NEWMONT Corp /DE/

Newmont has developed gold equivalent ounce ("GEO") metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead, and zinc. Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price, using the metal prices in the table below:

(1)Effective January 1, 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.

(2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures, below.

(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.

(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.

(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.

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

(7)For the three months ended March 31, 2026 and 2025, Cadia produced 47 million and 46 million pounds of copper, respectively.

(8)For the three months ended March 31, 2026 and 2025, Boddington produced 7 million and 14 million pounds of copper, respectively.

(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.

(10)For the three months ended March 31, 2026 and 2025, Red Chris produced 13 million and 16 million pounds of copper, respectively.

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

(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.

Three Months Ended March 31, 2026 Compared to 2025

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.