NEWMONT Corp /DE/

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

Comparability of Net income (loss) attributable to Newmont stockholders for the three and nine months ended September 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; and (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.

Excluding the impacts of the events noted above, Net income (loss) attributable to Newmont stockholders increased for the three months ended September 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 by lower sales volumes for gold. This increase was partially offset by an increase in Costs applicable to sales.

Excluding the impacts of events noted above, Net income (loss) attributable to Newmont stockholders increased for the nine months ended September 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 by lower sales volumes for gold, and increased Equity income (loss) of affiliates. These increases were partially offset by higher Income and mining tax benefit (expense)and unrealized losses on marketable equity securities in 2026, compared to unrealized gains in 2025, recognized within Other income (loss), net.

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

(2)The Company sold 18 thousand tonnes of copper, 21 thousand tonnes of lead, and 67 thousand tonnes of zinc.

(2)The Company sold 31 thousand tonnes of copper, 27 thousand tonnes of lead, and 68 thousand tonnes of zinc.

(2)The Company sold 70 thousand tonnes of copper, 66 thousand tonnes of lead, and 165 thousand tonnes of zinc.

(2)The Company sold 103 thousand tonnes of copper, 71 thousand tonnes of lead, and 197 thousand tonnes of zinc.

The change in consolidated Sales is due to:

(1)Included in the change in consolidated Sales is the impact relating to the divested sites which resulted in a decrease for the nine months ended September 30, 2026, compared to the same period in 2025, of $628.

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

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

The increase in Costs applicable to sales for the three months ended September 30, 2026, compared to the same period in 2025, is 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, Lihir, and NGM; and (iii) higher third-party royalties, primarily at NGM, driven by higher average realized gold prices, and Ahafo South, driven by higher average realized gold prices and higher royalty rates, refer to the "Ghanaian Stability Agreement and Royalty" discussion in Item 2, MD&A, above. These increases were partially offset by lower costs at Cadia as a result of the temporary suspension of operations following seismic activity recorded near the operation.

The increase in Costs applicable to sales for the nine months ended September 30, 2026, compared to the same period in 2025, is 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 NGM; and (iii) higher third-party royalties at most sites and higher workers' participation costs, both driven by higher average realized gold prices. These increases were partially offset by (i) the impact of the divested sites, which reduced costs by $312; (ii) higher by-product credits, primarily due to increased silver sales; and (iii) lower costs at Cadia as a result of the temporary suspension of operations following seismic activity recorded near the operation.

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

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

Depreciation and amortization for the three and nine months ended September 30, 2026, was generally in line with the same periods in 2025.

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

General and administrative was $82 and $86 during the three months ended September 30, 2026 and 2025, respectively, and $235 and $291 during the nine months ended September 30, 2026 and 2025, respectively. The decrease during the three and nine months ended September 30, 2026, compared to the same periods in 2025, is primarily due to lower consulting and labor costs.

Interest expense, net of capitalized interestwas $31 and $52 during the three months ended September 30, 2026 and 2025, respectively, and $105 and $196 during the nine months ended September 30, 2026 and 2025, respectively. The decrease during the three and nine months ended September 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.

Income and mining tax expense (benefit) was $839 and $787 during the three months ended September 30, 2026 and 2025, respectively, and $3,195 and $2,526 during the nine months ended September 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.

(1)Represents income (loss) before income taxes and equity income (loss) of affiliates by geographic location. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 to the Condensed Consolidated Financial Statements.

(2)Includes impact of increase in corporate tax rate from 32.5% to 35% effective January 1, 2026. For more details, refer to the "Ghanaian Stability Agreement and Royalty" discussion in Item 2 above.

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

(4)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.

(1)Represents income (loss) before income taxes and equity income (loss) of affiliates by geographic location. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 to the Condensed Consolidated Financial Statements.

(2)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.

(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 above.

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

(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.

Other

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 September 30, 2026, 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.

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