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:

(1)Effective January 1, 2025, GEO pricing was updated to align with reserve metal price assumptions as outlined above ("GEO price change"). The update to GEO pricing will have an impact on the calculated gold equivalent ounces. This will result in an impact to costs allocated to the respective GEOs, particularly resulting in higher costs allocated to gold.

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

(3)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.

(4)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. At June 30, 2025, all operating sites previously classified as held for sale were divested and as a result, the comparative results of these operations are not meaningful. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.

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

(6)For the three months ended June 30, 2025 and 2024, Red Chris produced 16 million and 14 million pounds of copper, respectively.

(7)For the three months ended June 30, 2025, Peñasquito produced 8 million ounces of silver, 59 million pounds of lead and 147 million pounds of zinc. For the three months ended June 30, 2024, Peñasquito produced 8 million ounces of silver, 44 million pounds of lead and 144 million pounds of zinc.

(8)For the three months ended June 30, 2025 and 2024, Boddington produced 17 million and 22 million pounds of copper, respectively.

(9)For the three months ended June 30, 2025 and 2024, Cadia produced 50 million and 47 million pounds of copper, respectively.

(10)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.

(11)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.

(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. 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.

(4)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. At June 30, 2025, all operating sites previously classified as held for sale were divested and as a result, the comparative results of these operations are not meaningful. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.

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

(6)For the six months ended June 30, 2025 and 2024, Red Chris produced 32 million and 25 million pounds of copper, respectively.

(7)For the six months ended June 30, 2025, Peñasquito produced 14 million ounces of silver, 108 million pounds of lead and 278 million pounds of zinc. For the six months ended June 30, 2024, Peñasquito produced 17 million ounces of silver, 105 million pounds of lead and 271 million pounds of zinc.

(8)For the six months ended June 30, 2025 and 2024, Boddington produced 31 million and 42 million pounds of copper, respectively.

(9)For the six months ended June 30, 2025 and 2024, Cadia produced 96 million and 94 million pounds of copper, respectively.

(10)For the six months ended June 30, 2024, Telfer produced 3 million pounds of copper.

(11)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.

(12)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 six months ended June 30, 2025.

Three Months Ended June 30, 2025 Compared to 2024

Ahafo, Ghana. Gold production increased 7% primarily due to higher mill throughput, partially offset by lower drawdown of in-circuit inventory. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce decreased 19% primarily due to lower depreciation rates as a result of lower underground ounces mined. All-in sustaining costs per gold ounce increased 9% primarily due to higher sustaining capital spend.

Brucejack, Canada. Gold production decreased 17% primarily due to lower ore grade milled, partially offset by higher mill throughput and lower buildup of in-circuit inventory. Costs applicable to sales per gold ounce increased 34% primarily due to higher labor costs and higher buildup of inventory in the prior year, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce increased 11% primarily due to asset additions. All-in sustaining costs per gold ounce increased 29% primarily due to higher Costs applicable to sales per gold ounce.

Red Chris, Canada. Gold production increased 67% primarily due to higher ore grade milled. Gold equivalent ounces - other metals production decreased 6% 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 20%, partially offset by higher other metals produced of 14% as a result of higher ore grade milled. Costs applicable to sales per gold ounce increased 55% primarily due to higher direct costs as a result of higher waste stripping, more direct costs allocated to gold as a result of the GEO pricing change, and higher support costs, partially offset by higher gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals sold increased 62% primarily due lower gold equivalent ounces - other metals sold, higher direct costs as a result of a higher waste stripping and higher support costs, partially offset by lower allocation of costs to gold equivalent ounces - other metals as a result of the GEO price change. Depreciation and amortization per gold ounce increased 29% 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 36% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 18% 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, and lower sustaining capital spend.

Peñasquito, Mexico. Gold production increased 131% primarily due to higher ore grade milled as a result of mine sequencing and higher mill recovery, partially offset by a higher buildup of in-circuit inventory. Gold equivalent ounces - other metals production decreased 17% 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. Costs applicable to salesper gold ounce decreased 9% primarily due to higher gold ounces sold, partially offset by higher workers participation costs, higher royalties, and higher allocation of direct costs to gold as a result of the GEO price change. Costs applicable to sales per gold equivalent ounce – other metals decreased 8% primarily due to lower allocation of direct costs to gold equivalent ounces - other metals as a result of the GEO price change, partially offset by lower gold equivalent ounces - other metals sold, higher workers participation costs, and higher royalties. Depreciation and amortization per gold ounce was generally in line with the prior year. Depreciation and amortization per gold equivalent ounces – other metals was generally in line with the prior year. All-in sustaining costs per gold ounce decreased 9% primarily due to lower Costs applicable to sales per gold ounce, and lower treatment and refining costs. All-in sustaining costs per gold equivalent ounce – other metals decreased 12% primarily due to lower Costs applicable to sales per gold equivalent ounce - other metals, and lower treatment and refining costs.

Merian, Suriname. Gold production decreased 13% primarily due to lower mill throughput, partially offset by higher ore grade milled. Costs applicable to sales per gold ounce increased 17% primarily due to a drawdown of finished goods inventory in the current year compared to a buildup in the prior year, and higher royalties, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce was generally in line the prior year.

Cerro Negro, Argentina. Gold production increased 121% primarily due to the temporary suspension of mining at the site in the prior year due to the tragic fatalities during the second quarter of 2024. Costs applicable to sales per gold ounce decreased 15% primarily due to higher gold ounces sold and no inventory write-downs in the current year compared to inventory write-downs in the prior year that were impacted by the suspension of mining operations, partially offset by higher materials and labor costs. Depreciation and amortization per gold ounce decreased 6% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce were generally in line with the prior year.

Yanacocha, Peru. Gold production increased 68% primarily due to higher leach pad production from injection leaching that continued to result in higher gold production. Costs applicable to sales per gold ounce decreased 12% primarily due to higher gold ounces sold, partially offset by higher workers participation costs and higher materials cost related to the injection leaching. Depreciation and amortization per gold ounce decreased 27% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 6% primarily due to lower 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 38% primarily due to lower other metals produced of 25% 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 13%. 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 royalties from higher gold revenues. Costs applicable to salesper gold equivalent ounce – other metals sold increased 10% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower allocation of direct cost to gold equivalent ounces - other metals as a result of the GEO price change. Depreciation and amortization per gold ounce increased 22% 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 16% 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 15% 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.

Tanami, Australia. Gold production decreased 9% primarily due to lower ore grade milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 26% primarily due to lower gold ounces sold and higher labor and contracted services costs related to underground mining. Depreciation and amortization per gold ounce increased 5% primarily due to lower gold ounces sold. All-in sustaining costs increased 33% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.

Cadia, Australia. Gold production decreased 11% primarily due to lower ore grade milled, partially offset by higher mill throughput. Gold equivalent ounces – other metals production decreased 13% 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 19%, partially offset by higher other metals produced of 6% as a result of higher mill throughput. Costs applicable to sales per gold ounce increased 29% primarily due to lower gold ounces sold, higher energy costs, higher royalties, and higher allocation of direct costs to gold as a result of the GEO price change, partially offset by lower materials costs. Costs applicable to sales per gold equivalent ounce – other metals sold increased 40% primarily due to lower gold equivalent ounces - other metals sold, higher energy costs and higher 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 19% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 20% 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 6% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower treatment and refining costs.

Lihir, Papua New Guinea. Gold production increased 13% primarily due to higher ore grade milled and a drawdown of in-circuit inventory in the current year compared to a buildup in the prior year, partially offset by lower mill throughput. Costs applicable to sales per gold ounce increased 17% primarily due to higher inventory costs per unit from ore processed from stockpiles, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce increased 13% primarily due to higher non-cash inventory costs per unit from ore processed from stockpiles, partially offset by higher gold ounces sold. All-in sustaining costs per gold ounce increased 29% primarily due to higher sustaining capital spend and higher Costs applicable to sales per gold ounce.

NGM, U.S. Attributable gold production decreased 6% primarily due to lower mill throughput at Carlin and Turquoise Ridge, and lower leach pad production at Cortez and Carlin, partially offset by higher ore grade milled at all NGM sites. Costs applicable to sales per gold ounce increased 19% primarily due to higher contracted services costs at Carlin and Cortez, and lower gold ounces sold at Carlin, partially offset by higher gold ounces sold at Cortez and Turquoise Ridge. Depreciation and amortization per gold ounce increased 10% primarily due to lower gold ounces sold at Carlin, partially offset by higher gold ounces sold at Cortez, and Turquoise Ridge. All-in sustaining costs per gold ounce increased 5% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend at Carlin.

Pueblo Viejo, Dominican Republic. Attributable gold production increased 19% primarily due to a drawdown of in-circuit inventory compared to a buildup in the prior year and higher mill throughput. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.

Fruta del Norte, Ecuador. Attributable gold production increased 9% primarily due to higher ore grade milled, partially offset by lower mill throughput. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.

Six Months Ended June 30, 2025 Compared to 2024

Ahafo, Ghana. Gold production increased 7% primarily due to higher ore grade milled and higher mill throughput. Costs applicable to sales per gold ounce increased 22% primarily due to higher third-party royalties, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce decreased 15% primarily due to lower depreciation rates as a result of lower underground ounces mined. 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.

Brucejack, Canada. Gold production decreased 6% primarily due to lower ore grade milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 6% primarily due to a drawdown of inventory in the current year compared to a buildup in the prior year, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce increased 7% primarily due to higher Costs applicable to sales per gold ounce.

Red Chris, Canada. Gold production increased 93% primarily due to higher ore grade milled. Gold equivalent ounces - other metals production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 37% primarily due to higher direct costs as a result of a higher waste stripping, higher allocation of direct costs to gold as a result of the GEO pricing change, and support costs, partially offset by higher gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals sold increased 35% primarily due higher direct costs as a result of a higher waste stripping and higher support costs, 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 33% 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 34% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 11% primarily due to higher Costs applicable to sales per gold ounce. 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, partially offset by lower treatment and refining costs and lower sustaining capital spend.

Peñasquito, Mexico. Gold production increased 149% primarily due to higher ore grade milled as a result of mine sequencing and higher mill recovery, partially offset by a higher buildup of in-circuit inventory. Gold equivalent ounces - other metals production decreased 26% 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 17% as well as lower other metals produced of 9% as a result of lower ore grade milled due to mine sequencing. Costs applicable to salesper gold ounce were generally in line with the prior year. Costs applicable to sales per gold equivalent ounce – other metals were generally in line with the prior year. Depreciation and amortization per gold ounce increased 11% primarily due to higher depreciation rates as a result of higher gold ounces mined and 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 ounces – other metals increased 14% 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 were generally in line with the prior year. All-in sustaining costs per gold equivalent ounce – other metals were generally in line with the prior year.

Merian, Suriname. Gold production decreased 16% primarily due to lower mill throughput. Costs applicable to sales per gold ounce increased 23% primarily due to lower gold ounces sold, a drawdown of finished goods inventory in the current year compared to a buildup in the prior year, and higher royalties. Depreciation and amortization per gold ounce increased 10% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 9% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.

Cerro Negro, Argentina. Gold production decreased 30% primarily due to lower mill throughput as a result of the Cerro Negro shutdowns and lower ore grade milled. Costs applicable to sales per gold ounce increased 59% primarily due to lower gold ounces sold and higher labor costs. Depreciation and amortization per gold ounce increased 47% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 80% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.

Yanacocha, Peru. Gold production increased 40% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce decreased 7% primarily due to higher gold ounces sold, partially offset by higher workers participation costs and higher materials cost. Depreciation and amortization per gold ounce decreased 21% 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 6% primarily due to lower ore grade milled, partially offset by higher mill throughput. Gold equivalent ounces – other metals production decreased 38% primarily due to lower other metals produced of 25% 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 13%. Costs applicable to sales per gold ounce increased 20% primarily due to higher allocation of direct costs to gold as a result of the GEO price change and higher royalties. Costs applicable to salesper gold equivalent ounce – other metals sold increased 18% primarily due to lower gold equivalent ounces - other metals sold and higher 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 20% 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 19% primarily due to lower gold equivalent ounces - other metals sold, partially offset by a 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 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 20% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals and higher sustaining capital spend.

Tanami, Australia. Gold production decreased 11% primarily due to lower ore grade milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 24% primarily due to lower gold ounces sold and higher materials costs. Depreciation and amortization per gold ounce increased 11% primarily due to lower gold ounces sold. All-in sustaining costs increased 38% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.

Cadia, Australia. Gold production decreased 13% primarily due to lower ore grade milled, partially offset by higher mill throughput. Gold equivalent ounces – other metals production decreased 16% 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. Costs applicable to sales per gold ounce increased 26% primarily due to lower gold ounces sold, higher energy costs, higher royalties, and higher allocation of direct costs to gold as a result of the GEO price change, partially offset by lower materials costs. 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 energy costs, 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 27% primarily due to lower gold ounces sold and a higher allocation of costs to gold as a result of the GEO price change. Depreciation and amortization per gold equivalent ounce – other metals increased 28% 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 11% 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 10% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower treatment and refining costs.

Lihir, Papua New Guinea. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 14% primarily due to lower gold ounces sold, higher inventory costs per unit from ore processed from stockpiles and higher royalties. Depreciation and amortization per gold ounce increased 22% primarily due to lower gold ounces sold and higher non-cash inventory costs per unit from ore processed from stockpiles. All-in sustaining costs per gold ounce increased 17% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.

NGM, U.S. Attributable gold production decreased 12% primarily due to lower mill throughput at Carlin and Phoenix and lower leach pad production at Cortez and Carlin, partially offset by higher ore grade milled at all NGM sites and higher mill throughput at Turquoise Ridge and Cortez. Costs applicable to sales per gold ounce increased 20% primarily due to higher contracted services costs and lower gold ounces sold at Carlin and Cortez, 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. All-in sustaining costs per gold ounce increased 9% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend at Carlin.

Pueblo Viejo, Dominican Republic. Attributable gold production increased 5% primarily due to a drawdown of in-circuit inventory compared to a buildup in the prior year, partially offset by lower ore grade milled. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.