NEWMONT Corp /DE/
For the period ended Mar 31, 2026. Filed Apr 23, 2026.
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.
Mar 31, 2026 · Filed Apr 23, 2026
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 2025-09-30; 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 StatementCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-23.
0001164727-26-000019
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOverviewConsolidated Financial ResultsResults of Consolidated OperationsLiquidity 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 255 current paragraphs.
122 unchanged; 85 reworded; 45 added; 104 removed; 15 previous and 3 current paragraphs rearranged.
Tables are not compared: 31 previous and 20 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 (45)
Current report
In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project and all activity was included in the Ahafo South reportable segment up to the date of commercial production. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
Current report
One of our reportable segments, NGM, is a joint venture that combined our and Barrick Mining Corporation’s (“Barrick”) respective Nevada operations, pursuant to the operating agreement entered into on July 1, 2019 between Barrick, Newmont and their wholly-owned subsidiaries party thereto (the “Nevada JV Agreement”). Barrick operates NGM with overall management responsibility and is subject to the supervision and direction of NGM’s Board of Managers, which is comprised of three managers appointed by Barrick and two managers appointed by Newmont. On January 26, 2026, we informed Barrick and the NGM Board of Managers that we had identified evidence of mismanagement at NGM, including diversion of resources from NGM to the benefit of Barrick’s wholly-owned property Fourmile and Barrick, and that we were exercising our contractual inspection and audit rights. On February 3, 2026, we sent Barrick a notice of default under the Nevada JV Agreement related to this conduct. Although we continue to work with Barrick to improve the performance of NGM and will take appropriate steps to address this matter, any such disagreements could have a material adverse effect on NGM and the Company. Refer to Part I, Item 1A, Risk Factors, of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 19, 2026 for a discussion of risk factors related to our joint ventures.
Current report
The Revised Investment Agreement, under which Newmont previously operated in Ghana, expired on December 31, 2025. As a result, the previous maximum corporate income tax rate of 32.5% is now subject to a maximum corporate income tax rate of 35% and customs duties on imported goods used in mining operations ranging from 5% to 20% of the value of such items.
Current report
Under the prior regime, royalties were paid to the Government of Ghana under a sliding‑scale system based on average monthly gold prices and ranging up to 5% of revenues; this royalty regime expired on December 31, 2025. Effective January 1, 2026, royalties transitioned to a fixed rate of 5% of gold revenue. Subsequently, the Parliament of Ghana enacted legislation, effective early March 2026, revising the royalty framework to a sliding-scale structure ranging from 5% to 12% of gold revenues, based on prevailing gold prices.
Current report
The Government of Ghana is also entitled to a 10% free carried interest in the rights and obligations of the mineral operations by receiving 1/9th of the total amount paid as dividends to Newmont parent. When the average quoted gold price exceeds $1,300 per ounce within a calendar year, an advance payment on these amounts of 0.6% of total revenues is required. Upon the expiration of the tax stability regime on December 31, 2025, dividends paid will become subject to an 8% withholding tax.
Current report
Newmont also became subject to a Growth and Sustainability Levy (“GSL”) of 3% on gross revenue as a result of the expiration of the Revised Investment Agreement, effective January 1, 2026; however, in March 2026 the Parliament of Ghana enacted legislation reducing the GSL rate to 1%, effective April 1, 2026.
Current report
As a result, the Company is exposed to future changes in fiscal, tax, and other related regulatory regimes in Ghana as they may be enacted from time to time. The revised royalty framework and changes to the GSL could increase the Company’s operating costs at its Ghanaian operations, particularly during periods of higher gold prices.
Current report
(2)For the three months ended March 31, 2026 the Company sold 30 thousand tonnes of copper, 28 thousand tonnes of lead, and 58 thousand tonnes of zinc.
Current report
(3)Per ounce/pound measures may not recalculate due to rounding.
Current report
The increase in Depreciation and amortization expense for the three months ended March 31, 2026, compared to the same period in 2025, is primarily due to higher depreciation rates in the current year at NGM as a result of higher gold ounces mined at Carlin and the commencement of depreciation at Ahafo North due to reaching commercial production in the fourth quarter of 2025.
Current report
(2)Includes impact of increase in corporate tax rate from 32.5% to 35% effective January 1, 2026. For more details, refer to the "Ghanaian Stability Agreement and Royalty" discussion in Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations above.
Current report
In 2024, Pillar II went into effect. The Pillar II agreement was signed by numerous countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. On January 5, 2026, the Organization for Economic Cooperation and Development released Administrative Guidance containing two Pillar II safe harbours under the new Side-by-side ("SbS") System. The Company is still examining the applicability of the new guidance to Newmont, but at this time, believes the new SbS Safe Harbour exempts the Company from Pillar II.
Current report
(3)In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. As such, the comparative results of operations information is not meaningful. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
Current report
On April 14, 2026, a magnitude 4.5Mla earthquake was recorded in the New South Wales Central West near Newmont's Cadia operation in Australia. This event resulted in the temporary suspension of Cadia’s underground mining activities. While surface operations and stockpile processing have continued, mining activities, which remain paused, are currently expected to resume in the second quarter of 2026.
Current report
a magnitude 4.5Mla earthquake was recorded in the New South Wales Central West near Newmont's Cadia operation in Australia. This event resulted in the temporary suspension of Cadia’s underground mining activities. While surface operations and stockpile processing have continued, mining activities, which remain paused, are currently expected to resume in the second quarter of 2026.
Current report
Ahafo South, Ghana. Gold production decreased 38% 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 37% primarily due to lower gold ounces sold and higher contracted services costs, partially offset by lower government royalties in the current year from lower gold ounces sold and a government royalty in the prior year from an Ahafo South dividend payment, and a buildup of stockpile inventory compared to a drawdown in the prior year. Depreciation and amortization per gold ounce increased 35% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 34% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend. On December 31, 2025, the Revised Investment Agreement, under which Newmont previously operated in Ghana, expired. Additionally, during the first quarter of 2026, the Parliament of Ghana made certain changes to its' royalty regime. For more details, refer to the "Ghanaian Stability Agreement and Royalty" discussion in Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations above. The revised framework could result in higher operating costs at our Ghanaian operations, particularly in periods of higher gold prices.
Current report
Peñasquito, Mexico. Gold production decreased 56% primarily due to lower ore grade milled as a result of mine sequencing and lower mill recovery, partially offset by higher mill throughput. Gold equivalent ounces - other metals production decreased 8% 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 33% that is offsetting higher other metals produced of 25% as a result of higher mill throughput. Costs applicable to salesper gold ounce increased 32% primarily due to lower gold ounces sold, partially offset by lower mill maintenance costs driven by timing of the plant shutdown, lower allocation of costs to gold as a result of lower gold ounces produced compared to the other gold equivalent ounces - other metals produced due to mine sequencing, and a diesel tax credit. Costs applicable to sales per gold equivalent ounce – other metals increased 41% primarily due to lower gold equivalent ounces - other metals sold, higher workers participation costs, higher third-party and government royalties, and higher allocation of costs to other metals as a result of mine sequencing, partially offset by a diesel tax credit, higher by-product credits and lower mill maintenance costs driven by timing of the plant shutdown. Depreciation and amortization per gold ounce increased 29% primarily due to lower gold ounces sold, partially offset by lower allocation of costs to gold as a result of mine sequencing. Depreciation and amortization per gold equivalent ounces – other metals increased 32% primarily due to lower gold equivalent ounces - other metals sold and higher allocation of costs to gold equivalent ounces - other metals as a result mine sequencing. All-in sustaining costs per gold ounce increased 37% primarily due to higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 40% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, higher reclamation costs, and higher sustaining capital spend, partially offset by lower treatment and refining costs.
Current report
Red Chris, Canada. Gold production was generally in line with the prior year. Gold equivalent ounces - other metals production decreased 50% primarily due to the change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 32%, as well as lower other metals produced of 18% as a result of lower ore grade milled. Costs applicable to sales per gold ounce increased 50% primarily due to higher allocation of direct costs to gold as a result of the GEO pricing change. Costs applicable to sales per gold equivalent ounce – other metals sold increased 48% 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. Depreciation and amortization per gold ounce increased 96% primarily due to higher depreciation as a result of asset additions and higher allocation of costs to gold as a result of the GEO price change. Depreciation and amortization per gold equivalent ounce – other metals increased 86% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 60% primarily due to higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 44% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower treatment and refining costs.
Current report
Brucejack, Canada. Gold production increased 44% primarily due to a drawdown of in-circuit inventory compared to a buildup in the prior year and higher ore grade milled. Costs applicable to sales per gold ounce were generally in line with the prior year.
Current report
(1)In the fourth quarter of 2025, the Ahafo North development project achieved commercial production resulting in designation as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project, and all activity was included in the Ahafo South reportable segment. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes.
Current report
(2)Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
Current report
For three months ended March 31, 2026, the Company redeemed senior notes through partial redemptions, totaling $42, resulting in a total gain on extinguishment of $1 recognized in Other income (loss), net.
Current report
For three months ended March 31, 2025, the Company redeemed senior notes through full and partial redemptions, totaling $981 and $19 in principal and accrued interest, respectively, resulting in a total loss on extinguishment of $10 recognized in Other income (loss), net.
Current report
(2)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
(4)Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net.
Current report
(3)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
(4)Primarily represents restructuring and severance related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net.
Current report
(5)Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net.
Current report
(7)Primarily consists of a gain on the receipt of the deferred consideration related to the sale of CC&V; included in Other income (loss), net. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.
Current report
(4)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
(9)Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net.
Current report
(3)Includes operating accretion of $33, included in Reclamation and remediation, and amortization of asset retirement costs of $27; 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 $41 and $4, respectively, included in Reclamation and remediation.
Current report
(4)Excludes development expenditures of $4 at Cadia, $1 at Boddington, $8 at Ahafo South, $1 at Ahafo North, $5 at Merian, $4 at Cerro Negro, $2 at Yanacocha, $3 at Peñasquito, $1 at Red Chris, $5 at NGM, $16 at Corporate and Other, totaling $50 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
Current report
(11)Cadia sold 21 thousand tonnes of copper, Boddington sold 3 thousand tonnes of copper, Peñasquito sold 10 million ounces of silver, 28 thousand tonnes of lead and 58 thousand tonnes of zinc, and Red Chris sold 6 thousand tonnes of copper.
Current report
(12)All-in sustaining costs at Peñasquito is comprised of $188, $21, and $88 for silver, lead, and zinc, respectively.
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Removed paragraphs (104)
Previous report
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 report
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 report
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).
Previous report
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 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.
Previous 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.
Previous 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.
Previous report
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 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.
Previous 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.").
Previous report
(10)For the three months ended September 30, 2024, Telfer produced 1 million pounds of copper.
Previous 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.
Previous report
(7)For the nine months ended September 30, 2025 and 2024, Red Chris produced 46 million and 38 million pounds of copper, respectively.
Previous report
(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 report
(9)For the nine months ended September 30, 2025 and 2024, Boddington produced 43 million and 61 million pounds of copper, respectively.
Previous report
(10)For the nine months ended September 30, 2025 and 2024, Cadia produced 142 million and 142 million pounds of copper, respectively.
Previous report
(11)For the nine months ended September 30, 2024, Telfer produced 4 million pounds of copper.
Previous report
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 report
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 report
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 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.
Previous report
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 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.
Previous report
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 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.
Previous 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.
Previous report
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 report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
Our foreign operations sell their gold, copper, silver, lead, and zinc production based on USD metal prices. Therefore, fluctuations in foreign currency exchange rates do not have a material impact on our revenue. Despite selling gold and silver in London, we have no exposure to the euro or the British pound.
Previous report
Foreign currency exchange rates can increase or decrease profits to the extent costs are paid in foreign currencies. Approximately 61% and 60% of Costs applicable to sales were paid in currencies other than the USD during both the three and nine months ended September 30, 2025, as follows:
Previous report
Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to sales at sites by $36 and $34 per gold ounce during the three and nine months ended September 30, 2025, compared to the same periods in 2024, respectively, primarily due to currency devaluation in Argentina and Suriname.
Previous report
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.
Previous report
At September 30, 2025, the Company held AUD- and CAD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures to be incurred between October 2024 and December 2026 at certain sites, respectively. The unrealized changes in fair value for the fixed forward contracts are recorded in Accumulated other comprehensive income (loss) and are reclassified to earnings through Costs applicable to sales. Refer to Note 11 to the Condensed Consolidated Financial Statements for further information on our hedging instruments.
Previous report
Hyperinflationary economies are defined by the International Monetary Fund ("IMF") as economies in which the projected three-year cumulative inflation exceeds 100%. At September 30, 2025, hyperinflationary economies in which the Company held operations included Ghana, Argentina, and Suriname.
Previous report
Ghana. Our Ahafo mine is located in Ghana and is a USD functional currency entity. In 2021, the Bank of Ghana created a voluntary gold purchase program in the effort to stabilize the local currency and build up gold reserves through domestic gold purchases conducted in local currency at prevailing market rates. The majority of Ahafo's activity has historically been denominated in USD; as a result, the devaluation of the Ghanaian cedi has resulted in an immaterial impact on our financial statements. Therefore, future devaluation of the Ghanaian cedi is not expected to have a material impact on our financial statements.
Showing the first 40 of 104 passages. Open the source sections for the rest.
Reworded paragraphs (85)
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 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.
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. Since 2015, Newmont has been included as a member in the Sustainability Yearbook published by the S&P Global Corporate Sustainability Assessment. Newmont has been 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 since 2020. 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 United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. Our goal is to create value and improve lives through sustainable and responsible mining.
Previous wording
Refer to the Consolidated Financial Results, Results of Consolidated Operations, Liquidity and Capital Resources and non-GAAP Financial Measures for information about the continued impacts from inflationary pressures, effects of certain countermeasures taken by central banks, and supply chain disruptions, with particular consideration on the outlook for increased costs specific to labor, materials, consumables and fuel and energy on operations, as well as impacts on the timing and cost of capital expenditures and the risk of potential impairment to certain assets. Refer to discussion of Risk and Uncertainties within Note 2 to the Condensed Consolidated Financial Statements for further information.
Current wording
Refer to the Consolidated Financial Results, Results of Consolidated Operations, Liquidity and Capital Resources and non-GAAP Financial Measures for information about the continued impacts from geopolitical tensions, including military operations in Iran, Ukraine, and Venezuela, as well as the potential for additional conflicts, war, or civil unrest, inflationary pressures, effects of certain countermeasures taken by central banks, and supply chain disruptions, with particular consideration on the outlook for increased costs specific to labor, materials, consumables and fuel and energy on operations, as well as impacts on the timing and cost of capital expenditures and the risk of potential impairment to certain assets. Refer to discussion of Risk and Uncertainties within Note 2 to the Condensed Consolidated Financial Statements and Part II, Item 1A Risk Factors for further information.
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 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.
Current wording
The Company completed the sale of certain non-core assets which included 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, the sale of the Porcupine and Akyem reportable segments in the second quarter of 2025, and the sale of the Coffee development project in the fourth quarter of 2025. Prior to completion of the sale, the non-core assets were presented as held for sale and recorded at the lower of their carrying value or fair value, less costs to sell. These assets were periodically revalued until sale occurred with any resulting gain or loss recognized in(Gain) loss on sale of assets held for sale. Additionally, gains or losses recognized on the completion of the sale are recognized in(Gain) loss on sale of assets held for sale. At December 31, 2025, no assets remained held for sale.
Previous wording
The details of our Net income (loss) from continuing operations attributable to Newmont stockholders are set forth below:
Current wording
The details of our Net income (loss) attributable to Newmont stockholders are set forth below:
Current wording
The increase in Net income (loss) attributable to Newmont stockholders for the three months ended March 31, 2026, compared to the same period in 2025, is primarily due to a net increase in Sales, largely reflecting increased average realized gold and silver prices, and lower Costs applicable to sales, primarily due to the impact from divestitures. These favorable impacts were partially offset by higher Income and mining tax benefit (expense)and a decrease in(Gain) loss on sale of assets held for saledue to the completion of our divestment program in 2025.
Previous wording
(3)Per ounce measures may not recalculate due to rounding.
Current wording
(3)Per ounce/pound measures may not recalculate due to rounding.
Previous wording
(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 wording
(2)For the three months ended March 31, 2025 the Company sold 35 thousand tonnes of copper, 21 thousand tonnes of lead, and 73 thousand tonnes of zinc.
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 nine months ended September 30, 2025 compared to the same periods in 2024, of $646 and $1,403, 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 months ended March 31, 2026 compared to the same period in 2025, of $578.
Previous 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.
Current wording
The decrease in Costs applicable to sales for the three months ended March 31, 2026, compared to the same period in 2025, is primarily due to the impact from the divested sites, which resulted in a decrease of $279.
Previous 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.
Current wording
Excluding the impact of divestitures, Costs applicable to sales increased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to higher third-party royalties and higher worker's participation costs, both resulting from higher average realized gold prices, as well as higher contracted service costs primarily at Ahafo North. These increases were partially offset by an increase in by-product credits, primarily related to the increase in silver sales.
Previous wording
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 wording
General and administrative expense was $79 and $110 during the three months ended March 31, 2026 and 2025, respectively. The decrease during the three months ended March 31, 2026, compared to the same period in 2025, is primarily due to lower consulting charges and labor costs.
Previous 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.
Current wording
Interest expense, net of capitalized interestwas $39 and $79 during the three months ended March 31, 2026 and 2025, respectively. The decrease during the three months ended March 31, 2026, compared to the same period in 2025, is primarily due to the reduction in Debt and an increase in capitalized interest. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
Previous 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.
Current wording
Income and mining tax expense (benefit) was $1,404 and $647 during the three months ended March 31, 2026 and 2025, 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.
Previous wording
(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.
Current wording
(1)Represents income (loss) before income taxes and equity income (loss) of affiliates by geographic location. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 to the Condensed Consolidated Financial Statements.
Previous wording
(2)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
Current wording
(3)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
Previous wording
(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.
Current wording
(4)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.
Previous wording
(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.
Current wording
(1)Effective January 1, 2026, the Company updated the metal prices utilized for the GEO calculation ("GEO price change"). The update to GEO pricing will have an impact on the calculated gold equivalent ounces and will result in an impact to costs allocated to the respective GEOs, particularly resulting in higher costs allocated to gold. Utilizing the updated 2026 pricing resulted in 118 thousand and 114 thousand fewer calculated "gold equivalent ounces - other metals" produced and sold, respectively, than would have been calculated using the 2025 pricing for the three months ended March 31, 2026.
Previous wording
(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.
Current wording
(4)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.
Previous 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.
Current wording
(5)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 March 31, 2026, 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
(9)For the three months ended September 30, 2025 and 2024, Cadia produced 46 million and 48 million pounds of copper, respectively.
Current wording
(7)For the three months ended March 31, 2026 and 2025, Cadia produced 47 million and 46 million pounds of copper, respectively.
Previous wording
(8)For the three months ended September 30, 2025 and 2024, Boddington produced 12 million and 19 million pounds of copper, respectively.
Current wording
(8)For the three months ended March 31, 2026 and 2025, Boddington produced 7 million and 14 million pounds of copper, respectively.
Previous 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.
Current wording
(9)For the three months ended March 31, 2026, Peñasquito produced 9 million ounces of silver, 60 million pounds of lead and 138 million pounds of zinc. For the three months ended March 31, 2025, Peñasquito produced 6 million ounces of silver, 49 million pounds of lead and 131 million pounds of zinc.
Previous wording
(6)For the three months ended September 30, 2025 and 2024, Red Chris produced 14 million and 13 million pounds of copper, respectively.
Current wording
(10)For the three months ended March 31, 2026 and 2025, Red Chris produced 13 million and 16 million pounds of copper, respectively.
Previous 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.
Current wording
(12)The Fruta del Norte mine is wholly owned and operated by Lundin Gold Inc., in which Newmont holds a 32% interest, and is accounted for as an equity method investment on a quarter lag.
Previous wording
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.
Current wording
Lihir, Papua New Guinea. Gold production decreased 31% primarily due to lower ore grade milled and lower mill throughput, partially offset by a drawdown of in-circuit inventory compared to a buildup in the prior year. Costs applicable to sales per gold ounce increased 49% primarily due to lower gold ounces sold and higher inventory costs per unit from ore processed from stockpiles, partially offset by lower materials costs and contracted services costs. Depreciation and amortization per gold ounce increased 53% primarily due to higher non-cash inventory costs per unit from ore processed from stockpiles and lower gold ounces sold. All-in sustaining costs per gold ounce increased 32% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Previous wording
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 wording
Cadia, Australia. Gold production decreased 9% 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. Gold equivalent ounces – other metals production decreased 39% 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 32% primarily due to higher government 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 36% primarily due to lower gold equivalent ounces - other metals sold and higher government 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 by-product credits. Depreciation and amortization per gold ounce increased 28% 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 29% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower costs allocated to gold equivalent ounces - other metals as a result of the GEO price change. All-in sustaining costs per gold ounce increased 38% 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 38% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals.
Previous 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.
Current wording
Tanami, Australia. Gold production increased 5% primarily due to higher ore grade milled, partially offset by lower mill throughput. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce increased 5% primarily due to higher depreciation rates as a result of asset additions, partially offset by higher gold ounces sold. All-in sustaining costs increased 8% primarily due to higher sustaining capital spend.
Previous 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.
Current wording
Boddington, Australia. Gold production decreased 12% primarily due to lower mill throughput, partially offset by higher ore grade milled. Gold equivalent ounces – other metals production decreased 70% primarily due to lower other metals produced of 49% as a result of lower ore grade milled and lower mill throughput, 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 21%. Costs applicable to sales per gold ounce increased 15% primarily due to lower gold ounces sold and higher repair costs for infrastructure damaged as a result of bushfires in the area ("Boddington bushfires"). Costs applicable to salesper gold equivalent ounce – other metals sold increased 19% primarily due to lower gold equivalent ounces - other metals sold and the impacts of the Boddington bushfires. Depreciation and amortization per gold ounce increased 31% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 31% 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, partially offset by lower sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals increased 15% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower sustaining capital spend.
Previous 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.
Current wording
Merian, Suriname. Gold production increased 42% primarily due to higher ore grade milled and a higher drawdown of in-circuit inventory compared to the prior year, partially offset by lower mill throughput. Costs applicable to sales per gold ounce decreased 12% primarily due to higher gold ounces sold, partially offset by higher government royalties. Depreciation and amortization per gold ounce decreased 26% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 18% primarily due to lower costs applicable to sales per gold ounce.
Previous 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.
Current wording
Cerro Negro, Argentina. Gold production increased 64% primarily due to higher mill throughput in the current year as a result of the Cerro Negro shutdowns in the prior year, partially offset by lower ore grade milled. Costs applicable to sales per gold ounce decreased 43% primarily due to higher by-product credits, higher gold ounces sold, and no inventory write-downs in the current year compared to the prior year, partially offset by higher labor costs and higher government royalties. Depreciation and amortization per gold ounce decreased 18% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 45% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend.
Previous 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.
Current wording
Yanacocha, Peru. Gold production increased 37% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce decreased 24% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 8% primarily due to lower other expense, lower reclamation costs, and higher gold ounces sold.
Previous wording
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.
Current wording
NGM, U.S. Attributable gold production increased 9% primarily due to higher mill throughput at Carlin and Turquoise Ridge, and higher ore grade milled at Carlin and Turquoise Ridge, partially offset by lower ore grade milled at Phoenix. Costs applicable to sales per gold ounce decreased 10% primarily due to higher gold ounces sold at Carlin and Turquoise Ridge, partially offset by lower gold ounces sold at Cortez and Phoenix. Depreciation and amortization per gold ounce increased 14% primarily due to higher depreciation rates in the current year at Carlin as a result of higher gold ounces mined and lower gold ounces sold at Cortez and Phoenix, partially offset by higher gold ounces sold at Carlin and Turquoise Ridge. All-in sustaining costs per gold ounce decreased 11% primarily due to lower costs applicable to sales per gold ounce, and lower sustaining capital spend at Carlin.
Previous wording
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.
Current wording
Pueblo Viejo, Dominican Republic. Attributable gold production increased 10% primarily due to higher mill throughput and higher ore grade milled, partially offset by lower mill recovery and a buildup of in-circuit inventory. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Previous 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.
Current wording
Fruta del Norte, Ecuador. Attributable gold production decreased 12% primarily due to lower ore grade milled, partially offset by higher mill throughput. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Previous wording
The Company continues to experience the impacts from geopolitical and macroeconomic pressures. With the resulting volatile environment, we continue to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions, as well as an uncertain and evolving labor market and trade environment including tariff and regulatory changes. Depending on the duration and extent of the impact of these events, or changes in commodity prices, the prices for gold and other metals, and foreign exchange rates, we could continue to experience volatility; transportation industry disruptions could occur, including limitations on shipping produced metals; our supply chain could continue to experience disruption; cost inflation rates could further increase; or we could incur credit related losses of certain financial assets, which could materially impact our results of operations, cash flows and financial condition.
Current wording
We have a disciplined capital allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our stockholders. The Company continues to experience the impacts from geopolitical and macroeconomic pressures. With the resulting volatile environment, we continue to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions, as well as an uncertain and evolving labor market including tariff and regulatory changes. Depending on the duration and extent of the impact of these events, or changes in commodity prices, the prices for gold and other metals, and foreign exchange rates, we could continue to experience volatility; transportation industry disruptions could occur, including limitations on shipping produced metals; our supply chain could experience disruption; cost inflation rates could further increase; or we could incur credit related losses of certain financial assets, which could materially impact our results of operations, cash flows and financial condition.
Previous wording
At September 30, 2025, the Company had $5,639 of Cash and cash equivalents. The majority of our cash and cash equivalents are invested in a variety of highly liquid and low-risk investments with original maturities of three months or less that are available to fund our operations as necessary. We may have investments in prime money market funds that are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could have a net asset value of less than their par value. We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities.
Current wording
At March 31, 2026, the Company had $8,775 of Cash and cash equivalents. The majority of our cash and cash equivalents are invested in a variety of highly liquid and low-risk investments with original maturities of three months or less that are available to fund our operations as necessary. We may have investments in prime money market funds that are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could have a net asset value of less than their par value. We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities.
Previous wording
At September 30, 2025, $1,761 of Cash and cash equivalentswas held in foreign subsidiaries and is primarily held in USD-denominated accounts with the remainder in foreign currencies readily convertible to USD. Cash and cash equivalents denominated in Argentine peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates above for further information. At September 30, 2025, $1,493 in consolidated cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with any potential withholding taxes.
Current wording
At March 31, 2026, $2,984 of Cash and cash equivalentswas held in foreign subsidiaries and is primarily held in USD-denominated accounts with the remainder in foreign currencies readily convertible to USD. Cash and cash equivalents denominated in Argentine peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates in Item 3 below for further information. At March 31, 2026, $2,445 in consolidated cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with any potential withholding taxes.
Previous wording
We believe our existing consolidated Cash and cash equivalents, available capacity on our revolving credit facility, and cash generated from continuing operations will be adequate to satisfy working capital needs, fund future growth, meet debt obligations and meet other liquidity requirements for the foreseeable future. At September 30, 2025, our borrowing capacity on our revolving credit facility was $4,000 and we had no borrowings outstanding. We continue to remain compliant with covenants and do not currently anticipate any events or circumstances that would impact our ability to access funds available on this facility. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information on our Debt.
Current wording
We believe our existing consolidated Cash and cash equivalents, available capacity on our revolving credit facility, and cash generated from operating activities will be adequate to satisfy working capital needs, fund future growth, meet debt obligations and meet other liquidity requirements for the foreseeable future. At March 31, 2026, our borrowing capacity on our revolving credit facility was $4,000 and we had no borrowings outstanding. We continue to remain compliant with covenants and do not currently anticipate any events or circumstances that would impact our ability to access funds available on this facility. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information on our Debt.
Previous wording
(2)Net debt is a non-GAAP financial measure used by management to evaluate financial flexibility and strength of the Company's balance sheet. Refer to Non-GAAP Financial Measures, below.
Current wording
(1)Net debt is a non-GAAP financial measure used by management to evaluate financial flexibility and strength of the Company's balance sheet. Refer to Non-GAAP Financial Measures, below.
Previous wording
Net cash provided by (used in) operating activities of continuing operations had an increase in cash provided of $2,906 during the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to a net increase in Sales largely resulting from higher average realized gold prices in 2025 and payment of $291 made in the first quarter of 2024 for stamp duty tax related to the Newcrest transaction with no similar transaction in 2025, partially offset by higher cash taxes paid in 2025.
Current wording
Net cash provided by (used in) operating activities was $3,785 during the three months ended March 31, 2026, compared to $2,031 during the same period in 2025, primarily due to a net increase in Sales largely resulting from higher average realized gold prices in 2026, partially offset by higher cash taxes paid in 2026.
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Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Depreciation and amortization per gold ounce decreased 28% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 6% primarily due to higher gold ounces sold.
Current report — wording carried from elsewhere
(6)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.
Current report — wording carried from elsewhere
(7)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.
Rearranged previous paragraphs (15)
Previous report — wording carried elsewhere
Assets classified as held for sale are recorded at the lower of the carrying value or fair value, less costs to sell and are periodically valued until sale occurs with any resulting gain or loss recognized in(Gain) loss on sale of assets held for sale. Additionally, gains or losses recognized on the completion of the sale are recognized in(Gain) loss on sale of assets held for sale.
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
(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.
Previous report — wording carried elsewhere
(2)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
Previous report — wording carried elsewhere
(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.
Previous report — wording carried elsewhere
(5)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.
Previous report — wording carried elsewhere
(2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures, below.
Previous report — wording carried elsewhere
(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.
Previous report — wording carried elsewhere
(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 report — wording carried 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.
Previous report — wording carried elsewhere
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 report — wording carried 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.
Previous report — wording carried elsewhere
Nine Months Ended September 30, 2025 Compared to 2024
Previous report — wording carried elsewhere
We have a disciplined capital allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our stockholders. Consistent with that strategy, we aim to self-fund development projects and make strategic partnerships focused on profitable growth, while reducing our debt and returning cash to stockholders through dividends and share repurchases.
Previous report — wording carried elsewhere
Costs applicable to salesper gold equivalent ounce: