NEWMONT Corp /DE/
For the period ended Jun 30, 2026. Filed Jul 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.
Jun 30, 2026 · Filed Jul 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 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 StatementCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-23.
0001164727-26-000036
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 255 previous paragraphs and 309 current paragraphs.
138 unchanged; 78 reworded; 71 added; 37 removed; 2 previous and 22 current paragraphs rearranged.
Tables are not compared: 20 previous and 27 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 (71)
Current report
Comparability of Net income (loss) attributable to Newmont stockholders for the three and six months ended June 30, 2026, to the same periods in 2025, was affected by the following notable events: (i) Ahafo North achieved commercial production in the fourth quarter of 2025 and was designated as a reportable segment; (ii) our divestment program was completed in 2025; (iii) operations at Cadia were temporarily suspended following seismic activity recorded near the operation on April 14, 2026, refer to Note 7 to the Condensed Consolidated Financial Statements for further information.
Current report
Excluding the impacts of the events noted above, Net income (loss) attributable to Newmont stockholders increased for the three months ended June 30, 2026, compared to the same period in 2025, primarily due to a net increase in Sales, largely reflecting higher average realized gold prices partially offset by lower sales volumes. This increase was partially offset by unrealized losses on marketable equity securities recognized in 2026, compared to unrealized gains in 2025, recognized within Other income (loss), net.
Current report
Excluding the impacts of events noted above, Net income (loss) attributable to Newmont stockholders increased for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to a net increase in Sales, largely reflecting higher average realized gold and silver prices partially offset lower sales volumes for gold. This increase was partially offset by higher Income and mining tax benefit (expense)and by unrealized losses on marketable equity securities recognized in 2026, compared to unrealized gains in 2025, recognized within Other income (loss), net.
Current report
(2)The Company sold 22 thousand tonnes of copper, 17 thousand tonnes of lead, and 40 thousand tonnes of zinc.
Current report
(2)The Company sold 37 thousand tonnes of copper, 23 thousand tonnes of lead, and 56 thousand tonnes of zinc.
Current report
(2)The Company sold 52 thousand tonnes of copper, 45 thousand tonnes of lead, and 98 thousand tonnes of zinc.
Current report
(2)The Company sold 72 thousand tonnes of copper, 44 thousand tonnes of lead, and 129 thousand tonnes of zinc.
Current report
The decrease in Depreciation and amortization for the three months ended June 30, 2026, compared to the same period in 2025, is primarily due to lower production at Peñasquito; partially offset by higher depreciation rates at NGM as a result of a drawdown of inventory in the current year at Carlin compared to a buildup in the prior year and the commencement of depreciation at Ahafo North after reaching commercial production in the fourth quarter of 2025.
Current report
(2)The Company completed the divestment of CC&V in the first quarter of 2025; refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.
Current report
(2)The Company completed the divestment of CC&V in the first quarter of 2025; refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures.
Current report
(3)On April 14, 2026, seismic activity was recorded near the Cadia operation in New South Wales, Australia, resulting in the temporary suspension of underground mining activities (the "Cadia seismic event"). Surface operations and processing of existing stockpiles continued following the event until May 11, 2026 when stockpile inventories were substantially depleted. Underground mining and processing resumed in mid-June on a progressive ramp-up, with production expected to return to pre-event levels in the third quarter of 2026. Production and cost metrics were impacted by the operational stoppage. Incremental and non-productive direct operating costs incurred during the temporary suspension of underground mining activities have been recorded in Other expense, net. For additional information on seismic activity risk, refer to the Company's Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on February 19, 2026, under Part I, Business; Item 1A, Risk Factors, including "Our Company and the mining industry are facing continued geotechnical, geothermal, and hydrogeological challenges, which could adversely impact our production and profitability."
Current report
(3)Production and cost metrics were impacted by the operational stoppage during the second quarter of 2026 due to the Cadia seismic event.
Current report
(8)For the six months ended June 30, 2026 and 2025, Cadia produced 63 million and 96 million pounds of copper, respectively.
Current report
(9)For the six months ended June 30, 2026 and 2025, Boddington produced 18 million and 31 million pounds of copper, respectively.
Current report
(10)For the six months ended June 30, 2026, Peñasquito produced 16 million ounces of silver, 99 million pounds of lead and 226 million pounds of zinc. For the six months ended June 30, 2025, Peñasquito produced 14 million ounces of silver, 108 million pounds of lead and 278 million pounds of zinc.
Current report
(11)For the six months ended June 30, 2026 and 2025, Red Chris produced 25 million and 32 million pounds of copper, respectively.
Current report
Cadia, Australia. Gold and gold equivalent ounces - other metals production decreased 67% and 80%, respectively, primarily as a result of the Cadia seismic event. Gold equivalent ounces - other metals production was further impacted by the GEO price change that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 12%. Costs applicable to sales per gold ounce and per gold equivalent ounce – other metals increased 93% and 112%, respectively, primarily due to lower gold and gold equivalent ounces - other metals sold and inventory write-downs in the current year, both as a result of the Cadia seismic event. Depreciation and amortization per gold ounce and per gold equivalent ounce - other metals increased 122% and 119%, respectively, primarily due to lower gold and gold equivalent ounces - other metals sold as a result of the Cadia seismic event. All-in sustaining costs per gold ounce and per gold equivalent ounce - other metals increased 184% and 214%, respectively, primarily due to higher costs applicable to sales per gold and gold equivalent ounce - other metals, and higher sustaining capital spend.
Current report
Tanami, Australia. 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 14% primarily due to higher depreciation rates as a result of asset additions. All-in sustaining costs per gold ounce increased 20% primarily due to higher sustaining capital spend.
Current report
Boddington, Australia. Gold production increased 9% primarily due to higher ore grade milled, partially offset by lower mill throughput. Gold equivalent ounces – other metals production decreased 59% primarily due to lower other metals produced of 34% as a result of lower ore grade milled and lower mill throughput, as well as the GEO price change that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 25%. Costs applicable to sales per gold ounce increased 6% primarily due to higher contracted services costs, higher energy costs, and higher government royalties, partially offset by higher gold ounces sold. Costs applicable to salesper gold equivalent ounce – other metals increased 21% primarily due to lower gold equivalent ounces - other metals sold, higher contracted services costs, higher energy costs, and higher government royalties. Depreciation and amortization per gold ounce increased 10% primarily due to higher depreciation rates as a result of asset additions, partially offset by higher gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 12% primarily due to higher depreciation rates as a result of asset additions and lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 14% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 22% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals and higher sustaining capital spend.
Current report
Merian, Suriname. Gold production increased 40% primarily due to higher ore grade milled. Costs applicable to sales per gold ounce decreased 22% primarily due to higher gold ounces sold and a buildup of stockpile inventory compared to a drawdown in the prior year, partially offset by higher government royalties, higher energy costs and higher materials costs. Depreciation and amortization per gold ounce decreased 25% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 14% primarily due to lower costs applicable to sales per gold ounce, partially offset by higher sustaining capital spend.
Current report
Cerro Negro, Argentina. Gold production increased 17% primarily due to higher mill throughput, partially offset by lower ore grade milled. Costs applicable to sales per gold ounce decreased 26% primarily due to higher by-product credits and higher gold ounces sold, partially offset by a drawdown of stockpile inventory compared to a buildup in the prior year, higher government royalties, higher labor costs, and higher contracted services costs. Depreciation and amortization per gold ounce decreased 19% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 23% primarily due to lower costs applicable to sales per gold ounce.
Current report
Yanacocha, Peru. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 16% primarily due to higher workers participation costs, higher third-party royalties and lower gold ounces sold. Depreciation and amortization per gold ounce decreased 17% primarily due to lower depreciation in the current year as a result of certain assets being fully depreciated in the prior year and higher gold ounces sold. All-in sustaining costs per gold ounce were generally in line with the prior year.
Current report
Peñasquito, Mexico. Gold production decreased 75% primarily due to lower ore grade milled and lower mill recovery, both as a result of mine sequencing combined with higher organic carbon feed. Gold equivalent ounces - other metals production decreased 46% primarily due to lower other metals produced of 28% as a result of the lower ore grade milled and lower mill recovery, as well as the GEO price change that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 18%. Costs applicable to salesper gold ounce increased 181% primarily due to lower gold ounces sold, higher materials and mill maintenance costs driven by timing of the plant shutdown, and higher workers participation costs, partially offset by 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. Costs applicable to sales per gold equivalent ounce – other metals increased 149% primarily due to lower gold equivalent ounces - other metals sold, higher mill maintenance costs driven by timing of the plant shutdown, higher allocation of costs to other metals as a result of the mine sequencing impacts, and higher workers participation costs. Depreciation and amortization per gold ounce increased 74% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounces – other metals increased 60% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 174% primarily due to higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 146% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, higher reclamation costs, and higher allocation of sustaining capital spend to the other metals as a result of the mine sequencing impacts.
Current report
Red Chris, Canada. Gold production decreased 40% primarily due to lower ore grade milled and lower mill throughput. Gold equivalent ounces - other metals production decreased 55% primarily due to the GEO price change that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 31%, as well as lower other metals produced of 24% as a result of lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 8% primarily due to lower gold ounces sold and 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 24% 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 75% primarily due to lower gold ounces sold 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 98% 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. All-in sustaining costs per gold equivalent ounce – other metals increased 22% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals.
Current report
Brucejack, Canada. Gold production increased 6% primarily due higher mill throughput. Costs applicable to sales per gold ounce decreased 11% primarily due to higher gold ounces sold and higher by-product credits. Depreciation and amortization per gold ounce decreased 17% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 13% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend.
Current report
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 17% primarily due to a drawdown of inventory in the current year at Carlin compared to a buildup in the prior year. All-in sustaining costs per gold ounce were generally in line with the prior year.
Current report
Cadia, Australia. Gold and gold equivalent ounces - other metals production decreased 38% and 60%, respectively, primarily as a result of the Cadia seismic event. Gold equivalent ounces - other metals production was further impacted by the change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 26%. Costs applicable to sales per gold ounce and per gold equivalent ounce - other metals increased 52% and 61%, respectively, primarily due to lower gold and gold equivalent ounces - other metals sold and inventory write-downs in the current year, both as a result of the Cadia seismic event, partially offset by higher by-product credits. Depreciation and amortization per gold ounce and per gold equivalent ounce - other metals increased 60% and 59%, respectively, primarily due to lower gold and gold equivalent ounces - other metals sold as a result of the Cadia seismic event. All-in sustaining costs per gold ounce and per gold equivalent ounce - other metals increased 87% and 97%, respectively, primarily due to higher costs applicable to sales per gold and gold equivalent ounce - other metals and higher sustaining capital spend.
Current report
Tanami, Australia. 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 9% primarily due to higher depreciation rates as a result of asset additions. All-in sustaining costs per gold ounce increased 14% primarily due to higher sustaining capital spend.
Current report
Ahafo South, Ghana. Gold production decreased 43% primarily due to lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 69% primarily due to lower gold ounces sold, higher contracted services costs, and higher energy costs, partially offset by a buildup of stockpile inventory compared to a draw down in the prior year. Depreciation and amortization per gold ounce increased 45% primarily due to lower gold ounces sold, partially offset by lower depreciation rates as a result of lower gold ounces mined. All-in sustaining costs per gold ounce increased 67% primarily due to higher costs applicable to sales per gold ounce.
Current report
For the six months ended June 30, 2026 and 2025, the Company completed redemptions of senior notes totaling $42 and $1,376 in principal, respectively, and paid accrued interest of $— and $22, respectively. These transactions resulted in no gain or loss on extinguishment for the three months ended June 30, 2026, a gain on extinguishment of $1 for the six months ended June 30, 2026, and losses on extinguishment of $18 and $28 for the three and six months ended June 30, 2025, respectively, recognized in Other income (loss), net.
Current report
(2)Primarily consists of 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
(3)Consists of 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
(3)Primarily consists of 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
(4)Consists of 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
(5)Consists of the impact of finalization of certain working capital adjustments on completed divestments; included in(Gain) loss on sale of assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
Current report
(6)Primarily consists of gains and losses related to the sale of certain assets and investments; included in Other income (loss), net.
Current report
(8)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
(9)Primarily consists of post-divestiture activity; 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
(3)Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Other income (loss), net.
Current report
(5)Primarily consists of 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.
Showing the first 40 of 71 passages. Open the source sections for the rest.
Removed paragraphs (37)
Previous report
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 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.
Previous report
(3)Per ounce/pound measures may not recalculate due to rounding.
Previous report
(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 report
(3)Per ounce/pound measures may not recalculate due to rounding.
Previous report
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.
Previous report
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 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.
Previous 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.
Previous report
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 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.
Previous report
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.
Previous 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.
Previous 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.
Previous 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.
Previous report
(3)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.
Previous report
(7)Primarily represents gains and losses related to the sale of certain assets and investments; included in Other income (loss), net.
Previous 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.
Previous 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.
Previous report
(2)Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable equity and other securities; included in Other income (loss), net.
Previous 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.
Previous report
(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.
Previous report
(7)Primarily represents gains and losses related to the sale of certain assets and investments; included in Other income (loss), net.
Previous 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.
Previous report
(5)Excludes impairment charges of $9, restructuring and severance of $6, settlement costs of $(2); included in Other expense, net.
Previous report
(6)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.
Previous report
(7)Includes finance lease payments and other costs for sustaining projects of $22.
Previous report
(8)Per ounce measures may not recalculate due to rounding.
Previous report
(9)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
Previous report
(12)All-in sustaining costs at Peñasquito is comprised of $188, $21, and $88 for silver, lead, and zinc, respectively.
Previous report
(4)Include operating accretion of $38, included in Reclamation and remediation, and amortization of asset retirement costs of $21; 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 $51 and $4, respectively, included in Reclamation and remediation.
Previous report
(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.
Previous report
(8)Includes finance lease payments and other costs for sustaining projects of $20.
Previous report
(9)Per ounce measures may not recalculate due to rounding.
Previous report
(15)All-in sustaining costs at Peñasquito is comprised of $79, $25, and $148 for silver, lead, and zinc, respectively.
Reworded paragraphs (78)
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. 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.
Current wording
Newmont is the world’s leading gold company and a producer of copper, silver, lead, zinc, and molybdenum, providing the metals the world needs for today and tomorrow. Newmont 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. At Newmont, our purpose is to unearth value sustainably to advance lives.
Previous wording
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 wording
One of our reportable segments, Nevada Gold Mines ("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.
Previous 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.
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 were recognized in(Gain) loss on sale of assets held for sale. At December 31, 2025, no assets remained held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on divestitures.
Previous wording
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 wording
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 became subject to an 8% withholding tax.
Previous wording
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 wording
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. Refer to Part II, Item 1A Risk Factors for further information.
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 months ended March 31, 2026 compared to the same period in 2025, of $578.
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 and six months ended June 30, 2026 compared to the same periods in 2025, of $50 and $628, respectively.
Previous 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.
Current wording
The decrease in Costs applicable to sales for the six months ended June 30, 2026, compared to the same period in 2025, is primarily due to the impact from the divested sites, which resulted in a decrease of $312.
Previous 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.
Current wording
Excluding the impact of divestitures, Costs applicable to sales increased for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to (i) Ahafo North reaching commercial production in the fourth quarter of 2025 resulting in classification as a reportable segment, (ii) higher direct costs largely at Boddington, and (iii) higher third-party royalties at most sites and higher worker's participation costs, both resulting from higher average realized gold prices. These increases were partially offset by an increase in by-product credits, primarily related to the increase in silver sales.
Previous wording
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 wording
The increase in Depreciation and amortization for the six months ended June 30, 2026, compared to the same period in 2025, is primarily due 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 after reaching commercial production in the fourth quarter of 2025; partially offset by lower production at Peñasquito.
Previous 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.
Current wording
General and administrative was $74 and $95 during the three months ended June 30, 2026 and 2025, respectively, and $153 and $205 during the six months ended June 30, 2026 and 2025, respectively. The decrease during the three and six months ended June 30, 2026, compared to the same periods in 2025, is primarily due to lower consulting and labor costs.
Previous 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.
Current wording
Interest expense, net of capitalized interestwas $35 and $65 during the three months ended June 30, 2026 and 2025, respectively, and $74 and $144 during the six months ended June 30, 2026 and 2025, respectively. The decrease during the three and six months ended June 30, 2026, compared to the same periods 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
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.
Current wording
Income and mining tax expense (benefit) was $952 and $1,092 during the three months ended June 30, 2026 and 2025, respectively, and $2,356 and $1,739 during the six months ended June 30, 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
(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 wording
(3)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.
Previous wording
(3)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
Current wording
(4)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
Previous 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.
Current wording
(5)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
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 wording
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 (OECD) released Administrative Guidance containing two Pillar II safe harbors under the new Side-by-side ("SbS") System. As of June 30, Australia has not yet adopted the OECD’s SbS safe harbor rules. The Company is still examining the applicability of the new guidance to Newmont, but at this time, does not believe Pillar II will have a material impact on the financial statements.
Previous 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.
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 72 thousand and 190 thousand fewer calculated "gold equivalent ounces - other metals" produced for the three and six months ended June 30, 2026, respectively and 78 thousand and 192 thousand fewer calculated "gold equivalent ounces - other metals" sold, respectively, than would have been calculated using the 2025 pricing.
Previous wording
(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 wording
(4)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.
Previous 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.
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 June 30, 2026, all operating sites previously classified as held for sale had been 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
(7)For the three months ended March 31, 2026 and 2025, Cadia produced 47 million and 46 million pounds of copper, respectively.
Current wording
(7)For the three months ended June 30, 2026 and 2025, Cadia produced 16 million and 50 million pounds of copper, respectively.
Previous wording
(8)For the three months ended March 31, 2026 and 2025, Boddington produced 7 million and 14 million pounds of copper, respectively.
Current wording
(8)For the three months ended June 30, 2026 and 2025, Boddington produced 11 million and 17 million pounds of copper, respectively.
Previous 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.
Current wording
(9)For the three months ended June 30, 2026, Peñasquito produced 7 million ounces of silver, 39 million pounds of lead and 88 million pounds of zinc. For the three months ended June 30, 2025, Peñasquito produced 8 million ounces of silver, 59 million pounds of lead and 147 million pounds of zinc.
Previous wording
(10)For the three months ended March 31, 2026 and 2025, Red Chris produced 13 million and 16 million pounds of copper, respectively.
Current wording
(10)For the three months ended June 30, 2026 and 2025, Red Chris produced 12 million and 16 million pounds of copper, respectively.
Previous 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.
Current wording
(12)The Fruta del Norte mine is wholly owned and operated by Lundin Gold Inc. ("Lundin Gold"), in which Newmont holds a 32% interest, and is accounted for as an equity method investment on a quarter lag.
Previous 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.
Current wording
(5)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
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 wording
Ahafo South, Ghana. Gold production decreased 49% primarily due to lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 114% primarily due to lower gold ounces sold, higher government royalties, and higher energy costs, partially offset by a buildup of stockpile inventory compared to a draw down in the prior year. Depreciation and amortization per gold ounce increased 58% primarily due to lower gold ounces sold, partially offset by a buildup of inventory in the current year compared to a drawdown in the prior year and lower depreciation rates as a result of lower gold ounces mined. All-in sustaining costs per gold ounce increased 113% primarily due to higher costs applicable to sales per gold ounce. 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.
Previous 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.
Current wording
Pueblo Viejo, Dominican Republic. Attributable gold production increased 17% primarily due to higher mill throughput and higher drawdown of in-circuit inventory, partially offset by lower mill recovery and lower ore grade milled. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Previous 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.
Current wording
Lihir, Papua New Guinea. Gold production decreased 17% primarily due to lower ore grade milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 29% primarily due to lower gold ounces sold, higher inventory costs per unit from ore processed from stockpiles, and higher government royalties. Depreciation and amortization per gold ounce increased 21% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 20% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.
Previous 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.
Current wording
Boddington, Australia. Gold production was generally in line with the prior year. Gold equivalent ounces – other metals production decreased 64% primarily due to lower other metals produced of 40% 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 24%. Costs applicable to sales per gold ounce increased 9% primarily due to lower gold ounces sold, higher materials costs, higher contracted services costs, higher government royalties, higher energy costs, and higher allocation of costs to gold as a result of the GEO price change, partially offset by a higher buildup of inventory in the current year. Costs applicable to salesper gold equivalent ounce – other metals sold increased 19% primarily due to lower gold equivalent ounces - other metals sold, higher materials costs, higher contracted services costs, higher government royalties, and higher energy costs, partially offset by lower allocation of costs to the other metals as a result of the GEO price change and a higher buildup of inventory in the current year. Depreciation and amortization per gold ounce increased 18% primarily due to lower gold ounces sold 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 20% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower allocation of costs to the other metals as a result of the GEO price change. All-in sustaining costs per gold ounce increased 15% primarily due to higher costs applicable to sales per gold ounce and higher allocation of sustaining capital spend to gold. All-in sustaining costs per gold equivalent ounce – other metals increased 17% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower allocation of sustaining capital spend to the other metals.
Previous 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.
Current wording
Merian, Suriname. Gold production increased 41% primarily due to higher ore grade milled and higher drawdown of in-circuit inventory, partially offset by lower mill throughput. Costs applicable to sales per gold ounce decreased 19% primarily due to higher gold ounces sold, partially offset by higher government royalties. Depreciation and amortization per gold ounce decreased 25% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 17% primarily due to lower costs applicable to sales per gold ounce, partially offset by higher sustaining capital spend.
Previous 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.
Current wording
Cerro Negro, Argentina. Gold production increased 36% 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 35% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 18% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 34% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend.
Previous 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.
Current wording
Yanacocha, Peru. Gold production increased 15% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce increased 11% primarily due to higher workers participation costs and higher third-party royalties, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce decreased 19% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce were generally in line with the prior year.
Previous wording
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 wording
Peñasquito, Mexico. Gold production decreased 66% primarily due to lower ore grade milled and lower mill recovery, both as a result of mine sequencing combined with higher organic carbon feed, partially offset by higher mill throughput. Gold equivalent ounces - other metals production decreased 29% primarily as a result of the GEO price change that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced. Costs applicable to salesper gold ounce increased 87% primarily due to lower gold ounces sold and a drawdown of inventory in the current year compared to a buildup in the prior year, partially offset by 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. Costs applicable to sales per gold equivalent ounce – other metals increased 83% primarily due to lower gold equivalent ounces - other metals sold, higher allocation of direct costs to other metals as a result of the mine sequencing impacts, higher workers participation costs, and higher third-party and government royalties. Depreciation and amortization per gold ounce increased 47% primarily due to lower gold ounces sold, partially offset by lower allocation of costs to gold as a result of the mine sequencing impacts. Depreciation and amortization per gold equivalent ounces – other metals increased 43% primarily due to lower gold equivalent ounces - other metals sold and higher allocation of costs to gold equivalent ounces - other metals as a result of the mine sequencing impacts. All-in sustaining costs per gold ounce increased 88% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower treatment and refining costs. All-in sustaining costs per gold equivalent ounce – other metals increased 81% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, higher reclamation costs, and higher allocation of sustaining capital spend to the other metals as a result of the mine sequencing impacts, partially offset by lower treatment and refining costs.
Previous wording
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 wording
Red Chris, Canada. Gold production decreased 21% primarily due to lower ore grade milled and lower mill throughput, partially offset by higher mill recovery. Gold equivalent ounces - other metals production decreased 52% primarily due to the GEO price change that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 31%, as well as lower other metals produced of 21% as a result of lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 26% primarily due to lower gold ounces sold and 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 34% 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 85% primarily due to higher depreciation as a result of lower gold ounces sold 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 93% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 31% primarily due to higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 31% 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 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.
Current wording
Brucejack, Canada. Gold production increased 23% primarily due to a drawdown of in-circuit inventory compared to a buildup in the prior year, higher ore grade milled, and higher mill throughput. Costs applicable to sales per gold ounce decreased 7% primarily due to higher gold ounces sold and higher by-product credits. Depreciation and amortization per gold ounce decreased 23% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 10% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend.
Previous 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.
Current wording
Fruta del Norte, Ecuador. Attributable gold production decreased 6% 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
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.
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 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 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.
Current wording
At June 30, 2026, the Company had $9,009 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 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.
Current wording
At June 30, 2026, $1,848 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 June 30, 2026, $1,295 in 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 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.
Current wording
We believe our existing 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 June 30, 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.
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Rearranged current paragraphs (22)
Current report — wording carried from elsewhere
Costs applicable to sales for the three months ended June 30, 2026 was generally in line with the same period in 2025.
Current report — wording carried from elsewhere
(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.
Current report — wording carried from elsewhere
(3)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 — wording carried from elsewhere
(4)In accordance with applicable accounting rules, the interim provision for income taxes is adjusted to equal the consolidated tax rate.
Current report — wording carried from elsewhere
(5)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 report — wording carried from elsewhere
(2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures, below.
Current report — wording carried from elsewhere
(4)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 — wording carried from elsewhere
(6)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 June 30, 2026, all operating sites previously classified as held for sale had been 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 report — wording carried from elsewhere
(7)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.
Current report — wording carried from 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.
Current report — wording carried from elsewhere
(13)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 32% interest, and is accounted for as an equity method investment on a quarter lag.
Current report — wording carried from elsewhere
Lihir, Papua New Guinea. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 14% primarily due to lower gold ounces sold and higher inventory costs per unit from ore processed from stockpiles. Depreciation and amortization per gold ounce were generally in line with the prior year. 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.
Current report — wording carried from 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.
Current report — wording carried from elsewhere
Six Months Ended June 30, 2026 Compared to 2025
Current report — wording carried from 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 15% 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 Phoenix, partially offset by higher gold ounces sold at Carlin and Turquoise Ridge. All-in sustaining costs per gold ounce were generally in line with the prior year.
Current report — wording carried from elsewhere
Pueblo Viejo, Dominican Republic. Attributable gold production increased 14% primarily due to higher mill throughput and higher drawdown of in-circuit inventory, partially offset by lower mill recovery. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion of our equity method investments.
Current report — wording carried from elsewhere
For the six months ended June 30, 2026, development projects primarily included Tanami Expansion 2, Cadia Panel Caves, Red Chris Block Caves, Tanami Leach Train, Cerro Negro expansion projects, Lihir Nearshore Barrier, and the Goldrush Complex at NGM.
Current report — wording carried from elsewhere
(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($0.90/lb.) and Zinc ($1.20/lb.) pricing for 2025.
Current report — wording carried from elsewhere
(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
Current report — wording carried from elsewhere
(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($4,000/oz.), Copper ($5.00/lb.), Silver ($50.00/oz.), Lead ($0.90/lb.), and Zinc ($1.30/lb.) pricing for 2026.
Current report — wording carried from elsewhere
(6)Excludes restructuring and severance of $24, impairment charges of $24, Newcrest transaction and integration costs of $(6), settlement costs of $3; included in Other expense, net.
Current report — wording carried from elsewhere
(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on divestitures.
Previous report — wording carried elsewhere
(4)Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net.