NEWMONT Corp /DE/

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

The increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the three months ended 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).

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).

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

(2)For the three months ended September 30, 2025 the Company sold 31 thousand tonnes of copper, 27 thousand tonnes of lead, and 68 thousand tonnes of zinc.

(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.

(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.

(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.

The change in consolidated Sales is due to:

(1)Included in the change in consolidated Sales is the impact relating to the divested sites which resulted in a decrease for the three and nine months ended September 30, 2025 compared to the same periods in 2024, of $646 and $1,403, respectively.

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

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

The decrease in Costs applicable to sales for the three and 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.

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.

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.

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

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

Depreciation and amortization expense for the three and nine months ended September 30, 2025 was generally in line with the same periods in 2024.

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

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.

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.

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)

variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the USD and foreign currencies; and (vii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 9 to the Condensed Consolidated Financial Statements for further discussion of income taxes.

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

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

(3)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.

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

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

(3)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.

On July 4, 2025, the One Big Beautiful Bill Act H.R. 1 was signed into law in the U.S. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company does not anticipate the bill will have a material impact on the financial statements.

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