NEWMONT Corp /DE/
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
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Proven and Probable Reserves
All of our reserves are located on land (i) we own or control, or (ii) that is owned or controlled by business entities established with our joint venture partners, in which the Company owns its pro-rata share of the capital stock, membership units, or interests. The risks that could affect title to our property are included above in Item 1A, Risk Factors.
A “mineral reserve” is an estimate of tonnage and grade or quality of measured and indicated mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. The term “economically viable,” as used in the definition of reserve, means that the qualified person has analytically determined that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions.
The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. The term “probable reserves” means reserves for which quantity and grade are computed from information similar to that used for proven reserves, but the sites for sampling are less closely spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation. Proven and probable reserves include gold, copper, silver, lead, zinc or molybdenum attributable to Newmont’s ownership or economic interest.
Proven and probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determined economic feasibility. The reference point for mineral reserves is the point of delivery to the process plant. Metal price assumptions, adjusted for our exchange rate assumption, are based on such factors as market forecasts, industry consensus and management estimates. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used. The reserve tables below list the average metallurgical recovery rate for each deposit, which takes into account the relevant processing methods. The cut-off grade, or lowest grade of mineralization considered economic to process, varies between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold, copper, silver, lead, zinc or molybdenum extraction and type of milling or leaching facilities available. Reserve estimates may have non-material differences in comparison to our joint venture partners due to differences in classification and rounding methodology.
The proven and probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold, copper, silver, lead, zinc and molybdenum will be realized. Ounces of gold or silver or pounds of copper, lead, zinc or molybdenum included in the proven and probable reserves are those contained prior to losses during metallurgical treatment. Reserve estimates may require revision based on actual production. Market fluctuations in the price of gold, copper, silver, lead, zinc and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could render certain proven and probable reserves containing higher cost reserves uneconomic to exploit and might result in a reduction of reserves.
We had attributable proven and probable gold reserves of 118.2 million ounces at December 31, 2025. For 2025 and 2024, reserves were estimated at a gold price assumption of $2,000 and $1,700 per ounce, respectively, except as noted below. The increase in the reserves gold price assumption is based on the Company's assessment of multiple factors, including historical gold pricing trends, consensus price forecasts, and impacts of inflation. We estimate that our 2025 reserves would increase by 5% (6.4 million ounces), or decline by 2% (2.8 million ounces), if the gold price assumption increased or decreased $100 per ounce, respectively, with all other assumptions remaining constant.
We publish reserves annually, and will recalculate reserves at December 31, 2026, taking into account metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2026.
The Company has internal controls for reviewing and documenting the information supporting the mineral reserve and mineral resource estimates, describing the methods used, and ensuring the validity of the estimates. Information that is utilized to compile mineral reserves and resources is prepared and certified by appropriately qualified persons at the mine site level and is subject to our internal review process which includes review by the Newmont-designated site and the Qualified Person (“QP”) based in our corporate office in Denver, Colorado. Additionally, all material sites are generally audited on a three-year cycle, and non-material sites on a four-year cycle, by subject matter experts for compliance with internal standards, guidelines, and applicable regulatory requirements. Audit timing may be adjusted, as appropriate, based on factors such as site-specific risk assessments, the presence or absence of material changes, or alignment with the timing of significant projects of planned additions. The QP presents the mineral reserve and mineral resource information to the Audit Committee and the Disclosure Committee on an annual basis for further review.
The following tables detail proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2025 and 2024.
| Gold Reserves at December 31, 2025 (1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves · Probable Reserves · Proven and Probable Reserves · MetallurgicalRecovery (3) | |||||||||||
| Deposits/Districts · NewmontShare · Tonnage (2)(000 tonnes) · Grade(g/tonne) · Ounces (3)(000) · Tonnage (2)(000 tonnes) · Grade(g/tonne) · Ounces (3)(000) · Tonnage (2)(000 tonnes) · Grade(g/tonne) · Ounces (3)(000) | |||||||||||
| Lihir Open Pits | 100% | — | — | — | 147,900 | 2.55 | 12,100 | 147,900 | 2.55 | 12,100 | 76% |
| Lihir Stockpiles (4) | 100% | — | — | — | 72,300 | 1.65 | 3,800 | 72,300 | 1.65 | 3,800 | 76% |
| Total Lihir, Papua NewGuinea (5) | 100% | — | — | — | 220,200 | 2.26 | 16,000 | 220,200 | 2.26 | 16,000 | 76% |
| Wafi-Golpu, Papua New Guinea (6)(7) | 50% | — | — | — | 194,500 | 0.82 | 5,100 | 194,500 | 0.82 | 5,100 | 68% |
| Cadia, Australia (8) | 100% | — | — | — | 1,007,600 | 0.42 | 13,500 | 1,007,600 | 0.42 | 13,500 | 81% |
| Tanami, Australia | 100% | 10,100 | 4.88 | 1,600 | 22,700 | 5.10 | 3,700 | 32,800 | 5.03 | 5,300 | 98% |
| Boddington Open Pit | 100% | 265,300 | 0.62 | 5,300 | 216,300 | 0.58 | 4,100 | 481,700 | 0.60 | 9,300 | 85% |
| Boddington Stockpiles (4) | 100% | 5,600 | 0.56 | 100 | 57,800 | 0.43 | 800 | 63,400 | 0.44 | 900 | 84% |
| Total Boddington, Australia (9) | 100% | 271,000 | 0.61 | 5,400 | 274,100 | 0.55 | 4,900 | 545,100 | 0.58 | 10,200 | 85% |
| Ahafo South Open Pit (10) | 100% | 2,500 | 1.16 | 100 | 40,900 | 1.48 | 1,900 | 43,400 | 1.46 | 2,000 | 88% |
| Ahafo South Underground (11) | 100% | 9,400 | 2.51 | 800 | 10,000 | 2.23 | 700 | 19,400 | 2.37 | 1,500 | 94% |
| Ahafo South Stockpiles (4)(12) | 100% | 18,500 | 0.94 | 600 | — | — | — | 18,500 | 0.94 | 600 | 91% |
| Total Ahafo South, Ghana | 100% | 30,400 | 1.44 | 1,400 | 50,900 | 1.63 | 2,700 | 81,300 | 1.56 | 4,100 | 91% |
| Ahafo North, Ghana (13) | 100% | — | — | — | 65,500 | 2.23 | 4,700 | 65,500 | 2.23 | 4,700 | 89% |
| Total Ahafo Complex, Ghana | 100% | 30,400 | 1.44 | 1,400 | 116,500 | 1.97 | 7,400 | 146,900 | 1.86 | 8,800 | 90% |
| Merian, Suriname | 75% | 24,800 | 1.21 | 1,000 | 104,600 | 1.06 | 3,600 | 129,400 | 1.09 | 4,500 | 93% |
| Cerro Negro, Argentina | 100% | 2,200 | 11.20 | 800 | 6,800 | 10.38 | 2,300 | 9,000 | 10.58 | 3,000 | 94% |
| Pueblo Viejo Open Pit | 40% | 35,800 | 2.22 | 2,600 | 51,300 | 1.95 | 3,200 | 87,100 | 2.06 | 5,800 | 81% |
| Pueblo Viejo Stockpiles (4) | 40% | — | — | — | 36,900 | 2.04 | 2,400 | 36,900 | 2.04 | 2,400 | 81% |
| Total Pueblo Viejo, Dominican Republic (7)(14) | 40% | 35,800 | 2.22 | 2,600 | 88,200 | 1.99 | 5,600 | 123,900 | 2.06 | 8,200 | 81% |
| NuevaUnión, Chile (7)(15) | 50% | — | — | — | 341,100 | 0.47 | 5,100 | 341,100 | 0.47 | 5,100 | 66% |
| Norte Abierto, Chile (7)(16) | 50% | — | — | — | 521,100 | 0.65 | 10,800 | 521,100 | 0.65 | 10,800 | 86% |
| Yanacocha, Peru | 100% | 18,800 | 0.81 | 500 | — | — | — | 18,800 | 0.81 | 500 | 71% |
| Peñasquito Open Pits | 100% | 79,500 | 0.54 | 1,400 | 114,800 | 0.44 | 1,600 | 194,300 | 0.48 | 3,000 | 62% |
| Peñasquito Stockpiles (4) | 100% | 4,900 | 0.44 | 100 | 21,800 | 0.21 | 100 | 26,700 | 0.25 | 200 | 45% |
| Total Peñasquito, Mexico | 100% | 84,400 | 0.53 | 1,400 | 136,600 | 0.40 | 1,800 | 221,000 | 0.45 | 3,200 | 61% |
| Red Chris, Canada (17) | 70% | 2,600 | 0.32 | — | 178,900 | 0.63 | 3,600 | 181,500 | 0.62 | 3,600 | 69% |
| Brucejack, Canada | 100% | — | — | — | 13,500 | 6.65 | 2,900 | 13,500 | 6.65 | 2,900 | 96% |
| NGM Open Pit (18) | 38.5% | — | — | — | 131,100 | 1.02 | 4,300 | 131,100 | 1.02 | 4,300 | 75% |
| NGM Stockpiles (4)(19) | 38.5% | 6,800 | 1.29 | 300 | 20,800 | 2.35 | 1,600 | 27,600 | 2.09 | 1,800 | 67% |
| NGM Underground (20) | 38.5% | 4,200 | 11.67 | 1,600 | 37,900 | 7.93 | 9,700 | 42,100 | 8.30 | 11,200 | 84% |
| Total NGM, United States (21) | 38.5% | 10,900 | 5.24 | 1,800 | 189,800 | 2.54 | 15,500 | 200,700 | 2.69 | 17,400 | 80% |
| Total Gold | 490,900 | 1.04 | 16,500 | 3,416,100 | 0.93 | 101,800 | 3,907,000 | 0.94 | 118,200 | 81% | |
| Gold Reserves at December 31, 2024 (1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves · Probable Reserves · Proven and Probable Reserves · MetallurgicalRecovery (3) | |||||||||||
| Deposits/Districts · NewmontShare · Tonnage (2)(000 tonnes) · Grade(g/tonne) · Ounces (3)(000) · Tonnage (2)(000 tonnes) · Grade(g/tonne) · Ounces (3)(000) · Tonnage (2)(000 tonnes) · Grade(g/tonne) · Ounces (3)(000) | |||||||||||
| Lihir Open Pits | 100% | — | — | — | 125,900 | 2.86 | 11,600 | 125,900 | 2.86 | 11,600 | 77% |
| Lihir Stockpiles (4) | 100% | — | — | — | 77,100 | 1.68 | 4,200 | 77,100 | 1.68 | 4,200 | 77% |
| Total Lihir, Papua NewGuinea | 100% | — | — | — | 203,000 | 2.41 | 15,800 | 203,000 | 2.41 | 15,800 | 77% |
| Wafi-Golpu, Papua New Guinea (7) | 50% | — | — | — | 194,500 | 0.82 | 5,100 | 194,500 | 0.82 | 5,100 | 68% |
| Cadia, Australia | 100% | — | — | — | 1,051,800 | 0.42 | 14,100 | 1,051,800 | 0.42 | 14,100 | 81% |
| Tanami, Australia | 100% | 10,100 | 5.25 | 1,700 | 19,800 | 5.28 | 3,400 | 29,900 | 5.27 | 5,100 | 98% |
| Boddington Open Pit | 100% | 276,500 | 0.64 | 5,600 | 219,200 | 0.61 | 4,300 | 495,700 | 0.62 | 9,900 | 84% |
| Boddington Stockpiles (4) | 100% | 2,100 | 0.67 | — | 61,900 | 0.42 | 800 | 64,100 | 0.43 | 900 | 83% |
| Total Boddington, Australia | 100% | 278,600 | 0.64 | 5,700 | 281,200 | 0.57 | 5,100 | 559,800 | 0.60 | 10,800 | 84% |
| Ahafo South Open Pit | 100% | 2,400 | 2.64 | 200 | 39,700 | 1.57 | 2,000 | 42,000 | 1.63 | 2,200 | 89% |
| Ahafo South Underground | 100% | 6,100 | 2.97 | 600 | 15,200 | 2.36 | 1,200 | 21,300 | 2.54 | 1,700 | 94% |
| Ahafo South Stockpiles (4) | 100% | 21,700 | 0.97 | 700 | — | — | — | 21,700 | 0.97 | 700 | 91% |
| Total Ahafo South, Ghana | 100% | 30,200 | 1.51 | 1,500 | 54,800 | 1.79 | 3,200 | 85,000 | 1.69 | 4,600 | 91% |
| Ahafo North, Ghana | 100% | — | — | — | 62,000 | 2.32 | 4,600 | 62,000 | 2.32 | 4,600 | 91% |
| Total Ahafo Complex, Ghana | 100% | 30,200 | 1.51 | 1,500 | 116,800 | 2.07 | 7,800 | 147,000 | 1.96 | 9,200 | 91% |
| Merian, Suriname | 75% | 23,400 | 1.26 | 900 | 87,300 | 1.14 | 3,200 | 110,700 | 1.16 | 4,100 | 93% |
| Cerro Negro, Argentina | 100% | 2,200 | 11.84 | 800 | 7,100 | 10.50 | 2,400 | 9,300 | 10.82 | 3,200 | 94% |
| Pueblo Viejo Open Pit | 40% | 32,200 | 2.27 | 2,300 | 49,500 | 2.04 | 3,300 | 81,700 | 2.13 | 5,600 | 88% |
| Pueblo Viejo Stockpiles (4) | 40% | — | — | — | 38,800 | 2.07 | 2,600 | 38,800 | 2.07 | 2,600 | 83% |
| Total Pueblo Viejo, Dominican Republic (7)(14) | 40% | 32,200 | 2.27 | 2,300 | 88,300 | 2.06 | 5,800 | 120,500 | 2.11 | 8,200 | 86% |
| NuevaUnión, Chile (7)(15) | 50% | — | — | — | 341,100 | 0.47 | 5,100 | 341,100 | 0.47 | 5,100 | 66% |
| Norte Abierto, Chile (7)(16) | 50% | — | — | — | 598,800 | 0.60 | 11,600 | 598,800 | 0.60 | 11,600 | 74% |
| Yanacocha Open Pits | 100% | 17,700 | 0.90 | 500 | 96,300 | 0.78 | 2,500 | 114,100 | 0.80 | 2,900 | 55% |
| Yanacocha Underground | 100% | — | — | — | 12,300 | 6.06 | 2,400 | 12,300 | 6.06 | 2,400 | 97% |
| Total Yanacocha, Peru | 100% | 17,800 | 0.90 | 500 | 108,600 | 1.38 | 4,800 | 126,400 | 1.31 | 5,300 | 74% |
| Peñasquito Open Pits | 100% | 93,900 | 0.58 | 1,700 | 130,800 | 0.48 | 2,000 | 224,700 | 0.52 | 3,800 | 62% |
| Peñasquito Stockpiles (4) | 100% | 4,700 | 0.60 | 100 | 27,300 | 0.21 | 200 | 32,000 | 0.26 | 300 | 37% |
| Total Peñasquito, Mexico | 100% | 98,600 | 0.58 | 1,800 | 158,100 | 0.44 | 2,200 | 256,600 | 0.49 | 4,100 | 60% |
| Red Chris, Canada | 70% | — | — | — | 186,400 | 0.62 | 3,700 | 186,400 | 0.62 | 3,700 | 69% |
| Brucejack, Canada | 100% | — | — | — | 8,600 | 6.95 | 1,900 | 8,600 | 6.95 | 1,900 | 96% |
| NGM Open Pit | 38.5% | — | — | — | 124,200 | 1.16 | 4,600 | 124,200 | 1.16 | 4,600 | 77% |
| NGM Stockpiles (4) | 38.5% | 16,400 | 1.86 | 1,000 | 12,900 | 2.36 | 1,000 | 29,200 | 2.08 | 2,000 | 69% |
| NGM Underground | 38.5% | 4,000 | 11.28 | 1,400 | 39,700 | 7.73 | 9,900 | 43,700 | 8.06 | 11,300 | 89% |
| Total NGM, United States (21) | 38.5% | 20,400 | 3.69 | 2,400 | 176,800 | 2.72 | 15,500 | 197,100 | 2.82 | 17,900 | 84% |
| Held for sale (22) | |||||||||||
| CC&V Open Pit | 100% | 87,000 | 0.43 | 1,200 | 28,600 | 0.44 | 400 | 115,600 | 0.43 | 1,600 | 58% |
| CC&V Leach Pads (23) | 100% | — | — | — | 34,600 | 0.73 | 800 | 34,600 | 0.73 | 800 | 55% |
| Total CC&V, United States | 100% | 87,000 | 0.43 | 1,200 | 63,200 | 0.60 | 1,200 | 150,200 | 0.50 | 2,400 | 57% |
| Musselwhite, Canada | 100% | 4,100 | 6.69 | 900 | 3,200 | 6.10 | 600 | 7,400 | 6.43 | 1,500 | 96% |
| Porcupine Underground | 100% | 1,600 | 5.09 | 300 | 2,700 | 7.27 | 600 | 4,400 | 6.46 | 900 | 89% |
| Porcupine Open Pit | 100% | 300 | 2.09 | — | 30,200 | 1.46 | 1,500 | 30,600 | 1.46 | 1,500 | 93% |
| Total Porcupine, Canada | 100% | 2,000 | 4.57 | 300 | 33,000 | 1.94 | 2,100 | 34,900 | 2.09 | 2,300 | 92% |
| Éléonore, Canada | 100% | 2,200 | 4.86 | 300 | 7,900 | 5.10 | 1,300 | 10,100 | 5.05 | 1,600 | 92% |
| Akyem Open Pit | 100% | 12,700 | 1.52 | 600 | 5,500 | 1.58 | 300 | 18,200 | 1.54 | 900 | 90% |
| Akyem Stockpiles (4) | 100% | 700 | 0.72 | — | — | — | — | 700 | 0.72 | — | 90% |
| Total Akyem, Ghana | 100% | 13,500 | 1.48 | 600 | 5,500 | 1.58 | 300 | 19,000 | 1.51 | 900 | 90% |
| Total Gold | 622,100 | 1.06 | 21,100 | 3,741,000 | 0.94 | 113,000 | 4,363,000 | 0.96 | 134,100 | 81% | |
(1)At December 31, 2025 and 2024, gold reserves at sites for which Newmont is the operator were estimated at a gold price of $2,000 and $1,700 per ounce, respectively, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the nearest 100,000.
(3)Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000.
(4)Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(5)Cut-off grade utilized in 2025 reserves not less than 1.00 gram per tonne.
(6)Project is currently undeveloped. Gold reserves at December 31, 2025 were estimated at a gold price of $1,200 per ounce.
(7)Included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements.
(8)The net smelter return value utilized in 2025 reserves not less than $24.62 per tonne.
(9)The net smelter return value utilized in 2025 reserves not less than $18.24 per tonne.
(10)Cut-off grade utilized in 2025 reserves not less than 0.49 gram per tonne.
(11)Cut-off grade utilized in 2025 reserves not less than 1.80 gram per tonne.
(12)Cut-off grade utilized in 2025 reserves not less than 0.48 gram per tonne.
(13)Cut-off grade utilized in 2025 reserves not less than 0.60 gram per tonne.
(14)The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Gold reserves at December 31, 2025 were estimated at a gold price of $1,500 per ounce. Gold reserves at December 31, 2025 and 2024 were provided by Barrick, the operator of Pueblo Viejo.
(15)Project is currently undeveloped. Gold reserves at December 31, 2025 were estimated at a gold price of $1,300 per ounce. Gold reserves at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture.
(16)Project is currently undeveloped. Gold reserves at December 31, 2025 were estimated at a gold price of $1,700 per ounce. Gold reserves at December 31, 2025 and 2024 were provided by the Norte Abierto joint venture.
(17)Gold reserves related to the underground mine at December 31, 2025 were estimated at a gold price of $1,300 per ounce.
(18)Cut-off grade utilized in 2025 reserves not less than 0.15 gram per tonne.
(19)Cut-off grade utilized in 2025 reserves not less than 0.44 gram per tonne.
(20)Cut-off grade utilized in 2025 reserves not less than 3.34 gram per tonne.
(21)Gold reserves at December 31, 2025 were estimated at a gold price of $1,500 per ounce. Gold reserves at December 31, 2025 and 2024 were provided by Barrick, the operator of the NGM joint venture.
(22)Sites were classified as held for sale as of December 31, 2024 and were divested as of December 31, 2025. Refer to Note 3 of the Consolidated Financial Statements for further information on the Company's divestitures.
(23)Leach pad material is the material on leach pads at the end of the year from which gold remains to be recovered. In-process reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
| Copper Reserves at December 31, 2025 (1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves · Probable Reserves · Proven and Probable Reserves · MetallurgicalRecovery (3) | |||||||||||
| Deposits/Districts · NewmontShare · Tonnage (2)(000 tonnes) · Grade(Cu %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Cu %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Cu %) · Tonnes (3)(000) | |||||||||||
| Wafi-Golpu, Papua New Guinea (4)(5) | 50% | — | —% | — | 194,500 | 1.20% | 2,300 | 194,500 | 1.20% | 2,300 | 95% |
| Cadia, Australia (6) | 100% | — | —% | — | 1,007,600 | 0.29% | 2,900 | 1,007,600 | 0.29% | 2,900 | 87% |
| Boddington, Australia (7) | 100% | 271,000 | 0.09% | 200 | 274,100 | 0.10% | 300 | 545,100 | 0.09% | 500 | 81% |
| NuevaUnión, Chile (5)(8) | 50% | — | —% | — | 1,118,000 | 0.40% | 4,400 | 1,118,000 | 0.40% | 4,400 | 88% |
| Norte Abierto, Chile (5)(9) | 50% | — | —% | — | 521,100 | 0.24% | 1,200 | 521,100 | 0.24% | 1,200 | 79% |
| Red Chris, Canada (10) | 70% | 2,600 | 0.41% | — | 178,900 | 0.52% | 900 | 181,500 | 0.52% | 900 | 84% |
| NGM, United States (11) | 38.5% | 3,700 | 0.15% | — | 76,500 | 0.18% | 100 | 80,200 | 0.18% | 100 | 68% |
| Total Copper | 277,300 | 0.09% | 200 | 3,370,700 | 0.36% | 12,300 | 3,648,000 | 0.34% | 12,500 | 87% | |
| Copper Reserves at December 31, 2024 (1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves · Probable Reserves · Proven and Probable Reserves · MetallurgicalRecovery (3) | |||||||||||
| Deposits/Districts · NewmontShare · Tonnage (2)(000 tonnes) · Grade(Cu %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Cu %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Cu %) · Tonnes (3)(000) | |||||||||||
| Wafi-Golpu, Papua New Guinea (5) | 50% | — | —% | — | 194,500 | 1.20% | 2,300 | 194,500 | 1.20% | 2,300 | 95% |
| Cadia, Australia | 100% | — | —% | — | 1,051,800 | 0.29% | 3,100 | 1,051,800 | 0.29% | 3,100 | 87% |
| Boddington, Australia | 100% | 278,600 | 0.09% | 200 | 281,200 | 0.10% | 300 | 559,800 | 0.09% | 500 | 81% |
| NuevaUnión, Chile (5)(8) | 50% | — | —% | — | 1,118,000 | 0.40% | 4,400 | 1,118,000 | 0.40% | 4,400 | 88% |
| Norte Abierto, Chile (5)(9) | 50% | — | —% | — | 598,800 | 0.22% | 1,300 | 598,800 | 0.22% | 1,300 | 87% |
| Yanacocha, Peru | 100% | — | —% | — | 111,100 | 0.63% | 700 | 111,100 | 0.63% | 700 | 83% |
| Red Chris, Canada | 70% | — | —% | — | 186,400 | 0.52% | 1,000 | 186,400 | 0.52% | 1,000 | 84% |
| NGM, United States (11) | 38.5% | 4,300 | 0.16% | — | 71,000 | 0.18% | 100 | 75,400 | 0.18% | 100 | 66% |
| Total Copper | 282,900 | 0.09% | 200 | 3,612,900 | 0.37% | 13,200 | 3,895,800 | 0.35% | 13,500 | 88% | |
(1)At December 31, 2025 and 2024, copper reserves at sites for which Newmont is the operator were estimated at a copper price of $3.75 and $3.50 per pound, respectively, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(3)Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.
(4)Project is currently undeveloped. Copper reserves at December 31, 2025 were estimated at a copper price of $3.00 per pound.
(5)Included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements.
(6)The net smelter return value utilized in 2025 reserves not less than $24.62 per tonne.
(7)The net smelter return value utilized in 2025 reserves not less than $18.24 per tonne.
(8)Project is currently undeveloped. Copper reserves at December 31, 2025 were estimated at a copper price of $3.00 per pound. Copper reserves at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture.
(9)Project is currently undeveloped. Copper reserves at December 31, 2025 were estimated at a copper price of $3.50. Copper reserves at December 31, 2025 and 2024 were provided by the Norte Abierto joint venture.
(10)Copper reserves related to the underground mine at December 31, 2025 were estimated at a copper price of $3.00 per pound.
(11)Copper cut-off grade varies with gold and silver credits. Copper reserves at December 31, 2025 were estimated at a copper price of $3.25 per ounce. Copper reserves at December 31, 2025 and 2024 were provided by Barrick, the operator of the NGM joint venture.
| Silver Reserves at December 31, 2025 (1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves · Probable Reserves · Proven and Probable Reserves · MetallurgicalRecovery (3) | |||||||||||
| Deposits/Districts · NewmontShare · Tonnage (2)(000 tonnes) · Grade(g/tonne) · Ounces (3)(000) · Tonnage (2)(000 tonnes) · Grade(g/tonne) · Ounces (3)(000) · Tonnage (2)(000 tonnes) · Grade(g/tonne) · Ounces (3)(000) | |||||||||||
| Cadia, Australia (4) | 100% | — | — | — | 1,007,600 | 0.67 | 21,800 | 1,007,600 | 0.67 | 21,800 | 67% |
| Cerro Negro, Argentina | 100% | 2,200 | 84.41 | 5,900 | 6,800 | 66.20 | 14,400 | 9,000 | 70.62 | 20,300 | 74% |
| Pueblo Viejo Open Pits | 40% | 35,800 | 12.01 | 13,800 | 51,300 | 11.58 | 19,100 | 87,100 | 11.76 | 32,900 | 53% |
| Pueblo Viejo Stockpiles (5) | 40% | — | — | — | 36,900 | 13.59 | 16,100 | 36,900 | 13.59 | 16,100 | 53% |
| Total Pueblo Viejo, Dominican Republic (6)(7) | 40% | 35,800 | 12.01 | 13,800 | 88,200 | 12.42 | 35,200 | 123,900 | 12.30 | 49,000 | 53% |
| NuevaUnión, Chile (7)(8) | 50% | — | — | — | 1,118,000 | 1.31 | 47,200 | 1,118,000 | 1.31 | 47,200 | 66% |
| Norte Abierto, Chile (7)(9) | 50% | — | — | — | 521,100 | 1.61 | 27,000 | 521,100 | 1.61 | 27,000 | 76% |
| Yanacocha, Peru | 100% | — | — | — | 68,300 | 8.82 | 19,400 | 68,300 | 8.82 | 19,400 | 5% |
| Peñasquito Open Pits | 100% | 79,500 | 34.50 | 88,200 | 114,800 | 31.09 | 114,700 | 194,300 | 32.49 | 202,900 | 83% |
| Peñasquito Stockpiles (5) | 100% | 4,900 | 47.37 | 7,500 | 21,800 | 27.90 | 19,600 | 26,700 | 31.48 | 27,000 | 76% |
| Total Peñasquito, Mexico | 100% | 84,400 | 35.25 | 95,700 | 136,600 | 30.58 | 134,300 | 221,000 | 32.37 | 230,000 | 82% |
| Brucejack, Canada | 100% | — | — | — | 13,500 | 29.39 | 12,800 | 13,500 | 29.39 | 12,800 | 83% |
| NGM Open Pit | 38.5% | — | — | — | 66,200 | 6.54 | 13,900 | 66,200 | 6.54 | 13,900 | 38% |
| NGM Stockpiles (5) | 38.5% | 2,700 | 7.89 | 700 | — | — | — | 2,700 | 7.89 | 700 | 38% |
| Total NGM, United States (10) | 38.5% | 2,700 | 7.89 | 700 | 66,200 | 6.54 | 13,900 | 68,900 | 6.59 | 14,600 | 38% |
| Total Silver | 125,000 | 28.88 | 116,000 | 3,026,200 | 3.35 | 326,000 | 3,151,200 | 4.36 | 442,000 | 71% | |
| Silver Reserves at December 31, 2024 (1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves · Probable Reserves · Proven and Probable Reserves · MetallurgicalRecovery (3) | |||||||||||
| Deposits/Districts · NewmontShare · Tonnage (2)(000 tonnes) · Grade(g/tonne) · Ounces (3)(000) · Tonnage (2)(000 tonnes) · Grade(g/tonne) · Ounces (3)(000) · Tonnage (2)(000 tonnes) · Grade(g/tonne) · Ounces (3)(000) | |||||||||||
| Cadia, Australia | 100% | — | — | — | 1,051,800 | 0.67 | 22,800 | 1,051,800 | 0.67 | 22,800 | 68% |
| Cerro Negro, Argentina | 100% | 2,200 | 89.85 | 6,400 | 7,100 | 65.87 | 15,000 | 9,300 | 71.58 | 21,400 | 75% |
| Pueblo Viejo Open Pits | 40% | 32,200 | 12.44 | 12,900 | 49,500 | 11.49 | 18,300 | 81,700 | 11.86 | 31,200 | 71% |
| Pueblo Viejo Stockpiles (5) | 40% | — | — | — | 38,800 | 14.22 | 17,700 | 38,800 | 14.22 | 17,700 | 71% |
| Total Pueblo Viejo, Dominican Republic (6)(7) | 40% | 32,200 | 12.44 | 12,900 | 88,300 | 12.69 | 36,000 | 120,500 | 12.62 | 48,900 | 71% |
| NuevaUnión, Chile (7)(8) | 50% | — | — | — | 1,118,000 | 1.31 | 47,200 | 1,118,000 | 1.31 | 47,200 | 66% |
| Norte Abierto, Chile (7)(9) | 50% | — | — | — | 598,800 | 1.52 | 29,300 | 598,800 | 1.52 | 29,300 | 74% |
| Yanacocha Open Pits and Underground | 100% | — | — | — | 93,400 | 19.89 | 59,800 | 93,400 | 19.89 | 59,800 | 54% |
| Yanacocha Stockpiles and Leach Pads (5)(11) | 100% | — | — | — | 78,900 | 9.33 | 23,600 | 78,900 | 9.33 | 23,600 | 13% |
| Total Yanacocha, Peru | 100% | — | — | — | 172,300 | 15.05 | 83,400 | 172,300 | 15.05 | 83,400 | 43% |
| Peñasquito Open Pits | 100% | 93,900 | 34.68 | 104,700 | 130,800 | 28.52 | 119,900 | 224,700 | 31.09 | 224,600 | 83% |
| Peñasquito Stockpiles (5) | 100% | 4,700 | 25.38 | 3,800 | 27,300 | 28.32 | 24,800 | 32,000 | 27.89 | 28,700 | 73% |
| Total Peñasquito, Mexico | 100% | 98,600 | 34.24 | 108,500 | 158,100 | 28.49 | 144,800 | 256,600 | 30.70 | 253,300 | 82% |
| Brucejack, Canada | 100% | — | — | — | 8,600 | 34.36 | 9,500 | 8,600 | 34.36 | 9,500 | 83% |
| NGM Open Pit | 38.5% | — | — | — | 54,600 | 7.78 | 13,700 | 54,600 | 7.78 | 13,700 | 38% |
| NGM Stockpiles (5) | 38.5% | 3,200 | 7.87 | 800 | — | — | — | 3,200 | 7.87 | 800 | 38% |
| Total NGM, United States (10) | 38.5% | 3,200 | 7.87 | 800 | 54,600 | 7.78 | 13,700 | 57,900 | 7.78 | 14,500 | 38% |
| Total Silver | 136,200 | 29.37 | 128,600 | 3,257,700 | 3.83 | 401,600 | 3,393,800 | 4.86 | 530,200 | 71% | |
(1)At December 31, 2025 and 2024, silver reserves at sites for which Newmont is the operator were estimated at a silver price of $25 and $20 per ounce, respectively, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(3)Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000.
(4)The net smelter return value utilized in 2025 reserves not less than $24.62 per tonne.
(5)Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(6)The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Silver reserves at December 31, 2025 were estimated at a silver price of $21 per ounce. Silver reserves at December 31, 2025 and 2024 were provided by Barrick, the operator of Pueblo Viejo.
(7)Included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements.
(8)Project is currently undeveloped. Silver reserves at December 31, 2025 were estimated at a silver price of $18 per ounce. Silver reserves at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture.
(9)Project is currently undeveloped. Silver reserves at December 31, 2025 were estimated at a silver price of $25 per ounce. Silver reserves at December 31, 2025 and 2024 were provided by the Norte Abierto joint venture.
(10)Silver cut-off grade varies with gold and copper credits. Silver reserves at December 31, 2025 were estimated at a silver price of $21 per ounce. Silver reserves at December 31, 2025 and 2024 were provided by Barrick, the operator of the NGM joint venture.
(11)Leach pad material is the material on leach pads at the end of the year from which silver remains to be recovered. In-process reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
| Lead Reserves at December 31, 2025 (1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves · Probable Reserves · Proven and Probable Reserves · MetallurgicalRecovery (3) | |||||||||||
| Deposits/Districts · NewmontShare · Tonnage (2)(000 tonnes) · Grade(Pb %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Pb %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Pb %) · Tonnes (3)(000) | |||||||||||
| Peñasquito, Mexico | 100% | 84,400 | 0.34% | 300 | 136,600 | 0.28% | 400 | 221,000 | 0.30% | 700 | 75% |
| Total Lead | 84,400 | 0.34% | 300 | 136,600 | 0.28% | 400 | 221,000 | 0.30% | 700 | 75% | |
| Lead Reserves at December 31, 2024 (1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves · Probable Reserves · Proven and Probable Reserves · MetallurgicalRecovery (3) | |||||||||||
| Deposits/Districts · NewmontShare · Tonnage (2)(000 tonnes) · Grade(Pb %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Pb %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Pb %) · Tonnes (3)(000) | |||||||||||
| Peñasquito, Mexico | 100% | 98,600 | 0.35% | 300 | 158,100 | 0.29% | 500 | 256,600 | 0.31% | 800 | 74% |
| Total Lead | 98,600 | 0.35% | 300 | 158,100 | 0.29% | 500 | 256,600 | 0.31% | 800 | 74% | |
(1)At December 31, 2025 and 2024, lead reserves were estimated at a lead price of $0.90 per pound. Amounts presented may not recalculate in total due to rounding.
(3)Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.
| Zinc Reserves at December 31, 2025 (1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves · Probable Reserves · Proven and Probable Reserves · MetallurgicalRecovery (3) | |||||||||||
| Deposits/Districts · NewmontShare · Tonnage (2)(000 tonnes) · Grade(Zn %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Zn %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Zn %) · Tonnes (3)(000) | |||||||||||
| Peñasquito Open Pits, Mexico | 100% | 79,500 | 0.77% | 600 | 114,800 | 0.60% | 700 | 194,300 | 0.67% | 1,300 | 83% |
| Peñasquito Stockpiles, Mexico (4) | 100% | 4,900 | 1.25% | 100 | 21,800 | 0.54% | 100 | 26,700 | 0.67% | 200 | 78% |
| Total Zinc | 84,400 | 0.80% | 700 | 136,600 | 0.59% | 800 | 221,000 | 0.67% | 1,500 | 82% | |
| Zinc Reserves at December 31, 2024 (1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves · Probable Reserves · Proven and Probable Reserves · MetallurgicalRecovery (3) | |||||||||||
| Deposits/Districts · NewmontShare · Tonnage (2)(000 tonnes) · Grade(Zn %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Zn %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Zn %) · Tonnes (3)(000) | |||||||||||
| Peñasquito Open Pits, Mexico | 100% | 93,900 | 0.81% | 800 | 130,800 | 0.6% | 800 | 224,700 | 0.69% | 1,500 | 83% |
| Peñasquito Stockpiles, Mexico (4) | 100% | 4,700 | 0.80% | — | 27,300 | 0.54% | 100 | 32,000 | 0.58% | 200 | 75% |
| Total Zinc | 98,600 | 0.81% | 800 | 158,100 | 0.59% | 900 | 256,600 | 0.68% | 1,700 | 82% | |
(1)At December 31, 2025 and 2024, zinc reserves were estimated at a zinc price of $1.20 per pound. Amounts presented may not recalculate in total due to rounding.
(3)Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.
(4)Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where pounds exceed 100 million and are greater than 5% of the total site-reported reserves.
| Molybdenum Reserves at December 31, 2025 (1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves · Probable Reserves · Proven and Probable Reserves · MetallurgicalRecovery (3) | |||||||||||
| Deposits/Districts · NewmontShare · Tonnage (2)(000 tonnes) · Grade(Mo %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Mo %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Mo %) · Tonnes (3)(000) | |||||||||||
| Cadia, Australia (4) | 100% | — | —% | — | 996,400 | 0.01% | 100 | 996,400 | 0.01% | 100 | 67% |
| NuevaUnión, Chile (5)(6) | 50% | — | —% | — | 776,900 | 0.02% | 100 | 776,900 | 0.02% | 100 | 48% |
| Total Molybdenum | — | —% | — | 1,773,300 | 0.01% | 200 | 1,773,300 | 0.01% | 200 | 56% | |
| Molybdenum Reserves at December 31, 2024 (1) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves · Probable Reserves · Proven and Probable Reserves · MetallurgicalRecovery (3) | |||||||||||
| Deposits/Districts · NewmontShare · Tonnage (2)(000 tonnes) · Grade(Mo %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Mo %) · Tonnes (3)(000) · Tonnage (2)(000 tonnes) · Grade(Mo %) · Tonnes (3)(000) | |||||||||||
| Cadia, Australia | 100% | — | —% | — | 1,040,600 | 0.01% | 100 | 1,040,600 | 0.01% | 100 | 67% |
| NuevaUnión, Chile (5)(6) | 50% | — | —% | — | 776,900 | 0.02% | 100 | 776,900 | 0.02% | 100 | 48% |
| Total Molybdenum | — | —% | — | 1,817,500 | 0.01% | 200 | 1,817,500 | 0.01% | 200 | 56% | |
(1)At December 31, 2025 and 2024, molybdenum reserves at sites for which Newmont is the operator were estimated at a molybdenum price of $13 per pound, unless otherwise noted. Amounts presented may not recalculate in total due to rounding.
(3)Tonnes are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Tonnes may not recalculate as they are rounded to the nearest 100,000.
(4)The net smelter return value utilized in 2025 reserves not less than $25 per tonne.
(5)Project is currently undeveloped. Molybdenum reserves at December 31, 2025 were estimated at a molybdenum price of $10 per pound. Molybdenum reserves at December 31, 2025 and 2024 were provided by the NuevaUnión joint venture.
(6)Included in the non-operating segment Corporate and Other in Note 4 to the Consolidated Financial Statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.