of automated and cloud-based systems and increase of our remote workforce expands our cyber-attack surface, requiring heightened vigilance and advanced security measures. These risks are further compounded for our operations in countries with higher geopolitical risk.

The Newmont cybersecurity program is designed to protect our technology platforms and address risks associated with the implementation of emerging technologies. While these efforts are designed to align with industry best practices, no system can eliminate all risks, especially given the pace of technological advancement and the evolving nature and increased frequency of cyber threats. In addition, we do not carry specific cybersecurity insurance to help mitigate such costs due to increased premiums and limited market availability.

A successful cyberattack or other cybersecurity incident could result in production and operational downtimes, data corruption, and unauthorized disclosure of sensitive information. For example, in 2020, we detected a cyberattack on our systems. Although we were able to respond quickly to stop the continued spread of the threat, it took significant time and resources to fully identify the scope of the attack and to recover our systems and data. The cost of responding to and remediating such event was immaterial. Although the 2020 attempts and other cyber incidents to date have not resulted in any material breaches, disruptions, or loss of business-critical information, our systems and procedures for preparing and protecting against such attempts and mitigating such risks may prove to be insufficient against future attacks. These events may subject us to significant expenses, remediation costs, disputes, financial losses, regulatory actions or investigations, litigation, reputational harm, and delays in the deployment of critical technologies, that could results in damages, material fines and penalties, and harm to our reputation, any of which could have a significant effect on our financial condition, results of operations, liquidity, and cash flows. The risks associated with the implementation of emerging technologies, if not effectively mitigated, could undermine the benefits of these advancements and impact our competitive position.

In addition, we are subject to various legislation, regulations, directives and guidelines from federal, state, local and foreign agencies, that are intended to strengthen cybersecurity measures required for information and operational technology, and that apply to the collection, use, retention, protection, disclosure, transfer and other processing of personal information. Failure to comply with any of applicable legal requirements could result in enforcement action against us, including fines, which could harm our reputation and have a significant effect on our financial condition, results of operations, liquidity, and cash flows.

To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures, our interest in these properties is subject to the risks normally associated with the conduct of joint ventures.

To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures in the future, the existence or occurrence of one or more of the following circumstances and events could have a material adverse impact on our profitability or the

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viability of our interests held through joint ventures, which could have a material adverse impact on our future cash flows, earnings, results of operations and financial condition:

•inconsistent economic, political or business interests or goals between partners or disagreements with partners on strategy for the most efficient development or operation of mines;

•inability to control certain strategic decisions made in respect of properties;

•exercise of majority rights by our partners so as to take actions for which we may not believe to be in the joint venture’s best interests, including but not limited to decisions related to day to day operations, labor relations, litigation, government relations, political contributions, community relations, project approval and project funding mechanisms;

•inability of partners to meet their financial and other obligations to the joint venture or third parties;

•disputes between partners regarding management, funding or other decisions related to the joint venture; and

•activities conducted by partners outside the joint venture may lead to reputational or regulatory consequences that negatively affect the performance or reputation of the joint venture due to their association.

To the extent that we are not the operator of joint venture properties, such that we will be unable to control the activities of the operator, the success of such operations will be beyond our control. In many cases we will be bound by the decisions made by the operator in the operation of such property, and will rely on the operator to manage the property and to provide accurate information related to such property. We can provide no assurance that all decisions of operators of properties we do not control will achieve the expected results.

For example, our joint ventures, including the joint venture that combined our and Barrick Mining Corporation’s (“Barrick”) respective Nevada operations, forming NGM, pursuant to the operating agreement entered into on July 1, 2019 between Barrick, Newmont and their wholly-owned subsidiaries party thereto (the “Nevada JV Agreement”), may not be as beneficial to us as expected, whether due to the above-described risks, unfavorable global economic conditions, increases in construction costs, political risks, labor disputes or other factors. Pursuant to the terms of the Nevada JV Agreement, we hold a 38.5 percent economic interest and Barrick holds a 61.5 percent economic interest in NGM. Barrick operates NGM with overall management responsibility and is subject to the supervision and direction of NGM’s Board of Managers, which is comprised of three managers appointed by Barrick and two managers appointed by Newmont. Outside of certain prescribed matters, decisions of the Board of Managers will be determined by majority vote, with the managers appointed by each company having voting power in proportion to such company’s economic interests in NGM. Because we beneficially own less than a majority of the ownership and governance interests in NGM, we have limited control of NGM’s operations, and we depend on Barrick to operate NGM. In the event that Barrick has interests, objectives and incentives with respect to NGM that differ from our own, there can be no assurance that we will be able to resolve such disagreement in our favor. On January 26, 2026, we informed Barrick and the NGM Board of Managers that we had identified evidence of mismanagement at NGM, including diversion of resources from NGM to the benefit of Barrick’s wholly-owned property Fourmile and Barrick, and that we were exercising our contractual inspection and audit rights. On February 3, 2026, we sent Barrick a notice of default under the Nevada JV Agreement related to this conduct. Although we continue to work with Barrick to improve the performance of NGM and will take appropriate steps to address this matter, any such disagreements could have a material adverse effect on our interest in NGM, the business of NGM or the portion of our growth strategy related to NGM.

Newmont is also exposed to non-managed investments related to its joint venture interest in Pueblo Viejo Mine (40% owned) and Norte Abierto Project (50% owned), and NuevaUnión Project (50% owned). We also hold a 32% equity interest in Lundin Gold, a Canadian mine development and operating company, operating the Fruta del Norte gold mine in Ecuador, in addition to a variety of exploration and project joint ventures.

Additionally, the Company is subject to certain funding requirements in connection with its joint ventures. Joint venture funding requirements, as well as the ability of partners to meet their financial and other obligations, may result in increases to our costs and required capital expenditures and possible delays in joint venture activities. Refer to Note 15 to the Consolidated Financial Statements for more information including with respect to loan agreements with Pueblo Viejo.

To the extent any of our joint ventures is subject to liabilities or litigation, we would be responsible for a proportional share of the liabilities and/or the joint venture’s operations could be impacted, which could have an adverse impact on the Company’s cash flows, earnings, results of operations and financial position.

Our operations and business have in the past been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics and other health emergencies.

The Company faces risks related to health epidemics and other outbreaks of communicable diseases, which could significantly disrupt operations and may materially and adversely affect its business and financial conditions. For example, the global COVID-19 pandemic significantly impacted our operations in 2020 and 2021, and to a lesser extent in 2022. In order to protect nearby communities and align with government travel restrictions or health considerations, certain of Newmont’s operations were temporarily put into care and maintenance resulting in a temporary decrease in production at these sites in 2020 and 2021. Additionally, the majority of our sites experienced pandemic-related absenteeism in 2021 and early 2022. In addition, the Company incurred costs

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during 2020 and 2021 as a result of actions taken to protect against the impact of the COVID-19 pandemic and comply with local mandates, and could be required to incur such costs in the future. Reductions in our operational activities due to COVID-19, or another pandemic, epidemic or health outbreak, could result in additional sites being placed into care and maintenance for extended periods of time and/or have a material adverse impact on our business, or financial condition, results of operations and cash flows. If the majority of our sites are placed into care and maintenance, this could significantly reduce our cash flow and impact our ability to meet certain covenants related to our revolving credit facility and borrowing capacity.

Financial Risk

Increased exposure to foreign exchange fluctuations and capital controls may adversely affect Newmont’s costs, earnings and the value of some of our assets.

Our reporting currency is the U.S. dollar and the majority of our earnings and cash flows are denominated in U.S. dollars. We conduct certain business in currencies other than the U.S. dollar. A portion of our operating expenses are incurred in local currencies. The appreciation of those local currencies against the U.S. dollar increases our costs of production in U.S. dollar terms at mines located outside the United States. The foreign currencies that primarily affect our results of operations are the Australian Dollar and the Canadian Dollar. Our consolidated earnings and cash flows may also be impacted by movements in the exchange rates. Change in the value of the currencies of the Australian Dollar, Canadian Dollar, the Mexican Peso, the Argentine Peso, the Ghana Cedi, the Papua New Guinea Kina, the Chilean Peso or the Surinamese Dollar versus the U.S. dollar could negatively impact our earnings. For information concerning the sensitivity of our Costs applicable to sales to changes in foreign currency exchange rates and more information our exposure to foreign exchange rate fluctuations, see Foreign Currency Exchange Rates section in Part II, Item 7, Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations.

From time to time, countries in which we operate adopt measures to restrict the availability of the local currency or the repatriation of capital across borders. These measures are imposed by governments or central banks, in some cases during times of economic instability, to prevent the removal of capital or the sudden devaluation of local currencies or to maintain in-country foreign currency reserves. In addition, many emerging market countries require consents or reporting processes before local currency earnings can be converted into U.S. dollars or other currencies and/or such earnings can be repatriated or otherwise transferred outside of the operating jurisdiction. These measures may have a number of negative effects on Newmont, reducing the immediately available capital that we could otherwise deploy for investment opportunities or the payment of expenses. Measures that restrict the availability of the local currency or impose a requirement to operate in the local currency may create other practical difficulties for Newmont. For example, Argentina has been considered a hyperinflationary environment with a cumulative inflation rate of over 100% over the last three years. In recent years, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency. These restrictions directly impact the timing of Cerro Negro's ability to remit cash from gold sales and pay principal portions of intercompany debt to the Company. In addition, in recent years, PNG has experienced a backlog by foreign and domestic companies and governmental agencies to convert kina into foreign currencies. The Bank of PNG implements foreign exchange controls and manages the exchange rate of the kina against the U.S. dollar. There is a risk that further changes in foreign exchange controls may adversely impact future revenue and profitability. For more information, see Results of Consolidated Operations and Foreign Currency Exchange Rates sections in Item 7, Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations. See also risk factors under the headings “Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina and labor unrest”, “Our operations at Ahafo South and Ahafo North in Ghana are subject to political, economic, security and other risks” and “Our Merian operation in Suriname is subject to political, security and economic risks”, “Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties” and “Our operations and projects Canada are subject to legal and regulatory risks and other uncertainties in connection with claims and challenges by Indigenous groups” below.

Future funding requirements may affect our business, our ability to pursue new business opportunities, invest in existing and new projects, pay cash dividends or engage in share repurchase transactions.

Potential future investments, including projects in the Company’s project pipeline, acquisitions and other investments, will require significant funds for capital expenditures. Depending on gold, copper, silver, lead and zinc prices, our operating cash flow may not be sufficient to meet all of these expenditures, or result in strategic reprioritization of the project portfolio, depending on the timing of development of these and other projects. As a result, new sources of capital may be needed to meet the funding requirements of these investments, fund our ongoing business activities, and fund construction and operation of potential future projects. Our ability to raise and service significant new sources of capital will be a function of macroeconomic conditions, future gold, copper, silver, lead and zinc prices as well as our operational performance, current cash flow and debt position, among other factors. We may determine that it may be necessary or preferable to issue additional equity or other securities, defer projects or sell assets.

U.S. and global markets have, from time to time, experienced significant dislocations and liquidity disruptions. For example, the COVID-19 pandemic and events related to the recent and on-going conflicts (such as sanctions in Ukraine, Russia and/or Belarus), have in the past, and may in the future cause volatility and pricing in the capital markets. Additional financing may not be commercially available when needed or, if available, the terms of such financing may not be favorable to us and, if raised by offering equity securities, any additional financing may involve substantial dilution to existing stockholders. In the event of lower gold, copper, silver, lead or zinc prices, unanticipated operating or financial challenges, or new funding limitations, our ability to pursue new business

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opportunities, invest in existing and new projects, fund our ongoing business activities, retire or service all outstanding debt, fund share repurchase programs and transactions and pay dividends could be significantly constrained.

The Company’s share repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future. See also the risk factor under the heading “Holders of our common stock may not receive dividends.” In addition, our joint venture partners may not have sufficient funds or borrowing ability in order to make their capital commitments. In the case that our partners do not make their economic commitments, the Company may be prevented from pursuing certain development opportunities or may assume additional financial obligations, which may require new sources of capital.

Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations.

We review our operations for events and circumstances that could indicate that the carrying value of our long-lived assets may not be recoverable. If indicators of impairment are determined to exist at our mine operations, we review the recoverability of the carrying value of long-lived assets by estimating the future undiscounted cash flows expected to result from the use and eventual disposition of the asset. We also review our goodwill for impairment annually and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Management makes multiple assumptions in estimating future cash flows, which include production levels based on life of mine plans, future costs of production, estimates of future production levels based on value beyond proven and probable reserves at our operations, prices of metals, the historical experience of our operations and other factors. There are numerous uncertainties inherent in estimating production levels of gold, copper, silver, lead and zinc and the costs to mine recoverable reserves, including many factors beyond our control that could cause actual results to differ materially from expected financial and operating results or result in future impairment charges. We may be required to recognize material non-cash charges relating to impairments of long-lived assets and/or goodwill in the future if actual results differ materially from management’s estimates, which include metal prices, our ability to reduce or control production costs or capital costs through strategic mine optimization initiatives, increased costs or decreased production due to regulatory issues or if we do not realize the mineable reserves, resources or exploration potential at our mining properties. Additions to asset retirement costs could result in impairment charges.

We recorded substantial goodwill, primarily as the result of our acquisition of Newcrest in 2023. We accounted for the acquisition of Newcrest using the acquisition method of accounting, which requires that purchase price is allocated to the underlying tangible and intangible assets acquired and liabilities assumed of Newcrest based on their respective fair market values. Any excess purchase price is allocated to goodwill. Our balance sheet reflects additions to the carrying amount of goodwill recognized in connection with the Newcrest transaction.

The Company continues to evaluate strategic priorities and deployment of capital to projects in the pipeline. A decision to reprioritize, sell or abandon a development project could result in a future impairment charge. For example, in response to challenging market conditions, which included inflationary pressures and supply chain disruptions, in 2023 the Company announced the deferral for at least two years of the full-funds investment decision for the Yanacocha Sulfides project in Peru. In 2025, the Company reassessed its strategy in Peru and is progressing mine closure activities while prioritizing other future development opportunities at Yanacocha ahead of any future re-evaluation of the Yanacocha Sulfides project, resulting in an indefinite deferral of the future development of this project and the impairment of the balances included in assets under construction and deferred mine development for the project. See Note 2 to the Consolidated Financial Statement for additional information. The Company also periodically updates the economic model for its Conga project to understand changes to the estimated capital costs, cash flows, and economic returns from the project. Certain decisions or changes in circumstances could result in determinations that carrying value is not recoverable and could result in impairment. See Part II, Item 7 under the heading “Critical Accounting Estimates – Carrying value of long-lived assets and Carrying value of Conga” for additional information.

If an impairment charge is incurred, such charges are not reversible at a later date even when favorable modifications to our proven and probable reserves and measured, indicated and inferred resources, favorable revisions to environmental obligations, favorable changes in legislation and/or our political or economic environment, or other favorable events occur. As a result of these uncertainties, our operating results may be significantly impacted from both the impairment and the underlying trends in the business that triggered the impairment, and actual results may be less favorable than estimated returns and initial financial outlook. For additional information regarding goodwill, refer to Note 19 to our Consolidated Financial Statements.

Our ability to recognize the benefits of deferred tax assets is dependent on future cash flows and taxable income.

We recognize the expected future tax benefit from deferred tax assets when the tax benefit is considered to be more likely than not of being realized, otherwise, a valuation allowance is applied against deferred tax assets. Assessing the recoverability of deferred tax assets requires management to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on historical results of operations, forecasted cash flows from operations, and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, our ability to realize the deferred tax assets could be impacted. In the future, our estimates could change requiring a valuation allowance or

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impairment of our deferred tax assets. Additionally, future changes in tax laws could limit our ability to obtain the future tax benefits represented by our deferred tax assets. Refer to Note 10 to our Consolidated Financial Statements under the heading “Income and Mining Taxes - Valuation of Deferred Tax Assets” and Note 2 under the heading “Summary of Significant Accounting Policies - Valuation of Deferred Tax Assets” for additional information and factors that could impact the Company’s ability to realize the deferred tax assets. For additional information regarding Newmont’s non-current deferred tax assets, refer to Note 10 to our Consolidated Financial Statements.

Any downgrade in the credit ratings assigned to our debt securities could increase our future borrowing costs and adversely affect the availability of new financing.

There can be no assurance that any rating currently assigned by Standard & Poor’s Rating Services, Moody’s Investors Service, or Fitch Ratings to Newmont will remain unchanged for any given period of time or that a rating will not be lowered if, in that rating agency’s judgment, future circumstances relating to the basis of the rating so warrant. If we are unable to maintain our outstanding debt and financial ratios at levels acceptable to the credit rating agencies, or should our business prospects or financial results deteriorate, our ratings could be downgraded by the rating agencies. The Company’s credit ratings have been subject to change over the years. We currently maintain a Standard & Poor’s rating of BBB+ (stable outlook), Moody’s Investors Service rating of A3 (stable outlook), and a Fitch Ratings rating of A- (stable outlook). We cannot make assurances regarding how long these ratings will remain unchanged or regarding the outcome of the rating agencies future reviews (including following any planned or future business combinations). A downgrade by the rating agencies could adversely affect the value of our outstanding securities, our existing debt and our ability to obtain new financing on favorable terms, if at all, and increase our borrowing costs, which in turn could impair our results of operations and financial position.

Returns for investments in pension plans are uncertain.

We maintain pension plans for certain employees which provide for specified payments after retirement. The Company’s qualified pension plans are funded with cash contributions in compliance with IRS rules and regulations. The Company’s non-qualified and other benefit plans are currently not funded, but exist as general corporate obligations. Refer to Note 11 to our Consolidated Financial Statements under the heading “Pension and Other Benefit Plans” for additional information regarding the funding status of qualified and non-qualified plans. The Company reviews its retirement benefit programs on a regular basis and will consider market conditions and the funded status of its qualified pension plans in determining whether additional contributions are appropriate. The ability of the pension plans to provide the specified benefits depends on our funding of the plans and returns on investments made by the plans. Returns, if any, on investments are subject to fluctuations based on investment choices and market conditions. A sustained period of low returns or losses on investments could require us to fund the pension plans to a greater extent than anticipated. If future plan investment returns are not sufficient, we may be required to increase the amount of future cash contributions.

Risks Related to Our Industry

We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining.

The exploration for natural resources and the development and production of mining operations are activities that involve a high level of uncertainty. These can be difficult to predict and are often affected by risks and hazards outside of our control. These factors include, but are not limited to:

•Environmental hazards, including discharge of metals, concentrates, pollutants or hazardous chemicals;

•Industrial accidents, including in connection with the operation of heavy mobile equipment, milling equipment and/or conveyor systems and accidents associated with the preparation and ignition of large-scale blasting operations, milling and processing;

•Accidents in connection with transportation, including transportation of chemicals, explosives or other materials, transportation of large mining equipment and transportation of employees and business partners to and from sites;

•Social, community or labor force disputes resulting in work stoppages or shipping delays, such as at Peñasquito, Cerro Negro, Merian, and Lihir, or related loss of social acceptance of community support;

•Changes and/or increasingly stringent legal and regulatory requirements;

•Delays in permitting due to reduced resources and capacity for review and formulation of permits at regulatory agencies;

•Security incidents, including activities of illegal or artisanal miners, gold bullion or concentrate theft, including in transport, and corruption and fraud;

•Shortages in materials or equipment and energy and electrical power supply interruptions or rationing;

•Failure of unproven or evolving technologies or loss of information integrity or data;

•Unexpected geological formations or conditions (whether in mineral or gaseous form);

•Metallurgical conditions and gold, copper, silver, lead, zinc and other metal recovery, including unexpected decline of ore grade;

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•Unanticipated changes in inventory levels at heap-leach operations;

•Ground and surface water conditions;

•Fall-of-ground accidents in underground operations;

•Failure of mining pit slopes, heap leach facilities, tailings embankments, and other tailing depositions, or water storage dams;

•Seismic activity;

•Surface or underground fires or floods, inundation or inrush of water and other materials; and

•Other natural phenomena, such as lightning, cyclonic or tropical storms, drought, avalanches, landslides, wildfires, tsunami, floods, or other inclement weather conditions, including those impacting operations or the ability to access and supply sites.

The occurrence of one or more of these events in connection with our exploration activities, development and production and closure of mining operations may result in the death of, or personal injury to, our employees, other personnel or third parties, the loss of mining equipment and infrastructure, work stoppages, damage to or destruction of mineral properties or production facilities, monetary losses, deferral or unanticipated fluctuations in production, environmental damage and potential legal liabilities, all of which may adversely affect our reputation, business, prospects, results of operations and financial position.

Mining operations involve a high degree of risk, including hazards related to the use of explosives and hazardous chemicals and critical equipment failure.

Our operations are subject to risks associated with the transportation, storage, handling and use of explosives and hazardous chemicals. These include unplanned detonation of explosives and catastrophic release of hazardous chemicals (for example, due to vessel rupture resulting in an explosion or toxic gas release). Critical equipment related risks that apply to various Newmont sites include for example, mill failure arising from catastrophic failure of a component, or unavailability of mine haul fleet. Other critical equipment related risks may be site specific. For example, asset integrity at Lihir may be impacted by the proximity of the mine to a corrosive marine environment. The occurrence of such catastrophic events may result in work stoppages, damage to or destruction of mines and other producing facilities, damage to or loss of life and property, environmental damage and possible legal liability for any or all damage or loss and may adversely affect the Company’s operating results and financial condition.

We rely on our supply chain operations to procure goods and services to support our operations and projects, and competition with other natural resource companies, and shortage of critical parts, services and equipment may adversely affect our operations and development projects.

Production continuity and cost profile can be impacted by risks associated with the management and operation of the Company’s inbound global supply chain (including risks associated with the inventory management of critical equipment, spares and consumables). We rely on our global supply chain to procure goods and services from suppliers and contractors to support our operations and projects. We are exposed to material availability, disruption and performance risks across our supply chain, including lack of suitable suppliers or contractors, cost increases, impacts of pandemics and epidemics on the supply chain, transportation and logistics issues including delays in delivery, disruption to trade flows due to geopolitical tensions and/or changes in legislation, performance of suppliers and contractors to contractual terms, and damage to our reputation caused by actions of our suppliers or contractors. In addition, our ability to competitively source goods and services may be affected by local content procurement commitments in the jurisdictions in which we operate. See the risk factors “We rely on contractors to conduct a significant portion of our operations and construction projects” and “Our operations and projects may be adversely affected by rising energy prices or energy shortages” below for further information.

Inbound supply chain disruptions could lead to mine site production curtailment or stoppage if a critical material or labor input is unavailable. This could have a material adverse impact to our financial condition depending on the duration of the curtailment or stoppage. The Company is also exposed to outbound supply chain risk, particularly fluctuating transportation charges, delays in delivery of shipments, theft, terrorism, geopolitical tensions and border closures and adverse weather conditions.

In addition, we compete with other natural resource companies for specialized equipment and supplies necessary for exploration and development, as well as for rights to mine properties containing gold, copper, silver, lead, zinc, and other minerals. The mining industry has been impacted, from time to time, by increased demand for critical resources such as input commodities, drilling equipment, trucks, shovels and tires. These shortages have, at times, impacted the efficiency of our operations, and resulted in cost increases and delays in construction of projects; thereby impacting operating costs, capital expenditures and production and construction schedules. We may be unable to obtain the services of skilled personnel and contractors or specialized equipment or supplies, or to acquire additional rights to mine properties, which could have an adverse effect on our competitive position or adversely impact our results of operations.

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We may be unable to obtain or retain necessary permits and land or mining tenure, which could adversely affect our operations and projects.

Our mining and processing operations and development and exploration activities are subject to extensive permitting requirements. The requirements to obtain and/or achieve or maintain full compliance with such permits can be costly and involve extended timelines. While we strive to obtain and comply with all permits required of us, there can be no assurance that we will obtain all such permits and/or achieve or maintain full compliance with such permits at all times. Previously obtained permits may be suspended or revoked for a number of reasons, including through government or court action. New or amended permits may also be required to continue existing activities, as new laws come into effect or regulators change their application of laws. Failure to obtain and/or comply with required permits can have serious consequences, including damage to our reputation; cessation of the development of a project; increased costs of development or production and litigation or regulatory action, any of which could materially adversely affect our business, results of operations or financial condition.

Our ability to obtain the required permits and approvals to explore for, develop and operate mines and to successfully operate near communities in the jurisdictions in which we operate depends in part on our ability to develop, operate and close mines in a manner that is consistent with the creation of social and economic benefits in the surrounding communities, which may or may not be required by law. Our ability to obtain permits and approvals and to operate near certain communities may be adversely impacted by real or perceived detrimental events associated with our activities or those of other mining companies affecting the environment, health and safety of communities in which we operate. Key permits and approvals may be revoked or suspended or may be adjusted in a manner that adversely affects our operations, including our ability to explore or develop properties, commence production or continue operations. Permit review and approval could be delayed, adversely impacting project implementation due to delays in review and development of permits from limited resources at the regulatory agencies.

Many of our mining and processing operations, including tailings storage, project expansions, and exploration and development activities require mineral, mining and/or surface land tenure properties that are leased, granted to, or otherwise acquired by the Company for specified periods of time. Securing, maintaining, extending, and renewing the Company’s rights, titles, or interests ("Legal Title") in and to these land tenures can be costly, subject to political, regulatory, and social risks, and no assurance can be provided that all required leases or other types of land tenure will be granted, maintained, extended, or renewed. For example, additional tailings capacity is needed to support future growth and sustainability of Boddington operations beyond 2025. Boddington’s existing tailings facility is expected to reach the permitted capacity in 2026. Following advancement of the life of mine tailings study to explore options for continued tailings deposition, the Company decided to expand the existing F1/F3 Residue Disposal Area ("RDA") from an ultimate capacity of 600Mt to 750Mt to provide storage capacity to 2029, subject to permitting and other approvals. Beyond 2029 an additional tailings facility would need to be built, termed RDA2, and this facility is also subject to permitting and other approvals, including additional environmental permits. Further, the Boddington operation is primarily located on mining leases with renewal dates commencing in 2028. The lease renewal, as well as additional leases required in connection with tailings expansion, require cooperation and agreements with third parties. No assurances can be provided that such renewals and additional lease scope for further tailings capacity will be secured at similar cost, commercially reasonable terms, or at all. A failure to secure agreement on commercially reasonable terms could result in increased costs, requirements to move infrastructures, modification to future plans, including cessation of mining.

Similarly, the current capacity of the TSFs at Cadia should support operations through to the current permitted time period by exhausting capacity within the current Pit TSF ("PTSF") and by constructing a raise to the South Tailings Storage Facility ("STSF"), as has been permitted. Studies evaluating potential options to increase tailings storage capacity are underway, including additional placement of tailings on the North Tailings Storage Facility ("NTSF") and a proposal to construct an extension to the current STSF ("STSFX") to provide capacity to approximately 2050. Cadia is currently approved to continue operations until 2031 and is seeking approval from the NSW Government to extend our mining operations beyond 2031. This is known as the Cadia Continued Operations Project (“CCOP”), of which the construction of the STSFX is a project feature. No assurances can be provided that approvals will be secured.

Merian was able to obtain a Legal Title (the right of leasehold, which is a surface right) to facilitate the expansion of its tailings storage facility (TSF2). This title was granted by the Republic of Suriname in early 2025 under certain conditions as well as commitments to the local community in the area. To maintain this Legal Title in good legal standing, including its extension in due time, it remains important to adhere to the conditions related to the granting of this surface right as well as community commitments in relation to this surface right.

Failure to obtain required land tenure can have serious consequences, including loss of Legal Title in and to mineral and/or surface properties that are owned or controlled by the Company, cessation of operations, project delays or cancellations, increased costs, and potential litigation or regulatory action. Any of these outcomes could materially and adversely affect our business, reputation, operational performance, and financial condition. See risk factors under the headings “Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability,” and “Title to some of our properties may be insufficient, defective, or challenged.”

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Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations.

Greater scrutiny on the private sector broadly and multi-national companies specifically, to contribute to sustainable outcomes in the places where they operate, has led to a proliferation of standards and reporting initiatives focused on environmental stewardship, social performance and transparency. Extractive industries, and mining in particular, have seen significant increases in stakeholder expectations. These businesses are increasingly required to meaningfully engage with impacted stakeholders; understand and avoid or mitigate negative impacts while optimizing economic participation and uplift opportunities associated with their operations. The expectation is for companies to create shared value for stockholders, employees, governments, local communities and host countries. Such expectations tend to be particularly focused on companies whose activities are perceived to have high socio-economic and environmental impacts. In Canada, for instance, there is increased expectation that is also increasingly supported by regulations and/or case law for Indigenous communities on whose traditional territories mineral development occurs or is impacted by mineral development to share in the economic prosperity of the mine, and for such communities to share in joint decision making with government regulators on various permitting efforts. Newmont has over many years developed and continues to evolve a robust system of ESG management that includes policies, standards, guidance, assurance, participation in international organizations focused on improved performance and outcomes for host communities and the environment. In Ghana, for instance, in response to resettlement-related complaints, Newmont worked with national and local government authorities, traditional leaders, impacted farmers/landowners and other concerned stakeholders to analyze impacts, extend programs to support vulnerable households and provide enhanced and/or alternative livelihood support. Despite the Company’s commitment to on-going engagement with communities and stakeholders, no assurances can be provided that increased stakeholder expectations will not result in adverse financial and operational impacts to the business, including, without limitation, operational disruption, increased costs, increased investment obligations, increased commitments to local and/or Indigenous communities with fiscal implications, and increased taxes and royalties payable to governments.

Illegal mining and artisanal mining occur on or adjacent to certain of our properties exposing such sites to security risks.

Artisanal, small scale and illegal miners have been active on, or adjacent to, some of Newmont’s African and South American properties, including in Peru, Suriname and Ghana in recent years. For example, in Ghana in 2019, illegal miners attacked a field team of security guards employed by a security contractor, tragically resulting in a fatality. While we are working collaboratively with the artisanal miners of the Pamaka Community in Suriname on a program that includes improving mining practices for improved safety, environmental and processing practices as well as alternative livelihood opportunities, this not always possible. Illegal mining, which involves trespass and occupation of exploration, development, and operating properties present significant security, safety, legal, and environmental risk, which could result in a security threat to human life, infrastructure, and equipment, and lead to the loss of legal title, environmental liabilities, possession, or use of Newmont's land tenure. The illegal miners from time to time have clashed with security staff and law enforcement personnel who have attempted to move them away from the facilities. Although, under certain circumstances, artisanal mining may be a legally sanctioned activity, artisanal mining is also associated with a number of negative impacts, including environmental degradation, poor working practices, erosion of civil society, human rights abuse and funding of conflict. The environmental, social, legal, safety and health impacts of artisanal and illegal mining are frequently attributed to formal large scale mining activity, and it is often assumed that artisanally-mined gold is channeled through large-scale mining operators, even though artisanal and large-scale miners normally have separate and distinct supply chains. These misconceptions impact negatively on the reputation of the industry. The activities of the illegal miners could cause damage to Newmont’s properties or result in inappropriate or unlawful use of force for which Newmont could potentially be held responsible. The presence of illegal miners could lead to exploration and project delays and disputes regarding the development or operation of commercial gold deposits. Illegal mining could also result in lost gold production and reserves, mine and development stoppages, and have a material adverse effect on financial condition or results of operations or project development. Finally, it is difficult to separate potential or actual environmental impacts from Newmont's activities from those of artisanal miners who have illegally accessed and are operating on our land tenure. This can cause both reputational and compliance challenges.

Civil disturbances and criminal activities can disrupt business and expose the Company to liability.

Civil disturbances and criminal activities such as trespass, illegal mining, sabotage, theft, blockades, organized crime and vandalism may cause disruptions and could result in the suspension of operations, delays to project development and negative impacts on exploration activities at certain sites. Incidents of such activities have occasionally led to conflict with security personnel and/or police, which in some cases resulted in serious injuries or death including in Ghana, Peru, Mexico, PNG and Suriname in recent years. Additionally, some areas in which we conduct operations, develop projects and exploration activities are affected by civil unrest such as in PNG and Ecuador in early 2024, and persistent violence and organized crime involving significant drug cartels, such as in Mexico.

Although security measures have been implemented by the Company to protect employees, community members, property and assets, such measures will not guarantee that such civil disturbances and criminal activities will not continue to occur in the future, or result in harm to employees, community members or trespassers, decrease operational efficiency or construction delays, increase community tensions or result in liabilities or reputational harm to Newmont. Security incidents, in the future, may have a material adverse effect on our operations, development projects, exploration and reclamation activities, especially if criminal activity and violence escalate. Such incidents may halt or delay production, increase operating costs; result in harm to employees, contractors,

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visitors or community members; decrease operational efficiency due to employee absenteeism and other factors; increase community tensions or otherwise adversely affect our ability to conduct business. The manner in which the Company’s personnel, national police or other security forces respond to civil disturbances and criminal activities can give rise to additional risks where those responses are not conducted in a manner consistent with international and Newmont standards relating to the use of force and respect for human rights. Newmont takes seriously our obligation to respect and promote human rights, is a signatory to and active participant in the Voluntary Principles on Security and Human Rights, and has adopted a Sustainability and Stakeholder Engagement Policy and Human Rights Standard in-line with the UN Guiding Principles on Business and Human Rights. Nonetheless, although the Company has implemented a number of significant measures and safeguards which are intended to ensure that personnel understand and uphold these standards, the implementation of these measures will not guarantee that personnel, national police or other security forces will uphold these standards in every instance. The evolving expectations related to human rights, human rights defenders, Indigenous rights, and environmental protections may result in opposition to our current and future operations, the development of new projects and mines, and exploration activities. Such opposition may take the form of legal or administrative proceedings or manifestations such as protests, roadblocks or other forms of public expression against our activities, and may have a negative impact on our local or global reputation and operations. Opposition by community and activist groups to our operations may require modification of, or preclude the operation or development of, our projects and mines or may require us to enter into agreements with such groups or local governments with respect to our projects and mines or exploration activities, in some cases, causing increased costs and significant delays to the advancement of our projects. For example, in Peru, our Conga project faced opposition from anti-mining activists, after which we suspended construction on the project’s mining facilities and eventually reclassified Conga’s reserves to resource as the result of certain operating and construction permits expiring at the end of 2015. The failure to conduct operations in accordance with Company standards can result in harm to employees, community members or trespassers, increase community tensions, reputational harm to Newmont or result in criminal and/or civil liability and/or financial damages or penalties.

Our operations and projects face substantial regulation of health and safety.

Our operations are subject to extensive and complex laws and regulations governing worker health and safety across our operating regions and our failure to comply with applicable legal requirements can result in substantial penalties. Future changes in applicable laws, regulations, permits and approvals or changes in their enforcement or regulatory interpretation could substantially increase costs to achieve compliance, lead to the revocation of existing or future exploration or mining rights or otherwise have an adverse impact on our results of operations and financial position.

Our mines are inspected on a regular basis by government regulators who may issue citations and orders when they believe a violation has occurred under local mining regulations. If inspections result in an alleged violation, we may be subject to fines, penalties or sanctions and our mining operations could be subject to temporary or extended closures.

In addition to potential government restrictions and regulatory fines, penalties or sanctions, our ability to operate (including the effect of any impact on our workforce) and thus, our results of operations and our financial position (including because of potential related fines and sanctions), could be adversely affected by accidents, injuries, fatalities or events detrimental (or perceived to be detrimental) to the health and safety of our employees, the environment or the communities in which we operate.

Our operations and projects are subject to extensive environmental laws and regulations.

Our exploration, development, mining and processing operations, and closed facilities are subject to extensive laws and regulations governing land use and the protection of the environment, which generally apply to air and water, protection of endangered, protected or other specified species, hazardous and non-hazardous waste management and reclamation. Many of the countries in which we operate have laws and regulations related to water (quality and quantity), nature and greenhouse gas (“GHG") emissions which are becoming increasingly more stringent. We have made, and expect to make in the future, significant expenditures to comply with such laws and regulations. Compliance with these laws and regulations imposes substantial costs and burdens, and can cause delays in obtaining, or a failure to obtain or renew, or cancellation of, government permits and approvals which may adversely impact our operations and closure processes. Increased global attention or regulation on consumption of shared resources and use products or development of waste that have the potential to impact human health and the environment could similarly have an adverse impact on our results of operations and financial position due to increased compliance and input costs. Specific examples where we face such risks include:

Waste Rock and Tailings Management

Our gold and copper mining and ore refining/metals extraction processes generate waste by-products such as waste rock (managed in waste rock dumps or, in the case of Lihir, harbor waste rock platforms and permitted barge dumping locations) and tailings (managed by the use of tailings storage facilities, lacustrine deposition in the case of Brucejack or deep sea tailings placement in the case of Lihir and as proposed at Wafi-Golpu). Tailings storage facilities are constructed progressively throughout the life of the mine to support increasing capacity requirements. If there is a failure in the integrity of a tailings storage facility, there is a risk that tailings or large volumes of water and/or potentially contaminating materials may be released and cause material harm to human health and/or the environment downstream of the facility. Such an occurrence could severely damage our reputation and materially adversely impact our operating results and financial condition. It may also subject us to civil and/or criminal action, penalties and claims from environmental and planning regulators and/or affected third parties, and may lead to the suspension or disruption of our

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operations and projects. See also risk factor under the heading "Our operations and projects are dependent on the availability of sufficient water supplies and subject to water-related risk."

Tailings Storage Facilities and Dust Emissions at Cadia

Tailings deposition was suspended at Cadia Holdings Pty Ltd’s (“Cadia Holdings”) tailings storage facilities in March 2018 following an embankment slump of its NTSF. Use of the NTSF is subject to a prohibition notice issued by the NSW Resources Regulator and deposition is expected to remain suspended until repairs of the NTSF wall are completed. In December 2019, Cadia Holdings received approval from the New South Wales Department of Planning and Environment (the “NSW DPE”) to fully utilize the decommissioned Cadia Hill mine pit for deposition of thickened tailings. In December 2021, the NSW DPE granted approval to increase the permitted processing capacity from 32 to 35 million tonnes of ore in a calendar year. Such approval is subject to certain conditions, including that Cadia Holdings commission and publish an independent air quality audit report that includes a description of the details and scheduling of all reasonable and feasible best practice measures that are being implemented by Cadia Holdings to minimize off-site air quality impacts of the mine.

The independent air quality audit report published by Cadia Holdings in August 2022 indicated that dust emitted from two ventilation exhaust rises which vent emissions from underground processing operations exceeded levels permitted by applicable law. During the quarter ended June 2023, the New South Wales Environment Protection Authority (“NSW EPA”) issued variations to its Environment Protection License (“EPL”), a Prevention Notice and Notices to Provide Information regarding the management of, and investigation into potential breaches relating to, dust emissions and other air pollutants from the Cadia tailings storage facilities and ventilation rises. The license variations largely formalized the actions Cadia Holdings had developed in consultation with the NSW EPA and was already undertaking across a range of measures.

Cadia Holdings received a letter from the NSW EPA in June 2023 requiring it to immediately comply with specific statutory requirements and EPL conditions. Adjustments were implemented underground, including a reduction in mining rates, modifications to the ventilation circuit and the installation of additional dust sprays and spray curtains. Additional dust collection units were subsequently installed enabling normal mining rates to be restored.

In August 2023, the NSW EPA commenced proceedings in the Land and Environment Court of NSW (the “NSW Land and Environment Court”) against Cadia Holdings, alleging that air emissions from Cadia in March 2022 exceeded the standard of concentration for total solid particles permitted under applicable laws due to the use of surface exhaust fans at the mine. On September 29, 2023, Cadia Holdings entered a plea of guilty and the NSW Land and Environmental Court listed the case for a sentencing hearing on March 28, 2024. On October 13, 2023, the NSW EPA commenced additional proceedings in the NSW Land and Environment Court against Cadia Holdings, alleging two additional contraventions of applicable air emissions requirements in November 2021 and May 2023 and two contraventions related to alleged air pollution from tailings storage facilities on October 13 and 31, 2022. On November 24, 2023 Cadia Holdings entered a plea of guilty to the two additional charges relating to applicable air emissions requirements the sentencing hearing took place before the NSW Land and Environment Court on June 21, 2024. On March 31, 2025, Cadia Holdings was convicted of three offenses relating to applicable air emissions requirements and the Court ordered Cadia Holdings to pay a penalty of A$350 thousand and pay A$61.5 thousand to the Department of Climate Change, Energy, Environment and Water (the “NSW DCCEEW”) for the Rural Air Quality Monitoring Network funding for a new Dust Track system located in Mudgee NSW. On October 18, 2024, Cadia Holdings entered a plea of not guilty to the proceedings related to alleged air pollution from Cadia Holdings’ tailings storage facilities. The proceedings were withdrawn and discontinued on December 19, 2025, with no order as to costs. Cadia Holdings and the NSW EPA entered into an enforceable undertaking where Cadia Holdings has agreed to pay A$307,500 to the NSW DCCEEW to support the Rural Dust Monitoring Network managed by Climate and Atmospheric Science and the NSW DCCEEW. Cadia Holdings will also pay A$25,000 to the NSW EPA as a contribution to the investigative and legal costs incurred by the NSW EPA in connection with the incidents and with respect to negotiating and entering into the enforceable undertaking. The NSW EPA continues to monitor Cadia’s operations and EPL compliance.

Failure to maintain compliance with applicable law or Cadia Holdings’ EPL may result in the NSW EPA suspending or revoking Cadia Holdings’ EPL, seeking court orders or issuing additional prevention notices to modify or cease certain activities. Ongoing enforcement, and challenges in maintaining compliance, may impact Cadia Holdings’ ability to secure a future expansion of its project approval to extend the life of mine from 2031 to 2055. In addition, Cadia Holdings has previously been, and may in the future be, subject to prosecutions and penalties for noncompliance with air quality requirements or the terms of its EPL, including in respect of emissions from any vent rise or emissions from the NTSF and the STSF. Operational changes required to achieve or maintain compliance, including reductions in mining rates and other limitations on mining or processing operations, or additional requirements to install costly pollution control equipment, may adversely impact our operating results and financial condition.

Environmental Sampling in the Cadia Area

In early 2023, residents living near Cadia raised concerns about potential impacts to drinking water supplies by various contaminants, including metals such as lead, nickel and copper, which they allege are related to emissions from the vent rises at Cadia, as well as periodic dust emission events at NTSF and STSF. In response to community concerns, the New South Wales Department of Health tested the quality of residents’ kitchen tap water and reported that it was safe to drink. The NSW EPA also undertook a comprehensive water testing program in the local area and the majority of results from the kitchen tap samples show metal

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concentrations below the Australian Drinking Water Guidelines values. The majority of the instances of non-compliance from both Cadia Holdings’ and the NSW EPA’s sampling programs showed that such instances of non-compliance were influenced by building and plumbing materials.

A particulate characterization study, which was undertaken by the Australian government’s Australian Nuclear Science and Technology Organisation (the “ANSTO”) and commissioned by Cadia Holdings in collaboration with the local community, assessed the PM2.5 dust contribution from Cadia to the regional air shed over a three-year period and concluded that Cadia contributed only a small percentage of soil particulate matter. In fact, soil was determined to be the least significant source of air pollution over the three-year period, contributing less than 10% to the total PM2.5 mass. The ANSTO study also determined that metals of concern recently identified by the community, such as lead, nickel, selenium and chromium, occurred at very low levels in the PM2.5 fraction and did not exceed any national standard. The report is part of a comprehensive suite of independent air and water quality investigations, including with respect to sampling of drinking water sources, air quality monitoring, dispersion modelling and lead fingerprinting, that have been or are being conducted to determine the source of metals within the local airshed and to assess any health risks to the local community, if any, from air emissions from the Cadia mine site.

In 2024, some local residents reported perfluoroalkyl and polyfluoroalkyl Substances (“PFAS”) and other contaminants were allegedly being detected in the river catchment surrounding Cadia. The NSW EPA conducted sampling and the results show PFAS, particularly perfluorooctane sulfonate (“PFOS”) and perfluorooctanoic acid (“PFOA”), at several sites in the river catchment upstream and downstream from Cadia. The NSW EPA sampling program showed that upstream results for PFAS are the major source in the river system. The NSW EPA has placed conditions on Cadia and other EPA license holders in the area to engage an independent consultant to undertake a PFAS site investigations.

In light of these developments at Cadia, and the ongoing approval process to expand the TSF, there is a heightened level of community activism relating to the perceived impact of mining activities on the health of the community, and the condition of residential properties, located in proximity to Cadia. These developments, including community complaints associated with our activities at Cadia could give rise to reputational harm, operational disruptions, civil action, increased regulatory scrutiny of mining activities or delays to project development.

Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy.

Climate change and the transition to a low-carbon economy is expected to impact Newmont in a number of ways. Producing gold is an energy-intensive business, currently resulting in a significant carbon footprint. Transitioning to a low-carbon economy will require significant investment and may entail extensive policy, legal, technology, and market changes to address mitigation and adaptation requirements related to climate change. Depending on the nature, speed, focus and jurisdiction of these changes, transition risks may pose varying levels of financial and reputational risk to the business.

A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to the potential impacts of climate change that are viewed as the result of emissions from the combustion of carbon-based fuels. At the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change (“UNFCC”) held in Paris in 2015, the Paris Agreement was adopted which was intended to govern emission reductions beyond 2020, and subsequent UN Climate Change Conferences reaffirmed the commitments of the Paris Agreement. Newmont supports the UNFCC goal of limiting global warming to “well below 2oC” compared to pre-industrial levels and plans to transition its operations to meet this goal by 2030, with an aspiration of carbon neutrality by 2050. Material investments and capital expenditures will be required in order to meet our climate targets in the future. Inconsistent implementation or significant delay in the implementation of country-level policy is likely to increase the risk for future regulatory impacts and rapid shifts to low-carbon technologies, including renewable energy use. In addition, the UN Climate Change Conference of the Parties 2024 (COP29) reported several challenges in the transition to renewable energy, including that many countries are not transitioning as quickly as needed, which could jeopardize their ability to meet climate targets. This may cause competition for renewable resources, which may lead to increased costs and reliability issues for Newmont.

Policy and regulatory risk related to actual and proposed changes in climate-, nature-, and water-related laws, regulations and taxes developed to regulate the transition to a low-carbon economy may result in increased costs for our operations, venture partners and our suppliers, including increased energy, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations. Regulatory uncertainty may cause us to incur higher costs and lower economic returns than originally estimated for new development projects and operations, including closure reclamation obligations. For example, operational and capital expenses are expected to increase in order to meet renewable portfolio standard requirements from current costs over the next 10 years in Australia, Canada, Mexico and the Carbon taxes, fuel switching and the transition to cleaner purchased power and/or on-site renewable energy generation will require significant upfront capital expenditures and may also increase operating costs. As another example, the carbon tax in Canada of C$80/tonne of CO2 set to increase to C$170 by 2030, is impacting operating costs at our Canadian operations. We expect the potential for similar tax increases in other jurisdictions. Additionally, we do not maintain insurance policies against such climate-related risks or taxes.

The development and deployment of technological improvements or innovations will be required to support the transition to a low-carbon economy, which could result in write-offs and early retirement of existing assets, increased costs to adopt and deploy new

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practices and processing including planning and design for mines, development of alternative power sources, site level efficiencies and other capital investments. Our investments in these technologies may also expose us to legal, operational and reputational and other risks. The pace of development of such technologies may be inadequate, such technologies may be insufficient, and we may not be able to deploy such technologies at a commercial scale. We will also consider the limited use of carbon neutralization or offsets in the future for hard to abate emissions to assist in meeting our 2050 carbon neutral ambition, and there may be an insufficient supply of offsets to achieve our goals.

There will be varied and complex market impacts due to climate change and the transition to a low-carbon economy. There will be shifts in supply and demand for certain commodities, products and services in connection with evolving consumer and investor sentiments. Market perceptions of the mining sector, and, in particular, the role that certain metals will or will not play in the transition to a low-carbon economy remains uncertain. Potential financial impacts may include reduced investment in gold due to shifts in investor sentiment, increased production costs due to changing input prices, re-pricing of land valuation and assets, increased global competition for key materials needed for new technologies (lithium, copper, rare earth minerals used in solar technology, etc.), potential cost increases by insurers and lenders, and potential increases in taxation of the mining and metals sector.

Should the mining and metals sector not respond quickly enough to meeting globally accepted science-based reductions required to mitigate the long-term impacts of climate change, industry members may be subject to an increased risk of future climate litigation. In the U.S. and Canada, lawsuits have been filed against oil and gas companies to assign liability for climate-related impacts. Over time, litigation may also apply to other resource intensive sectors that fail to set and/or meet long-term reduction targets. While the Company is not currently subject to any lawsuits related to climate, no assurances can be provided that similar suits will not be brought in the future.

Our ability to meet our climate strategy goals and aspirations, including our Scope 1, Scope 2, and Scope 3 emissions targets, is subject to numerous risks and uncertainties and relies on, among other things, our ability to invest in emissions reduction projects, our ability to implement operational changes and the availability of technology to achieve such commitments and goals. In addition, our ability to achieve our Scope 3 emissions targets remains highly uncertain and is subject to the actions of entities not within our control. There is also a risk that some or all of the expected benefits of achieving such targets and goals may fail to materialize within our anticipated time frames or at all. Investors and other stakeholders may not agree with our climate strategy, and we also face pressure from some in the investment community and certain public interest groups to limit the focus on ESG in our decision-making, arguing that ESG considerations do not relate to financial outcomes. A failure to meet our climate strategy targets and goals and/or societal or investor expectations could result in damage to our reputation, decreased investor confidence and challenges in maintaining positive community relations, which can pose additional obstacles to our ability to conduct our operations and develop our projects, which may result in a material adverse impact on our business, financial position, results of operations, and growth prospects. Further, the interest rate of Newmont’s $1 billion aggregate principal amount of 2.6% Sustainability-Linked Senior Notes due 2032 is linked to Newmont’s performance against certain ESG commitments regarding 2030 emissions reduction targets and the representation of women in senior leadership roles target. As such, a failure to meet our climate and sustainability targets will result in further expense.

Our targets are unique to our business, operations and capabilities, which do not easily lend to benchmarking against similar sustainability performance targets, and the related performance, of other companies. In addition, our climate-related targets are aspirational and subject to change, and reflect assumptions that are necessarily uncertain and may not be realized. We continue to review and revise our approach, and our targets may be further adjusted to align with future updates to our approach. The acquisition of Newcrest Mining Limited in late 2023 required that we recalculate the target baseline years and trailing years GHG emissions data pursuant to our publicly disclosed greenhouse gas emissions calculation methodology framework. Additional rebaselining was required to reflect Newmont’s portfolio following the sale of non-core operating assets in 2025, and may be required again in the future. We are continuing to review our targets and roadmap which may result in additional adjustments in the future. Additionally, the methodologies that we use to calculate our Scope 1, Scope 2 and Scope 3 GHG emissions may change over time based upon changing industry standards, which may impact, positively or negatively, our ability to satisfy our targets, which could in turn adversely affect our reputation. Any major acquisition, merger, consolidation or divestiture or any series of related acquisitions, mergers, consolidations or divestitures, by or involving us, may impact our ability to achieve our targets and commitments. There is currently no generally accepted global definition (legal, regulatory or otherwise) of, nor market consensus as to what criteria qualify as, “green,” “social,” “sustainable” or “sustainability-linked” (and, in addition, the requirements of any such label may evolve from time to time), and therefore no assurance is or can be given that Newmont will meet any or all investor expectations.

Our operations and projects are subject to a range of transitional and physical risks related to climate change.

We believe that climate change has the potential to impact the regions and sites in which Newmont operates, as well as the surrounding communities. Long-term potential physical climate risks include, but are not limited to, higher temperature in all regions, higher intensity storm events in all regions, impacts to annual precipitation depending upon the latitude and proximity of the site to oceans, and more extreme heat for sites near the equator or in Australia. Unusually dry climates can increase the chance of our operations being impacted by bush or forest fires.

Physical risks related to extreme weather events such as extreme precipitation, flooding, longer wet or dry seasons, flooding and drought conditions, increased temperatures, sea level rise, landslides, mine flooding, tsunami, geysers and outbursts, avalanches, landslides, wildfires or brushfires, or more severe storms may have financial implications for the business. In particular, the effects of

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changes in rainfall and intensities, water shortages and changing storm patterns have from time to time adversely impacted, and may in the future adversely impact, our costs, production levels and financial performance. For example, we experienced severe flooding in early 2017 at our Tanami mine in Australia which led to shutdown of operations for several weeks. In 2019, Tanami completed the construction of a natural gas pipeline to deliver fuel to the site to replace diesel fuel that is trucked to the site on roads that regularly flood due to increasing seasonal rainfall. Our operations in Suriname and Peru have also experienced delays in connection with the delivery of key production supplies due to temporary flooding. In 2019, Cadia experienced droughts, which resulted in temporary process plant water shortages and lower processed volumes. In 2023, Lihir’s operating and financial performance was impacted by lower feed grade reflecting a higher proportion of low grade material being processed in the second half of the year, following extreme rainfall that limited pit access and caused materials handling issues at the mine crusher. This followed prolonged drought conditions across the province of New Ireland in PNG, where Lihir is located, which resulted in limited raw water supply to Lihir. Floods and wildfires have also occurred near Cadia and Red Chris in recent years. In late 2025, a bushfire that began in mid‑December affected the area surrounding our Boddington operations in Western Australia, resulting in a temporary suspension of operations. While major infrastructure remained secure and undamaged due to established bushfire preparedness protocols, portions of the site’s water supply infrastructure were impacted.

There is also the potential for disruption to transport routes associated with the distribution of our products. For example, Brucejack’s glacial access road, which is an essential means of entering that mine site, may be subject to a risk of thawing due to the potential for an increase in average temperatures, which may be related to climate change. Conversely, heavier‑than‑normal snowfall and severe winter storm conditions have the potential to obstruct transport routes and access roads to Brucejack and Red Chris. Severe storm events can also result in unpermitted off-site discharges, slope instability, mine pit erosion and structural failures, tailings storage facility overtopping and other impacts, including water storage and treatment facility capacity considerations. Extended dry seasons or unseasonal dry conditions could exacerbate dust generation from operating activities that may require additional controls for continued operation or result in compliance breaches. Changing climatic conditions may also affect the likelihood of meeting closure success criteria and require adjustments to mine site rehabilitation and closure plans. The higher potential for extreme heat conditions may affect equipment efficiency. For additional information, see risk factors under the headings “Our operations and projects are dependent on the availability of sufficient water supplies and subject to water-related risks” and “Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability.”

Such events can temporarily slow or halt operations due to physical damage to assets, reduced worker productivity for safety protocols on site related to extreme temperatures or lightening events, preservation of resources such as water, worker aviation and bus transport to or from the site, and local or global supply route disruptions that may limit transport of essential materials, chemicals and supplies, which could have an adverse impact on our results of operations and financial position. Additional financial impacts could include increased capital or operating costs to increase water storage and treatment capacity, obtain or develop maintenance and monitoring technologies, increase resiliency of facilities and establish supplier climate resiliency and contingency plans.

An increase in frequency and duration of extreme weather conditions can be followed by extended power outages. Energy disruptions can have an adverse impact on our results of operations and financial position due to production delays or additional costs to ensure business continuity through reliable sources of on-site power generation. Energy transmission and supply may be impacted by wildfires, such as those that occurred in Australia in 2020, which may interrupt electrical power transmission lines to mine sites, and that may pose risks to on-site facilities and energy generators, fuel dispensing systems and supplies. In jurisdictions that rely on purchased hydroelectric power, such as in Ghana and Peru, extreme drought and extended dry seasons may impact the electric utility’s water supplies needed to generate hydroelectric power purchased by the mine to run operations, which would result in higher costs and/or limit energy availability for continuity of operations as well as impact our environmental systems and processes.

Our Company and the mining industry are facing continued geotechnical, geothermal, and hydrogeological challenges, which could adversely impact our production and profitability.

Newmont and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges due to the older age of certain of our mines and a trend toward mining of more complex deposits, the use of deeper and larger pits and the use of deep, bulk or selective underground mining techniques. This leads to higher pit walls, more complex underground environments and increased exposure to geotechnical instability and geothermal and hydrogeological impacts. As our operations are maturing, the open pits at many of our sites are getting deeper and we have experienced geotechnical failures (such as pit wall and slope failures) at some of our mines, including, without limitation, at our operations in Australia, Ghana, Peru, Canada, and at NGM, in Nevada. See also the risk factor under the heading “Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations.”

Additionally, there are a number of risks and uncertainties associated with the block cave mining methods applied at Cadia, in New South Wales, Australia. These risks include a cave not propagating as anticipated, excessive air gaps forming during the cave propagation, unplanned ground movement occurring due to changes in stresses released in the surrounding rock and larger or more frequent mining-induced seismicity than anticipated. Additionally, during cave establishment and propagation, higher levels of seismic activity, and higher likelihood of damage to excavations from seismic events, are expected. This has been observed during the cave establishment phase of Cadia’s PC2-3 project and is expected during the establishment of Cadia’s PC1-2 project in the coming years. Such seismic events and associated damage may require changes to the mining plan and upgrades to ground support systems, which could take several months. Large seismic events may also occur after cave establishment and propagation and during steady state

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caving, although the likelihood of this is lower. Excessive water ingress, disturbance and the presence of fine materials may also give rise to unplanned releases of material of varying properties and of water through drawbells. Cadia recorded sudden unplanned releases of both dry fine ore material and wet mud material through drawbells in 2023. In addition, in June 2025 two fall of ground incidents occurred in the access way to the underground work area of a non-producing project at the Red Chris Mine in British Columbia, Canada.

In addition, there are a number of risks and uncertainties associated with the application of techniques used in the civil engineering industry for the stabilization of steep open pit slopes by Newmont at Lihir, which is located in Papua New Guinea. These risks include variation to technical models when compared to actual conditions, performance of reinforcement system in hot ground and delays with the execution of the civil works due to lack of experience with these techniques. The success of our operations depends, in part, on implementing engineering solutions to particular geotechnical, hydrogeological and geothermal conditions. For example, underground operations, large vertical shafts need to be excavated in order to provide ventilation to the underground environment, and sometimes these shafts are excavated using unsupported techniques such as raiseboring, whereby the walls of the shafts cannot be supported until the excavation is completed. If adverse and unexpected geotechnical and hydrogeological conditions are encountered, the shaft walls may become unstable. To prevent this type of incident occurring, thorough geotechnical and hydrogeological investigations and stability assessments are required and, if needed, alternate excavation locations or techniques need to be implemented. One such shaft wall failure incident occurred at Cadia in 2022, resulting in the need to abandon and backfill a shaft shortly after the completion of excavation to prevent further unravelling of the shaft wall and potential interruptions to other operations.

Operations may also experience challenges to operating conditions, such as inundation, inrush of water or other materials, airblast and those relating to elevated temperatures (including management and discharge of hot water encountered in the underground workings). These risks could result in damage to, or destruction of, mineral properties, production facilities, equipment or other properties, personal injury or death of employees or third parties, environmental damage, community outrage, delays in mining, increased production costs, monetary losses and possible legal liability. Our operations are also subject to risks associated with a natural disaster, which include risk of tsunami, wildfires, mine flooding, geysers and outbursts, cyclones, avalanches and landslides. In addition, seismic activity may impact operations that are located in seismically active areas and subject to risks of earthquakes, such as Cadia and, with the related risks of tidal surge and tsunamis, Lihir. For instance, a large seismic event in 2017 impacted Cadia resulting in a temporary suspension of operations. Additionally, our Lihir operation is located within the Luise Caldera of the Luise Volcano which is located on the east coast of the Aniolam Island. The caldera is geothermally active in the form of hot springs and fumaroles.

Adverse geotechnical, geothermal and hydrogeological conditions, including surface or underground fires, floods, droughts, geysers and outbursts, coastal erosion and landslides, avalanches, cyclones and pit wall failures, can be difficult to predict. Such conditions are often affected by risks and hazards outside of our control, such as severe weather and considerable rainfall, which may lead to periodic floods, mudslides, wall instability and seismic activity, which may result in slippage of material. Such events may not be detected in advance.

In addition, Newmont has both operational (active and inactive) and closed tailings storage facilities ("TSFs") in a variety of climatic and geographic settings. Annually, Newmont manages and disposes approximately 150 million tonnes of milled rock slurry, referred to as tailings, that are placed within engineered or surface containment facilities, or placed as structural backfill paste in underground mines (e.g., Tanami). Newmont has experienced seepage and/or localized instability at TSFs which required us to re-evaluate our emergency response systems and make modifications to our TSFs. Issues with TSFs, such as instability, failure and/or seepage could occur in the future, and Newmont conducts detailed risk assessments considering potential failure modes to support understanding and development of risk mitigation measures in accordance with the As Low As Reasonably Practicable principle. The failure of a TSF embankment or a water storage dam at one of our mine sites could cause severe, and in some cases catastrophic, property and environmental damage and loss of life. For example, in early 2019, the extractive industry experienced a large-scale tailings dam failure at an unaffiliated mine in Brazil, which resulted in numerous fatalities and caused extensive property, environmental and reputational damage. Recognizing this risk, Newmont continues to review and refine our existing practices and, as a member of the ICMM, commits to implementation of the GISTM. Work is underway to bring all TSFs in our portfolio into conformance with the GISTM. Conformance with the GISTM as well as improved understanding of our tailings risks and requisite mitigation remains on-going and has and may continue to result in increases to our estimated sustaining costs and closure costs for existing tailings facilities. Despite these efforts, no assurance can be given that TSF failure events will not occur in the future.

A geotechnical failure of a TSF, dam, or pit slope could result in limited or restricted access to mine sites, suspension of operations, government investigations, regulatory actions or penalties, increased monitoring costs, remediation costs and other impacts, which could result in a material adverse effect on our results of operations and financial position.

A failure to safely resolve any unexpected problems relating to these conditions at a commercially reasonable cost may result in damage to infrastructure or equipment or injury to personnel and may adversely impact the Company’s operating results and financial position. See also the risk factors under the heading “We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining” and “Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects” and “Our operations and projects are subject to extensive environmental laws and regulations.”

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Our operations and projects may be adversely affected by rising energy prices or energy shortages.

Our mining operations and development projects require significant amounts of energy. Some of our operations are in remote locations requiring long-distance transmission of power or energy sources needed to generate power, and in some locations we compete with other companies for access to third party power generators or electrical supply networks. A disruption in the generation or transmission of energy, inadequate energy transmission infrastructure or the termination of any of our energy supply contracts could interrupt our energy supply and adversely affect our operations.

Our principal energy sources are purchased electricity, diesel fuel, heavy fuel oil and natural gas. A variety of factors, including higher energy usage in emerging market economies, actual and proposed taxation of carbon emissions as well as concerns surrounding global conflicts, could result in increased demand or limited supply of energy and/or sharply escalating diesel fuel, natural gas and other energy prices. A reduction in Northern Territory natural gas production is a specific concern for Tanami’s short-term energy prices. Availability of renewable power sources or conflicting government regulations, such as the proposed reform of the energy market in Mexico, may have an impact on our ability to meet our reduction targets with a specific timeline. Changes in energy laws and regulations in various jurisdictions, restrictions on energy supply and increased energy prices could negatively impact our operating costs and cash flow.

As our operations move to reduce our GHG emissions, renewable power sources and technology at our operations will continue to be evaluated and implemented. Such transitions are likely to require capital expenditures and may result in additional costs. Certain of our operations may also become more dependent upon access to electrical power supply as certain mines advance projects aimed at the electrification of large haulage fleets. The availability to access renewable power (with greater competition) and the readiness of technology to support decarbonization with the timeframe of the 2030 and 2050 targets remains subject to uncertainties, which could impact ability to achieve targets. See the risk factor above under the heading “Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy.”

Our operations and projects are dependent on the availability of sufficient water supplies and subject to water-related risks.

We recognize the right to clean, safe water and that reliable water supplies are vital for hygiene, sanitation, livelihoods and the health of the environment. Water is also critical to our business, and the increasing pressure on water resources requires us to consider both current and future conditions in our management approach. We have set annual water efficiency targets at each of our operating sites. Additionally, we aim to achieve ambitious long-term water stewardship actions, which integrate our operations and value chain and support collective management of water through external partnerships and collaborations. A failure to meet our water targets and/or societal or investor expectations could also result in damage to our reputation, decreased investor confidence and challenges in maintaining positive community relations, which can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects.

Across the globe, water is a shared and regulated resource. Newmont operates in areas where watersheds are under stress with limited supply, increasing population and water demand, and impacted water in various forms. Increasing pressure on water use may occur due to in-migration of communities and increased populations in proximity to our operations. Although each of our operations currently has sufficient water rights, claims and contracts to cover its operational demands, we cannot predict the potential outcome of pending or future legal proceedings or community negotiations relating to our water rights, claims, contracts and uses.

Water shortages and surplus may also result from weather or climate impacts outside of the Company’s control. Changes in the quantity of water, whether in excess or deficient amounts, may impact exploration and development activities, mining and processing operations, water management and treatment facilities, tailings storage facilities, closure and reclamation efforts, and may increase levels of dust land erosion and wildfires in dry conditions, and increase slope instability and the risk of water ingress in the case of prolonged wet conditions.

Our Peñasquito operation is situated in an area with high baseline water stress. Peñasquito in Mexico takes its water supply from the Cedros Aquifer which has limited and declining yield as it is located in a dry and arid area that is prone to drought, and also is relied upon by nearby communities as a water supply for drinking water and agriculture. The water supply at Peñasquito is thus subject to a significant degree of regulatory and community scrutiny, and increased costs, and Peñasquito has made long-term commitments to provide safe community water supplies.

Seasonality and changes in the levels of rainfall can also impact our operations. For example, in January 2023, our Tanami site in Australia experienced unexpected and significant rain resulting in flooding and road closure limiting our ability to get supplies to the site, causing mill backup and impacts to production. Similarly, at Boddington in Australia severe weather and heavy rainfall at Boddington caused delays and impacted productivity during the third quarter of 2021 and 2022. There is also a risk at Boddington that extended below average rainfall or the occurrence of drought in southwest Australia could impact raw water supply for the site. While we have incorporated systems to address the impact of the dry season and water shortages as part of our operating plans, we can make no assurances that those systems will be sufficient to address all shortages in water supply, which could result in production and processing interruptions.

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In 2023, Lihir’s performance was impacted following extreme rainfall limiting pit access and causing material handling issues at the crushers. Lihir has also experienced reduced milling rates due to limited raw water supply to the plant driven by drought conditions experienced across the New Ireland Province in PNG. Lihir has progressed options to improve its water management resilience, including improving its internal water recycling and identifying additional water sources and storage options. In addition, Cadia has previously experienced water scarcity from drought conditions in 2019 which resulted in a reduction in water use to assist the Orange community response to the drought.

Increased precipitation and severe storm events may potentially impact tailings storage facilities in the future by exceeding water management capacity, overtopping the facility, and/or undermining the geotechnical stability of the structure. We have experienced impacts at various sites in recent years due to heavy rainfall and severe storms. For example, in 2022, Yanacocha experienced heavy rainfall, above average historical levels, which resulted in significant water balance stress and required active emergency management. Refer to Note 24 to the Consolidated Financial Statements under the heading Environmental Matters - Minera Yanacocha S.R.L, for additional information. Increased amounts of water may also result in flooding of mine pits, maintenance and storage facilities; or may exceed current water management and treatment capacity to store and treat water, physical conditions resulting in an unintended overflow and discharge either on or off of the mine site property. See the risk factor above under the heading “Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy” for additional information.

Operations have identified seepage from infrastructure (tailings, waste rock and ore stockpiles) that may have an impact on water resources (groundwater and/or surface water); for example, seepage has been detected in the shallow and deep aquifers underlying the tailings facility at Red Chris. We are currently managing this risk through monitoring, collection and treatment systems. There is a risk that the seepage could have an impact on beneficial use of groundwater resulting in increased requirements for collection and treatment as well as the potential requirement to provide alternative water sources. See also the risk factor under the heading “Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability.”

Laws and regulations may be introduced in some jurisdictions in which we operate which could limit our access to sufficient water resources in our operations, thus adversely affecting our operations. Additionally, laws, regulations and permit requirements focused on water management and discharge requirements are becoming increasingly stringent and may continue to require additional water management activities and/or water treatment during operation and into closure. We are also seeing increasingly stringent regulations of surface and groundwater at a number of our sites resulting in increased monitoring and potentially the need for pump back systems and treatment in the future. New requirements and regulation have resulted or may result in increased costs and could negatively impact our operating costs and cash flows in the future.

For more information on the Company’s reclamation and remediation liabilities, refer to Notes 6 and 24 to the Consolidated Financial Statements, and the risk factor under the heading “Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made.”

Our operations and projects are subject to risks related to our relationships and/or agreements with local communities, including Indigenous Peoples, and laws for the protection of cultural heritage.

The Company’s relationships with the communities that are located near its operations or on whose land it operates are essential to the success of its existing operations, exploration activities and the construction and development of its projects. A failure to manage relationships with such communities may lead to local dissatisfaction which, in turn, may lead to interruptions to the Company’s operations, exploration activities and development projects. Specific challenges in community relations include community concerns over management of increased traffic, migratory workforces, environmental impacts and resource depletion, social, environmental and cultural heritage impacts, increasing expectations regarding the level of benefits that communities receive, benefits sharing with Indigenous peoples’ governments, concerns focused on the level of transparency regarding the payment of compensation and the provision of other benefits to affected landholders and the wider community. In particular, opposition by Indigenous communities to the Company’s activities may require modifications to or preclude operation or development of its projects or may require entry into additional agreements with Indigenous communities, which may result in additional costs. Newmont’s current and future operations are subject to a risk that one or more Indigenous communities in the locations in which we operate may oppose continued operation, further development or new development of its projects or operations. Claims and protests driven by such opposition may disrupt or delay activities, including permitting, at the Newmont’s operations and projects. The negotiation and review of agreements, including components such as business development, participation, co-management and compensation and other benefits, involve complicated and sensitive issues, associated expectations and often competing interests. The nature and subject matter of these negotiations may result in community unrest which, in some instances, may lead to interruptions in our exploration programs, operational activities or delays to project implementation or development.

Additionally, the evolving obligations of governments and Indigenous people under international, national and local legislation and international conventions pertaining to the rights of Indigenous people may impact Newmont’s operations and projects. For example, the Government of British Columbia, Canada has adopted the Declaration on the Rights of Indigenous Peoples Act (2019) to implement the United Nations Declaration on the Rights of Indigenous Peoples ("UNDRIP") in British Columbia, which may impact Red Chris and Brucejack.

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Our operations are also subject to laws and regulations that provide for the protection and management of cultural heritage in the jurisdictions in which we operate. For example, following the destruction of Indigenous heritage sites at Juukan Gorge in Western Australia in 2020 and the inquiry and reports issued by the Commonwealth Parliament Joint Standing Committee on Northern Australia in 2021, mining companies have come under heightened scrutiny regarding cultural heritage management, including, for example, with respect to their governance and management processes and procedures around cultural heritage, engagement with Indigenous communities and protection of cultural landscapes. Although the parliamentary inquiry focused on Indigenous cultural heritage, laws to protect and manage cultural heritage also cover non-Indigenous (historic) heritage. Another example, in Western Australia, where Boddington is located, a new Aboriginal Cultural Heritage Act 2021 (WA) came into force in 2023, replacing the Aboriginal Heritage Act 1972 (WA) and introducing new offenses and increased penalties aimed at better protecting Aboriginal cultural heritage in Western Australia. In 2023, the WA Premier announced that the Aboriginal Cultural Heritage Act 2021 (WA) will be completely repealed, with an amended Aboriginal Heritage Act 1972 (WA) replacing it.

Further, cultural heritage in PNG is protected under the National Cultural Property (Preservation) Act 1965 (PNG). The main government bodies responsible for enforcing this Act are the National Museum and Art Gallery of PNG and the National Cultural Commission. The Lihir operation has a culturally significant site called the Ailaya Rock, located near the mining operations. Significant civil reinforcement work is being undertaken to protect the surrounding area's structural integrity. A failure to maintain the integrity of the surrounding area could inadvertently damage the site, resulting in impacts to community relations and reputation.

Newmont’s operations could inadvertently disturb protected cultural heritage assets, resulting in international scrutiny by investors and non-governmental organizations, negative impact on stockholder value, compensation and/or offset claims, increased costs to projects and operations, delays impacting construction or production or project development, court action or other legal proceedings and lasting reputational damage.

Risks Related to the Jurisdictions in Which We Operate

Our operations and projects are subject to risks of doing business in multiple jurisdictions.

Exploration, development, production and mine closure activities are subject to regional, political, economic, community and other risks of doing business in multiple jurisdictions, including:

•Potential instability of foreign governments and changes in government policies, including relating to or in response to changes of U.S. laws or foreign policies;

•Expropriation or nationalization of property;

•Restrictions on the ability to pay dividends offshore or to otherwise repatriate funds;

•Restrictions on the ability of local operating companies to sell gold and other metals offshore for U.S. dollars, or on the ability of such companies to hold U.S. dollars or other foreign currencies in offshore bank accounts;

•Import and export regulations, including restrictions on the export of gold, copper, silver, lead and/or zinc;

•Disadvantages relating to submission to the jurisdiction of foreign courts or arbitration panels or enforcement or appeals of judgments at foreign courts or arbitration panels against a sovereign nation within its own territory;

•Royalty and tax increases or claims, including retroactive increases and claims and requests to renegotiate terms of existing investment agreements, contracts of work, leases, royalties and taxes, by governmental entities, including such increases, claims and/or requests by the governments of Argentina, Australia, Canada, Chile, the Dominican Republic, Ecuador, Ghana, Mexico, Papua New Guinea, Peru, Suriname, the State of Colorado and the State of Nevada in the U.S.;

•Changes in laws or regulations in the jurisdictions in which we operate, including in changes resulting from changes in political administrations;

•Risk of increased taxation related to impacts to government revenue as a result of challenging socioeconomic conditions, including recessions and/or in connection with heath and community emergencies, such as pandemics, epidemics or outbreaks, and climate events;

•Fines, fees, and sanctions imposed for failure to comply with the laws and regulations of the jurisdictions in which we operate;

•Risk of loss due to inability to access our properties or operations;

•Other risks arising out of foreign sovereignty over the areas in which our operations are conducted, including risks inherent in contracts with government owned entities such as unilateral cancellation or renegotiation of contracts, licenses or other mining rights;

•Delays in obtaining or renewing, or the inability to obtain, maintain or renew, necessary governmental permits, mining or operating leases and other agreements and/or approvals;

•Risk of loss due to civil strife, acts of war, guerrilla activities, insurrection and terrorism;

•Claims for increased mineral royalties or ownership interests by local or Indigenous communities;

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•Increased expectations of local Indigenous communities for profit or other benefit sharing;

•Risk of loss due to criminal activities such as trespass, blockade, local artisanal or illegal mining, organized crime by drug cartels, theft and vandalism;

•Delays in obtaining or renewing collective bargaining or certain labor agreements, workforce unionization, or demand for profit sharing;

•Disadvantages of competing against companies from countries that are not subject to the rigorous laws and regulations of the U.S. or other jurisdictions, including without limitation, the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and the Dodd-Frank Act;

•Increases in training and other costs and challenges relating to requirements by governmental entities to employ the nationals of the country in which a particular operation is located;

•Increased financing costs;

•Currency fluctuations, particularly in countries with high inflation;

•Foreign exchange controls;

•Increases in costs relating to, or restrictions or prohibitions on, the use of ports for concentrate storage and shipping, such as in relation to our Boddington operation where use of alternative ports is not currently economical, or in relation to our ability to procure economically feasible ports for developing projects;

•Risk of disruption, damage or failure of information technology systems, and risk of loss and operational delays due to impacts to operational technology systems, such as due to cyber-attacks, malicious software computer viruses, security breaches, design failures and natural disasters;

•Risk of loss due to disease, such as malaria or the zika virus, and other potential medical endemic or pandemic issues, such as Ebola or COVID-19, as a result of the potential related impact to employees, disruption to operations, supply chain delays, trade restrictions and impact on economic activity in affected countries or regions; and

•Disadvantage and risk of loss due to the limitations of certain local health systems and infrastructure to contain diseases and potential endemic health issues.

Consequently, our exploration, development and production activities may be affected by these and other factors, many of which are beyond our control, some of which could materially adversely affect our financial position or results of operations.

New or changing legislation and tax risks in certain operating jurisdictions could negatively affect us.

We have operations and conduct business in a number of jurisdictions, which may increase our susceptibility to sudden tax changes. For instance, a 12% export duty was imposed by the Argentina government in 2018, revised down to 8% thereafter, however, with the election of new government in 2023, the rate is now currently 0%. The state of New South Wales, Australia, passed 2023 legislation that imposes an increased stamp duty which materially affected the Newcrest transaction. Also in Australia, the Debt Deduction Creation Rules, introduced during 2024 and which will first apply to the 2025 year, could have the potential to limit the tax deductibility of intercompany interest expense. In the State of Zacatecas, Mexico, environmental taxes became effective in 2017 with little clarity on how the taxes are to be calculated. Ecological tax agreements were executed which provided clarity for 2021 to 2024, after which, the Company, along with other companies in the State of Zacatecas, continue to need to engage with governmental authorities to understand how the environmental tax would be levied year-over-year. The current governmental authorities are currently seeking to renegotiate the scope and manner of tax calculation for purposes of the 2025 to 2027 tax period, which includes request for expansion of taxable volumes of extracted materials. The Company continues to engage with the government to align renewal terms with the prior agreements. However, if the change to tax extraction volumes is imposed by the government, it would result in significantly higher tax obligations and would materially impact financial results. With the expected election of state governor in 2027, a change in government authorities will also result in more uncertainty of this environmental tax calculation in future years. Also, in Mexico, a 2021 tax reform bill passed which eliminated the tax benefit to offset mining fees with mining tax. Furthermore, a new Economic Plan for 2022 was enacted. While the changes under the plan are not substantive in nature (in the sense that they do not create new taxes or increase applicable rates), they may increase the future cost of our compliance and pose additional uncertainties in application of the law and further reforms could be proposed in the future. Further, the Mexican government has increased the mining tax rate from 7.5% to 8.5%, and 0.5% to 1% for gold, silver, platinum sales, both effective on January 1, 2025, which remains in effect but subject to potential change in the future. In Australia, the policy of allowing mining companies to benefit from fuel tax credits has been under increasing pressure, any changes to related regulations would impact the Company. In the United States, at the federal and state level, regulatory changes which may be implemented in the area of tax reform remain uncertain and may adversely affect companies in the mining sector. For example, NGM could be impacted by the resolutions brought to the State of Nevada Legislature to amend the State Constitution to increase mining taxes. An example of this was the passing of Assembly Bill 495 in 2021 that results in a new excise tax on mining companies engaged in the business of extracting gold and silver in the state of Nevada. In 2024, Pillar II has been enacted in a number of countries. The Pillar II agreement was signed by 138 countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. As Newmont primarily does business

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in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to its financial statements. A number of changes in the laws, regulations and policies in PNG have recently been proposed or are currently being considered. See the risk factor under the heading “Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties.” Taxation laws and other regulations of the jurisdictions in which we operate are complex, subject to varying interpretations and applications by the relevant tax authorities and subject to changes and revisions in the ordinary course. It is difficult to predict whether proposed changes to regulations will be passed or to what extent they will impact the Company. Any additional and/or unexpected taxes imposed on us could have a material and adverse impact on our Company. See also the risk factor under the heading “Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy” for a discussion of uncertainties and potential tax increases in connection with climate change considerations.

Changes in mining or investment policies or shifts in political and social attitudes in the jurisdictions in which we operate may adversely affect our operations or profitability.

Our operations may be affected in a number of ways by laws and regulations related, but not limited to: restrictions on production; price controls; export controls; import restrictions, such as restrictions applicable to, among other things, equipment, services and supplies, currency remittance, income taxes, expropriation of property, foreign investment, maintenance of mineral, mining, or surface land tenure, environmental legislation, land use, surface land access, land claims of local communities, water use, and mine safety. Failure to comply strictly with applicable laws, regulations and local practices relating to applying for and maintaining land and tenure could result in loss, reduction or expropriation of entitlements, or the imposition of additional local or foreign parties as partners with carried or other interests, any of which may adversely affect our operations or profitability.

In addition, when governments struggle with deficits and concerns over the potential and actual effects of depressed economic conditions, many of them have in the past, and may in the future, target the mining and metals sector in order to raise revenue. Governments are continually assessing the fiscal terms of the economic rent for a mining company to exploit resources in their countries. Numerous countries have implemented changes to their mining regimes that reflect increased government control over or participation in the mining sector, including, but not limited to, changes of law affecting foreign ownership and takeovers, mandatory government participation in mining enterprises, taxation and royalties, working conditions, rates of exchange, exchange controls, exploration licensing, export duties, requirements to sell to the government, repatriation of income or return of capital, environmental protection, as well as requirements intended to boost the local economy, including usage of local goods and employment of local and community staff or contractors, among other benefits to be provided to local residents. The effects of the various requirements and uncertainties related to the economic risks of operating in foreign jurisdictions cannot be accurately predicted and could have a material adverse effect on our financial position or results of operations. Some concern exists with respect to investments in parts of the world where civil unrest, war, nationalist movements, political violence or economic crises are possible. These countries may also pose heightened risks of expropriation of assets, business interruption, increased taxation or unilateral modification of concessions and contracts. We do not maintain insurance policies against political risk. Occurrence of events for which we are not insured may affect our results of operations and financial position.

Our operations at Yanacocha and projects in Peru are subject to political and social unrest risks.

Minera Yanacocha S.R.L. (“Yanacocha”), including the mining operations at Yanacocha and the Conga project in Peru, has been the target of local political and community protests, some of which blocked the road between the Yanacocha mine and Conga project complexes and the City of Cajamarca in Peru and resulted in vandalism and equipment damage. While recent roadblocks and protests have diminished, and there is focus on local political activism and labor disputes, we cannot predict whether similar or more significant incidents will occur in the future. The recurrence of significant political or community opposition or protests could continue to adversely affect the continued operation of Yanacocha and other projects in the area.

Construction activities on our Conga project were suspended in 2011, at the request of Peru’s central government following protests in Cajamarca by anti-mining activists led by the regional president. Based on the Company's internal project portfolio evaluation process, we have reprioritized other projects ahead of the Conga project, and therefore do not anticipate developing Conga in the next ten years. As a result, the Conga project is currently in care and maintenance and we will continue to evaluate long-term options to progress development of the Conga project. Should the Company be unable to develop the Conga project or conclude that future development is not in the best interest of the business, a future impairment charge may result.

The prior Central Government of Peru supported responsible mining as a vehicle for the growth and future development of Peru. However, following the presidential election in 2021, there has been considerable political unrest in Peru. In a close and contested election, Pedro Castillo was declared the president-elect of Peru in July 2021, which resulted in a period of protests, unrest and uncertainty around the political and social environment in Peru and Cajamarca. Amidst political turmoil and instability, Castillo was ultimately removed from office in late 2022 due to his attempt to dissolve the legislative body and install an emergency government. Political turmoil and division has continued in Peru as protest and demonstrations against the current President Dina Boluarte escalated in early 2023 resulting in clashes with security forces and violence. In October 2025, the Congress declared the vacancy of President Dina Boluarte, assuming the presidency of José Jerí, making him the eighth Peruvian president in less than a decade. In February 2026, Peru's Congress voted to impeach José Jerí, resulting in further political uncertainties. General elections are scheduled to be held in Peru in April 2026, which will also be impactful to the political and social environment in Peru.

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The current Central Government’s legislative priorities and support for responsible mining in Peru remains uncertain. Previous regional governments of Cajamarca and other political parties actively opposed certain mining projects in the past, including by protests, community demands and road blockages, which may occur again in the future. We are unable to predict the positions that will be taken by the Central or regional government and neighboring communities in the future and whether such positions or changes in law will affect current operations and new projects in Peru. Risks related to mining and foreign investment under the new administration include, without limitation, risks to mineral, mining and surface, land tenure and permitting, increased taxes and royalties, nationalization of mining assets and increased labor regulations, environmental and other regulatory requirements. Any change in government positions or laws on these issues could adversely affect the assets and operations of Yanacocha or other projects in Peru, which could have a material adverse effect on our results of operations and financial position. Additionally, the inability to operate or expand at Yanacocha could have an adverse impact on our growth and production in the region. See also the risk factor under the heading “Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made” and refer to Note 1 to the Consolidated Financial Statements regarding the Company’s interest in Yanacocha.

Our Merian operation in Suriname is subject to political, security and economic risks.

We hold a 75% interest in the Merian gold mine (“Merian”) in the mid-eastern part of Suriname. Suriname has experienced political instability and uncertainty in the past which may continue in future years. Suriname is faced with high debts to foreign creditors, significant inflation rates and has experienced, and may in the future experience, a hyperinflationary economy. Significant devaluation of the Surinamese dollar against the U.S. dollar in recent years has resulted in an increase of the prices of certain goods and services within Suriname, including without limitation, the price of fuel, which had been subsidized by successive governments. The government of Suriname passed a new law to introduce Value Added Tax, which came into effect in 2023 and has drastically increased the cost of living and negatively impacts the purchasing power of the residents of Suriname, including our employees. These impacts and negative economic trends can cause social unrest, which may present risks for our operations in Suriname.

Operations and development in Suriname are governed by a mineral agreement with the Republic of Suriname. The mineral agreement was approved by parliament and requires approval by parliament to change. However, in 2021, the government made requests for prepayment of taxes and special solidarity payments in light of budgetary concerns, it is possible that the government may request changes to the mineral agreement in the future. While the government is generally considered by the Company to be mining friendly, it is possible that the current or future government may adopt substantially different policies, make changes in taxation treatment or regulations, take arbitrary action which might halt operations, increase costs, or otherwise impact mining and exploration rights and/or permits, any of which could have a material and adverse effect on the Company's future cash flows, earnings, results of operations and/or financial condition.

The government of Suriname previously exercised an option to participate in a fully-funded 25 percent equity ownership stake in Merian. Suriname manages its participation through Staatsolie Maatschappij Suriname N.V. (“Staatsolie”), a Surinamese corporation with the Republic of Suriname as sole stockholder. If Staatsolie does not have sufficient funds or borrowing ability to make their capital commitments in accordance with the terms of the partnership agreement, our operations in Suriname could be impacted. See the risk factor under the heading “Future funding requirements may affect our business, our ability to pay cash dividends or our ability to engage in share repurchase transactions.” Earlier in this section under “Risks Related to Our Business.”

The government of Suriname has amended its immigration laws such that business visas can no longer be used for rotational expatriates, and a residence permit will be required from Q4 2025 on. The process and requirements for approval of residence permits have also been heightened. The restrictions on expatriates may impact our ability to hire and retain skilled and experienced workers for core technical roles. Additionally, collective agreement negotiations has been protracted for eighteen months as at December 2025 and currently at the mediation board stage. Inability for both parties to reach agreement poses risk of labor unrest, strikes and business continuity. See "Risks Related to Our Workforce" for additional information on labor risks.

Our operations at Ahafo South and Ahafo North in Ghana are subject to political, economic and other risks.

Newmont operates in Ghana pursuant to a Revised Investment Agreement ratified by Ghana’s Parliament in 2015, which established a fixed fiscal and legal regime, including fixed royalty and tax rates, for Newmont operations in Ghana. The tenure of the Revised Investments Agreement is linked to the mining leases. The financial and tax stability periods established by such agreements expired on December 31, 2025 which results in loss of tax advantages and tax protection. Upcoming Regulatory changes in the mining law, the royalties, and the local content enhancement provides exposures for the future.

Ghana is showing signs of economic recovery from the worsening socioeconomic conditions in recent years. The recovery has been marked by decline in inflation from 23.8% in December 2024 to 5.4% in December 2025; the Ghana cedi has appreciated by 29% year-to-date as of December 2025; building up of international reserves and renewed investor confidence. Ghana’s sovereign credit ratings have recently been upgraded by Fitch, S&P, and Moody's reflecting the progress being made in its economic recovery. In spite of the positive economic recovery, the country continues to be under the IMF program for support, signaling progress but not completely out of the conditions that got Ghana to seek an IMF support program. The Government continues to be under pressure for more revenue generation, keeping in place levies such as the Growth and Sustainability Levy (introduced in 2023) and the Emissions Levy and VAT on electricity. The Government of Ghana has announced plans to amend the country’s mineral royalty regime by replacing the current maximum 5% royalty rate with a sliding scale ranging from 5% to 12%, linked to prevailing gold prices. The

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proposed amendment was submitted to Parliament in December 2025, and is expected to be considered when parliamentary sessions resume in early February 2026. If enacted, the revised royalty framework could increase the Company’s operating costs at its Ghanaian operations, particularly during periods of higher gold prices. The timing, final structure, and implementation mechanisms of the proposed regime remain uncertain.

Other risks include impacts to supply chain, restrictions and local procurement requirements under local content regulations. In January 2025, the Minerals Commission published the 6th edition of the Local Procurement List which includes a prohibition on mining by mining lease holders and requiring surface mining operations to be outsourced to companies with 100% Ghanaian stockholders and directors and underground operations to be outsourced to companies with 50% Ghanaian stockholders and directors. The Ghana Chamber of Mines, of which Newmont is a member, is reviewing the list and continues to engage the government to revise its position on this prohibition on owner mining. Additionally, there is a risk of increase in key commodity prices, more restrictive local banking requirements including requirements for repatriation of proceeds to banks domiciled in Ghana, limitations on capacity of banks to provide reclamation bonds, requests for further local employment requirements, requests for contract renegotiation and increases in contract rates and other costs. The government may grant artisanal mining rights or alternative mining rights, such as sand and gravel, in locations in which the Company has tenure rights, but no active operations, impacting the Company’s non-operational land positions. Economic setbacks and anti-mining sentiment can also result in an increase in community frustration and friction with artisanal small-scale mining resulting in conflicts, which can negatively impact our operations in Ghana.

Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina and labor unrest.

With the election of a new President at the end of 2023, the economic environment in Argentina has experienced stabilization during 2024 and 2025. Although inflation was drastically reduced, it still is at a high level and will remain as a challenge. In October 2025, the National Government won the mid-term elections which considerably increased its representation in Congress, giving the Government more power to push the reforms in 2026. Despite this result, there continue to be risks relating to the uncertain and unpredictable political and economic environment in Argentina, especially at the provincial level in Santa Cruz where our Cerro Negro mine is located. Argentina’s central bank instituted a number of foreign currency controls in an effort to stabilize the local currency. Although some flexibility has been introduced, major restrictions and controls remain in place. For information on Argentina’s foreign currency controls and their effect on our operations, see the section titled “Foreign Currency Exchange Rates” in Item 7, Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations. Maintaining operating revenues in Argentine pesos could expose us to the risks of peso devaluation and high domestic inflation.

In January 2026 the Argentinian province of Santa Cruz enacted the 90/10 employment law with the goal to ensure that local residents receive the majority of jobs in key industries, including mining. If required to comply, Newmont’s operations in the Santa Cruz Province would be required to employ 90% of its workforce from the Santa Cruz Province. Exceptions may be provided, subject to government discretion, and there is no guarantee this requirement can be met due to the lack of local technical resources.

In recent years, we experienced work stoppages by miners represented by unions at the Cerro Negro Mine. Disruptions may arise again in the future with the unions at the Cerro Negro mine that could adversely affect access to, and operations at, the Cerro Negro Mine. Collective agreements for two Unions are due for negotiations in the first quarter of 2026. For more information see the risk factor under the heading “Our business depends on good relations with our employees.”

Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties.

Our Lihir operation, which comprises an open pit mine that produces gold doré, is located on the island of Aniolam, PNG. We also hold a 50% interest in a joint venture that owns the Wafi-Golpu exploration project (“Wafi-Golpu” and such joint venture, “WGJV”), which is located in the province of Morobe, PNG. The current PNG administration, led by Prime Minister James Marape, has stated that it wants to increase benefits for PNG from extractive projects. Potential policy changes could include introducing a new production sharing regime for minerals and/or oil/gas, amending or replacing the PNG Mining Act of 1992, introducing domestic processing/refining requirements, changing the level and manner of local equity participation in projects and introducing new taxation regimes, banking and foreign exchange controls and/or controls pertaining to the holding of cash and remittance of profits and capital to parent companies. Any such change could impact our operating results and financial condition.

In 2020, the PNG Government announced that the special mining lease ("SML") for the Porgera mining operation (a major mining operation in PNG which was owned and operated by the Porgera JV and not Newmont) would not be renewed. It subsequently amended the Mining Act and issued a new SML for Porgera to Kumul Mineral Holdings Limited (a State-owned company). Since taking this decision, the PNG Government has been working with the Porgera JV participants and other key stakeholders to establish new arrangements for restarting and operating Porgera. During 2023, the parties signed various agreements and the Government passed specific enabling legislation for a restart of operations at Porgera under new commercial terms. The restart occurred in December 2023. The PNG Government has stated that the decision not to renew the Porgera SML is specifically related to environmental damages claims and resettlement at the Porgera mine and has no bearing on any other operations, including Lihir, or advanced exploration projects, including Wafi-Golpu.

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In 2020, the PNG government prepared and submitted to the National Parliament of PNG (the “PNG Parliament”) a proposed new organic law to introduce a production sharing regime for the mining sector. The proposed organic law will require the approval of a two thirds majority of the PNG Parliament and, if passed in its current proposed form, purports to transfer ownership of minerals from the State of PNG to state-owned entities who would then be responsible for negotiating mineral production sharing arrangements. As currently drafted, the bill containing the proposed organic law will not apply to Lihir, but could potentially apply to Wafi-Golpu if a mining lease or mining development contract is not in place before the effective date for the proposed organic law. The bill is yet to be debated in the PNG Parliament. In December 2024 Prime Minister Marape reaffirmed the Government’s intention to reform PNG’s mining and oil/gas laws as part of PNG’s 50th anniversary of independence in 2025 and indicated a production sharing regime for minerals and/or oil/gas remains under consideration.

In October 2021, Prime Minister Marape announced proposed legislation which, if enacted, would regulate the export of gold from PNG and require that mining companies operating in PNG refine gold with a new national mint. At this stage, it is unclear whether this proposed legislation will become law and, if so, when it would take effect. In addition, in June 2023, the PNG government released a new national gold bullion policy setting out the government’s objective of establishing a domestic gold bullion program to refine gold, hold gold reserves and eventually enter into trading in the world gold market. It is unclear when or how the new national gold bullion policy will be implemented, and how the policy will interact with the legislation proposed in 2021, if it is eventually passed into law. Under the terms of the Lihir mining development contract, we may be required to refine a portion of our Lihir gold production within PNG if certain quality and security requirements are met and the terms offered are commercially competitive, but Lihir is otherwise free to enter into arms’ length refining contracts with refineries outside of PNG.

The PNG government has recently enacted a new Income Tax Act 2025 (the “NITA”) which replaces the existing PNG Income Tax Act 1959. The NITA came into force from January 1, 2026. The NITA has been introduced with limited consultation and transition to the new regime is expected to create uncertainty in the medium-term. Key regulations and other key ancillary pieces of legislation have not been enacted at this time and it remains uncertain how any such regulations and other ancillary legislation will impact Lihir and Wafi-Golpu. Any adverse changes to the tax laws and regulations will affect Lihir because its Mining Development Contract does not provide protection against income tax law change. Such changes may also affect Wafi-Golpu depending on the terms of any project agreements that may be entered into with the PNG Government.

There is also the potential for legal challenges to the Wafi-Golpu permitting process as it progresses towards completion, including by PNG provincial governments, landowner groups, and civil society organizations. For example, in March 2021 the Governor of the Morobe Province commenced judicial review proceedings against the State of PNG, and in December 2022 a civil society group and certain residents of the areas surrounding Wafi-Golpu commenced their own litigation in relation to the same matter, each challenging the December 2020 grant of the environmental permit for Wafi-Golpu. Both reviews are still to be determined, however, a decision in relation to the review commenced by a civil society group is expected imminently. The outcome of such legal challenges may adversely impact the Wafi-Golpu permitting process. In addition, WGJV is currently engaging with the State of PNG to progress the permitting of Wafi-Golpu and has commenced discussions relating to its application for a special mining lease, which was submitted to the PNG Mineral Resources Authority in 2016. In April 2023, WGJV signed a Framework Memorandum of Understanding with the State of PNG, which confirmed the parties’ intent to proceed with the project at Wafi-Golpu, subject to finalizing the permitting process and approvals of the boards of both Newcrest (now Newmont) and Harmony Gold, and progress toward signing a mining development contract, which is a prerequisite to granting a special mining lease. The timing for the completion of these discussions remains uncertain, and there is no assurance as to their outcome.

Changes in the laws, regulations and policies described above, or to the manner in which they are interpreted or applied to us, may also adversely impact our ability to extend the Lihir special mining lease upon its expiration in 2035.

Our operations and projects in Canada are subject to legal and regulatory risks and other uncertainties in connection with claims and challenges by Indigenous groups.

First Nations have made claims in respect of Indigenous rights and title to substantial portions of land and water across Canada, which could impact our exploration projects, and operations at Red Chris and Brucejack. Some of these claims are made outside of treaty and other processes. The effect of such claims on any particular area of land will not be determinable until the exact nature of historical use, occupancy and rights to such property have been clarified, whether by a decision of the Canadian courts or definition in a treaty or otherwise. First Nations throughout Canada are seeking settlements with respect to these claims, including compensation from governments, and are seeking rights to regulate activities by companies within their traditional territories. The effect of these claims cannot be estimated at this time. The federal and provincial governments in Canada have been seeking to negotiate settlements with respective groups in order to resolve many of these claims, and the government routinely delegates procedural aspects of its duty to consult the First Nations to project proponents, particularly with respect to the permitting process.

We hold a 70% interest in the Red Chris operation, which comprises an open pit mine that produces gold, copper and silver concentrate, located in British Columbia, Canada. Our Brucejack operation, which comprises an underground mine that produces gold/silver doré and flotation concentrate and hosts the Valley of the Kings high-grade gold deposit, is also located in British Columbia, Canada. In British Columbia, as well as in Canada more generally, the nature and extent of Indigenous rights and title remains the subject of active debate, claims and litigation issues surrounding Indigenous title and rights remain ongoing.

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In addition, the government of British Columbia has adopted the UNDRIP and committed to implement UNDRIP in British Columbia, with federal government following suit in 2021 where UNDRIP became federal law in 2021. The provincial and federal legislations commits to systematically review the province’s laws for alignment with UNDRIP principles, while also encouraging new agreements with Indigenous groups that are intended to address outstanding governance questions around the nature of Indigenous rights and title interests in Canada and in British Columbia. In November 2023 a consent-based decision making agreement under section 7 of the UNDRIP was entered into between the government of British Columbia and the Tahltan Central Government (“TCG”) of the Tahltan Nation outlining the process for consent-based decision making for the review of substantial changes to the environmental assessment certificate for the Red Chris mine. The processes outlined in this agreement will apply to changes to the Red Chris environmental assessment certificate relating to the proposed development and operation of the Red Chris block cave mine. Failure or delays in implementing the agreement or to obtain prior informed consent of the TCG may impact the proposed development of the Red Chris block cave mine.

Additionally, the government of British Columbia has committed to reform the Mineral Tenure Act, which governs the acquisition and holding of mineral tenures in British Columbia, in consultation with First Nations and First Nation organizations. This follows challenges by several First Nations in British Columbia against the “free entry” mineral staking regime in the province and a September 2023 Supreme Court of British Columbia decision that held that the province of British Columbia has a duty to consult Indigenous groups when registering mineral claims under the Mineral Tenure Act within their traditional territories. As part of these reforms, in March 2025, the government of British Columbia introduced a new mineral claims application process which requires the government to under take consultation with First Nations before new claims are registered. However, a broader reform to the Mineral Tenure Act is expected as part of the government’s initiative to align provincial laws with UNDRIP principles. As this reform work remains on-going, the impacts of these developments on the acquisition and renewal of mineral tenures in British Columbia are not yet known.

Risks Related to Our Workforce

Our business depends on good relations with our employees.

Production at our mines is dependent upon the efforts of our employees and, consequently, our maintenance of good relationships with our employees. Due to union activities or other employee actions, we could experience labor disputes, work stops or other disruptions in production that could adversely affect us. For example, in recent years, there have been work stoppages by miners represented by unions at our Peñasquito, Cerro Negro and Merian mines, which have disrupted operations. Certain regions in which we operate, including Latin America and Caribbean, have witnessed notable trends in labor relations, including increasing emphasis on workers' rights and labor protections. Governments and civil society organizations have been advocating for improved labor standards, wages and working conditions, leading to the implementation of new labor laws and regulations in a number of jurisdictions. Additionally, collective bargaining has gained prominence as a means to negotiate and secure favorable terms for workers.

At December 31, 2025, various unions represented approximately 26.6% of our employee workforce worldwide. In 2022, Newmont implemented a new employment model in Ghana converting permanent employees into two-year fixed term contracts. Although 99.8% of eligible employees accepted the new fixed term contract and received severance for their years of service, following implementation of the new employment model, the two unions requested and were granted new collective bargaining certificates from Ghana’s Chief Labor Officer for bargaining rights for the class of workers to be represented. The two unions are litigating for bargaining rights to be determined based on verification of membership numbers resulting in targeted efforts to increase membership and a writ of summons was issued by the Ghana Mine Workers Union and the suit is ongoing. In Peru, our two labor agreements expire in 2026 and 2027. In Suriname, the collective bargaining with the union for our Merian mine was entered into in 2023, and expired in April 2025. The negotiations with the union commenced in December 2024 and are currently at the mediation stage. In Argentina two collective agreements will be due for renewal in the first half of 2026. In Mexico, following negotiations, we reached a profit sharing agreement in 2022 whereby union represented workforce will participate in uncapped profit-sharing bonus up to 10%, which resulted in increased labor costs. A collective bargaining agreement expired in 2024 and in October 2024 Newmont Peñasquito and the National Union of Mining, Metal, Steel, and Allied Workers of the Mexican Republic (the "Union") agreed on a new Collective Bargain Agreement (CBA) for 2024-2026, and negotiations for a new agreement is planned to commence in the first half of 2026 reflecting the mutual commitment of all parties. Red Chris has a unionized workforce and has a collective agreement in place from April 2025 until April 2029. One provision of the Red Chris CBA is still being resolved through arbitration. A new employee enterprise agreement was negotiated at Cadia in 2025, with a nominal expiry date in 2029. A failure to successfully enter into new contracts or resolve ongoing union complaints could result in future labor disputes, work stoppages or other disruptions in production that could adversely affect our operations and financial performance. Future disputes at the Company’s operations, projects or joint ventures may not be resolved without disruptions.

Our Peñasquito operation in Mexico is subject to social, political, regulatory, and economic risks.

Our Peñasquito operation has in the past, and may in the future, be affected significantly and adversely by social, political, regulatory, or economic developments in Mexico. A wide range of general and industry-specific Mexican federal and state environmental laws and regulations apply to our operations. These laws and regulations are often difficult and costly to comply with and carry substantial penalties for non-compliance. For example, in the State of Zacatecas, Mexico, environmental taxes became effective in 2017 with little clarity on how the taxes are to be calculated. The Company, along with other companies in the State of

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Zacatecas, continue to need to engage with governmental authorities to understand how the environmental tax would be levied year-over-year, which could result in significant increases in tax amounts. See the Risk Factor under the heading “New or changing legislation and tax risks in certain operating jurisdictions could negatively affect us” for additional information. Additionally, in May 2023, the Mexican government published several amendments to laws relating to the country's mining industry, which includes changes to Mexico's Mining Law, National Waters Law, General Law of Ecological Equilibrium and Environmental Protection and General Law for the Prevention and Integral Handling of Wastes (“Mining Reform”). The Mining Reform has added significant uncertainty for foreign investors in Mexico and companies operating in the mining sector, including Newmont. As a result of the Mining Reform, we expect that it will be more difficult for us to access/maintain rights to land and water, thereby negatively impacting our mining activities within Mexico, raising concerns around exploration programs, security of concessions, and out of cycle community negotiations. If political and regulatory trends continue in a manner that is increasingly less supportive of mining, it will have an adverse impact on our operations and financial results. In June 2023, the Company filed an injunction (Amparo) against the reforms, and was served with a provisional suspension to the applicability of several provisions of the Mining Reform on January 2024, which remains pending resolution. Additionally, in February 2024, Mexico's president presented before parliament a series of new constitutional reforms. The proposed reforms include a possible ban on the granting of open pit mining concessions and banning activities related to the exploration, exploitation, benefit or use of minerals or metals using open pit mining methods, and potential limitations on water concessions in certain areas of the country. If proposed reforms were to be enacted it could materially impact our exploration activities and operations at Peñasquito and adversely impact financial results. In December 2025, a decree issuing the General Waters Law and amendment to the National Waters Law was enacted, which could negatively impact the Company and its operations in Mexico if the Company requires additional volumes to those under its current concessions. Potential impacts include restrictions on transfer of water volumes among concessionaires and other water volume limitations.

Production at our Peñasquito operation is dependent upon the efforts of our employees and, consequently, our maintenance of good relationships with our employees. In recent years, we have had several disputes with the Union. Following negotiations in 2022, Newmont and the Union reached a CBA in June 2022 whereby Union represented workforce will participate in uncapped profit-sharing bonus up to 10%, which resulted in increased labor costs. In June 2023, the Union made claims regarding violations of legal regulations and labor agreements (which the Company refuted) and notified the Company of a strike action demanding an increase in the uncapped profit-sharing benefit provided for in the CBA that represented a 100 percent increase equivalent to a 20 percent instead of 10 percent profit-sharing. The Company urged the Union to abide by the mutually agreed CBA and engaged in dialogue with the Union and the government, but the disagreement remained unresolved until October 2023 when the parties reached a definitive agreement to end the strike. Per the agreement, the Company paid Peñasquito workers a fixed amount equivalent to approximately 60% of wages for the duration of the strike, and an additional bonus of two months’ wages to be paid out in the second quarter of 2024, given that the Peñasquito mine reported no profit in 2023 as a consequence of the strike. Additionally, as a part of a separate annual negotiation under the Collective Bargaining Agreement, the Company agreed to an annual salary increase of 8% effective as of August 1, 2023, which is in line with the Mexican mining industry wage increases for 2023. In October 2024, Newmont Peñasquito and the Union agreed on a new CBA for 2024-2026, reflecting the mutual commitment of all parties.

From June 2023 to October 2023, Minera Peñasquito suspended operations, which negatively impacted production and revenue. Any failure to successfully resolve future union complaints could result in additional work stoppages and/or other future disruptions in production and labor issues that could adversely affect our operations and financial performance and our ability to achieve expected results and guidance.

A deterioration in Mexico’s economy, social instability, political unrest, or other adverse social developments in Mexico could also adversely affect operating results at Peñasquito, as well as the safety and security of the site and workforce. For example, in recent years, Mexico has experienced a period of increasing criminal activity, primarily due to the activities of drug cartels and related criminal organizations, including in the State of Zacatecas. Any increase in the level of violence or a concentration of violence near or around the Peñasquito mine could have an adverse effect on operating results.

We may not be able to operate successfully if we are unable to recruit, hire, retain and develop key personnel and a qualified and diverse workforce. In addition, we are dependent upon our employees being able to perform their jobs in a safe and respectful work environment.

We depend upon the services of a number of key executives and management personnel. Our success is also dependent on the contributions of our highly skilled and experienced workforce. Our ability to achieve our operating goals depends upon our ability to recruit, hire, retain and develop qualified and diverse personnel to execute on our strategy. There continues to be competition over highly skilled personnel in our industry. If we lose key personnel, or one or more members of our senior management team and/or executive leadership team and we fail to develop adequate succession plans, or if we fail to hire, retain and develop qualified and diverse employees, our business, financial condition, results of operations and cash flows could be harmed. Additionally, efforts to retain, attract and develop key personnel may also result in additional expenses which could adversely impact our financial performance and profitability.

Our business is dependent upon our workforce being able to safely perform their jobs, including the potential for physical injuries or illness or fatality. If we experience periods where our employees are unable to perform their jobs for any reason, including as a result of illness, our operations could be adversely affected. See the risk factor under the heading “Our operations and business

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have in the past been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics and other health emergencies.”

In addition to physical safety, protecting the psychological safety of our employees is necessary to maintaining a safe, respectful and inclusive work environment. We are fundamentally committed to creating and maintaining a work environment in which employees are treated fairly, with dignity, decency, respect and in accordance with all applicable laws. We recognize that bullying, sexual misconduct and sexual harassment, and harassment based on other protected categories, including race, have been prevalent in every industry, including the mining industry. Features of the mining industry, such as being a historically hierarchical and male-dominated culture, create risk factors for harmful workplace behavior. While we do not tolerate discrimination and harassment of any kind (including but not limited to gender, sexual orientation, gender identity, gender expression, race, religion, national origin, ethnicity, age, or disability, among others), our policies and processes may not prevent or detect all potential harmful workplace behaviors. We occasionally identify or are apprised of information or allegations that certain employees, affiliates, agents or associated persons may have engaged in harmful behaviors and improper, inappropriate or unlawful conduct, including but not limited to bullying, discrimination and harassment. If the Company fails to maintain a safe, respectful and inclusive work environment, it could impact our ability to retain talent and maintain a diverse workforce and damage the Company’s reputation.

If the Company fails to maintain a safe environment that is free of harassment, discrimination or bullying, it could adversely impact employee engagement, performance and productivity, result in potential legal claims and/or damage the Company’s reputation, which could have a material adverse effect on our business, financial position and results of operations or adversely affect the Company’s market value. See also the risk factor under the heading "Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects.”

We rely on contractors to conduct a significant portion of our operations and construction projects.

A significant portion of our operations and construction projects are currently conducted in whole or in part by contractors. As a result, our operations are subject to a number of risks, some of which are outside our control, including:

•Negotiating agreements with contractors on acceptable terms;

•New legislation limiting or altering the ability to utilize contractors or outsourced resources;

•The inability to replace a contractor and its operating equipment in the event that either party terminates the agreement;

•Reduced control over those aspects of operations which are the responsibility of the contractor;

•Failure of a contractor to perform under its agreement;

•Interruption of operations or increased costs in the event that a contractor ceases its business due to insolvency or other unforeseen events;

•Failure of a contractor to comply with applicable legal and regulatory requirements, to the extent it is responsible for such compliance;

•Problems of a contractor with managing its workforce, labor unrest or other employment issues; and

•Liability to third parties as a result of the actions of our contractors.

A failure of contractors to align employment practices with Newmont standards can also result in reactions from our employees and our workforce as they express solidarity with their counterparts in the field.

In addition, laws and regulations relating to the use of contractors may vary in the jurisdictions in which we operate, and changes in legal and regulatory restrictions may also impact our ability to utilize contractors and outsourcing services. For example, new mining industry regulations came into effect in Ghana, Africa, which require that the supply of specific products and services, and certain roles, be reserved for citizens, which may limit the pool of available contractors and service providers and restrict our ability to utilize certain contractors. Additionally, the Mexican government enacted labor and tax laws in April 2021, significantly restricting certain subcontracting and outsourcing of personnel, which has required the conversion of certain contractors to employee status and resulted in increased labor costs. Further changes in law and the occurrence of one or more of these risks could adversely affect our results of operations and financial position.

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Legal Risks

Our business is subject to the U.S. Foreign Corrupt Practices Act, and other related anti-bribery laws and regulations. A breach or violation of these rules and regulations could lead to substantial sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of licenses or permits and other collateral consequences and reputational harm.

We operate in certain jurisdictions that have experienced governmental and private sector corruption to some degree, and, in certain circumstances, compliance with anti-bribery laws and heightened expectations of enforcement authorities may be in tension with certain local customs and practices. The U.S. Foreign Corrupt Practices Act and other laws with extraterritorial reach, including the U.K. Bribery Act, and anti-bribery laws in other jurisdictions in which we operate generally prohibit companies and their intermediaries from making improper payments for the purpose of obtaining or retaining business or other improper commercial advantage. We have a business integrity and compliance program which includes our Code of Conduct, Business Integrity Policy and other policies, standards, and procedures, all of which mandate compliance with these anti-bribery laws by the Company and its affiliates and their personnel, and also by third parties when they are engaged on our behalf. Our program also includes preventative and detective controls, and a well-publicized business integrity helpline for raising complaints (including the option for anonymity if the reporter so chooses), questions and concerns as well as processes for evaluating and investigating such concerns and assurances of non-retaliation for persons who raise concerns in good faith. We report regularly to the executive leadership team and the Audit Committee of our Board of Directors on such program components.

We could be held responsible if our internal controls, policies, and procedures fail to protect us from misinterpretation of, or noncompliance with, applicable anti-bribery laws, regulations and internal policies, recklessness, fraudulent behavior, dishonesty or other inappropriate acts committed by our affiliates, employees, agents, or associated persons for which we might be considered responsible. As such, our corporate internal controls policies and processes may not prevent or detect all potential breaches of law or other governance practices. In addition, and despite the fact that Newmont undertook significant pre and post-acquisition due diligence efforts, the compliance mechanisms and monitoring programs adopted and implemented by Newcrest prior to our acquisition of Newcrest in November 2023 may not have adequately prevented or detected all possible violations of the U.S. Foreign Corrupt Practices Act and/or other applicable anti-bribery laws and regulations attributable to Newcrest prior to Newmont's acquisition and we may be held liable for any such violations.

We occasionally identify or are apprised of information or allegations that certain employees, affiliates, agents or associated persons may have engaged in improper or unlawful conduct for which we might be held responsible. Our policy when receiving credible information or allegations is to conduct investigations and compliance reviews to evaluate that information, determine compliance with applicable anti-bribery laws and regulations and company policies and take such remedial steps as may be warranted, including the possibility of making a voluntary self-disclosure to the applicable authorities. Violations of these laws, or allegations of such violations, could lead to substantial investigation and remedial costs, sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of operating licenses or permits and other collateral consequences, and may damage the Company’s reputation, which could have a material adverse effect on our business, financial position and results of operations or cause the market value of our common shares to decline.

Newmont’s global operations create exposure to U.S. and international trade, sanctions, and export control risks. As a U.S.-headquartered company, Newmont must comply with U.S. trade laws worldwide, as well as applicable local regulations. These risks stem from cross-border movement of mineral, equipment, technology, services, capital, and data, often involving third parties. Trade compliance failures may result in legal exposure, financial penalties, operational disruption, reputational damage, and restricted access financial systems or markets.

Export control laws, economic sanctions and international trade compliance regulations are always changing. As such, we have established a trade compliance program that includes policies, standards, and procedures, designed to ensure compliance with these regulations. Our program includes preventive and detective controls, employee training, and a robust third-party screening and ongoing monitoring program. Despite these efforts, our internal controls, policies, and procedures may not detect or prevent all violations of trade compliance laws, and we could be held accountable for misconduct, errors, or failures by employees, affiliates, agents, or third-party partners. We conduct investigations and evaluations in response to credible allegations of noncompliance, and may take remedial actions, including, where applicable, voluntary disclosures to authorities. Violations or allegations of trade compliance breaches could result in significant investigation costs, sanctions, litigation, loss of licenses, and reputational damage, which may materially impact our financial condition, operations, and the market value of our common shares.

Unanticipated litigation or negative developments in pending litigation or with respect to other contingencies may adversely affect our financial condition and results of operations.

We are currently, and may in the future become, subject to litigation, arbitration or other legal proceedings with other parties. Developments in these legal proceedings, or others that could be brought against us in the future, could have a material adverse effect on our business, financial position and/or results of operations. For further detailed discussion of litigation, please refer to Note 24 to the Consolidated Financial Statements.

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Title to some of our properties may be insufficient, defective, or challenged.

The sufficiency or validity of the Company's Legal Title in and to its properties may be uncertain or subject to challenges by third parties, including governmental authorities, Indigenous or communal groups, or private entities. For example, at our Conga project in Peru, we continue to seek resolution to a land dispute with local residents. In Mexico, exploration and mining rights are granted through a mining concession, pertaining to the mineral estate, and do not confer rights of ownership, possession, use, or access in or to the corresponding surface estate. Surface rights must be acquired through purchase, lease, or easement from private parties, local communities, or governmental authorities. We enter into temporary occupation agreements ranging from five to thirty years with the Ejido communities, which allow us to use the surface of the lands for our mining operations, and at any particular time we may be involved in negotiations to enter into new temporary occupation agreements or other surface access agreements or amend existing agreements. Failure to reach new, or renewal of existing, agreements or disputes regarding these agreements may lead to blockades, suspension of operations, project delays, and on occasion may lead to legal disputes.

In addition, certain Australian and Canadian properties are owned by Indigenous peoples or are subject to certain inherent aboriginal rights, treaty rights, and/or asserted rights in and to their traditional territories, and our ability to acquire necessary rights to explore, develop, or mine these properties is dependent on agreements with them. Our ability to secure permits, licenses and/or agreements may be dependent on formal determinations of Indigenous or Native title rights issued by governmental authorities, the lack or delay of which may impede the Company’s ability to explore, develop, or mine. In Ghana, Peru, and Suriname, our Legal Title may be subject to challenge based on the presence and activities of artisanal miners or other trespassers due to adverse possession and/or the inability of the Company to satisfy its statutory, regulatory, or contractual obligations required to maintain, extend, or renew Legal Title in and to its land tenure. See risk factors under the headings “We may be unable to obtain or retain necessary permits and land or mining tenure, which could adversely affect our operations”, “Illegal mining and artisanal mining occurs on or adjacent to certain of our properties exposing such sites to security risks”, and “Civil disturbances and criminal activities can disrupt business and expose the Company to liability” above for further information. A determination of insufficient or defective Legal Title, or an adverse outcome from a challenge to our Legal Title, could result in loss, litigation, insurance claims, reputational damage, and the impairment, suspension, or cessation of exploration, development, or mining activities. Such outcomes could materially impact our operations, and result in significant financial losses that affect the Company's business as a whole.

Risks Related to Our Common Stock

The price of our common stock may be volatile, which may make it difficult for you to sell the common stock at the price you paid or at prices you find attractive.

As a publicly traded company with securities listed on the New York Stock Exchange ("NYSE"), the Australian Securities Exchange ("ASX"), and the Papua New Guinea Stock Exchange ("PNGX") the market price and volume of our common stock may be subject to significant fluctuations due not only to general stock market conditions but also to a change in sentiment in the market regarding the performance of our operations, business prospects or liquidity. Among the factors that could affect the price of our common stock are: (i) changes in gold, and to a lesser extent, silver, copper, zinc or lead prices; (ii) operating and financial performance that vary from the outlook provided to securities analysts and investors or the expectations of securities analysts and investors or changes in our outlook; (iii) developments in our business or in the mining sector generally; (iv) regulatory changes affecting our industry generally or our business and operations; (v) the operating and stock price performance of companies that investors consider to be comparable to us; (vi) announcements of strategic developments, acquisitions, dispositions and other material events by us or our competitors; (vii) our ability to integrate and operate the companies and the businesses that we acquire; (viii) the perception of the Company’s ESG performance and its ability to deliver on ESG commitments and expectations, including in connection with the Company's climate strategy; (ix) response to activism; and (x) changes in global financial markets and macroeconomic and geopolitical conditions, such as interest or foreign exchange rates, an escalation of sanctions, tariffs, or other trade tensions, stock, commodity, credit or asset valuations or volatility. The stock markets in general have experienced extreme volatility that has at times been unrelated to the operating performance of a particular company, and has in the past been impacted by the COVID-19 pandemic and global conflicts, and could in the future be impacted by geopolitical and other macroeconomic factors. These broad market fluctuations may adversely affect the trading price of our common stock. In addition, securities class action litigation is sometimes brought against companies after periods of volatility in the market price of their securities, such as the putative securities class action filed in January 2025 initially asserting, among other things, that statements we made from February 2024 to October 2024 in conjunction with our financial outlook were false or misleading, or failed to include material information (see Note 24 - Commitments and Contingencies of Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K for additional information regarding this putative class action law suit). We may in the future be the target of similar litigation which could result in substantial costs and divert management’s attention and resources.

Newmont CHESS depositary interest ("CDIs") are quoted and trade on the ASX in Australian dollars, whereas Newmont common stock is quoted and trade on NYSE in US dollars. While Newmont CDI holders cannot directly trade the underlying Newmont stock on the NYSE, they are entitled to transmute their Newmont CDIs into common stock. There is a risk that the liquidity in the market for Newmont CDIs reduces for a range of reasons including a reduction in the number of CDIs on issue due to the conversion of CDIs to Newmont common stock. Reduced liquidity in the market can impact the speed at which CDIs are able to be bought or sold and the price at which they trade. For a range of reasons, including liquidity, market sentiment and the AUD:USD exchange rate, there is potential CDIs may trade at a discount to our common stock trading on NYSE.

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Newmont PETS depository interests (“PDIs”) on the PNGX have similar risks to Newmont CDIs as set out above. In addition, as PNG is a developing country, PNGX is a stock exchange located in an emerging market set within a dynamic political landscape. As a result of this, the PNGX and its listing rules may be liable to review and overhaul. This occurred with the introduction of a new suite of PNGX Listing Rules which came into effect in 2023. As the PNGX currently has only 12 companies listed, these new PNGX Listing Rules are largely yet to be tested in practice and, as the PNGX has complete discretion over any application for listing, a risk of uncertainty arises as to their application, particularly in respect of PDIs, as changes to the PNGX Business Rules addressing PDI’s were not included in the recent suite of amendments.

In addition, it is possible that further changes to the PNGX Listing Rules or the PNGX Business Rules will be made in the future, either in respect of PDIs or more generally. Uncertainty created as a result of changing or untested PNGX Listing Rules or PNGX Business Rules may give rise to delays in actions sought to be taken by Newmont, by Newmont PDI holders, and any new compliance requirements may impact on the desirability of Newmont PDIs as a security.

The PNGX is a small market resulting in limited liquidity. Newmont does not know the extent to which investor interest will lead to the development of an active trading market for the Newmont PDIs or how liquid that market may become. There can be no guarantee that an active trading market for the Newmont PDIs will develop or that the price of the Newmont PDIs will increase. There may be relatively few potential buyers or sellers of the Newmont PDIs on the PNGX at any time. This may increase the volatility of the market price of the Newmont PDIs. It may also affect the prevailing market price at which stockholders are able to sell their Newmont PDIs. This may result in stockholders receiving a market price for their Newmont PDIs that is less than the price that the stockholder paid. Newmont ceased trading on the Toronto Stock Exchange (“TSX”) following voluntary delisting that became effective at the close of trading in September 2025. Market conditions, investor demand, or other factors beyond the Company’s control could result in reduced trading activity or liquidity over time which could limit the liquidity and marketability of the Company’s securities. There can be no assurances as to the level of trading volume, liquidity, or interest in the Company’s securities on other foreign exchanges or whether the Company's securities will continue to be traded on secondary exchanges in the future.

Holders of our common stock, CDIs and PDIs may not receive dividends.

Holders of our common stock (including those who hold Newmont CDIs and Newmont PDIs) are entitled to receive only such dividends as our Board of Directors may declare out of funds legally available for such payments. We are incorporated in Delaware and governed by the Delaware General Corporation Law. Delaware law allows a corporation to pay dividends only out of surplus, as determined under Delaware law or, if there is no surplus, out of net profits for the fiscal year in which the dividend was declared and for the preceding fiscal year. Under Delaware law, however, we cannot pay dividends out of net profits if, after we pay the dividend, our capital would be less than the capital represented by the outstanding stock of all classes having a preference upon the distribution of assets. Our ability to pay dividends 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 our Board of Directors. Although we have historically declared cash dividends on our common stock, we are not required to declare cash dividends on our common stock (and, by extension, Newmont CDIs and PDIs). An annualized dividend payout level has not been declared by the Board of Directors, and the declaration and payment of future dividends, including future quarterly dividends, remains at the discretion of the Board of Directors. Our dividend framework is non-binding, and our Board of Directors may modify the dividend framework or reduce, defer or eliminate our common stock dividend in the future. A reduction or suspension in our dividend payments could have a negative effect on the price of our common stock.

Compliance with exchange listing rules as a foreign exempt listing may differ from investor expectations.

Newmont is subject to the listing standards of the NYSE, as its primary stock exchange. In addition, it is subject to additional requirements and standards of its secondary listings on the ASX and PNGX. For example, as part of Newmont’s acquisition of Newcrest, Newmont was admitted to the Official List of ASX Limited as a foreign exempt listing. As a foreign exempt listing, Newmont is exempt from complying with substantially all of the ASX Listing Rules on the basis that Newmont must comply with the rules of its home exchange, the NYSE. ASX Listing Rules with regard to Foreign Exempt Listings which apply to Newmont include: (i) providing the ASX with copies of its public filings; (ii) continuing to comply with the NYSE Listing Rules; (iii) registering as a foreign company carrying on business in Australia under the Corporations Act; and (iv) complying with certain ASX Listing Rules concerning procedural and administrative matters, including lodging announcements, trading halt, suspension and removal. While a benefit of holding CDIs for Australian investors is that it enables trading of Newmont stock on the ASX (via a Newmont CDI), individual investors need to weigh this convenience with the risks inherent in trading CDIs on the ASX rather than the underlying stock on the NYSE, including the potential for delays in disclosure being released to the ASX and fluctuations in price due to trading in underlying Newmont common stock on the NYSE that occurs outside of the ASX trading hours (and which may be influenced by disclosures made outside of ASX trading hours). There may also be a commercial or other disadvantage to investors from the differing disclosure regimes and expectations, as between a stock with a primary listing on the ASX compared to a CDI that is underpinned by a stock with a primary listing on the NYSE. Accordingly, investors in Australia and PNG should be aware that under applicable listing rules, Newmont’s disclosure obligations as a foreign exempt listing will differ from those of companies with a primary or non-exempt listing on ASX or PNGX, including without limitation, in connection with certain filing and distribution requirements, financial presentation requirements, and reserve and resource declaration requirements.

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Risks Related to Divestitures and Related Agreement

We may not receive any or all deferred or contingent consideration for divested assets.

The Company completed a series of asset divestments in recent years, including the sale of the Telfer reportable segment in the fourth quarter of 2024, the sale of the CC&V, Musselwhite, and Éléonore reportable segments in the first quarter of 2025, the sale of the Porcupine and Akyem reportable segments in the second quarter of 2025, and the sale of the Coffee development project in the fourth quarter of 2025. In addition, the Company has entered other asset and business transactions in prior periods that include continuing indemnification, guarantee, or contingent payment obligations.

For recent completed divestments certain portions of the total consideration remain deferred, and the Company has continuing obligations under various sale agreements. Deferred payments are subject to future events and conditions outside of the Company’s control, including but not limited to regulatory approvals and the gold price. For example, deferred consideration for the sale of CC&V consists of $175 payable in two installments of $87.5 upon certain regulatory approvals. Deferred consideration for the sale of Musselwhite consists of $40 payable in two installments of $20 on the first and second year anniversary of the close date, dependent on the average spot gold price over the respective period. There can be no assurance that the Company will receive all such deferred amounts when due, or at all, or that such payments will not be delayed, reduced, or disputed by purchasers.

Any failure to realize the expected benefits of transactions, delays or shortfalls in receipt of deferred consideration, or the crystallization of retained liabilities or indemnification claims could materially and adversely affect the Company’s results of operations, cash flows, and overall financial condition. No assurances can be provided with respect to the timing or receipt of contingent consideration payments in the future, or adjustments due to indemnification requirements or liabilities.

We are subject to ongoing indemnification and other retained liabilities from both recent and historical transactions.

The Company is subject to certain indemnifications, guarantees, and obligations in connection with both recent divestitures and prior transactions, including those related to reclamation, remediation and closure costs, environmental liabilities, tax matters, regulatory actions, or other historical obligations. For example, the recent CC&V sale agreement includes an indemnification provision pursuant to which the Company will indemnify the buyer for 90% of certain closure costs over $500 related to the Company’s historical mining activities with no limitation to the maximum potential future payments. See Note 2 (under the heading Indemnification Liabilities) and Note 3 (under the heading Divestitures) the Consolidated Financial Statements for additional information. In 2025, the Company also completed the sale of the Akyem, including Newmont Golden Ridge Limited (“NGRL”). In the case of an adverse final judgment against NGRL pursuant to a non-appealable governmental order, if any, in connection with the Constitutional case described in Note 24 to the Consolidated Financial Statements, Newmont would be required to indemnify the buyer for certain fines, penalties, and disgorgements.

It is not always possible to estimate the Company's maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. For indemnifications provided in sales agreements, a portion of the sale proceeds is allocated to these residual obligations and accounted for as a contingent liability, which adjusts the gain or loss that would otherwise result from the transaction. The subsequent accounting for the liability depends on the nature of the underlying obligation and subsequent developments that affect the likelihood or magnitude of the risk. Indemnification liabilities are reduced as the Company is released from risk under the obligation. However, purchasers or counterparties may pursue an indemnification claim triggered by future events outside the Company’s control, including events arising long after the completion of the underlying transaction, which may also result in interest and penalties. For example, in 2020, Newmont completed the sale of Continental Gold, which included indemnification against future tax assessments related to the transaction, subject to the conditions of the agreement. In 2025, Newmont was notified of a potential indemnification claim from the buyer, which remains uncertain and subject to the outcome of related tax and legal proceedings, as well as a determination on the applicability of the indemnity. An adverse determination by the relevant tax authority against the buyer could result in a significant liability. Indemnity obligations, if applicable, may require future payments and could adversely affect the Company’s financial position.

ITEM 1B.       UNRESOLVED STAFF COMMENTS

None.

ITEM 1C.       CYBERSECURITY

Risk Management and Strategy

We rely upon technology and information systems to support our mining and business operations globally. These systems may be susceptible to cybersecurity risks including, but not limited to, external attackers, malware, viruses, and unauthorized access to our IT systems. Cybersecurity and the secure adoption of emerging technologies, including artificial intelligence ("AI"), remain strategic priorities for Newmont. In November 2025, we implemented an enterprise-wide Artificial Intelligence Standard that governs AI adoption and use, model lifecycle management, and associated cybersecurity and privacy controls. We continuously invest in developing our cybersecurity controls and processes to address these threats and reduce the risk of future breaches and cyber attacks. Our processes to assess, identify, and manage cybersecurity risk are integrated with our global Risk Management System ("RMS") and include periodic

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enterprise-wide cyber risk assessments, continuous control monitoring, scenario-based exercises, and site-level reviews of our operational technology environments. Our Board of Directors and management team oversee these risks ensuring alignment with our business objectives and regulatory obligations.

Foundationally, we seek to manage cyber risk through a structure of controls that includes cybersecurity standards, policies and cyber solutions that protect the availability, integrity, and confidentiality of our critical IT and mining systems. We monitor for emergent cyber threats and assess any actions required to reduce those risks. Our cybersecurity program is aligned to globally recognized security frameworks including the Mitre Att&ck Framework, NIST and ISO27001. We previously maintained ISO27001 certification; while we are no longer certified, we continue to align our cybersecurity program to ISO27001 principles and conduct periodic independent assessments of our controls. We further test our cybersecurity controls by engaging leading third-party cybersecurity service providers to perform external and internal penetration tests of critical business applications and mining system. Additionally, we review and tabletop test our incident response plan. We leverage continuous monitoring of our internet facing presence, as well as, known internet based criminal communities for indicators referencing Newmont, our executives, and employees. Our Security Operations Center ("SOC") continuously monitors for security events and threats, responding and escalating when appropriate. We also hold employee trainings on privacy and current cybersecurity topics, conduct phishing tests and generally seek to promote awareness of cybersecurity risk through communication and education of our employee population.

Newmont requires third parties that supply IT services, have access to Newmont systems, or manage Newmont data to adhere to established Newmont security policies. Additionally, Newmont requires such third parties to provide detailed information on their established security controls via our third party risk assessment process. The third party risk assessment informs our contracting process. Specific certification may be required of critical third party IT service providers and partners. All third party workers are bound by our Acceptable Technology Use standard which governs appropriate IT systems access and usage.

Our operations rely on the secure processing, storage and transmission of confidential and other information in our computer systems and networks. Computer viruses, hackers, employee or vendor misconduct, and other external hazards could expose our information systems, and those of our vendors, to security breaches, cybersecurity incidents or other disruptions, any of which could materially and adversely affect our business. Cybersecurity incidents may also cause disruption to mining operations; critical financial or reporting systems impairment; breach or integrity loss of Newmont proprietary or confidential data; or external reputational damage.

The sophistication of cybersecurity threats, including through the use of AI, continues to increase, and the controls and preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems, including the regular testing of our cybersecurity incident response plan, may become insufficient. We evaluate the effectiveness of our controls through continuous monitoring, testing, and lessons-leaned reviews following incidents and exercises, and adapt our program accordingly. In addition, new technology that could result in greater operational efficiency such as our use of AI, fleet electrification, and autonomous vehicles may further expose our operations and computer systems to the risk of cybersecurity incidents. Newmont did not identify any cybersecurity incidents during the year ended December 31, 2025 that have materially affected or are reasonably likely to materially affect Newmont's business strategy, results of operations, or financial condition.

Additional information about cybersecurity risks we face is discussed in Item 1A, Risk Factors of this report under the heading "We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure or cybersecurity attacks and risks associated with implementation, upgrade, operation and integration" which should be read in conjunction with the information above.

Governance

As part of our overall risk management approach, we prioritize the identification and management of cybersecurity risk at several levels, including Board oversight, executive commitment and employee training. Our Audit Committee, comprised of independent directors from our Board, oversees the responsibilities relating to the operational (including information technology ("IT") risks and data security) risk affairs of the Company. Our Audit Committee is informed of such risks through quarterly reports from our cybersecurity leadership and it reports any material findings and recommendations to the full Board for consideration.

Our Cybersecurity team, comprised of seasoned IT and cybersecurity members, has decades of experience across multiple technical and compliance disciplines including cyber incident response, forensics, IT compliance, incident recovery, threat investigation and information technology. Our cybersecurity team includes several individuals who hold industry recognized certifications and advanced degrees in cybersecurity. Cybersecurity oversees the implementation and compliance of our information security standards, information technology compliance, and mitigation of information security related risks. The Chief Technology Officer and Chief Information Officer have direct oversight of the cybersecurity function. We also have management level committees, leaders, and a cybersecurity incident team who support our processes to assess and manage cybersecurity risk as follows:

•Working closely with the legal team, cybersecurity leadership drives the identification and mitigation of privacy-related risks across the enterprise. This collaborative approach engages legal, compliance, and other functional leaders as needed.

•The Cybersecurity Disclosure Steering Committee, comprised of leadership from IT, cybersecurity, operations, risk, finance, legal and compliance across business segments, contributes to the assessment of cybersecurity breach, planned response, and required disclosures and filings.

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•The Rapid Response Team, which includes senior executives across the Company and its global operations, is alerted as appropriate to cybersecurity incidents, natural disasters and business outages. The Rapid Response Team performs tabletop exercises on a yearly basis with inclusion across functions.

Each of these committees provides summary reports on their activities, which are then communicated as appropriate to the Audit Committee.

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ITEM 2.       PROPERTIES (dollars in millions, except per share, per ounce and per pound amounts)

The Company maintains its corporate headquarters in Denver, Colorado, U.S. and has various regional offices. Newmont’s production, development, and exploration properties are described below. All key permits have either been obtained by Newmont or approval is expected to be received in the normal course of business. In addition, Newmont holds investment interests in Papua New Guinea, Chile, Peru, Mexico, Canada, and various other locations. Refer to Item 1A, Risk Factors, for risks related to our properties.

Operating Statistics, Proven and Probable Reserves, and Measured, Indicated and Inferred Resources contain tabular information that is presented in both metric and imperial as follows: (i) metric tonnage is utilized for all metals; (ii) gold and silver grades are presented in grams per tonne; (iii) copper, lead, zinc, and molybdenum grades are presented in percentages; and (iv) metal content for gold and silver is presented in ounces while metal content for copper, lead, zinc, and molybdenum is presented in pounds or tonnes. Refer to Operating Statistics, Proven and Probable Reserves, and Measured, Indicated and Inferred Resources below.

Production Properties

Newmont’s properties described below are in the production stage and are operated by Newmont, unless otherwise noted. Production and other operating statistics are presented below in the Operating Statistics section for each site. At December 31, 2025, the Lihir, Cadia, Boddington, and NGM properties are classified as material individual properties under Regulation S-K 1300 and additional details are provided for these properties accordingly. Additionally, the "Ahafo Complex", which includes the Company's Ahafo South and Ahafo North properties, is classified as material under Regulation S-K 1300.

Lihir, Papua New Guinea. (100% owned) Lihir is an open pit mine located near the town of Londolovit on Aniolam Island, approximately 560 miles (900 kilometers) northeast of Port Moresby, the national capital. Access to Aniolam Island is through the Kunaye airport located approximately 4 miles (7 kilometers) north of the mine. Newcrest acquired the Lihir mine in 2010. Newmont obtained the 100% ownership of Lihir when Newmont acquired Newcrest in 2023. The Lihir deposit is considered to be an example of an epithermal gold deposit. Aniolam Island is part of a 155 mile (250-kilometers) long, northwest-trending, alkalic volcanic island chain that sits within an area where several micro-plates (Solomon Sea Plate, South Bismarck Plate and North Bismarck Plate) developed between the converging Australian and South Pacific plates. Lihir comprises two Plio–Pleistocene volcanic blocks, Londolovit Block and Wurtol Wedge and three Pleistocene volcanic edifices, Huniho, Kinami, and Luise.

Lihir consists of a granted Special Mining Lease, two granted Mining Leases, one granted Exploration License, five granted Leases for Mining Purposes, and three Mining Easements held in the name of Lihir Gold. All leases expire in March 2035, except the

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Exploration License and two Mining leases, which are subject to renewal. The total area under license is approximately 63,506 acres (25,700 hectares). Lihir is situated on land held variously under customary, State of PNG, and private ownership, including under State of PNG lease. The bulk of the land that is or will be affected by development, operations and closure of the Lihir Operations is customary owned. Newmont has been granted rights to undertake mining and processing of gold and related activities, through negotiations with the state and local government, and landowners in the area. Environment Permits for water extraction and waste disposal are in place to support mining operations. The Londolovit River is the main source of water for the process plant and surrounding area.

A 2% royalty is payable to the State on the realized prices of all gold and silver bullion sold, less transport and refining costs. In addition, a production levy of 0.5% is also payable to the PNG Mineral Resource Authority on the gross income from the sale of the minerals (i.e., excluding the offsets of treatment and refining charges, payable terms and freight) and other income derived from or in connection with the mining operations.

Operations at Lihir are conducted using a fleet of nine hydraulic shovels and 40 haul trucks, with payload ranging from 90 to 131 tonnes. The process plant consists of crushing and grinding followed by the option of bulk sulphide flotation, then pressure oxidation, and recovery of gold from washed oxidized slurry using conventional cyanidation and electrowinning. For tailings management, Lihir utilizes deep-sea tailings placement in a suitable deep-ocean location. The plant has undergone a number of alterations and expansions since first commissioning in 1997. Lihir’s gross property, plant and mine development at December 31, 2025 was $3,970.

As of December 31, 2025 and 2024, Lihir reported 16.0 million and 15.8 million ounces of gold reserves, respectively. The gold reserves remained consistent in 2025 compared to 2024.

As of December 31, 2025 and 2024, Lihir reported 20.7 million and 20.4 million ounces of gold resources, respectively. The gold resources remained consistent in 2025 compared to 2024.

Cadia, Australia. (100% owned) Cadia is located approximately 16 miles (25 kilometers) south-southwest of the town of Orange in New South Wales ("NSW") and is accessible primarily by paved roads and through the Orange airport located approximately 8 miles (13 kilometers) northeast of the Cadia Operations. The Cadia Operations consist of six granted mining leases and five granted exploration licenses and one granted Exploration Prospecting License through NSW encompassing a total area of 43,720 acres (17,693 hectares).
Newmont predominantly owns all properties covered by the mining leases and a number of properties in the surrounding area. The main mining lease expires in October 2038 but can be renewed. Newcrest acquired the Cadia mine in 1991. Newmont obtained the 100% ownership of Cadia when Newmont acquired Newcrest in 2023.

    The NSW government levies a royalty rate of 4% for gold, silver, copper, and molybdenum based on revenue. Treatment costs, depreciation, realization, and administration costs are allowable deductions from revenue for royalty calculations.

Cadia consists of the Cadia East, Cadia Hill, Cadia Extended, and Ridgeway deposits which consist of alkalic porphyry gold-copper style mineralization and the Big Cadia deposit which is a skarn-style occurrence.

Cadia operates two adjacent concentrators, Concentrator 1 and Concentrator 2, currently treating ore from Cadia East mine. Both concentrators have undergone throughput upgrades, including operational improvements, over the years. Water supply at Cadia is sourced from the Cadiangullong Dam, Upper Rodds Creek Dam, Flyers Creek Weir, Cadia Creek Weir, Orange Sewage Treatment Plant treated effluent, on-site groundwater bores, Belubula River, and site runoff. Cadia sources all of its power from the National Electricity Market. Cadia is currently under an electricity supply agreement and holds a power purchase agreement.

Production mining is an underground panel cave mining from Cadia East with underground crushing and conveyor to surface. The processing plant infrastructure includes high pressure grinding rolls, SAG mills, ball mills, flotation, coarse ore flotation, gravity concentrator and a molybdenum plant to produce copper and gold concentrate, gold doré, and molybdenum concentrate. The available primary production fleet consists of 28 underground production loaders with an average 18 tonne payload. Cadia’s gross property, plant and mine development at December 31, 2025 was $6,321.

As of December 31, 2025 and 2024, Cadia reported 13.5 million and 14.1 million ounces of gold reserves, respectively, 2.9 million and 3.1 million tonnes of copper reserves, respectively, 21.8 million and 22.8 million ounces of silver reserves, respectively and 0.1 million and 0.1 million tonnes of molybdenum reserves, respectively. This represents a decrease of approximately 6% in copper reserves in 2025 compared to 2024; gold, silver, molybdenum reserves remained consistent.

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As of December 31, 2025 and 2024, Cadia reported 11.0 million and 19.5 million ounces of gold resources, 2.9 million and 4.2 million tonnes of copper resources, 22.5 million and 34.0 million ounces of silver resources, and 0.1 million and 0.1 million tonnes of molybdenum resources. These changes represent a decrease of approximately 44% in gold resources, a decrease of approximately 31% in copper resources, and a decrease of approximately 34% in silver resources in 2025 compared to 2024. Molybdenum resources remained consistent. The overall reduction in resources is primarily due to negative technical revisions.

Tanami and Boddington, Australia. Newmont’s Tanami and Boddington operations in Australia take place on land that falls under the custodianship of Aboriginal people. Aboriginal land rights in Australia, which recognize the traditional rights and customs of Aboriginal people, are governed by the Commonwealth Native Title Act and certain other Acts specific to individual states and territories. The Commonwealth Native Title Act was enacted in 1993 following a decision in the High Court of Australia, which held that Aboriginal people, who have maintained a continuing connection with their land according to their traditional laws and customs, may hold certain rights which should be recognized under Australian common law. In the Northern Territory, where the Tanami operation is located, the Aboriginal Land Rights Act (“ALRA”) was introduced in 1976, which established an Aboriginal Land rights regime. Under the ALRA, approximately 50% of the land in the Northern Territory was granted as inalienable Aboriginal freehold titled land.

Newmont has existing agreements with the Traditional Owner groups of the land utilized by our Tanami and Boddington operations. Any future agreements would depend on a determination of native title, which is likely to take many years. If successful, a native title determination could give rights to compensation claims in the future. Throughout Australia, new exploratory and mining tenements may require native title agreements to be entered into and will be subject to a negotiation process, which often gives rise to compensation payments and heritage survey protocols. Newmont does not consider that native title claims or determined areas where rights have been established are an impediment to the operation of existing mines.

In Australia, various ad valorem royalties and taxes are paid to state and territorial governments, typically based on a percentage of gross revenues or earnings. Aboriginal groups have negotiated compensation/royalty payments as a condition to granting access to areas where native title rights are determined or where they own the land.

Tanami, Australia. (100% owned) Tanami is located in the Northern Territory approximately 342 miles (550 kilometers) northwest of Alice Springs. The underground mining infrastructure and operation is located at Dead Bullock Soak (“DBS”). The processing infrastructure is located 25 miles (40 kilometers) to the east of the mining operations at the Granites. Ore is transported by road train from DBS underground to the processing facility at the Granites.

The Newmont Tanami Operations are comprised of exploration licenses encompassing a total area of 1,540,301 acres (623,339 hectares) including 556,545 acres (225,226 hectares) relating to the Tobruk and Monza Joint Ventures entered into with Prodigy Gold, and 44,333 acres (17,941 hectares) relating to a Joint Venture entered into with Top End Exploration Pty Ltd, for which Newmont is the operator, and 44,333 acres (17,941 hectares) relating to the Terry's South Joint Venture entered into with JRE. An additional, 11,025 acres (4,462 hectares) of mineral leases granted pursuant to the Northern Territory Mineral Titles Act. Newmont operates through exploration and mining agreements with the Central Land Council who represent Traditional Owners, the Warlpiri people.

Tanami consists of sediment hosted sheeted quartz vein mineralization. Tanami, as an underground mining operation, has a fleet of ten underground loaders, 22 haul trucks, each with 60 to 65-tonne payloads, and one ejector truck with a 45 tonne capacity. Processing plant facilities currently consist of a crushing plant, a grinding circuit, a gravity circuit, carbon in pulp and absorption tanks, thickeners and a conventional tailings storage facility. Tanami’s gross property, plant and mine development at December 31, 2025 was $3,965. Tanami reported 5.3 million ounces of gold reserves at December 31, 2025.

Brownfield exploration and development for new reserves is ongoing with the main focus being underground ore definition drilling of the Auron, Federation and Liberator ore bodies as well as exploration of the Oberon deposit. Surface drilling continues to test targets with Exploration Upside, proximal to known Tanami mineralization.

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Boddington, Australia. (100% owned) Boddington is located 81 miles (130 kilometers) southeast of Perth in Western Australia and is accessible primarily by paved road. Boddington has been wholly owned since June 2009 when Newmont acquired the final 33.33% interest from AngloGold Ashanti Australia Limited. The Boddington project area comprises 52,065 acres (21,070 hectares) of mining tenure leased from the State of Western Australia, of which 26,910 acres (10,890 hectares) is subleased from the South 32 Worsley Joint Venturers ("Worsley JV"). The total project area is comprised of multiple leases that expire between 2027 and 2046. Royalties are paid to the state government at 2.5% for gold and 5% for copper based on revenue. Shipping and treatment and refining costs are allowable deductions from revenue for royalty calculations for copper. Newmont owns 74,474 acres (30,139 hectares) of rural freehold property, some of which overlaps existing mining tenure. The majority of its current operational area is located on its freehold property.

The subleases from the Worsley JV expire immediately prior to the expiry of the relevant mining leases. Newmont holds rights to renew the subleases. The mining leases are renewable upon application to the State of Western Australia by the Worsley JV. As these mining leases are in their third term, renewal of these mining leases is at the discretion of the State. The subleases do not confer an express right to require the Worsley JV to seek application to renew the mining leases. Newmont is entitled to all gold and other non-bauxite mineralization conferred by the mining leases. The Worsley JV retains the rights to bauxite mineralization. The relationship between the Worsley JV bauxite operations and the Boddington gold operations are regulated through a cross-operation agreement. This agreement confers priority on the bauxite operations such that the bauxite/alumina mining operations of the Worsley JV will take priority over the gold mining operations and Newmont is required to take reasonable measures to conserve bauxite including by mining and stockpiling bauxite on behalf of the Worsley JV.

Boddington consists of greenstone diorite hosted mineralization and exploration activities continue to develop the known reserve. The mine operates two pits (North and South Pits), utilizing two electric shovels, and three excavators as its prime ex-pit material movers with a fleet of 41 production autonomous haulage trucks. Boddington has a current capacity to mine approximately 200,000 to 250,000 tonnes of material per day. The milling plant includes a three-stage crushing facility (two primary crushers, six secondary crushers and four high-pressure grinding rolls), four ball mills, a flotation circuit and a carbon-in-leach circuit. The flotation circuit process recovers gold-copper concentrate before the material is then processed by a traditional carbon-in-leach circuit where the remaining gold is recovered to produce doré. Mining operations consist of two open pit operations located adjacent to each other. Boddington’s gross property, plant and mine development at December 31, 2025 was $4,976.

Power for the operation is sourced through the local power grid under a long-term power purchase agreement with Bluewaters Power. The power supply contract with Bluewaters expires in 2031 and includes an option to extend.

As of December 31, 2025 and 2024, Boddington reported 10.2 million and 10.8 million ounces of gold reserves, respectively, and 0.5 million and 0.5 million tonnes of copper reserves, respectively. This represents a decrease of approximately 6% in gold reserves, while copper reserves remained consistent in 2025 compared to 2024. The reduction in gold reserves is primarily due to depletion and negative technical revisions.

As of December 31, 2025 and 2024, Boddington reported 4.4 million and 4.3 million ounces of gold resources, respectively, and 0.3 million and 0.3 million tonnes of copper resources, respectively. The gold and copper resources remained consistent in 2025 compared to 2024.

Brownfield exploration and development for new reserves is ongoing.

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Ahafo South and Ahafo North, Ghana. The Company's Ahafo South and Ahafo North properties are together known as the Ahafo Complex and together are classified as material properties under Regulation S-K 1300. All of Newmont’s operations in Africa are located in Ghana.
In December 2003, Ghana’s Parliament unanimously ratified an Investment Agreement (“IA”) between Newmont and the government of Ghana. The IA established a fixed fiscal and legal regime, including fixed royalty and tax rates, for the life of any Newmont project in Ghana. In December 2015, Ghana’s Parliament ratified the Revised Investment Agreements (“Ghana Investment Agreements” or “Revised IAs”).

The Revised IAs contain commitments with respect to job training for local Ghanaians, community development, purchasing of local goods, services and environmental protection, and also include a change in tax stabilization from life of mine to 15 years from commercial production for each mine. In October 2017, the government of Ghana approved Newmont’s request to extend the stability period of the Revised IAs at the Ahafo operations for five years to December 31, 2025.

The maximum corporate income tax rate was previously 32.5% under the Revised IAs; however, upon the expiration of the tax stability extension on December 31, 2025, the Company’s operations in Ghana have become subject to a maximum corporate income tax rate of 35% and customs duties on imported goods used in mining operations ranging from 5% to 20% of the value of such items.

Royalties were paid to the Government of Ghana under a sliding‑scale system, based on average monthly gold prices and ranging up to 5% of revenues, plus an additional 0.6% on any production from forest reserve areas. The sliding-scale royalty regime expired on December 31, 2025. Effective January 1, 2026, royalties transitioned to a fixed 5% rate on gold production, with the additional 0.6% forest reserve royalty continuing to apply where applicable.

The government of Ghana is also entitled to receive 10% of a project’s net cash flow after reaching specific production milestones by receiving 1/9th of the total amount paid as dividends to Newmont parent. When the average quoted gold price exceeds $1,300 per ounce within a calendar year, an advance payment on these amounts of 0.6% of total revenues is required. Upon the expiration of the tax extension regime on December 31, 2025, dividends paid in addition to the carried interest will become subject to an 8% withholding tax, effective January 1, 2026.

The Company is now also be subject to a Growth and Sustainability Levy of 3% on gross revenue. As a result, the Company will also be exposed to future changes in fiscal, tax, and other related regulatory regimes in Ghana as they may be enacted from time to time. For instance, the Government of Ghana has announced plans to amend the country’s mineral royalty regime by replacing the flat 5% royalty rate, which became effective on January 1, 2026, with a sliding scale ranging from 5% to 12%, linked to prevailing gold prices. The proposed amendment was submitted to the Ghanaian Parliament on December 19, 2025, and is expected to be considered when parliamentary sessions resume in February 2026. If enacted, the revised royalty framework could increase the Company’s operating costs at its Ghanaian operations, particularly during periods of higher gold prices. The timing, final structure, and implementation mechanisms of the proposed regime currently remain uncertain.

Ahafo South, Ghana. (100% owned) Ahafo South is located near Kenyasi in the Ahafo Region of Ghana, approximately 180 miles (290 kilometers) northwest of the national capital city of Accra, and is largely accessible by paved roads. In 2002, Newmont acquired 50% of Ahafo South as a result of the merger with Normandy. In 2003, Newmont purchased the remaining interest from Moydow Mines International Inc. (“Moydow”), thereby making it a wholly owned subsidiary. The Ahafo South mine is composed of three orogenic gold deposits that have oxide and primary mineralization. Gold occurs primarily in pyrite and secondarily as native gold in quartz veins.

The Ahafo South operations are comprised of three mining leases issued under the Ghanaian Mining Act encompassing a total area of approximately 137,222 acres (55,532 hectares) with current mine take area of approximately 13,698 acres (5,543 hectares) that has been fully compensated and approximately 11,216 acres (4,539 hectares) of mining area that has not been fully compensated (e.g. payment would be necessary to move people from their land). The mining leases grant the exclusive rights to work, develop and produce gold in the lease area, including the processing, storing and transportation of mineral and materials. The mining leases require Ahafo South to respect or perform certain financial and statutory reporting obligations and expire in 2031 and are renewable subject to certain conditions. Ahafo South pays a royalty of 2% on net smelter returns to Franco-Nevada for all gold ounces recovered from areas previously owned by Moydow.

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Ahafo South sources all of its power from the National Electricity Market. Ahafo South is currently under an electricity supply agreement and holds a power purchase agreement. Power for the operation is sourced through the local power grid under a long-term power purchase agreement with the Volta River Authority. The power supply contract with Volta River Authority expires in 2028 and includes an option to extend.

Ahafo South currently operates one open pit, following the completion of the Subika open pit in July 2025. The active pit is Awonsu, which is being mined concurrently in two phases: (Layback 3 and Layback 4). Subika added an underground operation, which reached commercial production in November 2018, and Awonsu completed a layback in November 2019. The available mining fleet for surface mining consists of three shovels and 36 haul trucks, each with 141-tonne payload. The available mining fleet for underground mining consists of eight underground loaders and 14 haul trucks, with payload ranging from 55 to 57 tonnes. The daily production rate is approximately 88,000 tonnes. The original processing plant was commissioned in 2006. The Ahafo Mill Expansion, which was completed in October 2019, expanded the plant capacity to process approximately 11 million tonnes per year. The current processing plant consists of two crushing plants, two grinding circuits, carbon-in-leach circuits, elution circuit, counter current decantation circuit, a tailings disposal facility, and a reverse osmosis water treatment plant. Ahafo South’s gross property, plant and mine development at December 31, 2025 was $2,982.

As of December 31, 2025 and 2024, Ahafo South reported 4.1 million and 4.6 million ounces of gold reserves, respectively. This change represents a decrease of approximately 11% in gold reserves in 2025 compared to 2024. The overall reduction in gold reserves is primarily due to depletion.

As of December 31, 2025 and 2024, Ahafo South reported 7.4 million and 5.1 million ounces of gold resources, respectively. This change represents an increase of approximately 45% in gold resources in 2025 compared to 2024. The overall increase in gold resources is primarily due to ounces added from exploration activities.

Brownfield exploration and development for new reserves is ongoing.

Ahafo North, Ghana. (100% owned) Ahafo North operation achieved commercial production in the fourth quarter of 2025 and is located approximately 31 miles (50 kilometers) northeast of Ahafo South and approximately 236 miles (380 kilometers) northwest of the capital city of Accra, Ghana accessible by paved road. In July 2021, the Board of Directors approved full funding for the Ahafo North project. The operation currently includes a mill and two active pits, with a third pit expected to commence operations in early 2026.

Ahafo North sources its power from the Ghana national grid through a long-term power purchase agreement with the Volta River Authority. This contract is valid through 2028 and includes an option for renewal. Water is also sourced from Susuan River, Boreholes 1 and 5, rainfall water, and from the sediments control structures.

The Ahafo North operation is comprised of one mining lease issued under the Ghanaian Mining Act encompassing a total area of approximately 465 kilometers with current mine take area of approximately 7,338 acres (2,970 hectares) that has been fully compensated and approximately 2,623 acres (1,061 hectares) of mining area that has not been fully compensated (e.g. payment would be necessary to resettle the community). The mining lease grants the exclusive rights to work, develop and produce gold in the lease area, including the processing, storing and transportation of mineral and materials. The mining lease requires Ahafo North to respect or perform certain financial and statutory reporting obligations and expires in 2031 and is renewable subject to certain conditions.

The Ahafo North mine is comprised of six open pit orogenic gold deposits with both oxide and primary mineralization. Ahafo North currently has two active pits, Subenso South and Susuan. The available mining fleet for surface mining consists of 3 shovels and 16 haul trucks to increase to 20 in 2026, each with 74.6 and 86.5 tonne payload for saprolite and primary materials respectively. Daily production rate is approximately 66,000 tonnes. The processing plant was commissioned in October 2025, with a plant capacity to process approximately 3.7 million tonnes per year. The current processing plant consists of one jaw crusher, SAG and ball mill combination, carbon-in-leach circuit, elution circuit, counter current decantation circuit, and a tailings disposal facility currently constructed to phase two of the life of mine plan. Ahafo North’s gross property, plant and mine development at December 31, 2025 was $1,114.

As of December 31, 2025 and 2024, Ahafo North reported 4.7 million and 4.6 million ounces of gold reserves, respectively. The gold reserves remained consistent in 2025 compared to 2024.

As of December 31, 2025 and 2024, Ahafo North reported 3.2 million and 2.6 million ounces of gold resources, respectively. This change represents an increase of approximately 23% in gold resources in 2025 compared to 2024. The overall increase in gold resources is primarily due to net positive technical revisions.

Brownfield exploration and development for new reserves is ongoing.

Merian, Suriname. (75% owned) Merian is operated in a partnership, named Suriname Gold Project CV, whereby 75% is owned by Newmont Suriname, LLC (“Newmont Suriname”), formerly known as Suriname Gold Company LLC and 100% directly owned by Newmont Corporation and 25% by Staatsolie. Merian is located in Suriname, approximately 40 miles (66 kilometers) south of the town of Moengo and 19 miles (30 kilometers) north of the Nassau Mountains, close to the eastern border with French Guiana.

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Newmont Suriname holds one Right of Exploitation encompassing an area of 41,485 acres (16,788 hectares) and four Rights of Exploration encompassing an area of 160,153 acres (64,812 hectares). In addition to these mining rights, Newmont Suriname holds a surface right, the right of leasehold (recht van grondhuur) for the expansion of its tailings storage facilities. This right of leasehold encompasses an area of 7,771 acres (3,145 hectares). All of the gold mineralization at Merian is closely associated with quartz veining within siltstone and sandstone formations. The operation currently includes the Merian 2 open pit, the Merian 1 open pit, the Maraba open pit, and the Kupari open pit. The available mining fleet consists of three shovels, three mining excavators, and 41 haul trucks, each with 150-tonne payload. Newmont Suriname includes processing facilities that utilize a conventional gold mill, primary crusher and processing plant, consisting of a comminution plant, including gravity and cyanide leach processes, with recovery by carbon-in-leach, elution, electrowinning and induction furnace smelting to produce a gold doré product. Merian’s gross property, plant and mine development at December 31, 2025 was $1,384. Merian reported 4.5 million attributable ounces of gold reserves at December 31, 2025. Brownfield exploration and development for new reserves is ongoing.

Cerro Negro, Argentina. (100% owned) Cerro Negro is located in southern Argentina about 250 miles (400 kilometers) southwest of the coastal city of Comodoro Rivadavia. The mineral tenure consists of ten mining property titles encompassing 53,246 acres (21,548 hectares), and three exploration licenses, encompassing 13,193 acres (5,339 hectares). We also own lands in the Cerro Negro mine area, totaling approximately 27,429 acres (11,100 hectares), which overlie the Bajo Negro and Vein Zone deposits and adjacent prospects. Cerro Negro consists of the Eureka, Mariana Central, Mariana Norte, Emilia, and San Marcos operating underground mines and the Baja Negro and Silica Cap underground mines, which are currently in development. Deposits within the Cerro Negro mine operations are low sulfidation, epithermal gold/silver vein deposits. Cerro Negro’s available underground mining fleet consists of nine underground loaders, 12 underground haul trucks, and six surface haul trucks, each with 30 to 40-tonne payloads and additional auxiliary equipment as required. The processing plant facilities consist of a crushing plant, a grinding circuit, agitated leaching, counter-current decantation, solution clarification, Merril Crowe zinc precipitation and smelting to produce gold and silver doré bars that are shipped to a refinery for further processing. Cerro Negro’s gross property, plant and mine development at December 31, 2025 was $2,449. Cerro Negro reported 3.0 million ounces of gold reserves at December 31, 2025. Brownfield exploration and development for new reserves is ongoing, including the development of the Eastern district.

Yanacocha, Peru. (100% owned) Yanacocha is located approximately 375 miles (604 kilometers) north of Lima and 30 miles (48 kilometers) north of the city of Cajamarca. Yanacocha is comprised of 9 mining concessions and 3 processing concessions encompassing 237,741 acres (96,086 hectares). Yanacocha is an epithermal type deposit of high sulfidation hosted in volcanic rock formations. Gold is associated with iron-oxides and pyrite, which is placed on leach pads. Yanacocha consists of the following open pit mines: the La Quinua Complex, the Yanacocha Complex, the Carachugo Complex, and Maqui Maqui. Yanacocha has four leach pads (La Quinua, Yanacocha, Carachugo and Maqui Maqui). Yanacocha also has three gold processing plants (Pampa Larga, Yanacocha Norte and La Quinua), one limestone processing facility (China Linda) and one mill (Yanacocha Gold Mill). The La Quinua Complex mined material from the La Quinua Sur and the Tapado Oeste Layback and finished mining operations in 2021. The Yanacocha Complex mined material from the Yanacocha Layback and Yanacocha Pinos has had limited mining operations in recent years. The Maqui Maqui operations mined material from multiple mines that are no longer in operation. The Yanacocha Gold Mill and China Linda ceased operations in February 2021 and in December 2022, respectively, and both facilities have been placed into care and maintenance. The Carachugo leach pad processes oxide material from Quecher Main. Yanacocha’s available mining fleet consists of two shovels, two excavators, and 25 haul trucks, each with 233-tonne payload. Yanacocha’s gross property, plant and mine development at December 31, 2025 was $4,130. Yanacocha reported 0.5 million ounces of gold reserves at December 31, 2025.

Peñasquito, Mexico. (100% owned) Peñasquito is an open pit operation located in the northeast corner of Zacatecas State, approximately 125 miles (200 kilometers) northeast of the city of Zacatecas. Peñasquito is comprised of 20 mining concessions for operations comprising 113,231 acres (45,823 hectares) and 60 mining concessions for exploration of 107,456 acres (43,486 hectares). Surface rights in the vicinity of the Peñasco and Chile Colorado open pits are held by three ejidos: Ejido Cedros, Ejido Mazapil and Ejido Cerro Gordo. Peñasquito has signed land use agreements with each ejido, valid through 2035 and 2036, and the relevant private owners. Peñasquito consists of the Peñasco and Chile Colorado open pit mines. The mineralization at Peñasquito contains gold, silver, lead and zinc. Deposits currently mined within the Peñasquito operations are considered to be examples of breccia pipes developed as a result of intrusion-related hydrothermal activity. Process facilities include a sulfide processing plant, comprising two stages of flotation: lead and zinc. In the lead and zinc flotation, the slurry is conditioned with reagents to activate the desired minerals and produce lead and zinc concentrates. The flotation tailings go for final deposition in the tailings storage facility. The available mining fleet consists of five rope shovels, three hydraulic shovels, four loaders, and 81 haul trucks, each with a 312-tonne payload. The fleet is supported by blast hole production drills, as well as track dozers, rubber tire dozers, excavators, and graders. Peñasquito’s gross property, plant and mine development at December 31, 2025 was $5,957. Peñasquito reported 3.2 million ounces of gold reserves, 230 million ounces of silver reserves, 0.7 million tonnes of lead reserves, and 1.5 million tonnes of zinc reserves at December 31, 2025. Brownfield exploration and development for new reserves is ongoing.

Pueblo Viejo, Dominican Republic. (40% owned) Pueblo Viejo is a joint venture with Barrick, where Barrick is the operator who holds the remaining 60% interest. We report our interest in Pueblo Viejo on an equity method basis. The Pueblo Viejo mine is located approximately 60 miles (100 kilometers) northwest of Santo Domingo, Dominican Republic. The Pueblo Viejo mine is situated on the Montenegro Fiscal Reserve, an area specially designated by Presidential Decree for the leasing of minerals and mine development, which covers an area of approximately 19,756 acres (7,995 hectares) in aggregate. The Pueblo Viejo mine is an open pit conventional truck and shovel mining operation with deposits located in two major areas, the Monte Negro pit and the Moore pit, and consists of high sulfidation or acid sulfate epithermal gold, silver, copper and zinc mineralization. Process facilities include a

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conventional mill which consists of a crushing and grinding circuit, autoclaves, and a carbon-in-leach circuit. The plant expansion project added a new crusher, SAG mill, carbon-in-leach circuit and a flotation circuit. The tailings storage facility continues to advance. The plant expansion and tailings storage facility are designed to extend its life to 2040 and beyond. The available mining fleet consists of three shovels, five front loaders, 46 haul trucks, each with an average payload of 185 tonnes, and seven drills. The Company's attributable portion of Pueblo Viejo’s gross property, plant and mine development is $3,127 at December 31, 2025. We report our 40% interest in Pueblo Viejo on an equity method basis under U.S. GAAP and as a result our attributable portion of Pueblo Viejo's gross property, plant and mine development is included in the carrying value of our equity method investment at December 31, 2025. As of December 31, 2025, Pueblo Viejo reported 8.2 million ounces of attributable gold reserves and 49 million ounces of attributable silver reserves.

Red Chris, Canada. (70% owned) Red Chris is 70% owned by Newcrest Red Chris Mining Limited, a Newmont subsidiary, and 30% owned by Red Chris Development Company Ltd., an Imperial Metals subsidiary, and is accounted for under proportionate consolidation. Red Chris is located in northwest British Columbia, Canada, approximately 11 miles (18 kilometers) southeast of the Iskut village, 50 miles (80 kilometers) south of Dease Lake, and 7 miles (12 kilometers) east of the Stewart-Cassiar Highway 37. The Red Chris operation is comprised of five mining leases which cover 12,703 acres (5,141 hectares) and 199 mineral claims, encompassing an area of approximately 164,903 acres (66,734 hectares). The mining leases expire in 2042. Red Chris is a copper-gold open pit mining operation. Newmont is conducting a feasibility study on a potential underground block cave mine, and has commenced an exploration decline. Gold and copper porphyry-style mineralization consists of vein, disseminated and breccia sulfides. The main sulfide mineral assemblage is pyrite-chalcopyrite-bornite. Ore from the mine is fed to a primary crusher with crushed ore conveyed to a coarse ore stockpile. From there ore is reclaimed and fed to a conventional SAG mill–ball mill–pebble crushing comminution circuit which in turn feeds a flotation circuit. Flotation concentrate is dewatered and loaded into trucks for transportation off-site. The processing facilities are housed in a single process building. Additional to crushing and processing are waste rock storage facilities, a tailings storage facility, water treatment facilities, and waste treatment facilities. The available fleet consists of three face shovels, five drills, 22 trucks (dump and water trucks), three graders, one PC2000 excavator, five-non-production excavators, two mini excavators, ten loaders, and nine dozers. Red Chris’s gross property, plant and mine development at December 31, 2025 was $2,127. Red Chris reported 3.6 million ounces of gold reserves and 0.9 million tonnes of copper reserves at December 31, 2025.

Brucejack, Canada. (100% owned) Brucejack is located in western British Columbia, approximately 40 miles (65 kilometers) north of Stewart and 28 miles (45 kilometers) southwest of the Stewart-Cassiar Highway 37. The Brucejack operation comprises four mining leases and six core mineral claims which cover 8,169 acres (3,306 hectares) and 337 mineral claims covering 298,795 acres (120,918 hectares). The mining leases expire in 2045. Brucejack is an underground operation and is a deformed, porphyry-related transitional to intermediate sulphidation epithermal high-grade gold-silver deposit. Gold is hosted in quartz-calcite vein stockworks, sheeted veins and veinlets and can also be associated with arsenian pyrite. Process facilities include a mill building containing process equipment, including a rock bin, SAG mill-ball mill circuit followed by conventional flotation, concentrate dewatering, concentrate load-out and tailings dewater operations, a water treatment plant, a paste backfill plant, and a metallurgical laboratory. The mining fleet includes a fleet of load-haul-dump vehicles, trucks for material loading and transport to surface, bolters, jumbo drills, shotcrete sprayers, long-hole drills, and cable bolters. Brucejack’s gross property, plant and mine development at December 31, 2025 was $2,202. Brucejack reported 2.9 million ounces of gold reserves at December 31, 2025.

NGM, Nevada, U.S. (38.5% owned) NGM is located in Elko, Nevada. On July 1, 2019, Newmont and Barrick consummated the Nevada JV Agreement, which combined the Company’s Nevada mining operations with Barrick’s Nevada mining operations resulting in the establishment of NGM, a joint venture with Barrick, who is the operator, and which is accounted for by the Company under proportionate consolidation. NGM operations are primarily accessible by paved road and are comprised of 180,921 acres (73,217 hectares) in aggregate including Cortez 53,999 acres (21,853 hectares), Carlin 58,255 acres (23,575 hectares), Turquoise Ridge 26,679 acres (10,797 hectares), Phoenix 17,900 acres (7,244 hectares), and Long Canyon 24,088 acres (9,748 hectares).

All sites at NGM contain open pit operations while Cortez, Carlin, and Turquoise Ridge also include underground operations. At Cortez, mineralization is sedimentary rock-hosted and consists of submicron to micrometer-sized gold particles and gold in solid solution in pyrite. Refractory ore is transported to Carlin for processing. Phoenix is a skarn-hosted polymetallic massive sulfide replacement deposit. The Phoenix mill produces a gravity gold concentrate and a copper/gold flotation concentrate and recovers additional gold from cyanide leaching of the flotation tails. Carlin and Turquoise Ridge are a sediment-hosted disseminated gold deposit.

In Nevada, mining taxes are assessed on up to 5% of net proceeds of a mine. During 2021, the Nevada legislature enacted a new excise tax which is assessed up to 1.1% of gross revenues.

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NGM owns, or controls through leases, fee ownership, and unpatented mining claims, all of the minerals and surface area within the boundaries of the present Nevada mining operations. The long-term leases extend for at least the anticipated mine life of those deposits. With respect to a significant portion of the Gold Quarry mine at Carlin, NGM pays a net smelter royalty equivalent to 16.2% of the mineral production. NGM wholly-owns or controls the remainder of the Gold Quarry mineral rights, in some cases subject to additional royalties. With respect to certain smaller deposits in Nevada, NGM is obligated to pay royalties on production to third parties that vary from 1% to 8% of production.

Each site has its own process facilities which include: an oxide mill, which consists of a crushing and grinding circuit and carbon-in-leach circuit, and two heap leach pads at Cortez; an autoclave, two roasters, an oxide mill/flotation circuit and three heap leach pads at Carlin; the Sage autoclave, an oxide mill, and three heap leach pads at Turquoise Ridge; a flotation mill, a carbon-in-leach plant, a copper leach pad and a solvent extraction electrowinning plant at Phoenix. NGM has a current capacity across all sites to mine approximately 244,000 tonnes of material per day. The milling facilities were commissioned over a range of years beginning in the 1990’s. They undergo routine maintenance each year with process improvements implemented as the projects are identified and approved. Power is either purchased in the open market or supplied by the power plants owned and operated by NGM.

The NGM operations include, in aggregate, an open pit mining fleet consisting of 24 shovels and 154 haul trucks with an average payload of 298 tonnes, and an underground mining fleet consisting of 72 underground loaders and 88 haul trucks, with an average payload of 40 tonnes. Newmont’s share of NGM’s gross property, plant and mine development at December 31, 2025 was $9,273.

As of December 31, 2025 and 2024, NGM reported 17.4 million and 17.9 million attributable ounces of gold reserves, respectively, 0.1 million and 0.1 million tonnes of copper reserves, respectively, and 14.6 million and 14.5 million ounces of silver reserves, respectively. The gold, copper, and silver reserves remained consistent in 2025 compared to 2024.

As of December 31, 2025 and 2024, NGM reported 15.9 million and 15.2 million attributable ounces of gold resources, respectively, 0.2 million and 0.2 million attributable tonnes of copper resources, respectively, and 22.1 million and 19.2 million attributable ounces of silver resources, respectively. This represents an increase of approximately 15% in silver resources, while gold and copper resources remained consistent in 2025 compared to 2024.

Brownfield exploration and development for new reserves is ongoing.

Development and Exploration Properties

Newmont’s development and exploration stage properties are set forth below for which we have declared reserves and/or resources. As these are in the development and exploration stages, the properties have not reached commercial production and do not have processing plants or other available facilities.

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Property

Stage

Size and Location

Ownership Type and Operator

Mine Types and Mineralization Styles

Titles, Mineral Rights, Leases or Options

Wafi-Golpu (50% owned)

Development

31,862 acres (12,894 hectares); located approximately 40 miles from the city of Lae, Papua New Guinea.

Joint venture with Harmony Gold Mining Company Limited that is jointly operated and proportionately consolidated.

Contains three separate but genetically related deposits: (1) Nambonga, a mineralized copper-gold quartz vein array; (2) Wafi, a high sulphidation epithermal gold deposit; and (3) Golpu, a mineralized multiphase porphyry style copper-gold deposit.

Consists of two exploration licenses. The State of PNG retains the right to purchase, at a pro rata share of accumulated exploration expenditure, up to 30% equity interest in any mineral discovery at Wafi-Golpu, at any time before the commencement of mining.

NuevaUnión (50% owned)

Development

414,262 acres (167,646 hectares); located in the Atacama Region of Chile.

Joint venture with Teck Resources Limited that is jointly operated and accounted for as an equity method investment.

Open pit mine and is a porphyry copper gold deposit.

Consists of 546 exploitation licenses and 630 exploration licenses.

Norte Abierto (50% owned)

Development

326,785 acres (132,245 hectares); located in the Atacama Region of Chile.

Joint venture with Barrick that is jointly operated and accounted for as an equity method investment.

Open pit mine and is a porphyry copper gold deposit with minor epithermal gold deposits.

Consists of 504 exploitation licenses, 174 exploration licenses, and 26 water rights.

Conga Project (100% owned)

Exploration

35,427 acres (14,337 hectares); located within the Cajamarca Region of Northern Peru.

Operated by Newmont.

Consists of a cluster of porphyry gold-copper deposits, including the Chailhuagón and Perol open pits.

Consists of one mining concession, included within the Yanacocha production property, and 278 surface rights (5,900 hectares).

La Bikina (1) (50% owned)

Exploration

3,946 acres (1,597 hectares); located 35 miles northwest of Caborca, Sonora, Mexico, within the Peñasquito production property.

Joint venture with Minera Frisco; operated by Newmont.

Intermediate sulfidation/skarn deposit.

Consists of 32 mining concessions included within the Peñasquito production property.

Galore Creek (50% owned)

Exploration

455,502 acres (184,335 hectares); located 230 miles northwest of Smithers in British Columbia, Canada.

Joint venture with Teck Resources Limited that is jointly operated and proportionately consolidated.

Open pit mine and is an alkali porphyry copper gold deposit.

Consists of 390 mineral claims.

____________________________

(1)Formerly Noche Buena.

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Operating Statistics

The following tables detail operating statistics related to gold production, ounces sold, and production costs per ounce of our continuing operations:

			Mining and Production Detail (1)
Year Ended December 31, 2025			Tonnes Mined												Tonnes Processed												Average Ore Grade (2)												Average Mill Recovery Rate						Ounces Produced																		Ounces Sold
			Open Pit						Underground						Mill						Leach						Mill						Leach												Mill						Leach						Consolidated						Consolidated
Lihir			30,984						—						10,072						—						2.344						—						77.1%						585						—						585						582
Cadia			—						29,581						29,520						—						0.524						—						79.0%						385						—						385						384
Tanami			—						2,334						2,393						—						5.189						—						97.9%						391						—						391						385
Boddington			79,235						—						36,532						—						0.572						—						85.0%						565						—						565						550
Ahafo South			25,631						2,485						9,663						—						2.291						—						93.6%						664						—						664						672
Ahafo North (3)			4,595						—						621						—						2.602						—						93.0%						70						—						70						58
Merian (4)			45,920						—						12,815						—						0.644						—						92.0%						237						—						237						238
Cerro Negro			—						789						790						—						8.287						—						95.5%						202						—						202						196
Yanacocha			32,340						—						—						25,935						—						0.844						—%						—						515						515						517
Peñasquito			137,086						—						34,902						—						0.643						—						64.2%						415						—						415						422
Red Chris			19,097						—						6,076						—						0.534						—						62.0%						62						—						62						61
Brucejack			—						1,212						1,226						—						6.388						—						96.8%						231						—						231						235
NGM			85,185						2,731						10,751						5,441						3.431						0.158						82.7%						971						28						999						1,006
Divested (5)
CC&V			5,839						—						—						2,813						—						0.427						—%						—						28						28						27
Musselwhite			—						174						175						—						6.618						—						96.0%						33						—						33						32
Porcupine			296						250						519						—						3.516						—						92.5%						55						—						55						60
Éléonore			—						290						291						—						5.640						—						92.8%						50						—						50						49
Akyem			7,013						—						2,073						—						0.708						—						90.8%						43						—						43						45
Total Gold (6)			473,221						39,846						158,419						34,189						1.183						0.700						83.5%						4,959						571						5,530						5,519

____________________________

(1)All amounts are reported in thousands unless otherwise noted.

(2)Average ore grade reported in grams/tonne.

(3)Ounces produced includes 21 development ounces.

(4)Merian produced 178 attributable ounces, which reflects our 75% ownership interest. Total attributable ounces were 5,471 ounces.

(5)Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures.

(6)Total gold consolidated ounces produced excludes 253 attributable ounces related to Pueblo Viejo, which is 40% owned by Newmont, managed by Barrick, and accounted for as an equity method investment.

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			Production Costs per Ounce Sold (1)(2)
Year Ended December 31, 2025			Direct Mining and Production Costs						By-Product Credits						Royalties and Production Taxes						Write-Downs and Inventory Change						Costs Applicable to Sales (3)						Depreciation and Amortization						Reclamation and Remediation						Total Production Costs (4)						All-In Sustaining Costs per Ounce Sold (1)(2)
Lihir			$	1,662					$	(2)					$	85					$	(448)					$	1,297					$	322					$	23					$	1,642					$	1,607
Cadia			$	877					$	(136)					$	123					$	(19)					$	845					$	324					$	7					$	1,176					$	1,253
Tanami			$	1,023					$	(3)					$	90					$	4					$	1,114					$	323					$	8					$	1,445					$	1,716
Boddington			$	1,242					$	(39)					$	90					$	(49)					$	1,244					$	233					$	24					$	1,501					$	1,514
Ahafo South			$	838					$	(2)					$	403					$	(12)					$	1,227					$	276					$	11					$	1,514					$	1,494
Ahafo North			$	579					$	(1)					$	210					$	(256)					$	532					$	168					$	1					$	701					$	696
Merian			$	1,369					$	(1)					$	209					$	(15)					$	1,562					$	317					$	20					$	1,899					$	1,921
Cerro Negro			$	1,665					$	(219)					$	180					$	(32)					$	1,594					$	633					$	29					$	2,256					$	2,220
Yanacocha			$	776					$	(28)					$	106					$	(59)					$	795					$	218					$	15					$	1,028					$	964
Peñasquito			$	916					$	(29)					$	73					$	(38)					$	922					$	382					$	17					$	1,321					$	1,120
Red Chris			$	1,366					$	(36)					$	53					$	(25)					$	1,358					$	399					$	40					$	1,797					$	1,750
Brucejack			$	1,570					$	(74)					$	46					$	(77)					$	1,465					$	775					$	22					$	2,262					$	2,020
NGM			$	1,328					$	(76)					$	106					$	(24)					$	1,334					$	475					$	11					$	1,820					$	1,629
Divested (5)
CC&V			$	1,366					$	(26)					$	190					$	(133)					$	1,397					$	62					$	91					$	1,550					$	1,684
Musselwhite			$	1,095					$	(3)					$	91					$	(143)					$	1,040					$	—					$	19					$	1,059					$	1,531
Porcupine			$	1,358					$	(5)					$	52					$	(105)					$	1,300					$	19					$	48					$	1,367					$	1,810
Éléonore			$	1,031					$	(2)					$	64					$	11					$	1,104					$	—					$	13					$	1,117					$	1,403
Akyem			$	1,611					$	(11)					$	275					$	483					$	2,358					$	62					$	101					$	2,521					$	2,664
Total Gold			$	1,175					$	(44)					$	142					$	(74)					$	1,199					$	362					$	17					$	1,578					$	1,609

____________________________

(1)Production costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures. All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

(2)Per ounce measures may not recalculate due to rounding.

(3)Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.

(4)Total production costs is calculated as the sum of Costs applicable to sales, Depreciation and amortization, and Reclamation and remediation.

(5)Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures.

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			Mining and Production Detail (1)
Year Ended December 31, 2024			Tonnes Mined												Tonnes Processed												Average Ore Grade (2)												Average Mill Recovery Rate						Ounces Produced																		Ounces Sold
			Open Pit						Underground						Mill						Leach						Mill						Leach												Mill						Leach						Consolidated						Consolidated
Lihir			34,515						—						10,885						—						2.334						—						74.8%						614						—						614						620
Cadia			—						30,742						29,824						—						0.626						—						79.6%						464						—						464						454
Tanami			—						2,416						2,359						—						5.442						—						98.5%						408						—						408						411
Boddington			68,208						—						34,936						—						0.623						—						85.2%						590						—						590						581
Ahafo South			26,252						2,524						9,470						—						2.807						—						94.1%						798						—						798						798
Merian (3)			50,433						—						14,141						—						0.646						—						92.9%						274						—						274						274
Cerro Negro			—						837						836						—						9.379						—						94.2%						238						—						238						236
Yanacocha			54,836						—						—						23,265						—						0.396						—%						—						354						354						352
Peñasquito			138,280						—						32,896						—						0.539						—						59.9%						299						—						299						290
Red Chris			19,591						—						6,293						—						0.367						—						56.3%						40						—						40						39
Brucejack			—						1,083						1,073						—						7.811						—						96.8%						258						—						258						249
NGM			82,300						2,642						11,140						3,859						3.296						0.205						82.3%						974						65						1,039						1,036
Held for sale (4)
CC&V			36,240						—						—						21,029						—						0.443						—%						—						146						146						144
Musselwhite			—						1,033						1,029						—						6.630						—						96.4%						212						—						212						215
Porcupine			1,423						902						2,938						—						3.224						—						92.9%						284						—						284						282
Éléonore			—						1,808						1,807						—						4.521						—						91.4%						240						—						240						243
Akyem			24,210						—						8,287						—						0.857						—						89.0%						204						—						204						212
Divested (4)
Telfer			25,568						639						3,665						—						0.770						—						89.9%						73						10						83						103
Total Gold (5)			561,856						44,626						171,579						48,153						1.292						0.401						84.7%						5,970						575						6,545						6,539

____________________________

(1)All amounts are reported in thousands unless otherwise noted.

(2)Average ore grade reported in grams/tonne.

(3)Merian produced 205 attributable ounces, which reflects our 75% ownership interest. Total attributable ounces were 6,476 ounces.

(4)Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures.

(5)Total gold consolidated ounces produced excludes 235 attributable ounces related to Pueblo Viejo, which is 40% owned by Newmont, managed by Barrick, and accounted for as an equity method investment.

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			Production Costs per Ounce Sold (1)(2)
Year Ended December 31, 2024			Direct Mining and Production Costs						By-Product Credits						Royalties and Production Taxes						Write-Downs and Inventory Change						Costs Applicable to Sales (3)						Depreciation and Amortization						Reclamation and Remediation						Total Production Costs (4)						All-In Sustaining Costs per Ounce Sold (1)(2)
Lihir			$	1,575					$	(1)					$	59					$	(363)					$	1,270					$	270					$	19					$	1,559					$	1,512
Cadia			$	681					$	(103)					$	82					$	(7)					$	653					$	263					$	5					$	921					$	1,048
Tanami			$	900					$	(2)					$	60					$	(11)					$	947					$	300					$	5					$	1,252					$	1,281
Boddington			$	1,057					$	(24)					$	62					$	(39)					$	1,056					$	193					$	16					$	1,265					$	1,288
Ahafo South			$	644					$	(2)					$	199					$	63					$	904					$	270					$	9					$	1,183					$	1,072
Merian			$	1,300					$	(1)					$	144					$	14					$	1,457					$	305					$	16					$	1,778					$	1,852
Cerro Negro			$	1,359					$	(120)					$	121					$	(35)					$	1,325					$	521					$	19					$	1,865					$	1,631
Yanacocha			$	968					$	(19)					$	72					$	(18)					$	1,003					$	279					$	21					$	1,303					$	1,196
Peñasquito			$	755					$	(5)					$	40					$	(14)					$	776					$	355					$	14					$	1,145					$	984
Red Chris			$	1,257					$	(11)					$	35					$	(56)					$	1,225					$	367					$	43					$	1,635					$	1,607
Brucejack			$	1,317					$	(36)					$	32					$	(59)					$	1,254					$	691					$	19					$	1,964					$	1,603
NGM			$	1,208					$	(60)					$	74					$	(3)					$	1,219					$	413					$	12					$	1,644					$	1,605
Held for sale (5)
CC&V			$	1,568					$	(13)					$	135					$	(300)					$	1,390					$	90					$	76					$	1,556					$	1,691
Musselwhite			$	953					$	(3)					$	75					$	20					$	1,045					$	86					$	16					$	1,147					$	1,541
Porcupine			$	998					$	(6)					$	43					$	62					$	1,097					$	127					$	33					$	1,257					$	1,437
Éléonore			$	1,271					$	(2)					$	54					$	16					$	1,339					$	88					$	15					$	1,442					$	1,811
Akyem			$	1,105					$	(7)					$	297					$	201					$	1,596					$	271					$	65					$	1,932					$	1,816
Divested (5)
Telfer			$	3,443					$	(9)					$	63					$	(1,120)					$	2,377					$	142					$	110					$	2,629					$	2,993
Total Gold			$	1,110					$	(27)					$	94					$	(51)					$	1,126					$	304					$	19					$	1,449					$	1,516

____________________________

(1)Production Costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures. All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

(2)Per ounce measures may not recalculate due to rounding.

(3)Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.

(4)Total production costs is calculated as the sum of Costs applicable to sales, Depreciation and amortization, and Reclamation and remediation.

(5)Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures.

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			Mining and Production Detail (1)
Year Ended December 31, 2023			Tonnes Mined												Tonnes Processed												Average Ore Grade (2)												Average Mill Recovery Rate						Ounces Produced																		Ounces Sold
			Open Pit						Underground						Mill						Leach						Mill						Leach												Mill						Leach						Consolidated						Consolidated
Lihir (3)			6,395						—						2,061						—						2.567						—						76.5%						134						—						134						131
Cadia (3)			—						4,366						5,229						—						0.722						—						81.5%						97						—						97						120
Tanami			—						2,314						2,369						—						6.012						—						98.3%						448						—						448						444
Boddington			61,543						—						36,467						—						0.754						—						85.4%						745						—						745						749
Telfer (3)			6,435						206						2,807						—						0.649						—						73.2%						43						—						43						67
Ahafo South			26,851						2,344						7,976						—						2.399						—						93.9%						581						—						581						578
Akyem			24,494						—						7,646						—						1.317						—						89.5%						295						—						295						296
Merian (4)			41,031						—						14,403						—						0.758						—						91.3%						322						—						322						319
Cerro Negro			—						1,076						1,084						—						8.314						—						92.8%						269						—						269						261
Porcupine			6,972						859						2,911						—						3.015						—						91.4%						260						—						260						258
Éléonore			—						1,656						1,661						—						4.785						—						91.0%						232						—						232						233
Yanacocha			62,173						—						—						19,682						—						0.494						—%						—						276						276						275
Musselwhite			—						1,027						1,028						—						5.701						—						95.7%						180						—						180						181
Peñasquito			96,099						—						20,850						—						0.429						—						57.0%						143						—						143						130
CC&V			38,555						—						—						25,566						—						0.452						—%						—						172						172						171
Red Chris (3)			3,769						—						1,139						—						0.276						—						54.2%						5						—						5						4
Brucejack (3)			—						167						166						—						5.685						—						96.0%						29						—						29						36
NGM			100,728						2,490						11,426						10,853						3.487						0.398						82.5%						1,057						113						1,170						1,167
Total Gold (5)			475,045						16,505						119,223						56,101						1.463						0.456						86.7%						4,840						561						5,401						5,420

____________________________

(1)All amounts are reported in thousands unless otherwise noted.

(2)Average ore grade reported in grams/tonne.

(3)Sites acquired through the Newcrest transaction in 2023. Refer to Note 3 to the Consolidated Financial Statements for further information.

(4)Merian produced 242 attributable ounces, which reflects our 75% ownership interest. Total attributable ounces were 5,321 ounces.

(5)Total gold consolidated ounces produced excludes 224 attributable ounces related to Pueblo Viejo, which is 40% owned by Newmont, managed by Barrick, and accounted for as an equity method investment.

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			Production Costs per Ounce Sold (1)(2)
Year Ended December 31, 2023			Direct Mining and Production Costs						By-Product Credits						Royalties and Production Taxes						Write-Downs and Inventory Change						Costs Applicable to Sales (3)						Depreciation and Amortization						Reclamation and Remediation						Total Production Costs (4)						All-In Sustaining Costs per Ounce Sold (1)(2)
Lihir (5)			$	1,235					$	(2)					$	50					$	(166)					$	1,117					$	153					$	—					$	1,270					$	1,517
Cadia (5)			$	477					$	(59)					$	51					$	610					$	1,079					$	130					$	1					$	1,210					$	1,271
Tanami			$	704					$	(2)					$	51					$	6					$	759					$	249					$	4					$	1,012					$	1,060
Boddington			$	822					$	(17)					$	49					$	(7)					$	847					$	144					$	12					$	1,003					$	1,067
Telfer (5)			$	1,360					$	(9)					$	60					$	471					$	1,882					$	87					$	—					$	1,969					$	1,988
Ahafo South			$	820					$	(1)					$	141					$	(13)					$	947					$	312					$	11					$	1,270					$	1,222
Akyem			$	826					$	(6)					$	115					$	(4)					$	931					$	413					$	40					$	1,384					$	1,210
Merian			$	1,080					$	(1)					$	117					$	11					$	1,207					$	256					$	9					$	1,472					$	1,541
Cerro Negro			$	1,261					$	(102)					$	93					$	5					$	1,257					$	524					$	14					$	1,795					$	1,509
Porcupine			$	1,214					$	(4)					$	25					$	(68)					$	1,167					$	455					$	33					$	1,655					$	1,577
Éléonore			$	1,230					$	(2)					$	44					$	(9)					$	1,263					$	433					$	13					$	1,709					$	1,838
Yanacocha			$	1,122					$	(16)					$	59					$	(96)					$	1,069					$	310					$	20					$	1,399					$	1,266
Musselwhite			$	1,152					$	(2)					$	48					$	(12)					$	1,186					$	444					$	17					$	1,647					$	1,843
Peñasquito			$	1,296					$	(6)					$	33					$	(104)					$	1,219					$	516					$	28					$	1,763					$	1,590
CC&V			$	1,327					$	(7)					$	121					$	(285)					$	1,156					$	136					$	59					$	1,351					$	1,644
Red Chris (5)			$	1,825					$	(1)					$	27					$	(946)					$	905					$	298					$	15					$	1,218					$	1,439
Brucejack (5)			$	1,484					$	(41)					$	30					$	425					$	1,898					$	617					$	—					$	2,515					$	2,646
NGM			$	1,037					$	(55)					$	68					$	20					$	1,070					$	387					$	9					$	1,466					$	1,397
Total Gold			$	999					$	(23)					$	74					$	—					$	1,050					$	327					$	15					$	1,392					$	1,444

____________________________

(1)Production costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures. All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

(2)Per ounce measures may not recalculate due to rounding.

(3)Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.

(4)Total production costs is calculated as the sum of Costs applicable to sales, Depreciation and amortization, and Reclamation and remediation.

(5)Sites acquired through the Newcrest transaction in 2023. Refer to Note 3 to the Consolidated Financial Statements for further information.

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The following tables detail operating statistics related to co-product metal production and sales:

Year Ended December 31, 2025			Tonnes Milled (thousands)						Average Milled Grade (1)						Average Mill Recovery Rate						Consolidated Pounds/Ounces Produced (millions)						Consolidated Pounds/Ounces Sold (millions)
Copper (pounds)
Cadia			29,520						0.34%						84.3%						180						180
Boddington			36,532						0.09%						81.0%						53						53
Red Chris			6,076						0.58%						83.3%						63						61
Total Copper			72,128						0.23%						83.5%						296						294
Silver (ounces) (2)			34,901						34.10						81.2%						28						28
Lead (pounds) (2)			34,901						0.38%						77.5%						216						209
Zinc (pounds) (2)			34,901						0.96%						82.7%						509						542

Year Ended December 31, 2024			Tonnes Milled (thousands)						Average Milled Grade (1)						Average Mill Recovery Rate						Consolidated Pounds/Ounces Produced (millions)						Consolidated Pounds/Ounces Sold (millions)
Copper (pounds)
Cadia			29,824						0.36%						84.5%						191						186
Boddington			34,936						0.14%						83.1%						83						83
Telfer (3)			3,665						0.11%						73.8%						6						6
Red Chris			6,293						0.52%						83.4%						58						57
Total Copper			74,718						0.26%						83.7%						338						332
Silver (ounces) (2)			32,896						42.61						81.3%						33						33
Lead (pounds) (2)			32,896						0.41%						75.9%						212						213
Zinc (pounds) (2)			32,896						1.13%						83.0%						569						545

Year Ended December 31, 2023			Tonnes Milled (thousands)						Average Milled Grade (1)						Average Mill Recovery Rate						Consolidated Pounds/Ounces Produced (millions)						Consolidated Pounds/Ounces Sold (millions)
Copper (pounds)
Cadia (4)			5,229						0.38%						85.3%						36						45
Boddington			36,467						0.16%						84.2%						98						98
Telfer (4)			2,807						0.08%						59.3%						3						5
Red Chris (4)			1,139						0.40%						81.2%						8						7
Total Copper			45,642						0.18%						83.6%						145						155
Silver (ounces) (2)			20,850						36.65						79.1%						18						17
Lead (pounds) (2)			20,850						0.37%						69.3%						113						107
Zinc (pounds) (2)			20,850						0.78%						78.5%						230						222

____________________________

(1)Average milled grade is calculated as the percentage of the respective metal contained in the total tonnes that were milled, with the exception of silver, which is reported in grams/tonne.

(2)All of our silver, lead, and zinc co-product production came from Peñasquito.

(3)In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment. Refer to Note 3 to the Consolidated Financial Statements for further information.

(4)Sites acquired through the Newcrest transaction in 2023. Refer to Note 3 to the Consolidated Financial Statements for further information.

The following tables detail operating statistics related to co-product metal production costs per gold equivalent ounce (“GEO”) sold. Gold equivalent ounces are calculated as pounds or ounces produced multiplied by the ratio of the other metals’ price to the gold price, using the metal prices as provided in Results of Consolidated Operations within Part II, Item 7 below.

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Year Ended December 31, 2025			Cadia						Boddington						Peñasquito						Red Chris						Total / Weighted-Average
Consolidated GEO sold (thousands)			370						109						820						126						1,425
Production costs per GEO sold: (1)(2)
Costs applicable to sales			$	812					$	1,165					$	1,066					$	1,341					$	1,032
Depreciation and amortization			326						223						402						399						368
Reclamation and remediation			7						23						18						40						17
Total production costs per GEO sold			$	1,145					$	1,411					$	1,486					$	1,780					$	1,417
All-in sustaining costs per GEO sold (1)(2)			$	1,230					$	1,397					$	1,318					$	1,692					$	1,392

Year Ended December 31, 2024			Cadia						Boddington						Peñasquito						Red Chris						Telfer (3)						Total / Weighted-Average
Consolidated GEO sold (thousands)			465						205						1,088						142						16						1,916
Production costs per GEO sold: (1)(2)
Costs applicable to sales			$	603					$	994					$	831					$	1,209					$	2,398					$	834
Depreciation and amortization			263						189						343						366						161						307
Reclamation and remediation			5						16						15						37						106						15
Total production costs per GEO sold			$	871					$	1,199					$	1,189					$	1,612					$	2,665					$	1,156
All-in sustaining costs per GEO sold (1)(2)			$	987					$	1,172					$	1,090					$	1,640					$	2,885					$	1,161

Year Ended December 31, 2023			Cadia (3)						Boddington						Peñasquito						Red Chris (3)						Telfer (3)						Total / Weighted-Average
Consolidated GEO sold (thousands)			114						246						507						16						13						896
Production costs per GEO sold: (1)(2)
Costs applicable to sales			$	1,017					$	830					$	1,283					$	1,020					$	1,703					$	1,127
Depreciation and amortization			127						144						561						181						109						378
Reclamation and remediation			—						12						28						—						6						19
Total production costs per GEO sold			$	1,144					$	986					$	1,872					$	1,201					$	1,818					$	1,524
All-in sustaining costs per GEO sold (1)(2)			$	1,342					$	1,067					$	1,756					$	1,660					$	2,580					$	1,579

____________________________

(1)Production costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures. All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A. All-in sustaining costs per GEO are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

(2)Per GEO measures may not recalculate due to rounding.

(3)Sites acquired through the Newcrest transaction in 2023. In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment. Refer to Note 3 to the Consolidated Financial Statements for further information.

Proven and Probable Reserves

All of our reserves are located on land (i) we own or control, or (ii) that is owned or controlled by business entities established with our joint venture partners, in which the Company owns its pro-rata share of the capital stock, membership units, or interests. The risks that could affect title to our property are included above in Item 1A, Risk Factors.

A “mineral reserve” is an estimate of tonnage and grade or quality of measured and indicated mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. The term “economically viable,” as used in the definition of reserve, means that the qualified person has analytically determined that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions.

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The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. The term “probable reserves” means reserves for which quantity and grade are computed from information similar to that used for proven reserves, but the sites for sampling are less closely spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation. Proven and probable reserves include gold, copper, silver, lead, zinc or molybdenum attributable to Newmont’s ownership or economic interest.

Proven and probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determined economic feasibility. The reference point for mineral reserves is the point of delivery to the process plant. Metal price assumptions, adjusted for our exchange rate assumption, are based on such factors as market forecasts, industry consensus and management estimates. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used. The reserve tables below list the average metallurgical recovery rate for each deposit, which takes into account the relevant processing methods. The cut-off grade, or lowest grade of mineralization considered economic to process, varies between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold, copper, silver, lead, zinc or molybdenum extraction and type of milling or leaching facilities available. Reserve estimates may have non-material differences in comparison to our joint venture partners due to differences in classification and rounding methodology.

The proven and probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold, copper, silver, lead, zinc and molybdenum will be realized. Ounces of gold or silver or pounds of copper, lead, zinc or molybdenum included in the proven and probable reserves are those contained prior to losses during metallurgical treatment. Reserve estimates may require revision based on actual production. Market fluctuations in the price of gold, copper, silver, lead, zinc and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could render certain proven and probable reserves containing higher cost reserves uneconomic to exploit and might result in a reduction of reserves.

We had attributable proven and probable gold reserves of 118.2 million ounces at December 31, 2025. For 2025 and 2024, reserves were estimated at a gold price assumption of $2,000 and $1,700 per ounce, respectively, except as noted below. The increase in the reserves gold price assumption is based on the Company's assessment of multiple factors, including historical gold pricing trends, consensus price forecasts, and impacts of inflation. We estimate that our 2025 reserves would increase by 5% (6.4 million ounces), or decline by 2% (2.8 million ounces), if the gold price assumption increased or decreased $100 per ounce, respectively, with all other assumptions remaining constant.

We publish reserves annually, and will recalculate reserves at December 31, 2026, taking into account metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2026.

The Company has internal controls for reviewing and documenting the information supporting the mineral reserve and mineral resource estimates, describing the methods used, and ensuring the validity of the estimates. Information that is utilized to compile mineral reserves and resources is prepared and certified by appropriately qualified persons at the mine site level and is subject to our internal review process which includes review by the Newmont-designated site and the Qualified Person (“QP”) based in our corporate office in Denver, Colorado. Additionally, all material sites are generally audited on a three-year cycle, and non-material sites on a four-year cycle, by subject matter experts for compliance with internal standards, guidelines, and applicable regulatory requirements. Audit timing may be adjusted, as appropriate, based on factors such as site-specific risk assessments, the presence or absence of material changes, or alignment with the timing of significant projects of planned additions. The QP presents the mineral reserve and mineral resource information to the Audit Committee and the Disclosure Committee on an annual basis for further review.

The following tables detail proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2025 and 2024.

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Gold Reserves at December 31, 2025 (1)
									Proven Reserves																		Probable Reserves																		Proven and Probable Reserves																		Metallurgical Recovery (3)
Deposits/Districts			Newmont Share						Tonnage (2) (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (2) (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (2) (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)
Lihir Open Pits			100%						—						—						—						147,900						2.55						12,100						147,900						2.55						12,100						76%
Lihir Stockpiles (4)			100%						—						—						—						72,300						1.65						3,800						72,300						1.65						3,800						76%
Total Lihir, Papua New Guinea (5)			100%						—						—						—						220,200						2.26						16,000						220,200						2.26						16,000						76%
Wafi-Golpu, Papua New Guinea (6)(7)			50%						—						—						—						194,500						0.82						5,100						194,500						0.82						5,100						68%
Cadia, Australia (8)			100%						—						—						—						1,007,600						0.42						13,500						1,007,600						0.42						13,500						81%
Tanami, Australia			100%						10,100						4.88						1,600						22,700						5.10						3,700						32,800						5.03						5,300						98%
Boddington Open Pit			100%						265,300						0.62						5,300						216,300						0.58						4,100						481,700						0.60						9,300						85%
Boddington Stockpiles (4)			100%						5,600						0.56						100						57,800						0.43						800						63,400						0.44						900						84%
Total Boddington, Australia (9)			100%						271,000						0.61						5,400						274,100						0.55						4,900						545,100						0.58						10,200						85%
Ahafo South Open Pit (10)			100%						2,500						1.16						100						40,900						1.48						1,900						43,400						1.46						2,000						88%
Ahafo South Underground (11)			100%						9,400						2.51						800						10,000						2.23						700						19,400						2.37						1,500						94%
Ahafo South Stockpiles (4)(12)			100%						18,500						0.94						600						—						—						—						18,500						0.94						600						91%
Total Ahafo South, Ghana			100%						30,400						1.44						1,400						50,900						1.63						2,700						81,300						1.56						4,100						91%
Ahafo North, Ghana (13)			100%						—						—						—						65,500						2.23						4,700						65,500						2.23						4,700						89%
Total Ahafo Complex, Ghana			100%						30,400						1.44						1,400						116,500						1.97						7,400						146,900						1.86						8,800						90%
Merian, Suriname			75%						24,800						1.21						1,000						104,600						1.06						3,600						129,400						1.09						4,500						93%
Cerro Negro, Argentina			100%						2,200						11.20						800						6,800						10.38						2,300						9,000						10.58						3,000						94%
Pueblo Viejo Open Pit			40%						35,800						2.22						2,600						51,300						1.95						3,200						87,100						2.06						5,800						81%
Pueblo Viejo Stockpiles (4)			40%						—						—						—						36,900						2.04						2,400						36,900						2.04						2,400						81%
Total Pueblo Viejo, Dominican Republic (7)(14)			40%						35,800						2.22						2,600						88,200						1.99						5,600						123,900						2.06						8,200						81%
NuevaUnión, Chile (7)(15)			50%						—						—						—						341,100						0.47						5,100						341,100						0.47						5,100						66%
Norte Abierto, Chile (7)(16)			50%						—						—						—						521,100						0.65						10,800						521,100						0.65						10,800						86%
Yanacocha, Peru			100%						18,800						0.81						500						—						—						—						18,800						0.81						500						71%
Peñasquito Open Pits			100%						79,500						0.54						1,400						114,800						0.44						1,600						194,300						0.48						3,000						62%
Peñasquito Stockpiles (4)			100%						4,900						0.44						100						21,800						0.21						100						26,700						0.25						200						45%
Total Peñasquito, Mexico			100%						84,400						0.53						1,400						136,600						0.40						1,800						221,000						0.45						3,200						61%
Red Chris, Canada (17)			70%						2,600						0.32						—						178,900						0.63						3,600						181,500						0.62						3,600						69%
Brucejack, Canada			100%						—						—						—						13,500						6.65						2,900						13,500						6.65						2,900						96%
NGM Open Pit (18)			38.5%						—						—						—						131,100						1.02						4,300						131,100						1.02						4,300						75%
NGM Stockpiles (4)(19)			38.5%						6,800						1.29						300						20,800						2.35						1,600						27,600						2.09						1,800						67%
NGM Underground (20)			38.5%						4,200						11.67						1,600						37,900						7.93						9,700						42,100						8.30						11,200						84%
Total NGM, United States (21)			38.5%						10,900						5.24						1,800						189,800						2.54						15,500						200,700						2.69						17,400						80%
Total Gold									490,900						1.04						16,500						3,416,100						0.93						101,800						3,907,000						0.94						118,200						81%

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Gold Reserves at December 31, 2024 (1)
									Proven Reserves																		Probable Reserves																		Proven and Probable Reserves																		Metallurgical Recovery (3)
Deposits/Districts			Newmont Share						Tonnage (2) (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (2) (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (2) (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)
Lihir Open Pits			100%						—						—						—						125,900						2.86						11,600						125,900						2.86						11,600						77%
Lihir Stockpiles (4)			100%						—						—						—						77,100						1.68						4,200						77,100						1.68						4,200						77%
Total Lihir, Papua New Guinea			100%						—						—						—						203,000						2.41						15,800						203,000						2.41						15,800						77%
Wafi-Golpu, Papua New Guinea (7)			50%						—						—						—						194,500						0.82						5,100						194,500						0.82						5,100						68%
Cadia, Australia			100%						—						—						—						1,051,800						0.42						14,100						1,051,800						0.42						14,100						81%
Tanami, Australia			100%						10,100						5.25						1,700						19,800						5.28						3,400						29,900						5.27						5,100						98%
Boddington Open Pit			100%						276,500						0.64						5,600						219,200						0.61						4,300						495,700						0.62						9,900						84%
Boddington Stockpiles (4)			100%						2,100						0.67						—						61,900						0.42						800						64,100						0.43						900						83%
Total Boddington, Australia			100%						278,600						0.64						5,700						281,200						0.57						5,100						559,800						0.60						10,800						84%
Ahafo South Open Pit			100%						2,400						2.64						200						39,700						1.57						2,000						42,000						1.63						2,200						89%
Ahafo South Underground			100%						6,100						2.97						600						15,200						2.36						1,200						21,300						2.54						1,700						94%
Ahafo South Stockpiles (4)			100%						21,700						0.97						700						—						—						—						21,700						0.97						700						91%
Total Ahafo South, Ghana			100%						30,200						1.51						1,500						54,800						1.79						3,200						85,000						1.69						4,600						91%
Ahafo North, Ghana			100%						—						—						—						62,000						2.32						4,600						62,000						2.32						4,600						91%
Total Ahafo Complex, Ghana			100%						30,200						1.51						1,500						116,800						2.07						7,800						147,000						1.96						9,200						91%
Merian, Suriname			75%						23,400						1.26						900						87,300						1.14						3,200						110,700						1.16						4,100						93%
Cerro Negro, Argentina			100%						2,200						11.84						800						7,100						10.50						2,400						9,300						10.82						3,200						94%
Pueblo Viejo Open Pit			40%						32,200						2.27						2,300						49,500						2.04						3,300						81,700						2.13						5,600						88%
Pueblo Viejo Stockpiles (4)			40%						—						—						—						38,800						2.07						2,600						38,800						2.07						2,600						83%
Total Pueblo Viejo, Dominican Republic (7)(14)			40%						32,200						2.27						2,300						88,300						2.06						5,800						120,500						2.11						8,200						86%
NuevaUnión, Chile (7)(15)			50%						—						—						—						341,100						0.47						5,100						341,100						0.47						5,100						66%
Norte Abierto, Chile (7)(16)			50%						—						—						—						598,800						0.60						11,600						598,800						0.60						11,600						74%
Yanacocha Open Pits			100%						17,700						0.90						500						96,300						0.78						2,500						114,100						0.80						2,900						55%
Yanacocha Underground			100%						—						—						—						12,300						6.06						2,400						12,300						6.06						2,400						97%
Total Yanacocha, Peru			100%						17,800						0.90						500						108,600						1.38						4,800						126,400						1.31						5,300						74%
Peñasquito Open Pits			100%						93,900						0.58						1,700						130,800						0.48						2,000						224,700						0.52						3,800						62%
Peñasquito Stockpiles (4)			100%						4,700						0.60						100						27,300						0.21						200						32,000						0.26						300						37%
Total Peñasquito, Mexico			100%						98,600						0.58						1,800						158,100						0.44						2,200						256,600						0.49						4,100						60%
Red Chris, Canada			70%						—						—						—						186,400						0.62						3,700						186,400						0.62						3,700						69%
Brucejack, Canada			100%						—						—						—						8,600						6.95						1,900						8,600						6.95						1,900						96%
NGM Open Pit			38.5%						—						—						—						124,200						1.16						4,600						124,200						1.16						4,600						77%
NGM Stockpiles (4)			38.5%						16,400						1.86						1,000						12,900						2.36						1,000						29,200						2.08						2,000						69%
NGM Underground			38.5%						4,000						11.28						1,400						39,700						7.73						9,900						43,700						8.06						11,300						89%
Total NGM, United States (21)			38.5%						20,400						3.69						2,400						176,800						2.72						15,500						197,100						2.82						17,900						84%
Held for sale (22)
CC&V Open Pit			100%						87,000						0.43						1,200						28,600						0.44						400						115,600						0.43						1,600						58%
CC&V Leach Pads (23)			100%						—						—						—						34,600						0.73						800						34,600						0.73						800						55%
Total CC&V, United States			100%						87,000						0.43						1,200						63,200						0.60						1,200						150,200						0.50						2,400						57%
Musselwhite, Canada			100%						4,100						6.69						900						3,200						6.10						600						7,400						6.43						1,500						96%
Porcupine Underground			100%						1,600						5.09						300						2,700						7.27						600						4,400						6.46						900						89%
Porcupine Open Pit			100%						300						2.09						—						30,200						1.46						1,500						30,600						1.46						1,500						93%
Total Porcupine, Canada			100%						2,000						4.57						300						33,000						1.94						2,100						34,900						2.09						2,300						92%
Éléonore, Canada			100%						2,200						4.86						300						7,900						5.10						1,300						10,100						5.05						1,600						92%
Akyem Open Pit			100%						12,700						1.52						600						5,500						1.58						300						18,200						1.54						900						90%
Akyem Stockpiles (4)			100%						700						0.72						—						—						—						—						700						0.72						—						90%
Total Akyem, Ghana			100%						13,500						1.48						600						5,500						1.58						300						19,000						1.51						900						90%
Total Gold									622,100						1.06						21,100						3,741,000						0.94						113,000						4,363,000						0.96						134,100						81%

____________________________

(1)At December 31, 2025 and 2024, gold reserves at sites for which Newmont is the operator were estimated at a gold price of $2,000 and $1,700 per ounce, respectively, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.

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(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the nearest 100,000.

(3)Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000.

(4)Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.

(5)Cut-off grade utilized in 2025 reserves not less than 1.00 gram per tonne.

(6)Project is currently undeveloped. Gold reserves at December 31, 2025 were estimated at a gold price of $1,200 per ounce.

(7)Included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements.

(8)The net smelter return value utilized in 2025 reserves not less than $24.62 per tonne.

(9)The net smelter return value utilized in 2025 reserves not less than $18.24 per tonne.

(10)Cut-off grade utilized in 2025 reserves not less than 0.49 gram per tonne.

(11)Cut-off grade utilized in 2025 reserves not less than 1.80 gram per tonne.

(12)Cut-off grade utilized in 2025 reserves not less than 0.48 gram per tonne.

(13)Cut-off grade utilized in 2025 reserves not less than 0.60 gram per tonne.

(14)The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Gold reserves at December 31, 2025 were estimated at a gold price of $1,500 per ounce. Gold reserves at December 31, 2025 and 2024 were provided by Barrick, the operator of Pueblo Viejo.

(15)Project is currently undeveloped. Gold reserves at December 31, 2025 were estimated at a gold price of $1,300 per ounce. Gold reserves at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture.

(16)Project is currently undeveloped. Gold reserves at December 31, 2025 were estimated at a gold price of $1,700 per ounce. Gold reserves at December 31, 2025 and 2024 were provided by the Norte Abierto joint venture.

(17)Gold reserves related to the underground mine at December 31, 2025 were estimated at a gold price of $1,300 per ounce.

(18)Cut-off grade utilized in 2025 reserves not less than 0.15 gram per tonne.

(19)Cut-off grade utilized in 2025 reserves not less than 0.44 gram per tonne.

(20)Cut-off grade utilized in 2025 reserves not less than 3.34 gram per tonne.

(21)Gold reserves at December 31, 2025 were estimated at a gold price of $1,500 per ounce. Gold reserves at December 31, 2025 and 2024 were provided by Barrick, the operator of the NGM joint venture.

(22)Sites were classified as held for sale as of December 31, 2024 and were divested as of December 31, 2025. Refer to Note 3 of the Consolidated Financial Statements for further information on the Company's divestitures.

(23)Leach pad material is the material on leach pads at the end of the year from which gold remains to be recovered. In-process reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.

Copper Reserves at December 31, 2025 (1)
									Proven Reserves																		Probable Reserves																		Proven and Probable Reserves																		Metallurgical Recovery (3)
Deposits/Districts			Newmont Share						Tonnage (2) (000 tonnes)						Grade (Cu %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Cu %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Cu %)						Tonnes (3) (000)
Wafi-Golpu, Papua New Guinea (4)(5)			50%						—						—%						—						194,500						1.20%						2,300						194,500						1.20%						2,300						95%
Cadia, Australia (6)			100%						—						—%						—						1,007,600						0.29%						2,900						1,007,600						0.29%						2,900						87%
Boddington, Australia (7)			100%						271,000						0.09%						200						274,100						0.10%						300						545,100						0.09%						500						81%
NuevaUnión, Chile (5)(8)			50%						—						—%						—						1,118,000						0.40%						4,400						1,118,000						0.40%						4,400						88%
Norte Abierto, Chile (5)(9)			50%						—						—%						—						521,100						0.24%						1,200						521,100						0.24%						1,200						79%
Red Chris, Canada (10)			70%						2,600						0.41%						—						178,900						0.52%						900						181,500						0.52%						900						84%
NGM, United States (11)			38.5%						3,700						0.15%						—						76,500						0.18%						100						80,200						0.18%						100						68%
Total Copper									277,300						0.09%						200						3,370,700						0.36%						12,300						3,648,000						0.34%						12,500						87%

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Copper Reserves at December 31, 2024 (1)
									Proven Reserves																		Probable Reserves																		Proven and Probable Reserves																		Metallurgical Recovery (3)
Deposits/Districts			Newmont Share						Tonnage (2) (000 tonnes)						Grade (Cu %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Cu %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Cu %)						Tonnes (3) (000)
Wafi-Golpu, Papua New Guinea (5)			50%						—						—%						—						194,500						1.20%						2,300						194,500						1.20%						2,300						95%
Cadia, Australia			100%						—						—%						—						1,051,800						0.29%						3,100						1,051,800						0.29%						3,100						87%
Boddington, Australia			100%						278,600						0.09%						200						281,200						0.10%						300						559,800						0.09%						500						81%
NuevaUnión, Chile (5)(8)			50%						—						—%						—						1,118,000						0.40%						4,400						1,118,000						0.40%						4,400						88%
Norte Abierto, Chile (5)(9)			50%						—						—%						—						598,800						0.22%						1,300						598,800						0.22%						1,300						87%
Yanacocha, Peru			100%						—						—%						—						111,100						0.63%						700						111,100						0.63%						700						83%
Red Chris, Canada			70%						—						—%						—						186,400						0.52%						1,000						186,400						0.52%						1,000						84%
NGM, United States (11)			38.5%						4,300						0.16%						—						71,000						0.18%						100						75,400						0.18%						100						66%
Total Copper									282,900						0.09%						200						3,612,900						0.37%						13,200						3,895,800						0.35%						13,500						88%

____________________________

(1)At December 31, 2025 and 2024, copper reserves at sites for which Newmont is the operator were estimated at a copper price of $3.75 and $3.50 per pound, respectively, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.

(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.

(3)Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.

(4)Project is currently undeveloped. Copper reserves at December 31, 2025 were estimated at a copper price of $3.00 per pound.

(5)Included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements.

(6)The net smelter return value utilized in 2025 reserves not less than $24.62 per tonne.

(7)The net smelter return value utilized in 2025 reserves not less than $18.24 per tonne.

(8)Project is currently undeveloped. Copper reserves at December 31, 2025 were estimated at a copper price of $3.00 per pound. Copper reserves at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture.

(9)Project is currently undeveloped. Copper reserves at December 31, 2025 were estimated at a copper price of $3.50. Copper reserves at December 31, 2025 and 2024 were provided by the Norte Abierto joint venture.

(10)Copper reserves related to the underground mine at December 31, 2025 were estimated at a copper price of $3.00 per pound.

(11)Copper cut-off grade varies with gold and silver credits. Copper reserves at December 31, 2025 were estimated at a copper price of $3.25 per ounce. Copper reserves at December 31, 2025 and 2024 were provided by Barrick, the operator of the NGM joint venture.

Silver Reserves at December 31, 2025 (1)
									Proven Reserves																		Probable Reserves																		Proven and Probable Reserves																		Metallurgical Recovery (3)
Deposits/Districts			Newmont Share						Tonnage (2) (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (2) (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (2) (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)
Cadia, Australia (4)			100%						—						—						—						1,007,600						0.67						21,800						1,007,600						0.67						21,800						67%
Cerro Negro, Argentina			100%						2,200						84.41						5,900						6,800						66.20						14,400						9,000						70.62						20,300						74%
Pueblo Viejo Open Pits			40%						35,800						12.01						13,800						51,300						11.58						19,100						87,100						11.76						32,900						53%
Pueblo Viejo Stockpiles (5)			40%						—						—						—						36,900						13.59						16,100						36,900						13.59						16,100						53%
Total Pueblo Viejo, Dominican Republic (6)(7)			40%						35,800						12.01						13,800						88,200						12.42						35,200						123,900						12.30						49,000						53%
NuevaUnión, Chile (7)(8)			50%						—						—						—						1,118,000						1.31						47,200						1,118,000						1.31						47,200						66%
Norte Abierto, Chile (7)(9)			50%						—						—						—						521,100						1.61						27,000						521,100						1.61						27,000						76%
Yanacocha, Peru			100%						—						—						—						68,300						8.82						19,400						68,300						8.82						19,400						5%
Peñasquito Open Pits			100%						79,500						34.50						88,200						114,800						31.09						114,700						194,300						32.49						202,900						83%
Peñasquito Stockpiles (5)			100%						4,900						47.37						7,500						21,800						27.90						19,600						26,700						31.48						27,000						76%
Total Peñasquito, Mexico			100%						84,400						35.25						95,700						136,600						30.58						134,300						221,000						32.37						230,000						82%
Brucejack, Canada			100%						—						—						—						13,500						29.39						12,800						13,500						29.39						12,800						83%
NGM Open Pit			38.5%						—						—						—						66,200						6.54						13,900						66,200						6.54						13,900						38%
NGM Stockpiles (5)			38.5%						2,700						7.89						700						—						—						—						2,700						7.89						700						38%
Total NGM, United States (10)			38.5%						2,700						7.89						700						66,200						6.54						13,900						68,900						6.59						14,600						38%
Total Silver									125,000						28.88						116,000						3,026,200						3.35						326,000						3,151,200						4.36						442,000						71%

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Silver Reserves at December 31, 2024 (1)
									Proven Reserves																		Probable Reserves																		Proven and Probable Reserves																		Metallurgical Recovery (3)
Deposits/Districts			Newmont Share						Tonnage (2) (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (2) (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (2) (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)
Cadia, Australia			100%						—						—						—						1,051,800						0.67						22,800						1,051,800						0.67						22,800						68%
Cerro Negro, Argentina			100%						2,200						89.85						6,400						7,100						65.87						15,000						9,300						71.58						21,400						75%
Pueblo Viejo Open Pits			40%						32,200						12.44						12,900						49,500						11.49						18,300						81,700						11.86						31,200						71%
Pueblo Viejo Stockpiles (5)			40%						—						—						—						38,800						14.22						17,700						38,800						14.22						17,700						71%
Total Pueblo Viejo, Dominican Republic (6)(7)			40%						32,200						12.44						12,900						88,300						12.69						36,000						120,500						12.62						48,900						71%
NuevaUnión, Chile (7)(8)			50%						—						—						—						1,118,000						1.31						47,200						1,118,000						1.31						47,200						66%
Norte Abierto, Chile (7)(9)			50%						—						—						—						598,800						1.52						29,300						598,800						1.52						29,300						74%
Yanacocha Open Pits and Underground			100%						—						—						—						93,400						19.89						59,800						93,400						19.89						59,800						54%
Yanacocha Stockpiles and Leach Pads (5)(11)			100%						—						—						—						78,900						9.33						23,600						78,900						9.33						23,600						13%
Total Yanacocha, Peru			100%						—						—						—						172,300						15.05						83,400						172,300						15.05						83,400						43%
Peñasquito Open Pits			100%						93,900						34.68						104,700						130,800						28.52						119,900						224,700						31.09						224,600						83%
Peñasquito Stockpiles (5)			100%						4,700						25.38						3,800						27,300						28.32						24,800						32,000						27.89						28,700						73%
Total Peñasquito, Mexico			100%						98,600						34.24						108,500						158,100						28.49						144,800						256,600						30.70						253,300						82%
Brucejack, Canada			100%						—						—						—						8,600						34.36						9,500						8,600						34.36						9,500						83%
NGM Open Pit			38.5%						—						—						—						54,600						7.78						13,700						54,600						7.78						13,700						38%
NGM Stockpiles (5)			38.5%						3,200						7.87						800						—						—						—						3,200						7.87						800						38%
Total NGM, United States (10)			38.5%						3,200						7.87						800						54,600						7.78						13,700						57,900						7.78						14,500						38%
Total Silver									136,200						29.37						128,600						3,257,700						3.83						401,600						3,393,800						4.86						530,200						71%

____________________________

(1)At December 31, 2025 and 2024, silver reserves at sites for which Newmont is the operator were estimated at a silver price of $25 and $20 per ounce, respectively, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.

(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.

(3)Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000.

(4)The net smelter return value utilized in 2025 reserves not less than $24.62 per tonne.

(5)Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.

(6)The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Silver reserves at December 31, 2025 were estimated at a silver price of $21 per ounce. Silver reserves at December 31, 2025 and 2024 were provided by Barrick, the operator of Pueblo Viejo.

(7)Included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements.

(8)Project is currently undeveloped. Silver reserves at December 31, 2025 were estimated at a silver price of $18 per ounce. Silver reserves at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture.

(9)Project is currently undeveloped. Silver reserves at December 31, 2025 were estimated at a silver price of $25 per ounce. Silver reserves at December 31, 2025 and 2024 were provided by the Norte Abierto joint venture.

(10)Silver cut-off grade varies with gold and copper credits. Silver reserves at December 31, 2025 were estimated at a silver price of $21 per ounce. Silver reserves at December 31, 2025 and 2024 were provided by Barrick, the operator of the NGM joint venture.

(11)Leach pad material is the material on leach pads at the end of the year from which silver remains to be recovered. In-process reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.

Lead Reserves at December 31, 2025 (1)
									Proven Reserves																		Probable Reserves																		Proven and Probable Reserves																		Metallurgical Recovery (3)
Deposits/Districts			Newmont Share						Tonnage (2) (000 tonnes)						Grade (Pb %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Pb %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Pb %)						Tonnes (3) (000)
Peñasquito, Mexico			100%						84,400						0.34%						300						136,600						0.28%						400						221,000						0.30%						700						75%
Total Lead									84,400						0.34%						300						136,600						0.28%						400						221,000						0.30%						700						75%

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Lead Reserves at December 31, 2024 (1)
									Proven Reserves																		Probable Reserves																		Proven and Probable Reserves																		Metallurgical Recovery (3)
Deposits/Districts			Newmont Share						Tonnage (2) (000 tonnes)						Grade (Pb %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Pb %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Pb %)						Tonnes (3) (000)
Peñasquito, Mexico			100%						98,600						0.35%						300						158,100						0.29%						500						256,600						0.31%						800						74%
Total Lead									98,600						0.35%						300						158,100						0.29%						500						256,600						0.31%						800						74%

____________________________

(1)At December 31, 2025 and 2024, lead reserves were estimated at a lead price of $0.90 per pound. Amounts presented may not recalculate in total due to rounding.

(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.

(3)Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.

Zinc Reserves at December 31, 2025 (1)
									Proven Reserves																		Probable Reserves																		Proven and Probable Reserves																		Metallurgical Recovery (3)
Deposits/Districts			Newmont Share						Tonnage (2) (000 tonnes)						Grade (Zn %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Zn %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Zn %)						Tonnes (3) (000)
Peñasquito Open Pits, Mexico			100%						79,500						0.77%						600						114,800						0.60%						700						194,300						0.67%						1,300						83%
Peñasquito Stockpiles, Mexico (4)			100%						4,900						1.25%						100						21,800						0.54%						100						26,700						0.67%						200						78%
Total Zinc									84,400						0.80%						700						136,600						0.59%						800						221,000						0.67%						1,500						82%

Zinc Reserves at December 31, 2024 (1)
									Proven Reserves																		Probable Reserves																		Proven and Probable Reserves																		Metallurgical Recovery (3)
Deposits/Districts			Newmont Share						Tonnage (2) (000 tonnes)						Grade (Zn %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Zn %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Zn %)						Tonnes (3) (000)
Peñasquito Open Pits, Mexico			100%						93,900						0.81%						800						130,800						0.6%						800						224,700						0.69%						1,500						83%
Peñasquito Stockpiles, Mexico (4)			100%						4,700						0.80%						—						27,300						0.54%						100						32,000						0.58%						200						75%
Total Zinc									98,600						0.81%						800						158,100						0.59%						900						256,600						0.68%						1,700						82%

____________________________

(1)At December 31, 2025 and 2024, zinc reserves were estimated at a zinc price of $1.20 per pound. Amounts presented may not recalculate in total due to rounding.

(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.

(3)Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.

(4)Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where pounds exceed 100 million and are greater than 5% of the total site-reported reserves.

Molybdenum Reserves at December 31, 2025 (1)
									Proven Reserves																		Probable Reserves																		Proven and Probable Reserves																		Metallurgical Recovery (3)
Deposits/Districts			Newmont Share						Tonnage (2) (000 tonnes)						Grade (Mo %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Mo %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Mo %)						Tonnes (3) (000)
Cadia, Australia (4)			100%						—						—%						—						996,400						0.01%						100						996,400						0.01%						100						67%
NuevaUnión, Chile (5)(6)			50%						—						—%						—						776,900						0.02%						100						776,900						0.02%						100						48%
Total Molybdenum									—						—%						—						1,773,300						0.01%						200						1,773,300						0.01%						200						56%

Molybdenum Reserves at December 31, 2024 (1)
									Proven Reserves																		Probable Reserves																		Proven and Probable Reserves																		Metallurgical Recovery (3)
Deposits/Districts			Newmont Share						Tonnage (2) (000 tonnes)						Grade (Mo %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Mo %)						Tonnes (3) (000)						Tonnage (2) (000 tonnes)						Grade (Mo %)						Tonnes (3) (000)
Cadia, Australia			100%						—						—%						—						1,040,600						0.01%						100						1,040,600						0.01%						100						67%
NuevaUnión, Chile (5)(6)			50%						—						—%						—						776,900						0.02%						100						776,900						0.02%						100						48%
Total Molybdenum									—						—%						—						1,817,500						0.01%						200						1,817,500						0.01%						200						56%

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____________________________

(1)At December 31, 2025 and 2024, molybdenum reserves at sites for which Newmont is the operator were estimated at a molybdenum price of $13 per pound, unless otherwise noted. Amounts presented may not recalculate in total due to rounding.

(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.

(3)Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.

(4)The net smelter return value utilized in 2025 reserves not less than $25 per tonne.

(5)Project is currently undeveloped. Molybdenum reserves at December 31, 2025 were estimated at a molybdenum price of $10 per pound. Molybdenum reserves at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture.

(6)Included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements.

Measured, Indicated, and Inferred Resources

All of our resources are located on land (i) we own or control, or (ii) that is owned or controlled by business entities established with our joint venture partners, in which the Company owns its pro-rata share of the capital stock, membership units, or interests. The risks that could affect title to our property are included above in Item 1A, Risk Factors.

The measured, indicated, and inferred resource figures presented herein are estimates based on information available at the time of calculation and are exclusive of reserves. A “mineral resource” is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade, or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. The reference point for mineral resources is in situ. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories. Ounces of gold and silver or pounds of copper, zinc, lead, and molybdenum included in the measured, indicated and inferred resources are those contained prior to losses during metallurgical treatment. The terms "measured resource," "indicated resource," and "inferred resource" mean that part of a mineral resource for which quantity and grade or quality are estimated on the basis of geological evidence and sampling that is considered to be comprehensive, adequate, or limited, respectively.

Market fluctuations in the price of gold, silver, copper, zinc, lead, and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could change future estimates of resources. Metal price assumptions are based on approximately a ten to twenty-five percent premium over reserve prices.

Our exploration efforts are directed to the discovery of new resources and converting them into proven and probable reserves. We conduct brownfield exploration around our existing mines and greenfield exploration in other locations globally. Brownfield exploration can result in the discovery of additional deposits, which may receive the economic benefit of existing operating, processing and administrative infrastructures. In contrast, the discovery of mineralization through greenfield exploration efforts will require capital investment to build a stand-alone operation. Our Exploration expense was $243, $266, and $265 for the years ended December 31, 2025, 2024, and 2023, respectively.

We had attributable measured and indicated gold resources of 88.1 million ounces and attributable inferred gold resources of 60.6 million ounces at December 31, 2025. For 2025 and 2024, attributable measured, indicated, and inferred gold resources were estimated at a gold price assumption of $2,300 and $2,000 per ounce, respectively, except as noted below. The increase in the resources gold price assumption is based on the Company's assessment of multiple factors, including historical gold pricing trends, consensus price forecasts, and impacts of inflation.

The resource figures presented herein do not include that part of our resources that have been converted to Proven and Probable Reserves as shown above, as they are reported exclusive of reserves, and have been estimated based on information available at the time of calculation.

The Company has internal controls for reviewing and documenting the information supporting the mineral reserve and mineral resource estimates, describing the methods used, and ensuring the validity of the estimates. Refer to Proven and Probable Reserves above for further information on these internal controls.

We publish measured, indicated, and inferred resources annually, and will recalculate them at December 31, 2026, taking into account metal prices, changes, if any, in future production and capital costs, divestments and conversion to reserves, as well as any acquisitions and additions during 2026.

The following tables detail measured, indicated, and inferred resources reflecting only those that are attributable to Newmont’s ownership or economic interest at December 31, 2025 and 2024.

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Gold Resources at December 31, 2025 (1)(2)
									Measured Resources																		Indicated Resources																		Measured and Indicated Resources																		Inferred Resources
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Metallurgical Recovery (3)
Lihir, Papua New Guinea			100%						—						—						—						37,500						1.99						2,400						37,500						1.99						2,400						239,800						2.4						18,300						75%
Wafi-Golpu Open Pit (4)			50%						—						—						—						53,600						1.66						2,900						53,600						1.66						2,900						15,500						1.3						600						65%
Wafi-Golpu Underground (5)			50%						—						—						—						140,800						0.45						2,000						140,800						0.45						2,000						91,900						0.6						1,900						68%
Total Wafi-Golpu, Papua New Guinea (6)			50%						—						—						—						194,500						0.78						4,900						194,500						0.78						4,900						107,300						0.7						2,600						67%
Cadia Underground			100%						—						—						—						1,009,300						0.29						9,400						1,009,300						0.29						9,400						163,900						0.2						1,300						81%
Cadia Stockpiles			100%						28,500						0.30						300						—						—						—						28,500						0.30						300						—						—						—						64%
Total Cadia, Australia			100%						28,500						0.30						300						1,009,300						0.29						9,400						1,037,800						0.29						9,700						163,900						0.2						1,300						81%
Tanami Open Pit			100%						10,000						1.62						500						27,300						1.42						1,200						37,200						1.47						1,800						5,500						1.1						200						90%
Tanami Underground			100%						2,600						3.35						300						6,800						3.77						800						9,400						3.65						1,100						17,600						4.4						2,500						96%
Total Tanami, Australia			100%						12,500						1.98						800						34,100						1.89						2,100						46,600						1.91						2,900						23,100						3.6						2,700						94%
Boddington, Australia			100%						97,300						0.52						1,600						168,200						0.49						2,600						265,500						0.50						4,300						3,800						0.5						100						85%
Ahafo South Open Pit			100%						1,000						1.13						—						5,000						0.72						100						6,100						0.79						200						3,200						1.1						100						87%
Ahafo South Underground			100%						1,200						3.69						100						41,400						3.84						5,100						42,500						3.84						5,200						19,500						2.9						1,800						91%
Total Ahafo South, Ghana			100%						2,200						2.49						200						46,400						3.51						5,200						48,600						3.46						5,400						22,700						2.7						2,000						91%
Ahafo North, Ghana			100%						6,600						1.44						300						36,300						1.74						2,000						42,900						1.69						2,300						18,100						1.6						900						90%
Total Ahafo Complex, Ghana			100%						8,700						1.70						500						82,700						2.73						7,300						91,400						2.63						7,700						40,900						2.2						2,900						91%
Merian, Suriname			75%						5,200						0.96						200						49,600						1.05						1,700						54,800						1.05						1,800						79,700						0.8						2,100						90%
Cerro Negro, Argentina			100%						1,300						3.73						200						1,900						5.42						300						3,200						4.73						500						7,500						5.1						1,200						95%
Pueblo Viejo, Dominican Republic (6)(7)			40%						7,300						1.31						300						33,100						1.37						1,500						40,300						1.36						1,800						6,300						1.5						300						81%
NuevaUnión, Chile (6)(8)			50%						4,800						0.47						100						118,300						0.59						2,300						123,100						0.59						2,300						239,800						0.4						3,100						68%
Norte Abierto, Chile (6)(9)			50%						77,700						0.61						1,500						525,500						0.51						8,600						603,200						0.52						10,100						381,100						0.4						5,300						78%
Conga, Peru (6)(10)			100%						—						—						—						693,800						0.65						14,600						693,800						0.65						14,600						230,500						0.4						2,900						75%
Yanacocha Open Pit			100%						12,800						0.41						200						99,100						0.70						2,300						111,900						0.67						2,400						360,300						0.5						6,200						58%
Yanacocha Underground			100%						3,800						7.28						900						15,200						5.13						2,500						19,000						5.56						3,400						3,600						4.9						600						97%
Total Yanacocha, Peru (11)			100%						16,600						1.98						1,100						114,300						1.29						4,700						130,900						1.38						5,800						363,900						0.6						6,700						71%
Peñasquito, Mexico			100%						52,800						0.30						500						172,100						0.21						1,100						224,900						0.23						1,600						9,200						0.2						100						56%
La Bikina, Mexico (6)			50%						—						—						—						19,900						0.37						200						19,900						0.37						200						1,600						0.2						—						50%
Galore Creek, Canada (6)(12)			50%						212,800						0.29						2,000						385,600						0.22						2,700						598,400						0.25						4,700						118,900						0.2						700						75%
Red Chris, Canada (13)			70%						—						—						—						334,800						0.34						3,700						334,800						0.34						3,700						62,000						0.3						700						55%
Brucejack, Canada			100%						—						—						—						4,300						4.13						600						4,300						4.13						600						14,500						5.3						2,500						96%
NGM Open Pit			38.5%						2,900						1.04						100						178,000						0.64						3,600						180,900						0.64						3,700						63,200						0.8						1,500						75%
NGM Underground			38.5%						1,400						8.83						400						21,900						6.34						4,500						23,400						6.50						4,900						25,600						6.9						5,700						82%
Total NGM, Nevada (14)			38.5%						4,300						3.61						500						199,900						1.26						8,100						204,300						1.31						8,600						88,900						2.5						7,300						80%
Total Gold									529,900						0.56						9,500						4,179,300						0.59						78,700						4,709,300						0.58						88,100						2,182,600						0.9						60,600						78%

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Gold Resources at December 31, 2024 (1)(2)
									Measured Resources																		Indicated Resources																		Measured and Indicated Resources																		Inferred Resources
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Metallurgical Recovery (3)
Namosi, Fiji			73.24%						—						—						—						105,500						0.22						700						105,500						0.22						700						1,346,900						0.1						4,300						72%
Lihir, Papua New Guinea			100%						—						—						—						44,600						1.97						2,800						44,600						1.97						2,800						227,400						2.4						17,600						75%
Wafi-Golpu Open Pit			50%						—						—						—						53,600						1.66						2,900						53,600						1.66						2,900						15,500						1.3						600						65%
Wafi-Golpu Underground			50%						—						—						—						140,800						0.45						2,000						140,800						0.45						2,000						91,900						0.6						1,900						68%
Total Wafi-Golpu, Papua New Guinea (6)			50%						—						—						—						194,500						0.78						4,900						194,500						0.78						4,900						107,300						0.7						2,600						67%
Cadia Underground			100%						—						—						—						1,245,100						0.36						14,200						1,245,100						0.36						14,200						549,400						0.3						4,800						81%
Cadia Open Pit			100%						30,800						0.30						300						—						—						—						30,800						0.30						300						11,000						0.7						200						65%
Total Cadia, Australia			100%						30,800						0.30						300						1,245,100						0.36						14,200						1,275,900						0.35						14,500						560,400						0.3						5,000						81%
Tanami Open Pit			100%						9,700						1.65						500						26,500						1.45						1,200						36,200						1.50						1,700						5,300						1.1						200						90%
Tanami Underground			100%						2,800						3.22						300						6,600						3.80						800						9,300						3.63						1,100						17,200						4.4						2,400						97%
Total Tanami, Australia			100%						12,500						1.99						800						33,000						1.92						2,000						45,500						1.94						2,800						22,500						3.6						2,600						94%
Boddington, Australia			100%						90,600						0.55						1,600						154,100						0.53						2,600						244,700						0.54						4,200						3,500						0.6						100						84%
Ahafo South Open Pit			100%						3,900						1.13						100						6,500						0.83						200						10,400						0.95						300						3,500						1.2						100						85%
Ahafo South Underground			100%						700						3.85						100						27,100						3.96						3,400						27,800						3.95						3,500						11,500						3.1						1,200						91%
Total Ahafo South, Ghana			100%						4,700						1.56						200						33,500						3.35						3,600						38,200						3.13						3,800						15,000						2.7						1,300						91%
Ahafo North, Ghana			100%						6,900						1.41						300						28,300						1.78						1,600						35,200						1.71						1,900						13,700						1.6						700						90%
Total Ahafo Complex, Ghana			100%						11,600						1.47						500						61,800						2.64						5,200						73,400						2.45						5,700						28,700						2.2						2,000						91%
Merian, Suriname			75%						5,800						1.03						200						58,600						1.08						2,000						64,500						1.08						2,200						70,000						0.9						2,000						90%
Cerro Negro, Argentina			100%						1,300						3.77						200						1,900						5.65						300						3,200						4.88						500						7,600						4.8						1,200						94%
Pueblo Viejo, Dominican Republic (6)(7)			40%						8,200						1.39						400						38,200						1.44						1,800						46,400						1.43						2,100						5,000						1.6						300						88%
NuevaUnión, Chile (6)(8)			50%						4,800						0.47						100						118,300						0.59						2,300						123,100						0.59						2,300						239,800						0.4						3,100						68%
Norte Abierto, Chile (6)(9)			50%						77,200						0.61						1,500						596,900						0.49						9,300						674,200						0.50						10,800						369,600						0.4						4,400						76%
Conga, Peru (6)			100%						—						—						—						693,800						0.65						14,600						693,800						0.65						14,600						230,500						0.4						2,900						75%
Yanacocha Open Pit			100%						16,600						0.41						200						109,200						0.40						1,400						125,700						0.40						1,600						287,200						0.6						5,100						66%
Yanacocha Underground			100%						500						4.07						100						6,200						4.70						900						6,700						4.65						1,000						3,400						5.0						500						97%
Total Yanacocha, Peru			100%						17,100						0.52						300						115,400						0.63						2,300						132,500						0.62						2,600						290,700						0.6						5,600						72%
Peñasquito, Mexico			100%						48,200						0.30						500						163,100						0.22						1,100						211,300						0.24						1,600						21,100						0.2						100						57%
La Bikina, Mexico (6)			50%						—						—						—						19,900						0.37						200						19,900						0.37						200						1,600						0.2						—						50%
Galore Creek, Canada (6)(12)			50%						212,800						0.29						2,000						385,600						0.22						2,700						598,400						0.25						4,700						118,900						0.2						700						75%
Red Chris, Canada			70%						—						—						—						335,100						0.34						3,700						335,100						0.34						3,700						62,100						0.3						700						55%
Brucejack, Canada			100%						—						—						—						4,300						4.68						600						4,300						4.68						600						16,600						5.8						3,100						96%
NGM Open Pit			38.5%						3,700						1.24						100						158,500						0.74						3,800						162,200						0.76						4,000						56,700						0.9						1,600						72%
NGM Underground			38.5%						200						23.55						200						21,500						6.34						4,400						21,800						6.52						4,600						25,100						6.4						5,200						87%
Total NGM, United States (14)			38.5%						3,900						2.51						300						180,000						1.41						8,200						183,900						1.44						8,500						81,800						2.6						6,700						82%

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Gold Resources at December 31, 2024 (1)(2) (continued)
									Measured Resources																		Indicated Resources																		Measured and Indicated Resources																		Inferred Resources
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Metallurgical Recovery (3)
Held for sale (15)
CC&V, United States			100%						20,300						0.53						300						26,500						0.48						400						46,700						0.50						800						71,400						0.4						900						51%
Musselwhite, Canada			100%						1,500						4.21						200						2,300						4.10						300						3,800						4.15						500						1,900						5.0						300						96%
Porcupine Underground			100%						—						—						—						1,000						7.70						300						1,100						7.59						300						1,900						7.8						500						92%
Porcupine Open Pit			100%						—						—						—						75,600						1.51						3,700						75,600						1.51						3,700						65,900						1.4						2,900						92%
Total Porcupine, Canada			100%						—						—						—						76,600						1.59						3,900						76,600						1.59						3,900						67,900						1.5						3,400						92%
Éléonore, Canada			100%						400						4.94						100						2,900						4.11						400						3,300						4.21						400						2,400						4.6						400						92%
Coffee, Canada (6)			100%						900						2.14						100						49,300						1.26						2,000						50,200						1.28						2,100						6,700						1.0						200						81%
Akyem, Ghana			100%						800						0.73						—						9,700						3.83						1,200						10,600						3.58						1,200						5,500						3.0						500						92%
Total Gold									548,800						0.53						9,300						4,717,000						0.59						90,100						5,265,900						0.59						99,400						3,967,800						0.6						70,600						78%

____________________________

(1)Resources are reported exclusive of reserves. Amounts presented may not recalculate in total due to rounding.

(2)At December 31, 2025 and 2024, gold resources at sites for which Newmont is the operator were estimated at a gold price of $2,300 and $2,000 per ounce, respectively, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.

(3)Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000.

(4)Project is currently undeveloped. Gold resources at December 31, 2025 were estimated at a gold price of $1,400 per ounce.

(5)Project is currently undeveloped. Gold resources at December 31, 2025 were estimated at a gold price of $1,300 per ounce.

(6)Included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements.

(7)The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Gold resources at December 31, 2025 were estimated at a gold price of $2,000 per ounce. Gold resources at December 31, 2025 and 2024 were provided by Barrick, the operator of Pueblo Viejo.

(8)Project is currently undeveloped. Gold resources at December 31, 2025 were estimated at a gold price of $1,300 per ounce. Gold resources at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture.

(9)Project is currently undeveloped. Gold resources at December 31, 2025 were estimated at a gold price of $2,000 per ounce. Gold resources at December 31, 2025 and 2024 were provided by the Norte Abierto joint venture.

(10)Gold resources at December 31, 2025 were estimated at a gold price of $1,400 per ounce.

(11)Gold resources related to the Yanacocha Sulfides project at December 31, 2025 were estimated at a gold price of $1,400 per ounce.

(12)Project is currently undeveloped. Resource estimates provided by Teck Resources, the Galore Creek joint venture partner.

(13)Gold resources related to the underground mine at December 31, 2025 were estimated at a gold price of $1,400 per ounce.

(14)Gold resources at December 31, 2025 were estimated at a gold price of $2,000 per ounce. Gold resources at December 31, 2025 and 2024 were provided by Barrick, the operator of the NGM joint venture.

(15)Sites were classified as held for sale as of December 31, 2024 and were divested as of December 31, 2025. Refer to Note 3 of the Consolidated Financial Statements for further information on the Company's divestitures.

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Copper Resources at December 31, 2025 (1)(2)
									Measured Resources																		Indicated Resources																		Measured and Indicated Resources																		Inferred Resources
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (Cu%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Cu%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Cu%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Cu%)						Tonnes (3) (000)						Metallurgical Recovery (3)
Wafi-Golpu, Papua New Guinea (4)(5)			50%						—						—%						—						140,800						0.73%						1,000						140,800						0.73%						1,000						91,900						0.7%						600						95%
Cadia, Australia			100%						28,500						0.13%						—						1,009,300						0.25%						2,600						1,037,800						0.25%						2,600						163,900						0.2%						300						87%
Boddington, Australia			100%						97,300						0.12%						100						168,200						0.11%						200						265,500						0.11%						300						3,800						0.1%						—						82%
NuevaUnión, Chile (4)(6)			50%						164,300						0.19%						300						349,900						0.34%						1,200						514,100						0.30%						1,500						602,200						0.4%						2,300						89%
Norte Abierto, Chile (4)(7)			50%						58,000						0.23%						100						479,900						0.20%						900						537,900						0.20%						1,100						373,300						0.2%						800						86%
Conga, Peru (4)(8)			100%						—						—%						—						693,800						0.26%						1,800						693,800						0.26%						1,800						230,500						0.2%						400						84%
Yanacocha, Peru (9)			100%						3,700						0.29%						—						114,100						0.61%						700						117,800						0.60%						700						134,900						0.4%						500						83%
Galore Creek, Canada (4)(10)			50%						212,800						0.44%						900						385,600						0.47%						1,800						598,400						0.46%						2,800						118,900						0.3%						300						93%
Red Chris, Canada (11)			70%						—						—%						—						334,800						0.34%						1,100						334,800						0.34%						1,100						62,000						0.4%						200						81%
NGM, United States (12)			38.5%						—						—%						—						130,600						0.16%						200						130,600						0.16%						200						12,100						0.1%						—						69%
Total Copper									564,600						0.27%						1,500						3,806,800						0.30%						11,600						4,371,500						0.30%						13,100						1,793,400						0.3%						5,600						88%

Copper Resources at December 31, 2024 (1)(2)
									Measured Resources																		Indicated Resources																		Measured and Indicated Resources																		Inferred Resources
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (Cu%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Cu%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Cu%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Cu%)						Tonnes (3) (000)						Metallurgical Recovery (3)
Namosi Open Pit			73.24%						—						—%						—						105,500						0.61%						600						105,500						0.61%						600						1,346,900						0.3%						4,300						84%
Namosi Underground			73.24%						—						—%						—						—						—%						—						—						—%						—						209,900						0.4%						900						92%
Total Namosi, Fiji (4)			73.24%						—						—%						—						105,500						0.61%						600						105,500						0.61%						600						1,556,800						0.3%						5,200						85%
Wafi-Golpu, Papua New Guinea (4)			50%						—						—%						—						140,800						0.73%						1,000						140,800						0.73%						1,000						91,900						0.7%						600						95%
Cadia, Australia			100%						30,800						0.13%						—						1,245,100						0.25%						3,200						1,275,900						0.25%						3,200						560,400						0.2%						1,000						86%
Boddington, Australia			100%						90,600						0.12%						100						154,100						0.11%						200						244,700						0.12%						300						3,500						0.1%						—						83%
NuevaUnión, Chile (4)(6)			50%						164,300						0.19%						300						349,900						0.34%						1,200						514,100						0.30%						1,500						602,200						0.4%						2,300						89%
Norte Abierto, Chile (4)(7)			50%						57,600						0.24%						100						551,300						0.19%						1,100						608,900						0.20%						1,200						361,800						0.2%						700						90%
Conga, Peru (4)			100%						—						—%						—						693,800						0.26%						1,800						693,800						0.26%						1,800						230,500						0.2%						400						84%
Yanacocha, Peru			100%						1,500						1.02%						—						99,800						0.36%						400						101,300						0.37%						400						39,700						0.4%						100						81%
Galore Creek, Canada (4)(10)			50%						212,800						0.44%						900						385,600						0.47%						1,800						598,400						0.46%						2,800						118,900						0.3%						300						93%
Red Chris, Canada			70%						—						—%						—						335,100						0.34%						1,100						335,100						0.34%						1,100						62,100						0.4%						200						81%
NGM, United States (12)			38.5%						—						—%						—						113,700						0.17%						200						113,700						0.17%						200						11,100						0.2%						—						67%
Total Copper									557,600						0.28%						1,600						4,174,600						0.30%						12,600						4,732,200						0.30%						14,100						3,638,800						0.3%						11,000						87%

____________________________

(1)Resources are reported exclusive of reserves. Amounts presented may not recalculate in total due to rounding.

(2)At December 31, 2025 and 2024, copper resources at sites in which Newmont is the operator were estimated at a copper price of $4.25 and $4.00 per pound, respectively, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.

(3)Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.

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(4)Included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements.

(5)Project is currently undeveloped. Copper resources related to the open pit mine at December 31, 2025 were estimated at a copper price of $3.40 per pound.

(6)Project is currently undeveloped. Copper resources at December 31, 2025 were estimated at a copper price of $3.00 per pound. Copper resources at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture.

(7)Project is currently undeveloped. Copper resources at December 31, 2025 were estimated at a copper price of $4.00 per pound. Copper resources at December 31, 2025 and 2024 were provided by the Norte Abierto joint venture.

(8)Copper resources at December 31, 2025 were estimated at a copper price of $3.50 per pound.

(9)Copper resources related to the Yanacocha Sulfides project at December 31, 2025 were estimated at a copper price of $3.25 per pound.

(10)Project is currently undeveloped. Resource estimates provided by Teck Resources.

(11)Copper resources related to the underground mine at December 31, 2025 were estimated at a copper price of $3.40 per pound.

(12)Copper resources at December 31, 2025 were estimated at a copper price of $4.50 per pound. Copper resources at December 31, 2025 and 2024 were provided by Barrick, the operator of the NGM joint venture.

Silver Resources at December 31, 2025 (1)(2)
									Measured Resources																		Indicated Resources																		Measured and Indicated Resources																		Inferred Resources
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Metallurgical Recovery (3)
Wafi-Golpu, Papua New Guinea (4)			50%						—						—						—						53,600						4.42						7,600						53,600						4.42						7,600						15,500						4.5						2,200						45%
Cadia, Australia			100%						—						—						—						1,009,300						0.62						20,200						1,009,300						0.62						20,200						163,900						0.4						2,300						68%
Pueblo Viejo, Dominican Republic (4)(5)			40%						7,300						6.95						1,600						33,100						7.79						8,300						40,300						7.64						9,900						6,300						8.3						1,700						53%
NuevaUnión, Chile (4)(6)			50%						164,300						0.96						5,100						349,900						1.19						13,400						514,100						1.12						18,400						602,200						1.2						22,500						66%
Norte Abierto, Chile (4)(7)			50%						77,700						1.21						3,000						525,500						1.07						18,100						603,200						1.09						21,100						381,100						1.0						12,600						79%
Peñasquito, Mexico			100%						52,800						28.32						48,100						172,100						25.28						139,900						224,900						26.00						188,000						9,200						24.2						7,100						80%
La Bikina, Mexico (4)			50%						—						—						—						19,900						13.99						9,000						19,900						13.99						9,000						1,600						11.0						500						25%
Cerro Negro Underground			100%						100						72.50						200						700						57.19						1,300						800						59.07						1,500						7,200						28.3						6,500						75%
Cerro Negro Open Pit			100%						1,200						6.76						300						1,200						6.62						300						2,400						6.70						500						300						6.7						100						71%
Total Cerro Negro, Argentina			100%						1,300						11.74						500						1,900						25.50						1,600						3,200						19.88						2,000						7,500						27.4						6,600						75%
Conga, Peru (4)(8)			100%						—						—						—						693,800						2.06						45,900						693,800						2.06						45,900						175,000						1.1						6,300						70%
Yanacocha Open Pit			100%						15,600						7.91						3,900						96,300						19.80						61,300						111,900						18.14						65,200						89,500						14.3						41,300						55%
Yanacocha Leach Pad (9)			100%						—						—						—						57,100						2.03						3,700						57,100						2.03						3,700						11,600						4.4						1,600						3%
Yanacocha Underground			100%						3,700						0.21						—						14,900						15.49						7,400						18,600						12.45						7,400						3,600						38.4						4,400						83%
Total Yanacocha, Peru (10)			100%						19,300						6.41						4,000						168,200						13.39						72,400						187,500						12.67						76,400						104,700						14.1						47,300						55%
Galore Creek, Canada (4)(11)			50%						212,800						4.08						27,900						385,600						4.77						59,100						598,400						4.52						87,000						118,900						2.6						9,900						73%
Brucejack, Canada			100%						—						—						—						4,300						15.90						2,200						4,300						15.90						2,200						14,500						11.7						5,500						82%
NGM, United States (12)			38.5%						—						—						—						121,000						5.22						20,300						121,000						5.22						20,300						10,100						5.4						1,800						38%
Total Silver									535,500						5.24						90,200						3,538,100						3.67						418,000						4,073,600						3.88						508,200						1,610,400						2.4						126,400						68%

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Silver Resources at December 31, 2024 (1)(2)
									Measured Resources																		Indicated Resources																		Measured and Indicated Resources																		Inferred Resources
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Tonnage (000 tonnes)						Grade (g/tonne)						Ounces (3) (000)						Metallurgical Recovery (3)
Wafi-Golpu, Papua New Guinea (4)			50%						—						—						—						53,600						4.42						7,600						53,600						4.42						7,600						15,500						4.5						2,200						45%
Cadia, Australia			100%						—						—						—						1,245,100						0.65						26,100						1,245,100						0.65						26,100						549,400						0.4						7,900						67%
Pueblo Viejo, Dominican Republic (4)(5)			40%						8,200						7.69						2,000						38,200						7.82						9,600						46,400						7.80						11,600						5,000						6.8						1,100						71%
NuevaUnión, Chile (4)(6)			50%						164,300						0.96						5,100						349,900						1.19						13,400						514,100						1.12						18,400						602,200						1.2						22,500						66%
Norte Abierto, Chile (4)(7)			50%						77,200						1.20						3,000						596,900						1.07						20,600						674,200						1.09						23,500						369,600						1.0						11,300						78%
Peñasquito, Mexico			100%						48,200						27.22						42,200						163,100						24.84						130,300						211,300						25.39						172,400						21,100						25.4						17,200						80%
La Bikina, Mexico (4)			50%						—						—						—						19,900						13.99						9,000						19,900						13.99						9,000						1,600						11.0						500						25%
Cerro Negro Underground			100%						100						70.12						300						700						61.42						1,400						900						62.67						1,700						7,300						26.5						6,200						76%
Cerro Negro Open Pit			100%						1,200						6.76						300						1,200						6.62						300						2,400						6.70						500						300						6.7						100						71%
Total Cerro Negro, Argentina			100%						1,300						12.61						500						1,900						27.54						1,700						3,200						21.43						2,200						7,600						25.7						6,300						75%
Conga, Peru (4)			100%						—						—						—						693,800						2.06						45,900						693,800						2.06						45,900						175,000						1.1						6,300						70%
Yanacocha Open Pit			100%						16,300						6.71						3,500						103,900						10.16						33,900						120,200						9.69						37,400						26,300						13.4						11,400						43%
Yanacocha Leach Pad			100%						—						—						—						—						—						—						—						—						—						62,700						2.2						4,500						4%
Yanacocha Underground			100%						500						0.37						—						6,200						37.02						7,300						6,700						34.23						7,400						3,400						40.4						4,400						83%
Total Yanacocha, Peru (9)			100%						16,800						6.52						3,500						110,100						11.66						41,300						126,900						10.98						44,800						92,400						6.8						20,300						47%
Galore Creek, Canada (4)(11)			50%						212,800						4.08						27,900						385,600						4.77						59,100						598,400						4.52						87,000						118,900						2.6						9,900						73%
Brucejack, Canada			100%						—						—						—						4,300						19.68						2,700						4,300						19.68						2,700						16,600						11.6						6,200						82%
NGM, United States (12)			38.5%						—						—						—						98,300						5.64						17,800						98,300						5.64						17,800						10,300						4.2						1,400						38%
Total Silver									528,900						4.96						84,300						3,760,700						3.18						385,000						4,289,600						3.40						469,200						1,985,100						1.8						113,200						69%

____________________________

(1)Resources are reported exclusive of reserves. Amounts presented may not recalculate in total due to rounding.

(2)At December 31, 2025 and 2024, silver resources at sites in which Newmont is the operator were estimated at a silver price of $28 and $23 per ounce, respectively, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.

(3)Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000.

(4)Included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements.

(5)Silver resources at December 31, 2025 were estimated at a silver price of $25 per ounce. Silver resources at December 31, 2025 and 2024 were provided by Barrick, the operator of the Pueblo Viejo.

(6)Project is currently undeveloped. Silver resources at December 31, 2025 were estimated at a silver price of $18 per ounce. Silver resources at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture.

(7)Project is currently undeveloped. Silver resources at December 31, 2025 were estimated at a silver price of $23 per ounce. Silver resources at December 31, 2025 and 2024 were provided by the Norte Abierto joint venture.

(8)Silver resources at December 31, 2025 were estimated at a silver price of $26 per ounce.

(9)Leach pad material is the material on leach pads at the end of the year from which silver remains to be recovered. In-process resources are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported resources.

(10)Silver resources related to the Yanacocha Sulfides project at December 31, 2025 were estimated at a silver price of $23 per ounce.

(11)Project is currently undeveloped. Resource estimates provided by Teck Resources.

(12)Silver resources at December 31, 2025 were estimated at a silver price of $25 per ounce. Silver resources at December 31, 2025 and 2024 were provided by Barrick, the operator of the NGM joint venture.

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Lead Resources at December 31, 2025 (1)(2)
									Measured Resource																		Indicated Resource																		Measured and Indicated Resource																		Inferred Resource
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (Pb%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Pb%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Pb%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Pb%)						Tonnes (3) (000)						Metallurgical Recovery (3)
Peñasquito, Mexico			100%						52,800						0.26%						100						172,100						0.24%						400						224,900						0.24%						500						9,200						0.2%						—						73%
Total Lead									52,800						0.26%						100						172,100						0.24%						400						224,900						0.24%						500						9,200						0.2%						—						73%

Lead Resources at December 31, 2024 (1)(2)
									Measured Resource																		Indicated Resource																		Measured and Indicated Resource																		Inferred Resource
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (Pb%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Pb%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Pb%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Pb%)						Tonnes (3) (000)						Metallurgical Recovery (3)
Peñasquito, Mexico			100%						48,200						0.25%						100						163,100						0.23%						400						211,300						0.23%						500						21,100						0.2%						—						73%
Total Lead									48,200						0.25%						100						163,100						0.23%						400						211,300						0.23%						500						21,100						0.2%						—						73%

____________________________

(1)Resources are reported exclusive of reserves.

(2)At December 31, 2025 and 2024, lead resources were estimated at a lead price of $1.00 per pound. Tonnage amounts have been rounded to the nearest 100,000.

(3)Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.

Zinc Resources at December 31, 2025 (1)(2)
									Measured Resource																		Indicated Resource																		Measured and Indicated Resource																		Inferred Resource
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (Zn%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Zn%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Zn%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Zn%)						Tonnes (3) (000)						Metallurgical Recovery (3)
Peñasquito, Mexico			100%						52,800						0.72%						400						172,100						0.57%						1,000						224,900						0.60%						1,400						9,200						0.5%						—						82%
Total Zinc									52,800						0.72%						400						172,100						0.57%						1,000						224,900						0.60%						1,400						9,200						0.5%						—						82%

Zinc Resources at December 31, 2024 (1)(2)
									Measured Resource																		Indicated Resource																		Measured and Indicated Resource																		Inferred Resource
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (Zn%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Zn%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Zn%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Zn%)						Tonnes (3) (000)						Metallurgical Recovery (3)
Peñasquito, Mexico			100%						48,200						0.69%						300						163,100						0.55%						900						211,300						0.59%						1,200						21,100						0.6%						100						81%
Total Zinc									48,200						0.69%						300						163,100						0.55%						900						211,300						0.59%						1,200						21,100						0.6%						100						81%

____________________________

(1)Resources are reported exclusive of reserves.

(2)At December 31, 2025 and 2024, zinc resources were estimated at a zinc price of $1.30 per pound. Tonnage amounts have been rounded to the nearest 100,000.

(3)Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.

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Molybdenum Resources at December 31, 2025 (1)(2)
									Measured Resource																		Indicated Resource																		Measured and Indicated Resource																		Inferred Resource
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (Mo%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Mo%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Mo%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Mo%)						Tonnes (3) (000)						Metallurgical Recovery (3)
Cadia, Australia			100%						—						—%						—						938,100						0.01%						100						938,100						0.01%						100						124,200						—%						—						67%
NuevaUnión, Chile (4)			50%						159,500						0.01%						—						231,500						0.01%						—						391,000						0.01%						—						362,300						—%						—						52%
Total Molybdenum									159,500						0.01%						—						1,169,600						0.01%						100						1,329,100						0.01%						100						486,500						—%						—						59%

Molybdenum Resources at December 31, 2024 (1)(2)
									Measured Resource																		Indicated Resource																		Measured and Indicated Resource																		Inferred Resource
Deposits/Districts			Newmont Share						Tonnage (000 tonnes)						Grade (Mo%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Mo%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Mo%)						Tonnes (3) (000)						Tonnage (000 tonnes)						Grade (Mo%)						Tonnes (3) (000)						Metallurgical Recovery (3)
Cadia, Australia			100%						—						—%						—						1,173,900						0.01%						100						1,173,900						0.01%						100						509,600						—%						—						72%
NuevaUnión, Chile (4)			50%						159,500						0.01%						—						231,500						0.01%						—						391,000						0.01%						—						362,300						—%						—						52%
Total Molybdenum									159,500						0.01%						—						1,405,400						0.01%						100						1,564,900						0.01%						100						872,000						—%						100						62%

____________________________

(1)Resources are reported exclusive of reserves.

(2)At December 31, 2025 and 2024, molybdenum resources at sites in which Newmont is the operator were estimated at a molybdenum price of $16 per pound, unless otherwise noted. Tonnage amounts have been rounded to the nearest 100,000.

(3)Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.

(4)Project is currently undeveloped and is included in Corporate and Other in Note 4 to the Consolidated Financial Statements. Molybdenum resources at December 31, 2025 were estimated at a molybdenum price of $10 per pound. Molybdenum resources at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture.

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ITEM 3.       LEGAL PROCEEDINGS

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

ITEM 4.       MINE SAFETY DISCLOSURES

At Newmont, safety is a core value, and we strive for superior performance. We are working diligently to strengthen and improve our safety systems, along with the key safety tools that we use in the field. Newmont’s unified approach to safety and health called Always Safe, focuses on Integrated Systems, Robust Capabilities and Empowered Behaviors, through a leadership commitment to care, clarity, and capability. We will also continue to transparently share the lessons we learned with our employees and our peers in the industry to help improve the safety performance of our sector.

Our health and safety management system, which includes detailed standards and procedures for safe production, addresses topics such as employee training, risk management, workplace inspection, emergency response, accident investigation and program auditing. In addition to strong leadership and involvement from all levels of the organization, these programs and procedures form the cornerstone of safety at Newmont, ensuring that employees are provided a safe and healthy environment and are intended to reduce workplace accidents, incidents and losses, comply with all mining-related regulations and provide support for both regulators and the industry to improve mine safety.

In addition, we have established our “Rapid Response” crisis management process to mitigate and prevent the escalation of adverse consequences if existing risk management controls fail, particularly if an incident may have the potential to seriously impact the safety of employees, the community or the environment. This process provides appropriate support to an affected site to complement their technical response to an incident, so as to reduce the impact by considering the environmental, strategic, legal, financial and public image aspects of the incident, to ensure communications are being carried out in accordance with legal and ethical requirements and to identify actions in addition to those addressing the immediate hazards. The health and safety of our people and our host communities is paramount.

Issuers operating U.S. mine sites regulated by MSHA are required to report certain mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K. On February 28, 2025, the Company sold its ownership in the CC&V mine. Refer to Note 3 to the Consolidated Financial Statements for further information. As a result of this sale, the Company no longer operates any U.S. based mine sites regulated by MSHA. The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is incorporated herein by reference to Exhibit 95 to Newmont Corporation’s Quarterly Report on Form 10-Q for the period ended March 31, 2025 filed with the SEC on April 24, 2025.

It is noted that the Nevada mines owned by Nevada Gold Mines LLC, the joint venture between the Company (38.5%) and Barrick (61.5%), are not required to be disclosed in Exhibit 95 mine safety disclosure reporting as such sites are operated by our joint venture partner, Barrick.

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PART II

ITEM 5.       MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES (dollars in millions, except share, stockholders, and per share data)

Our common stock is listed and principally traded on the New York Stock Exchange under the symbol “NEM.” On February 12, 2026, there were 1,087,874,212 shares of Newmont’s common stock outstanding, which were held by approximately 6,000 stockholders of record.

During the period from October 1, 2025 to December 31, 2025, 4,943,977 shares of Newmont's equity securities registered pursuant to Section 12 of the Exchange Act of 1934, as amended, were purchased by the Company, or an affiliated purchaser.

			(a)						(b)						(c)						(d)
Period			Total Number of Shares Purchased (1)						Average Price Paid Per Share (1)						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)						Maximum Dollar Value of Shares that may yet be Purchased under the Plans or Programs (2)
October 1, 2025 through October 31, 2025			2,571,734						$	85.08					2,546,672						$	2,662
November 1, 2025 through November 30, 2025			1,382,003						$	84.92					1,373,974						$	2,545
December 1, 2025 through December 31, 2025			990,240						$	95.85					978,903						$	2,451

____________________________

(1)The total number of shares purchased (and the average price paid per share) reflects: (i) shares purchased pursuant to the repurchase program described in (2) below; and (ii) shares delivered to the Company from stock awards held by employees upon vesting for the purpose of covering the recipients’ tax withholding obligations, totaling 25,062 shares, 8,029 shares, and 11,337 shares for the fiscal months of October, November, December 2025, respectively. Subsequent to the end of the covered period, the Company repurchased 672,232 additional shares at an average price of $111.81 per share pursuant to a Rule 10b5-1 plan for a total amount of $3,624 repurchased as of the date of filing under the stock repurchase programs described in (2) below.

(2)In February 2024, the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to offset the dilutive impact of employee stock award vesting and to provide returns to stockholders, provided that the aggregate value of shares of common stock repurchased does not exceed $1,000; this program has been completed. In October 2024, the Board of Directors authorized an additional $2,000 stock repurchase program to repurchase shares of outstanding common stock; this program has been completed. In July 2025, the Board of Directors authorized an additional $3,000 stock repurchase program to repurchase shares of outstanding common stock. The program will be executed at the Company's discretion. The repurchase program has no expiration date, may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future.

ITEM 6.       RESERVED

None.

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ITEM 7.       MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in millions, except per share, per ounce and per pound amounts)

The following Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Newmont Corporation, a Delaware corporation, and its subsidiaries (collectively, “Newmont,” the “Company,” “our” and “we”). We use certain non-GAAP financial measures in our MD&A. For a detailed description of each of the non-GAAP measures used in this MD&A, please refer to the discussion under Non-GAAP Financial Measures. This item should be read in conjunction with our Consolidated Financial Statements and the notes thereto included in this annual report.

The following MD&A generally discusses our consolidated financial condition and results of operations for 2025 and 2024 and year-to-year comparisons between 2025 and 2024. Discussions of our consolidated financial condition and results of operations for 2023 and year-to-year comparisons between 2024 and 2023 are included in Item 7, Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations, of the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 21, 2025.

Overview

Newmont is the world’s leading gold company and is the only gold company included in the S&P 500 Index and the Fortune 500 list of companies. We have been included in the Dow Jones Sustainability Index-World since 2007 and have adopted the World Gold Council’s Conflict-Free Gold Policy. Since 2015, Newmont has been ranked as the mining and metal sector’s top gold miner by the S&P Global Corporate Sustainability Assessment. Newmont has been ranked the top miner in 3BL Media’s 100 Best Corporate Citizens list which ranks the 1,000 largest publicly traded U.S. companies on ESG transparency and performance since 2020. We are primarily engaged in the exploration for and acquisition of gold properties, some of which may contain copper, silver, lead, zinc or other metals. We have significant operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. Our goal is to create value and improve lives through sustainable and responsible mining.

Refer to the Consolidated Financial Results, Results of Consolidated Operations, Liquidity and Capital Resources and Non-GAAP Financial Measures for information about the continued impacts from inflationary pressures, effects of certain countermeasures taken by central banks, and supply chain disruptions, with particular consideration on the outlook for increased costs specific to labor, materials, consumables and fuel and energy on operations, as well as impacts on the timing and cost of capital expenditures and the risk of potential impairment to certain assets. Refer to discussion of Risk and Uncertainties within Note 2 to the Consolidated Financial Statements for further information.

Reportable Segments

In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project and all activity was included in the Ahafo South reportable segment up to the date of commercial production. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes. Refer to Note 4 to the Consolidated Financial Statements for further information.

One of our reportable segments, NGM, is a joint venture that combined our and Barrick Mining Corporation’s (“Barrick”) respective Nevada operations, pursuant to the operating agreement entered into on July 1, 2019 between Barrick, Newmont and their wholly-owned subsidiaries party thereto (the “Nevada JV Agreement”). Barrick operates NGM with overall management responsibility and is subject to the supervision and direction of NGM’s Board of Managers, which is comprised of three managers appointed by Barrick and two managers appointed by Newmont. On January 26, 2026, we informed Barrick and the NGM Board of Managers that we had identified evidence of mismanagement at NGM, including diversion of resources from NGM to the benefit of Barrick’s wholly-owned property Fourmile and Barrick, and that we were exercising our contractual inspection and audit rights. On February 3, 2026, we sent Barrick a notice of default under the Nevada JV Agreement related to this conduct. Although we continue to work with Barrick to improve the performance of NGM and will take appropriate steps to address this matter, any such disagreements could have a material adverse effect on NGM and the Company. Refer to Item 1A, Risk Factors, for a discussion of risk factors related to our joint ventures.

Divestiture of Non-Core Assets

Based on a comprehensive review of the Company’s portfolio of assets following the Newcrest acquisition, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested included Akyem, CC&V, Éléonore, Porcupine, Musselwhite, Telfer, and the Coffee development project in Canada. In February 2024, the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as held for sale in the first quarter of 2024.

The Company completed the sale the assets of the Telfer reportable segment in the fourth quarter 2024, the sale of the CC&V, Musselwhite, and Éléonore reportable segments in the first quarter of 2025, the sale of the Akyem and Porcupine reportable segments in the second quarter of 2025, and the sale of the Coffee development project in the fourth quarter of 2025.

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Assets classified as held for sale are recorded at the lower of the carrying value or fair value, less costs to sell and are periodically valued until sale occurs with any resulting gain or loss recognized in (Gain) loss on sale of assets held for sale. Additionally, gains or losses recognized on the completion of the sale are recognized in (Gain) loss on sale of assets held for sale.

As a result, for the year ended December 31, 2025 a gain of $1,066 was recognized within (Gain) loss on sale of assets held for sale, primarily resulting from the completed sales. For the year ended December 31, 2024, a loss of $1,114 was recognized within (Gain) loss on sale of assets held for sale, primarily consisting of write-downs on assets held for sale. Refer to Note 3 to the Consolidated Financial Statements for further information on divestitures.

Newcrest Acquisition

On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549. Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The combined company continues to be traded on the New York Stock Exchange under the ticker NEM. The combined company is also listed on the Australian Securities Exchange under the ticker NEM and on the Papua New Guinea Securities Exchange under the ticker NEM. Refer to Note 3 to the Consolidated Financial Statements for further information.

Ghanaian Stability Agreement and Royalty

The Revised Investment Agreement, under which Newmont previously operated in Ghana, expired on December 31, 2025. As a result, the previous maximum corporate income tax rate of 32.5% is now subject to a maximum corporate income tax rate of 35% and customs duties on imported goods used in mining operations ranging from 5% to 20% of the value of such items. Additionally, royalties were previously paid to the Government of Ghana under a sliding‑scale system, based on average monthly gold prices and ranging up to 5% of revenues, plus an additional 0.6% on any production from forest reserve areas. The sliding-scale royalty regime also expired on December 31, 2025. Effective January 1, 2026, royalties transitioned to a fixed 5% rate on gold production, with the additional 0.6% forest reserve royalty continuing to apply where applicable.

The Government of Ghana is also entitled to receive 10% of a project’s net cash flow after reaching specific production milestones by receiving 1/9th of the total amount paid as dividends to Newmont parent. When the average quoted gold price exceeds $1,300 per ounce within a calendar year, an advance payment on these amounts of 0.6% of total revenues is required. Upon the expiration of the tax extension regime on December 31, 2025, dividends paid in addition to the carried interest will become subject to an 8% withholding tax. Also as a result of the agreement's expiration, Newmont is subject to a Growth and Sustainability Levy of 3% on gross revenue. As a result, the Company will also be exposed to future changes in fiscal, tax, and other related regulatory regimes in Ghana as they may be enacted from time to time. For instance, the Government of Ghana has announced plans to amend the country’s mineral royalty regime by replacing the flat 5% royalty rate, which became effective on January 1, 2026, with a sliding scale ranging from 5% to 12%, linked to prevailing gold prices. The proposed amendment was submitted to the Ghanaian Parliament on December 19, 2025, and is expected to be considered when parliamentary sessions resume in early February 2026. If enacted, the revised royalty framework could increase the Company’s operating costs at its Ghanaian operations, particularly during periods of higher gold prices. The timing, final structure, and implementation mechanisms of the proposed regime currently remain uncertain.

Consolidated Financial Results

The details of our Net income (loss) from continuing operations attributable to Newmont stockholders are set forth below:

			Year Ended December 31,																		Increase (decrease)
			2025						2024						2023						2025 vs. 2024						2024 vs. 2023
Net income (loss) from continuing operations attributable to Newmont stockholders			$	7,085					$	3,280					$	(2,521)					$	3,805					$	5,801
Net income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted			$	6.39					$	2.86					$	(3.00)					$	3.53					$	5.86

Net income (loss) from continuing operations attributable to Newmont stockholders increased during the year ended December 31, 2025, compared to the same period in 2024, primarily due to (i) a net increase in Sales largely due to higher average realized gold prices partially offset by the impact from divestitures, (ii) a net gain on completed divestments, compared to prior year write-downs from assets held for sale, recognized in (Gain) loss on sale of assets held for sale, and (iii) a net decrease in costs applicable to sales, recognized in Costs applicable to sales, primarily resulting from divested sites. This increase was partially offset by the increase in Income and mining tax benefit (expense) and Impairment charges, primarily at Yanacocha.

Refer below for further information on the change in Costs applicable to sales and Depreciation and amortization.

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The details and analyses of our Sales for all periods presented are set forth below. Refer to Note 5 to the Consolidated Financial Statements for additional information.

			Year Ended December 31,																		Increase (decrease)
			2025						2024						2023						2025 vs. 2024						2024 vs. 2023
Gold			$	19,304					$	15,746					$	10,593					$	3,558					$	5,153
Copper			1,438						1,327						575						111						752
Silver			1,080						792						335						288						457
Lead			183						195						96						(12)						99
Zinc			664						622						213						42						409
			$	22,669					$	18,682					$	11,812					$	3,987					$	6,870

			Year Ended December 31, 2025
			Gold						Copper						Silver						Lead						Zinc
			(ounces)						(pounds)						(ounces)						(pounds)						(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact			$	19,067					$	1,320					$	846					$	188					$	699
Provisional pricing mark-to-market			274						119						177						(1)						3
Silver streaming amortization			—						—						84						—						—
Gross after provisional pricing and streaming impact			19,341						1,439						1,107						187						702
Treatment and refining charges			(37)						(1)						(27)						(4)						(38)
Net			$	19,304					$	1,438					$	1,080					$	183					$	664
Consolidated ounces/pounds sold (1)(2)			5,519						294						28						209						542
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact			$	3,455					$	4.49					$	30.49					$	0.89					$	1.30
Provisional pricing mark-to-market			50						0.40						6.37						—						—
Silver streaming amortization			—						—						3.03						—						—
Gross after provisional pricing and streaming impact			3,505						4.89						39.89						0.89						1.30
Treatment and refining charges			(7)						—						(0.97)						(0.02)						(0.07)
Net			$	3,498					$	4.89					$	38.92					$	0.87					$	1.23

____________________________

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

(2)The Company sold 134 thousand tonnes of copper, 95 thousand tonnes of lead, and 246 thousand tonnes of zinc.

(3)Per ounce/pound measures may not recalculate due to rounding.

			Year Ended December 31, 2024
			Gold						Copper						Silver						Lead						Zinc
			(ounces)						(pounds)						(ounces)						(pounds)						(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact			$	15,701					$	1,377					$	724					$	200					$	691
Provisional pricing mark-to-market			105						—						14						(2)						8
Silver streaming amortization			—						—						91						—						—
Gross after provisional pricing and streaming impact			15,806						1,377						829						198						699
Treatment and refining charges			(60)						(50)						(37)						(3)						(77)
Net			$	15,746					$	1,327					$	792					$	195					$	622
Consolidated ounces/pounds sold (1)(2)			6,539						332						33						213						545
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact			$	2,401					$	4.15					$	22.05					$	0.94					$	1.27
Provisional pricing mark-to-market			16						—						0.42						(0.01)						0.02
Silver streaming amortization			—						—						2.79						—						—
Gross after provisional pricing and streaming impact			2,417						4.15						25.26						0.93						1.29
Treatment and refining charges			(9)						(0.15)						(1.13)						(0.02)						(0.15)
Net			$	2,408					$	4.00					$	24.13					$	0.91					$	1.14

____________________________

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

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(2)The Company sold 150 thousand tonnes of copper, 97 thousand tonnes of lead, and 247 thousand tonnes of zinc.

(3)Per ounce/pounds measures may not recalculate due to rounding.

			Year Ended December 31, 2023
			Gold						Copper						Silver						Lead						Zinc
			(ounces)						(pounds)						(ounces)						(pounds)						(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact			$	10,605					$	601					$	312					$	103					$	281
Provisional pricing mark-to-market			34						15						7						(4)						(15)
Silver streaming amortization			—						—						42						—						—
Gross after provisional pricing and streaming impact			10,639						616						361						99						266
Treatment and refining charges			(46)						(41)						(26)						(3)						(53)
Net			$	10,593					$	575					$	335					$	96					$	213
Consolidated ounces/pounds sold (1)(2)			5,420						155						17						107						222
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact			$	1,957					$	3.87					$	18.53					$	0.96					$	1.27
Provisional pricing mark-to-market			6						0.10						0.44						(0.03)						(0.07)
Silver streaming amortization			—						—						2.56						—						—
Gross after provisional pricing and streaming impact			1,963						3.97						21.53						0.93						1.20
Treatment and refining charges			(9)						(0.26)						(1.56)						(0.03)						(0.24)
Net			$	1,954					$	3.71					$	19.97					$	0.90					$	0.96

____________________________

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

(2)The Company sold 71 thousand tonnes of copper, 49 thousand tonnes of lead, and 101 thousand tonnes of zinc.

(3)Per ounce/pound measures may not recalculate due to rounding.

The change in consolidated Sales is due to:

			Year Ended December 31,
			2025 vs. 2024 (1)
			Gold						Copper						Silver						Lead						Zinc
			(ounces)						(pounds)						(ounces)						(pounds)						(pounds)
Increase (decrease) in average realized price			$	6,001					$	217					$	406					$	(8)					$	7
Increase (decrease) in consolidated ounces/pounds sold			(2,466)						(155)						(128)						(3)						(4)
Decrease (increase) in treatment and refining charges			23						49						10						(1)						39
			$	3,558					$	111					$	288					$	(12)					$	42

			Year Ended December 31,
			2024 vs. 2023 (2)
			Gold						Copper						Silver						Lead						Zinc
			(ounces)						(pounds)						(ounces)						(pounds)						(pounds)
Increase (decrease) in consolidated ounces/pounds sold			$	2,197					$	698					$	346					$	98					$	387
Increase (decrease) in average realized price			2,970						63						122						1						46
Decrease (increase) in treatment and refining charges			(14)						(9)						(11)						—						(24)
			$	5,153					$	752					$	457					$	99					$	409

____________________________

(1)Included in the change in Sales is the impact relating to the divested sites which resulted in a decrease of $2,254 for the year ended 2025 compared to 2024.

(2)Included in the change in Sales is the impact attributable to the sites acquired in the Newcrest acquisition which resulted in an increase of $3,593 for the year ended 2024 compared to 2023.

For discussion regarding drivers impacting sales volumes by site, refer to Results of Consolidated Operations below.

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The details of our Costs applicable to sales are set forth below.

			Year Ended December 31,																		Increase (decrease)
			2025						2024						2023						2025 vs. 2024						2024 vs. 2023
Gold			$	6,615					$	7,364					$	5,689					$	(749)					$	1,675
Copper			597						696						359						(99)						337
Silver			334						360						300						(26)						60
Lead			116						116						98						—						18
Zinc			423						427						253						(4)						174
			$	8,085					$	8,963					$	6,699					$	(878)					$	2,264

The decrease in Costs applicable to sales during the year ended December 31, 2025, compared to the same period in 2024, is primarily due to the impact of the divested sites, which resulted in a decrease of $1,370.

Excluding the impact of divestitures, Costs applicable to sales increased during the year ended December 31, 2025, compared to the same period in 2024, primarily due to higher mining and milling costs at NGM and Brucejack, higher government royalties largely at Ahafo South, and higher worker's participation costs at Peñasquito and Yanacocha.

For discussion regarding other significant drivers impacting Costs applicable to sales by site, refer to Results of Consolidated Operations below.

The Company uses both straight-line and UOP methods of depreciation. Depreciation and amortization will vary as a result of fluctuations in sales volumes and depreciation rates utilized at our mining sites. The details of our Depreciation and amortization are set forth below. Refer to Note 4 to the Consolidated Financial Statements for additional information.

			Year Ended December 31,																		Increase (decrease)
			2025						2024						2023						2025 vs. 2024						2024 vs. 2023
Gold			$	1,924					$	1,918					$	1,730					$	6					$	188
Copper			194						217						53						(23)						164
Silver			131						159						134						(28)						25
Lead			46						52						45						(6)						7
Zinc			152						162						105						(10)						57
Other			74						68						41						6						27
			$	2,521					$	2,576					$	2,108					$	(55)					$	468

The decrease in Depreciation and amortization during the year ended December 31, 2025, compared to the same period in 2024, is primarily due to the impact of divested sites, which contributed $156 to the decrease in Depreciation and amortization.

Excluding the impact of divested sites, Depreciation and amortization was in line with the same period in 2024.

For discussion regarding other significant drivers impacting Depreciation and amortization by site, refer to Results of Consolidated Operations below.

Exploration was $243, $266 and $265 for the years ended December 31, 2025, 2024, and 2023, respectively. Exploration decreased in 2025, compared to 2024, primarily due to a reduction in exploration spend due to the impact of divested sites.

Advanced projects, research and development was $166, $197 and $200 for the years ended December 31, 2025, 2024, and 2023, respectively. Advanced projects, research and development decreased in 2025, compared to 2024, primarily due to the discontinuation of certain studies and lower consulting costs.

General and administrative was $382, $442, and $299 for the years ended December 31, 2025, 2024, and 2023, respectively. General and administrative decreased in 2025, compared to 2024, primarily due to lower salaries and benefits resulting from a strategic plan committed by management in the third quarter of 2025 to streamline organization structure and reduce the Company's workforce, lower consulting costs, and lower charges resulting from the Newcrest transaction. The strategic plan was designed to reduce operating costs and advance the Company’s ongoing commitment to profitability and included streamlining the Company’s organizational structure, a reduction in workforce, and a reduction in office space in certain markets. Refer to Note 8 of the Consolidated Financial Statements for further information.

Interest expense, net of capitalized interest was $229, $375, and $243 for the years ended December 31, 2025, 2024, and 2023, respectively. Capitalized interest totaled $144, $114, and $89 in each year, respectively. Interest expense, net of capitalized interest decreased in 2025, compared to 2024, as a result of the reduction in debt which was driven by a $2 billion debt tender for the partial redemption of certain senior notes, the full redemption of certain other senior notes, and an increase in capitalized interest.

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Income and mining tax expense (benefit) was $4,596, $1,397, and $526 for the years ended December 31, 2025, 2024 and 2023, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the United States dollar and foreign currencies; (vii) changes in permanent reinvestment assertions for Papua New Guinea and Ghana and (viii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 10 to the Consolidated Financial Statements for further discussion of income taxes.

			Year Ended December 31,
			2025																		2024
			Income (Loss) (1)						Effective Tax Rate						Income Tax (Benefit) Provision						Income (Loss) (1)						Effective Tax Rate						Income Tax (Benefit) Provision
Nevada			$	1,722					21		%				$	360					$	733					18		%				$	133
CC&V			(161)						30		%				(48)						88						13		%				11
Corporate and Other (2)			(34)						174		%				(59)						(285)						(37)		%				106
Total US			1,527						17		%				253						536						47		%				250
Argentina			102						(1)		%				(1)						—						—		%				35
Australia			3,383						33		%				1,101						1,741						34		%				596
Canada			1,067						46		%				489						(171)						138		%				(236)
Ghana			2,071						41		%				848						998						35		%				348
Mexico			1,492						41		%				609						601						19		%				112
Papua New Guinea			974						74		%				723						441						32		%				140
Peru			455						107		%				485						346						37		%				129
Suriname			290						26		%				75						82						17		%				14
Other Foreign			(19)						(74)		%				14						3						300		%				9
Consolidated (2)			$	11,342					40		%				$	4,596					$	4,577					31		%				$	1,397

____________________________

(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity in affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 to the Consolidated Financial Statements.

(2)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.

Other

On July 4, 2025, the One Big Beautiful Bill Act H.R. 1 was signed into law in the U.S. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company does not anticipate the bill will have a material impact on the financial statements.

In 2024, Pillar II went into effect. The Pillar II agreement was signed by numerous countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. On January 5, 2026, the Organization for Economic Cooperation and Development released Administrative Guidance containing two Pillar II safe harbours under the new Side-by-side ("SbS") System. The Company is still examining the applicability of the new guidance to Newmont, but at this time, believes the new SbS Safe Harbour exempts the Company from Pillar II.

Refer to the Notes to the Consolidated Financial Statements for explanations of other financial statement line items.

Results of Consolidated Operations

Newmont has developed gold equivalent ounce (“GEO”) metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead and zinc. Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price, using the metal prices in the table below:

			Gold						Copper						Silver						Lead						Zinc
			(ounce)						(pound)						(ounce)						(pound)						(pound)
2025 GEO Price (1)(2)			$	1,700					$	3.50					$	20.00					$	0.90					$	1.20
2024 GEO Price			$	1,400					$	3.50					$	20.00					$	1.00					$	1.20
2023 GEO Price			$	1,400					$	3.50					$	20.00					$	1.00					$	1.20

____________________________

(1)Effective January 1 2025, the Company updated the metal prices utilized for the GEO calculation. Utilizing the updated 2025 pricing resulted in 317 thousand and 320 thousand fewer calculated "gold equivalent ounces - other metals" produced and sold, respectively, than would have been calculated using the 2024 pricing for the year ended December 31, 2025.

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(2)Effective January 1, 2026, the GEO calculation was updated to use the following metal price assumptions: Gold ($4,000/oz), Copper ($5.00/lb.), Silver ($50.00/oz), Lead ($0.90/lb.), and Zinc ($1.30/lb.). This update to the GEO calculation will have an impact on the calculated gold equivalent ounces, and will impact how costs are allocated to the respective GEOs, particularly resulting in higher costs allocated to gold. Utilizing the updated 2026 pricing would have resulted in 479 and 487 fewer calculated "gold equivalent ounces - other metals" produced and sold, respectively, than was calculated using the 2025 pricing for the year ended December 31, 2025.

			Gold or Other Metals Produced																		Costs Applicable to Sales (1)																		Depreciation and Amortization																		All-In Sustaining Costs (2)
Year Ended December 31,			2025						2024						2023						2025						2024						2023						2025						2024						2023						2025						2024						2023
Gold			(ounces in thousands)																		($ per ounce sold)																		($ per ounce sold)																		($ per ounce sold)
Lihir (3)			585						614						134						$	1,297					$	1,270					$	1,117					$	322					$	270					$	153					$	1,607					$	1,512					$	1,517
Cadia (3)			385						464						97						$	845					$	653					$	1,079					$	324					$	263					$	130					$	1,253					$	1,048					$	1,271
Tanami			391						408						448						$	1,114					$	947					$	759					$	323					$	300					$	249					$	1,716					$	1,281					$	1,060
Boddington			565						590						745						$	1,244					$	1,056					$	847					$	233					$	193					$	144					$	1,514					$	1,288					$	1,067
Ahafo South			664						798						581						$	1,227					$	904					$	947					$	276					$	270					$	312					$	1,494					$	1,072					$	1,222
Ahafo North (4)			70						—						—						$	532					$	—					$	—					$	168					$	—					$	—					$	696					$	—					$	—
Merian			237						274						322						$	1,562					$	1,457					$	1,207					$	317					$	305					$	256					$	1,921					$	1,852					$	1,541
Cerro Negro (5)			202						238						269						$	1,594					$	1,325					$	1,257					$	633					$	521					$	524					$	2,220					$	1,631					$	1,509
Yanacocha			515						354						276						$	795					$	1,003					$	1,069					$	218					$	279					$	310					$	964					$	1,196					$	1,266
Peñasquito			415						299						143						$	922					$	776					$	1,219					$	382					$	355					$	516					$	1,120					$	984					$	1,590
Red Chris (3)			62						40						5						$	1,358					$	1,225					$	905					$	399					$	367					$	298					$	1,750					$	1,607					$	1,439
Brucejack (3)			231						258						29						$	1,465					$	1,254					$	1,898					$	775					$	691					$	617					$	2,020					$	1,603					$	2,646
NGM			999						1,039						1,170						$	1,334					$	1,219					$	1,070					$	475					$	413					$	387					$	1,629					$	1,605					$	1,397
Divested (6)
CC&V			28						146						172						$	1,397					$	1,390					$	1,156					$	62					$	90					$	136					$	1,684					$	1,691					$	1,644
Musselwhite			33						212						180						$	1,040					$	1,045					$	1,186					$	—					$	86					$	444					$	1,531					$	1,541					$	1,843
Porcupine			55						284						260						$	1,300					$	1,097					$	1,167					$	19					$	127					$	455					$	1,810					$	1,437					$	1,577
Éléonore			50						240						232						$	1,104					$	1,339					$	1,263					$	—					$	88					$	433					$	1,403					$	1,811					$	1,838
Akyem			43						204						295						$	2,358					$	1,596					$	931					$	62					$	271					$	413					$	2,664					$	1,816					$	1,210
Telfer (3)(7)			—						83						43						$	—					$	2,377					$	1,882					$	—					$	142					$	87					$	—					$	2,993					$	1,988
Total/Weighted Average (8)			5,530						6,545						5,401						$	1,199					$	1,126					$	1,050					$	362					$	304					$	327					$	1,609					$	1,516					$	1,444
Merian (25%)			(59)						(69)						(80)
Attributable to Newmont			5,471						6,476						5,321
Gold equivalent ounces - other metals			(ounces in thousands)																		($ per ounce sold)																		($ per ounce sold)																		($ per ounce sold)
Cadia (3)(9)			372						478						90						$	812					$	603					$	1,017					$	326					$	263					$	127					$	1,230					$	987					$	1,342
Boddington (10)			109						206						245						$	1,165					$	994					$	830					$	223					$	189					$	144					$	1,397					$	1,172					$	1,067
Peñasquito (11)			799						1,102						529						$	1,066					$	831					$	1,283					$	402					$	343					$	561					$	1,318					$	1,090					$	1,756
Red Chris(3)(12)			129						144						20						$	1,341					$	1,209					$	1,020					$	399					$	366					$	181					$	1,692					$	1,640					$	1,660
Divested (6)
Telfer (3)(7)(13)			—						14						7						$	—					$	2,398					$	1,703					$	—					$	161					$	109					$	—					$	2,885					$	2,580
Total/Weighted-Average (8)			1,409						1,944						891						$	1,032					$	834					$	1,127					$	368					$	307					$	378					$	1,392					$	1,161					$	1,579
Copper			(tonnes in thousands)
Cadia (3)(9)			82						87						16
Boddington (10)			24						37						44
Red Chris (3)(12)			29						26						4
Divested (6)
Telfer (3)(7)(13)			—						3						1
Total/Weighted-Average			135						153						65
Lead			(tonnes in thousands)
Peñasquito (11)			98						96						51
Zinc			(tonnes in thousands)
Peñasquito (11)			231						258						104
Attributable gold from equity method investments (14)			(ounces in thousands)
Pueblo Viejo (40%)			253						235						224

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Fruta del Norte (32%) (3)(15)			165						138						—
Attributable to Newmont			418						373						224

____________________________

(1)Excludes Depreciation and amortization and Reclamation and remediation.

(2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures below.

(3)Sites acquired through the Newcrest transaction during the fourth quarter of 2023. Refer to Note 3 to the Consolidated Financial Statements for further information on the Newcrest transaction.

(4)In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. As such, the comparative results of operations information is not meaningful. Refer to Note 4 to the Consolidated Financial Statements for further information.

(5)During the first quarter of 2025, mining and processing operations at the site were temporarily suspended due to safety events (the "Cerro Negro shutdowns"). Full operations resumed in April 2025. In the second quarter of 2024, the Company suspended operations at Cerro Negro to conduct a full investigation into the tragic fatalities of two members of the Newmont workforce on April 9, 2024. The site ramped up to full operations in June 2024.

(6)These sites were classified as held for sale beginning in the first quarter of 2024, and as such, the Company ceased recording depreciation and amortization in March 2024. Telfer was divested at December 31, 2024. All other sites previously classified as held for sale were divested at December 31, 2025. As a result, the comparative results of these operations are not meaningful. Refer to Note 3 of the Consolidated Financial Statements for further information.

(7)During the second quarter of 2024, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we temporarily ceased placing new tailings on the facility. Production resumed at the end of the third quarter of 2024. During the fourth quarter of 2024, we recognized a benefit of $50 related to business insurance proceeds as a result of the event, recorded in Costs applicable to sales.

(8)All-in sustaining costs and Depreciation and amortization include expense for Corporate and Other.

(9)For the years ended December 31, 2025, 2024 and 2023, Cadia produced 180 million, 191 million, and 36 million pounds of copper, respectively.

(10)For the years ended December 31, 2025, 2024 and 2023, Boddington produced 53 million, 83 million and 98 million pounds of copper, respectively.

(11)For the year ended December 31, 2025, Peñasquito produced 28 million ounces of silver, 216 million pounds of lead and 509 million pounds of zinc. For the year ended December 31, 2024, Peñasquito produced 33 million ounces of silver, 212 million pounds of lead and 569 million pounds of zinc. For the year ended December 31, 2023, Peñasquito produced 18 million ounces of silver, 113 million pounds of lead and 230 million pounds of zinc.

(12)For the years ended December 31, 2025, 2024 and 2023, Red Chris produced 63 million, 58 million, and 8 million pounds of copper, respectively.

(13)For the years ended December 31, 2024 and 2023, Telfer produced 6 million and 3 million pounds of copper, respectively.

(14)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 15 to the Consolidated Financial Statements for further discussion of our equity method investments.

(15)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, and is accounted for as an equity method investment on a quarter lag. Due to the quarter lag, comparative results of operations are not meaningful for the year ended December 31, 2025.

Year ended December 31, 2025 compared to 2024

Lihir, Papua New Guinea. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce increased 19% primarily due to higher non-cash inventory costs per unit from ore processed from stockpiles and lower gold ounces sold. All-in sustaining costs per gold ounce increased 6% primarily due to higher sustaining capital spend per gold ounce.

Cadia, Australia. Gold production decreased 17% primarily due to lower ore grade milled. Gold equivalent ounces – other metals production decreased 22% primarily as a result of the change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 16%, as well as lower other metals produced of 6% as a result of lower ore grade milled. Costs applicable to sales per gold ounce increased 29% primarily due to lower gold ounces sold, higher government royalties, and higher allocation of direct costs to gold as a result of the GEO price change, partially offset by higher by-product credits. Costs applicable to sales per gold equivalent ounce – other metals sold increased 35% primarily due to lower gold equivalent ounces - other metals sold and higher government royalties, partially offset by lower allocation of direct costs to gold equivalent ounces - other metals as a result of the GEO price change and higher by-product credits. Depreciation and amortization per gold ounce increased 23% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 24% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 20% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower treatment and refining costs. All-in sustaining costs per gold equivalent ounce – other metals increased 25% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower treatment and refining costs.

Tanami, Australia. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 18% primarily due to higher underground mining costs as a result of increased development, higher third party royalties, and lower gold ounces sold. Depreciation and amortization per gold ounce increased 8% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 34% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold ounce.

Boddington, Australia. Gold production was generally in line with the prior year. Gold equivalent ounces – other metals production decreased 47% primarily due to lower other metals produced of 36% from lower ore grade milled, as well as the change in

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GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 11%. Costs applicable to sales per gold ounce increased 18% primarily due to higher allocation of direct costs to gold as a result of the GEO price change and higher government royalties. Costs applicable to sales per gold equivalent ounce – other metals increased 17% primarily due to lower gold equivalent ounces - other metals sold and higher government royalties, partially offset by lower allocation of direct costs to gold equivalent ounces - other metals as a result of the GEO price change. Depreciation and amortization per gold ounce increased 21% primarily due to higher allocation of costs to gold as a result of the GEO price change. Depreciation and amortization per gold equivalent ounce - other metals increased 18% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower depreciation rates as a result of lower gold equivalent ounces - other metals mined. All-in sustaining costs per gold ounce increased 18% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend, partially offset by lower treatment and refining costs. All-in sustaining costs per gold equivalent ounce – other metals increased 19% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower treatment and refining costs.

Ahafo South, Ghana. Gold production decreased 17% primarily due to lower ore grade milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 36% primarily due to higher government royalties, higher community development costs, and lower gold ounces sold, partially offset by a buildup of stockpile inventory compared to a draw down in the prior year. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce increased 39% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.

Merian, Suriname. Gold production decreased 14% primarily due to lower mill throughput and a buildup of in-circuit inventory compared to a drawdown in the prior year. Costs applicable to sales per gold ounce increased 7% primarily due to lower gold ounces sold and higher government royalties, partially offset by lower labor costs and lower contracted services costs. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce were generally in line with the prior year.

Cerro Negro, Argentina. Gold production decreased 15% primarily due to lower ore grade milled as a result of mine sequencing and lower mill throughput as a result of the Cerro Negro shutdowns. Costs applicable to sales per gold ounce increased 20% primarily due to lower gold ounces sold, higher labor costs, and higher government royalties, partially offset by higher by-product credits, lower inventory write-downs in the current year compared to the prior year, and lower contracted services costs. Depreciation and amortization per gold ounce increased 21% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 36% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold ounce.

Yanacocha, Peru. Gold production increased 45% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce decreased 21% primarily due to higher gold ounces sold, higher buildup of leach pad inventory in the current year compared to in the prior year, and higher by-product credits, partially offset by higher workers participation costs and higher third-party royalties. Depreciation and amortization per gold ounce decreased 22% primarily due to higher gold ounces sold, partially offset by higher depreciation rates in the current year as a result of higher ounces mined. All-in sustaining costs per gold ounce decreased 19% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend, partially offset by higher other expense related to a Yanacocha discharge event during the second quarter of 2025 that impacted canals supporting the surrounding community. The event was contained as of June 30, 2025.

Peñasquito, Mexico. Gold production increased 39% primarily due to higher ore grade milled as a result of mine sequencing, higher mill recovery, and higher mill throughput. Gold equivalent ounces – other metals production decreased 27% primarily as a result of a change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 16%, as well as lower other metals produced of 11% as a result of lower ore grade milled due to mine sequencing. Costs applicable to sales per gold ounce increased 19% primarily due to higher allocation of direct costs to gold as a result of the GEO price change, higher workers participation costs, and higher third party and government royalties, partially offset by higher gold ounces sold and higher by-product credits. Costs applicable to sales per gold equivalent ounce – other metals increased 28% primarily due to lower gold equivalent ounces - other metals sold, higher workers participation costs and higher third party and government royalties, partially offset by lower allocation of direct costs to gold equivalent ounces - other metals as a result of the GEO price change and higher by-product credits. Depreciation and amortization per gold ounce increased 8% primarily due to higher allocation of costs to gold as a result of the GEO price change, partially offset by higher gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 17% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower allocation of costs to gold equivalent ounces - other metals as a result of the GEO price change. All-in sustaining costs per gold ounce increased 14% primarily due to higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 21% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower treatment and refining costs.

Red Chris, Canada. Gold production increased 55% primarily due to higher ore grade milled. Gold equivalent ounces - other metals production decreased 10% as a result of the change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 19%, partially offset by higher other metals produced of 9% as a result of higher ore grade milled. Costs applicable to sales per gold ounce increased 11% primarily due to higher allocation of direct costs to gold as a result of the GEO price change, partially offset by higher gold ounces sold and lower inventory write-downs in the current year compared to the prior year. Costs applicable to sales per gold equivalent ounce – other metals sold increased 11% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower allocation of direct costs to gold equivalent ounces - other

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metals as a result of the GEO price change, and lower inventory write-downs in the current year compared to the prior year. Depreciation and amortization per gold ounce increased 9% primarily due to higher depreciation rates as a result of higher gold ounces mined, partially offset by higher gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 9% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 9% primarily due to higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals were generally in line with the prior year.

Brucejack, Canada. Gold production decreased 10% primarily due to lower ore grade milled and higher buildup of in-circuit inventory in the current year, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 17% primarily due to lower gold ounces sold and higher labor costs, partially offset by higher by-product credits. Depreciation and amortization per gold ounce increased 12% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 26% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.

NGM, U.S. Attributable gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 9% primarily due to lower gold ounces sold coupled with higher mining and processing costs at Carlin, partially offset by higher gold ounces sold at Turquoise Ridge. Depreciation and amortization per gold ounce increased 15% primarily due to higher amortization rates and lower gold ounces sold at Carlin, partially offset by higher gold ounces sold at Turquoise Ridge. All-in sustaining costs per gold ounce were generally in line with the prior year.

Pueblo Viejo, Dominican Republic. Attributable gold production increased 8% primarily due to higher mill throughput, partially offset by lower mill recovery. Refer to Note 15 of the Consolidated Financial Statements for further discussion of our equity method investments.

Foreign Currency Exchange Rates

Our foreign operations sell their gold, copper, silver, lead, and zinc production based on USD metal prices. Therefore, fluctuations in foreign currency exchange rates do not have a material impact on our revenue. Despite selling gold and silver in London, we have no exposure to the euro or the British pound.

Foreign currency exchange rates can increase or decrease profits to the extent costs are paid in foreign currencies. In 2025, approximately 59% of Costs applicable to sales were paid in currencies other than the U.S. dollar as follows:

			Year Ended December 31, 2025
Australian Dollar			27		%
Canadian Dollar			9		%
Mexican Peso			8		%
Papua New Guinean Kina			6		%
Argentine Peso			4		%
Surinamese Dollar			3		%
Peruvian Sol			2		%
Ghanaian Cedi			—		%

Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to sales at sites by $190 during the year ended December 31, 2025, compared to the same period in 2024. The decrease was primarily due to significant currency devaluation of the Argentine peso as well as devaluation of the Mexican peso.

At December 31, 2025, the Company held AUD- and CAD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures to be incurred between October 2024 and December 2026 at certain sites, respectively. The unrealized changes in fair value for the fixed forward contracts are recorded in Accumulated other comprehensive income (loss) and will be reclassified to earnings through Costs applicable to sales beginning October 2024. Refer to Note 14 of the Consolidated Financial Statements for further information on our hedging instruments.

Hyperinflationary Economies

Hyperinflationary economies are defined by the International Monetary Fund as economies in which the projected three-year cumulative inflation exceeds 100%. For the year ended December 31, 2025, Argentina was the only hyperinflationary economy in which the Company held operations.

Argentina. Our Cerro Negro mine is located in Argentina and is a USD functional currency entity. Beginning in 2020, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert USD proceeds from metal sales to local currency within 60 days from shipment date or 20 business days from receipt of cash, whichever happens first, as well as restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies and royalties and other payments to foreign beneficiaries. These

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restrictions directly impact Cerro Negro's ability to repay intercompany debt to the Company. In the third quarter of 2024, certain restrictions were lifted or modified, allowing companies to repay intercompany debt in certain circumstances.

In April 2025, the IMF Executive Board approved a 48-month, $20 billion extended arrangement under the Extended Fund Facility for Argentina. Within the program objectives, the IMF expressly mentions transitioning toward exchange rate flexibility, while gradually lifting foreign currency restrictions. The new exchange rate regime allows the Argentine peso to float within a moving band of 1,000 to 1,400 pesos per USD, expanding by 1% monthly at both limits. From January 1, 2026, the floating exchange rate regime between bands will remain in effect, and the monthly rate of adjustment of the upper and lower limits of the exchange rate band will be determined according to the latest monthly inflation data reported by INDEC. The central bank can intervene if the band is breached and may operate in secondary peso markets within the band. This managed float led to an immediate devaluation of the Argentine Peso. Further, a series of foreign currency restrictions have been lifted, including allowing companies to transfer to their foreign shareholders profits and dividends corresponding to fiscal years that began on or after January 1, 2025, provided applicable requirements are met.

We continue to monitor the foreign currency exposure risk and the evolution of currency controls, which are currently not expected to have a material impact on our financial statements.

Liquidity and Capital Resources

Liquidity Overview

We have a disciplined capital allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our stockholders. The Company continues to experience the impacts from geopolitical and macroeconomic pressures. With the resulting volatile environment, we continue to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions, as well as an uncertain and evolving labor market including tariff and regulatory changes. Depending on the duration and extent of the impact of these events, or changes in commodity prices, the prices for gold and other metals, and foreign exchange rates, we could continue to experience volatility; transportation industry disruptions could occur, including limitations on shipping produced metals; our supply chain could experience disruption; cost inflation rates could further increase; or we could incur credit related losses of certain financial assets, which could materially impact our results of operations, cash flows and financial condition.

As of December 31, 2025, we believe our available liquidity allows us to manage the short- and, possibly, long-term material adverse impacts of these events on our business. Refer to Note 2 to the Consolidated Financial Statements for further discussion on risks and uncertainties.

At December 31, 2025, the Company had $7,647 in Cash and cash equivalents. The majority of our cash and cash equivalents are invested in a variety of highly liquid and low-risk investments with original maturities of three months or less that are available to fund our operations as necessary. We may have investments in prime money market funds that are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could have a net asset value of less than their par value. We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities.

At December 31, 2025, $2,347 of Cash and cash equivalents was held in foreign subsidiaries and is primarily held in USD denominated accounts with the remainder in foreign currencies readily convertible to USD. Cash and cash equivalents denominated in Argentine peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates above for further information. At December 31, 2025, $2,078 of consolidated Cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with any potential withholding taxes.

We believe our existing consolidated Cash and cash equivalents, available capacity on our revolving credit facility, and cash generated from continuing operations will be adequate to satisfy working capital needs, fund future growth, meet debt obligations and meet other liquidity requirements for the foreseeable future. At December 31, 2025, our borrowing capacity on our revolving credit facility was $4,000 and we had no borrowings outstanding. We continue to remain compliant with covenants and do not currently anticipate any events or circumstances that would impact our ability to access funds available on this facility. Refer to Note 20 to the Consolidated Financial Statements for further information on our Debt.

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Our financial position was as follows:

			At December 31, 2025						At December 31, 2024
Cash and cash equivalents			$	7,647					$	3,619
Cash and cash equivalents included in assets held for sale (1)			—						45
Available borrowing capacity on revolving credit facilities			4,000						4,000
Total liquidity			$	11,647					$	7,664
Net debt (cash) (2)			$	(2,058)					$	5,308

____________________________

(1)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 Cash and cash equivalents was reclassified to Assets held for sale. At December 31, 2025, no amounts relating to Cash and cash equivalents and restricted cash remained in Assets held for sale. Refer to Note 3 to the Consolidated Financial Statements for additional information.

(2)Net debt is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures, below.

Cash Flows

			Year Ended December 31,
			2025						2024
Net cash provided by (used in) operating activities of continuing operations			$	10,334					$	6,318
Net cash provided by (used in) investing activities of continuing operations			$	606					$	(2,855)
Net cash provided by (used in) financing activities			$	(7,040)					$	(2,953)

Net cash provided by (used in) operating activities of continuing operations had an increase in cash provided of $4,016 during the year ended December 31, 2025 compared to the same period in 2024, primarily due to the net increase in Sales largely resulting from higher average realized gold prices in 2025, partially offset by higher cash tax payments which is directly correlated to the increase in pre-tax income driven by the higher average realized gold prices. Refer to Consolidated Financial Results, above, for more information on Sales, and Note 10 to the Consolidated Financial Statements for more information on Income and mining tax benefit (expense).

Net cash provided by (used in) investing activities of continuing operations had an increase in cash provided of $3,461 during the year ended December 31, 2025 compared to the same period in 2024, primarily due to the sales of non-core assets in 2025, including net proceeds received of $2,811 and a reduction in capital expenditures of $405 as a result of the divestments, as well as an increase in proceeds received from the sale of investments. Refer to Notes 3 to the Consolidated Financial Statements for additional information.

Net cash provided by (used in) financing activities had an increase in cash used of $4,087 during the year ended December 31, 2025 compared to the same period in 2024, primarily due to higher redemptions of debt and repurchases of common stock in 2025. Refer to Note 20 to the Consolidated Financial Statements for additional information on our Debt transactions.

Capital Resources

In February 2026, the Board declared a dividend of $0.26 per share as part of its updated capital allocation framework. This new framework is designed to be sustainable through the commodity cycle while also focusing on return of capital to shareholders, maintaining a resilient balance sheet, and making prudent capital investments for long-term value. The declaration and payment of future dividends remains at the full discretion of the Board and will depend on the Company’s financial results, cash requirements, future prospects and other factors deemed relevant by the Board.

In February 2024, the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to provide returns to stockholders, provided that the aggregate value of shares of common stock repurchased under the new program does not exceed $1 billion; this program has been completed. In October 2024, the Board of Directors authorized an additional $2 billion stock repurchase program to repurchase shares of outstanding common stock; this program has been completed. In July 2025, the Board of Directors authorized an additional $3 billion stock repurchase program to repurchase shares of outstanding common stock.

The program will be executed at the Company’s discretion, permits shares to be repurchased under a variety of methods, has no expiration date, may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future. Through the date of filing, we have executed and settled total trades of common stock repurchases under the previously authorized programs of $3,624, of which $2,303 was repurchased during the year ended December 31, 2025.

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Capital Expenditures

Cash generated from operations is used to execute our capital priorities, which include sustaining and developing our global portfolio of long-lived assets. Our near-term development capital projects include Tanami Expansion 2 and Cadia Panel Caves.

These projects are being funded from existing liquidity and will continue to be funded from future operating cash flows. Capital costs are estimated to be between $1,700 and $1,800 for Tanami Expansion 2 with an expected commercial production date in the second half of 2027. Capital costs are estimated to be between $2,000 and $2,400 for the PC 2-3 and PC1-2 Cadia Panel Caves project with development capital costs expected to continue until 2029.

We consider sustaining capital as those capital expenditures that are necessary to maintain current production and execute the current mine plan. Capital expenditures to develop new operations or related to projects at existing operations, where these projects will enhance production or reserves, are considered non-sustaining or development capital. The Company’s decision to reprioritize, sell or abandon a development project, which may include returning mining concessions to host governments, could result in a future impairment charge.

The Company continues to evaluate strategic priorities and deployment of capital to projects in the pipeline to ensure we execute on our capital priorities and provide long-term value to stockholders. Included in the Company's continuous evaluation is consideration of current market opportunities or pressures. Refer to Note 2 to the Consolidated Financial Statements for further discussion.

The Company had Additions to property, plant and mine development as follows:

			Year Ended December 31,
			2025																		2024																		2023
			Development Projects						Sustaining Capital						Total						Development Projects						Sustaining Capital						Total						Development Projects						Sustaining Capital						Total
Lihir			$	4					$	144					$	148					$	89					$	104					$	193					$	2					$	51					$	53
Cadia			294						303						597						246						291						537						42						33						75
Tanami			367						204						571						321						116						437						291						122						413
Boddington			—						145						145						—						129						129						—						164						164
Ahafo South (1)			12						156						168						19						108						127						5						134						139
Ahafo North (1)			312						9						321						255						—						255						171						—						171
Merian			—						58						58						—						81						81						—						84						84
Cerro Negro			39						111						150						125						61						186						107						55						162
Yanacocha			11						10						21						39						22						61						288						24						312
Peñasquito			—						123						123						—						129						129						—						113						113
Red Chris			99						58						157						90						60						150						16						9						25
Brucejack			—						104						104						3						67						70						1						21						22
NGM			146						241						387						97						351						448						138						334						472
Corporate and Other			—						23						23						—						22						22						8						43						51
Divested (2)
CC&V			—						5						5						—						26						26						—						64						64
Musselwhite			—						14						14						—						97						97						—						104						104
Porcupine			28						26						54						122						79						201						98						68						166
Éléonore			—						12						12						—						100						100						—						106						106
Akyem			—						9						9						1						23						24						3						37						40
Telfer			—						—						—						12						39						51						1						8						9
Accrual basis			$	1,312					$	1,755					$	3,067					$	1,419					$	1,905					$	3,324					$	1,171					$	1,574					$	2,745
(Increase) decrease in non-cash adjustments															(32)																		78																		(79)
Cash basis															$	3,035																	$	3,402																	$	2,666

____________________________

(1)In the fourth quarter of 2025, the Ahafo North development project achieved commercial production resulting in designation as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project and all activity was included in the Ahafo South reportable segment. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes. Refer to Note 4 to the Consolidated Financial Statements for information.

(2)Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures.

For the year ended December 31, 2025, development projects primarily included Tanami Expansion 2, Ahafo North, Cadia Panel Caves, Red Chris Block Cave, Cerro Negro expansions projects, and the Goldrush Complex at NGM. Development capital costs

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(excluding capitalized interest and capitalized depreciation and amortization) on our Tanami Expansion 2, Ahafo North, and Cadia Panel Caves projects since approval were $1,304, $900, and $516, respectively, of which $284, $284, and $268 related to the year ended December 31, 2025, respectively.

For the year ended December 31, 2024, development projects included Red Chris Block Caves, Pamour at Porcupine, Cerro Negro expansion projects, Yanacocha Sulfides, Tanami Expansion 2, Cadia Panel Caves, Phase 14A Wall construction at Lihir, Ahafo North, and Goldrush Complex at NGM.

For the year ended December 31, 2023, development projects included Pamour at Porcupine, Cerro Negro expansion projects Yanacocha Sulfides, Tanami Expansion 2, Cadia Panel Caves, Ahafo North, and the TS Solar Plant and Goldrush Complex at NGM.

The Company will from time to time enter into hedging relationships to mitigate variability in development capital spend denominated in foreign currency. The Company has entered into A$1,734 AUD-denominated fixed forward contracts, designated as foreign currency cash flow hedges, to mitigate variability in the USD functional cash flows related to the AUD-denominated capital expenditures related to the construction and development phase of the Tanami Expansion 2, Cadia Panel Caves, and Cadia Tailings projects expected to be incurred between October 2024 and December 2026. Refer to Note 14 to the Consolidated Financial Statements for further information.

For the years ended December 31, 2025, 2024, and 2023, sustaining capital includes capital expenditures such as tailings facility construction, infrastructure improvements, underground and surface mine development, capital component purchases, mining equipment, and reserves drilling conversion. Additionally, for the year ended December 31, 2023, sustaining capital included haul truck purchases for the Autonomous Haulage System at Boddington. The Company currently expects to incur higher annual sustaining capital spend over the next few years at our ongoing operations relative to historical amounts as we continue to advance the critical tailings work at Cadia and Boddington and strengthen operating efficiency across our portfolio.

Refer to Note 4 to our Consolidated Financial Statements and Non-GAAP Financial Measures, "All-In Sustaining Costs", below, for further information.

Debt

Debt and Corporate Revolving Credit Facilities. The Company from time to time will redeem its outstanding senior notes ahead of their scheduled maturity dates utilizing Cash and cash equivalents. Additionally, depending upon market conditions and strategic considerations, we may choose to refinance debt in the capital markets. We generally expect to be able to fund maturities of debt from Net cash provided by (used in) operating activities, existing cash balances, and available credit facilities.

In 2025, the Company completed debt extinguishments comprised of (i) a $2 billion debt tender consisting of partial redemptions of certain senior notes, (ii) the full redemption of the outstanding 2026 Senior Notes, and (iii) the partial redemption of certain other senior notes through open market repurchases. As a result of these redemptions, the company recognized a loss on extinguishment of $101 for the year ended December 31, 2025, recognized in Other income (loss), net.

Debt Covenants. Our senior notes and revolving credit facilities contain various covenants and default provisions including payment defaults, limitations on liens, leases, sales and leaseback agreements, merger restrictions, limiting the sale of all or substantially all of our assets, certain change of control provisions, and a negative pledge on certain assets. Additionally, the corporate revolving credit facility contains a financial ratio covenant requiring us to maintain a net debt (total debt net of Cash and cash equivalents) to total capitalization ratio of less than or equal to 62.50%.

At December 31, 2025, we were in compliance with all existing debt covenants and provisions related to potential defaults.

Letters of Credit and Other Guarantees. We have off-balance sheet arrangements of $1,943 of outstanding surety bonds, bank letters of credit and bank guarantees (refer to Note 24 to the Consolidated Financial Statements). At December 31, 2025, none of the $4,000 corporate revolving credit facility was used to secure the issuance of letters of credit.

For further information on our Debt, refer to Note 20 to the Consolidated Financial Statements.

Co-Issuer and Supplemental Guarantor Information. The Company filed a shelf registration statement with the SEC on Form S-3 under the Securities Act, of 1933, as amended, which enables us to issue an indeterminate number or amount of common stock, preferred stock, depository shares, debt securities, guarantees of debt securities, warrants and units (the “Shelf Registration Statement”). Under the Shelf Registration Statement, our debt securities may be guaranteed by Newmont USA Limited (“Newmont USA”), one of our consolidated subsidiaries.

Newmont and Newcrest Finance, as issuers, and Newmont USA, as guarantor, are collectively referred to herein as the "Obligor Group."

These guarantees are full and unconditional, and none of our other subsidiaries guarantee any security issued and outstanding. The cash provided by operations of the Obligor Group, and all of its subsidiaries, is available to satisfy debt repayments as they become due, and there are no material restrictions on the ability of the Obligor Group to obtain funds from subsidiaries by

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dividend, loan, or otherwise, except to the extent of any rights, noncontrolling interests, foreign currency or regulatory restrictions limiting repatriation of cash. Net assets attributable to noncontrolling interests were $175 at December 31, 2025. All noncontrolling interests relate to non-guarantor subsidiaries.

Newmont and Newmont USA are primarily holding companies with no material operations, sources of income or assets other than equity interest in their subsidiaries and intercompany receivables or payables. Newcrest Finance is a finance subsidiary with no material assets or operations other than those related to issued external debt. Newmont USA’s primary investments are comprised of its 38.5% interest in NGM. For further information regarding these and our other operations, refer to Note 4 to the Consolidated Financial Statements and Results of Consolidated Operations within Part II, Item 7, MD&A.

In addition to equity interests in subsidiaries, the Obligor Group’s balance sheets consisted primarily of the following intercompany assets, intercompany liabilities, and external debt. The remaining assets and liabilities of the Obligor Group are considered immaterial at December 31, 2025.

			December 31, 2025
			Obligor Group						Newmont USA
Current intercompany assets			$	24,979					$	17,426
Non-current intercompany assets			$	770					$	283
Current intercompany liabilities			$	28,983					$	1,621
Non-current intercompany liabilities			$	49					$	—
Non-current external debt			$	5,108					$	—

Newmont USA's subsidiary guarantees (the “subsidiary guarantees”) are general unsecured senior obligations of Newmont USA and rank equal in right of payment to all of Newmont USA's existing and future senior unsecured indebtedness and senior in right of payment to all of Newmont USA's future subordinated indebtedness. The subsidiary guarantees are effectively junior to any secured indebtedness of Newmont USA to the extent of the value of the assets securing such indebtedness.

At December 31, 2025, Newmont USA guaranteed $5,051 of the $5,108 in total Obligor Group external debt. Under the terms of the subsidiary guarantees, holders of Newmont’s securities subject to such subsidiary guarantees will not be required to exercise their remedies against Newmont before they proceed directly against Newmont USA.

Newmont USA will be released and relieved from all its obligations under the subsidiary guarantees in certain specified circumstances, including, but not limited to, the following:

•upon the sale or other disposition (including by way of consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power of the capital stock or other interests of Newmont USA (other than to Newmont or any of Newmont’s affiliates);

•upon the sale or disposition of all or substantially all the assets of Newmont USA (other than to Newmont or any of Newmont’s affiliates); or

•upon such time as Newmont USA ceases to guarantee more than $75 aggregate principal amount of Newmont’s debt (at December 31, 2025, Newmont USA guaranteed $517 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision).

Newmont’s debt securities are effectively junior to any secured indebtedness of Newmont to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all debt and other liabilities of Newmont’s non-guarantor subsidiaries. At December 31, 2025, (i) Newmont’s total consolidated indebtedness was approximately $5,589, none of which was secured (other than $474 of Lease and other financing obligations), and (ii) Newmont’s non-guarantor subsidiaries had $9,133 of total liabilities (including trade payables, but excluding intercompany, external debt, and reclamation and remediation liabilities), which would have been structurally senior to Newmont’s debt securities.

For further information on our Debt, refer to Note 20 to the Consolidated Financial Statements.

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Contractual Obligations

Our contractual obligations at December 31, 2025 are summarized as follows:

			Payments Due by Period
			Total						Current						Non-Current
Debt (1)			$	8,242					$	239					$	8,003
Finance lease and other financing obligations (2)			608						119						489
Remediation and reclamation liabilities (3)			9,894						922						8,972
Uncertain income tax liabilities and interest (4)			128						—						128
Employee-related benefits (5)			1,207						432						775
Operating leases and other obligations (6)			123						33						90
Minimum royalty payments (7)			29						29						—
Purchase obligations (8)			836						380						456
Other			392						213						179
			$	21,459					$	2,367					$	19,092

____________________________

(1)Debt includes principal of $5,343 on senior notes and estimated interest payments of $2,899 on senior notes, assuming no early extinguishment.

(2)Finance lease and other financing obligations includes finance lease payments of $608.

(3)Mining operations are subject to extensive environmental regulations in the jurisdictions in which they operate. Pursuant to environmental regulations, we are required to close our operations and reclaim and remediate the lands that operations have disturbed. The estimated undiscounted cash outflows of these Reclamation and remediation liabilities are reflected here. For more information regarding reclamation and remediation liabilities, refer to Note 6 to the Consolidated Financial Statements.

(4)We are unable to reasonably estimate the timing of our uncertain income tax liabilities and interest payments due to uncertainties in the timing of the effective settlement of tax positions.

(5)Contractual obligations for Employee-related benefits include severance, workers’ participation, pension and other benefit plans. Pension plan and other benefit payments beyond 2035 cannot be reasonably estimated given variable market conditions and actuarial assumptions and are not included.

(6)Operating lease and other obligations includes operating lease payments of $123.

(7)Minimum royalty payments are related to continuing operations and are presented net of recoverable amounts.

(8)Purchase obligations are not recorded in the Consolidated Financial Statements. Purchase obligations represent contractual obligations for purchase of power, materials and supplies, consumables, inventories and capital projects.

Environmental

Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. We have made, and expect to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. We perform a comprehensive review of our reclamation and remediation liabilities annually and review changes in facts and circumstances associated with these obligations at least quarterly. Newmont is committed to the implementation of the GISTM and the disclosure of implementation status for tailings facilities. Conformance with the GISTM is on-going and has and may continue to result in further increases to our estimated sustaining costs and closure costs for existing operations and non-operating sites. Disclosures can be found on our website. Additionally, laws, regulations and permit requirements focused on water management and discharge requirements for operations and water treatment are becoming increasingly stringent. Compliance with water management and discharge quality remains dynamic and has and may continue to result in further increases to our estimated closure costs.

At December 31, 2025 and 2024, $6,800 and $7,015, respectively, were accrued for reclamation costs relating to currently or recently producing or development stage mineral properties, of which $829 and $928, respectively, were classified as current liabilities.

In addition, we are involved in several matters concerning environmental obligations associated with former, primarily historical, mining activities. Based upon our best estimate of our liability for these matters, $390 and $370 were accrued for such obligations at December 31, 2025 and 2024, respectively, of which $64 and $63, respectively, were classified as current liabilities. We spent $71, $82, and $44 during the years ended December 31, 2025, 2024, and 2023, respectively, for environmental obligations related to the former mining activities.

Reclamation and remediation adjustments during 2025 primarily related to increased cost estimates at Peñasquito resulting from updated risk assessments and the identification of additional uncertainties regarding long‑term tailings storage facility embankment stability, partially offset by a reduction in cost estimates at portions of the Yanacocha site that are no longer in production and with no expected substantive economic value (i.e., non-operating) following the completion of several closure related studies. Reclamation and remediation adjustments during 2024 primarily related to a reduction in cost estimates at non-operating portions of the Yanacocha site.

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During the year ended December 31, 2025, 2024, and 2023, capital expenditures were approximately $58, $35, and $41, respectively, to comply with environmental regulations.

Our sustainability strategy is a foundational element in achieving our purpose to create value and improve lives through sustainable and responsible mining. Sustainability and safety are integrated into the business at all levels of the organization through our global policies, standards, strategies, business plans and remuneration plans. For more information on the Company’s reclamation and remediation liabilities, refer to Notes 6 and 24 to the Consolidated Financial Statements. For discussion of regulatory, tailings, water, climate and other environmental risks, refer to Part I, Item 1A. Risk Factors, for additional information.

Forward-Looking Statements

The foregoing discussion and analysis, as well as certain information contained elsewhere in this Annual Report, 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, and are intended to be covered by the safe harbor created thereby. For a more detailed discussion of risks and other factors that might impact forward-looking statements and other important information about forward-looking statements, refer to the discussion in Forward-Looking Statements in Part I, Item 1, Business and Part I, Item 1A, Risk Factors.

Non-GAAP Financial Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Unless otherwise noted, we present the non-GAAP financial measures of our continuing operations in the tables below. For additional information regarding our discontinued operations, refer to Note 1 to the Consolidated Financial Statements.

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

Management uses Earnings before interest, taxes, and depreciation and amortization (“EBITDA”) and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period (“Adjusted EBITDA”) as non-GAAP measures to evaluate the Company’s operating performance. EBITDA and Adjusted EBITDA do 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 do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although 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 Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that 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 Adjusted EBITDA are 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 EBITDA and Adjusted EBITDA as follows:

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			Year Ended December 31,
			2025						2024						2023
Net income (loss) attributable to Newmont stockholders			$	7,085					$	3,348					$	(2,494)
Net income (loss) attributable to non-controlling interests			82						33						27
Net (income) loss from discontinued operations (1)			—						(68)						(27)
Equity loss (income) of affiliates			(421)						(133)						(63)
Income and mining tax expense (benefit)			4,596						1,397						526
Depreciation and amortization			2,521						2,576						2,108
Interest expense, net of capitalized interest			229						375						243
EBITDA			14,092						7,528						320
Adjustments:
(Gain) loss on sale of assets held for sale (2)			(1,066)						1,114						—
Impairment charges (3)			842						78						1,891
Change in fair value of investments and options (4)			(604)						(62)						47
Restructuring and severance (5)			186						38						24
Loss (gain) on debt extinguishment (6)			101						(32)						—
Reclamation and remediation charges (7)			(96)						(71)						1,260
Loss (gain) on asset and investment sales (8)			20						(35)						197
Settlement costs (9)			2						44						7
Newcrest transaction and integration costs (10)			—						72						464
Pension settlements and curtailments (11)			—						1						9
Other (12)			3						—						(4)
Adjusted EBITDA			$	13,480					$	8,675					$	4,215

____________________________

(1)For additional information regarding our discontinued operations, refer to Note 1 of the Consolidated Financial Statements.

(2)Primarily consists of the gain on the sales of certain non-core assets in 2025 and the write-downs on assets held for sale in 2024; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 of the Consolidated Financial Statements for further information.

(3)Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Impairment charges. Refer to Note 7 of the Consolidated Financial Statements for further information.

(4)Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Change in fair value of investments and options.

(5)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company; included in Other expense, net. Refer to Note 8 of the Consolidated Financial Statements for further information.

(6)Represents the losses and gains on debt redemptions; included in Other income (loss), net. Refer to Note 20 of the Consolidated Financial Statements for further information.

(7)Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 of the Consolidated Financial Statements for further information.

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

(9)Primarily consists of litigation expenses and other settlements in 2025, wind-down and demobilization costs related to the French Guiana project in 2024, and costs related to additional employee related accruals as a result of the Australian Fair Work legislation in 2023; included in Other expense, net.

(10)Represents costs incurred related to the Newcrest transaction; included in Other expense, net. In 2025, includes a gain recognized on the reduction of the stamp duty tax liability incurred as a result of the Newcrest transaction. In 2023, these costs primarily include $316 related to the stamp duty tax incurred in connection with the transaction.

(11)Represents pension settlement charges and curtailment gains; included in Other income (loss), net. Refer to Note 11 of the Consolidated Financial Statements for further information.

(12)Primarily consists of costs incurred related to transition service agreements for divested reportable segments in 2025 and in 2023 represents income received related to prior period investment sales; included in Other income (loss), net.

Adjusted Net Income (Loss)

Management uses Adjusted net income (loss) to evaluate the Company’s operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analysts to understand the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. Adjustments to continuing operations are presented before tax and net of our partners’ noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is calculated using the applicable tax rate. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP

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financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:

			Year Ended December 31, 2025
									per share data (1)
									basic						diluted
Net income (loss) attributable to Newmont stockholders			$	7,085					$	6.41					$	6.39
(Gain) loss on sale of assets held for sale (2)			(1,066)						(0.97)						(0.97)
Impairment charges (3)			841						0.76						0.76
Change in fair value of investments and options (4)			(604)						(0.54)						(0.54)
Restructuring and severance (5)			184						0.16						0.16
Loss on debt extinguishment (6)			101						0.09						0.09
Reclamation and remediation charges (7)			(96)						(0.09)						(0.09)
Loss on asset and investment sales (8)			20						0.02						0.02
Settlement costs (9)			2						—						—
Other (10)			3						—						—
Tax effect of adjustments (11)			281						0.27						0.27
Valuation allowance and other tax adjustments (12)			883						0.80						0.80
Adjusted net income (loss)			$	7,634					$	6.91					$	6.89
Weighted average common shares (millions): (13)									1,106						1,108

____________________________

(1)Per share measures may not recalculate due to rounding.

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

(3)Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Impairment charges. Refer to Note 7 of the Consolidated Financial Statements for further information. Amounts are presented net of Net loss (income) attributable to non-controlling interests of $(1).

(4)Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Change in fair value of investments and options.

(5)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company; included in Other expense, net. Refer to Note 8 of the Consolidated Financial Statements for further information. Amounts are presented net of Net loss (income) attributable to non-controlling interests of $(2).

(6)Represents the losses on debt redemptions; included in Other income (loss), net. Refer to Note 20 of the Consolidated Financial Statements for further information.

(7)Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 of the Consolidated Financial Statements for further information.

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

(9)Primarily consists of litigation expenses and other settlements; included in Other expense, net.

(10)Primarily consists of costs incurred related to transition service agreements for divested reportable segments; included in Other income (loss), net. Refer to Note 3 of the Consolidated Financial Statements for further information.

(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 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, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment 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 $295, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(139), net reductions to the reserve for uncertain tax positions of $1, and other tax adjustments of $726.

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

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			Year Ended December 31, 2024
									per share data (1)
									basic						diluted
Net income (loss) attributable to Newmont stockholders			$	3,348					$	2.92					$	2.92
Net loss (income) attributable to Newmont stockholders from discontinued operations (2)			(68)						(0.06)						(0.06)
Net income (loss) attributable to Newmont stockholders from continuing operations			3,280						2.86						2.86
(Gain) loss on sale of assets held for sale (3)			1,114						0.97						0.97
Impairment charges (4)			78						0.07						0.07
Newcrest transaction and integration costs (5)			72						0.06						0.06
Reclamation and remediation charges (6)			(71)						(0.06)						(0.06)
Change in fair value of investments (7)			(62)						(0.05)						(0.05)
Settlement costs (8)			44						0.04						0.04
Restructuring and severance (9)			38						0.03						0.03
(Gain) on asset and investment sales (10)			(35)						(0.03)						(0.03)
(Gain) on debt extinguishment (11)			(32)						(0.03)						(0.03)
Pension settlements (12)			1						—						—
Tax effect of adjustments (13)			(315)						(0.27)						(0.27)
Valuation allowance and other tax adjustments (14)			(121)						(0.11)						(0.11)
Adjusted net income (loss)			$	3,991					$	3.48					$	3.48
Weighted average common shares (millions): (15)									1,146						1,148

____________________________

(1)Per share measures may not recalculate due to rounding.

(2)For additional information regarding our discontinued operations, refer to Note 1 of the Consolidated Financial Statements.

(3)Primarily consists of the loss on the sales of certain non-core assets and write-downs on assets held for sale; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 of the 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 Impairment charges. Refer to Note 7 of the Consolidated Financial Statements for further information.

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

(6)Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 of the Consolidated Financial Statements for further information.

(7)Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Change in fair value of investments and options.

(8)Primarily consists of wind-down and demobilization costs related to the French Guiana; included in Other expense, net.

(9)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company; included in Other expense, net. Refer to Note 8 of the Consolidated Financial Statements for further information.

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

(11)Represents the gains on debt redemptions; included in Other income (loss), net. Refer to Note 20 of the Consolidated Financial Statements for further information.

(12)Primarily represents pension settlement charges related to lump sum payments to participants; included in Other income (loss), net. Refer to Note 11 of the Consolidated Financial Statements for further information.

(13)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (3) through (12), as described above, and are calculated using the applicable tax rate.

(14)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment 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 $(302), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(30), net reductions to the reserve for uncertain tax positions of $(63), recording of a deferred tax liability for the outside basis difference at Akyem of $49 due to the status change to held for sale, and other tax adjustments of $225.

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

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			Year Ended December 31, 2023
									per share data (1)
									basic						diluted
Net income (loss) attributable to Newmont stockholders			$	(2,494)					$	(2.97)					$	(2.97)
Net loss (income) attributable to Newmont stockholders from discontinued operations (2)			(27)						(0.03)						(0.03)
Net income (loss) attributable to Newmont stockholders from continuing operations (3)			(2,521)						(3.00)						(3.00)
Impairment charges (4)			1,888						2.25						2.25
Reclamation and remediation charges (5)			1,260						1.50						1.50
Newcrest transaction and integration costs (6)			464						0.56						0.56
(Gain) loss on asset and investment sales (7)			197						0.23						0.23
Change in fair value of investments (8)			47						0.05						0.05
Restructuring and severance (9)			24						0.03						0.03
Pension settlements (10)			9						0.01						0.01
Settlement costs (11)			7						0.01						0.01
Other (12)			(4)						—						—
Tax effect of adjustments (13)			(613)						(0.73)						(0.73)
Valuation allowance and other tax adjustments (14)			566						0.66						0.66
Adjusted net income (loss)			$	1,324					$	1.57					$	1.57
Weighted average common shares (millions): (3)									841						841

____________________________

(1)Per share measures may not recalculate due to rounding.

(2)For additional information regarding our discontinued operations, refer to Note 1 of the Consolidated Financial Statements.

(3)Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP. For the year ended December 31, 2023, potentially dilutive shares, which were insignificant, were excluded from the computation of diluted loss per common share attributable to Newmont stockholders in the Consolidated Statement of Operations as they were antidilutive. These shares were included in the computation of adjusted net income per diluted share for the year ended December 31, 2023.

(4)Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Impairment charges. Refer to Note 7 of the Consolidated Financial Statements for further information. Amount is presented net of Net loss (income) attributable to non-controlling interests of $(3).

(5)Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 of the Consolidated Financial Statements for further information.

(6)Primarily consists of $316 related to the stamp duty tax incurred in connection with the Newcrest transaction; 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)Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Change in fair value of investments and options.

(9)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company; included in Other expense, net.

(10)Primarily represents pension settlement charges related to lump sum payments to participants; included in Other income (loss), net. Refer to Note 11 of the Consolidated Financial Statements for further information.

(11)Primarily consists of costs related to additional employee related accruals as a result of the Australian Fair Work legislation; included in Other expense, net.

(12)Primarily consists of income received related to prior period investment sales; included in Other income (loss), net.

(13)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (4) through (12), as described above, and are calculated using the applicable tax rate.

(14)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment 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 $357, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(3), net removal to the reserve for uncertain tax positions of $(28), and other tax adjustments of $240.

Free Cash Flow

Management uses Free cash flow as a non-GAAP measure to analyze cash flows generated from operations. Free cash flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Consolidated Statements of Cash Flows. The Company believes Free cash flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free cash flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free cash flow is not necessarily comparable to such other similarly titled captions of other companies.

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The presentation of non-GAAP Free cash flow is not meant to be considered in isolation or as an alternative to net income as an indicator of the Company’s performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company’s definition of Free cash flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Free cash flow as a measure that provides supplemental information to the Company’s Consolidated Statements of Cash Flows.

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.

			Year Ended December 31,
			2025						2024						2023
Net cash provided by (used in) operating activities			$	10,334					$	6,363					$	2,763
Less: Net cash used in (provided by) investing activities of discontinued operations			—						(45)						(9)
Net cash provided by (used in) operating activities of continuing operations			10,334						6,318						2,754
Less: Additions to property, plant and mine development			(3,035)						(3,402)						(2,666)
Free cash flow			$	7,299					$	2,916					$	88
Net cash provided by (used in) investing activities (1)			$	606					$	(2,702)					$	(1,002)
Net cash provided by (used in) financing activities			$	(7,040)					$	(2,953)					$	(1,603)

____________________________

(1)Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free cash flow.

Net Debt

Management uses Net debt to measure the Company’s liquidity and financial position. Net debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents, as presented on the 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 Company believes that the use of Net debt provides investors and other stakeholders with a meaningful measure of financial flexibility and balance sheet strength, and is also a key metric used in the Company’s debt covenant calculations. 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. Net debt is intended to provide additional information only and does not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of liquidity prepared in accordance with GAAP. Other companies may calculate this measure differently.

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.

			At December 31, 2025						At December 31, 2024
Debt			$	5,115					$	8,476
Less: Cash and cash equivalents			(7,647)						(3,619)
Less: Cash and cash equivalents included in assets held for sale (1)			—						(45)
Net debt excluding leases and other financing obligations			(2,532)						4,812
Add: Lease and other financing obligations			474						496
Net debt (cash)			$	(2,058)					$	5,308

____________________________

(1)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 Cash and cash equivalents was reclassified to Assets held for sale. Refer to Note 3 to the Consolidated Financial Statements for additional information.

All-In Sustaining Costs

Current GAAP measures used in the mining industry, such as costs applicable to sales, do not capture all of the expenditures incurred to discover, develop, and sustain production. Therefore, Newmont calculates All-in sustaining costs (“AISC”) based on the definition published by the World Gold Council. The World Gold Council is a market development organization for the gold industry comprised of and funded by gold mining companies around the world and is a regulatory organization.

AISC is a metric that expands on GAAP measures, such as costs applicable to sales, to provide visibility into the economics of our mining operations related to expenditures, operating performance, and the ability to generate cash flow from our continuing

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operations. We believe that AISC is a non-GAAP measure that provides additional information to management, investors and others that aids in the understanding of the economics of our operations and performance compared to other producers and provides investors visibility by better defining the total costs associated with production.

AISC amounts are intended to provide additional information only and 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 as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in IFRS, or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development (i.e. non-sustaining) activities based upon each company’s internal policies.

The following disclosure provides information regarding the adjustments made in determining the AISC measure:

Costs applicable to sales. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from costs applicable to sales, such as significant revisions to recovery amounts. Costs applicable to sales includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. Costs applicable to sales is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation, which is consistent with our presentation of Costs applicable to sales on the Consolidated Statements of Operations. In determining gold AISC, only the costs applicable to sales associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of costs applicable to sales included in gold AISC is derived from the Costs applicable to sales presented in the Company’s Consolidated Statements of Operations less the amount of costs applicable to sales attributable to the production of other metals. The other metals' costs applicable to sales at those mine sites is disclosed in Note 4 to the Consolidated Financial Statements. The allocation of costs applicable to sales between gold and other metals is based upon the relative sales value, determined using GEO pricing, of gold and other metals produced during the period.

Reclamation costs. Includes accretion expense related to reclamation liabilities and the amortization of the related ARC for the Company’s operating properties. Accretion related to the reclamation liabilities and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals.

Advanced projects, research and development and exploration. Includes incurred expenses related to projects that are designed to sustain current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves to sustain production at existing operations. As these costs relate to sustaining our production, and are considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Consolidated Statements of Operations less incurred expenses related to the development of new operations, or related to major projects at existing operations where these projects will materially benefit the operation in the future. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals. We also allocate these costs incurred at Corporate and Other using the proportion of costs applicable to sales between gold and other metals.

General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to supporting our corporate structure and fulfilling our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis. We allocate these costs to gold and other metals at Corporate and Other using the proportion of costs applicable to sales between gold and other metals.

Other expense, net. Excludes certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company’s non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals.

Treatment and refining costs. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on the Consolidated Statements of Operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals.

Sustaining capital and lease related costs. We determined sustaining capital and lease related costs as those capital expenditures and lease payments that are necessary to maintain current production and execute the current mine plan. We determined development (i.e. non-sustaining) capital expenditures and lease payments to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation and are excluded from the

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calculation of AISC. The classification of sustaining and development capital projects and leases is based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital and lease related costs are relevant to the AISC metric as these are needed to maintain the Company’s current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals. We also allocate these costs incurred at Corporate and Other using the proportion of costs applicable to sales between gold and other metals.

Year Ended December 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						All-In Sustaining Costs per Ounce (9)
Gold
Managed
Lihir			$	755					$	15					$	10					$	—					$	(3)					$	—					$	159					$	936					582						$	1,607
Cadia			324						2						3						—						—						4						152						485						384						$	1,253
Tanami			429						5						6						—						—						—						221						661						385						$	1,716
Boddington			685						21						3						—						—						3						122						834						550						$	1,514
Ahafo South (10)			825						13						9						—						3						—						154						1,004						672						$	1,494
Ahafo North (10)			31						—						—						—						—						—						9						40						58						$	696
Merian			373						8						16						—						—						1						60						458						238						$	1,921
Cerro Negro			312						9						1						—						3						—						110						435						196						$	2,220
Yanacocha			411						42						3						—						32						—						10						498						517						$	964
Peñasquito			389						13						—						1						—						22						48						473						422						$	1,120
Red Chris			82						3						1						—						1						(1)						20						106						61						$	1,750
Brucejack			344						5						19						—						—						2						104						474						235						$	2,020
Non-managed
NGM			1,343						17						10						10						16						6						237						1,639						1,006						$	1,629
Corporate and Other (11)			—						—						81						307						41						—						19						448						—						$	—
Divested (12)
CC&V			39						2						—						—						—						—						5						46						27						$	1,684
Musselwhite			33						1						—						—						—						—						14						48						32						$	1,531
Porcupine			79						3						1						—						1						—						25						109						60						$	1,810
Éléonore			54						1						2						—						—						—						12						69						49						$	1,403
Akyem			107						5						—						—						—						—						8						120						45						$	2,664
Total Gold			6,615						165						165						318						94						37						1,489						8,883						5,519						$	1,609
Gold equivalent ounces - other metals (13)(14)
Managed
Cadia			301						2						2						—						—						3						141						449						370						$	1,230
Boddington			127						3						—						—						—						—						23						153						109						$	1,397
Peñasquito (15)			873						26						—						2						—						69						110						1,080						820						$	1,318
Red Chris			169						6						2						—						2						(2)						37						214						126						$	1,692
Corporate and Other (11)			—						—						16						62						2						—						2						82						—						$	—
Total Gold Equivalent Ounces			1,470						37						20						64						4						70						313						1,978						1,425						$	1,392
Consolidated			$	8,085					$	202					$	185					$	382					$	98					$	107					$	1,802					$	10,861

____________________________

(1)Excludes Depreciation and amortization and Reclamation and remediation.

(2)Includes by-product credits of $328.

(3)Includes stockpile, leach pad, and product inventory adjustments of $3 at Cerro Negro and $24 at NGM.

(4)Includes operating accretion of $120, included in Reclamation and remediation, and amortization of asset retirement costs $82; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $194 and $(65), respectively, included in Reclamation and remediation.

(5)Excludes development expenditures of $8 at Cadia, $4 at Tanami, $2 at Boddington, $39 at Ahafo South, $7 at Ahafo North $23 at Merian, $24 at Cerro Negro, $9 at Yanacocha, $17 at Peñasquito, $8 at Red Chris, $11 at NGM, and $72 at Corporate and Other, totaling $224 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)Excludes restructuring and severance costs of $186, and settlement costs of $2 included in Other expense, net.

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(7)Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment.

(8)Includes finance lease payments and other costs for sustaining projects of $82 and excludes finance lease payments for development projects of $43.

(9)Per ounce measures may not recalculate due to rounding.

(10)In the fourth quarter of 2025, the Ahafo North development project achieved commercial production resulting in designation as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project and all activity was included in the Ahafo South reportable segment. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes.

(11)Corporate and Other is a non-operating segment and includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Consolidated Financial Statements for further information.

(12)Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures.

(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 year ended December 31, 2025, Cadia sold 82 thousand tonnes of copper, Boddington sold 24 thousand tonnes of copper, Peñasquito sold 28 million ounces of silver, 95 thousand tonnes of lead and 246 thousand tonnes of zinc, and Red Chris sold 28 thousand tonnes of copper.

(15)All-in sustaining costs at Peñasquito is comprised of $413, $138, and $529 for silver, lead, and zinc, respectively.

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Year Ended December 31, 2024			Costs Applicable to Sales (1)(2)(3)						Reclamation Costs (4)						Advanced Projects, Research and Development and Exploration (5)						General and Administrative						Other Expense, Net (6)						Treatment and Refining Costs						Sustaining Capital and Lease Related Costs (7)(8)						All-In Sustaining Costs						Ounces (000) Sold						All-In Sustaining Costs per Ounce (9)
Gold
Managed
Lihir			$	787					$	12					$	16					$	—					$	2					$	—					$	121					$	938					620						$	1,512
Cadia			297						2						9						—						—						16						152						476						454						$	1,048
Tanami			390						3						7						—						—						—						127						527						411						$	1,281
Boddington			613						16						1						—						—						13						105						748						581						$	1,288
Ahafo South			722						19						5						—						1						1						108						856						798						$	1,072
Merian			401						8						15						—						—						1						83						508						274						$	1,852
Cerro Negro			312						6						2						1						2						—						61						384						236						$	1,631
Yanacocha			353						34						9						—						3						—						22						421						352						$	1,196
Peñasquito			225						8						—						—						—						16						36						285						290						$	984
Red Chris			47						2						1						—						—						—						12						62						39						$	1,607
Brucejack			312						5						13						—						—						3						66						399						249						$	1,603
Non-managed
NGM			1,263						18						13						9						4						6						350						1,663						1,036						$	1,605
Corporate and Other (10)			—						—						111						386						19						—						18						534						—						$	—
Held for sale (11)
CC&V			200						11						3						—						2						—						27						243						144						$	1,691
Musselwhite			224						4						6						—						1						—						96						331						215						$	1,541
Porcupine			310						12						5						—						—						—						79						406						282						$	1,437
Éléonore			325						5						11						—						—						—						99						440						243						$	1,811
Akyem			338						21						1						—						1						—						23						384						212						$	1,816
Divested (11)
Telfer			245						11						10						—						—						4						38						308						103						$	2,993
Total Gold			7,364						197						238						396						35						60						1,623						9,913						6,539						$	1,516
Gold equivalent ounces - other metals (12)(13)
Managed
Cadia			280						2						10						—						—						32						136						460						465						$	987
Boddington			204						3						—						—						—						11						22						240						205						$	1,172
Peñasquito (14)			903						32						1						2						2						117						129						1,186						1,088						$	1,090
Red Chris			172						5						4						—						—						5						47						233						142						$	1,640
Corporate and Other (10)			—						—						14						44						—						—						1						59						—						$	—
Divested (11)
Telfer			40						2						1						—						—						2						4						49						16						$	2,885
Total Gold Equivalent Ounces			1,599						44						30						46						2						167						339						2,227						1,916						$	1,161
Consolidated			$	8,963					$	241					$	268					$	442					$	37					$	227					$	1,962					$	12,140

____________________________

(1)Excludes Depreciation and amortization and Reclamation and remediation.

(2)Includes by-product credits of $240.

(3)Includes stockpile and leach pad inventory adjustments of $9 at Cerro Negro, $1 at Peñasquito, $27 at Red Chris, $2 at Brucejack, $21 at NGM, and $32 at Telfer.

(4)Includes operating accretion of $153, included in Reclamation and remediation, and amortization of asset retirement costs $88; 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 $219 and $(44), respectively, included in Reclamation and remediation.

(5)Excludes development expenditures of $21 at Tanami, $3 at Boddington, $27 at Ahafo South, $9 at Ahafo North, $6 at Merian, $17 at Cerro Negro, $12 at Peñasquito, $8 at Red Chris, $10 at NGM, $70 at Corporate and Other, $4 at CC&V, $1 at Porcupine, $4 at Akyem, and $3 at Telfer, totaling $195 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)Excludes Newcrest transaction and integration costs of $72, settlement of costs of $44, and restructuring and severance costs of $38, included in Other expense, net.

(7)Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment.

(8)Includes finance lease payments for sustaining projects of $84 and excludes finance lease payments for development projects of $37.

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(9)Per ounce measures may not recalculate due to rounding.

(10)Corporate and Other is a non-operating segment and includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Consolidated Financial Statements for further information.

(11)Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures.

(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024.

(13)For the year ended December 31, 2024, Cadia sold 84 thousand tonnes of copper, Boddington sold 37 thousand tonnes of copper, Peñasquito sold 33 million ounces of silver, 97 thousand tonnes of lead and 247 thousand tonnes of zinc, Red Chris sold 26 thousand tonnes of copper, and Telfer sold 3 thousand tonnes of copper.

(14)All-in sustaining costs at Peñasquito is comprised of $464, $141, and $581 for silver, lead, and zinc, respectively.

Year Ended December 31, 2023			Costs Applicable to Sales (1)(2)(3)						Reclamation Costs (4)						Advanced Projects, Research and Development and Exploration (5)						General and Administrative						Other Expense, Net (6)						Treatment and Refining Costs						Sustaining Capital and Lease Related Costs (7)(8)						All-In Sustaining Costs						Ounces (000) Sold						All-In Sustaining Costs per Ounce (9)
Gold
Managed
Lihir (10)			$	146					$	—					$	2					$	—					$	—					$	—					$	51					$	199					131						$	1,517
Cadia (10)			129						—						1						—						—						6						16						152						120						$	1,271
Tanami			337						3						1						—						—						—						130						471						444						$	1,060
Boddington			634						17						5						—						—						18						125						799						749						$	1,067
Telfer (10)			126						—						2						—						—						3						2						133						67						$	1,988
Ahafo South			547						20						2						—						2						—						135						706						578						$	1,222
Akyem			275						44						1						—						—						—						37						357						296						$	1,210
Merian			385						7						14						—						—						1						85						492						319						$	1,541
Cerro Negro			328						5						5						—						5						—						51						394						261						$	1,509
Porcupine			301						23						12						—						—						—						71						407						258						$	1,577
Éléonore			295						9						10						—						—						—						114						428						233						$	1,838
Yanacocha			294						24						7						—						—						—						24						349						275						$	1,266
Musselwhite			214						5						10						—						—						—						104						333						181						$	1,843
Peñasquito			158						7						1						—						2						9						29						206						130						$	1,590
CC&V			198						10						10						—						2						—						62						282						171						$	1,644
Red Chris (10)			4						—						—						—						—						—						2						6						4						$	1,439
Brucejack (10)			69						—						7						—						1						3						16						96						36						$	2,646
Non-managed
NGM			1,249						17						13						11						2						6						332						1,630						1,167						$	1,397
Corporate and Other (11)			—						—						89						255						6						—						37						387						—						$	—
Total Gold			5,689						191						192						266						20						46						1,423						7,827						5,420						$	1,444
Gold equivalent ounces - other metals (12)(13)
Managed
Cadia (10)			116						—						1						—						—						19						17						153						114						$	1,342
Boddington			204						3						1						—						—						15						39						262						246						$	1,067
Telfer (10)			22						—						2						—						—						4						5						33						13						$	2,580
Peñasquito (14)			651						30						5						1						1						82						120						890						507						$	1,756
Red Chris (10)			17						—						—						—						—						3						7						27						16						$	1,660
Corporate and Other (11)			—						—						11						32						—						—						6						49						—						$	—
Total Gold Equivalent Ounces			1,010						33						20						33						1						123						194						1,414						896						$	1,579
Consolidated			$	6,699					$	224					$	212					$	299					$	21					$	169					$	1,617					$	9,241

____________________________

(1)Excludes Depreciation and amortization and Reclamation and remediation.

(2)Includes by-product credits of $137.

(3)Includes stockpile and leach pad inventory adjustments of $4 at Telfer, $1 at Akyem, $2 at Cerro Negro, $3 at Porcupine, $5 at Éléonore, $5 at Yanacocha, $32 at Peñasquito, $2 at Brucejack, and $43 at NGM.

(4)Includes operating accretion of $97, included in Reclamation and remediation, and amortization of asset retirement costs $127; 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 $148 and $1,288, respectively, included in Reclamation and remediation.

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(5)Excludes development expenditures of $29 at Tanami, $29 at Ahafo South, $9 at Ahafo North, $18 at Akyem, $9 at Merian, $5 at Cerro Negro, $5 at Porcupine, $4 at Yanacocha, $5 at Peñasquito, $3 at CC&V, $16 at NGM and $121 at Corporate and Other, totaling $253 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)Excludes Newcrest transaction and integration costs of $464, restructuring and severance costs of $24, settlement costs of $7, and distributions from the Newmont Global Community Support fund of $1, included in Other expense, net.

(7)Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment.

(8)Includes finance lease payments for sustaining projects of $64 and excludes finance lease payments for development projects of $36.

(9)Per ounce measures may not recalculate due to rounding.

(10)Sites acquired through Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.

(11)Corporate and Other is a non-operating segment and includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Consolidated Financial Statements for further information.

(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2023.

(13)For the year ended December 31, 2023, Cadia sold 21 thousand tonnes of copper, Boddington sold 45 thousand tonnes of copper, Peñasquito sold 17 million ounces of silver, 49 thousand tonnes of lead and 101 thousand tonnes of zinc, Red Chris sold 3 thousand tonnes of copper, and Telfer sold 2 thousand tonnes of copper.

(14)All-in sustaining costs at Peñasquito is comprised of $400, $125, and $365 for silver, lead, and zinc, respectively.

Accounting Developments

For a discussion of Recently Adopted and Recently Issued Accounting Pronouncements, refer to Note 2 to the Consolidated Financial Statements.

Critical Accounting Estimates

Our discussion of financial condition and results of operations is based upon the information reported in our Consolidated Financial Statements. The preparation of these Consolidated Financial Statements in conformity with GAAP requires us to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses, as well as the disclosure of contingent assets and liabilities as of the date of our financial statements. We have identified the accounting estimates listed below as critical to understanding and evaluating the financial results reported in our Consolidated Financial Statements. These accounting estimates require the application of significant management judgment and are critical due to the significant level of estimation uncertainty regarding the assumptions involved and the magnitude of the asset, liability, revenue or expense being reported. We base our assumptions and estimates on historical experience and various other sources that we believe to be reasonable under the circumstances. We review the underlying factors used in our estimates regularly, including reviewing the significant accounting policies impacting the estimates, to ensure compliance with GAAP. However, due to the uncertainty inherent in our estimates, actual results may materially differ from the estimates we calculate due to changes in circumstances, global economics and politics, and general business conditions. A summary of our significant accounting policies is detailed in Note 2 to the Consolidated Financial Statements. 

Business Combinations

We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, we engage independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of reserves, resources and exploration potential quantities, costs to produce and develop reserves, revenues, and operating expenses; (ii) short-term and long-term metal price assumptions, (iii) long-term growth rates; (iv) appropriate discount rates; and (v) expected future capital requirements (“income valuation method”). The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets (“market valuation method”). The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (“cost valuation method”). If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate is recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, we record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition is recorded in the period the adjustments arises.

Carrying Value of Long-lived Assets

We review and evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Significant negative industry or economic trends, adverse social or political developments, declines in our market capitalization, geotechnical difficulties, reduced estimates of future cash flows from our reporting

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segments or other disruptions to our business are a few examples of events that we monitor, as they could indicate that the carrying value of the Company’s long-lived assets, including development projects, may not be recoverable. In such cases, a recoverability test may be necessary to determine if an impairment charge is required.

For development projects, including our Conga project which is discussed further below, we review and evaluate changes to project plans and timing to determine continued technical, economic and social viability of the projects. If the Company determines to sell or abandon a project due to uncertainty from changes in circumstances related to technical, economic, social, political or community factors, or other evolving circumstances indicate that the carrying value may not be recoverable, then a recoverability test is performed to determine if an impairment charge should be recorded.

An impairment loss is measured and recorded based on the estimated fair value of the long-lived assets being tested for impairment and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted pre-tax future cash flows or a market approach utilizing recent transaction activity for comparable properties. These approaches are primarily considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used. We believe our estimates and models used to determine fair value are similar to what a market participant would use.

The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of our mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and our projections for long-term metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates. Refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk.

The significant assumption in determining the future cash flows for each mine site at December 31, 2025 is a long-term gold price of $2,500 per ounce. A decrease of $100 per ounce in the long-term gold price assumption would result in no impairment of our long-lived assets, including goodwill.

Various factors could impact our ability to achieve our forecasted production schedules from proven and probable reserves which could impact the carrying value of our long-lived assets. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified measured, indicated and inferred resources could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling.

Events that could result in additional impairment of our long-lived assets include, but are not limited to, decreases in future metal prices, unfavorable changes in foreign exchange rates, increases in future closure costs, and any event that might otherwise have a material adverse effect on mine site cash flows.

Goodwill

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.

The Company may elect to perform a qualitative assessment when it is more likely than not that the fair value of a reporting unit is higher than its carrying value. At the Company's election or if it is determined to be more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market valuation approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Any impairment loss recognized in the current period is not reversed in future periods. The Company recognizes its pro rata share of goodwill and any subsequent goodwill impairment losses recorded by entities that are proportionately consolidated.

When the income approach is utilized to determine fair value, the estimated cash flows used to assess the fair value of a reporting unit are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term metal prices. The significant assumption in determining the future cash flows for each mine site at December 31, 2025 is a long-term gold price of $2,500 per ounce. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable reserve estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates. Refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk.

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Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. For testing purposes of our reporting units, management's best estimates of the expected future results are the primary driver in determining the fair value. However, there can be no assurance that the estimates and assumptions made for purposes of the goodwill impairment tests will prove to be an accurate prediction of the future. Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units include, but are not limited to, such items as: (i) a decrease in forecasted production levels if we are unable to realize the mineable reserves, resources and exploration potential at our mining properties and extend the life of mine (ii) increased production or capital costs (iii) adverse changes in macroeconomic conditions including the market price of metals and changes in the equity and debt markets or country specific factors which could result in higher discount rates, (iv) significant unfavorable changes in tax rates including increased corporate income or mining tax rates, and (v) negative changes in regulation, legislation, and political environments which could impact our ability to operate in the future. Refer to Notes 7 and 19 to the Consolidated Financial Statements for further information regarding goodwill.

Carrying Value of Idled Development Projects in Peru

We review and evaluate the Company’s idled development projects in Peru, including Conga and Yanacocha Sulfides, for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company also periodically updates the economic model for idled development projects to understand changes to the estimated capital costs, cash flows, and economic returns from the project.

We have considered a variety of technical, economic, social and political developments related to the Conga project during our evaluation of impairment indicators since November 2011, when construction and development activities at the project were largely suspended. Project activities in recent years have focused on continued engagement with the local communities and maintaining and protecting existing project infrastructure and equipment through our active care and maintenance program. Although we have reclassified Conga reserves to resources and reallocated exploration and development capital to other projects, we continue to evaluate long-term options to progress development of the Conga project and improve social and political acceptance. As of December 31, 2025, we have not identified events or changes in circumstances that indicate that the carrying value of the Conga project is not recoverable.

We have considered similar developments related to the Yanacocha Sulfides project since the full funds decision for this project was initially deferred for two years in 2022 and deferred again the following year in 2023. During the fourth quarter of 2025, the Company removed the project from its updated life of mine business plan and downgraded the Yanacocha Sulfide reserves to resources and as a result of a change in strategic direction for the Company’s operations in Peru. The Company no longer considers the project, as previously contemplated, to be temporarily idled and determined that an impairment indicator existed for the project. Refer to Note 7 to the Consolidated Financial Statements for further information on this impairment charge.

Reclamation and Remediation Obligations

The Company records the estimated asset retirement obligations associated with operating and non-operating mine sites when an obligation is incurred and the estimated costs can be reasonably measured. Fair value is measured as the present value of expected cash flow estimates, after considering inflation, our credit-adjusted risk-free rates and a market risk premium appropriate for our operations. Reclamation costs are allocated to expense over the life of the related assets and are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. Reclamation obligations are based on our best estimate of when the expected spending for an existing environmental disturbance will occur. Our cost estimates are reflected on a third-party cost basis and comply with our legal obligation to retire long-lived assets in the period incurred. Changes in reclamation estimates at non-operating mines where the mine or portion of the mine site has entered the closure phase and has no substantive future economic value are reflected in earnings in the period an estimate is revised. Costs included in estimated asset retirement obligations are discounted to their present value and are estimated over a period of up to fifty years. We review, on at least an annual basis, the reclamation obligation at each mine.

Remediation costs are accrued when it is probable that an obligation has been incurred and the cost can be reasonably estimated. Such cost estimates may include ongoing care, maintenance and monitoring costs. Changes in remediation estimates at non-operating mines are reflected in earnings in the period an estimate is revised. Water treatment costs included in environmental remediation obligations are discounted to their present value and are estimated over a period of up to fifty years.

Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs the Company expects to incur to complete the reclamation and remediation work required to comply with existing laws and regulations. These estimates require considerable judgment and are sensitive to changes in underlying inputs and assumptions. Such changes, including, but not limited to, (i) changes to environmental laws and regulations, which could increase the scope and extent of work required, (ii) changes in the timing of reclamation and remediation activities, which could occur over an extended future period and (iii) changes in the methods and technology utilized to settle reclamation and remediation obligations, could have a material impact on our business, financial condition, results of operations and cash flows.

Refer to Note 6 to the Consolidated Financial Statements for further information regarding reclamation and remediation obligations.

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Income and Mining Taxes

We account for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of our liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset for us, as measured by the statutory tax rates in effect. We derive our deferred income tax charge or benefit by recording the change in either the net deferred income tax liability or asset balance for the year. The financial statement effects of changes in tax law are recorded as discrete items in the period enacted as part of income tax expense or benefit from continuing operations, regardless of the category of income or loss to which the deferred taxes relate. We have exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency exchange gains (losses). With respect to the earnings that we derive from the operations of our consolidated subsidiaries, in those situations where the earnings are indefinitely reinvested, no deferred taxes have been provided on the unremitted earnings (including the excess of the carrying value of the net equity of such entities for financial reporting purposes over the tax basis of such equity) of these consolidated companies. In the fourth quarter of 2025, the permanent reinvestment assertion was removed for operations at PNG and Ghana and deferred tax liabilities were recorded for the estimated withholding tax impact on future repatriated earnings.

Mining taxes represent state and provincial taxes levied on mining operations and are classified as income taxes as such taxes are based on a percentage of mining profits.

Our operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. We are subject to reviews of our income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. We recognize potential liabilities and record tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether it is more likely than not, and the extent to which, additional taxes will be due. We adjust these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. If our estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result. We recognize interest and penalties, if any, related to unrecognized tax benefits in Income and mining tax benefit (expense). In certain jurisdictions, we must pay a portion of the disputed amount to the local government in order to formally appeal the assessment. Such payment is recorded as a receivable if we believe the amount is ultimately collectible.

Valuation of Deferred Tax Assets

Our deferred income tax assets include certain future tax benefits. We record a valuation allowance against any portion of those deferred income tax assets when we believe, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. We review the likelihood that we will realize the benefit of our deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence.

Certain categories of evidence carry more weight in the analysis than others based upon the extent to which the evidence may be objectively verified. We look to the nature and severity of cumulative pretax losses (if any) in the current three-year period ending on the evaluation date or the expectation of future pretax losses and the existence and frequency of prior cumulative pretax losses.

We utilize a rolling twelve quarters of pre-tax income or loss as a measure of our cumulative results in recent years. Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. However, a cumulative three year loss is not solely determinative of the need for a valuation allowance. We also consider all other available positive and negative evidence in our analysis.

Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to:

•Earnings history;

•Projected future financial and taxable income based upon existing reserves and long-term estimates of commodity prices;

•The duration of statutory carry forward periods;

•Prudent and feasible tax planning strategies readily available that may alter the timing of reversal of the temporary difference;

•Nature of temporary differences and predictability of reversal patterns of existing temporary differences; and

•The sensitivity of future forecasted results to commodity prices and other factors.

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The Company assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence is recent pretax losses and/or expectations of future pretax losses. Such objective evidence limits the ability to consider other subjective evidence including projections for future growth. On the basis of this evaluation, a valuation allowance has been recorded in Peru and Argentina. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth. Refer to Note 10 to the Consolidated Financial Statements for additional detail on the valuation allowance.

For additional risk factors that could impact the Company’s ability to realize the deferred tax assets, refer to Note 2 to the Consolidated Financial Statements.

ITEM 7A.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (dollars in millions, except per ounce and per pound amounts)

Metal Prices

Changes in the market price of gold significantly affect our profitability and cash flow. Gold prices can fluctuate widely due to numerous factors, such as demand; forward selling by producers; central bank sales, purchases and lending; investor sentiment; the strength of the USD; inflation, deflation, or other general price instability; and global mine production levels. Changes in the market price of copper, silver, lead, and zinc also affect our profitability and cash flow. These metals are traded on established international exchanges and prices generally reflect market supply and demand, but can also be influenced by speculative trading in the commodity or by currency exchange rates. The Company does not currently hold instruments that are designated to hedge against the potential impacts due to market price changes in metals. Consideration of these impacts are discussed below.

Decreases in the market price of metals can significantly affect the value of our product inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as significantly impact the carrying value of our long-lived assets and goodwill. For information concerning the sensitivity of our impairment analysis over long-lived assets and goodwill to changes in metal price, refer to Critical Accounting Estimates within Item 7, MD&A, and Note 2 to the Consolidated Financial Statements.

Net realizable value represents the estimated future sales price based on short-term and long-term metals prices, less estimated costs to complete production and bring the product to sale. The primary factors that influence the need to record write-downs of our stockpiles, leach pads and product inventory include short-term and long-term metals prices and costs for production inputs such as labor, fuel and energy, materials and supplies as well as realized ore grades and recovery rates. The significant assumptions in determining the stockpile, leach pad and product inventory adjustments for each mine site reporting unit at December 31, 2025 included production cost and capitalized expenditure assumptions unique to each operation, and the following short-term and long-term assumptions:

			Short-term						Long-term
Gold price (per ounce)			$	4,135					$	2,500
Copper price (per pound)			$	5.03					$	4.00
Silver price (per ounce)			$	54.73					$	25.00
Lead price (per pound)			$	0.89					$	0.90
Zinc price (per pound)			$	1.44					$	1.25
AUD to USD exchange rate			$	0.66					$	0.70
CAD to USD exchange rate			$	0.72					$	0.75
MXN to USD exchange rate			$	0.05					$	0.05

The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors. A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions.

Interest Rate Risk

We are subject to interest rate risk related to the fair value of our senior notes which is wholly comprised of fixed rates at December 31, 2025. For fixed rate debt, changes in interest rates generally affect the fair value of the debt instrument, but not our earnings or cash flows. The terms of our fixed rate debt obligations do not generally allow investors to demand payment of these obligations prior to maturity. Therefore, we do not have significant exposure to interest rate risk for our fixed rate debt; however, we do have exposure to potentially material fair value risk if we repurchase or exchange long-term debt prior to maturity. Refer to Note 13 to our Consolidated Financial Statements for further information pertaining to the fair value of our fixed rate debt.

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Foreign Currency

We have significant operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. All of our operations sell their gold, copper, silver, lead, and zinc production based on USD metal prices. Foreign currency exchange rates can fluctuate widely due to numerous factors, such as supply and demand for foreign and U.S. currencies and U.S. and foreign country economic conditions. Fluctuations in the local currency exchange rates in relation to the U.S. dollar can increase or decrease profit margins, cash flow and Costs applicable to sales to the extent costs are paid in local currency at foreign operations.

We performed a sensitivity analysis to estimate the impact to Costs applicable to sales arising from a hypothetical 10% adverse movement to local currency exchange rates at December 31, 2025 in relation to the U.S. dollar at our foreign mining operations, with no mitigation assumed from our foreign currency cash flow hedges. The sensitivity analysis indicated that a hypothetical 10% adverse movement would result in an approximate increase of $498 to Costs applicable to sales at December 31, 2025.

Commodity Price Exposure

Our provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the respective metal concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which is not designated for hedge accounting, is marked to market through earnings each period prior to final settlement.

We perform an analysis on the provisional concentrate sales to determine the potential impact to Net income (loss) attributable to Newmont stockholders for each 10% change to the average price on the provisional concentrate sales subject to final pricing over the next several months. Refer below for our analysis as of December 31, 2025.

			Provisionally Priced Sales Subject to Final Pricing (1)						Average Provisional Price (per ounce/pound)						Effect of 10% change in Average Price (millions)						Market Closing Settlement Price (2) (per ounce/pound)
Gold (ounces, in thousands)			141						$	4,332					$	42					$	4,368
Copper (pounds, in millions)			66						$	5.65					$	26					$	5.67
Silver (ounces, in millions)			7						$	70.31					$	33					$	71.99
Lead (pounds, in millions)			48						$	0.90					$	3					$	0.89
Zinc (pounds, in millions)			84						$	1.41					$	8					$	1.39

____________________________

(1)Includes provisionally priced by-product sales subject to final pricing, which are recognized as a reduction to Costs applicable to sales.

(2)The closing settlement price as of December 31, 2025 is determined utilizing the London Metal Exchange for copper, lead and zinc and the London Bullion Market Association for gold and silver.

Hedging

The Company's hedging instruments consisted of the Cadia Power Purchase Agreement ("Cadia PPA") and foreign currency cash flow hedges at December 31, 2025, which were transacted for risk management purposes. The Cadia PPA mitigates the variability in future cash flows related to a portion of power purchases at the Cadia mine and the foreign currency cash flow hedges were entered into to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures and AUD-denominated capital expenditures. By using hedges, we are affected by market risk, credit risk, and market liquidity risk.

Market Risk

Market risk is the risk that the fair value of a derivative might be adversely affected by a change in commodity prices or currency exchange rates, and that this in turn affects our financial condition. We manage market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. We mitigate this potential risk to our financial condition by establishing trading agreements with counterparties under which we are not required to post any collateral or be subject to any margin calls on our derivatives. Our counterparties cannot require settlement solely because of an adverse change in the fair value of a derivative.

We have performed sensitivity analyses as of December 31, 2025 regarding the Cadia PPA and foreign currency cash flow hedges. For the Cadia PPA, we utilized a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the forward electricity rates relative to current rates, with all other variables held constant. For the foreign currency cash flow hedges, we utilized a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the AUD and CAD foreign currency exchange rates relative to the U.S. dollar, with all other variables held constant. The foreign currency exchange rates we used in performing the sensitivity analysis were based on AUD and CAD market rates in effect at December 31, 2025.

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The sensitivity analyses indicated that a hypothetical 10% adverse movement would result in an approximate decrease in the fair value of the Cadia PPA cash flow hedge and the foreign currency cash flow hedges of $40 and $220 at December 31, 2025, respectively.

Credit Risk

Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. We mitigate credit risk by entering into derivatives with high credit quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of the counterparties.

Market Liquidity Risk

Market liquidity risk is the risk that a derivative cannot be eliminated quickly, by either liquidating it or by establishing an offsetting position. Under the terms of our trading agreements, counterparties cannot require us to immediately settle outstanding derivatives, except upon the occurrence of customary events of default such as covenant breaches, including financial covenants, insolvency or bankruptcy. We further mitigate market liquidity risk by spreading out the maturity of our derivatives over time.

Refer to Note 14 to the Consolidated Financial Statements for further information on our derivative instruments.

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ITEM 8.       FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

						Page
Report of Independent Registered Public Accounting Firm (Ernst & Young LLP; PCAOB ID: 42)						124
Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP; PCAOB ID: 271)						126
Consolidated Statements of Operations						128
Consolidated Statements of Comprehensive Income (Loss)						129
Consolidated Balance Sheets						130
Consolidated Statements of Cash Flows						131
Consolidated Statement of Changes in Equity						133
Notes to Consolidated Financial Statements						134
			Note 1 The Company			134
			Note 2 Summary of Significant Accounting Policies			134
			Note 3 Acquisitions and Divestitures			145
			Note 4 Segment Information			149
			Note 5 Sales			155
			Note 6 Reclamation and Remediation			157
			Note 7 Impairment Charges			159
			Note 8 Other Expense, Net			160
			Note 9 Other Income (Loss), Net			160
			Note 10 Income and Mining Taxes			161
			Note 11 Employee-Related Benefits			165
			Note 12 Stock-Based Compensation			168
			Note 13 Fair Value Accounting			169
			Note 14 Derivative Instruments			172
			Note 15 Investments			174
			Note 16 Inventories			176
			Note 17 Stockpiles and Ore on Leach Pads			176
			Note 18 Property, Plant and Mine Development			177
			Note 19 Goodwill			177
			Note 20 Debt			178
			Note 21 Lease and Other Financing Obligations			179
			Note 22 Other Liabilities			181
			Note 23 Accumulated Other Comprehensive Income (Loss)			181
			Note 24 Commitments and Contingencies			182

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors of Newmont Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Newmont Corporation (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2025, the related notes and the financial statement schedule in Item 15 (collectively referred to as the “consolidated financial statements”). In our opinion, based on our audits and the report of PricewaterhouseCoopers LLP, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We did not audit the financial statements of Nevada Gold Mines LLC, a 38.5% owned investment which is proportionately consolidated, whose financial statements reflect total assets constituting 13% and 13% of consolidated assets as of December 31, 2025 and 2024, respectively, and sales constituting 16% in 2025, 13% in 2024, and 19% in 2023 of the related consolidated totals. Those statements were audited by PricewaterhouseCoopers LLP, whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for Nevada Gold Mines LLC, is based solely on the report of PricewaterhouseCoopers LLP.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 19, 2026 expressed an unqualified opinion thereon, based on our audit and the report of PricewaterhouseCoopers LLP.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits and the report of PricewaterhouseCoopers LLP provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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			Reclamation liabilities
Description of the Matter			As discussed in Notes 2, 6 and 24 of the consolidated financial statements, the Company’s mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. Reclamation liabilities are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimates of either the timing or amount of the reclamation costs. As of December 31, 2025, the Company’s consolidated reclamation liabilities totaled $6.8 billion. Auditing management’s accounting for reclamation liabilities was challenging, as significant judgment is required by the Company to estimate future reclamation costs. The significant judgment was due to the complexity of engineering designs for closure and the scope and cost of reclamation activities.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design, and tested the operating effectiveness of the controls over the Company’s accounting for reclamation liabilities, including controls over management’s methodology, review of the reclamation liability calculation and estimated future costs. To test the reclamation liabilities, among other procedures, we evaluated the Company’s assessment of factors that would necessitate an update to a mine’s estimated reclamation cash flows, and when such an update occurs, the methodology and the reclamation costs used by the Company in its estimate. To assess the estimates of certain reclamation activities and costs, we evaluated significant changes from the prior estimate, verified cost rates against third-party information or internal cost records and recalculated management’s estimate. We involved our reclamation specialists to interview certain members of the Company’s engineering staff, assess the completeness of the mine reclamation estimates with respect to meeting mine closure and post closure requirements, and evaluate the reasonableness of the cost of future reclamation activities.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2014.

Denver, Colorado

February 19, 2026

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Managers and Members of Nevada Gold Mines LLC

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the consolidated balance sheets of Nevada Gold Mines LLC and its subsidiaries (the Joint Venture) as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive income, of changes in members’ equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the consolidated financial statements) (not presented herein). We also have audited the Joint Venture’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control ‒ Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Joint Venture as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Joint Venture maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control ‒ Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Joint Venture’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the Management’s Report on Internal Control over Financial Reporting (not presented herein). Our responsibility is to express opinions on the Joint Venture’s consolidated financial statements and on the Joint Venture’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Joint Venture in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the Board of Managers (acting in a role equivalent to the audit committee) and that (i) relate to

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accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. We determined there are no critical audit matters.

/s/PricewaterhouseCoopers LLP

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

February 19, 2026

We have served as the Joint Venture’s auditor since 2019.

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NEWMONT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in millions except per share)

			Year Ended December 31,
			2025						2024						2023
Sales (Note 5)			$	22,669					$	18,682					$	11,812
Costs and expenses:
Costs applicable to sales (1)			8,085						8,963						6,699
Depreciation and amortization			2,521						2,576						2,108
Reclamation and remediation (Note 6)			249						328						1,533
Exploration			243						266						265
Advanced projects, research and development			166						197						200
General and administrative			382						442						299
Impairment charges (Note 7)			842						78						1,891
(Gain) loss on sale of assets held for sale (Note 3)			(1,066)						1,114						—
Other expense, net (Note 8)			286						191						517
			11,708						14,155						13,512
Other income (expense):
Change in fair value of investments and options			604						62						(47)
Other income (loss), net (Note 9)			6						363						(41)
Interest expense, net of capitalized interest of $144, $114 and $89, respectively			(229)						(375)						(243)
			381						50						(331)
Income (loss) before income and mining tax and other items			11,342						4,577						(2,031)
Income and mining tax benefit (expense) (Note 10)			(4,596)						(1,397)						(526)
Equity income (loss) of affiliates (Note 15)			421						133						63
Net income (loss) from continuing operations			7,167						3,313						(2,494)
Net income (loss) from discontinued operations (Note 1)			—						68						27
Net income (loss)			7,167						3,381						(2,467)
Net loss (income) attributable to non-controlling interests (Note 1)			(82)						(33)						(27)
Net income (loss) attributable to Newmont stockholders			$	7,085					$	3,348					$	(2,494)
Net income (loss) attributable to Newmont stockholders:
Continuing operations			$	7,085					$	3,280					$	(2,521)
Discontinued operations			—						68						27
			$	7,085					$	3,348					$	(2,494)
Weighted average common shares:
Basic			1,106						1,146						841
Effect of employee stock-based awards			2						2						—
Diluted			1,108						1,148						841
Net income (loss) per common share:
Basic:
Continuing operations			$	6.41					$	2.86					$	(3.00)
Discontinued operations			—						0.06						0.03
			$	6.41					$	2.92					$	(2.97)
Diluted: (2)
Continuing operations			$	6.39					$	2.86					$	(3.00)
Discontinued operations			—						0.06						0.03
			$	6.39					$	2.92					$	(2.97)

____________________________

(1)Excludes Depreciation and amortization and Reclamation and remediation.

(2)For the year ended December 31, 2023, potentially dilutive shares were excluded in the computation of diluted loss per common share attributable to Newmont stockholders as they were antidilutive.

The accompanying notes are an integral part of these Consolidated Financial Statements.

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NEWMONT CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(dollars in millions)

			Year Ended December 31,
			2025						2024						2023
Net income (loss)			$	7,167					$	3,381					$	(2,467)
Other comprehensive income (loss):
Change in cash flow hedges, net of tax			234						(123)						(1)
Other adjustments, net of tax			(2)						14						(14)
Other comprehensive income (loss)			232						(109)						(15)
Comprehensive income (loss)			$	7,399					$	3,272					$	(2,482)
Comprehensive income (loss) attributable to:
Newmont stockholders			$	7,317					$	3,239					$	(2,509)
Noncontrolling interests			82						33						27
			$	7,399					$	3,272					$	(2,482)

The accompanying notes are an integral part of these Consolidated Financial Statements.

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NEWMONT CORPORATION

CONSOLIDATED BALANCE SHEETS

(dollars in millions except per share)

			At December 31, 2025						At December 31, 2024
ASSETS
Cash and cash equivalents			$	7,647					$	3,619
Trade receivables (Note 5)			1,067						1,056
Investments (Note 15)			594						21
Inventories (Note 16)			1,512						1,423
Stockpiles and ore on leach pads (Note 17)			1,177						761
Other receivables			678						496
Other current assets			391						290
Assets held for sale (Note 3)			—						4,609
Current assets			13,066						12,275
Property, plant and mine development, net (Note 18)			33,310						33,547
Investments ($212 valued under fair value option at December 31, 2024) (Note 15)			4,186						4,471
Stockpiles and ore on leach pads (Note 17)			2,410						2,266
Deferred income tax assets (Note 10)			45						124
Goodwill (Note 19)			2,658						2,658
Other non-current assets			1,446						1,008
Total assets			$	57,121					$	56,349
LIABILITIES
Accounts payable			$	816					$	843
Employee-related benefits (Note 11)			898						630
Income and mining taxes (Note 10)			1,188						381
Lease and other financing obligations (Note 21)			118						107
Debt (Note 20)			—						924
Other current liabilities ($339 valued under fair value option at December 31, 2025) (Note 22)			2,692						2,481
Liabilities held for sale (Note 3)			—						2,177
Current liabilities			5,712						7,543
Debt (Note 20)			5,115						7,552
Lease and other financing obligations (Note 21)			356						389
Reclamation and remediation liabilities (Note 6)			6,297						6,394
Deferred income tax liabilities (Note 10)			4,045						2,820
Employee-related benefits (Note 11)			634						555
Silver streaming agreement (Note 5)			598						699
Other non-current liabilities ($51 valued under fair value option at December 31, 2024) (Note 22)			322						288
Total liabilities			23,079						26,240
Commitments and contingencies (Note 24)
EQUITY
Common stock - $1.60 par value;			1,753						1,813
Authorized - 2,550 million and 2,550 million shares, respectively
Outstanding shares - 1,089 million and 1,127 million shares, respectively
Treasury stock - 7 million and 7 million shares, respectively			(301)						(278)
Additional paid-in capital			28,847						29,808
Accumulated other comprehensive income (loss) (Note 23)			137						(95)
Retained earnings (Accumulated deficit)			3,431						(1,320)
Newmont stockholders' equity			33,867						29,928
Noncontrolling interests			175						181
Total equity			34,042						30,109
Total liabilities and equity			$	57,121					$	56,349

The accompanying notes are an integral part of these Consolidated Financial Statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions)

			Year Ended December 31,
			2025						2024						2023
Operating activities:
Net income (loss)			$	7,167					$	3,381					$	(2,467)
Adjustments:
Depreciation and amortization			2,521						2,576						2,108
Impairment charges			842						78						1,891
(Gain) loss on sale of assets held for sale			(1,066)						1,114						—
Net loss (income) from discontinued operations			—						(68)						(27)
Deferred income taxes			1,391						80						(104)
Change in fair value of investments and options			(604)						(62)						47
Reclamation and remediation			219						302						1,506
Loss (gain) on debt extinguishment			101						(32)						—
Stock-based compensation			99						89						80
Other non-cash adjustments			(126)						(115)						233
Change in operating assets and liabilities:
Trade and other receivables			(93)						(441)						(240)
Inventories, stockpiles and ore on leach pads			(454)						(534)						(187)
Other assets			(247)						64						50
Accounts payable			(19)						(2)						(42)
Reclamation and remediation liabilities			(803)						(433)						(275)
Accrued tax liabilities			1,039						235						(197)
Other accrued liabilities			367						86						378
Net cash provided by (used in) operating activities of continuing operations			10,334						6,318						2,754
Net cash provided by (used in) operating activities of discontinued operations			—						45						9
Net cash provided by (used in) operating activities			10,334						6,363						2,763
Investing activities:
Additions to property, plant and mine development			(3,035)						(3,402)						(2,666)
Proceeds from sales of mining operations and other assets, net			2,811						560						—
Proceeds from sales of investments			986						21						234
Return of investment from equity method investees			62						56						36
Contributions to equity method investees			(59)						(96)						(108)
Purchases of investments			(14)						(66)						(551)
Maturities of investments			—						28						1,363
Acquisitions, net (1)			—						—						668
Other			(145)						44						22
Net cash provided by (used in) investing activities of continuing operations			606						(2,855)						(1,002)
Net cash provided by (used in) investing activities of discontinued operations			—						153						—
Net cash provided by (used in) investing activities			606						(2,702)						(1,002)
Financing activities:
Repayment of debt			(3,430)						(3,860)						—
Repurchases of common stock			(2,303)						(1,246)						—
Dividends paid to common stockholders			(1,106)						(1,145)						(1,415)
Distributions to noncontrolling interests			(217)						(161)						(150)
Funding from noncontrolling interests			133						115						138
Payments on lease and other financing obligations			(95)						(87)						(67)
Payments for withholding of employee taxes related to stock-based compensation			(23)						(14)						(25)
Proceeds from issuance of debt, net			—						3,476						—
Other			1						(31)						(84)
Net cash provided by (used in) financing activities			(7,040)						(2,953)						(1,603)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(4)						(20)						(2)
Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale			3,896						688						156
Less: Cash and restricted cash reclassified to assets held for sale (2)			138						(138)						—
Net change in cash, cash equivalents and restricted cash			4,034						550						156
Cash, cash equivalents and restricted cash at beginning of period			3,650						3,100						2,944
Cash, cash equivalents and restricted cash at end of period			$	7,684					$	3,650					$	3,100

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CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions)

			Year Ended December 31,
			2025						2024						2023
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents			$	7,647					$	3,619					$	3,002
Restricted cash included in Other current assets			3						1						11
Restricted cash included in Other non-current assets			34						30						87
Total cash, cash equivalents and restricted cash			$	7,684					$	3,650					$	3,100
Supplemental cash flow information:
Interest paid, net of amounts capitalized			$	233					$	317					$	228

____________________________

(1)Acquisitions, net is related to the cash acquired in the Newcrest transaction for the year ended December 31, 2023. Refer to Note 3 for additional information.

(2)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, at December 31, 2024 the related assets, including $45 of Cash and cash equivalents and $93 of restricted cash, included in Other current assets and Other non-current assets, were reclassified to Assets held for sale. At December 31, 2025, no amounts relating to Cash and cash equivalents and restricted cash remained in Assets held for sale. Refer to Note 3 for additional information.

The accompanying notes are an integral part of these Consolidated Financial Statements.

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(dollars in millions, except per share)

			Common Stock												Treasury Stock												Additional Paid-In Capital						Accumulated Other Comprehensive Income (Loss)						Retained Earnings (Accumulated Deficit)						Noncontrolling Interests						Total Equity
			Shares						Amount						Shares						Amount
Balance at December 31, 2022			799						$	1,279					(6)						$	(239)					$	17,369					$	29					$	916					$	179					$	19,533
Net income (loss)			—						—						—						—						—						—						(2,494)						27						(2,467)
Other comprehensive income (loss)			—						—						—						—						—						(15)						—						—						(15)
Shares issued for the Newcrest transaction			358						572						—						—						12,977						—						—						—						13,549
Dividends declared (1)			—						—						—						—						—						—						(1,418)						—						(1,418)
Distributions declared to noncontrolling interests			—						—						—						—						—						—						—						(156)						(156)
Cash calls requested from noncontrolling interests			—						—						—						—						—						—						—						128						128
Withholding of employee taxes related to stock-based compensation			—						—						(1)						(25)						—						—						—						—						(25)
Stock-based awards and related share issuances			2						3						—						—						73						—						—						—						76
Balance at December 31, 2023			1,159						1,854						(7)						(264)						30,419						14						(2,996)						178						29,205
Net income (loss)			—						—						—						—						—						—						3,348						33						3,381
Other comprehensive income (loss)			—						—						—						—						—						(109)						—						—						(109)
Dividends declared (1)			—						—						—						—						—						—						(1,148)						—						(1,148)
Distributions declared to noncontrolling interests			—						—						—						—						—						—						—						(156)						(156)
Cash calls requested from noncontrolling interests			—						—						—						—						—						—						—						126						126
Repurchase and retirement of common stock			(26)						(42)						—						—						(693)						—						(524)						—						(1,259)
Withholding of employee taxes related to stock-based compensation			—						—						—						(14)						—						—						—						—						(14)
Stock-based awards and related share issuances			1						1						—						—						82						—						—						—						83
Balance at December 31, 2024			1,134						1,813						(7)						(278)						29,808						(95)						(1,320)						181						30,109
Net income (loss)			—						—						—						—						—						—						7,085						82						7,167
Other comprehensive income (loss)			—						—						—						—						—						232						—						—						232
Dividends declared (1)			—						—						—						—						—						—						(1,108)						—						(1,108)
Distributions declared to noncontrolling interests			—						—						—						—						—						—						—						(217)						(217)
Cash calls requested from noncontrolling interests			—						—						—						—						—						—						—						129						129
Repurchase and retirement of common stock (2)(3)			(39)						(63)						—						—						(1,037)						—						(1,226)						—						(2,326)
Withholding of employee taxes related to stock-based compensation			—						—						—						(23)						—						—						—						—						(23)
Stock-based awards and related share issuances			1						3						—						—						76						—						—						—						79
Balance at December 31, 2025			1,096						$	1,753					(7)						$	(301)					$	28,847					$	137					$	3,431					$	175					$	34,042

____________________________

(1)Cash dividends paid per common share was $1.00, $1.00 and $1.60 for 2025, 2024 and 2023, respectively. Dividends declared and dividends paid to common stockholders differ by $2, $3, and $3 for 2025, 2024 and 2023, respectively, due to timing.

(2)As of December 31, 2025, the Company has accrued for excise tax on share repurchases of $23, included in Other non-current liabilities.

(3)An additional $75 of common stock was repurchased and retired subsequent to December 31, 2025 through the date of filing.

The accompanying notes are an integral part of these Consolidated Financial Statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

NOTE 1     THE COMPANY

Newmont Corporation and its affiliates and subsidiaries (collectively, “Newmont,” “we,” “us” or the “Company”) predominantly operate in the mining industry, focused on the production of and exploration for gold properties, some of which may contain copper, silver, zinc, lead or other metals. The Company has significant operations and/or assets in the United States (“U.S.”), Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. The cash flow and profitability of the Company’s operations are significantly affected by the market price of gold, copper, silver, lead, and zinc. The prices of gold, copper, silver, lead, and zinc are affected by numerous factors beyond the Company’s control.

Reportable Segments

In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project and all activity was included in the Ahafo South reportable segment up to the date of commercial production. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes. Refer to Note 4 for further information.

Divestiture of Non-core Assets

The Company completed the sale of the assets of the Telfer reportable segment in the fourth quarter of 2024, the sale of the CC&V, Musselwhite, and Éléonore reportable segments in the first quarter of 2025, the sale of the Porcupine and Akyem reportable segments in the second quarter of 2025, and the sale of the Coffee development project in the fourth quarter of 2025. Refer to Note 3 for further information on the Company's divestitures.

Newcrest Transaction

On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549. Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The combined company continues to be traded on the New York Stock Exchange under the ticker NEM. The combined company is also listed on the Australian Securities Exchange under the ticker NEM and on the Papua New Guinea Securities Exchange under the ticker NEM. Refer to Note 3 for further information.

Noncontrolling Interests

Newmont has a 75% economic interest in Suriname Gold project C.V. (“Merian”), with the remaining interests held by Staatsolie Maatschappij Suriname N.V., a company wholly owned by the Republic of Suriname. Newmont consolidates Merian, through its wholly-owned subsidiary, Newmont Suriname LLC., in its Consolidated Financial Statements as the primary beneficiary of Merian, which is a variable interest entity. For the years ended December 31, 2025, 2024, and 2023, the Company recognized income of $82, $33, and $27, respectively, within Net loss (income) attributable to non-controlling interests related to Merian.

Discontinued Operations

Net income (loss) from discontinued operations included results related to the Batu Hijau and Elang contingent consideration assets obtained in connection with the sale of PT Newmont Nusa Tenggara in 2016. In the third quarter of 2024, the Company sold these contingent consideration assets for cash consideration of $153, resulting in a gain of $15 included in Net income (loss) from discontinued operations. Following this sale, the Company no longer has discontinued operations activity.

For the years ended December 31, 2024 and 2023, the Company recorded income of $68 and $27, net of a tax benefit (expense) of $31 and $(5), respectively, within Net income (loss) from discontinued operations. The Company received $45 and $9 for the years ended December 31, 2024 and 2023, respectively, related to discontinued operations.

NOTE 2     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Risks and Uncertainties

As a global mining company, the Company’s revenue, profitability, and future rate of growth are substantially dependent on prevailing metal prices, primarily for gold, but also for copper, silver, lead, and zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital, and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; Deferred income

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets.

The Company's global operations expose it to risks associated with public health crises, geopolitical and macroeconomic pressures, including but not limited to inflationary conditions, as well as the effects of certain countermeasures taken by central banks, supply chain disruptions resulting from global conflicts and other global events, and an uncertain and evolving labor market.

Factors that could have further potential short- and, possibly, long-term material adverse impacts on the Company include, but are not limited to, volatility in commodity prices and the prices for gold and other metals, changes in the equity and debt markets or country-specific factors adversely impacting discount rates, significant cost inflation impacts on production, capital and asset retirement costs, logistical challenges, workforce interruptions and financial market disruptions, energy market disruptions, as well as potential impacts to estimated costs and timing of projects.

The Company had previously extended the timeline of a full-funds decision for its Yanacocha Sulfides development project. The delay of the project was intended to focus funds on current operations and other capital commitments while management assessed execution and project options, up to and including transitioning the Yanacocha operations into full closure. During the year, the Company reassessed its strategy in Peru and is progressing mine closure activities while prioritizing other future development opportunities at Yanacocha ahead of any future re-evaluation of the Yanacocha Sulfides project, resulting in an indefinite deferral of the future development of this project and the impairment of the balances included in assets under construction and deferred mine development for the project. As of December 31, 2025, the Yanacocha operations have total long-lived assets of approximately $374, inclusive of $78 of assets under construction related to the estimated sales value of project equipment. Refer to Note 7 for additional information on this impairment charge.

The Company continues to hold the Conga project in Peru. While the Company continues to evaluate its strategy and global project pipeline potential, particularly in Peru, the Company does not currently anticipate developing Conga in the next ten years, while it remains a part of its long-term development project pipeline; consistent with prior years, the Conga project remained temporarily idled in care and maintenance during 2025. Should the Company be unable to develop the Conga project or conclude that future development is not in the best interest of the business, the Company may consider other alternatives for the project, which may result in a future impairment charge for the remaining assets. The total assets at Conga were $883 and $892 at December 31, 2025 and 2024.

The Company's global operations also expose it to foreign currency exchange rates which can increase or decrease profits to the extent costs are paid in foreign currencies, including the Papua New Guinean kina, Australian dollar, the Ghanaian cedi, the Surinamese dollar, the Argentine peso, the Peruvian sol, the Mexican peso, and the Canadian dollar.

The Cerro Negro mine is located in Argentina which is a hyperinflationary economy as of December 31, 2025. The Cerro Negro mine is a USD functional currency entity with the majority of the activity historically having been denominated in USD. As a result, the devaluation of the Argentine peso has resulted in an immaterial impact on the Company's financial statements. Therefore, future devaluation is not expected to have a material impact on the Company's financial statements. Argentina’s central bank has enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert USD proceeds from metal sales to local currency and restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies. The Company continues to monitor the foreign currency exposure risk and the limitations of repatriating cash to the United States. Currently, these currency controls are not expected to impact the Company's ability to repay its debt obligations or declare dividends.

Use of Estimates

The Company’s Consolidated Financial Statements have been prepared in accordance with GAAP. The preparation of the Company’s Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates.

The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental remediation, reclamation and closure obligations; estimates of recoverable gold and other minerals in stockpile and leach pad inventories; estimates of fair value for certain reporting units and asset impairments (including impairments of long-lived assets, goodwill and investments); write-downs of inventory, stockpiles and ore on leach pads to net realizable value; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; provisional amounts related to income tax effects of newly enacted tax laws; provisional amounts related to uncertain tax positions; valuation of assets acquired and liabilities assumed in a business combination; valuation of assets held for sale; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including marketable and other equity securities and derivative instruments. The

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from those amounts estimated in these financial statements.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Newmont Corporation, more-than-50%-owned subsidiaries that it controls and variable interest entities where it is the primary beneficiary. The proportionate consolidation method is used for investments in which the Company has an undivided interest in the assets, liabilities and operations and for certain unincorporated joint ventures in the extractive industry. All significant intercompany balances and transactions have been eliminated. Equity method accounting is applied for certain entities where the Company does not have control, but does have significant influence over the activities that most significantly impact the entities’ operations and financial performance. The functional currency for the majority of the Company’s operations is the U.S. dollar.

The Company follows the ASC guidance for identification and reporting of entities over which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities.

Business Combination and Asset Acquisition Accounting

The Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction should be accounted for as an asset acquisition or business combination.

When an acquisition does not meet the definition of a business combination because either: (i) substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, or group of similar identified assets, or (ii) the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, the Company accounts for the acquisition as an asset acquisition. In an asset acquisition, goodwill is not recognized, but rather, any excess purchase consideration over the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net assets as of the acquisition date and any direct acquisition-related transaction costs are capitalized as part of the purchase consideration.

When an acquisition is accounted for as a business combination, the Company recognizes and measures the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration in excess of the aggregate fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using discrete financial forecasts, long-term growth rates, appropriate discount rates, and expected future capital requirements. The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets. The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the period the adjustment arises.

Assets Held for Sale

The Company classifies long-lived assets, or disposal groups comprising of assets and liabilities, as held for sale in the period in which the following six criteria are met, (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

The Company ceases depreciation and amortization on long-lived assets (or disposal groups) classified as held for sale, and measures them at the lower of carrying value or estimated fair value less cost to sell.

In determining the fair value of the assets less costs to sell, the Company considers factors including current sales prices for comparable assets, discounted cash flow projections, third party valuations and indicative offer information, if applicable. The Company’s assumptions about fair value require significant judgment because the current market is sensitive to changes in economic conditions, as well as asset-specific considerations. The fair value of assets held for sale is estimated based on the current market conditions and assumptions made by management, which may differ from actual results and could result in future impairments if market conditions deteriorate.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

An impairment loss on the initial classification and subsequent measurement of an asset held for sale is recognized as an expense. Any subsequent increase in fair value less costs to sell (not exceeding the accumulated impairment loss that has been previously recognized) is recognized as a reversal of expense. Additional impairments may result as the Company continues to evaluate the fair value of assets held for sale and monitors market conditions and other economic factors.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Cash and cash equivalents are held in overnight bank deposits or are invested in United States Treasury securities and money market securities. Restricted cash is excluded from cash and cash equivalents and is included in other current or non-current assets. Restricted cash is held primarily for the purpose of settling asset retirement obligations.

Stockpiles, Ore on Leach Pads and Inventories

As described below, costs that are incurred in or benefit the productive process are accumulated as stockpiles, ore on leach pads and inventories. Stockpiles, ore on leach pads and inventories are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. Write-downs of stockpiles, ore on leach pads and inventories to net realizable value are reported as a component of Costs applicable to sales and Depreciation and amortization. The current portion of stockpiles, ore on leach pads and inventories is determined based on the expected amounts to be processed within the next 12 months and utilize the short-term metal price assumption in estimating net realizable value. Stockpiles, ore on leach pads and inventories not expected to be processed within the next 12 months are classified as non-current and utilize the long-term metal price assumption in estimating net realizable value. The major classifications are as follows:

Stockpiles

Stockpiles represent ore that has been extracted from the mine and is available for further processing. Mine sequencing may result in mining material at a faster rate than can be processed. The Company generally processes the highest ore grade material first to maximize metal production; however, a blend of metal stockpiles may be processed to balance hardness and/or metallurgy in order to maximize throughput and recovery. Processing of lower grade stockpiled ore may continue after mining operations are completed. Sulfide copper ores are subject to oxidation over time which can reduce expected future recoveries. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Stockpile ore tonnages are verified by periodic surveys. Costs are added to stockpiles based on current mining costs incurred including applicable overhead and depreciation and amortization relating to mining operations and removed at each stockpile’s average cost per recoverable unit as material is processed. Carrying values are evaluated at least quarterly, in accordance with the above.

Ore on Leach Pads

Ore on leach pads represent ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold or silver or extract the copper. Costs are added to ore on leach pads based on current mining costs, including applicable depreciation and amortization relating to mining operations. Costs are removed from ore on leach pads as ounces or pounds are recovered based on the average cost per estimated recoverable ounce of gold or silver or pound of copper on the leach pad. Estimates of recoverable ore on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tons added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on ore type). In general, leach pads recover between 50% and 95% of the recoverable ounces in the first year of leaching, declining each year thereafter until the leaching process is complete.

Although the quantities of recoverable metal placed on the leach pads are reconciled by comparing the grades of ore placed on pads to the quantities of metal actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Historically, the Company’s operating results have not been materially impacted by variations between the estimated and actual recoverable quantities of metal on its leach pads. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis.

In-process Inventory

In-process inventories represent material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, leach and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventories are valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads, plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process or net realizable value.

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Precious Metals Inventory

Precious metals inventories include gold doré and/or gold bullion. Precious metals that result from the Company’s mining and processing activities are valued at the lower of the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs or net realizable value.

Concentrate Inventory

Concentrate inventories represent gold, silver, lead, zinc and copper concentrate available for shipment or in transit for further processing when the sales process has not been completed. The Company values concentrate inventory at average cost, including an allocable portion of support costs and amortization. Costs are added and removed to the concentrate inventory based on metal in the concentrate and are valued at the lower of average cost or net realizable value.

Materials and Supplies

Materials and supplies are valued at the lower of average cost or net realizable value. Cost includes applicable taxes and freight.

Property, Plant and Mine Development

Facilities and Equipment

Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. Facilities and equipment acquired as a part of a finance lease, build-to-suit or other financing arrangement are capitalized and recorded based on the contractual lease terms. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such capitalized costs over the estimated productive lives of such facilities. These estimated productive lives do not exceed the related estimated mine lives, which are based on proven and probable reserves.

Mine Development

Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves.

Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting measured, indicated and inferred resources to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of Costs applicable to sales.

The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Where multiple open pits exist at a mining complex utilizing common processing facilities, pre-stripping costs are capitalized at each pit. The removal, production, and sale of de minimis saleable materials may occur during the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material.

The production phase of an open pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory.

Mine development costs are amortized using the units-of-production method based on estimated recoverable ounces or pounds in proven and probable reserves. To the extent that these costs benefit an entire ore body, they are amortized over the estimated life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block or area.

Mineral Interests

Mineral interests include acquired interests in production, development and exploration stage properties. Mineral interests are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. Mineral interests in the development and exploration stage are not amortized until the underlying property is converted to the production stage, at which point the mineral interests are amortized over the estimated recoverable proven and probable reserves.

The value of such assets is primarily driven by the nature and amount of mineral interests believed to be contained in such properties. Production stage mineral interests represent interests in operating properties that contain proven and probable reserves and

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are amortized using the units-of-production method based on the estimated recoverable ounces or pounds in proven and probable reserves. Development stage mineral interests represent interests in properties under development that contain proven and probable reserves. Exploration stage mineral interests represent interests in properties that are believed to potentially contain mineral resources consisting of (i) mineral resources within pits; mineral resources with insufficient drill spacing to qualify as proven and probable reserves; and mineral resources in close proximity to proven and probable reserves; (ii) around-mine exploration potential not immediately adjacent to existing reserves and mineralization, but located within the immediate mine area; (iii) other mine-related exploration potential that is not part of current resources and is comprised mainly of material outside of the immediate mine area; (iv) greenfield exploration potential that is not associated with any other production, development or exploration stage property, as described above; or (v) any acquired right to explore or extract a potential mineral deposit. The Company’s mineral rights generally are enforceable regardless of whether proven and probable reserves have been established. In certain limited situations, the nature of a mineral right changes from an exploration right to a mining right upon the establishment of proven and probable reserves. The Company has the ability and intent to renew mineral interests where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineral resources.

Goodwill

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.

The Company may elect to perform a qualitative assessment when it is more likely than not that the fair value of a reporting unit is higher than its carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company recognizes its pro rata share of goodwill and any subsequent goodwill impairment losses recorded by entities that are proportionately consolidated.

The estimated cash flows used to assess the fair value of a reporting unit are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; capital investments; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates.

Impairment of Long-lived Assets

The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment loss is measured and recorded based on the estimated fair value of the long-lived assets being tested for impairment, and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted pre-tax future cash flows or a market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used.

The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of the Company’s mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserve estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve estimates; estimated future closure costs; and the use of appropriate discount rates.

In estimating undiscounted cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of undiscounted cash flows from other asset groups. The Company’s estimates of undiscounted cash flows are based on numerous assumptions and it is possible that actual cash flows may differ significantly from estimates, as actual produced reserves, metal prices, commodity-based and other costs, and closure costs are each subject to significant risks and uncertainties.

Investments

Time Deposits

Time deposits with an original maturity of more than three months but less than one year are included within Investments. These time deposits are carried at amortized cost. Accrued interest is recorded in Other income (loss), net.

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Equity Method Investments

Management classifies investments at the acquisition date and re-evaluates the classification at each balance sheet date and when events or changes in circumstances indicate that there is a change in the Company’s ability to exercise significant influence. The ability to exercise significant influence is typically presumed when the Company possesses 20% or more of the voting interests in the investee. The Company accounts for its investments in stock of other entities over which the Company has significant influence, but not control, using the equity method of accounting. Under the equity method of accounting, the Company increases its investment for contributions made and records its proportionate share of net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. To the extent that there is a basis difference between the amount invested and the underlying equity in the net assets of an equity investment, the Company allocates such differences between tangible and intangible assets. This basis difference is being amortized into Equity income (loss) of affiliates over the remaining estimated useful lives of the underlying tangible and intangible net assets. The Company from time to time will elect the fair value option to account for its equity method investments if the fair value option better reflects the economics of its investment. Equity method investments accounted for under the fair value option are remeasured periodically with any changes in fair value recorded in Change in fair value of investments and options. Equity method investments are included in Investments and income (loss) from the Company's equity method investments is recognized in Equity income (loss) of affiliates.

Contributions made to equity method investees at times are in the form of loan agreements. Loans provided to equity method investees that are made based on the Company's proportionate ownership percentage are accounted for as “in-substance capital contributions” and are treated as an increase to the investment. Loans provided to equity method investees that are not made on a proportionate basis are accounted for as a loan receivable and do not increase the investment.

Distributions received are assessed under the cumulative earnings approach to determine if the receipt represents a return on capital or a return of capital. Return on capital distributions are recorded as an operating cash flow whereas return of capital distributions are recorded as an investing cash flow. Principal payments received on loans not treated as an in-substance capital contribution are accounted for as a reduction to the loan receivable and interest received is recorded as interest income.

The Company evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other-than-temporary decline in the value of the investment. Declines in fair value that are deemed to be other-than-temporary are charged to Change in fair value of investments and options.

Marketable Equity, Debt, and Other Equity Securities

The Company has certain marketable equity and debt securities and other equity securities. Marketable equity securities are measured primarily at fair value with any changes in fair value recorded in Change in fair value of investments and options. Certain other equity securities are accounted for under the measurement alternative (cost less impairment, adjusted for any qualifying observable price changes) when fair value is not readily determinable. The Company accounts for its restricted marketable debt securities as available-for-sale securities. Unrealized gains and losses on available-for-sale investments, net of taxes, are reported as a component of Accumulated other comprehensive income (loss) in Total equity, unless an impairment is deemed to be credit-related. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet with a corresponding charge to Change in fair value of investments and options.

Derivative Instruments

The Company holds derivatives for risk management purposes rather than for trading. The Company uses derivatives to mitigate uncertainty and volatility caused by underlying exposures to foreign exchange rates and energy prices. The fair values of all derivative instruments are recognized as assets or liabilities at the balance sheet date and are reported gross.

Financial instruments that meet the definition of a derivative, but are not designated for hedge accounting under ASC 815, are accounted for at fair value using derivative pricing models. Valuation models require a variety of inputs, including long term metal prices, life of mine production profiles, discount rates, and inflation assumptions. These instruments are subsequently remeasured to their fair value at each reporting date with the resulting gain or loss recognized in the Consolidated Statement of Operations.

Cash Flow Hedges

The fair value of derivative contracts qualifying as cash flow hedges are reflected as assets or liabilities in the Consolidated Balance Sheets. The changes in fair value of these hedges are deferred in Accumulated other comprehensive income (loss). Amounts deferred in Accumulated other comprehensive income (loss) are reclassified to income when the hedged transaction has occurred in the same income statement line where the earnings effect of the hedged item is presented. Cash transactions related to the Company’s derivative contracts accounted for as hedges are classified in the same category as the item being hedged in the Consolidated Statements of Cash Flows.

When derivative contracts qualifying as cash flow hedges are settled, accelerated or restructured before the maturity date of the contracts, the related amount in Accumulated other comprehensive income (loss) at the settlement date is deferred and reclassified to earnings, when the originally designated hedged transaction impacts earnings and is presented in the same income statement line

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item as the earnings effect of the hedged item, unless the underlying hedge transaction becomes probable of not occurring, at which time related amounts in Accumulated other comprehensive income (loss) are reclassified to earnings immediately.

Debt

The Company carries its senior notes at amortized cost. Debt issuance costs and debt premiums and discounts, which are included in Debt, are amortized using the effective interest method over the terms of the respective Senior Notes as a component of Interest expense, net of capitalized interest within the Consolidated Statements of Operations.

Gain or loss on extinguishment of debt is recorded as a component of Other income (loss), net upon the extinguishment of a debt instrument and is calculated as the difference between the reacquisition price and net carrying amount of the debt, which includes unamortized debt issuance costs. The Company evaluates all changes to its debt arrangements to determine whether the changes represent a modification or extinguishment to the old debt arrangement. If a debt instrument is deemed to be modified, the Company capitalizes all new lender fees and expenses all third-party fees. If it is determined that an extinguishment of one of the Company's debt instruments has occurred, the unamortized financing fees associated with the extinguished instrument are expensed. For the revolving loans, all lender and third-party fees are capitalized, and in the event an amendment reduces the committed capacity under the revolving loans, the Company will expense a portion of any unamortized fees on a pro-rata basis in proportion to the decrease in the committed capacity.

Indemnification Liabilities

The Company has provided certain indemnifications in connection with divestitures. The indemnifications contingently require the Company, as guarantor, to make payments to the guaranteed party and are initially measured at the greater of fair value or the contingent liability amount to be recognized in accordance with ASC 450 and are included in Other non-current liabilities. For indemnifications provided in sales agreements, a portion of the sale proceeds is allocated to the guarantee, which adjusts the gain or loss that would otherwise result from the transaction. The subsequent accounting for the liability depends on the nature of the underlying guarantee. Indemnification liabilities are reduced as the Company is released from risk under the guarantee. The recognition and measurement provisions of ASC 450 continue to apply to the contingent loss portion of the guarantee unless the guarantee is accounted for as a derivative.

Leases

The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases are included in Other non-current assets and Other current and non-current liabilities in the Consolidated Balance Sheets. Finance leases are included in Property, plant and mine development, net and current and non-current Lease and other financing obligations in the Consolidated Balance Sheets.

Operating and finance lease right-of-use ("ROU") assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. Leases acquired in a business combination are also measured based on the present value of the remaining leases payments, as if the acquired lease were a new lease at the acquisition date. When the rate implicit to the lease cannot be readily determined, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for the majority of its asset classes. Additionally, for certain lease arrangements that involve leases of similar assets, the Company applies a portfolio approach to effectively account for the underlying ROU assets and lease liabilities.

Common Stock

Newmont filed a shelf registration statement on Form S-3 under which it can issue an indeterminate number or amount of common stock, preferred stock, debt securities, guarantees of debt securities and warrants from time to time at indeterminate prices, subject to the limitations of the Delaware General Corporation Law, the Company's certification of incorporation and bylaws. It also includes the ability to resell an indeterminate amount of common stock, preferred stock and debt securities from time to time upon exercise of warrants or conversion of convertible securities.

Treasury Stock

The Company records repurchases of common shares as Treasury stock at cost and records any subsequent retirements of treasury shares at cost. When treasury shares are retired, the Company’s policy is to allocate the excess of the repurchase price over

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the par value of shares acquired to both Retained earnings and Additional paid-in capital using settlement-date accounting. The portion allocated to Additional paid-in capital is calculated on a pro rata basis of the shares to be retired and the total shares issued and outstanding as of the date of the retirement.

Revenue Recognition

Newmont generates revenue by selling gold, copper, silver, lead, and zinc produced from its mining operations. Refer to Note 4 for further information regarding the Company’s operating segments.

The majority of the Company’s Sales come from the sale of refined gold; however, the end product at the Company’s gold operations is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and the separately-recovered silver is credited to its bullion account. Gold from doré bars credited to its bullion account is typically sold to banks or refiners.

A portion of gold sold from certain sites is sold in the form of concentrate. The Company’s Sales also come from the sale of copper, silver, lead, and zinc. Sales from these metals are generally in the form of concentrate, which is sold to smelters for further treatment and refining.

Generally, if a metal expected to be mined represents more than 10% to 20% of the life of mine sales value of all the metal expected to be mined, co-product accounting is applied. When the Company applies co-product accounting at an operation, revenue is recognized for each co-product metal sold, and shared costs applicable to sales are allocated based on the relative sales values of the co-product metals produced. Generally, if metal expected to be mined is less than the 10% to 20% of the life of mine sales value, by-product accounting is applied. Revenues from by-product sales, which are immaterial, are credited to Costs applicable to sales as a by-product credit. Silver, lead, and zinc are produced as co-products at Peñasquito; copper is produced as a co-product at Cadia, Boddington, and Red Chris. Aside from these co-product sales, copper and silver produced at other Newmont sites are by-product metals.

Gold Sales from Doré Production

The Company recognizes revenue for gold from doré production when it satisfies the performance obligation of transferring gold inventory to the customer, which generally occurs upon transfer of gold bullion credits as this is the point at which the customer obtains control and the ability to direct the use and obtains substantially all of the remaining benefits of ownership of the asset.

The Company generally recognizes the sale of gold bullion credits when the credits are delivered to the customer. The transaction price is determined based on the agreed upon market price and the number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account.

Sales from Concentrate Production

The Company recognizes revenue for gold, copper, silver, lead, and zinc from concentrate production, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material passes over the vessel's rail at the port of loading based on the date from the bill of lading, as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the material and the customer has the risk of loss. Newmont has elected to account for shipping and handling costs for concentrate contracts as fulfillment activities and not as promised goods or services; therefore these activities are not considered separate performance obligations.

The Company generally sells metal concentrate based on the monthly average market price for a future month, dependent on the relevant contract, following the month in which the delivery to the customer takes place. The amount of revenue recognized for concentrates is initially recorded on a provisional basis based on the forward prices for the estimated month of settlement and the Company’s estimated metal quantities based on assay data. The Company’s sales based on a provisional price contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the forward price at the time of sale. The embedded derivative, which is not designated for hedge accounting, is primarily marked to market through Sales each period prior to final settlement. The Company also adjusts estimated metal quantities used in computing provisional sales using new information and assay data from the smelter as it is received (if any).

A provisional payment is generally due upon delivery of the concentrate to the customer. Final payment is due upon final settlement of price and quantity with the customer.

The principal risks associated with recognition of sales on a provisional basis include metal price fluctuations and updated quantities between the date the sale is recorded and the date of final settlement. If a significant decline in metal prices occurs, or assay data results in a significant change in quantity between the provisional pricing date and the final settlement date, it is reasonably possible that the Company could be required to return a portion of the provisional payment received on the sale. Refer to Note 5 for additional information.

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Income and Mining Taxes

The Company accounts for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of the Company’s liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in either the net deferred income tax liability or asset balance for the year. The financial statement effects of changes in tax law are recorded as discrete items in the period enacted as part of income tax expense or benefit from continuing operations, regardless of the category of income or loss to which the deferred taxes relate. The Company determines if the assessment of a particular income tax effect is “complete.” Those effects for which the accounting is determined to be complete are reported in the enactment period financial statements. The Company has exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency exchange gains (losses). With respect to the earnings that the Company derives from the operations of its consolidated subsidiaries, in those situations where the earnings are indefinitely reinvested, no deferred taxes have been provided on the unremitted earnings (including the excess of the carrying value of the net equity of such entities for financial reporting purposes over the tax basis of such equity) of these consolidated companies.

Mining taxes represent state and provincial taxes levied on mining operations and are classified as income taxes. As such, taxes are based on a percentage of mining profits.

Newmont’s operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. Newmont and its subsidiaries are subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on its estimate of whether it is more likely than not, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in Income and mining tax benefit (expense). In certain jurisdictions, Newmont must pay a portion of the disputed amount to the local government in order to formally appeal the assessment. Such payment is recorded as a receivable if Newmont believes the amount is collectible.

Valuation of Deferred Tax Assets

The Company’s deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence.

Certain categories of evidence carry more weight in the analysis than others based upon the extent to which the evidence may be objectively verified. The Company looks to the nature and severity of cumulative pretax losses (if any) in the current three-year period ending on the evaluation date, recent pretax losses and/or expectations of future pretax losses. Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to:

•Earnings history;

•Projected future financial and taxable income based upon existing reserves and long-term estimates of commodity prices;

•The duration of statutory carry forward periods;

•Prudent and feasible tax planning strategies readily available that may alter the timing of reversal of the temporary difference;

•Nature of temporary differences and predictability of reversal patterns of existing temporary differences; and

•The sensitivity of future forecasted results to commodity prices and other factors.

Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. The Company utilizes a rolling twelve quarters of pre-tax income or loss as a measure of its cumulative results in recent years. However, a cumulative three year loss is not solely determinative of the need for a valuation allowance. The Company also considers all other available positive and negative evidence in its analysis.

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Reclamation and Remediation Costs

Reclamation obligations associated with operating and non-operating mine sites are recognized when an obligation is incurred and the estimated costs can be reasonably measured. Fair value is measured as the present value of expected cash flow estimates, after considering inflation, the Company's credit-adjusted risk-free rates and a market risk premium appropriate for the Company's operations. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. Changes in reclamation estimates at mines that are not currently operating, as the mine or portion of the mine site has entered the closure phase and has no substantive future economic value, are reflected in earnings in the period an estimate is revised. The estimated reclamation obligation is based on when spending for an existing disturbance is expected to occur. Costs included in estimated asset retirement obligations are discounted to their present value as cash flows are readily estimable over a period of up to fifty years. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for asset retirement obligations.

Remediation costs are accrued when it is probable that an obligation has been incurred and the cost can be reasonably estimated. Such cost estimates may include ongoing care, maintenance and monitoring costs. Changes in remediation estimates at operating and non-operating mines are reflected in earnings in the period an estimate is revised. Water treatment costs included in environmental remediation obligations are discounted to their present value as cash flows are readily estimable over a period up to fifty years.

Foreign Currency

The functional currency for the majority of the Company’s operations is the U.S. dollar. Transaction gains and losses related to foreign currency denominated monetary assets and liabilities where the functional currency is the U.S. dollar are remeasured at current exchange rates and the resulting adjustments are included in Other income (loss), net. The financial statements of the Company's foreign entities with functional currencies other than the U.S. dollar are translated into U.S. dollars with the resulting adjustments charged or credited directly to Accumulated other comprehensive income (loss) in Total equity. All assets and liabilities are translated into the U.S. dollar using exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the weighted average exchange rates for the period. The gains or losses on foreign currency rates on cash holdings in foreign currencies are included in Effect of exchange rate changes on cash, cash equivalents and restricted cash in the Company’s Consolidated Statements of Cash Flows.

Stock-Based Compensation

The Company grants stock-based compensation awards to directors, executives and other eligible employees. Stock-based compensation awards currently issued and outstanding include RSUs, PSUs with a market-related condition, and PSUs with performance-related conditions. The market-related condition is based on the Company's total stockholder return relative to its peer group. The performance-related conditions include (i) representation of women on executive team, (ii) Scope 1 and 2 emission reductions related to key milestone projects, and (iii) return on capital employed.

The Company measures stock-based compensation awards at fair value on the date of the grant. The fair value of RSUs and PSUs with performance related conditions are based on the Newmont stock price on the date of grant. The fair value of PSUs with a market-related condition is determined using a Monte Carlo simulation model. Compensation expense related to all stock-based awards, including awards that cliff vest, is generally recognized on a straight-line basis over the requisite service period. For PSUs with performance-related conditions, the expense recognized may increase or decrease based on the probability that the performance conditions will be satisfied. The Company recognizes forfeitures as they occur. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee retirement eligibility dates, the Company's performance and related tax impacts.

Net Income (Loss) per Common Share

Basic and diluted income (loss) per share are presented for Net income (loss) attributable to Newmont stockholders. Basic income (loss) per common share is computed by dividing income (loss) available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is computed similarly except that weighted average common shares is increased to reflect all dilutive instruments, including employee stock awards. Dilutive securities are excluded from the calculation of diluted weighted average common shares outstanding if their effect would be anti-dilutive based on the treasury stock method or due to a net loss from continuing operations.

Discontinued Operations

The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the business is classified as held for sale, in accordance with ASC 360, Property, Plant and Equipment and ASC 205-20, Presentation of Financial Statements - Discontinued Operations. Under ASC 360, assets may be classified as held for sale even though discontinued operations classification is not met.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Equity method investments, which are specifically scoped out of ASC 360, can only be classified as held for sale if discontinued operations classification is also achieved. The results of discontinued operations are reported in Net income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Operations for current and prior periods, including any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell.

Comprehensive Income (Loss)

In addition to Net income (loss), Comprehensive income (loss) includes all changes in equity during a period, such as adjustments to minimum pension liabilities, foreign currency translation adjustments, changes in fair value of derivative instruments that qualify as cash flow hedges and cumulative unrecognized changes in fair value of marketable debt securities classified as available-for-sale, except those resulting from investments by and distributions to owners.

Care and Maintenance

The Company incurs certain direct operating costs and depreciation and amortization costs when operations are temporarily halted and placed in care and maintenance. Direct operating costs incurred while operations are temporarily placed in care and maintenance are included in Other expense, net as these costs do not benefit the productive process and are not related to sales. Depreciation and amortization costs incurred while operations are temporarily placed in care and maintenance are included in Depreciation and amortization.

Reclassifications

Certain amounts and disclosures in prior years have been reclassified to conform to the 2025 presentation.

Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules

Improvement to Income Tax Disclosures

In December 2023, ASU 2023-09 was issued, requiring disaggregated information about the effective tax rate reconciliation and additional information on taxes paid that meet a qualitative threshold. The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a retrospective basis and included the required disclosures in Note 10. As this standard impacts presentation only, the adoption had no impact on the Company's financial position.

Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract

In September 2025, ASU 2025-07 was issued expanding the scope of contracts that are excluded from derivative accounting and clarifying the accounting for share-based noncash consideration in revenue contracts. The new guidance is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. The Company early adopted ASU 2025-07 on a modified retrospective basis on December 31, 2025 and applied the derivative accounting amendment in this ASU to certain contingent consideration assets and liabilities; the share-based noncash consideration in revenue contracts amendment had no impact on the Company. The early adoption had no impact on the Company's financial position; refer to Note 14 for further information.

Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules

Disaggregation of Income Statement Expenses

In November 2024, ASU 2024-03 was issued, requiring additional disclosures in the notes to the financial statements on the nature of certain expense captions presented on the face of the Consolidated Statement of Operations. The new guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements.

NOTE 3     ACQUISITIONS AND DIVESTITURES

Business Acquisition

On November 6, 2023 (the “acquisition date”), Newmont completed its business combination transaction with Newcrest, a public Australian mining company limited by shares, whereby Newmont, through Newmont Sub, acquired all of the ordinary shares of Newcrest, pursuant to a court-approved scheme of arrangement under Part 5.1 of the Australian Corporations Act 2001 (Cth) between Newcrest and its stockholders, as contemplated by a scheme implementation deed, dated as of May 15, 2023, by and among Newmont, Newmont Sub and Newcrest, as amended from time to time. Upon implementation, Newmont completed the business acquisition of Newcrest, in which Newmont was the acquirer and Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The acquisition of Newcrest increased the Company’s gold and other metal reserves and expanded its operating jurisdictions.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

The acquisition date fair value of the consideration transferred consisted of the following:

(in millions, except share and per share data)						Shares						Per Share						Purchase Consideration
Stock Consideration
Shares of Newmont exchanged for Newcrest outstanding ordinary shares						357,691,627						$	37.88					$	13,549
Total Purchase Price																		$	13,549

The Company retained an independent appraiser to determine the fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of Newcrest was allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods. The excess of the total consideration over the estimated fair value of the amounts assigned to the identifiable assets acquired and liabilities assumed was recorded as goodwill, which is not deductible for income tax purposes. The goodwill balance is mainly attributable to: (i) the acquisition of existing operating mines with access to an assembled workforce that cannot be duplicated at the same costs by new entrants; (ii) operating synergies anticipated from the integration of the operations of Newmont and Newcrest; and (iii) the application of Newmont’s Full Potential program and potential strategic and financial benefits that include the increase in reserve base and opportunities to identify additional mineralization through exploration activities.

In 2024, the Company completed the analysis to assign fair values to all assets acquired and liabilities assumed. The following table summarizes the final purchase price allocation for the Newcrest transaction:

ASSETS
Cash and cash equivalents			$	668
Trade receivables			212
Inventories			723
Stockpiles and ore on leach pads			113
Derivative assets			42
Other current assets			193
Current assets			1,951
Property, plant and mine development, net (1)			13,504
Investments (2)			990
Stockpiles and ore on leach pads (3)			219
Deferred income tax assets (4)			75
Goodwill (5)			2,401
Derivative assets			362
Other non-current assets (6)			398
Total assets			19,900
LIABILITIES
Accounts payable			344
Employee-related benefits			143
Lease and other financing obligations			16
Debt			1,923
Other current liabilities			333
Current liabilities			2,759
Debt (7)			1,373
Lease and other financing obligations			35
Reclamation and remediation liabilities (8)			745
Deferred income tax liabilities (4)			1,236
Employee-related benefits			192
Other non-current liabilities			11
Total liabilities			6,351
Net assets acquired			$	13,549

____________________________

(1)The fair value of property, plant and mine development is based on applying income, market, and cost valuation methods. Measurement period adjustments of $321 increased Property, plant and mine development, net, from the preliminary valuation primarily related to the Canadian, Lihir, and Telfer assets.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

(2)The fair value of the investments was determined by applying the market approach, based on quoted prices for the acquired investments.

(3)The fair value of stockpiles and ore on leach pads is based on applying the income valuation method. Measurement period adjustments of $85 increased Stockpiles and ore on leach pads from the preliminary valuation primarily relating to the valuation of stockpiles at Lihir.

(4)Deferred income tax assets and liabilities represent the future tax benefit or future tax expense associated with the differences between the fair value allocated to assets (excluding the majority of the goodwill balance) and liabilities and a tax basis increase to the fair value of the assets acquired in Australia and the historical carryover tax basis of assets and liabilities in all other jurisdictions. No deferred tax liability is recognized for the basis difference inherent in the fair value allocated to goodwill. Measurement period adjustments resulted in Deferred income tax assets decreasing by $114 and Deferred income tax liabilities decreasing by $95 from the preliminary valuation.

(5)Goodwill is attributable to the following reportable segments: $669 to Brucejack; $539 to Red Chris; $249 to Cadia; and $944 to Lihir. Measurement period adjustments resulted in an overall reduction to Goodwill of $343 from the preliminary valuation.

(6)Measurement period adjustments of $305 increased Other non-current assets from the preliminary valuation primarily due to the recognition of an intangible asset.

(7)The fair value of the Newcrest senior notes was measured using a market approach, based on quoted prices for the acquired debt.

(8)The fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities. Measurement period adjustments of $352 increased Reclamation and remediation liabilities.

Sales and Net income (loss) attributable to Newmont stockholders in the Consolidated Statement of Operations includes Newcrest revenue of $944 and Newcrest net income of $136 from the acquisition date to December 31, 2023.

Pro Forma Financial Information (unaudited)

The following unaudited pro forma financial information presents consolidated results assuming the Newcrest transaction occurred on January 1, 2022.

			December 31, 2023
Sales			$	15,432
Net income (loss) attributable to Newmont stockholders (1)			$	(1,991)

____________________________

(1)Includes $464 of Newcrest transaction and integration costs for the year ended December 31, 2023.

Divestitures

Based on a comprehensive review of the Company’s portfolio of assets following the Newcrest acquisition, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested included Telfer, CC&V, Musselwhite, Éléonore, Porcupine, Akyem, and the Coffee development project in Canada. The Company presented these assets as held for sale in the first quarter of 2024 and recorded the assets at the lower of their carrying value or fair value, less costs to sell. These assets were periodically valued until sale occurred with any resulting gain or loss recognized in (Gain) loss on sale of assets held for sale.

The Company completed the sale of the assets of Telfer reportable segment in the fourth quarter of 2024, the sale of the CC&V, Musselwhite, and Éléonore reportable segments in the first quarter of 2025, the sale of the Porcupine and Akyem reportable segments in the second quarter 2025, and the sale of the Coffee development project in the fourth quarter of 2025 as part of its portfolio optimization program.

Gains or losses recognized on the completion of the sales are recognized in (Gain) loss on sale of assets held for sale. All sales agreements include transitional services support to be provided by the Company up to a one-year period following close. Gains and losses recognized on the completed sales during the years ended December 31, 2025 and 2024 are summarized in the table below; value of consideration received and indemnifications provided represent the value at the time of close.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

			Telfer (1)						CC&V						Musselwhite						Éléonore						Porcupine						Akyem						Coffee Project						Total
Cash received, net of working capital adjustments (2)			$	217					$	109					$	799					$	784					$	201					$	888					$	10					$	3,008
Deferred consideration received			61						154						14						—						107						84						65						485
Equity consideration			242						—						—						—						233						—						80						555
Option on equity consideration			(67)						—						—						—						—						—						—						(67)
Value of consideration received			453						263						813						784						541						972						155						3,981
Less: Carrying value of net assets divested			(613)						(196)						(794)						(612)						(513)						(270)						(161)						(3,159)
Less: Indemnification provided			—						(65)						—						—						—						(19)						—						(84)
Gain (loss) on completed sales (3)(4)			$	(160)					$	2					$	19					$	172					$	28					$	683					$	(6)					$	738

____________________________

(1)Closed during the year ended December 31, 2024; all other divestments closed during the year ended December 31, 2025.

(2)Certain working capital adjustments are to be finalized over a defined period from the close of sale. Any resulting revisions will be settled in cash, with an offsetting impact recognized in (Gain) loss on sale of assets held for sale. Adjustments are not expected to be material.

(3)Recognized in (Gain) loss on sale of assets held for sale.

(4)Since designation as held for sale in the first quarter of 2024: CC&V incurred a total net loss of $15, including a gain of $2 for the year ended December 31, 2025; Porcupine incurred a total net loss of $358, including a $76 loss reversal and $28 gain recognized in the first and second quarter of 2025, respectively, resulting in a total gain of $104 recognized for the year ended December 31, 2025; Coffee incurred a total net loss of $161, including a $65 loss reversal and $6 loss recognized in the first and second quarter of 2025, respectively, resulting in a total gain of $59 recognized for the year ended December 31, 2025. Total net losses for CC&V, Porcupine, and Coffee include prior period write-downs; no prior period write-downs were incurred for Musselwhite, Éléonore, or Akyem.

Telfer. Sale of the assets of the Telfer reportable segment, including its 70% interest in the Havieron development project and other related assets, to Greatland Gold plc ("Greatland") closed on December 4, 2024 (the "Telfer Sale"). The deferred consideration consists of deferred payments of up to $100 tied to future Havieron production and gold price over a five-year period. The deferred payments do not meet the definition of a derivative and are considered to be a financial asset and are included in Other non-current assets. The equity consideration consisted of 134 million Greatland Resources Limited ("GRL") shares accounted for as an equity method investment for which the Company elected the fair value option. The equity consideration contains an option in which a third party has the ability to acquire 67 million of the Company's Greatland shares at a set price exercisable for four years, accounted for as a financial liability for which the Company elected the fair value option ("Greatland option"). The fair value option was elected for the equity consideration and related option as the Company believes it best reflects the economics of the underlying transaction.

In the second quarter of 2025, the Company sold 67 million shares for $274, reducing its ownership to 10%, resulting in a gain of $68 recognized in Change in fair value of investments and options for the year ended December 31, 2025. The remaining shares held were accounted for as marketable equity securities at December 31, 2025 and are included in current Investments.

In January 2026, the third party exercised the Greatland option resulting in extinguishment of the financial liability and sale of the remaining shares for $134.

CC&V. Sale of the CC&V reportable segment to SSR Mining Inc. ("SSR") closed on February 28, 2025. The deferred consideration consists of $175 receivable in two installments of $87.5 upon certain regulatory approvals. The deferred payments do not meet the definition of a derivative asset and are considered to be a financial asset and are included in Other non-current assets. The indemnification consists of a guarantee in which the Company will indemnify SSR for 90% of certain closure costs over $500 related to the Company’s historical mining activities with no limitation to the maximum potential future payments. The Company has an opportunity to fully settle the indemnification at certain milestones through a one-time lump sum payment. The indemnification is included in Other non-current liabilities.

Musselwhite. Sale of the Musselwhite reportable segment to Orla Mining Ltd ("Orla") closed on February 28, 2025. The deferred consideration consists of $40 receivable in two installments of $20 on the first and second year anniversary of the close date, dependent on the average spot gold price over the respective period. The deferred payments meet the definition of a derivative asset and are included as contingent consideration in Other current assets and Other non-current assets, respectively.

Éléonore. Sale of the Éléonore reportable segment to Dhilmar Ltd closed on February 28, 2025.

Porcupine. Sale of the Porcupine reportable segment to Discovery Silver Corp. ("Discovery") closed on April 15, 2025. The deferred consideration consists of $150 to be received in four equal annual installments beginning December 31, 2027. The deferred consideration is classified as a note receivable and is included in Other non-current assets. The equity consideration consisted of Discovery shares, which were accounted for as marketable equity securities and fully divested in the third quarter of 2025.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Akyem. Sale of the Akyem reportable segment to Zijin Mining Group Co., Ltd ("Zijin") closed on April 15, 2025. The deferred consideration consisted of $100 receivable at the earlier of lease ratification or the fifth year anniversary of the close date. The deferred consideration did not meet the definition of a derivative asset and was considered a financial asset and included in Other non-current assets. The indemnification consisted of a guarantee in which the Company would have indemnified Zijin for losses from non-ratification of the lease by the Ghanaian Parliament, government actions stopping operations, or required renegotiations to secure ratification, with a cap of $200 and a 5-year claim period. In the third quarter of 2025, the lease was ratified resulting in receipt of the deferred consideration and removal of the indemnification obligation resulting in a gain of $35 recognized in (Gain) loss on sale of assets held for sale.

Coffee. Sale of the Coffee development project to Fuerte Metals Corporation ("Fuerte") closed on October 17, 2025. The deferred consideration consists of a royalty equal to 3% of the NSR from Coffee. The deferred consideration does not meet the definition of a derivative and is considered to be a financial asset and is included in Other non-current assets. The equity consideration consisted of 34 million Fuerte shares, which was accounted for as an equity method investment for which the Company elected the fair value option as the Company believed it best reflected the economics of the underlying transaction. In the fourth quarter of 2025, the Company sold a portion of its Fuerte shares reducing its ownership to 19%. The remaining shares held are accounted for as marketable equity securities at December 31, 2025 and are included in Investments.

For the year ended December 31, 2025 and 2024, (Gain) loss on sale of assets held for sale consistent of the following:

			Year Ended December 31,
			2025						2024
(Gain) loss on completed sales			$	(898)					$	160
(Reversal of write-downs) write-downs on assets classified as held for sale			(141)						699
Tax impact (1)			(46)						255
Other (2)			19						—
			$	(1,066)					$	1,114

____________________________

(1)In 2024, a tax impact on write-downs of assets held for sale resulted in the establishment of a deferred tax asset, which increased the respective carrying values of the related disposal groups and resulted in an additional loss. In 2025, a tax impact on the reversal of prior write-downs of assets held for sale resulted in the reduction to the deferred tax asset, which decreased the respective carrying values of the related disposal group and resulted in an additional gain.

(2)Primarily consists of the impact of finalization of certain working capital adjustments on completed sales, and certain costs incurred under the transitional services support agreements.

The following table presents the carrying value of the major classes of assets and liabilities held for sale by disposal group as of December 31, 2024, prior to recognition of the write-down of $699 for the year ended December 31, 2024. All disposal groups were divested as of December 31, 2025.

			CC&V						Musselwhite						Éléonore						Porcupine						Akyem						Coffee Project (1)						Total
Assets held for sale:
Property, plant and mine development, net			$	170					$	1,063					$	785					$	1,541					$	559					$	321					$	4,439
Other assets			408						39						70						93						258						1						869
Carrying value of assets held for sale			$	578					$	1,102					$	855					$	1,634					$	817					$	322					$	5,308
Liabilities held for sale:
Reclamation and remediation liabilities			$	334					$	82					$	87					$	563					$	427					$	3					$	1,496
Other liabilities			37						257						71						223						91						2						681
Carrying value of liabilities held for sale			$	371					$	339					$	158					$	786					$	518					$	5					$	2,177

____________________________

(1)The Coffee Project is included in the non-operating segment Corporate and Other in Note 4.

NOTE 4     SEGMENT INFORMATION

The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and allocation of resources by Newmont’s Chief Operating Decision Maker ("CODM"), which is the Chief Executive Officer. The Company's 13 reportable segments consist of each of its 12 mining operations that it manages and its 38.5% proportionate interest in Nevada Gold Mines ("NGM"), which it does not directly manage. The reportable segments at December 31, 2025 exclude reportable segments that have been divested. Refer to Note 3 for further information on the Company's divestitures.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

With respect to NGM, Newmont has given notice to Barrick and the NGM Board of Managers that it has identified evidence of mismanagement at NGM, including diversion of resources from NGM to the benefit of Barrick’s wholly-owned property Fourmile and Barrick, and that it was exercising its contractual inspection and audit rights.

In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project and all activity was included in the Ahafo South reportable segment up to the date of commercial production. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes.

In the following tables, Income (loss) before income and mining tax and other items from reportable segments does not reflect general corporate expenses, interest (except project-specific interest), or income and mining taxes. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. The Company's business activities and operating segments that are not considered reportable, including all equity method investments, are reported in the non-operating segment Corporate and Other, which has been provided for reconciliation purposes.

The CODM uses Income (loss) before income and mining tax and other items to evaluate income generated from segment assets in deciding whether to reinvest profits into the mine operation or reallocate for other capital priorities under the Company's capital allocation strategy. Additionally, the CODM primarily uses this metric to assess performance of the segment, plan and forecast future business operations, and benchmark to competitors.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

The financial information relating to the Company’s segments is as follows:

Year Ended December 31, 2025			Sales						Costs Applicable to Sales						Depreciation and Amortization						Reclamation and Remediation						Advanced Projects, Research and Development and Exploration						Other Segment Expenses (Income) (1)						Income (Loss) before Income and Mining Tax and Other Items						Total Assets						Capital Expenditures (2)
Managed
Lihir			$	1,983					$	755					$	188					$	13					$	10					$	18					$	999					$	5,805					$	148
Cadia:
Gold			1,409						324						125
Copper			885						301						120
Total Cadia			2,294						625						245						5						13						47						1,359						6,646						597
Tanami			1,353						429						124						3						10						26						761						2,734						571
Boddington:
Gold			1,988						685						128
Copper			258						127						24
Total Boddington			2,246						812						152						16						5						27						1,234						2,499						145
Ahafo South (3)			2,266						825						185						7						48						(9)						1,210						1,602						168
Ahafo North (3)			242						31						10						—						7						(29)						223						1,191						321
Merian			846						373						76						5						39						—						353						927						58
Cerro Negro			691						312						124						6						25						24						200						1,868						150
Yanacocha			1,804						411						113						(13)						12						784						497						2,322						21
Peñasquito:
Gold			1,492						389						161
Silver			1,080						334						131
Lead			183						116						46
Zinc			664						423						152
Total Peñasquito			3,419						1,262						490						22						17						61						1,567						4,744						123
Red Chris
Gold			218						82						24
Copper			295						169						50
Total Red Chris			513						251						74						9						11						1						167						2,668						157
Brucejack			824						344						182						5						19						7						267						2,630						104
Non-managed
NGM			3,560						1,343						478						12						21						9						1,697						7,486						387
Total Reportable Segments			22,041						7,773						2,441						90						237						966						10,534						43,122						2,950
Corporate and Other (4)			—						—						74						144						169						(48)						(339)						13,999						23
Divested (5)
CC&V			88						39						2						2						—						(3)						48						—						5
Musselwhite			94						33						—						1						—						(18)						78						—						14
Porcupine			177						79						1						6						1						20						70						—						54
Éléonore			138						54						—						1						2						(171)						252						—						12
Akyem			131						107						3						5						—						(683)						699						—						9
Consolidated			$	22,669					$	8,085					$	2,521					$	249					$	409					$	63					$	11,342					$	57,121					$	3,067

____________________________

(1)Other Segment Expenses (Income) for all reportable segments includes (Gain) loss on sale of assets held for sale, Impairment charges, Other expense, net, and Other income (loss), net. Refer to Notes 3, 7, 8, and 9, respectively, for further information. Additionally, Other Segment Expenses (Income) includes General and administrative, Change in fair value of investments and options, and Interest expense, net of capitalized interest, which are primarily incurred at the non-operating segment Corporate and Other.

(2)Includes an increase in non-cash adjustments of $32, primarily comprised of the change in accrued capital expenditures. Consolidated capital expenditures on a cash basis were $3,035.

(3)In the fourth quarter of 2025, the Ahafo North development project achieved commercial production resulting in designation as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project and all activity was included in the Ahafo South reportable segment. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes.

(4)Included the Coffee development project, which was divested in the fourth quarter of 2025. Refer to Note 3 for information on the Company's divestitures.

(5)Refer to Note 3 for information on the Company's divestitures.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Year Ended December 31, 2024			Sales						Costs Applicable to Sales						Depreciation and Amortization						Reclamation and Remediation						Advanced Projects, Research and Development and Exploration						Other Segment Expenses (Income) (1)						Income (Loss) before Income and Mining Tax and Other Items						Total Assets						Capital Expenditures (2)
Managed
Lihir			$	1,473					$	787					$	168					$	12					$	16					$	21					$	469					$	5,625					$	193
Cadia
Gold			1,118						297						119
Copper			743						280						123
Total Cadia			1,861						577						242						5						19						(23)						1,041						6,208						537
Tanami			988						390						123						2						28						(19)						464						2,236						437
Boddington:
Gold			1,417						613						112
Copper			329						204						39
Total Boddington			1,746						817						151						13						4						(23)						784						2,420						129
Ahafo South (3)			1,923						722						215						8						32						(38)						984						2,674						127
Ahafo North (3)			—						—						—						—						9						—						(9)						751						255
Merian			660						401						84						4						21						(1)						151						943						81
Cerro Negro			566						312						123						5						19						13						94						1,787						186
Yanacocha			841						353						98						55						9						2						324						1,932						61
Peñasquito:
Gold			713						225						103
Silver			792						360						159
Lead			195						116						52
Zinc			622						427						162
Total Peñasquito			2,322						1,128						476						20						13						43						642						4,879						129
Red Chris
Gold			96						47						14
Copper			229						172						52
Total Red Chris			325						219						66						7						13						(2)						22						2,580						150
Brucejack			610						312						172						5						13						—						108						2,660						70
Non-managed
NGM			2,485						1,263						428						11						23						32						728						7,430						448
Held for sale (4)
CC&V			347						200						13						11						7						19						97						561						26
Musselwhite			516						224						18						3						6						—						265						1,102						97
Porcupine			673						310						36						27						6						633						(339)						1,172						201
Éléonore			583						325						21						4						11						(2)						224						855						100
Akyem			495						338						57						14						5						(5)						86						817						24
Total Reportable Segments			18,414						8,678						2,491						206						254						650						6,135						46,632						3,251
Corporate and Other			—						—						68						109						195						967						(1,339)						9,717						22
Divested (4)
Telfer
Gold			242						245						14
Copper			26						40						3
Total Telfer			268						285						17						13						14						158						(219)						—						51
Consolidated			$	18,682					$	8,963					$	2,576					$	328					$	463					$	1,775					$	4,577					$	56,349					$	3,324

____________________________

(1)Other Segment Expenses (Income) for all reportable segments includes (Gain) loss on sale of assets held for sale, Impairment charges, Other expense, net, and Other income (loss), net. Refer to Notes 3, 7, 8, and 9, respectively, for further information. Additionally, Other Segment Expenses (Income) includes General and administrative, Change in fair value of investments and options, and Interest expense, net of capitalized interest which are primarily incurred at the non-operating segment Corporate and Other.

(2)Includes a decrease in non-cash adjustments of $78, primarily comprised of the change in accrued capital expenditures. Consolidated capital expenditures on a cash basis were $3,402.

(3)In the fourth quarter of 2025, the Ahafo North development project achieved commercial production resulting in designation as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project and all activity was included in the Ahafo South reportable segment. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

(4)Refer to Note 3 for information on the Company's divestitures.

Year Ended December 31, 2023			Sales						Costs Applicable to Sales						Depreciation and Amortization						Reclamation and Remediation						Advanced Projects, Research and Development and Exploration						Other Segment Expenses (Income) (1)						Income (Loss) before Income and Mining Tax and Other Items						Total Assets						Capital Expenditures (2)
Managed
Lihir (3)			$	266					$	146					$	20					$	—					$	2					$	5					$	93					$	3,909					$	53
Cadia: (3)
Gold			250						129						16
Copper			172						116						14
Total Cadia			422						245						30						—						2						(13)						158						6,351						75
Tanami			867						337						110						2						30						(19)						407						1,896						413
Boddington:
Gold			1,451						634						108
Copper			363						204						35
Total Boddington			1,814						838						143						12						6						4						811						2,376						164
Telfer: (3)
Gold			135						126						6
Copper			17						22						1
Total Telfer			152						148						7						1						4						2						(10)						574						9
Ahafo South (4)			1,130						547						181						7						31						(14)						378						2,307						139
Ahafo North (4)			—						—						—						—						9						—						(9)						516						171
Akyem			574						275						122						12						19						(5)						151						1,069						40
Merian			625						385						82						3						23						10						122						927						84
Cerro Negro			510						328						137						4						10						16						15						1,646						162
Porcupine			503						301						117						18						17						5						45						1,473						166
Éléonore			453						295						101						3						10						247						(203)						777						106
Yanacocha			537						294						85						1,232						11						(15)						(1,070)						2,117						312
Musselwhite			351						214						80						3						10						298						(254)						1,018						104
Peñasquito: (5)
Gold			257						158						67
Silver			335						300						134
Lead			96						98						45
Zinc			213						253						105
Total Peñasquito			901						809						351						18						11						1,523						(1,811)						4,738						113
CC&V			332						198						23						12						13						4						82						383						64
Red Chris: (3)
Gold			9						4						1
Copper			23						17						3
Total Red Chris			32						21						4						—						—						(1)						8						2,178						25
Brucejack (3)			72						69						22						—						7						—						(26)						4,006						22
Non-managed
NGM			2,271						1,249						452						11						29						98						432						7,401						472
Total Reportable Segments			11,812						6,699						2,067						1,338						244						2,145						(681)						45,662						2,694
Corporate and Other			—						—						41						195						221						893						(1,350)						9,844						51
Consolidated			$	11,812					$	6,699					$	2,108					$	1,533					$	465					$	3,038					$	(2,031)					$	55,506					$	2,745

____________________________

(1)Other Segment Expenses (Income) for all reportable segments includes Impairment charges, Other expense, net, and Other income (loss), net. Refer to Notes 7, 8, and 9, respectively, for more information. Additionally, Other Segment Expenses (Income) includes General and administrative, Change in fair value of investments and options, and Interest expense, net of capitalized interest which are primarily incurred at the non-operating segment Corporate and Other.

(2)Includes an increase in non-cash adjustments of $79, primarily comprised of the change in accrued capital expenditures. Consolidated capital expenditures on a cash basis were $2,666.

(3)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information.

(4)In the fourth quarter of 2025, the Ahafo North development project achieved commercial production resulting in designation as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project and all activity was included in the

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Ahafo South reportable segment. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes.

(5)In June 2023, the National Union of Mine and Metal Workers of the Mexican Republic (the "Union") notified the Company of a strike action. In response to the strike notice, the Company suspended operations at Peñasquito. The Company reached an agreement with the Union and operations at Peñasquito resumed in the fourth quarter of 2023.

Long-lived assets, which consist of Property, plant and mine development, net, non-current Stockpiles and ore on leach pads, and non-current right-of-use assets, included in Other non-current assets, were as follows:

			At December 31,
			2025						2024
Australia			$	10,393					$	9,490
United States (1)			6,566						7,125
Canada (1)			4,625						8,358
Papua New Guinea			4,614						4,514
Mexico			3,606						3,822
Ghana (1)			2,406						2,755
Argentina			1,604						1,582
Peru			1,269						2,203
Suriname			702						726
Other			18						27
			$	35,803					$	40,602

____________________________

(1)Canada, United States, and Ghana include $3,723, $434, and $565, respectively, of long-lived assets included in Assets held for sale at December 31, 2024. Refer to Note 3 for additional information.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

NOTE 5     SALES

The following tables present the Company’s Sales by mining operation, product and inventory type:

			Year Ended December 31, 2025																		Year Ended December 31, 2024																		Year Ended December 31, 2023
			Gold Doré						Concentrate and Other						Total Sales						Gold Doré						Concentrate and Other						Total Sales						Gold Doré						Concentrate and Other						Total Sales
Managed
Lihir (1)			$	1,983					$	—					$	1,983					$	1,473					$	—					$	1,473					$	266					$	—					$	266
Cadia: (1)
Gold			150						1,259						1,409						126						992						1,118						28						222						250
Copper			—						885						885						—						743						743						—						172						172
Total Cadia			150						2,144						2,294						126						1,735						1,861						28						394						422
Tanami			1,353						—						1,353						988						—						988						867						—						867
Boddington:
Gold			488						1,500						1,988						353						1,064						1,417						359						1,092						1,451
Copper			—						258						258						—						329						329						—						363						363
Total Boddington			488						1,758						2,246						353						1,393						1,746						359						1,455						1,814
Ahafo South			2,266						—						2,266						1,923						—						1,923						1,130						—						1,130
Ahafo North (2)			242						—						242						—						—						—						—						—						—
Merian			821						25						846						638						22						660						600						25						625
Cerro Negro			691						—						691						566						—						566						510						—						510
Yanacocha			1,781						23						1,804						833						8						841						526						11						537
Peñasquito:
Gold			—						1,492						1,492						—						713						713						36						221						257
Silver (3)			—						1,080						1,080						—						792						792						—						335						335
Lead			—						183						183						—						195						195						—						96						96
Zinc			—						664						664						—						622						622						—						213						213
Total Peñasquito			—						3,419						3,419						—						2,322						2,322						36						865						901
Red Chris: (1)
Gold			—						218						218						—						96						96						—						9						9
Copper			—						295						295						—						229						229						—						23						23
Total Red Chris			—						513						513						—						325						325						—						32						32
Brucejack (1)			540						284						824						415						195						610						48						24						72
Non-managed
NGM (4)			3,387						173						3,560						2,336						149						2,485						2,178						93						2,271
Divested (5)
CC&V			88						—						88						347						—						347						332						—						332
Musselwhite			94						—						94						516						—						516						351						—						351
Porcupine			177						—						177						673						—						673						503						—						503
Éléonore			138						—						138						583						—						583						453						—						453
Akyem			131						—						131						495						—						495						574						—						574
Telfer: (1)
Gold			—						—						—						47						195						242						20						115						135
Copper			—						—						—						—						26						26						—						17						17
Total Telfer			—						—						—						47						221						268						20						132						152
Consolidated			$	14,330					$	8,339					$	22,669					$	12,312					$	6,370					$	18,682					$	8,781					$	3,031					$	11,812

____________________________

(1)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information.

(2)In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment.

(3)Silver sales from concentrate includes $84, $91, and $42 related to non-cash amortization of the silver streaming agreement liability for the years ended December 31, 2025, 2024, and 2023, respectively.

(4)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $3,410, $2,338, and $2,174 for the years ended December 31, 2025, 2024, and 2023, respectively.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

(5)The Company completed the sale of Telfer in the fourth quarter of 2024, 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 for information on the Company's divestitures.

Trade Receivables and Provisional Sales

At December 31, 2025 and December 31, 2024, Trade receivables primarily consisted of sales from provisionally priced concentrate and other production. Changes in pricing on provisional sales resulted in an increase to Sales of $572, $125, and $37 for the years ended December 31, 2025, 2024, and 2023, respectively.

At December 31, 2025, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months:

			Provisionally Priced Sales Subject to Final Pricing (1)						Average Provisional Price (per ounce/pound)
Gold (ounces, in thousands)			141						$	4,332
Copper (pounds, in millions)			66						$	5.65
Silver (ounces, in millions)			7						$	70.31
Lead (pounds, in millions)			48						$	0.90
Zinc (pounds, in millions)			84						$	1.41

____________________________

(1)Includes provisionally priced by-product sales subject to final pricing, which are recognized in Costs applicable to sales.

Silver Streaming Agreement

The Company is obligated to sell 25% of silver production from the Peñasquito mine to Wheaton Precious Metals Corporation at the lesser of market price or a fixed contract price, subject to an annual inflation adjustment of up to 1.65%. This agreement contains off-market terms and was initially recognized at its acquisition date fair value as a finite-lived intangible liability. The current and non-current portion are recorded to Other current liabilities and Silver streaming agreement, respectively. The Company’s policy is to amortize the liability into Sales each period using the units-of-production method. During the years ended December 31, 2025, 2024, and 2023, the Company amortized $84, $91, and $42, respectively, of the liability into revenue. At December 31, 2025 and 2024, the value of the liability included in the Consolidated Balance Sheet was $691 and $775, respectively.

Revenue by Geographic Area

Newmont primarily conducts metal sales in U.S. dollars, and therefore Sales are not exposed to fluctuations in foreign currencies. Revenues from sales attributed to countries based on the location of the customer were as follows:

			Year Ended December 31,
			2025						2024						2023
United Kingdom (1)			$	13,068					$	10,966					$	7,637
South Korea			3,196						1,956						975
Japan			2,002						1,920						512
China			1,411						318						102
Australia			803						409						376
Mexico			639						600						240
Switzerland			89						638						600
Philippines			82						709						451
United States			—						2						48
Other			1,379						1,164						871
			$	22,669					$	18,682					$	11,812

____________________________

(1)Includes $84, $91, and $42 related to non-cash amortization of the silver streaming agreement liability for the years ended December 31, 2025, 2024, and 2023, respectively.

Revenue by Major Customer

As gold can be sold through numerous gold market traders worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product. The Company sells copper, silver, lead, and zinc predominantly in the form of concentrates. The concentrates are sold under a combination of short-term and long-term supply contracts with processing fees based on the demand for these concentrates in the global marketplace.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Customers with revenue in excess of 10% of total Sales consisted of the following:

			Year Ended December 31,
			2025												2024												2023
Standard Chartered			$	6,009					27		%				$	4,833					26		%				$	1,659					14		%
JPMorgan Chase			$	2,499					11		%				$	2,317					12		%				$	2,583					22		%
Royal Bank of Canada			*						*						$	1,897					10		%				$	1,765					15		%
Toronto Dominion Bank			*						*						*						*						$	1,630					14		%

____________________________

*Sales during the year did not meet the 10% disaggregation threshold.

NOTE 6     RECLAMATION AND REMEDIATION

The Company’s mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation and remediation costs are based principally on current legal and regulatory requirements.

The Company’s Reclamation and remediation expense consisted of:

			Year Ended December 31,
			2025						2024						2023
Reclamation adjustments and other			$	(172)					$	(108)					$	1,207
Reclamation accretion			307						365						238
Reclamation expense			135						257						1,445
Remediation adjustments and other			107						64						81
Remediation accretion			7						7						7
Remediation expense			114						71						88
Reclamation and remediation			$	249					$	328					$	1,533

In 2025 and 2024, reclamation adjustments were primarily due to a $192 and a $136 decrease, respectively, at portions of the Yanacocha site that are no longer in production and with no expected substantive economic value (i.e., non-operating) as a result of updated cost estimates. In 2023, reclamation adjustments were primarily due to increased water management costs at non-operating portions of the Yanacocha site, which resulted in an increase of $1,101.

In 2025, remediation adjustments were primarily related to higher water management costs and project execution delays at the Midnite Mine, updated regulatory compliance requirements at Mt. Leyshon, and various other environmental projects at non-operating sites, all of which are included in the non-operating segment Corporate and Other. In 2024, remediation adjustments were primarily due to the completion of haul road safety enhancements, continued clean up of contaminated materials, and closure of the three mine portals at the Ross Adams mine, included in the non-operating segment Corporate and Other. In 2023, remediation adjustments are primarily due to higher water management costs and project execution delays at the Midnite mine and Dawn mill sites, included in the non-operating segment Corporate and Other.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

The following are reconciliations of Reclamation and remediation liabilities:

			Reclamation						Remediation						Total
Balance at January 1, 2024			$	8,385					$	401					$	8,786
Additions, changes in estimates and other			41						44						85
Acquisitions and divestitures (1)			71						—						71
Payments, net			(351)						(82)						(433)
Accretion expense			365						7						372
Reclassification to Liabilities held for sale			(1,496)						—						(1,496)
Balance at December 31, 2024			7,015						370						7,385
Additions, changes in estimates and other (2)			223						84						307
Acquisitions and divestitures			(13)						—						(13)
Payments, net			(732)						(71)						(803)
Accretion expense			307						7						314
Balance at December 31, 2025			$	6,800					$	390					$	7,190

			At December 31,
			2025																		2024
			Reclamation						Remediation						Total						Reclamation						Remediation						Total
Current (3)			$	829					$	64					$	893					$	928					$	63					$	991
Non-current (4)			5,971						326						6,297						6,087						307						6,394
Total (5)			$	6,800					$	390					$	7,190					$	7,015					$	370					$	7,385

____________________________

(1)During 2024, measurement period adjustments of $349 increased Reclamation and remediation liabilities from refinements to the preliminary valuation of the Newcrest sites. These adjustments were partially offset by $278 as a result of the sale of the assets of the Telfer reportable segment in the fourth quarter of 2024.

(2)Reclamation adjustments during 2025 primarily relate to increased cost estimates at Peñasquito resulting from updated risk assessments and the identification of additional uncertainties regarding long-term tailings storage facility embankment stability, partially offset by a reduction in cost estimates at Yanacocha following the completion of several closure related studies.

(3)The current portion of reclamation and remediation liabilities are included in Other current liabilities; refer to Note 22 for further information.

(4)The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities.

(5)Total reclamation liabilities includes $3,906 and $4,546 related to Yanacocha at December 31, 2025 and 2024, respectively.

The Company is also involved in several matters concerning environmental remediation obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. Depending upon the ultimate resolution of these matters, the Company believes that it is reasonably possible that the liability for these matters could be as much as 50% greater or 10% lower than the amount accrued at December 31, 2025. The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are included in Other current liabilities and Reclamation and remediation liabilities in the period estimates are revised.

Included in Assets held for sale at December 31, 2024 is $93 of restricted cash held for purposes of settling reclamation and remediation obligations at Akyem.

Included in Other non-current assets at December 31, 2025 and 2024 are $33 and $29 respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. The amounts at December 31, 2025 and 2024 primarily relate to Ahafo South and San Jose Reservoir at Yanacocha.

Included in Other non-current assets at December 31, 2025 and 2024 was $13 and $15, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations. The amounts at December 31, 2025 and 2024 primarily relate to the San Jose Reservoir at Yanacocha.

Refer to Note 24 for further discussion of reclamation and remediation matters.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

NOTE 7     IMPAIRMENT CHARGES

			Year Ended December 31,
			2025						2024						2023
			Long-lived and other assets (1)																		Long-lived and other assets (1)												Long-lived and other assets (1)						Goodwill						Total
Yanacocha			$	770																	$	2											$	—					$	—					$	—
NGM (2)			4																		25												75						11						86
Peñasquito			1																		19												21						1,210						1,231
Other (3)			67																		32												35						539						574
Impairment charges			$	842																	$	78											$	131					$	1,760					$	1,891

____________________________

(1)Primarily relates to non-cash write-downs of materials and supplies inventory and various assets that are no longer in use, except for certain impairment charges described below.

(2)At December 31, 2024 and 2023, the Company recognized its proportionate share of the non-cash impairment charge on long-lived assets at NGM. The impairment charge resulted in a remaining balance of $2 and $22 within Property, plant and mine development, net at December 31, 2024 and 2023, respectively. The remaining balances were estimated based on observable market values for comparable assets for the individual assets that were determined to have residual market value.

(3)Consists of impairment on goodwill at Musselwhite and Éléonore for the year ended December 31, 2023; refer below for further information.

The estimated cash flows utilized in both the long-lived asset and goodwill impairment evaluations are derived from the Company's current business plans. The Company completed its annual business plan update which reflected updated mine plans, certain adverse changes in market conditions, including inflationary pressures to costs and capital, strategic evaluation regarding the use of capital, and updates to asset retirement costs.

Impairment of Long-lived and Other Assets

The Company reviews and evaluates its long-lived assets, including development projects, for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. During the fourth quarter of 2025, the Company (i) removed the Yanacocha Sulfides development project from its updated life of mine business plan based on the ongoing evaluation of its global portfolio of development projects and prioritization of project sequencing, (ii) downgraded the Yanacocha Sulfides project reserves to resources as a result of dated technical and capital estimates for the tailings storage solution and other design considerations for the project, (iii) executed sales transactions as part of an ongoing plan to market and sell the project equipment to third-party buyers, (iv) initiated a Company severance program with its employees at the Yanacocha operations that contemplates a wind-down of mining operations as oxide ore mining is depleted, and (v) is progressing mine closure activities for the non-operating areas of the Yanacocha operation, as well as prioritizing other future development opportunities at Yanacocha ahead of any future re-evaluation of the Yanacocha Sulfides development project, among other considerations. These actions, taken as a result of a change in strategic direction for the Company's operations in Peru and at Yanacocha, have resulted in an indefinite deferral of the future development of this project, and accordingly, the Company considers the project, as previously contemplated, no longer temporarily idled and that an impairment indicator existed for the project. As a result, a recoverability test was performed and the Company concluded the assets related to the project were impaired resulting in a non-cash impairment charge of $770, inclusive of working capital assets related to the project. The remaining balance of $78 within Property, plant and mine development, net at December 31, 2025 represents the expected salvage value of the equipment to be sold.

The Company measured the impairment by estimating the fair value of the Yanacocha Sulfides project equipment available for sale compared to the carrying value of the project assets, which included assets under construction and deferred mine development related to an underground deposit that was part of the project expenditures. The estimated fair value was determined using a market-based approach and is considered a non-recurring level 3 fair value measurement. The significant input to the fair value measurement included an estimated recoverability percentage of the original purchase order value of the equipment expected to be realized upon sale, which was based on completed sales to date.

Impairment of Goodwill

The Company evaluates its goodwill for impairment annually at December 31 or when events or changes in circumstances indicate that the fair value of a reporting unit is less than its carrying value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing. Based on the December 31, 2025 and December 31, 2024 reviews, the Company concluded that Goodwill was not impaired at any of the reporting units.

Based on the December 31, 2023 review, the Company concluded that Goodwill was impaired at the Musselwhite, Éléonore and Peñasquito reporting units. The goodwill impairments at Musselwhite and Éléonore were driven by a deterioration in underlying cash flows from higher costs due to inflationary pressures, and resulted in non-cash impairment charges of $293 and $246, respectively, which represented the full goodwill balance of the reporting units prior to impairment. The goodwill impairment at Peñasquito was also driven by lower expected cash flows, primarily due to an update to the geological model that impacted expected metal grade and recoveries, as well as higher costs due to inflationary pressures, and resulted in a non-cash impairment charge of

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(dollars in millions, except per share, per ounce and per pound amounts)

$1,210, which represented the full goodwill balance of the reporting unit prior to impairment. The long-lived assets of Musselwhite, Éléonore and Peñasquito were evaluated for impairment prior to the quantitative goodwill assessment and no impairment was identified.

In addition, the Company recorded a non-cash impairment charge of $11 at NGM as a result of the decision to not pursue permitting for Phase 2 mining at Long Canyon. As a result, NGM placed Long Canyon on long-term care and maintenance and revised their business plan. The impairment represented the full goodwill balance at Long Canyon based on the Company's proportionate interest in NGM.

The Company measured the impairments by comparing the total fair value of the operations to the corresponding reporting unit carrying value. The estimated fair value was determined using the income approach and is considered a non-recurring level 3 fair value measurement. Significant inputs to the fair value measured included (i) updated cash flow information from the Company's current business and closure plans, (ii) a short-term gold price of $1,950, (iii) a long-term gold price of $1,700, (iv) current estimates of reserves, resources, and exploration potential, and (v) a reporting unit specific discount rate of 10.00% at Musselwhite, 17.50% at Éléonore, and 6.75% at Peñasquito. The selected discount rates for Musselwhite and Éléonore incorporate additional premium related to operational risk at these sites.

NOTE 8     OTHER EXPENSE, NET

			Year Ended December 31,
			2025						2024						2023
Restructuring and severance			$	186					$	38					$	24
Settlement costs			2						44						7
Newcrest transaction and integration costs			—						72						464
Other			98						37						22
Other expense, net			$	286					$	191					$	517

Restructuring and severance

Beginning in the third quarter of 2025, management committed to a strategic plan designed to reduce operating costs and advance the Company’s ongoing commitment to profitability, which included streamlining its organizational structure and a reduction of the Company’s workforce and office space in certain markets.

During the year ended December 31, 2025, restructuring and severance primarily consists of expenditures for severance related to workforce reductions, costs related to closing certain office locations, and related consulting charges. The majority of the cash expenditures related to the plan were made in the fourth quarter or are expected to be paid in early 2026, with the remainder to be paid by the first quarter of 2027. Estimates are based on a number of assumptions, including compliance with local legal requirements across jurisdictions. Actual costs and timing may vary from current estimates as the Company continues to assess the full scope of the impact arising from, or related to, the workforce reduction and operating model changes.

NOTE 9     OTHER INCOME (LOSS), NET

			Year Ended December 31,
			2025						2024						2023
Interest income			$	214					$	152					$	148
Foreign currency exchange			(137)						101						(56)
(Loss) gain on debt extinguishment (Note 20)			(101)						32						—
(Loss) gain on asset and investment sales (1)			(20)						35						(197)
Pension settlements and curtailments (Note 11)			—						(1)						(9)
Other			50						44						73
Other income (loss), net			$	6					$	363					$	(41)

____________________________

(1)Primarily consists of the loss of $235 related to the abandonment of the pyrite leach plant at Peñasquito for the year ended December 31, 2023.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

NOTE 10     INCOME AND MINING TAXES

The Company’s Income and mining tax benefit (expense) consisted of:

			Year Ended December 31,
			2025						2024						2023
Current:
United States			$	(157)					$	(93)					$	(20)
Foreign			(3,048)						(1,224)						(610)
			(3,205)						(1,317)						(630)
Deferred:
United States			(96)						(157)						62
Foreign			(1,295)						77						42
			(1,391)						(80)						104
Income and mining tax benefit (expense)			$	(4,596)					$	(1,397)					$	(526)

The Company’s Income (loss) before income and mining tax and other items is attributable to the following jurisdictions:

			Year Ended December 31,
			2025						2024						2023
United States			$	1,527					$	536					$	111
Foreign			9,815						4,041						(2,142)
Income (loss) before income and mining tax and other items			$	11,342					$	4,577					$	(2,031)

The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:

			Year Ended December 31, (1)
			2025												2024												2023
Income (loss) before income and mining tax and other items									$	11,342											$	4,577											$	(2,031)
U.S. Federal statutory tax rate			21		%				$	(2,382)					21		%				$	(961)					21		%				$	427
Reconciling items:
Domestic state and local income taxes, net of federal income tax effect (2)			1		%				(78)						1		%				(35)						(1)		%				(25)
Domestic federal:
Tax Credits			—		%				—						(1)		%				37						1		%				19
Nontaxable and nondeductible items:
Percentage depletion			(1)		%				83						(1)		%				63						4		%				72
Other nontaxable and nondeductible items			1		%				(76)						—		%				(3)						(1)		%				(14)
Cross-border tax laws			—		%				(17)						—		%				(21)						—		%				(10)
Changes in valuation allowance			—		%				18						(1)		%				34						9		%				192
Impact of Transactions			(2)		%				278						3		%				(157)						—		%				—
Impact of Foreign Tax Credit and U.S. Capital Losses Expiration			—		%				—						—		%				—						(10)		%				(195)
Other			—		%				9						1		%				(53)						—		%				—
Worldwide changes in unrecognized tax benefits			—		%				(1)						(1)		%				63						1		%				28
Foreign tax effects:
Argentina:
Tax impact of foreign exchange			(1)		%				65						2		%				(93)						2		%				34
Changes in valuation allowance			—		%				(28)						(2)		%				94						(3)		%				(56)
Other			—		%				(15)						1		%				(36)						—		%				7
Australia:
Northern Territory Mineral Royalty			1		%				(127)						2		%				(79)						(3)		%				(62)
Changes in valuation allowance			(1)		%				60						1		%				(24)						1		%				30
Other			—		%				(19)						(1)		%				30						—		%				(4)
Rate differential for foreign earnings indefinitely reinvested			4		%				(304)						3		%				(157)						(10)		%				(195)
Canada:
Mining and other taxes (net of associated federal benefit)			—		%				(46)						2		%				(92)						—		%				(2)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Tax impact of foreign exchange			—		%				(25)						(2)		%				73						(2)		%				(36)
Rate differential for foreign earnings indefinitely reinvested			—		%				(51)						—		%				9						1		%				27
Changes in valuation allowance			1		%				(69)						(4)		%				182						(1)		%				(26)
Goodwill impairment			—		%				—						—		%				—						(7)		%				(135)
Other			1		%				(91)						(1)		%				39						—		%				—
Ghana: (3)
Rate differential for foreign earnings indefinitely reinvested			1		%				(158)						3		%				(115)						(3)		%				(55)
Transactions			1		%				(168)						—		%				—						—		%				—
Permanent Assertion Removal			1		%				(165)						—		%				—						—		%				—
Other			1		%				(74)						1		%				(27)						(1)		%				(11)
Mexico:
Tax impact of foreign exchange			—		%				52						(1)		%				57						—		%				(1)
Mining Tax			1		%				(126)						—		%				(12)						—		%				8
Rate differential for foreign earnings indefinitely reinvested			1		%				(135)						1		%				(54)						8		%				162
Changes in valuation allowance			1		%				(57)						—		%				18						(2)		%				(34)
Goodwill impairment			—		%				—						—		%				—						(18)		%				(363)
Prior period adjustment			—		%				—						—		%				—						(1)		%				(27)
Other			—		%				(10)						1		%				(37)						1		%				(11)
PNG:
Permanent Assertion Removal			4		%				(384)						—		%				—						—		%				—
Other			1		%				(134)						1		%				(48)						—		%				(8)
Peru:
Rate differential for foreign earnings indefinitely reinvested			—		%				(40)						1		%				(30)						4		%				91
Changes in valuation allowance			2		%				(282)						—		%				13						(16)		%				(329)
Other			1		%				(64)						1		%				(37)						—		%				(4)
Other foreign jurisdictions:
Rate differential for foreign earnings indefinitely reinvested			—		%				—						—		%				1						—		%				2
Other			—		%				(35)						—		%				(39)						—		%				(22)
Income and mining tax benefit (expense)			40		%				$	(4,596)					31		%				$	(1,397)					(26)		%				$	(526)

____________________________

(1)Percentages presented may not recalculate due to rounding.

(2)State taxes are comprised entirely of Nevada Net Proceeds Tax, net of federal benefit.

(3)Pursuant to the expiration of the Financial and Tax Stability Periods established by the Revised Investment Agreement in Ghana on December 31, 2025, the statutory tax rate for the Ahafo operations increased to 35% from 32.5%. The deferred balances were adjusted for the change to the tax rate and a $20 tax expense was recorded.

Factors that Significantly Impact Effective Tax Rate (Other than Factors Described Separately Below)

Percentage depletion allowances (tax deductions for depletion that may exceed the tax basis in the mineral reserves) are available to the Company under the income tax laws of the United States for operations conducted in the United States or through branches and partnerships owned by U.S. subsidiaries included in the consolidated United States income tax return. These deductions are highly sensitive to the price of gold and other metals produced by the Company.

The Company operates in various jurisdictions around the world that have statutory tax rates that are significantly different than those of the U.S. These differences combine to move the overall effective tax rate higher than the U.S. statutory rate.

Mining taxes in Nevada, Mexico, Canada, Peru, and Australia represent state and provincial taxes levied on mining operations and are classified as income taxes as such taxes are based on a percentage of mining profits.

In the U.S., capital losses may be carried forward five years to offset capital gains. Capital loss carryforwards of $—, $222, and $—, expired in 2025, 2024 and 2023, respectively. The Company carries a full valuation allowance on U.S. capital losses.

In 2025, 2024, and 2023, the U.S. had foreign tax credits of $—, $—, and $193, respectively, expire.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Components of the Company's deferred income tax assets (liabilities) are as follows:

			At December 31,
			2025						2024
Deferred income tax assets:
Property, plant and mine development			$	1,257					$	887
Inventory			100						132
Reclamation and remediation			2,246						2,077
Net operating losses, capital losses and tax credits			2,217						2,297
Employee-related benefits			50						24
Derivative instruments and unrealized loss on investments			10						79
Foreign exchange and financing obligations			90						58
Silver streaming agreement			203						253
Other			546						555
			6,719						6,362
Valuation allowances			(4,782)						(4,363)
			1,937						1,999
Deferred income tax liabilities:
Property, plant and mine development			(4,320)						(3,749)
Inventory			(228)						(132)
Investment in partnerships and subsidiaries			(1,192)						(582)
Other			(197)						(232)
			(5,937)						(4,695)
Net deferred income tax assets (liabilities)			$	(4,000)					$	(2,696)

These amounts reflect the classification and presentation that is reported for each tax jurisdiction in which the Company operates.

Valuation of Deferred Tax Assets

The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the recent pretax losses and/or expectations of future pretax losses. Such objective evidence limits the ability to consider other subjective evidence such as the Company's projections for future growth. However, the amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period are increased, if objective negative evidence in the form of cumulative losses is no longer present or if additional weight were given to subjective evidence such as the Company's projections for growth.

During 2025, the Company recorded an increase to the valuation allowance of $295 and a corresponding tax expense, primarily driven by increases in the net deferred tax assets in Argentina and Peru, the valuation allowance on Canada's capital loss, offset by the release associated with the utilization of capital loss carryforwards in the U.S. and Australia.

Refer to Note 2 for additional risk factors that could impact the Company’s ability to realize the deferred tax assets.

Tax Loss Carryforwards, Foreign Tax Credits, and Canadian Tax Credits

At December 31, 2025 and 2024, the Company had (i) $1,524 and $2,005 of net operating loss carry forwards, respectively; and (ii) $563 and $414 of tax credit carry forwards, respectively. At December 31, 2025 and 2024, $429 and $760, respectively, of net operating loss carry forwards are attributable to the U.S., Australia, and France for which current tax law provides no expiration period. The net operating loss carry forward in Canada of $577 will expire by 2044. The net operating loss carryforward in Mexico of $187 will expire by 2034. The net operating loss carry forward in other countries is $331.

The U.S. tax credit carry forwards for 2025 and 2024, were $369 and $337, respectively. The foreign tax credits will substantially all expire at the end of 2035, and the solar tax credit for 2024 of $28 will expire by 2046. Canadian tax credits for 2025 and 2024 of $194 and $77, respectively, consist of investment tax credits and minimum mining tax credits. Canadian investment tax credits for 2025 consisted of $93 which will substantially expire by 2044.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Income and Mining Taxes Paid, Net of Refunds

The amounts of income and mining taxes paid, net of refunds, by the Company are as follows:

			Year Ended December 31,
			2025						2024						2023
U.S. Federal			$	17					$	1					$	(1)
U.S. State and local:
Nevada			50						40						19
Foreign:
Australia			737						341						414
Canada			*						64						*
Ghana			675						418						223
Mexico			315						*						93
PNG			158						*						*
Peru			341						*						*
Other			165						102						46
Total income and mining taxes paid, net of refunds			$	2,458					$	966					$	794

____________________________

*The amount of income and mining taxes paid, net of refunds during the year does not meet the 5% disaggregation threshold.

Company’s Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, exclusive of interest and penalties, is as follows:

			2025						2024						2023
Total amount of gross unrecognized tax benefits at beginning of year			$	111					$	144					$	190
Additions (reductions) for tax positions of prior years			10						(8)						13
Additions for tax positions of current year			—						—						2
Reductions due to settlements with taxing authorities			(12)						(2)						(18)
Reductions due to lapse of statute of limitations			(5)						(23)						(43)
Total amount of gross unrecognized tax benefits at end of year			$	104					$	111					$	144

At December 31, 2025, 2024, and 2023, $128, $125, and $190, respectively, represent the amount of unrecognized tax benefits, inclusive of interest and penalties that, if recognized, would impact the Company’s effective income tax rate.

The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with the local government, and others are defined by the general corporate income tax laws of the country. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved.

The Company and/or subsidiaries file income tax returns in the U.S. Federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non-U.S. income tax examinations by tax authorities for years before 2016.

The Company’s practice is to recognize interest and/or penalties related to unrecognized tax benefits as part of Income and mining tax benefit (expense). At December 31, 2025 and 2024, the total amount of accrued income-tax-related interest and penalties included in the Consolidated Balance Sheets was $55 and $47, respectively. During 2025, 2024, and 2023 the Company increased $8 and $31, and released $1 of interest and penalties, respectively, through the Consolidated Statements of Operations.

Refer to Note 24 for further discussion of tax matters.

Other

In the fourth quarter of 2025, the Company has provided additional income taxes for the remaining undistributed foreign earnings in Ghana and Papua New Guinea, $165 and $384, respectively, as it was determined excess cash flow could not be remitted on a tax free basis for the foreseeable future. No additional income taxes have been provided in other jurisdictions for any additional outside basis difference inherent at these entities, as these amounts continue to be indefinitely reinvested in foreign operations.

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(dollars in millions, except per share, per ounce and per pound amounts)

NOTE 11 EMPLOYEE-RELATED BENEFITS

			At December 31,
			2025						2024
Current:
Accrued payroll and withholding taxes			$	534					$	461
Workers’ participation and other bonuses			288						108
Accrued severance (1)			38						19
Other post-retirement benefit plans			12						11
Employee pension benefits			2						5
Other employee-related payables			24						26
			$	898					$	630
Non-current:
Accrued severance (1)			$	466					$	386
Other post-retirement benefit plans			58						55
Employee pension benefits			33						29
Other employee-related payables			77						85
			$	634					$	555

____________________________

(1)In the third quarter of 2025, management commenced a strategic plan to reduce operating costs and enhance profitability through organizational streamlining and reductions in workforce and office space in certain markets, resulting in accruals for severance and related restructuring charges recognized for the year ended December 31, 2025. Refer to Note 8 for further information.

Pension and Other Benefit Plans

The Company provides a defined benefit pension plan to eligible employees, with benefits generally based on years of service and annual compensation. Various international pension plans operate in accordance with local laws and requirements. Pension costs are determined annually by independent actuaries. The Company funds its qualified pension plan through cash contributions in compliance with employee Retirement Income Security Act of 1974, as amended. Non-qualified and other benefit plans are unfunded and represent general corporate obligations. The tables below present the combined funded status of both qualified and non-qualified plans. The Company reviews its retirement benefit programs on a regular basis and will evaluate market conditions and the funded status of its qualified plans in 2026 in order to determine if additional contributions are necessary.

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(dollars in millions, except per share, per ounce and per pound amounts)

The following table provides a reconciliation of changes in the plans’ benefit obligations and assets’ fair values:

			Pension Benefits												Other Benefits
			2025						2024						2025						2024
Change in benefit obligation:
Benefit obligation at beginning of year			$	313					$	325					$	60					$	71
Service cost			12						14						1						1
Interest cost			16						17						4						4
Actuarial loss (gain)			6						(14)						12						(10)
Foreign currency exchange loss (gain)			1						(6)						1						(2)
Benefits paid			(26)						(20)						(15)						(4)
Curtailment gain			(6)						—						—						—
Settlement payments			(5)						(3)						—						—
Divestitures (1)			(39)						—						—						—
Projected benefit obligation at end of year			$	272					$	313					$	63					$	60
Accumulated benefit obligation			$	253					$	294					$	63					$	60
Change in fair value of assets:
Fair value of assets at beginning of year			$	313					$	322					$	—					$	—
Actual return on plan assets			33						11						—						—
Foreign currency exchange loss			—						(4)						—						—
Employer contributions			6						7						15						4
Benefits paid			(26)						(20)						(15)						(4)
Settlement payments			(5)						(3)						—						—
Divestitures (1)			(39)						—						—						—
Fair value of assets at end of year			$	282					$	313					$	—					$	—
(Unfunded) funded status, net:			$	10					$	—					$	(63)					$	(60)
Amounts recognized in the Consolidated Balance Sheets:
Other non-current assets (2)			$	45					$	37					$	—					$	—
Employee-related benefits, current			(2)						(5)						(5)						(5)
Employee-related benefits, non-current (2)			(33)						(32)						(58)						(55)
Net amounts recognized			$	10					$	—					$	(63)					$	(60)

____________________________

(1)The Company divested the projected benefit obligation and plan assets related to the defined benefit pension plan at Porcupine as a result of the divestment on February 28, 2025. Refer to Note 3 for additional information.

(2)Includes $4 of non-current assets and $3 of non-current liabilities related to the pension plan at Porcupine that were reclassified to Assets held for sale and Liabilities held for sale as of December 31, 2024; no amounts remained in Assets held for sale or Liabilities held for sale as of December 31, 2025. Refer to Note 3 for additional information.

The following table provides information for the Company's defined benefit pension plans that had aggregate accumulated benefit obligations and projected benefit obligations in excess of plan assets at December 31:

			Pension Benefits (1)
			2025						2024
Projected benefit obligation			$	37					$	39
Accumulated benefit obligation			$	28					$	32
Fair value of plan assets			$	1					$	2

____________________________

(1)Information for other benefit plans with accumulated benefit obligations in excess of plan assets has not been included as all of the other benefit plans are unfunded.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

The following table provides the net pension and other benefits amounts recognized in Accumulated other comprehensive income (loss):

			Pension Benefits												Other Benefits
			At December 31,												At December 31,
			2025						2024						2025						2024
Accumulated other comprehensive income (loss):
Net actuarial (loss) gain			$	(57)					$	(71)					$	29					$	33
Prior service credit			2						2						—						—
			(55)						(69)						29						33
Less: Income taxes			13						15						(6)						(7)
Total			$	(42)					$	(54)					$	23					$	26

The following table provides components of the total benefit cost (income), inclusive of the net periodic pension and other benefits costs (credits):

			Pension Benefit Costs (Credits)																		Other Benefit Costs (Credits)
			Year Ended December 31,																		Year Ended December 31,
			2025						2024						2023						2025						2024						2023
Pension benefit cost (income), net: (1)
Service cost			$	12					$	14					$	12					$	1					$	1					$	1
Interest cost			16						17						17						4						4						4
Expected return on plan assets			(20)						(24)						(23)						—						—						—
Amortization, net			3						1						(7)						8						(2)						(2)
Net periodic benefit cost (income)			11						8						(1)						13						3						3
Settlement cost			1						1						9						—						—						—
Gain on curtailment			(1)						—						—						—						—						—
Total benefit cost			$	11					$	9					$	8					$	13					$	3					$	3

____________________________

(1)Service costs are included in Costs applicable to sales or General and administrative and the other components of benefit costs are included in Other income (loss), net.

The following table summarizes the significant assumptions used to determine the benefit obligations at December 31, and net periodic benefit costs for the year then ended:

			Pension Benefits																		Other Benefits
			2025						2024						2023						2025						2024						2023
Benefit obligation:
Discount rate			5.98		%				5.77		%				5.33		%				6.48		%				6.54		%				6.09		%
Net periodic benefit cost:
Discount rate			5.77		%				5.33		%				5.63		%				6.54		%				6.09		%				6.10		%
Expected return on plan assets			7.20		%				7.09		%				6.38		%				N/A						N/A						N/A

The expected long-term return on plan assets used for each period in the three years ended December 31, 2025 was determined based on an analysis of the asset returns over multiple time horizons for the Company’s actual plan and for other comparable U.S. corporations. The Company determines the long-term return on plan assets by considering the most recent capital market forecasts, the plans’ current asset allocation and the actual return on plan assets in comparison to the expected return on assets.

The assumed health care trend rate used to measure the expected cost of benefits is 6.75% in 2026 and decreases gradually each year to 5.00% in 2033, which is used thereafter.

The qualified pension plan employs an independent investment firm which invests the assets of the plans in certain approved funds that correspond to specific asset classes with associated target allocations. The goal of the pension fund investment program is to achieve prudent actuarial funding ratios while maintaining acceptable risk levels. The investment performance of the plans and that of the individual investment firms is measured against recognized market indices. The performance of the pension funds is monitored by an investment committee comprised of members of the Company’s management, which is advised by an independent investment consultant. With the exception of global capital market economic risks, the Company has identified no significant portfolio risks related to asset classes.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

The following table sets forth the Company’s target asset allocation and pension plan assets measured at fair value:

									At December 31,
			Target Allocation						2025						2024
Commingled Funds: (1)
Fixed income investments			45		%				$	123					$	143
World equity fund (U.S. and International equity investments)			20		%				55						54
International equity investments			12		%				34						45
U.S. equity investments			11		%				33						34
Real estate			8		%				25						25
High yield fixed income investments			4		%				11						11
									281						312
Cash equivalents (2)			—		%				1						1
Total									$	282					$	313

____________________________

(1)Commingled fund investments are managed by several fund managers and are valued at the net asset value per share for each fund. Although the majority of the underlying assets in the funds consist of actively traded equity securities and bonds, the unit of account is considered to be at the fund level. These funds require less than a month’s notice for redemptions and can be redeemed at the net asset value per share.

(2)Cash equivalent instruments are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets and are primarily invested in money market securities and U.S. Treasury securities.

Cash Flows

Expected benefit payments to plan participants are as follows:

			Pension Plan						Other Benefits Plan
2026			$	15					$	6
2027			$	16					$	6
2028			$	19					$	6
2029			$	20					$	5
2030			$	19					$	5
Thereafter			$	114					$	27

Savings Plans

The Company has one qualified defined contribution savings plan in the U.S. that covers salaried and hourly employees. When an employee meets eligibility requirements, the Company matches 100% of employee contributions of up to 6% of eligible earnings. Hourly employees receive an additional retirement contribution to the participant’s retirement contribution account equal to an amount which is paid and determined by the Company. Currently, the additional retirement contribution is 5% of eligible earnings. Matching contributions are made in cash. In addition, the Company has one non-qualified supplemental savings plan for executive-level employees whose benefits under the qualified plan are limited by federal regulations.

NOTE 12 STOCK-BASED COMPENSATION

The Company grants stock-based incentive awards to directors, executives and eligible employees. Stock incentive awards include RSUs and PSUs and are determined as a target percentage of base salary. All RSU awards generally vest on a straight-line basis over three years. All PSU awards generally cliff vest after three years and the number of awards that vest is based on the achievement of the market and performance metrics. For employees who are retirement eligible or who become retirement eligible during the term of the award, the vesting period may be reduced based on the retirement eligibility date.

Prior to vesting, holders of stock incentive awards do not have the right to vote the underlying shares; however, directors, executives and eligible employees accrue dividend equivalents on their stock incentive awards, which are paid at the time the awards vest. The accrued dividend equivalents are not paid if awards are forfeited. Upon vesting, the employee is entitled to receive one share of the Company’s common stock for each RSU or PSU. The Company issues new shares of common stock to satisfy vesting under all of its stock incentive awards. At December 31, 2025, 18,214,007 shares were authorized for issuance for future vesting of stock incentive awards.

Total stock-based compensation was $99, $89, and $80 (including $20, $6, and $4 related to the Company's proportionate share of NGM stock-based compensation) for the years ended December 31, 2025, 2024, and 2023, respectively. At December 31, 2025, there was $92 of unrecognized compensation costs related to the unvested stock incentive awards. This cost is expected to be recognized over a weighted average period of approximately two years.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

A summary of the status and activity of non-vested RSUs and PSUs for the year ended December 31, 2025 is as follows:

			RSU												PSU
			Number of Units						Weighted Average Grant-Date Fair Value						Number of Units						Weighted Average Grant-Date Fair Value
Non-vested at beginning of year			3,278,470						$	36.13					1,641,713						$	44.58
Granted			1,782,952						$	46.11					419,290						$	31.24
Vested			(1,453,507)						$	39.88					—						$	—
Forfeited			(674,378)						$	38.04					(332,854)						$	41.35
Non-vested at end of year			2,933,537						$	39.90					1,728,149						$	41.96

The total intrinsic value and fair value of RSUs that vested in 2025, 2024, and 2023 was $68, $37, and $36, respectively. The total intrinsic value and fair value of PSUs that vested in 2025, 2024, and 2023 was $—, $6, and $35, respectively.

NOTE 13 FAIR VALUE ACCOUNTING

Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1    Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2    Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3    Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

			Fair Value at December 31, 2025
			Total						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents (1)			$	7,647					$	7,647					$	—					$	—
Restricted cash			37						37						—						—
Trade receivables from provisional concentrate sales			1,064						—						1,064						—
Long-lived assets (Note 7)			78						—						—						78
Marketable equity and other securities (Note 15)			740						740						—						—
Restricted marketable debt and other securities (Note 6)			13						13						—						—
Derivative assets (Note 14)			262						—						60						202
			$	9,841					$	8,437					$	1,124					$	280
Liabilities:
Debt (Note 20) (2)			$	5,283					$	—					$	5,283					$	—
Derivative liabilities (Note 14)			1						—						1						—
Other liabilities			339						—						339						—
			$	5,623					$	—					$	5,623					$	—

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

			Fair Value at December 31, 2024
			Total						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents (1)			$	3,619					$	3,619					$	—					$	—
Restricted cash			31						31						—						—
Trade receivables from provisional concentrate sales			993						—						993						—
Assets held for sale (Note 3) (3)			1,840						—						1,168						672
Equity method investment			212						212						—						—
Marketable equity and other securities (Note 15)			305						305						—						—
Restricted marketable debt and other securities (Note 6)			15						15						—						—
Derivative assets (Note 14)			142						—						—						142
			$	7,157					$	4,182					$	2,161					$	814
Liabilities:
Debt (Note 20) (2)			$	8,400					$	—					$	8,400					$	—
Derivative liabilities (Note 14)			143						—						137						6
Other liabilities			51						—						51						—
			$	8,594					$	—					$	8,588					$	6

____________________________

(1)Cash and cash equivalents include short-term deposits that have an original maturity of three months or less.

(2)Debt is carried at amortized cost. The outstanding carrying value was $5,115 and $8,476 at December 31, 2025 and December 31, 2024, respectively. The fair value measurement of debt was based on an independent third-party pricing source.

(3)Includes assets held for sale that were written down to their fair value, excluding costs to sell, of $1,840 and the aggregate fair value, excluding costs to sell, of net assets held for sale subject to fair value remeasurement was $679.

The Company’s cash and cash equivalents and restricted cash are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets and are primarily money market securities and U.S. Treasury securities.

The Company’s trade receivables from provisional concentrate sales, which contain an embedded derivative and are subject to final pricing, are valued using quoted market prices based on forward curves for the particular metal. As the contracts themselves are not traded on an exchange, these receivables are classified within Level 2 of the fair value hierarchy.

The Company's long-lived assets consist of long-lived assets at Yanacocha that were subject to a non-recurring fair value measurement as a result of impairment tests performed for the year ended December 31, 2025. The Company performed a non-recurring fair value measurement, classified as Level 3 of the fair value hierarchy, in connection with recoverability and impairment tests performed over long-lived assets. Refer to Note 7 for further information regarding management’s assessment of these long-lived assets, including the assumptions utilized in determining the fair value.

The Company's assets held for sale consisted of the six non-core assets and a development project that met the accounting requirements to be presented as held for sale as of December 31, 2024, which were all divested as of December 31, 2025. The estimated fair values of assets held for sale are considered a non-recurring level 2 or 3 fair value measurements and were determined using (i) the market-based approach for disposal groups in which a binding sales agreement was in place but close had not yet occurred, or (ii) the income approach in the absence of a binding sales agreement. Refer to Note 3 for further information.

The Company's equity method investment consisted of the Greatland equity method investment which was accounted for under the fair value option at December 31, 2024 and classified as Level 1 within the fair value hierarchy as it was valued using published market prices of actively traded securities. At December 31, 2025, the remaining shares in Greatland were accounted for as a marketable equity security. Refer to Note 3 for further information.

The Company’s marketable equity and other securities with readily determinable fair values are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the marketable equity securities are calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company.

The Company’s restricted marketable debt and other securities are primarily U.S. government issued bonds and international bonds. The Company’s debt securities held at Yanacocha are classified within Level 1 of the fair value hierarchy, using published market prices of actively traded securities. The Company’s debt securities held at Corporate and Other are classified within Level 1 and Level 2 of the fair value hierarchy. The Level 1 debt securities are valued using published market prices of actively traded securities and the Level 2 debt securities are valued using pricing models which are based on published market inputs for similar, actively traded securities.

The Company’s derivative instruments consist of the Cadia PPA, foreign currency fixed forward contracts, and contingent consideration assets that are accounted for as derivatives.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

The Cadia PPA is accounted for at fair value using probability-weighted discounted cash flow models and is classified within Level 3 of the fair value hierarchy. The valuation model requires a variety of inputs including life of mine production profiles, forward power prices, forecasted power generation volume, discount rates, and inflation assumptions. Refer to Note 14 for further information.

The foreign currency fixed forward contracts are valued using pricing models based on forward curves. The Company’s foreign currency fixed forward derivatives trade in liquid markets, and as such, model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. Refer to Note 14 for further information.

The contingent consideration asset, accounted for as a derivative, is classified within Level 3 of the fair value hierarchy. The contingent consideration is dependent on the average gold price over a defined period. As a result, changes in the future gold prices could result in an impact to the estimated fair value of the contingent consideration asset.

The Company's other liabilities recognized at fair value consist of the Greatland Option, which was acquired through the sale of Telfer in the fourth quarter of 2024. The Greatland Option is accounted for under the fair value option and is classified as Level 2 within the fair value hierarchy and is valued using pricing models which are based on published market inputs for similar, actively traded securities. Refer to Note 3 for further information.

The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at December 31, 2025 and December 31, 2024:

Description

At December 31, 2025

Valuation technique

Significant input

Range, point estimate or average

Weighted Average Discount Rate

Long-lived assets

$

78

Market-based approach

Various (1)

Various (1)

Derivative assets:

Hedging instruments

$

162

Income approach

Forward power prices

A$37 - A$703

7.00%

Contingent consideration assets

$

40

Income approach

Forward gold prices

$4,254

—%

Description						At December 31, 2024						Valuation technique						Significant input						Range, point estimate or average						Weighted Average Discount Rate
Assets held for sale (2)						$	672					Income approach						Various (2)						Various (2)						9.75%
Derivative assets
Hedging instruments (3)						$	94					Income approach						Forward power prices						A$43 - A$321						6.75%
Contingent consideration assets						$	47					Income approach						Discount rate						6.37% - 16.38%						10.67%
Derivative liabilities (3)						$	5					Income approach						Discount rate						5.22% - 5.95%						5.66%

____________________________

(1)Refer to Note 7 for information on the assumptions and inputs specific to the non-recurring fair value measurement performed in connection with recoverability and impairment tests incurred for certain long-lived assets.

(2)Significant inputs at December 31, 2024 included: (i) cash flow estimates, (ii) a long-term gold price of $1,900, (iii) current estimates of resources and exploration potential, and (iv) a reporting unit specific discount rate of 9.75%.

(3)Hedging instruments consists of the net position of the Cadia PPA which is comprised of $1 is in a liability position and the non-current portion of $95 is in an asset position. The current liability portion is included in Derivative liabilities within the fair value hierarchy table and the non-current asset portion is included in Derivative assets within the fair value hierarchy table.

The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

			Derivative Assets						Total Assets						Derivative Liabilities						Total Liabilities
Fair value at December 31, 2023			$	635					$	635					$	5					$	5
Sales and settlements (1)			(377)						(377)						—						—
Transfers out of Level 3 (2)			(76)						(76)						—						—
Fair value changes in Other comprehensive income (loss):			(53)						(53)						1						1
Fair value changes in Change in fair value of investments and options			2						2						—						—
Fair value changes in Net income (loss) from discontinued operations			11						11						—						—
Fair value at December 31, 2024			142						142						6						6
Acquired through divestments (3)			14						14						—						—
Transfers out of Level 3 (4)			(47)						(47)						(5)						(5)
Fair value changes in Other comprehensive income (loss):			67						67						(1)						(1)
Fair value changes in Change in fair value of investments and options			26						26						—						—
Fair value at December 31, 2025			$	202					$	202					$	—					$	—

____________________________

(1)In the second quarter of 2024, the Company sold the Stream Credit Facility Agreement which was a non-revolving credit facility for the Fruta del Norte mine operated by Lundin Gold Inc. (“Lundin Gold”), in which the Company holds a 32% interest; refer to Note 14 for further information. In the third quarter of 2024, the company sold the Batu and Elang Contingent consideration assets; refer to Note 1 for further information.

(2)In the first quarter of 2024, certain amounts relating to the Batu Hijau contingent consideration asset were reclassified from a derivative to a receivable as a result of achieving certain contractual milestones.

(3)The Company acquired contingent consideration assets as part of the divestitures that occurred in 2025. Refer to Note 3 for further information.

(4)The Company early adopted ASU 2025-07 on December 31, 2025 resulting in the reclassification of certain derivatives assets and liabilities. Refer to Note 14 for further information.

NOTE 14 DERIVATIVE INSTRUMENTS

			At December 31,
			2025						2024
Current derivative assets: (1)
Hedging instruments:
Foreign currency cash flow hedges			$	60					$	—
Cadia PPA cash flow hedge			7						—
			67						—
Contingent consideration assets (2)			20						—
			$	87					$	—
Non-current derivative assets: (3)
Hedging instruments:
Cadia PPA cash flow hedge			$	155					$	95
Contingent consideration assets (2)			20						47
			$	175					$	142
Current derivative liabilities: (4)
Hedging instruments:
Foreign currency cash flow hedges			$	1					$	135
Cadia PPA cash flow hedge			—						1
			1						136
Contingent consideration liabilities (2)			—						2
			$	1					$	138
Non-current derivative liabilities: (5)
Contingent consideration liabilities (2)			$	—					$	5
			$	—					$	5

____________________________

(1)Included in Other current assets.

(2)The Company early adopted ASU 2025-07 on December 31, 2025 resulting in the reclassification of certain contingent consideration assets and liabilities. Refer below for further information.

(3)Included in Other non-current assets.

(4)Included in Other current liabilities.

(5)Included in Other non-current liabilities.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

ASU 2025-07 Adoption

The Company early adopted ASU 2025-07 on December 31, 2025. The ASU refines the scope of Topic 815 (Derivatives and Hedging) by adding a scope exception from derivative accounting for non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. As a result, contingent consideration assets and liabilities from prior transactions that met this criterion no longer qualified as derivatives and were reclassified to other assets and liabilities.

Hedging Instruments

Hedging instruments consisted of the foreign currency cash flow hedges and the Cadia PPA at December 31, 2025.

To minimize credit risk, the Company only enters into transactions with counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. The Company believes that the risk of counterparty default is low and its exposure to credit risk is minimal.

Foreign Currency Cash Flow Hedges

The Company has implemented various hedge programs in which fixed forward contracts have been entered into to mitigate variability in the USD-functional cash flows associated with specific expenditures. These fixed forward contracts have been designated as foreign currency cash flow hedges for the related forecasted expenditures and were transacted for risk management purposes. Refer to the table below for a summary of these programs at December 31, 2025:

AUD-denominated capital expenditures

AUD-denominated operating expenditures

CAD-denominated operating expenditures

AUD-denominated capital expenditures

Status:

Active

Active

Active

Matured (1)

Amount entered into:

A$1,734

A$4,002

C$1,088

A$574

Cash flow type:

Capital expenditures for construction and development

Operating expenditures

Operating expenditures

Capital expenditures for construction and development

Incurred in the periods of:

October 2024 through December 2026

October 2024 through December 2026

October 2024 through December 2026

2023 through 2024

Related to:

Tanami Expansion 2 project; Cadia PC1-2 and PC2-3 ("Cadia Panel Caves"); and Cadia Tailings Project ("Cadia Tails")

Boddington, Tanami, and Cadia operating mines located in Australia

Brucejack and Red Chris operating mines located in Canada

Tanami Expansion 2 project

____________________________

(1)The hedge program matured in 2024 and a gain of $7 remains in Accumulated other comprehensive income (loss) as of December 31, 2025.

The unrealized changes in fair value have been recorded in Accumulated other comprehensive income (loss) and are reclassified to earnings during the period in which the hedged transaction impacts earnings and is presented in the same statement of operations line item as the earnings effect of the hedged item. If the underlying hedge transaction becomes probable of not occurring, the related amounts will be reclassified to earnings immediately. Amounts related to capital expenditures recorded in Accumulated other comprehensive income (loss) are reclassified to earnings through Depreciation and amortization after the respective project reaches commercial production. Amounts related to operating expenditures recorded in Accumulated other comprehensive income (loss) are reclassified to earnings through Costs applicable to sales in the period that the operating expenditures are incurred.

Cadia PPA

The Cadia PPA is a 15-year renewable power purchase agreement acquired by the Company through the Newcrest transaction. The Company has designated the Cadia PPA as a cash flow hedge to mitigate the variability in cash flows related to approximately 40 percent of forecasted purchases of power at the Cadia mine for a 15 year period beginning in July 2024. Additionally, the Cadia PPA will provide the Company with access to large scale generation certificates which the Company intends to surrender to achieve a reduction in its greenhouse gas emissions.

The unrealized changes in fair value have been recorded in Accumulated other comprehensive income (loss) and will be reclassified to earnings during the period in which the hedged transaction impacts earnings and is presented in the same statement of operations line item as the earnings effect of the hedged item. If the underlying hedge transaction becomes probable of not occurring, the related amounts in Accumulated other comprehensive income (loss) will be reclassified to earnings immediately. Amounts recorded in Accumulated other comprehensive income (loss) will be reclassified to earnings through Costs applicable to sales in the period in which the related hedged electricity is purchased, which began in July 2024.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

The following table provides the losses (gains) recognized in earnings related to the Company's derivative instruments designated for hedging:

			Year Ended December 31,
			2025						2024						2023
Loss on cash flow hedges:
Interest rate contracts (1)			$	57					$	10					$	5
Foreign currency cash flow hedges (2)			30						7						19
Cadia PPA cash flow hedge (3)			7						5						—
			$	94					$	22					$	24

____________________________

(1)As of December 31, 2025, amounts remaining in Accumulated other comprehensive income (loss) fully relate to the interest rate contracts on the 2042 Senior Notes with the related losses to be reclassified from Accumulated other comprehensive income (loss) and amortized to Interest expense, net of capitalized interest over the term of the notes. A loss of $3 is expected to be reclassified into earnings over the next 12 months. The actual amounts that will be reclassified to earnings could vary upon repurchase or exchange of the related long-term debt prior to maturity.

(2)As of December 31, 2025, a gain of $45 is expected to be reclassified out of Accumulated other comprehensive income (loss) into earnings over the next 12 months. The actual amounts that will be reclassified to earnings will vary due to future foreign currency exchange rates.

(3)As of December 31, 2025, a loss of $10 is expected to be reclassified out of Accumulated other comprehensive income (loss) into earnings over the next 12 months, which includes the amounts related to the initial fair value that are reclassified from Accumulated other comprehensive income (loss) to earnings on a systematic basis over the 15-year term. The actual amounts that will be reclassified to earnings will vary due to future power prices and power generation volumes.

Derivative Assets, Not Designated for Hedging

Stream Credit Facility Agreement ("SCFA")

The SCFA was a non-revolving credit facility in relation to the Fruta del Norte mine, which is wholly owned and operated by Lundin Gold in which the Company holds a 32% equity interest. The SCFA was a financial instrument that met the definition of a derivative and was accounted for at fair value using a probability weighted discounted cash flow model, but was not designated for hedge accounting under ASC 815. In the second quarter of 2024, the Company completed the sale of the SCFA and Offtake agreement in which Lundin Gold repurchased the SCFA and settled the rights under the Offtake agreement for cash consideration of $330, of which $180 and $150 was received in the second quarter and third quarter of 2024, respectively. The sale resulted in a gain of $49 recognized in Other income (loss), net.

NOTE 15 INVESTMENTS

			At December 31,
			2025						2024
Current investments:
Marketable equity securities			$	594					$	21
Non-current investments:
Marketable equity and other securities (1)			$	171					$	309
Equity method investments (% ownership):
Pueblo Viejo Mine (40%)			1,584						1,516
NuevaUnión Project (50%)			973						961
Lundin Gold (32%)			905						941
Norte Abierto Project (50%)			553						532
Greatland (20% at December 31, 2024) (2)			—						212
			4,015						4,162
			$	4,186					$	4,471

____________________________

(1)Includes $25 accounted for under the measurement alternative.

(2)The Company's investment in Greatland, acquired through the sale of Telfer in the fourth quarter of 2024, is included in equity method investments under the fair value option at December 31, 2024 and in current marketable equity and other securities at December 31, 2025 as it no longer qualifies as an equity method investment with an ownership of 10% and loss of significance influence. Refer to Note 3 for further information.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Equity Method Investments

The following table provides the income (loss) from the Company's equity method investments, recognized in Equity income (loss) of affiliates:

			Year Ended December 31,
			2025						2024						2023
Pueblo Viejo (40%)			$	245					$	91					$	63
Lundin Gold (32%)			169						45						—
Other			7						(3)						—
			$	421					$	133					$	63

Pueblo Viejo

The Pueblo Viejo mine is located in the Dominican Republic and commenced operations in September 2014. Barrick operates and holds the remaining interest in the mine. At acquisition, the fair value of Newmont’s equity investment in Pueblo Viejo was lower than the underlying net assets of its investment resulting in a basis difference, which is being amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine. As of December 31, 2025 the net basis difference was $290.

In November 2020, the Company and Barrick entered into an agreement with Pueblo Viejo to provide funding for the expansion of Pueblo Viejo's operations of up to $1,300 ($520 attributable to Newmont's 40% ownership interest) through a loan facility bearing interest at 95% of the 6-month SOFR plus 4.25% which is compounded semi-annually in arrears on February 28 and August 31 of each year (“Loan Facility”). The Loan Facility was provided in two tranches of $800 and $500, respectively. Unused proceeds under the first tranche are available for use under the second tranche. The tranches mature February 28, 2032 and February 28, 2035, respectively. In October 2024, the Company and Barrick agreed to provide additional funding of up to $800 ($320 attributable to Newmont's 40% ownership interest) through an additional loan facility bearing interest at the 6-month SOFR plus 3.81% which is compounded semi-annually in arrears on February 15 and August 15 of each year and matures on February 15, 2039 (“Loan Facility II”). Under the terms of the respective agreements, the Company and Barrick distribute funds based on their respective proportionate ownership interest in Pueblo Viejo.

As of December 31, 2025 and December 31, 2024, the Company had outstanding stockholder loans to Pueblo Viejo of $518 and $486, which includes accrued interest of $60 and $19, respectively. All loans receivable and accrued interest are included in the Pueblo Viejo equity method investment balance.

The Company purchases its portion (40%) of gold and silver produced from Pueblo Viejo at market price and resells those ounces to third parties. Total payments made to Pueblo Viejo for gold and silver purchased were $934 and $580 for the years ended December 31, 2025 and December 31, 2024, respectively. These purchases, net of subsequent sales, were included in Other income (loss), net and the net amount is immaterial. There were no amounts due to or due from Pueblo Viejo for gold and silver purchases as of December 31, 2025 or December 31, 2024.

NuevaUnión

The NuevaUnión project is located in Chile and is currently in the Company’s development project pipeline. The project is jointly managed by Newmont and Teck Resources Limited, who holds the remaining 50% interest. At acquisition, the carrying value of Newmont’s equity investment in NuevaUnión was lower than the underlying net assets of its investment resulting in a basis difference.

At December 31, 2025 the carrying value of Newmont’s equity investment in NuevaUnión was lower than the underlying net assets of its investment by $67. This basis difference will be amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine beginning when commercial production is declared, which had not yet occurred as of December 31, 2025.

Lundin Gold Inc.

Lundin Gold is a Canadian based mine development and operating company which wholly owns and operates the Fruta del Norte gold mine in Ecuador. On November 6, 2023, as a part of the Newcrest transaction, the Company acquired 32% interest in Lundin Gold. The Company accounts for Lundin Gold as an equity method investment on a quarter lag. At acquisition, the fair value of Newmont’s equity investment in Lundin Gold was higher than the underlying net assets of its investment resulting in a basis difference. This basis difference is being amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine. As of December 31, 2025 the net basis difference was $536. At December 31, 2025, the calculated fair value, based on quoted closing prices of publicly traded shares, of the Company's investment in Lundin Gold was $6,404.

The Company had the right to purchase 50% of gold produced from Lundin Gold at a price determined based on delivery dates and a defined quotational period and resold the ounces purchased to third parties under an offtake agreement acquired through the Newcrest transaction (the "Offtake agreement"). In the second quarter of 2024, the Company completed the sale of the SCFA and Offtake agreement in which Lundin Gold repurchased the SCFA and settled the rights under the Offtake agreement.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Total payments made to Lundin Gold under the Offtake agreement for gold purchased were $189 for the year ended December 31, 2024. These purchases, net of subsequent sales, were included in Other income (loss), net and the net amount was immaterial. There were no payables due to Lundin Gold for gold purchases as of December 31, 2024.

Norte Abierto

The Norte Abierto project is located in Chile and is currently in the Company’s development project pipeline. The project is jointly managed by Newmont and Barrick, who holds the remaining 50% interest.

At December 31, 2025 the carrying value of Newmont’s equity investment in Norte Abierto was lower than the underlying net assets of its investment by $209. This basis difference will be amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine beginning when commercial production is declared, which had not yet occurred as of December 31, 2025.

NOTE 16     INVENTORIES

			At December 31,
			2025						2024
Materials and supplies			$	1,060					$	1,081
In-process			199						118
Concentrate			162						148
Precious metals			91						76
Inventories (1)			$	1,512					$	1,423

____________________________

(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for held for sale. As a result, the related assets, including Inventories of $185, were reclassified to Assets held for sale at December 31, 2024; no amounts related to Inventories were reclassified to Assets held for sale at December 31, 2025. Refer to Note 3 for additional information.

The Company recorded write-downs classified as components of Costs applicable to sales and Depreciation and amortization to reduce the carrying value of inventories to net realizable value as follows:

			Year Ended December 31,
			2025 (1)						2024 (2)						2023 (3)
Costs applicable to sales			$	2					$	44					$	37
Depreciation and amortization			1						5						15
			$	3					$	49					$	52

____________________________

(1)For the year ended December 31, 2025, write-downs were not material.

(2)For the year ended December 31, 2024, write-downs primarily related to Telfer and Cerro Negro.

(3)For the year ended December 31, 2023, write-downs primarily related to Peñasquito.

NOTE 17     STOCKPILES AND ORE ON LEACH PADS

			At December 31, 2025																		At December 31, 2024 (1)
			Stockpiles						Ore on Leach Pads						Total						Stockpiles						Ore on Leach Pads						Total
Current			$	893					$	284					$	1,177					$	624					$	137					$	761
Non-current			2,284						126						2,410						2,072						194						2,266
Total			$	3,177					$	410					$	3,587					$	2,696					$	331					$	3,027

____________________________

(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for held for sale. As a result, the related assets, including Stockpiles and ore on leach pads of $374, were reclassified to Assets held for sale at December 31, 2024; no amounts related to Stockpiles and ore on leach pads were reclassified to Assets held for sale at December 31, 2025. Refer to Note 3 for additional information.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

The Company recorded write-downs classified as components of Costs applicable to sales and Depreciation and amortization to reduce the carrying value of stockpiles and ore on leach pads to net realizable value as follows:

			Year Ended December 31,
			2025 (1)						2024 (2)						2023 (3)
Costs applicable to sales			$	25					$	48					$	60
Depreciation and amortization			10						16						15
			$	35					$	64					$	75

____________________________

(1)For the year ended December 31, 2025, write-downs primarily related to NGM.

(2)For the year ended December 31, 2024, write-downs primarily related to Red Chris and NGM.

(3)For the year ended December 31, 2023, write-downs primarily related to NGM.

NOTE 18     PROPERTY, PLANT AND MINE DEVELOPMENT

			Depreciable Life (in years)						At December 31, 2025																		At December 31, 2024
									Cost						Accumulated Depreciation						Net Book Value						Cost						Accumulated Depreciation						Net Book Value (1)
Land									$	297					$	—					$	297					$	253					$	—					$	253
Facilities and equipment (2)			1-32						24,337						(12,424)						11,913						23,362						(11,761)						11,601
Mine development			1-32						7,329						(3,440)						3,889						6,562						(3,533)						3,029
Mineral interests			1-32						16,997						(4,363)						12,634						17,050						(3,569)						13,481
Construction-in-progress									4,577						—						4,577						5,183						—						5,183
									$	53,537					$	(20,227)					$	33,310					$	52,410					$	(18,863)					$	33,547

____________________________

(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for held for sale. As a result, the related assets, including Property, plant and mine development, net of $4,439, were reclassified to Assets held for sale at December 31, 2024; no amounts related to Property, plant and mine development, net were reclassified to Assets held for sale at December 31, 2025. Refer to Note 3 for additional information.

(2)At December 31, 2025 and 2024, Facilities and equipment includes finance lease right of use assets of $432 and $482, respectively.

			Depreciable Life (in years)						At December 31, 2025																		At December 31, 2024
Mineral Interests									Cost						Accumulated Depreciation						Net Book Value						Cost						Accumulated Depreciation						Net Book Value (1)
Production stage			1-32						$	12,343					$	(4,363)					$	7,980					$	12,191					$	(3,569)					$	8,622
Development stage			(2)						1,329						—						1,329						1,386						—						1,386
Exploration stage			(2)						3,325						—						3,325						3,473						—						3,473
									$	16,997					$	(4,363)					$	12,634					$	17,050					$	(3,569)					$	13,481

____________________________

(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for held for sale. As a result, the related assets, including $1,885 of mineral interests included in Property, plant and mine development, net, were reclassified to Assets held for sale. No amounts related to Property, plant and mine development, net were reclassified to Assets held for sale at December 31, 2025. Refer to Note 3 for additional information.

(2)These amounts are currently non-depreciable as these mineral interests have not reached production stage.

NOTE 19     GOODWILL

Changes in the carrying amount of goodwill by reportable segment were as follows:

			Balance at December 31, 2023												Acquisitions (1)						Balance at December 31, 2024																		Balance at December 31, 2025
Lihir			$	695											$	249					$	944																	$	944
Cadia			565												(316)						249																		249
Red Chris			397												142						539																		539
Brucejack			1,087												(418)						669																		669
NGM			257												—						257																		257
			$	3,001											$	(343)					$	2,658																	$	2,658

____________________________

(1)Amounts relate to goodwill recognized through the Newcrest transaction on November 6, 2023. During 2024, goodwill was subject to measurement period adjustments to the purchase price allocation. Refer to Note 3 for further information.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

NOTE 20     DEBT

									At December 31, 2025 (1)												At December 31, 2024 (1)
									Non-Current						Fair Value (2)						Current						Non-Current						Fair Value (2)
5.30% Senior Notes due March 2026									$	—					$	—					$	924					$	—					$	948
2.80% Senior Notes due October 2029									265						257						—						633						587
3.25% Senior Notes due May 2030									379						411						—						554						583
2.25% Senior Notes due October 2030									246						230						—						872						765
2.60% Senior Notes due July 2032									785						728						—						821						713
5.35% Senior Notes due March 2034									987						1,061						—						987						1,012
5.875% Senior Notes due April 2035									502						567						—						581						625
6.25% Senior Notes due October 2039									275						308						—						861						934
5.75% Senior Notes due November 2041									292						326						—						457						500
4.875% Senior Notes due March 2042									562						553						—						949						891
5.45% Senior Notes due June 2044									460						433						—						479						435
4.20% Senior Notes due May 2050									365						409						—						363						407
Debt issuance costs on Corporate Revolving Credit Facilities									(3)						—						—						(5)						—
									$	5,115					$	5,283					$	924					$	7,552					$	8,400

____________________________

(1)All outstanding senior notes are unsecured and rank equally with one another.

(2)The estimated fair value of the senior notes was determined by an independent third-party pricing source and may or may not reflect the actual trading value of this debt.

Maturities for the next five years, and thereafter, are as follows:

Year Ending December 31,
2026			$	—
2027			—
2028			—
2029			267
2030			671
Thereafter			4,405
Total face value of debt			5,343
Unamortized premiums, discounts, and issuance costs			(228)
Debt			$	5,115

Corporate Revolving Credit Facilities and Letters of Credit Facilities

In connection with the Newcrest transaction on November 6, 2023, the Company assumed bilateral bank debt facilities totaling $2,000, of which $1,923 was outstanding at December 31, 2023. In February 2024, the Company repaid the full amount outstanding and terminated the facilities.

On February 15, 2024, the Company amended and restated its $3,000 revolving credit agreement dated as of April 4, 2019 (the “Existing Credit Agreement”) to $4,000 and extended the maturity date from March 30, 2026 to February 15, 2029. The amended facility was entered into with a syndicate of financial institutions and provides for borrowings in U.S. dollars and contains a letter of credit sub-facility.

Interest is based on Term SOFR plus a credit spread adjustment and margin. Facility fees vary based on the credit ratings of the Company’s senior, uncollateralized, non-current debt. Debt covenants under the amendment are substantially the same as the Existing Credit Agreement and the letter of credit sub-facility on the Existing Credit Agreement was retained.

On February 20, 2024, the Company drew $1,461 on the amended facility and used the proceeds, along with existing cash balances, to repay the bilateral bank debt facilities. In March 2024, the Company repaid the full amount drawn on the amended facility as described below under 2026 and 2034 Senior Notes. As a result, the Company had no borrowings outstanding under the amended facility at December 31, 2025 and 2024. There were also no amounts outstanding on the letters of credit sub-facility at December 31, 2025 and 2024.

At December 31, 2025 and 2024 the Company had letters of credit outstanding in the amounts of $1,139 and $1,034, respectively, of which $1,005 and $900 represented guarantees for reclamation obligations, respectively. None of these letters of credit have been drawn on for reclamation obligations as of December 31, 2025 and 2024.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

2026 and 2034 Senior Notes

On March 7, 2024, the Company issued $2,000 unsecured Senior Notes comprised of $1,000 due March 15, 2026 (“2026 Senior Notes”) and $1,000 due March 15, 2034 ("2034 Senior Notes"). Net proceeds from the 2026 and 2034 Senior Notes were $1,980. Interest will be paid semi-annually at a rate of 5.30% and 5.35% per annum for the 2026 and the 2034 Senior Notes, respectively. The proceeds from this issuance were used to repay the drawdown on the revolving credit facility. The 2026 Senior Notes were fully redeemed in the first quarter of 2025; see below for further information.

Debt Extinguishments

For the year ended December 31, 2025, the Company redeemed senior notes through full and partial redemptions, totaling $3,448 and $51 in principal and accrued interest, respectively. These transactions resulted in a total loss on extinguishment for the year ended December 31, 2025 of $101, recognized in Other income (loss), net, including the acceleration of $54 loss from Accumulated other comprehensive income (loss) related to previously terminated interest rate cash flow hedges.

For the year ended December 31, 2024, the Company redeemed senior notes through partial redemptions, totaling $483 and $4 in principal and accrued interest, respectively. These transactions resulted in a total gain on extinguishment for the year ended December 31, 2024 of $32, recognized in Other income (loss), net, including the acceleration of $6 loss from Accumulated other comprehensive income (loss) related to previously terminated interest rate cash flow hedges.

The following table summarizes the redemptions by senior note:

			Year Ended December 31,
			2025												2024 (1)
			Settled Principal Amount						Total Repurchase Amount						Settled Principal Amount						Total Repurchase Amount
5.30% Senior Notes due March 2026 (2)			$	928					$	957					$	72					$	74
2.80% Senior Notes due October 2029			371						357						62						58
3.25% Senior Notes due May 2030			210						202						17						16
2.25% Senior Notes due October 2030			631						583						120						107
2.60% Senior Notes due July 2032			38						32						174						150
5.35% Senior Noted due March 2034			1						1						—						—
5.875% Senior Notes due April 2035			83						87						—						—
6.25% Senior Notes due October 2039			595						666						—						—
5.75% Senior Notes due November 2041			182						192						—						—
4.875% Senior Notes due March 2042			392						384						38						36
5.45% Senior Notes due June 2044			17						17						—						—
			$	3,448					$	3,478					$	483					$	441

____________________________

(1)Excludes activity related to the bilateral bank debt facilities and the revolving credit facility.

(2)The repurchase amount of the 2026 Senior Notes during 2025 included a make-whole provision of $10.

Debt Covenants

The Company’s senior notes and revolving credit facility contain various covenants and default provisions including payment defaults, limitations on liens, leases, sales and leaseback agreements, merger restrictions, limiting the sale of all or substantially all of the Company’s assets, certain change of control provisions, and a negative pledge on certain assets. Additionally, the corporate revolving credit facility contains a financial ratio covenant requiring the Company to maintain a net debt (total debt net of cash and cash equivalents) to total capitalization ratio of less than or equal to 62.50%. At December 31, 2025, the Company was in compliance with all existing debt covenants.

NOTE 21     LEASE AND OTHER FINANCING OBLIGATIONS

The Company primarily has operating and finance leases for corporate and regional offices, mining equipment, power generation, and transportation. These leases have a remaining lease term of less than 1 year to 32 years, some of which may include options to extend the lease for up to 15 years, and some of which may include options to terminate the lease within 1 year. Some of the Company's leases include payments that vary based on the Company’s level of usage and operations. These variable payments are not included within ROU assets and lease liabilities in the Consolidated Balance Sheets. Additionally, short-term leases, which have an initial term of 12 months or less, are not recorded in the Consolidated Balance Sheets.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Total lease cost includes the following components:

			Year Ended December 31,
			2025						2024
Operating lease cost			$	26					$	27
Finance lease cost:
Amortization of ROU assets			93						91
Interest on lease liabilities			30						35
			123						126
Variable lease cost			302						509
Short-term lease cost			84						76
			$	535					$	738

Supplemental cash flow information related to leases includes the following:

			Year Ended December 31,
			2025						2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows relating to operating leases			$	24					$	20
Operating cash flows relating to finance leases			$	30					$	34
Financing cash flows relating to finance leases			$	95					$	87
Non-cash lease obligations arising from obtaining ROU assets:
Operating leases			$	45					$	10
Finance leases			$	54					$	59

Information related to lease terms and discount rates is as follows:

			Operating Leases						Finance Leases
Weighted average remaining lease term (years)			6						8
Weighted average discount rate			4.39		%				6.16		%

Future minimum lease payments under non-cancellable leases as of December 31, 2025, were as follows:

			Operating Leases (1)						Finance Leases
2026			$	33					$	119
2027			21						88
2028			15						78
2029			15						53
2030			13						45
Thereafter			26						225
Total future minimum lease payments			123						608
Less: Imputed interest			(14)						(134)
Total			$	109					$	474

____________________________

(1)The current and non-current portion of operating lease liabilities are included in Other current liabilities and Other non-current liabilities, respectively, on the Consolidated Balance Sheets.

As of December 31, 2025, the Company has no additional leases that have not yet commenced.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

NOTE 22     OTHER LIABILITIES

			At December 31,
			2025						2024
Other current liabilities:
Reclamation and remediation liabilities			$	893					$	991
Accrued operating costs (1)			421						468
Greatland Option (2)			339						—
Accrued capital expenditures			254						208
Payables to NGM (3)			227						115
Accrued royalties			181						165
Silver streaming agreement			93						76
Accrued interest			57						97
Hedging instruments (Note 14)			1						136
Other (4)			226						225
			$	2,692					$	2,481
Other non-current liabilities:
Income and mining taxes (5)			$	133					$	125
Indemnification liabilities			63						17
Other (6)			126						146
			$	322					$	288

____________________________

(1)In the first quarter of 2025, the Company paid $116 to the Worsley JV related to the waiver of certain rights within the cross-operation agreement that confers priority to the bauxite operations at the Boddington mine. This payment is included in other investing activities in the Consolidated Statement of Cash Flows.

(2)The Greatland Option was acquired through the sale of Telfer in the fourth quarter of 2024 and accounted for under the fair value option with changes in the fair value recognized through earnings each reporting period in Change in fair value of investments and options. The option was included in Other non-current liabilities at December 31, 2024 for $51. In January 2026, the option was exercised resulting in extinguishment. Refer to Note 3 for further information.

(3)Payables to NGM at December 31, 2025 and December 31, 2024 consist of amounts due to NGM representing Barrick's 61.5% proportionate share of the amount owed to NGM for gold and silver purchased by Newmont. Newmont’s 38.5% share of such amounts is eliminated upon proportionate consolidation of its interest in NGM. Receivables for Newmont's 38.5% proportionate share related to NGM's activities with Barrick are presented within Other current assets.

(4)Primarily consists of the taxes other than income and mining taxes and current portion of operating lease liabilities.

(5)Primarily consists of unrecognized tax benefits, including penalties and interest.

(6)Primarily consists of the non-current portion of operating lease liabilities.

NOTE 23     ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

																					Unrealized Gain (Loss) on Hedge Instruments						Other Adjustments						Total
Balance at December 31, 2023																					$	(70)					$	84					$	14
Net current-period other comprehensive income (loss):
(Loss) gain in other comprehensive income (loss) before reclassifications																					(140)						13						(127)
Loss (gain) reclassified from accumulated other comprehensive income (loss)																					17						1						18
Other comprehensive income (loss)																					(123)						14						(109)
Balance at December 31, 2024																					(193)						98						(95)
Net current-period other comprehensive income (loss):
Gain (loss) in other comprehensive income (loss) before reclassifications																					140						(9)						131
Loss (gain) reclassified from accumulated other comprehensive income (loss)																					94						7						101
Other comprehensive income (loss)																					234						(2)						232
Balance at December 31, 2025																					$	41					$	96					$	137

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Details about Accumulated Other Comprehensive Income (Loss) Components						Amount Reclassified from Accumulated Other Comprehensive  Income (Loss)																		Affected Line Item in the Consolidated Statements of Operations
						Year Ended December 31,
						2025						2024						2023
Hedge instruments adjustments:
Interest rate contracts (1)						$	72					$	10					$	5					Interest expense, net of capitalized interest
Foreign currency cash flow hedges						44						7						19						Costs applicable to sales
Amortization						10						5						—						Costs applicable to sales
Total before tax						126						22						24
Tax						(32)						(5)						(6)
Net of tax						94						17						18
Other adjustments:
Amortization, Settlements, and Curtailments (2)						11						—						—						Other income (loss), net
Divestitures (3)						(3)						—						—						(Gain) loss on sale of assets held for sale
Other						—						1						—						Other income (loss), net
Total before tax						8						1						—
Tax						(1)						—						—
Net of tax						7						1						—
Total reclassifications for the period, net of tax						$	101					$	18					$	18

____________________________

(1)For the year ended December 31, 2025, includes acceleration of losses related to previously terminated interest rate cash flow hedges resulting from the extinguishment of certain senior notes. The acceleration of loss was recognized in Other income (loss), net. Refer to Note 20 for further information.

(2)Relates to pension and other post-retirement benefits. Refer to Note 11 for more information.

(3)The Company divested the defined benefit pension plan at Porcupine as a result of the divestment on February 28, 2025. As a result, the related amounts held in Accumulated other comprehensive income (loss) were reclassified to (Gain) loss on sale of assets held for sale.

NOTE 24     COMMITMENTS AND CONTINGENCIES

General

Estimated losses from contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the contingency and estimated range of loss, if determinable, is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

Operating Segments

The Company’s operating and reportable segments are identified in Note 4. Except as noted in this paragraph, all of the Company’s commitments and contingencies specifically described herein are included in the non-operating segment Corporate and Other. The Yanacocha matters relate to the Yanacocha reportable segment. The Cadia matter relates to the Cadia reportable segment. The CC&V matter relates to CC&V, which was divested in the first quarter of 2025. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Ahafo South reportable segment and Akyem, which was divested in the second quarter of 2025, respectively.

Environmental Matters

Refer to Note 6 for further information regarding reclamation and remediation. Details about certain significant matters are discussed below.

Minera Yanacocha S.R.L. - 100% Newmont Owned

In early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, MINAM, issued proposed modifications to water quality criteria for designated beneficial uses which apply to mining companies, including Yanacocha. These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure. In December 2015, MINAM issued the final regulation that modified the water quality standards. These Peruvian regulations allow time to formulate a compliance plan and make any necessary changes to achieve compliance.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

In February 2017, Yanacocha submitted a modification to its previously approved compliance achievement plan to MINEM. In May 2022, Yanacocha submitted a proposed modification to this plan requesting an extension of time for coming into full compliance with the new regulations to 2027. In June 2023, Yanacocha received approval of its updated compliance plan from MINEM and was granted an extension to June 2026 to achieve compliance. The Company appealed this approval to the Mining Council requesting the regulatory extension until 2027, and in April 2024, MINEM approved the compliance schedule.

The Company currently operates five water treatment plants at Yanacocha that have been and currently meet all applicable water discharge requirements. The Company’s current asset retirement obligation includes the cost of the construction of two new water treatment plants expected to be in operation during 2027 and cost associated with post-closure management.

The Company is conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge meet requirements, including the modifications promulgated by MINAM, as referenced above, will be met. This also includes performing a comprehensive update to the Yanacocha reclamation plan to address changes in closure activities and estimated closure costs while preserving optionality for potential future projects at Yanacocha. These ongoing studies, which will extend beyond the current year, continue to evaluate and revise assumptions and estimated costs of changes to the reclamation plan. The ultimate water treatment costs remain uncertain as studies and opportunity assessments continue. These and other additional risks and contingencies that are the subject of ongoing studies, including, but not limited to, a comprehensive review of the Company's tailings storage facility management, review of Yanacocha’s water balance and water management system, and review of post-closure management costs, could result in future material increases to the reclamation obligation at Yanacocha.

Dawn Mining Company LLC (“Dawn”) - 58.19% Newmont Owned

Midnite mine site and Dawn mill site. Dawn previously leased an open pit uranium mine, currently inactive, on the Spokane Indian Reservation in the State of Washington. The mine site is subject to regulation by agencies of the U.S. Department of Interior (the Bureau of Indian Affairs and the Bureau of Land Management), as well as the EPA.

As per the Consent Decree approved by the U.S. District Court for the Eastern District of Washington on January 17, 2012, the following actions were required of Newmont, Dawn, the Department of the Interior and the EPA: (i) Newmont and Dawn would design, construct and implement the cleanup plan selected by the EPA in 2006 for the Midnite mine site; (ii) Newmont and Dawn would reimburse the EPA for its past costs associated with overseeing the work; (iii) the Department of the Interior would contribute a lump sum amount toward past EPA costs and future costs related to the cleanup of the Midnite mine site; (iv) Newmont and Dawn would be responsible for all future EPA oversight costs and Midnite mine site cleanup costs; and (v) Newmont would post a surety bond for work at the site.

During 2012, the Department of Interior contributed its share of past EPA costs and future costs related to the cleanup of the Midnite mine site. In 2016, Newmont completed the remedial design process, with the exception of the new WTP design which was awaiting the approval of the new NPDES permit. Subsequently, the new NPDES permit was received in 2017 and the WTP design commenced in 2018. The EPA approved the WTP design in 2021. Construction of the effluent pipeline began in 2021, and construction of the new WTP began in 2022. The WTP and effluent pipeline are expected to be operating in 2026.

The Dawn mill site is regulated by the Washington Department of Health (the "WDOH") and is in the process of being closed in accordance with the federal Uranium Mill Tailings Radiation Control Act, and associated Washington state regulations. Remediation at the Dawn mill site began in 2013. The Tailing Disposal Area 1-4 reclamation earthworks component was completed during 2017 with the embankment erosion protection completed in the second quarter of 2018. The remaining closure activities consist primarily of finalizing an Alternative Concentration Limit application (the "ACL application") submitted in 2020 to the WDOH to address groundwater issues, and also evaporating the remaining balance of process water at the site. In the fourth quarter of 2022, the WDOH provided comments on the ACL application, which Newmont is evaluating and conducting studies to better understand and respond to the comments provided by the WDOH. These studies and the related comment process will extend beyond the current year and could result in future material increases to the remediation obligation.

The remediation liability for the Midnite mine site and Dawn mill site is approximately $164, assumed 100% by Newmont, at December 31, 2025.

Cadia Holdings Pty Ltd. - 100% Newmont Owned

Cadia Holdings Pty Ltd. (“Cadia Holdings”) is a wholly owned subsidiary of Newcrest, which was acquired by Newmont in November 2023. The mine site is subject to regulations by the New South Wales Environment Protection Authority (the “NSW EPA”). In October 2023, the NSW EPA commenced proceedings in the NSW Land and Environment Court against Cadia Holdings, alleging two contraventions related to alleged air pollution from tailings storage facilities on October 13 and 31, 2022. In 2024, Cadia Holdings entered a plea of not guilty to the charges related to the allegations. On December 19, 2025, the NSW EPA withdrew and discontinued these proceedings. Cadia Holdings and the NSW EPA entered into an enforceable undertaking where Cadia Holdings agreed to pay an amount less than $1 to the NSW Department of Climate Change, Energy, the Environment and Water ("NSW DCCEEW") to support the Rural Dust Monitoring Network managed by Climate and Atmospheric Science and the NSW DCCEEW. Cadia Holdings will also pay an amount less than $1 to the NSW EPA for the costs incurred by the NSW EPA in connection with the incidents and with respect to negotiating and entering into the enforceable undertaking.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Additionally, on February 2, 2026, a class action proceeding was commenced in the Supreme Court of New South Wales against Cadia Holdings. The proceeding has been brought on behalf of the named plaintiffs and other persons who fall within a defined class of persons who owned, leased, or occupied land located within a specified area surrounding the Cadia mine during the period from February 2, 2020 to February 3, 2026, and who allege that they have suffered loss or damage as a result of alleged injury to, or interference with, that land. The plaintiffs allege that such loss or damage arose from alleged contamination associated with Cadia Holdings, including alleged contamination of land, public waterways, groundwater, and/or air. The claims assert that the alleged impacts are attributable to dust and fluid emissions from Cadia Holdings’ operations. Plaintiffs seek unspecified monetary damages and other relief. Newmont intends to vigorously defend this matter but cannot reasonably predict the outcome.

Cripple Creek & Victor Gold Mining Company LLC - 100% Newmont Owned through February 28, 2025

On February 28, 2025, the Company completed the sale of the Cripple Creek & Victor Gold Mining Company LLC (“CC&V”) reportable segment to SSR. Under the terms of the agreement with SSR, Newmont expects to receive deferred cash contingent consideration upon certain regulatory approvals, including the resolution of regulatory applications relating to the Carlton Tunnel. In addition, upon completion of an updated regulator-approved closure plan and in the event aggregate closure costs at CC&V exceed $500, Newmont will be responsible for funding 90% of the incremental closure costs exceeding $500 in such updated closure plan, either on an as-incurred basis or pursuant to a net present value lump sum payment option.

The Carlton Tunnel was a historic tunnel completed in 1941 with the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, primarily to focus on monitoring. The monitoring data accumulated since the mid-1970s have indicated consistency in the water quality discharged from the Carlton Tunnel over time. In 2006, legal proceedings and work with the regulator confirmed that the water flowing out of the Carlton Tunnel portal is akin to natural spring water and did not constitute mine drainage. However, when the Water Quality Control Division of the Colorado Department of Public Health and Environment (the “Division”) issued new discharge permits in January 2021, the Division imposed new water quality limits. A Settlement Agreement entered into by CC&V and the Division in December 2021 extended the timeframe for full permit compliance to November 2027, and CC&V expressly reserved the right to challenge the need for a discharge permit in the first place. In 2022, the Company studied various interim passive water treatment options, reported the study results to the Division, and based on an evaluation of additional semi-passive options that involve the usage of power at the portal, updated the remediation liability to $20 in 2022. CC&V continues to study alternative long-term remediation plans for water discharged from the Carlton Tunnel, while also continuing to work with regulators to identify and implement the highest feasible alternative treatments. In June 2025, the Water Quality Control Commission agreed to site specific standards for CC&V and a Discharger Specific Variance ("DSV") for certain water quality standards. In January 2026, the Division issued a modification to CC&V's discharge permit to implement site specific standards for certain water quality standards, and a DSV and compliance extension for certain other standards. Depending on the plans that may ultimately be agreed with regulators, a material adjustment to the remediation liability may be required.

Other Legal Matters

Newmont Corporation, as well as Newmont Canada Corporation, and Newmont Canada FN Holdings ULC – 100% Newmont Owned

Kirkland Lake Gold Inc., which was acquired by Agnico Eagle Mines Limited in 2022 (still referred to herein as “Kirkland” for ease of reference), owns certain mining and mineral rights in northeastern Ontario, Canada, referred to here as the Holt-McDermott property, on which it suspended operations in April 2020. A subsidiary of the Company has a retained royalty obligation (“Holt royalty obligation”) to Royal Gold, Inc. (“Royal Gold”) for production on the Holt-McDermott property. In August 2020, the Company and Kirkland signed a Strategic Alliance Agreement (the “Kirkland Agreement”). As part of the Kirkland Agreement, the Company purchased an option (the “Holt option”) for $75 from Kirkland for the mining and mineral rights subject to the Holt royalty obligation. The Company has the right to exercise the Holt option and acquire ownership to the mineral interests subject to the Holt royalty obligation in the event Kirkland intends to resume operations and process material subject to the obligation. Kirkland has the right to assume the Company’s Holt royalty obligation at any time, in which case the Holt option would terminate.

On August 16, 2021, International Royalty Corporation (“IRC”), a wholly-owned subsidiary of Royal Gold, filed an action in the Supreme Court of Nova Scotia against Newmont Corporation, Newmont Canada Corporation, Newmont Canada FN Holdings ULC (collectively "Newmont"), and certain Kirkland defendants (collectively "Kirkland"). IRC alleges the Kirkland Agreement is oppressive to the interests of Royal Gold under the Nova Scotia Companies Act and the Canada Business Corporations Act, and that, by entering into the Kirkland Agreement, Newmont breached its contractual obligations to Royal Gold. IRC seeks declaratory relief, and $350 in alleged royalty payments that it claims Newmont expected to pay under the Holt royalty obligation, but for the Kirkland Agreement. Kirkland filed a motion seeking dismissal of the case against it, which the court granted in October 2022. Newmont submitted its statement of defense on February 27, 2023, and a motion for summary judgment on January 12, 2024. The motion for summary judgment was denied on May 27, 2024, and the parties are now engaged in the discovery phase of the case. Newmont intends to vigorously defend this matter but cannot reasonably predict the outcome.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

Newmont Ghana Gold Limited - 100% Newmont Owned (and Newmont Golden Ridge Limited owned by Newmont through April 15, 2025)

On December 24, 2018, two individual plaintiffs, who were members of the Ghana Parliament (“Plaintiffs”), filed a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff’s Case outlining the details of the Plaintiff’s case and subsequently served Newmont Ghana Gold Limited (“NGGL”) and Newmont Golden Ridge Limited (“NGRL”), now Zijin Golden Ridge Limited ("ZGRL"), along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana, the mining company defendants are not entitled to carry out any exploitation of minerals or other natural resources in Ghana, unless their respective transactions, contracts or concessions are ratified or exempted from ratification by the Parliament of Ghana. Newmont’s mining leases were both ratified by Parliament; the NGGL June 13, 2001 mining lease, ratified by Parliament on October 21, 2008, and the renewed NGRL September 4, 2024 mining lease, ratified by Parliament on July 24, 2025. The writ alleges that any mineral exploitation prior to Parliamentary ratification is unconstitutional. The Plaintiffs seek several remedies including: (i) a declaration as to the meaning of constitutional language at issue; (ii) an injunction precluding exploitation of minerals for any mining company without prior Parliamentary ratification; (iii) a declaration that all revenue as a result of violation of the Constitution shall be accounted for and recovered via cash equivalent; and (iv) an order that the Attorney General and Minerals Commission submit all unratified mining leases, undertakings or contracts to Parliament for ratification. Newmont intends to vigorously defend this matter but cannot reasonably predict the outcome. On April 15, 2025, the Company completed the sale of the Akyem reportable segment, including NGRL. In the case of an adverse final judgment against NGRL pursuant to a non-appealable governmental order, if any, the Company would be required to indemnify the buyer for certain fines, penalties and disgorgements attributable to the period from the date of the Company’s commencement of commercial production under the mining leases in October 2013 to the date on which the mining leases were ratified by Parliament on December 3, 2015.

Newmont Capital Limited and Newmont Canada FN Holdings ULC – 100% Newmont Owned

The ATO is conducting a limited review of the Company’s prior tax returns. The ATO is reviewing an internal reorganization executed in 2011 when Newmont completed a restructure of the shareholding in the Company’s Australian subsidiaries. To date, the Company has responded to inquiries from the ATO and provided them with supporting documentation for the transaction and the Company’s associated tax positions. One aspect of the ATO review relates to an Australian capital gains tax that applies to sales or transfers of stock in certain types of entities. In the fourth quarter of 2017, the ATO notified the Company that it believes the 2011 reorganization is subject to capital gains tax of approximately $85 (including interest and penalties). The Company disputes this conclusion and is vigorously defending its position that the transaction is not subject to this tax. In the fourth quarter of 2017, the Company made a $24 payment to the ATO and lodged an Appeal with the Australian Federal Court. The court proceedings were held during the third quarter of 2024 and on November 10, 2025, the Company received the judgment. A number of matters were decided, however, no final orders were made and an independent referee was appointed to complete the remaining valuation tasks assigned by the Court. The final orders are expected to be received in the second quarter of 2026. The Company cannot reasonably predict the outcome.

Newmont Corporation

Karas v. Newmont Corp., et al. On January 31, 2025, a putative class action lawsuit was filed against Newmont and Newmont’s, at the time, Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer in the United States District Court for the District of Colorado. The action was brought on behalf of an alleged class of Newmont stockholders who owned stock between February 22, 2024 and October 23, 2024 (the alleged class period). The Court appointed Lead Plaintiffs on May 6, 2025 who filed an amended complaint on July 14, 2025 adding Newmont's Chief Development Officer as a defendant and shortening the alleged class period to July 24, 2024 through October 23, 2024. Plaintiffs allege that the defendants made a series of materially false and misleading statements and/or omissions during the alleged class period regarding the Company’s operations, production, and costs in violation of federal securities laws. Plaintiffs further allege that the purported class members suffered losses and damages resulting from declines in the market value of Newmont’s common stock after the Company announced its third quarter 2024 results and updated guidance on October 23, 2024. Plaintiffs seek unspecified monetary damages and other relief. Defendants filed a motion to dismiss the amended complaint on September 12, 2025. Plaintiffs filed an opposition to that motion on November 4, 2025 and defendants filed a reply brief on December 4, 2025. On November 4, 2025, plaintiffs also filed a motion to strike or to convert defendants' motion to dismiss to a motion for summary judgment and for full discovery. Defendants filed an opposition to that motion on November 12, 2025 and plaintiffs filed a reply brief on November 26, 2025.

Gunderson v. Palmer et al.; Levin v. Palmer et al.; Chin v. Palmer et al.; and Harris v. Palmer et al. On February 21, February 28, March 20, and April 4, 2025, respectively, purported Newmont stockholders filed putative derivative complaints nominally on behalf of Newmont against Newmont’s, at the time, Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and members of Newmont’s Board of Directors, naming Newmont as a nominal defendant, in the United States District Court for the District of Colorado. While the allegations and asserted claims vary among the actions, the complaints, taken collectively, generally raise similar allegations as the complaint in Karas. The complaints allege, among other things, that: the defendants made a series of materially false and misleading statements and/or omissions beginning on February 22, 2024 regarding the Company's operations, production, and costs; the Company lacked adequate internal controls and oversight over risk management; the defendants made materially false and misleading statements in the Company’s 2024 proxy statement, and there were improper share repurchases by the Company and stock

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share, per ounce and per pound amounts)

sales by the Company’s Chief Executive Officer during the period February 22, 2024 to October 23, 2024; and assert claims under federal securities law (other than in the Chin case) and Delaware state law. Plaintiffs seek unspecified monetary damages, restitution, disgorgement and other relief, including reforms to the Company’s corporate governance. On March 19, 2025, on motion from plaintiffs in Gunderson and Levin, the court consolidated Levin into Gunderson, and appointed lead plaintiffs in the consolidated case. On May 1, 2025, on motion from plaintiffs in Gunderson, Levin, Chin, and Harris, the court consolidated Chin and Harris into Gunderson. On May 7, 2025, upon joint motion from the parties in Gunderson, the court stayed the consolidated action pending the resolutions of all motions to dismiss the operative complaint in Karas.

Willis v. Palmer et al. On May 9, 2025, a purported Newmont stockholder filed a putative derivative complaint nominally on behalf of Newmont against Newmont’s, at the time, Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and members of Newmont’s Board of Directors, naming Newmont as a nominal defendant, in the United States District Court for the District of Delaware. The complaint generally raises similar allegations and requests similar relief as the complaints in the District of Colorado consolidated derivative actions, described above. On May 28, 2025, upon stipulation and agreement by the parties, the court stayed the action pending the resolution of all motions to dismiss the operative complaint in Karas.

Newmont intends to vigorously defend these matters, but cannot reasonably predict the outcome of any matter.

Other Commitments and Contingencies

As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, and bank guarantees as financial support for various purposes, including environmental remediation, reclamation, exploration permitting, workers compensation programs, and other general corporate purposes. At December 31, 2025 and 2024, there were $1,943 and $2,086, respectively, of outstanding letters of credit, surety bonds, and bank guarantees. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. Generally, bonding requirements associated with environmental regulation are becoming more restrictive. However, the Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.

Newmont is from time to time involved in various legal proceedings related to its business. Except in the above described proceedings, management does not believe that adverse decisions in any pending or threatened proceeding or that amounts that may be required to be paid by reason thereof will have a material adverse effect on the Company’s financial condition or results of operations.

In connection with the Company's investment in Galore Creek, Newmont will owe NovaGold Resources Inc. $75 upon the earlier of approval to construct a mine, mill and all related infrastructure for the Galore Creek project or the initiation of construction of a mine, mill or related infrastructure. The amount due is non-interest bearing. The decision for an approval and commencement of construction is contingent on the results of a prefeasibility study which is currently under way and feasibility study which has not yet occurred.

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ITEM 9.       CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A.       CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Chief Executive Officer and Chief Financial Officer of the Company, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of December 31, 2025, the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2025, the Company’s disclosure controls and procedures are effective to ensure information required to be disclosed by the Company in reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the required time periods and are designed to ensure that information required to be disclosed in its reports is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Management’s Report on Internal Control over Financial Reporting

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Company’s management assessed the effectiveness of the Company’s internal control over financial reporting at December 31, 2025. In making this assessment, the Company’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework 2013. Based upon its assessment, management concluded that, at December 31, 2025, the Company’s internal control over financial reporting was effective.

As permitted by the SEC Staff interpretive guidance for proportionately consolidated entities, the Company’s management excluded NGM from its assessment of internal control over financial reporting at December 31, 2025, as management does not have the ability to dictate, modify or assess the controls at NGM. The Company has implemented internal controls over financial reporting for recognizing its proportionate share of the assets, liabilities, and operations of NGM. Refer to Item 8 "Financial Statements and Supplementary Data" for NGM's "Report of Independent Registered Public Accounting Firm" for Opinion on the Financial Statements and Internal Controls over Financial Reporting.

NGM represented 13% of the Company’s consolidated Total assets at December 31, 2025, while its Sales comprised 16% of the Company’s consolidated sales and its Net income attributable to Newmont stockholders comprised 22% of the Company's net income for the year ended December 31, 2025.

Ernst & Young LLP, an independent registered public accounting firm that audited the consolidated financial statements of the Company included in this Annual Report on Form 10-K, has issued an attestation report on the effectiveness of the Company's internal control over financial reporting as of December 31, 2025. The report, which expresses an unqualified opinion on the effectiveness of the Company's internal control over financial reporting as of December 31, 2025, is included in this Item under the heading "Report of Independent Registered Public Accounting Firm."

Changes in Internal Controls

Subject to the above, there were no changes in the Company’s internal control over financial reporting that occurred during the three months ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors of Newmont Corporation

Opinion on Internal Control Over Financial Reporting

We have audited Newmont Corporation’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Newmont Corporation (the Company), based on our audit and the report of PricewaterhouseCoopers LLP, maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.

We did not audit the effectiveness of internal control over financial reporting of Nevada Gold Mines LLC, a 38.5% owned investment which is proportionately consolidated, whose financial statements reflect total assets constituting 13% of consolidated assets as of December 31, 2025 and sales constituting 16% of consolidated sales for the year ended December 31, 2025. The effectiveness of Nevada Gold Mines LLC’s internal control over financial reporting was audited by PricewaterhouseCoopers LLP, whose report has been furnished to us, and our opinion, insofar as it relates to the effectiveness of Nevada Gold Mines LLC’s internal control over financial reporting, is based solely on the report of PricewaterhouseCoopers LLP.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2025, the related notes and financial statement schedule in Item 15, and our report dated February 19, 2026 expressed an unqualified opinion thereon, based on our audit and the report of PricewaterhouseCoopers LLP.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit and the report of PricewaterhouseCoopers LLP provide a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Denver, Colorado

February 19, 2026

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ITEM 9B.       OTHER INFORMATION

Rule 10b5-1 Trading Plans

Our directors and executive officers may purchase or sell shares of our common stock in the market from time to time, including pursuant to equity trading plans adopted in accordance with Rule 10b5-1 under the Exchange Act and in compliance with guidelines specified by the Company’s stock trading standard, which has been filed and incorporated by reference as Exhibit 19 to this annual report. In accordance with Rule 10b5-1 and the Company’s stock trading standard, directors, officers and certain employees who, at such time, are not in possession of material non-public information about the Company are permitted to enter into written plans that pre-establish amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, including shares acquired pursuant to the Company’s employee and director equity plans (a “Rule 10b5-1 Trading Plan”). Under the Company’s stock trading standard, the first trade made pursuant to a Rule 10b5-1 trading plan may take place no earlier than 90 days after adoption of the trading plan. Under a Rule 10b5-1 trading plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them. The use of these trading plans permits asset diversification as well as financial and tax planning. Our directors and executive officers also may buy or sell additional shares outside of a Rule 10b5-1 plan when they are not in possession of material nonpublic information, subject to compliance with SEC rules, the terms of our stock trading standard and holding requirements. During the three months ended December 31, 2025, the following directors and executive officers adopted Rule 10b5-1 trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c):

On October 30, 2025, Tom Palmer, Chief Executive Officer and Director, adopted a 10b5-1 Trading Plan with a term of 12 months, and provided for the sale of up to 240,000 shares of common stock pursuant to the terms of the plan. The adoption of such 10b5-1 Trading Plan occurred during an open insider trading window and complied with the Company’s standards on insider trading. Mr. Palmer retired on December 31, 2025 and is no longer a Section 16 officer.

On December 1, 2025, Peter Wexler, Executive Vice President, Chief Legal Officer and Interim Chief Financial Officer, adopted a 10b5-1 Trading Plan with a term of 9 months, and provided for the sale of up to 13,378 shares of common stock pursuant to the terms of the plan. The adoption of such 10b5-1 Trading Plan occurred during an open insider trading window and complied with the Company’s standards on insider trading.

On December 17, 2025, Peter Toth, Executive Vice President, Chief Sustainability and Development Officer, adopted a 10b5-1 Trading Plan with a term of 12 months, and provided for the sale of up to 36,000 shares of common stock pursuant to the terms of the plan. The adoption of such 10b5-1 Trading Plan occurred during an open insider trading window and complied with the Company’s standards on insider trading.

On November 24, 2025, Mark Rodgers, Managing Director, Africa-Asia Pacific, adopted a 10b5-1 Trading Plan with a term of approximately 4 months, and provided for the sale of up to 38,845 shares of common stock pursuant to the terms of the plan. The adoption of such 10b5-1 Trading Plan occurred during an open insider trading window and complied with the Company’s standards on insider trading. Mr. Rogers was not a Section 16 officer at the time of execution of the listed 10b5-1 plan and was subsequently designated a Section 16 officer effective as of January 1, 2026.

On December 1, 2025, David Thornton, Managing Director, Americas, adopted a 10b5-1 Trading Plan with a term of 9 months, and provided for the sale of up to 43,964 shares of common stock pursuant to the terms of the plan. The adoption of such 10b5-1 Trading Plan occurred during an open insider trading window and complied with the Company’s standards on insider trading. Mr. Thornton was not a Section 16 officer at the time of execution of the listed 10b5-1 plan and was subsequently designated a Section 16 officer effective as of January 1, 2026.

During the three months ended December 31, 2025, no Section 16 directors and officers amended or terminated existing Rule 10b5-1 trading plans.

ITEM 9C.       DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

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PART III

ITEM 10.       DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information concerning Newmont’s executive officers, as of January 1, 2026, is set forth below:

Name

Age

Office

Natascha Viljoen (1)

55

President and Chief Executive Officer

Peter Wexler

58

Executive Vice President, Chief Legal Officer, and Interim Chief Financial Officer

Peter Toth

56

Executive Vice President and Chief Sustainability and Development Officer

Francois Hardy

54

Executive Vice President and Chief Technical Officer

Jennifer Cmil

55

Executive Vice President and Chief People Officer

Brian Tabolt

44

Senior Vice President, Global Finance and Chief Accounting Officer

Mark Rodgers (2)

61

Managing Director, Africa Asia Pacific

David Thornton (2)

45

Managing Director, Americas

David Fry (2)

46

Group Head, Projects and Studies

____________________________

(1)Tom Palmer stepped down from his role as Chief Executive Officer and as a member of the Board of Directors (the “Board”) on December 31, 2025 in connection with a planful leadership transition process. Natascha Viljoen was promoted from the role of President and Chief Operating Officer to President and Chief Executive Officer, effective January 1, 2026 and joined the Board as a non-independent director, effective as of the same date.

(2)Messrs. Rodgers, Thornton and Fry were each designated as Section 16 officers effective as of January 1, 2026, in coordination with Ms. Viljoen's appointment.

There are no family relationships by blood, marriage or adoption among any of the above executive officers or members of the Board of Directors of Newmont. Each executive officer is elected annually by the Board of Directors of Newmont to serve for one year or until his or her respective successor is elected and qualified. There is no arrangement or understanding between any of the above executive officers and any other person pursuant to which he or she was selected as an executive officer.

Ms. Viljoen was elected as President and Chief Executive Officer and as a member of the Board of Directors effective January 1, 2026. Ms. Viljoen joined Newmont’s Executive Leadership Team in October 2023 as Executive Vice President and Chief Operating Officer and was promoted to President and Chief Operating Officer in July 2025. Prior to joining Newmont, Ms. Viljoen served as Chief Executive Officer of Anglo American’s platinum business in South Africa since 2020, having previously held a series of operating and technical positions within the organization, including as Group Head of Processing. Prior to joining Anglo American, she spent six years at Lonmin, where she served on the executive committee as Executive Vice President of Processing, also with responsibility for several wider corporate functions, including sustainability. Ms. Viljoen holds an EMBA from the University of Cape Town and a Bachelor of Engineering from North West University.

Mr. Wexler joined Newmont in March 2024 as Executive Vice President and Chief Legal Officer. Effective July 11, 2025, Mr. Wexler was appointed interim Chief Financial Officer, and he will serve in the dual CLO / CFO role until a permanent CFO successor is elected. Mr. Wexler is a seasoned legal and risk management leader with more than three decades of international experience, including managing legal, risk, compliance, M&A, antitrust, litigation and corporate governance affairs within the industrial, technology, energy management, engineering, manufacturing and construction sectors. Before joining Newmont, he served as Chief Legal Officer at Schneider Electric, a Fortune Global 500 business, for 15 years. Prior to that, Mr. Wexler served as in-house counsel overseeing legal, risk and compliance at various companies, including American Power Conversion Corporation. Mr. Wexler holds a J.D. from American University Washington College of Law and a B.A. in History and Political Science from the University of Vermont.

Mr. Toth has served as Executive Vice President and Chief Sustainability and Development Officer since March 2025, after previously serving as Executive Vice President and Chief Development Officer since June 2023. Mr. Toth joined Newmont in July 2022 as Executive Vice President, Strategic Development and his role was expanded to include Sustainability in September of 2022 to become Executive Vice President and Chief Strategy and Sustainability Officer. Prior to joining Newmont, Mr. Toth worked at Rio Tinto from April 2014, with his last role being Group Executive, Strategy and Development, with accountability for business development/M&A, strategic partnerships, climate and sustainability strategy, closure, and exploration. Mr. Toth has more than 25 years of leadership experience working in the resources industry across various commodities. Mr. Toth has held senior strategic, commercial, and operational roles across Europe, Singapore, Australia and the United Kingdom with Rio Tinto, BHP, and OM Holdings. Mr. Toth holds a Bachelor of Business degree from Monash University, a Graduate Certificate in Management from Deakin University, and a Master of International Business degree from the University of Melbourne, in addition to executive development programs at INSEAD, Stanford and Oxford University.

Mr. Hardy has served as Executive Vice President and Chief Technical Officer since January 20206, having served as Chief Technology Officer from May 2024 to December 2025 and as Senior Vice President, Exploration from February 2022 to April 2024. Prior to this role he served as Regional Senior Vice President, Africa since April 2019. Prior to that he served as Regional Project Director for Newmont Australia and as the General Manager of Tanami gold mine where he led a team responsible for improving the operation into a world class asset. He joined Newmont in May 2002 and over his tenure has held a number of roles in Global Program Management,

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Business Excellence, Technical Services and Senior Site Leadership roles at several Newmont assets in Australia. Prior to Newmont, Mr. Hardy held positions at Avmin Ltd, De Beers Consolidated Mines and Anglovaal Ltd. Mr. Hardy holds a Bachelor's degree in Mine Engineering from Technikon Witwatersrand, a National Higher Diploma in Metalliferous Mining from the University of Johannesburg as well as Management Certificate of Competencies for Western Australia and South Africa.

Ms. Cmil is Executive Vice President and Chief People Officer of Newmont, positions she has held since October 2019. Prior to that, Ms. Cmil served as Senior Vice President, Human Resources since June 2019 and as Vice President, Talent Management since February 2018. Ms. Cmil first joined Newmont in 2010 as Senior Director, Human Resources. Prior to joining Newmont, Ms. Cmil held leadership positions in human resources across multiple industries, including Vice President of Human Resources at Level 3 Telecommunications, Senior Human Resources Director at KB Home and Human Resources Partner at Sun Microsystems, where she began her career in 1994. Ms. Cmil holds a Bachelor of Science degree from Syracuse University and a Master of Industrial and Labor Relations from Cornell University.

Mr. Tabolt was appointed to Senior Vice President, Global Finance and Chief Accounting Officer in December 2024. Mr. Tabolt held a strategic leadership role as Group Head, Financial Planning and Analysis since May 2023. Prior to that, Mr. Tabolt was elected Interim Chief Financial Officer in November 2022 after having served as Vice President, Controller and Chief Accounting Officer since May 2021. Before joining Newmont Corporation, Mr. Tabolt served as Molson Coors Beverage Company’s Vice President, Controller and Chief Accounting Officer since 2014 and held other senior management roles within Molson Coors’ Accounting function, including as Senior Director of SEC Reporting and Technical Accounting and Senior Manager Technical Accounting. Mr. Tabolt began his career in public accounting with Deloitte, holds Bachelor and Master of Science degrees in Accounting from Pennsylvania State University and is a Certified Public Accountant.

Mr. Rodgers is Managing Director of Newmont's Africa, Asia Pacific Business Unit. Prior to that role, he served as Managing Director, APAC beginning in December 2024 until October 2025, and Managing Director, LATAC (Senior Vice President, South America) from October 2022 to August 2024. Mr. Rodgers also served as Senior Vice President, North America from August 2021 to October 2022 and Vice President, Productivity Australia from April 2020 to August 2021. Before joining Newmont, he held a number of senior leadership positions with Rio Tinto and BHP, building a career spanning more than 30 years in the resources sector. Mr. Rodgers holds a Bachelor of Science degree in Mineral Processing (Extractive Metallurgy) from Murdoch University and a Post‑graduate qualification in Mineral Economics from Curtin University, Western Australia School of Mines.

Mr. Thornton is Managing Director of Newmont's Americas Business Unit. Prior to that role, he served as Managing Director, Latin America and Caribbean from August 2024 to October 2025, having previously served as Managing Director, Africa from August 2024 to February 2022 and Vice President, Productivity North America from March 2020 to February 2022. Prior to that he held several operational management roles including Vice President, Operations for USA & Canada; General Manager, Carlin Mine; and Mine Manager, Leeville Mine. Before joining Newmont in 2013, Mr. Thornton held operational and technical leadership roles with Gold Fields and Barrick. He holds a Bachelor’s Degree in Mining Engineering from Curtin University, Western Australia School of Mines, and an Executive MBA from the University of Utah.

Mr. Fry joined Newmont in December 2022 as Senior Vice President, Projects, and was appointed Group Head, Projects in May 2023 and to Group Head, Projects and Studies in January 2026. Prior to joining Newmont, Mr. Fry served in several senior leadership roles at Rio Tinto, including Managing Director, Projects for four years and Managing Director, Project Services prior to that. He also held leadership positions at UGL, Origin Energy, and Energex, bringing extensive experience across major capital projects, engineering, and energy operations. Mr. Fry holds a Master’s Degree in Project Management from the University of Southern Queensland and a Master’s Degree in Finance from the Queensland University of Technology.

The information about directors required by Item 401(a), (d), (e) and (f) of Regulation S-K and contained under the heading “Election of Directors” in the Notice of the 2026 Annual Meeting of Stockholders and 2026 Proxy Statement, to be filed pursuant to Regulation 14A promulgated under the Securities Exchange Act of 1934 for the 2026 Annual Stockholders Meeting (the “2026 Proxy Statement”), is incorporated by reference into this annual report on Form 10-K.

The information required by Item 405 of Regulation S-K and contained under the heading “Delinquent Section 16(a) Reports” in the 2026 Proxy Statement is incorporated by reference into this annual report on Form 10-K.

The information required by Item 406 of Regulation S-K and contained under the heading “Corporate Governance—Code of Conduct” in the 2026 Proxy Statement is incorporated by reference into this annual report on Form 10-K.

The information required by Item 407(d)(4) and (5) of Regulation S-K and contained under the heading “Committees of the Board of Directors and Attendance—Committee Memberships” in the 2026 Proxy Statement is incorporated by reference into this annual report on Form 10-K.

The information required by Item 408(b) of Regulation S-K and contained under the heading “Executive Compensation Policies and Practices — Restrictions on Trading Stock” in the 2026 Proxy Statement is incorporated by reference into this annual report on Form 10-K.

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ITEM 11.       EXECUTIVE COMPENSATION

The information required by Item 402 of Regulation S-K and contained under the headings “Compensation Discussion and Analysis,” “2025 Executive Compensation Tables,” “Additional Benefits and Tables,” and “Corporate Governance — Director Compensation” in the 2026 Proxy Statement is incorporated by reference into this annual report on Form 10-K.

The information required by Item 407(e)(5) of Regulation S-K and contained under the heading “Report of the Leadership Development and Compensation Committee on Executive Compensation” in the 2026 Proxy Statement is incorporated by reference into this annual report on Form 10-K.

ITEM 12.       SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Equity Compensation Plan Information

The following table sets forth at December 31, 2025 information regarding Newmont’s Common Stock that may be issued under Newmont’s equity compensation plans:

Number of Securities to be issued upon exercise of outstanding options, warrants and rights

Weighted average exercise price of outstanding options, warrants and rights

Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))

Plan Category

(a)

(b) (1)

(c)

Equity compensation plans approved by security holders (2)

4,661,686

N/A

18,214,007

(3)

Equity compensation plans not approved by security holders

—

N/A

—

____________________________

(1)The weighted average exercise price does not take into account the shares issuable upon vesting of restricted stock units, performance leveraged stock units.

(2)Newmont’s 2020 Stock Incentive Plan was approved by the stockholders on April 21, 2020. A maximum of 20,000,000 shares of Newmont's Common Stock, plus up to 3,644,782 shares available for grant under the 2013 Incentive Plan as of May 1, 2020, were authorized to be issued under the 2013 Stock Incentive Plan at that time. There are currently 18,214,007 shares registered and available to grant under the 2020 Stock Incentive Plan. There are no equity compensation plans not approved by stockholders.

(3)Securities remaining available for future issuance under the 2020 Stock Incentive Plan. No additional grants or awards will be made under any of the Company’s other plans.

The information required by Item 403 of Regulation S-K and contained under the heading “Beneficial Ownership of Common Stock” in the 2026 Proxy Statement is incorporated by reference into this annual report on Form 10-K.

ITEM 13.       CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by Item 404 of Regulation S-K and contained under the heading “Corporate Governance—Related Person Transactions” in the 2026 Proxy Statement is incorporated by reference into this annual report on Form 10-K.

The information required by Item 407(a) of Regulation S-K and contained under the heading “Proposal One—Election of Directors—Independence of Directors” in the 2026 Proxy Statement is incorporated by reference into this annual report on Form 10-K.

ITEM 14.       PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by Item 9(e) of Schedule 14A and contained under the heading “Proposal Three — Ratification of Appointment of Independent Registered Public Accounting Firm” and “Independent Auditors Fees” in the 2026 Proxy Statement is incorporated by reference into this annual report on Form 10-K.

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PART IV

ITEM 15.       EXHIBITS, FINANCIAL STATEMENT SCHEDULES

The following documents are filed as a part of this report:

Financial Statements

The Consolidated Financial Statements, together with the reports of the independent auditors thereon dated February 19, 2026, are included as part of Item 8, Financial Statements and Supplementary Data.

			Page
Reports of Independent Registered Public Accounting Firms			124
Consolidated Statements of Operations			128
Consolidated Statements of Comprehensive Income (Loss)			129
Consolidated Balance Sheets			130
Consolidated Statements of Cash Flows			131
Consolidated Statements of Changes in Equity			133
Notes to Consolidated Financial Statements			134

Financial Statement Schedules:

Included on page SCH-2 is Schedule II - Valuation and Qualifying Accounts.

Exhibits:

Exhibit Number						Description
3.1			-			Second Amended and Restated Certificate of Incorporation of Registrant, dated November 3, 2023. Incorporated by reference to Exhibit 3.1 to Registrants’ Form 8-K filed with the Securities and Exchange Commission on November 6, 2023.
3.2			-			By-Laws of the Registrant, amended and restated as of February 19, 2025. Incorporated by reference to Exhibit 3.2 to Registrant's Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 21, 2025.
4.1			-			Indenture, dated as of March 22, 2005, among the Registrant, Newmont USA Limited and Citibank, N.A. (including the form of notes and form of guarantee under Article 2 thereof). Incorporated by reference to Exhibit 4.1 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on March 22, 2005.
4.2			-			First Supplemental Indenture, dated July 1, 2019, among Registrant, Newmont USA Limited, Nevada Gold Mines LLC and The Bank of New York Mellon Trust Company, N.A., as trustee. Incorporated by reference to Exhibit 4.2 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on July 5, 2019.
4.3			-			Second Supplemental Indenture, dated as of August 23, 2019, among Registrant, Newmont USA Limited and the Bank of New York Mellon Trust Company, N.A., as trustee. Incorporated by reference to Exhibit 4.3 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on August 29, 2019.
4.4			-			Base Indenture, dated September 18, 2009, among Registrant, Newmont USA Limited and The Bank of New York Mellon Trust Company, N.A., as trustee. Incorporated by reference to Exhibit 4.1 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on September 18, 2009.
4.5			-			First Supplemental Indenture, dated September 18, 2009, among Registrant, Newmont USA Limited and The Bank of New York Mellon Trust Company, N.A., as trustee (including form of 6.250% Senior Note due 2039, and forms of Guaranty for the 2039 Notes). Incorporated by reference to Exhibit 4.2 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on September 18, 2009.
4.6			-			Second Supplemental Indenture, dated March 8, 2012, among Registrant, Newmont USA Limited and The Bank of New York Mellon Trust Company, N.A., as trustee (including form of 4.875% Senior Note due 2042, and forms of Guaranty for the 2042 Notes). Incorporated by reference to Exhibit 4.2 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on March 9, 2012.
4.7			-			Third Supplemental Indenture, dated as of September 16, 2019, among Registrant, Newmont USA Limited and the Bank of New York Mellon Trust Company, N.A., as trustee. Incorporated by reference to Exhibit 4.2 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on September 16, 2019.
4.8			-			Form of 2.800% Senior Notes due 2029 (included as Exhibit A of Exhibit 4.7). Incorporated by reference to Exhibit 4.2 to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on September 16, 2019.

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4.9			-			Form of Guaranty for the 2.800% Senior Notes due 2029 (included as Exhibit A of Exhibit 4.7). Incorporated by reference to Exhibit 4.2 to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on September 16, 2019.
4.10			-			Fourth Supplemental Indenture, dated as of March 18, 2020, among the Company, The Guarantor and the Trustee. Incorporated by reference to Exhibit 4.2 to Registrant's Form 8-K filed with the Securities and Exchange Commission on March 18, 2020.
4.11			-			Form of 2.250% Notes due 2030 (included as Exhibit A of Exhibit 4.8). Incorporated by reference to Exhibit 4.2 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on March 18, 2020.
4.12			-			Fifth Supplemental Indenture, dated as of December 20, 2021, among the Company, the Guarantor and the Trustee. Incorporated by reference to Exhibit 4.2 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on December 21, 2021.
4.13			-			Form of 2.600% Sustainability-Linked Senior Notes due 2032 (included as Exhibit A of Exhibit 4.11). Incorporated by reference to Exhibit 4.2 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on December 21, 2021.
4.14			-			Indenture, dated as of April 22, 2019, by and among Registrant, Newmont USA Limited and The Bank of New York Mellon Trust Company, N.A. Incorporated by reference to Exhibit 4.1 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on April 23, 2019.
4.15			-			Form of 5.450% Notes due 2044 (included as Exhibit C of Exhibit 4.14). Incorporated by reference to Exhibit 4.1 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on April 23, 2019.
4.16			-			Indenture, dated as of December 28, 2023, by and among Registrant, Newcrest Finance Pty Limited, Newmont USA Limited and The Bank of New York Mellon Trust Company, N.A. Incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on December 28, 2023.
4.17			-			Form of 3.250% Notes due 2030 (included as Exhibit A of Exhibit 4.16). Incorporated by reference to Exhibit 4.1 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on December 28, 2023.
4.18			-			Form of 5.75% Notes due 2041 (included as Exhibit B of Exhibit 4.16). Incorporated by reference to Exhibit 4.1 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on December 28, 2023.
4.19			-			Form of 4.200% Notes due 2050 (included as Exhibit C of Exhibit 4.16). Incorporated by reference to Exhibit 4.1 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on December 28, 2023.
4.20			-			Indenture, dated as of March 7, 2024, by and among Newmont Corporation, Newcrest Finance Pty Limited, Newmont USA Limited and The Bank of New York Mellon Trust Company, N.A. Incorporated by reference to Exhibit 4.1 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on March 8, 2024.
4.21			-			Form of 5.35% Notes due 2034 (included as Exhibit B of Exhibit 4.20). Incorporated by reference to Exhibit 4.2 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on March 8, 2024.
4.22			-			Registration Rights Agreement, dated as of March 7, 2024, by and among Newmont Corporation, BMO Capital Markets Corp., Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC. Incorporated by reference to Exhibit 4.4 to Registrant's Form 8-K filed with the Securities and Exchange Commission on March 8, 2024.
4.23			-			Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of holders of certain long-term debt are not filed. The Registrant agrees to furnish copies thereof to the Securities and Exchange Commission upon request.
4.24			-			Description of Securities of Registrant registered under Section 12 of the Securities Exchange Act of 1934, filed herewith.
10.1*			-			2005 Stock Incentive Plan, amended and restated effective October 26, 2005. Incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on October 31, 2005.
10.2*			-			2013 Stock Incentive Plan. Incorporated by reference to Appendix A of the Registrant’s Schedule 14A filed with the Securities and Exchange Commission on March 7, 2013.
10.3*			-			2020 Stock Incentive Plan. Incorporated by reference to Annex A of the Registrant's Schedule 14A filed with the Securities and Exchange Commission on March 6, 2020.
10.4*			-			Form of Award Agreement used for non-employee Directors to grant director stock units pursuant to the 2005 Stock Incentive Plan. Incorporated by reference to Exhibit 10.1 of the Registrant’s Form 8-K filed with the Securities and Exchange Commission on June 17, 2005.

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10.5*			-			Form of Award Agreement used for non-employee Directors to grant director stock units pursuant to Registrant’s 2013 Stock Incentive Plan. Incorporated by reference to Exhibit 10.8 to the Registrant’s Form 10-Q for the period ended June 30, 2013, filed with the Securities and Exchange Commission on July 26, 2013.
10.6*			-			Form of Global 2018 Director Stock Unit Award Agreement to grant director stock units, pursuant to Registrant’s 2013 Stock Incentive Plan. Incorporated by reference to Exhibit 10.23 to the Registrant’s Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on February 21, 2019.
10.7*			-			Form of Global 2019 Director Stock Unit Award Agreement to grant director stock units, pursuant to Registrant’s 2013 Stock Incentive Plan. Incorporated by reference to Exhibit 10.16 to the Registrants Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on February 20, 2020.
10.8*			-			Offer of Director Stock Units to Australian Resident Directors regarding the grant of Director Stock Units under the Registrant’s 2013 Stock Incentive Plan to eligible Australian resident directors of Registrant. Incorporated by reference to Exhibit 10.24 to the Registrant’s Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on February 21, 2019.
10.9*			-			Form of Global 2020 Director Stock Unit Award Agreement to grant director stock units, pursuant to Registrant's 2013 Stock Incentive Plan. Incorporated by reference to Exhibit 10.3 to the Registrant's Form 10-Q for the period ended March 31, 2020, filed with the Securities and Exchange Commission on May 5, 2020.
10.10*			-			Form of Global 2020 Director Stock Unit Award Agreement to grant director stock units, pursuant to Registrant’s 2020 Stock Incentive Plan. Incorporated by reference to Exhibit 10.3 to the Registrant's Form 10-Q for the period ended June 30, 2020, filed with the Securities and Exchange Commission on July 30, 2020.
10.11*			-			Form of Global 2022 Director Stock Unit Award Agreement to grant director stock units, pursuant to Registrant's 2020 Stock Incentive Plan. Incorporated by reference to Exhibit 10.3 of the Registrant’s Form 10-Q for the period ending March 31, 2022, filed with the Securities and Exchange Commission on April 22, 2022.
10.12*			-			2023 Form of Director Stock Unit Award Agreement to grant director stock units, pursuant to Registrant's 2020 Stock Incentive Plan. Incorporated by reference to Exhibit 10.5 of the Registrant’s Form 10-Q for the period ending March 31, 2023, filed with the Securities and Exchange Commission on April 27, 2023.
10.13*			-			Form of Global 2024 Director Stock Unit Award Agreement to grant director stock units, pursuant to Registrant's 2020 Stock Incentive Plan. Incorporated by reference to Exhibit 10.2 to Registrant's Form 10-Q filed with the Securities and Exchange Commission on April 29, 2024.
10.14*			-			Form of 2025 Global Director Restricted Stock Unit Award Agreement. Incorporated by reference to Exhibit 10.3 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on May 2, 2025.
10.15*			-			2023 Form of Award Agreement used for Executive Officers to grant performance stock units, pursuant to Registrant's 2020 Stock Incentive Plan. Incorporated by reference to Exhibit 10.3 to the Registrant’s Form 10-Q for the period ending March 31, 2023, filed with the Securities and Exchange Commission on April 27, 2023.
10.16*			-			2024 Form of Award Agreement used for Executive Officers to grant performance stock units, pursuant to Registrant's 2020 Stock Incentive Plan. Incorporated by reference to Exhibit 10.59 to Registrant’s Form 10-K filed with the Securities and Exchange Commission on February 29, 2024.
10.17*			-			2025 Form of Award Agreement used for Executive Officers to grant performance stock units, pursuant to Registrant's 2020 Stock Incentive Plan. Incorporated by reference to Exhibit 10.17 to Registrant's Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 21, 2025.
10.18*			-			2026 Form of Award Agreement used for Executive Officers to grant performance stock units, pursuant to Registrant's 2020 Stock Incentive Plan, filed herewith.
10.19*			-			2023 Form of Award Agreement used globally to grant restricted stock units, pursuant to Registrant's 2020 Stock Incentive Plan. Incorporated by reference to Exhibit 10.4 to the Registrant’s Form 10-Q for the period ending March 31, 2023, filed with the Securities and Exchange Commission on April 27, 2023.
10.20*			-			2024 Form of Award Agreement used globally to grant restricted stock units, pursuant to Registrant's 2020 Stock Incentive Plan. Incorporated by reference to Exhibit 10.57 to Registrant’s Form 10-K filed with the Securities and Exchange Commission on February 29, 2024.
10.21*			-			2024 Form of Award Agreement used globally to grant off cycle restricted stock units, pursuant to Registrant's 2020 Stock Incentive Plan. Incorporated by reference to Exhibit 10.58 to Registrant’s Form 10-K filed with the Securities and Exchange Commission on February 29, 2024.

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10.22*			-			2025 Form of Award Agreement used globally to grant restricted stock units, pursuant to Registrant's 2020 Stock Incentive Plan. Incorporated by reference to Exhibit 10.22 to Registrant's Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 21, 2025.
10.23*			-			2025 Restricted Stock Unit Agreement for Supplemental Restricted Stock Unit Award to Natascha Viljoen, dated May 1, 2025. Incorporated by reference to Exhibit 10.1 to Registrant's Form 8-K filed with the Securities and Exchange Commission on May 2, 2025.
10.24*			-			2026 Form of Award Agreement used globally to grant restricted stock units, pursuant to Registrant's 2020 Stock Incentive Plan, filed herewith.
10.25*			-			Senior Executive Compensation Program of Registrant, effective January 1, 2023. Incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-Q for the period ending March 31, 2023, filed with the Securities and Exchange Commission on April 27, 2023.
10.26*			-			2025 Newmont Section 16 Officer Short-Term Incentive Plan. Incorporated by reference to Exhibit 10.2 to Registrant's Form 8-K filed with the Securities and Exchange Commission on May 2, 2025.
10.27*			-			Newmont Equity Bonus Program for Grades E-5 to E-6, effective January 1, 2023. Incorporated by reference to Exhibit 10.2 to the Registrant’s Form 10-Q for the period ending March 31, 2023, filed with the Securities and Exchange Commission on April 27, 2023.
10.28*			-			2012 Executive Change of Control Plan, effective January 1, 2012, of Newmont USA Limited, a wholly owned subsidiary of Registrant. Incorporated by reference to Exhibit 10.57 to the Registrant’s Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission on February 24, 2012.
10.29*			-			Amendment One to the 2012 Executive Change of Control Plan of Newmont, amended and restated by Newmont USA Limited, a wholly owned subsidiary of Registrant, effective January 1, 2020. Incorporated by reference to Exhibit 10.2 to Registrant's Form 10-Q for the period ended September 30, 2020, filed with the Securities and Exchange Commission on October 29, 2020.
10.30*			-			Severance Plan for Section 16 Officers of Newmont, effective January 1, 2025. Incorporated by reference to Exhibit 10.34 to Registrant's Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 21, 2025.
10.31*			-			Transition Agreement between Newmont Corporation and Tom Palmer dated September 28, 2025. Incorporated by reference to Exhibit 10.1 to Registrant's Form 8-K filed with the Securities and Exchange Commission on September 29, 2025.
10.32*			-			Mineral Agreement dated and effective as of November 22, 2013, between the Republic of Suriname and Suriname Gold Company, LLC., a wholly owned subsidiary of the Registrant, as clarified by bulletin and letters dated September 10, 2013 and November 21, 2013, respectively. Incorporated by reference to Exhibit 10.2 to Registrant’s Form 10-Q for the period ended June 30, 2014 filed with the Securities and Exchange Commission on July 30, 2014.
10.33			-			2015 Investment Agreement between the Republic of Ghana and Newmont Ghana Gold Limited. Incorporated by reference to Exhibit 10.1 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on December 22, 2015.
10.34			-			Credit Agreement, dated as of April 4, 2019, among Registrant, the lenders party thereto, and Citibank, N.A., as administrative agent, Bank of Montreal, Chicago Branch, and JPMorgan Chase Bank, N.A. as co-syndication agents, and The Bank of Nova Scotia, BNP Paribas Securities Corp. and TD Securities (USA) LLC, as co-documentation agents. Incorporated by reference to Exhibit 10.1 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on April 10, 2019.
10.35			-			First Amendment Agreement, dated as of March 30, 2021, to the Credit Agreement, dated as of April 4, 2019, among the Registrant as borrower, and the lenders party thereto, and Citibank N.A., as administrative agent. Incorporated by reference to Exhibit 10.1 to Registrant's Form 8-K filed with the Securities and Exchange Commission on March 31, 2021.
10.36			-			Second Amendment Agreement, dated as of April 14, 2023, to the Credit Agreement, dated as of April 4, 2019, among the Registrant as borrower, and the lenders party thereto, and Citibank N.A., as administrative agent. Incorporated by reference to Exhibit 10.6 to Registrant's Form 10-Q for the period ended March 31, 2023 filed with the Securities and Exchange Commission on April 27, 2023.
10.37			-			Amended and Restated Credit Agreement, dated as of February 15, 2024, to the Credit Agreement, dated as of April 4, 2019, among the Registrant as borrower, the lenders issuing banks party thereto, and Citibank N.A., as administrative agent. Incorporated by reference to Exhibit 10.1 to Registrant's Form 8-K filed with the Securities and Exchange Commission on February 22, 2024.
10.38			-			Amended and Restated Limited Liability Company Agreement of Nevada Gold Mines LLC, dated July 1, 2019, among Barrick Gold Corporation, Barrick Nevada Holding LLC, Registrant, Newmont USA Limited and Nevada Gold Mines LLC. Incorporated by reference to Exhibit 10.1 to Registrant’s Form 8-K filed with the Securities and Exchange Commission on July 5, 2019.
19			-			Stock Trading Standard of Newmont Corporation. Incorporated by reference to Exhibit 19 to Registrant’s Form 10-K filed with the Securities and Exchange Commission on February 29, 2024.
21			-			Subsidiaries of Newmont Corporation. Incorporated by reference to Exhibit 21 to Registrant’s Form 10-K, filed herewith.

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22			-			Subsidiary Co-Issuer and Subsidiary Guarantor, filed herewith.
23.1			-			Consent of Ernst & Young LLP, filed herewith.
23.2			-			Consent of PricewaterhouseCoopers LLP, filed herewith.
23.3			-			Consent of Qualified Person, filed herewith.
23.4			-			Consent of Qualified Person, filed herewith.
24			-			Power of Attorney, filed herewith.
31.1			-			Certification Pursuant to Rule 13A-14 or 15-D-14 of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 signed by the Principal Executive Officer, filed herewith.
31.2			-			Certification Pursuant to Rule 13A-14 or 15-D-14 of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 signed by the Principal Financial Officer, filed herewith.
32.1			-			Statement Required by 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 signed by the Principal Executive Officer, furnished herewith.
32.2			-			Statement Required by 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 signed by the Principal Financial Officer, furnished herewith.
95			-			Information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Incorporated by reference to Exhibit 95 to Registrant’s Form 10-Q filed with the Securities and Exchange Commission on April 24, 2025.
96.1			-			Boddington Operations, Western Australia, Technical Report Summary, effective as of December 31, 2025, filed herewith.
96.2			-			Cadia Operations, Australia, Technical Report Summary, effective as of December 31, 2025, filed herewith.
96.3			-			Lihir Operations, Papua New Guinea, Technical Report Summary, effective as of December 31, 2025, filed herewith.
96.4			-			Ahafo Complex, Ghana, Technical Report Summary, effective as of December 31, 2025, filed herewith.
96.5			-			Nevada Gold Mines, Nevada USA, Technical Report Summary, effective as of December 31, 2024. Incorporated by reference to Exhibit 96.3 to Registrant's Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 21, 2025.
97.1			-			Newmont Corporation Clawback Policy (or the Recovery of Erroneously Awarded Compensation). Incorporated by reference to Exhibit 97.1 to Registrant's Form 10-K filed with the Securities and Exchange Commission on February 21, 2025.
101			-			101.INS			XBRL Instance - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
						101.SCH			XBRL Taxonomy Extension Schema
						101.CAL			XBRL Taxonomy Extension Calculation
						101.DEF			XBRL Taxonomy Extension Definition
						101.LAB			XBRL Taxonomy Extension Labels
						101.PRE			XBRL Taxonomy Extension Presentation
104			-			Cover Page Interactive Data File (embedded within the XBRL document)

____________________________

*These exhibits relate to executive compensation plans and arrangements.

ITEM 16.       FORM 10-K SUMMARY

None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.

			NEWMONT CORPORATION
			By:			/s/ PETER I. WEXLER
						Executive Vice President, Chief Legal Officer, and Interim Chief Financial Officer
						February 19, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on February 19, 2026.

Signature						Title
*						President, Chief Executive Officer and Director
Natascha Viljoen						(Principal Executive Officer)
*						Executive Vice President, Chief Legal Officer, and Interim Chief Financial Officer
Peter I. Wexler						(Principal Financial Officer)
*						Senior Vice President, Global Finance and Chief Accounting Officer
Brian C. Tabolt						(Principal Accounting Officer)
Gregory H. Boyce*						Non-Executive Chair
Bruce R. Brook*						Director
Maura J. Clark*						Director
Harry M. Conger, IV*						Director
Emma FitzGerald*						Director
Sally-Anne Layman*						Director
José Manuel Madero Garza*						Director
René Médori*						Director
Jane Nelson*						Director
Julio M. Quintana*						Director
David Seaton*						Director

*By:			/s/ PETER I. WEXLER
			Peter I. Wexler Attorney-in-Fact

SCH- 1

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SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

(dollars in millions except per share)

			Year Ended December 31,
			2025						2024						2023
Deferred Income Tax Valuation Allowance
Balance at beginning of year			$	4,363					$	4,652					$	3,994
Additions due to acquisition of Newcrest			—						168						300
Additions to deferred income tax expense			498						80						565
Reduction of deferred income tax expense			(203)						(382)						(207)
Additions and reductions reflected in other components of the financial statements			124						(155)						—
Balance at end of year			$	4,782					$	4,363					$	4,652

Refer to Note 10 to the Consolidated Financial Statements for additional information.

SCH- 2

FAQ

How did Newmont (NEM) perform financially in 2025?

Newmont reported much stronger 2025 results, with sales of $22,669 million and net income from continuing operations attributable to stockholders of $7,085 million or $6.39 per diluted share. Higher realized gold prices, divestment gains and lower costs were key contributors.

What were Newmont’s 2025 cash flow and liquidity levels?

Newmont generated $10,334 million in operating cash flow from continuing operations and $7,299 million in free cash flow in 2025. It ended the year with $7.6 billion of consolidated cash and $11.6 billion of total liquidity, even after debt redemptions and share repurchases.

How did Newmont’s gold production and prices change in 2025?

Attributable gold production was about 6 million ounces, down 14% from 2024, mainly due to asset divestitures. However, the average realized gold price increased to $3,498 per ounce, up from $2,408 in 2024 and $1,954 in 2023, supporting higher revenue.

What major portfolio changes did Newmont (NEM) make in 2025?

Newmont completed the sale of the CC&V, Musselwhite, Éléonore, Porcupine and Akyem segments and the Coffee development project in 2025, following the earlier Telfer sale. These divestitures were part of a portfolio optimization program launched after acquiring Newcrest Mining Limited.

Which key growth projects is Newmont progressing?

Newmont is advancing Tanami Expansion 2 in Australia, targeting commercial production in the second half of 2027 with total capital of $1,700–$1,800 million, and the Cadia panel caves, expected to complete cave establishment by late 2026 and final drawbells by 2029.

What dividends did Newmont pay and declare for 2025?

In 2025, Newmont paid regular cash dividends of $1.00 per common share and declared total regular cash dividends of $1.01 per share for the year. These distributions came alongside significant debt reduction and share repurchases funded by robust free cash flow.

How is Newmont addressing ESG and climate-related goals?

Newmont highlights ESG as central to its strategy, with science-based 2030 greenhouse gas reduction targets and an ambition for carbon neutrality by 2050. It issued $1 billion of sustainability-linked notes in 2021 and provides detailed sustainability reporting aligned with GRI, SASB and ICMM frameworks.