NEWMONT Corp DE

The details of our Net income (loss) from continuing operations attributable to Newmont stockholders are set forth below:

The increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the three months ended March 31, 2025, compared to the same period in 2024, is primarily due to (i) an increase in Sales resulting from higher average realized gold prices, (ii) a net gain recognized within(Gain) loss on sale of assets held for sale largely resulting from the completion of the sales of the CC&V, Musselwhite, and Éléonore reportable segments compared to a loss in the prior period as a result of write-downs on assets held for sale, and (iii) an increase in unrealized gains on the change in fair value of investments and options. This increase was partially offset by the increase in income tax expense recognized within Income and mining tax benefit (expense).

The details and analyses of our Sales for all periods presented are set forth below. Refer to Note 5 to the Condensed Consolidated Financial Statements for further information.

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

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

(3)Per ounce/pound measures may not recalculate due to rounding.

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

(2)For the three months ended March 31, 2024 the Company sold 36 thousand tonnes of copper, 29 thousand tonnes of lead, and 61 thousand tonnes of zinc.

(3)Per ounce/pound measures may not recalculate due to rounding.

The change in consolidated Sales is due to:

For discussion regarding drivers impacting sales volumes by site, see Results of Consolidated Operations below.

The details of our Costs applicable to sales are set forth below. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.

Costs applicable to salesfor the three months ended March 31, 2025 was in-line with same period in 2024, primarily as a result of an increase in Costs applicable to salesat Ahafo due to higher third-party royalties, offset by a decease in Costs applicable to sales resulting from the sale of the assets of the Telfer reportable segment in the fourth quarter of 2024.

For discussion regarding other significant drivers impacting Costs applicable to salesby site, see Results of Consolidated Operations below.

The details of our Depreciation and amortization are set forth below. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.

The decrease in Depreciation and amortizationfor the three months ended March 31, 2025, compared to the same period in 2024, is primarily due to the cessation of depreciation and amortization beginning in March 2024 for sites classified as held for sale, partially offset by higher depreciation rates at Peñasquito as a result of higher gold ounces mined and higher depreciation rates from change in reserves.

For discussion regarding other significant drivers impacting Depreciation and amortizationby site, see Results of Consolidated Operations below.

Interest expense, net of capitalized interestwas $79 and $93 during the three months ended March 31, 2025 and 2024, respectively. Interest expense, net of capitalized interest decreased during the three months ended March 31, 2025, compared to the same period in 2024, primarily due to the reduction in Debt which was driven by the full redemption the outstanding 2026 Senior Notes and the partial redemption of certain senior notes. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.

Income and mining tax expense (benefit) was $647 and $260 during the three months ended March 31, 2025 and 2024, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the USD and foreign currencies; and (vii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 9 to the Condensed Consolidated Financial Statements for further discussion of income taxes.

(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity income (loss) of affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 to the Condensed Consolidated Financial Statements.

(2)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.

(3)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.

The Organisation for Economic Co-operation and Development has issued the Global Anti-Base Erosion Model Rules (“Pillar II”) which generally provides for multinational organizations to have a minimum effective corporate tax rate of 15% in each jurisdiction in which they operate, which went into effect in 2024. As Newmont primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to the consolidated financial statements.

Refer to the Notes to the Condensed Consolidated Financial Statements for explanations of other financial statement line items.