NEWMONT Corp /DE/

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:

(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)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.

(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.").

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

(6)For the three months ended September 30, 2025 and 2024, Red Chris produced 14 million and 13 million pounds of copper, respectively.

(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.

(8)For the three months ended September 30, 2025 and 2024, Boddington produced 12 million and 19 million pounds of copper, respectively.

(9)For the three months ended September 30, 2025 and 2024, Cadia produced 46 million and 48 million pounds of copper, respectively.

(10)For the three months ended September 30, 2024, Telfer produced 1 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.

(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 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.

(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.

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

(7)For the nine months ended September 30, 2025 and 2024, Red Chris produced 46 million and 38 million pounds of copper, respectively.

(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.

(9)For the nine months ended September 30, 2025 and 2024, Boddington produced 43 million and 61 million pounds of copper, respectively.

(10)For the nine months ended September 30, 2025 and 2024, Cadia produced 142 million and 142 million pounds of copper, respectively.

(11)For the nine months ended September 30, 2024, Telfer produced 4 million pounds of copper.

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

(13)The Fruta del Norte mine is wholly owned and operated by Lundin Gold 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.

Three Months Ended September 30, 2025 Compared to 2024

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Nine Months Ended September 30, 2025 Compared to 2024

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.

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.

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.

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.

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.

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.

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.

Boddington, Australia. Gold production was generally in line with the prior year. Gold equivalent ounces – other metals production decreased 41% primarily due to lower other metals produced of 28% 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 19% 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 16% 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 lower gold equivalent ounces - other metals produced and 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 16% 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 increased 16% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend, partially offset by lower treatment and refining costs. All-in sustaining costs per gold equivalent ounce – other metals increased 18% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals and higher sustaining capital spend, partially offset by lower treatment and refining costs.

Tanami, Australia. Gold production decreased 8% primarily due to lower ore grade milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 22% primarily due to lower gold ounces sold, a drawdown of stockpile inventory in the current year compared to a buildup in the prior year, and higher third-party royalties. Depreciation and amortization per gold ounce increased 10% primarily due to lower gold ounces sold. All-in sustaining costs increased 36% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold ounce.

Cadia, Australia. Gold production decreased 14% primarily due to lower ore grade milled, partially offset by higher mill throughput. Gold equivalent ounces – other metals production decreased 17% 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 21% primarily due to lower gold ounces sold, higher royalties, 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 27% 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 22% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 23% 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, partially offset by lower sustaining capital spend and lower treatment and refining costs. All-in sustaining costs per gold equivalent ounce – other metals increased 16% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower sustaining capital spend and 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 6% primarily due to higher inventory costs per unit from ore processed from stockpiles and higher royalties. Depreciation and amortization per gold ounce increased 23% primarily due to higher non-cash inventory costs per unit from ore processed from stockpiles. All-in sustaining costs per gold ounce increased 10% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold ounce.

NGM, U.S. Attributable gold production decreased 7% primarily due to lower mill throughput at Carlin and lower leach pad production at Cortez and Carlin, partially offset by higher mill throughput at Turquoise Ridge and Cortez. Costs applicable to sales per gold ounce increased 11% primarily due to higher waste capitalization in the prior year as a result of a new open pit at Carlin which declared commercial production during the third quarter of 2024, higher contracted services costs and lower gold ounces sold at Carlin, partially offset by higher gold ounces sold at 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 Turquoise Ridge. All-in sustaining costs per gold ounce were generally in line with the prior year.

Pueblo Viejo, Dominican Republic. Attributable gold production increased 6% primarily due to a higher build up of in-circuit inventory in the prior year and higher mill throughput, 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.