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 and six months ended June 30, 2025, compared to the same periods in 2024, is primarily due to (i) a net increase in Sales largely due to higher average realized gold prices, (ii) a net gain on completed divestments, compared to prior year losses from asset held for sale write-downs, recognized in(Gain) loss on sale of assets held for sale; and (iii) a net increase in Change in fair value of investments and options, including unrealized gains on marketable equity securities and the realized gain on the sale of Greatland shares. 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.

(2)For the three months ended June 30, 2025 the Company sold 37 thousand tonnes of copper, 23 thousand tonnes of lead, and 56 thousand tonnes of zinc.

(2)For the three months ended June 30, 2024 the Company sold 39 thousand tonnes of copper, 20 thousand tonnes of lead, and 52 thousand tonnes of zinc.

(2)For the six months ended June 30, 2025 the Company sold 72 thousand tonnes of copper, 44 thousand tonnes of lead, and 129 thousand tonnes of zinc.

(2)For the six months ended June 30, 2024 the Company sold 75 thousand tonnes of copper, 49 thousand tonnes of lead, and 113 thousand tonnes of zinc.

The change in consolidated Sales is due to:

(1)Included in the change in consolidated Sales is the impact relating to the divested sites which resulted in a decrease for the three and six months ended June 30, 2025 compared to the same periods in 2024, of $713 and $757, respectively.

For discussion regarding drivers impacting sales volumes by site, refer to 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.

The decrease in Costs applicable to sales for the three and six months ended June 30, 2025, compared to the same periods in 2024, is primarily due to the impact from the divested sites, which resulted in a decrease of $428 and $551, respectively.

Excluding the impact of divestitures, Costs applicable to sales increased for the three months ended June 30, 2025 compared to the same period in 2024, primarily due to higher contracted services costs largely at NGM, the impact of inventory changes largely at Merian, Boddington, and Lihir, higher worker's participation costs at Yanacocha and Peñasquito, and higher royalties largely at Ahafo.

Excluding the impact of divestitures, Costs applicable to sales increased for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to higher contracted services costs largely at NGM, higher royalties largely at Ahafo, higher worker's participation costs at Yanacocha and Peñasquito, and the impact of inventory changes largely at Boddington and Brucejack.

For discussion regarding other significant drivers impacting Costs applicable to salesby site, refer to 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 increase in Depreciation and amortizationfor the three months ended June 30, 2025 compared to the same period in 2024, is primarily due to higher depreciation rates as a result of higher ounces mined at Peñasquito, Yanacocha, and Red Chris, higher non-cash inventory costs at Lihir, and asset additions at Brucejack, partially offset by a decrease in Sales at non-core assets due to divestments.

The decrease in Depreciation and amortization for the six months ended June 30, 2025 compared to the same period in 2024, is primarily due to a decrease in Salesat non-core assets due to divestments. Excluding the impact of these divestitures, Depreciation and amortization increased for the six months ended June 30, 2025 compared to the same period in 2024, primarily due to higher depreciation rates as a result of higher gold ounces mined at Peñasquito and Red Chris, asset additions at Brucejack, and higher non-cash inventory costs at Lihir.

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

Interest expense, net of capitalized interest decreased during the three and six months ended June 30, 2025, compared to the same periods in 2024, primarily due to the reduction in Debt, which was driven by the full redemption of the outstanding 2026 Senior Notes and the partial redemption of certain other senior notes, and an increase in capitalized interest. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.

Income and mining tax expense (benefit) was $1,092 and $191 during the three months ended June 30, 2025 and 2024, respectively, and $1,739 and $451 during the six months ended June 30, 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.

(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.

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.

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