NEWMONT Corp DE

Newmont has developed gold equivalent ounces ("GEO") metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead, and zinc. 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:

(2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures, below.

(3)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.

(4)Consists of sites remaining designated as held for sale at March 31, 2025. Sites were classified as held for sale beginning in the first quarter of 2024, and as such, the Company ceased recording depreciation and amortization at these sites in March 2024. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.

(5)In the first quarter of 2025, the Company completed the sales of the CC&V, Musselwhite, and Éléonore reportable segments. In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment. 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. Additionally, as a result of the sales, the comparative results of operations for the first quarter are not meaningful. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.

(6)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.

(7)For the three months ended March 31, 2025 and 2024, Red Chris produced 16 million and 11 million pounds of copper, respectively.

(8)For the three months ended March 31, 2025, Peñasquito produced 6 million ounces of silver, 49 million pounds of lead and 131 million pounds of zinc. For the three months ended March 31, 2024, Peñasquito produced 9 million ounces of silver, 61 million pounds of lead and 127 million pounds of zinc.

(9)For the three months ended March 31, 2025 and 2024, Boddington produced 14 million and 20 million pounds of copper, respectively.

(10)For the three months ended March 31, 2025 and 2024, Cadia produced 46 million and 47 million pounds of copper, respectively.

(11)For the three months ended March 31, 2024, Telfer produced 3 million pounds of copper.

(12)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.

(13)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 32% interest, and is accounted for as an equity method investment on a quarter lag. Due to the quarter lag, comparative results of operations are not meaningful for the three months ended March 31, 2025.

Three Months Ended March 31, 2025 compared to 2024

Ahafo, Ghana. Gold production increased 8% primarily due to higher ore grade milled and a lower buildup of in-circuit inventory, partially offset by lower mill throughput. Costs applicable to sales per gold ounce increased 43% primarily due to higher third-party royalties, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce decreased 12% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce increased 45% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.

Brucejack, Canada. Gold production increased 11% primarily due to higher mill throughput, partially offset by lower ore grade milled. Costs applicable to sales per gold ounce decreased 17% primarily due to higher gold ounces sold and lower contracted service costs, partially offset by higher underground maintenance costs. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce decreased 14% primarily due to lower Costs applicable to sales per gold.

Red Chris, Canada. Gold production increased 133% primarily due to higher ore grade milled. Gold equivalent ounces - other metals production increased 14% primarily due to higher other metals produced of 38% as a result of higher ore grade milled, partially offset by a change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 24%. Costs applicable to sales per gold ounce increased 18% primarily due to higher equipment and mill maintenance costs, partially offset by higher gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals sold increased 9% primarily due higher equipment and mill maintenance costs. Depreciation and amortization per gold ounce was increased 41% 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 35% primarily due to higher depreciation rates as a result of higher gold equivalent ounces - other metals mined. All-in sustaining costs per gold ounce were generally in line to the prior year. All-in sustaining costs per gold equivalent ounce – other metals decreased 5% primarily due to lower treatment and refining costs, partially offset by higher Costs applicable to sales per gold equivalent ounce - other metals.

Peñasquito, Mexico. Gold production increased 173% primarily due to higher ore grade milled as a result of mine sequencing and higher mill recovery, partially offset by higher buildup of in-circuit inventory. Gold equivalent ounces - other metals production decreased 34% primarily due to lower other metals produced of 18% as a result of lower ore grade milled due to mine sequencing, as well as a change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 16%. Costs applicable to salesper gold ounce increased 5% primarily due to higher allocation of direct costs to gold, higher workers participation costs, higher mill maintenance costs, and higher royalties, partially offset by higher gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals increased 8% primarily due to lower gold equivalent ounces - other metals sold, higher worker’s participation costs, and higher royalties, partially offset by a lower allocation to direct cost to gold equivalent ounces - other metals. Depreciation and amortization per gold ounce increased 20% 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 ounces – other metals increased 25% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce were generally in line with the prior year. All-in sustaining costs per gold equivalent ounce – other metals increased 8% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals.

Merian, Suriname. Gold production decreased 18% primarily due to lower mill throughput, lower ore grade milled and lower mill recovery. Costs applicable to sales per gold ounce increased 23% primarily due to lower gold ounces sold, partially offset by a higher buildup of finished goods inventory. Depreciation and amortization per gold ounce increased 20% primarily due to lower gold ounces sold, partially offset by a higher buildup of finished goods inventory. All-in sustaining costs per gold ounce increased 22% primarily due to higher Costs applicable to sales per gold ounce.

Cerro Negro, Argentina. Gold production decreased 65% primarily due to lower mill throughput as a result of the Cerro Negro shutdowns. Costs applicable to sales per gold ounce increased 140% primarily due to lower gold ounces sold and a drawdown of inventory as a result of the Cerro Negro shutdowns, and higher labor cost. Depreciation and amortization per gold ounce increased 87% primarily due to lower gold ounces sold as a result of the Cerro Negro shutdowns. All-in sustaining costs per gold ounce increased 155% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.

Yanacocha, Peru. Gold production increased 15% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce decreased 12% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce were generally in line with the prior year.

Boddington, Australia. Gold production decreased 11% primarily due to lower ore grade milled. Gold equivalent ounces – other metals production decreased 39% primarily due to lower other metals produced of 27% as a result of lower ore grade milled, as well as the change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 12%. Costs applicable to sales per gold ounce increased 22% primarily due to lower gold ounces sold and higher royalties. Costs applicable to salesper gold equivalent ounce – other metals sold increased 27% primarily due to lower gold equivalent ounces - other metals sold and higher royalties. Depreciation and amortization per gold ounce increased 18% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 22% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 24% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals increased 38% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals and higher sustaining capital spend.

Tanami, Australia. Gold production decreased 13% primarily due to lower ore grade milled. Costs applicable to sales per gold ounce increased 21% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce increased 19% primarily due to lower gold ounces sold. All-in sustaining costs increased 44% primarily due to higher sustaining capital spend and higher Costs applicable to sales per gold ounce.

Cadia, Australia. Gold production decreased 16% primarily due to lower ore grade milled, partially offset by higher mill throughput. Gold equivalent ounces – other metals production decreased 19% primarily as a result a change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced. Costs applicable to sales per gold ounce increased 23% primarily due to lower gold ounces sold, higher energy costs, and higher labor costs, partially offset by lower materials costs. Costs applicable to sales per gold equivalent ounce – other metals sold increased 29% primarily due to lower gold equivalent ounces - other metals sold, higher energy costs, and higher labor costs, partially offset by lower materials costs. Depreciation and amortization per gold ounce increased 36% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 37% 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 and higher sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals increased 14% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals and higher sustaining capital spend.

Lihir, Papua New Guinea. Gold production decreased 9% primarily due to lower mill throughput and lower mill recovery, partially offset by higher ore grade milled. Costs applicable to sales per gold ounce increased 8% primarily due to lower gold ounces sold and higher materials costs. Depreciation and amortization per gold ounce increased 30% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 7% primarily due to higher Costs applicable to sales per gold ounce.

NGM, U.S. Attributable gold production decreased 18% primarily due to lower mill throughput at Carlin, and lower leach pad production at Cortez, partially offset by higher mill throughput at Turquoise Ridge. Costs applicable to sales per gold ounce increased 21% primarily due to lower gold ounces sold at Carlin, Cortez, and Phoenix, partially offset by higher gold ounces sold at Turquoise Ridge. Depreciation and amortization per gold ounce increased 11% primarily due to lower gold ounces sold at Carlin, Cortez, and Phoenix, partially offset by buildup of stockpile and leach pad inventory at Carlin and Cortez. All-in sustaining costs per gold ounce increased 14% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend at Carlin.

Porcupine, Canada. Gold production decreased 23% primarily due to lower mill throughout, partially offset by higher ore grade milled. Costs applicable to sales per gold ounce increased 19% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 95% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 18% primarily due to higher Costs applicable to sales per gold ounce.

Akyem, Ghana. Gold production decreased 46% primarily due to lower ore grade milled. Costs applicable to sales per gold ounce increased 128% primarily due to a lower gold ounces sold and a higher drawdown of stockpile inventory. Depreciation and amortization per gold ounce decreased 83% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 107% primarily due to higher Costs applicable to sales per gold ounce.

Pueblo Viejo, Dominican Republic. Attributable gold production decreased 9% primarily due to lower ore grade milled and lower mill throughput, partially offset by a drawdown of in-circuit inventory compared to a buildup in the prior year. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.