NEWMONT Corp /DE/
For the period ended Sep 30, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 23, 2025
NEM$120.91+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0001164727-25-000035
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOverviewConsolidated Financial ResultsResults of Consolidated OperationsForeign Currency Exchange RatesLiquidity and Capital ResourcesEnvironmentalNon-GAAP Financial MeasuresAccounting DevelopmentsSafe Harbor StatementCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-23.
0001164727-25-000046
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOverviewConsolidated Financial ResultsResults of Consolidated OperationsForeign Currency Exchange RatesLiquidity and Capital ResourcesEnvironmentalNon-GAAP Financial MeasuresAccounting DevelopmentsSafe Harbor StatementThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 326 previous paragraphs and 326 current paragraphs.
169 unchanged; 109 reworded; 38 added; 38 removed; 10 previous and 10 current paragraphs rearranged.
Tables are not compared: 32 previous and 31 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (38)
Current report
(2)For the three months ended September 30, 2025 the Company sold 31 thousand tonnes of copper, 27 thousand tonnes of lead, and 68 thousand tonnes of zinc.
Current report
(2)For the three months ended September 30, 2024 the Company sold 35 thousand tonnes of copper, 17 thousand tonnes of lead, and 61 thousand tonnes of zinc.
Current report
(2)For the nine months ended September 30, 2025 the Company sold 103 thousand tonnes of copper, 71 thousand tonnes of lead, and 197 thousand tonnes of zinc.
Current report
(2)For the nine months ended September 30, 2024 the Company sold 110 thousand tonnes of copper, 66 thousand tonnes of lead, and 174 thousand tonnes of zinc.
Current report
Depreciation and amortization expense for the three and nine months ended September 30, 2025 was generally in line with the same periods in 2024.
Current report
General and administrative expense was $86 and $113 during the three months ended September 30, 2025, and 2024, respectively, and $291 and $314 during the nine months ended September 30, 2025 and 2024, respectively. The decrease during the three and nine months ended September 30, 2025, compared to the same periods in 2024, is primarily due to lower labor costs and lower consulting charges.
Current report
(4)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, but as a result of the temporary suspension of production, per ounce metrics are not meaningful ("N.M.").
Current report
(5)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.
Current report
(11)For the nine months ended September 30, 2024, Telfer produced 4 million pounds of copper.
Current report
Peñasquito, Mexico. Gold production increased 40% primarily due to higher mill throughput and higher ore grade milled as a result of mine sequencing. Gold equivalent ounces - other metals production decreased 9% 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 21%, partially offset by higher other metals produced of 12% as a result of higher throughput and higher ore grade milled. Costs applicable to salesper gold ounce were generally in line with the prior year with higher royalties and workers participation costs largely offset by higher gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals increased 8% primarily due to higher workers participation 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, and higher gold equivalent ounces - other metals sold. Depreciation and amortization per gold ounce decreased 7% primarily due to higher gold ounces sold. Depreciation and amortization per gold equivalent ounces – other metals were generally in line with the prior year. All-in sustaining costs per gold ounce decreased 7% primarily due to higher gold ounces sold. All-in sustaining costs per gold equivalent ounce – other metals were generally in line with the prior year.
Current report
Cerro Negro, Argentina. Gold production increased 13% primarily due to higher ore grade milled and higher mill throughput. Costs applicable to sales per gold ounce decreased 10% primarily due to higher by-product credits in the current year and lower contracted services costs, partially offset by higher third-party royalties. Depreciation and amortization per gold ounce were generally in line with the prior year. All-in sustaining costs per gold ounce decreased 5% primarily lower costs applicable to sales per gold ounce, partially offset by higher sustaining capital spend.
Current report
Cadia, Australia. Gold production decreased 16% primarily due to lower ore grade milled. Gold equivalent ounces – other metals production decreased 20% 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 13% primarily due to lower gold ounces sold 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 14% primarily due to lower gold equivalent ounces - other metals sold, 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 13% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 14% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 10% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals increased 30% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower sustaining capital spend.
Current report
Brucejack, Canada. 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 18% primarily due to lower gold ounces sold, higher labor costs and third-party royalties, partially offset by higher by-product credits. Depreciation and amortization per gold ounce increased 5% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 28% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.
Current report
Red Chris, Canada. Gold production increased 83% 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 were generally in line with the prior year. Costs applicable to sales per gold equivalent ounce – other metals sold were generally in line with the prior year. Depreciation and amortization per gold ounce decreased 11% primarily due to higher gold ounces sold, partially offset by higher depreciation rates as a result of higher gold ounces mined. Depreciation and amortization per gold equivalent ounce – other metals decreased 7% primarily due to no inventory write-downs in the current year compared to inventory write-downs in the prior year. All-in sustaining costs per gold ounce decreased 7% primarily due to higher gold ounces sold. All-in sustaining costs per gold equivalent ounce – other metals decreased 8% primarily due to lower sustaining capital spend and lower treatment and refining costs.
Current report
(4)Represents the gains and losses on debt redemptions incurred in 2025 and 2024; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
Current report
(9)Represents the gain on debt redemptions; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
Current report
(1)Includes by-product credits of $67 and $43 during the three months ended September 30, 2025 and 2024, respectively, and $166 and $127 during the nine months ended September 30, 2025 and 2024, respectively.
Current report
(1)Includes by-product credits of $27 and $12 for the three months ended September 30, 2025 and 2024, respectively, and $66 and $42 for the nine months ended September 30, 2025 and 2024, respectively.
Current report
(5)Excludes restructuring and severance of $87, impairment charges of $39, Newcrest transaction and integration costs of $2, and settlement costs of $(2); included in Other expense, net.
Current report
(6)Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
Current report
(8)Per ounce measures may not recalculate due to rounding.
Current report
(9)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
Current report
(10)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.
Current report
(12)All-in sustaining costs at Peñasquito is comprised of $116, $38, and $142 for silver, lead, and zinc, respectively.
Current report
(3)Includes stockpile, leach pad, and product inventory adjustments of $4 at NGM and $17 at Telfer.
Current report
(4)Includes operating accretion of $36, included in Reclamation and remediation, and amortization of asset retirement costs of $22; 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 $57 and $39, respectively, included in Reclamation and remediation.
Current report
(6)Excludes impairment charges of $18, Newcrest transaction and integration costs of $17, settlement costs of $7, and restructuring and severance of $5; included in Other expense, net.
Current report
(8)Includes finance lease payments and other costs for sustaining projects of $34.
Current report
(4)Includes operating accretion of $94, included in Reclamation and remediation, and amortization of asset retirement costs of $69; 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 $147 and $58, respectively, included in Reclamation and remediation.
Current report
(8)Includes finance lease payments and other costs for sustaining projects of $58.
Current report
(14)For the nine months ended September 30, 2025, Red Chris sold 21 thousand tonnes of copper, Peñasquito sold 21 million ounces of silver, 71 thousand tonnes of lead and 197 thousand tonnes of zinc, Boddington sold 19 thousand tonnes of copper, and Cadia sold 63 thousand tonnes of copper.
Current report
(15)All-in sustaining costs at Peñasquito is comprised of $271, $89, and $384 for silver, lead, and zinc, respectively.
Current report
(8)Includes finance lease payments and other costs for sustaining projects of $64.
Current report
(15)All-in sustaining costs at Peñasquito is comprised of $361, $106, and $433 for silver, lead, and zinc, respectively.
Removed paragraphs (38)
Previous report
(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.
Previous report
(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.
Previous report
(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.
Previous report
(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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
At June 30, 2025, Newmont USA had approximately $7,125 of consolidated indebtedness (including guaranteed debt), all of which relates to the guarantees of indebtedness of Newmont.
Previous report
(3)Represents the loss on the redemption of the 2026 Senior Notes and on the partial redemption of certain other senior notes in 2025; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
Previous report
(5)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net.
Previous report
(7)Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net.
Previous report
(9)Primarily represents the net gain on the partial redemption of certain other senior notes in the second quarter; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
Previous report
(1)Includes by-product credits of $52 and $45 during the three months ended June 30, 2025 and 2024, respectively, and $99 and $84 during the six months ended June 30, 2025 and 2024, respectively.
Previous report
(1)Includes by-product credits of $22 and $15 for the three months ended June 30, 2025 and 2024, respectively, and $39 and $30 during the six months ended June 30, 2025 and 2024, respectively.
Previous report
(3)Includes stockpile, leach pad, and product inventory adjustments of $10 at NGM.
Previous report
(6)Excludes restructuring and severance of $15, Newcrest transaction and integration costs of $(10), and impairment charges of $9; included in Other expense, net.
Previous report
(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 ($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($0.90/lb.) and Zinc ($1.20/lb.) pricing for 2025.
Previous report
(14)All-in sustaining costs at Peñasquito is comprised of $76, $26, and $94 for silver, lead, and zinc, respectively.
Previous report
(3)Includes stockpile, leach pad, and product inventory adjustments of $9 at Cerro Negro and $11 at NGM.
Previous report
(4)Includes operating accretion of $34, included in Reclamation and remediation, and amortization of asset retirement costs of $15; 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 $54 and $6, respectively, included in Reclamation and remediation.
Previous report
(6)Excludes Newcrest transaction and integration costs of $16, impairment charges of $9, restructuring and severance of $9, settlements costs of $5; included in Other expense, net.
Previous report
(8)Includes finance lease payments and other costs for sustaining projects of $15.
Previous report
(4)Includes operating accretion of $66, included in Reclamation and remediation, and amortization of asset retirement costs of $47; 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 $101 and $9, respectively, included in Reclamation and remediation.
Previous report
(8)Includes finance lease payments and other costs for sustaining projects of $39.
Previous report
(14)For the six months ended June 30, 2025, Red Chris sold 14 thousand tonnes of copper, Peñasquito sold 13 million ounces of silver, 44 thousand tonnes of lead and 129 thousand tonnes of zinc, Boddington sold 14 thousand tonnes of copper, and Cadia sold 44 thousand tonnes of copper.
Previous report
(15)All-in sustaining costs at Peñasquito is comprised of $155, $51, and $242 for silver, lead, and zinc, respectively.
Previous report
(8)Includes finance lease payments and other costs for sustaining projects of $30.
Previous report
(15)All-in sustaining costs at Peñasquito is comprised of $266, $75, and $273 for silver, lead, and zinc, respectively.
Reworded paragraphs (109)
Previous wording
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. In June 2025, Newmont continued to be the top mining company in TIME's listing of the world most sustainable companies. Since 2015, Newmont has been ranked as one of the mining and metal sector's top gold miner by the S&P Global Corporate Sustainability Assessment. Newmont was 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. 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 U.S., Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana. Our goal is to create value and improve lives through sustainable and responsible mining.
Current wording
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. In September 2025, Newmont continued to be the top mining company in TIME's listing of the world's most sustainable companies. Since 2015, Newmont has been ranked as one of the mining and metal sector's top gold miners by the S&P Global Corporate Sustainability Assessment. Newmont was 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. 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 U.S., Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, and Ghana. Our goal is to create value and improve lives through sustainable and responsible mining.
Previous wording
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 CC&V, Musselwhite, Porcupine, Éléonore, Telfer, 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.
Current wording
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 CC&V, Musselwhite, Porcupine, Éléonore, Telfer, Akyem, and the Coffee development project in Canada and were presented as held for sale in the first quarter of 2024.
Previous wording
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, and the sale of the Akyem and Porcupine reportable segments in the second quarter of 2025. At June 30, 2025, the Coffee development project remained designated as held for sale. The Company believes it is probable that a sale will be completed in the near term, and all other criteria have been met to continue classifying Coffee as held for sale.
Current wording
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, and the sale of the Porcupine and Akyem reportable segments in the second quarter of 2025. In the third quarter of 2025, the Company entered into a definitive agreement to sell the Coffee development project, which closed in the fourth quarter of 2025 and remained designated as held for sale at September 30, 2025.
Previous wording
As a result, for the three and six months ended June 30, 2025 a gain of $699 and $975 was recognized within(Gain) loss on sale of assets held for sale, respectively, primarily resulting from the completion of the sales of the CC&V, Musselwhite and Éléonore reportable segments in the first quarter of 2025 and Akyem and Porcupine reportable segments in the second quarter of 2025. For the three and six months ended June 30, 2024, a loss of $246 and $731 was recognized within(Gain) loss on sale of assets held for sale, respectively, consisting of write-downs on assets held for sale of $157 and $509 and a resulting tax impact of $89 and $222, respectively.
Current wording
As a result, for the three months ended September 30, 2025 a gain of $99 was recognized within(Gain) loss on sale of assets held for sale, primarily resulting from a partial reversal of a prior period write-down on assets held for sale. For the nine months ended September 30, 2025, a gain of $1,074 was recognized within(Gain) loss on sale of assets held for sale, respectively, primarily resulting from the completed sales. For the three and nine months ended September 30, 2024, a loss of $115 and $846 was recognized within(Gain) loss on sale of assets held for sale, respectively, primarily consisting of write-downs on assets held for sale.
Previous wording
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).
Current wording
The increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the nine months ended September 30, 2025, compared to the same period in 2024, is primarily due to (i) a net increase in Sales largely due to higher average realized gold prices partially offset by the impact from divestitures and (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. This increase was partially offset by the increase in income tax expense recognized within Income and mining tax benefit (expense).
Previous wording
(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.
Current wording
(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 nine months ended September 30, 2025 compared to the same periods in 2024, of $646 and $1,403, respectively.
Previous wording
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.
Current wording
The decrease in Costs applicable to sales for the three and nine months ended September 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 $390 and $939, respectively.
Previous wording
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.
Current wording
Excluding the impact of divestitures, Costs applicable to sales increased for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to higher worker's participation at Peñasquito and Yanacocha and higher third-party royalties largely at Peñasquito.
Previous wording
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.
Current wording
Excluding the impact of divestitures, Costs applicable to sales increased for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to higher third-party royalties largely at Ahafo, higher contracted service costs at NGM, Yanacocha, and Cadia, and higher worker's participation costs at Peñasquito and Yanacocha.
Previous wording
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.
Current wording
Interest expense, net of capitalized interestwas $52 and $86 during the three months ended September 30, 2025 and 2024, respectively, and $196 and $282 during the nine months ended September 30, 2025 and 2024, respectively. The decrease during the three and nine months ended September 30, 2025, compared to the same periods in 2024, is primarily due to 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 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.
Previous wording
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)
Current wording
Income and mining tax expense (benefit) was $787 and $244 during the three months ended September 30, 2025 and 2024, respectively, and $2,526 and $695 during the nine months ended September 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)
Previous wording
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.
Current wording
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.
Previous wording
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:
Current wording
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:
Previous wording
(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.
Current wording
(3)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 September 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.
Previous wording
(6)For the three months ended June 30, 2025 and 2024, Red Chris produced 16 million and 14 million pounds of copper, respectively.
Current wording
(6)For the three months ended September 30, 2025 and 2024, Red Chris produced 14 million and 13 million pounds of copper, respectively.
Previous wording
(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.
Current wording
(7)For the three months ended September 30, 2025, Peñasquito produced 7 million ounces of silver, 57 million pounds of lead and 129 million pounds of zinc. For the three months ended September 30, 2024, Peñasquito produced 7 million ounces of silver, 43 million pounds of lead and 127 million pounds of zinc.
Previous wording
(8)For the three months ended June 30, 2025 and 2024, Boddington produced 17 million and 22 million pounds of copper, respectively.
Current wording
(8)For the three months ended September 30, 2025 and 2024, Boddington produced 12 million and 19 million pounds of copper, respectively.
Previous wording
(9)For the three months ended June 30, 2025 and 2024, Cadia produced 50 million and 47 million pounds of copper, respectively.
Current wording
(9)For the three months ended September 30, 2025 and 2024, Cadia produced 46 million and 48 million pounds of copper, respectively.
Previous wording
(10)For the six months ended June 30, 2024, Telfer produced 3 million pounds of copper.
Current wording
(10)For the three months ended September 30, 2024, Telfer produced 1 million pounds of copper.
Previous wording
(5)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.
Current wording
(6)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.
Previous wording
(6)For the six months ended June 30, 2025 and 2024, Red Chris produced 32 million and 25 million pounds of copper, respectively.
Current wording
(7)For the nine months ended September 30, 2025 and 2024, Red Chris produced 46 million and 38 million pounds of copper, respectively.
Previous wording
(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.
Current wording
(8)For the nine months ended September 30, 2025, Peñasquito produced 21 million ounces of silver, 165 million pounds of lead and 407 million pounds of zinc. For the nine months ended September 30, 2024, Peñasquito produced 24 million ounces of silver, 148 million pounds of lead and 398 million pounds of zinc.
Previous wording
(8)For the six months ended June 30, 2025 and 2024, Boddington produced 31 million and 42 million pounds of copper, respectively.
Current wording
(9)For the nine months ended September 30, 2025 and 2024, Boddington produced 43 million and 61 million pounds of copper, respectively.
Previous wording
(9)For the six months ended June 30, 2025 and 2024, Cadia produced 96 million and 94 million pounds of copper, respectively.
Current wording
(10)For the nine months ended September 30, 2025 and 2024, Cadia produced 142 million and 142 million pounds of copper, respectively.
Previous wording
(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.
Current wording
(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.
Previous wording
(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.
Current wording
(13)The Fruta del Norte mine is wholly owned and operated by Lundin Gold Inc., 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 nine months ended September 30, 2025.
Previous wording
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.
Current wording
Ahafo, Ghana. Gold production decreased 32% primarily due to lower ore grade milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 51% primarily as a result of lower gold ounces sold. Depreciation and amortization per gold ounce increased 22% primarily due to lower gold ounces sold and lower depreciation rates as a result of lower underground ounces mined. All-in sustaining costs per gold ounce increased 48% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Previous wording
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.
Current wording
Brucejack, Canada. Gold production decreased 11% primarily due to lower ore grade milled and a buildup of in-circuit inventory in the current year compared to a drawdown in the prior year, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 22% primarily due to lower gold ounces sold, higher labor costs, and higher contracted services costs. Depreciation and amortization per gold ounce were generally in line with the prior year. All-in sustaining costs per gold ounce increased 47% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.
Previous wording
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.
Current wording
Red Chris, Canada. Gold production increased 67% primarily due to higher ore grade milled. Gold equivalent ounces - other metals production decreased 9% 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 19%, partially offset by higher other metals produced of 10% as a result of higher ore grade milled. Costs applicable to sales per gold ounce decreased 33% 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, partially offset by higher direct costs as a result of higher waste stripping and more direct costs allocated to gold as a result of the GEO pricing change. Costs applicable to sales per gold equivalent ounce – other metals sold decreased 32% primarily due to lower allocation of costs to gold equivalent ounces - other metals as a result of the GEO price change and no inventory write-downs in the current year compared to inventory write-downs in the prior year, partially offset by higher direct costs as a result of higher waste stripping. Depreciation and amortization per gold ounce decreased 41% primarily due to higher gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals decreased 40% primarily due to no inventory write-downs in the current year compared to inventory write-downs in the prior year. All-in sustaining costs per gold ounce decreased 23% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals decreased 26% primarily due to lower costs applicable to sales per gold equivalent ounce - other metals and lower sustaining capital spend.
Previous wording
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.
Current wording
Merian, Suriname. Gold production decreased 19% primarily due to a higher buildup of in-circuit inventory in the current year and lower mill throughput. Costs applicable to sales per gold ounce were generally in line with the prior year as lower direct operating costs were offset by lower sales. Depreciation and amortization per gold ounce were generally in line with the prior year. All-in sustaining costs per gold ounce were generally in line the prior year.
Previous wording
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.
Current wording
Yanacocha, Peru. Gold production increased 63% 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 28% primarily due to higher gold ounces sold, partially offset by higher materials costs as a result of higher leaching activity, higher workers participation costs and higher third-party royalties. Depreciation and amortization per gold ounce decreased 24% primarily due to higher gold ounces sold, partially offset by higher depreciation rates as a result of higher ounces mined. All-in sustaining costs per gold ounce decreased 32% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend.
Previous wording
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.
Current wording
Boddington, Australia. Gold production increased 7% primarily due to higher mill throughput, partially offset by lower ore grade milled. Gold equivalent ounces – other metals production decreased 48% primarily due to lower other metals produced of 37% 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 11%. Costs applicable to sales per gold ounce increased 15% primarily due to higher allocation of direct costs to gold as a result of higher gold ounces produced and the GEO price change and higher third-party royalties. Costs applicable to salesper gold equivalent ounce – other metals sold increased 9% 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 lower gold equivalent ounces - other metals produced and the GEO price change. Depreciation and amortization per gold ounce increased 19% primarily due to higher allocation of direct costs to gold as a result of higher gold ounces produced and the GEO price change. Depreciation and amortization per gold equivalent ounce – other metals 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 lower gold equivalent ounces - other metals produced and the GEO price change. 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. All-in sustaining costs per gold equivalent ounce – other metals increased 13% primarily due to higher costs applicable to sales per gold equivalent ounce.
Previous wording
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.
Current wording
Tanami, Australia. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 18% primarily due to a drawdown of stockpile inventory in the current year compared to a buildup in the prior year and higher third-party royalties, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce increased 8% primarily due to higher depreciation rates as a result of asset additions, partially offset by higher gold ounces sold. All-in sustaining costs increased 31% primarily due to higher sustaining capital spend and higher costs applicable to sales.
Previous wording
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.
Current wording
NGM, U.S. Attributable 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 7% primarily due to lower gold ounces sold at Carlin and a drawdown of stockpile inventory at Cortez, partially offset by higher gold ounces sold at Cortez and Turquoise Ridge. All-in sustaining costs per gold ounce decreased 10% primarily due to lower sustaining capital spend at Carlin, partially offset by higher costs applicable to sales per gold ounce.
Previous wording
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.
Current wording
Pueblo Viejo, Dominican Republic. Attributable gold production increased 9% primarily due to higher mill throughput. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Previous wording
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.
Current wording
Ahafo, Ghana. Gold production decreased 7% primarily due to lower ore grade milled, partially offset by higher mill throughput and a drawdown of in-circuit inventory compared to a buildup in the prior year. Costs applicable to sales per gold ounce increased 30% primarily due to higher third-party royalties, higher community development costs, and lower gold ounces sold, partially offset by a lower drawdown of stockpile inventory. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce increased 32% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.
Previous wording
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.
Current wording
Peñasquito, Mexico. Gold production increased 109% primarily due to higher ore grade milled as a result of mine sequencing, higher mill recovery and higher throughput, partially offset by a higher buildup of in-circuit inventory. Gold equivalent ounces - other metals production decreased 21% 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 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 were generally in line with the prior year. Depreciation and amortization per gold equivalent ounces – other metals increased 12% 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 decreased 6% primarily due to lower sustaining capital spend and higher gold ounces sold. All-in sustaining costs per gold equivalent ounce – other metals were generally in line with the prior year.
Previous wording
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.
Current wording
Merian, Suriname. Gold production decreased 17% 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 12% primarily due to lower gold ounces sold and higher third-party royalties, partially offset by lower labor costs. Depreciation and amortization per gold ounce increased 7% 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, partially offset by lower sustaining capital spend.
Previous wording
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.
Current wording
Cerro Negro, Argentina. Gold production decreased 14% 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 27% primarily due to lower gold ounces sold and higher labor costs, partially offset by lower inventory write-downs in the current year compared to the prior year and higher by-product credits. Depreciation and amortization per gold ounce increased 28% primarily due to lower gold ounces sold and lower depreciation rates as a result of lower gold ounces mined. All-in sustaining costs per gold ounce increased 40% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.
Previous wording
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.
Current wording
Yanacocha, Peru. Gold production increased 48% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce decreased 16% primarily due to higher gold ounces sold and a buildup of leach pad inventory in the current year compared to a drawdown in the prior year, partially offset by higher workers participation costs, higher materials costs as a result of increased injection leaching, and higher third-party royalties. Depreciation and amortization per gold ounce decreased 23% primarily due to higher gold ounces sold and higher depreciation rates as a result of higher ounces mined. All-in sustaining costs per gold ounce decreased 14% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend, partially offset by higher other expense related to the Yanacocha discharge event during the second quarter of 2025, and higher reclamation costs.
Showing the first 40 of 109 pairs. Open the source sections for the rest.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
The increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the three months ended September 30, 2025 compared to the same period in 2024, is 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 reduction in Costs applicable to sales largely due to the impact of divestitures, and (iii) a gain on the partial reversal of a prior period write-down on assets held for sale, compared to prior year write-downs of assets held for sale, recognized in(Gain) loss on sale of assets held for sale. This increase was partially offset by the increase in income tax expense recognized within Income and mining tax benefit (expense).
Current report — wording carried from elsewhere
Lihir, Papua New Guinea. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce decreased 9% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce increased 23% 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 were generally in line with the prior year.
Current report — wording carried from elsewhere
Fruta del Norte, Ecuador. Attributable gold production was generally in line with the prior year. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Current report — wording carried from elsewhere
Nine Months Ended September 30, 2025 Compared to 2024
Current report — wording carried from elsewhere
Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to salesper gold equivalent ounce by $2 during the three months ended September 30, 2025 compared to the same period in 2024 primarily due to currency devaluation in Australia. Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to salesper gold equivalent ounce by $25 during the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to currency devaluation in Mexico.
Current report — wording carried from elsewhere
(4)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net. Refer to Note 7 to the Condensed Consolidated Financial Statements for further information. Amounts are presented net of Net loss (income) attributable to noncontrolling interests of $(2) and $(2), respectively.
Current report — wording carried from elsewhere
(8)Primarily represents gains and losses related to the sale of certain assets and investments; included in Other income (loss), net.
Current report — wording carried from elsewhere
(4)Represents 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 to the Condensed Consolidated Financial Statements for further information.
Current report — wording carried from elsewhere
(5)Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net.
Current report — wording carried from elsewhere
(10)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net.
Rearranged previous paragraphs (10)
Previous report — wording carried elsewhere
(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.
Previous report — wording carried elsewhere
(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.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
Six Months Ended June 30, 2025 Compared to 2024
Previous report — wording carried elsewhere
Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to salesper gold equivalent ounce by $25 and $36, primarily in Mexico, during the three and six months ended June 30, 2025, compared to the same periods in 2024, respectively.
Previous report — wording carried elsewhere
Suriname. Our Merian mine is located in Suriname and is a USD functional currency entity. In 2021, the Central Bank took steps to stabilize the local currency, while the government introduced new legislation to narrow the gap between government revenues and spending. The measures to increase government revenue mainly consist of tax increases; however, Newmont and the Republic of
Previous report — wording carried elsewhere
(4)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net.
Previous report — wording carried elsewhere
(8)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net.
Previous report — wording carried elsewhere
(11)Refer to Note 3 to the Condensed Consolidated Financial Statements for information on the Company's divestitures.
Previous report — wording carried elsewhere
(10)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.