NEWMONT Corp /DE/

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

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.

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

(2)For the three months ended March 31, 2026 the Company sold 30 thousand tonnes of copper, 28 thousand tonnes of lead, and 58 thousand tonnes of zinc.

(3)Per ounce/pound measures may not recalculate due to rounding.

(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.

(3)Per ounce/pound measures may not recalculate due to rounding.

The change in consolidated Sales is due to:

(1)Included in the change in consolidated Sales is the impact relating to the divested sites which resulted in a decrease for the three months ended March 31, 2026 compared to the same period in 2025, of $578.

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

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

The decrease in Costs applicable to sales for the three 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.

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.

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

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

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.

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

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.

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.

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.

(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.

(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.

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

(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.

Other

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

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.

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