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NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM
Newmont Reports Second Quarter 2025 Results
DENVER, July 24, 2025 – Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) today announced second quarter 2025 results, an additional $3.0 billion share repurchase program and declared a dividend of $0.251 per share.
"Newmont delivered a strong second quarter, producing approximately 1.5 million attributable gold ounces and generating an all time record quarterly free cash flow of $1.7 billion, underscoring the strength of our world-class portfolio and the disciplined execution of the commitments we shared at the beginning of the year," said Tom Palmer, Newmont's Chief Executive Officer. "We remain firmly on track to achieve our 2025 guidance as we continue to strengthen our safety culture, stabilize our operations and deliver long term value to shareholders."

Q2 2025 Results
▪Reported Net Income of $2.1 billion, Adjusted Net Income (ANI)2 of $1.6 billion equating to $1.43 per diluted share and Adjusted EBITDA2 of $3.0 billion
▪On track to meet Newmont's 2025 guidance3, with second quarter results in line with indications provided in February 2025
▪Expect to receive more than $3.0 billion in after tax cash proceeds from the divestiture program this year including approximately $2.5 billion from divested assets4 and approximately $470 million from the sale of equity shares in Greatland Resources and Discovery Silver5
▪Generated $2.4 billion of cash from operating activities, net of working capital contribution of $156 million; reported record Free Cash Flow2 of $1.7 billion
▪Returned $1.0 billion of capital to shareholders through share repurchases and dividend payments since the last earnings call6; declared a dividend of $0.25 per share of common stock for the second quarter of 2025
▪Newmont's Board authorized an additional $3.0 billion share repurchase program to be executed at the Company's discretion7
▪Produced 1.5 million gold ounces from Newmont's Core Portfolio, as well as 36 thousand tonnes of copper
▪Maintained a strong and flexible investment-grade balance sheet, ending the quarter with $6.2 billion in cash and $10.2 billion in total liquidity8
▪Reduced debt by $372 million since the last earnings call; reported Net debt to Adjusted EBITDA2 of 0.1x
▪Published 21st Annual Sustainability Report and 4th Annual Taxes and Royalties Contribution Report, providing a transparent review of Newmont's sustainability performance and economic contributions to the communities where we operate
1 Newmont's Board of Directors declared a dividend of $0.25 per share of common stock for the second quarter of 2025, payable on September 29, 2025 to holders of record at the close of business on September 4, 2025.
2 Non-GAAP metrics; see reconciliations at the end of this release.
3 See discussion of guidance and cautionary statement at the end of this release regarding forward-looking statements.
4 All operating sites previously announced for divestment have been sold, with the Coffee development project remaining designated as held for sale. No agreement has been reached with respect to Coffee as of the date of this release.
5 Shares in Greatland Resources were received as part of the sale consideration for Telfer and Havieron and shares in Discovery Silver Corp were received as part of the sale consideration for Porcupine. For further details see the 'Divestiture Program Update' section below. $470 million of net proceeds from sale of equity shares includes $140 million of Discovery share sales in July.
6 Includes $605 million of share repurchases in the second quarter of 2025 after April 24, 2025 and $145 million of share repurchases settled in July 2025.
7 The share repurchase program will be executed at the Company's discretion. The share repurchase program permits shares to be repurchased in a variety of methods, has no time limit and may be suspended or discontinued at any time. See cautionary statement regarding forward-looking statements at end of this release.
8 Total liquidity as of June 30, 2025 includes $4.0 billion available on a revolving credit facility.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         1    

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Summary of Second Quarter Results
20242025
Q1Q2Q3Q4FYQ1
Q2
YTD
Average realized gold price ($/oz)$2,090 $2,347 $2,518 $2,643 $2,408 $2,944 $3,320 $3,128 
Attributable gold production (Moz)1
1.68 1.61 1.67 1.90 6.85 1.54 1.48 3.02 
Gold Co-Product CAS ($/oz)2,3
$1,057 $1,152 $1,207 $1,096 $1,126 $1,227 $1,215 $1,221 
Gold By-Product CAS ($/oz)3
$891 $892 $1,052 $862 $922 $930 $917 $924 
Gold Co-Product AISC ($/oz)3
$1,439 $1,562 $1,611 $1,463 $1,516 $1,651 $1,593 $1,623 
Gold By-Product AISC ($/oz)3
$1,373 $1,412 $1,542 $1,319 $1,408 $1,447 $1,375 $1,411 
Net income (loss) attributable to Newmont stockholders ($M)$170 $853 $922 $1,403 $3,348 $1,891 $2,061 $3,952 
Adjusted net income ($M)4
$630 $834 $936 $1,591 $3,991 $1,404 $1,594 $2,998 
Adjusted net income per share ($/diluted share)4
$0.55 $0.72 $0.81 $1.40 $3.48 $1.25 $1.43 $2.68 
Adjusted EBITDA ($M)4
$1,694 $1,966 $1,967 $3,048 $8,675 $2,629 $2,997 $5,626 
Cash from operations before working capital ($M)5
$1,442 $1,657 $1,846 $2,398 $7,343 $2,172 $2,228 $4,400 
Net cash from operating activities of continuing operations ($M)$776 $1,394 $1,637 $2,511 $6,318 $2,031 $2,384 $4,415 
Capital expenditures ($M)6
$850 $800 $877 $875 $3,402 $826 $674 $1,500 
Free cash flow ($M)7
$(74)$594 $760 $1,636 $2,916 $1,205 $1,710 $2,915 
Second Quarter 2025 Production and Financial Summary
Attributable gold production1 decreased 4 percent to 1,478 thousand ounces from the prior quarter as expected, driven by the previously announced closing of non-core asset sales partially offset by increased production at Yanacocha from improved injection leaching, Peñasquito from higher gold grades, Nevada Gold Mines, and Boddington from higher tonnes processed following planned maintenance.
Average realized gold price was $3,320 per ounce, an increase of $376 per ounce over the prior quarter. Average realized gold price includes $3,301 per ounce of gross price received, a favorable impact of $25 per ounce mark-to-market on provisionally-priced sales and reductions of $6 per ounce for treatment and refining charges.
Gold CAS2 totaled $1.7 billion for the quarter. Gold CAS per ounce3 decreased 1 percent to $1,215 per ounce on a co-product basis compared to the prior quarter primarily due to lower direct operating costs with the completed sales of higher cost, non-core assets.
Gold AISC per ounce3 decreased 4 percent to $1,593 per ounce on a co-product basis compared to the prior quarter. Building from CAS per ounce the decrease is primarily due to $81 million lower sustaining capital spend at the Non-Core Portfolio and across the Core Portfolio, particularly at Boddington following the completion of planned maintenance, as well as Lihir and Cadia due to project timing, partially offset by seasonal increases in sustaining capital at Red Chris and Brucejack.
Net income attributable to Newmont stockholders was $2.1 billion or $1.85 per diluted share, an increase of $170 million from the prior quarter. This increase was in part driven by higher revenues and lower CAS compounded by a gain on the sale of assets held for sale of $699 million compared to a gain of $276 million in the prior quarter; partially offset by 69 percent higher income and mining taxes and a smaller net gain on the fair value of investments and options of $151 million compared to a net gain of $291 million in the prior quarter.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         2    

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Adjusted net income4 for the quarter was $1.6 billion or $1.43 per diluted share, compared to $1.4 billion or $1.25 per diluted share in the prior quarter. Primary adjustments to second quarter net income includes a net gain on the sale of assets held for sale of $(699) million primarily related to the mine sales that closed in the second quarter and a net gain on the fair value of investments and options of $(151) million and a valuation allowance and other tax adjustments $167 million.
Adjusted EBITDA4 increased 14 percent to $3.0 billion, while EBITDA increased 21 percent to $3.8 billion compared to the prior quarter. The increase in EBITDA was driven by mostly by higher net income. Adjusted EBITDA excludes adjustments totaling $(806) million, primarily consisting of a net gain on the sale of assets held for sale and a net gain in the value of investments and options.
Consolidated cash from operations before working capital5 increased 3 percent from the prior quarter to $2.2 billion primarily due to higher net income.
Consolidated net cash from operating activities increased 17 percent from the prior quarter to $2.4 billion primarily due to an increase in net cash from operations before working capital. A net working capital movement in the second quarter of $156 million primarily due to a decrease in accounts receivable of $215 million from the timing of cash collections and an accrual for future tax payments of $263 million. These favorable working capital adjustments were partially offset by the continued cash spend for previously accrued reclamation activities of $185 million, primarily related to the ongoing construction of the Yanacocha water treatment plants, a build in inventory and stockpiles of $61 million due to stockpile sequencing and an increase in other assets of $89 million primarily from higher prepaid expenses in the quarter.
Income and mining cash tax paid increased 39 percent from the prior quarter to $648 million due to higher net income attributable to Newmont shareholders.
Free Cash Flow7 increased 42 percent from the prior quarter to $1.7 billion primarily due to an increase in consolidated net cash from operating activities compounded by lower capital investment.
Balance sheet and liquidity remained strong in the second quarter, ending with $6.2 billion of consolidated cash, with $10.2 billion of total liquidity; reported net debt to adjusted EBITDA of 0.1x8.
Non-Managed Joint Venture and Equity Method Investments9
Nevada Gold Mines (NGM) attributable gold production increased 11 percent to 239 thousand ounces, with a 2 percent increase in CAS per ounce to $1,448 per ounce3. AISC per ounce decreased 1 percent from the prior quarter to $1,771 per ounce3.
Pueblo Viejo (PV) attributable gold production increased 29 percent to 63 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $40 million in the second quarter. Capital contributions of $13 million were made during the quarter related to the expansion project at Pueblo Viejo.
Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the second quarter of 2025 decreased 12 percent to 38 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $66 million for the second quarter.

1 Attributable gold production includes ounces from the Company's equity method investment in Pueblo Viejo (40%) and in Lundin Gold (32%).
2 Consolidated Costs applicable to sales (CAS) excludes Depreciation and amortization and Reclamation and remediation.
3 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.
4 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.
5 Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled in the Condensed Consolidated Statements of Cash Flows.
6 Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows.
7 Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities.
8 Non-GAAP measure. See end of this release for reconciliation.
9 Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         3    

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Newmont's 2025 Guidance
Newmont remains on track to meet its previously published 2025 guidance. For more details, refer to the Company’s Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on Newmont.com. Please see the cautionary statement and footnotes for additional information.

Guidance Metric (+/-5%) a
2025E
Attributable Gold Production (Moz)
Managed Core Portfolio4.2
Non-Managed Core Portfolio b
1.4
Total Core Portfolio5.6
Non-Core Assets c
0.3
Total Newmont Attributable Gold Production (Moz)5.9
Gold Co-Product CAS ($/oz) d
Managed Core Portfolio$1,170
Non-Managed Core Portfolio b
$1,240
Total Core Portfolio$1,180
Non-Core Assets$1,450
Total Newmont Gold CAS ($/oz) d
$1,200
Gold Co-Product AISC ($/oz) d
Managed Core Portfolio$1,630
Non-Managed Core Portfolio b
$1,555
Total Core Portfolio$1,620
Non-Core Assets c
$1,830
Total Newmont Gold AISC ($/oz) d
$1,630
Sustaining Capital ($M)
Managed Core Portfolio$1,530
Non-Managed Core Portfolio b
$270
Total Core Portfolio$1,800
Non-Core Assets c
$75
Total Newmont Sustaining Capital c
$1,875
Development Capital ($M)
Managed Core Portfolio$1,140
Non-Managed Core Portfolio b
$160
Total Core Portfolio$1,300
Non-Core Assets c
$30
Total Newmont Development Capital e
$1,330
Consolidated Expenses
Exploration & Advanced Projects ($M)$525
General & Administrative ($M)$475
Interest Expense ($M)$300
Depreciation & Amortization ($M) f
$2,600
Reclamation and Remediation Accretion ($M) g
$475
Adjusted Tax Rate h,i
34%








NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         4    

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2025 GOLD PRODUCTION AND CAPITAL SEASONALITY GUIDANCE AND THIRD QUARTER COMMENTARY
Total Core Portfolio j
H1 2025E
H2 2025E
Attributable Production50%50%
Sustaining Capital43%57%
Development Capital49%51%
H1/H2 Commentary: Attributable gold production for the Core Portfolio in 2025 is expected to be approximately 50 percent weighted to the second half of the year. Production from Cadia and Peñasquito has been slightly stronger than expected in the first half of the year and is expected to decline in the second half. Increased production to offset those declines is expected in the second half of the year, primarily from the non-managed Nevada Gold Mines, Yanacocha, and the addition of Ahafo North in the fourth quarter.

Sustaining capital for the Core Portfolio is now expected to be weighted toward the second half of 2025, with optimization of road access and pit design at Lihir ongoing and investment moving to the second half of the year, the increase of sustaining capital spend at Cadia to support the long life of the operation, as well as address the historical underinvestment in tailings storage capacity, the continuation of warmer weather surface work at Red Chris and Brucejack in Canada, and a ramp up of spend at Tanami for ventilation work.

Development capital for the Core Portfolio is expected to increase in the second half of 2025 with the movement of non-critical path spend at Ahafo North as the project moves toward commercial production. Expenditures at Cadia and Tanami are expected to rise in H2 based on the timing of spend to support the major projects at those sites.

Third Quarter Commentary: Third quarter attributable production from the Core Portfolio is expected to be relatively in line with the previous quarter as expected production growth from the non-operated joint ventures as well as Cerro Negro, Brucejack, and Tanami is offset by declines at Ahafo South, Lihir, Peñasquito and Cadia. CAS per ounce unit cost is expected to be similar to the second quarter. AISC per ounce from the Core Portfolio is expected to be slightly higher than full year guidance in the third quarter due to higher sustaining capital spend as full year AISC per ounce is expected to be in line with full year guidance. Sustaining capital is expected to increase significantly from the second quarter as planned investments increase.

In the third quarter, no production or costs are anticipated from non-core assets divested in the first half of 2025. Compared to the previous quarter, third quarter free cash flow is expected to be adversely impacted by the higher capital spend, higher cash tax payments related to increased profitability in previous periods, and the continued increase in spending on construction of the Yanacocha water treatment facilities.


a 2025 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 20, 2025. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2025 Guidance assumes $2,500/oz Au, $9,370/tonne Cu, $30/oz Ag, $2,756/tonne Zn, $2,094/tonne Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $90/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. See cautionary statement at the end of this release.
b Guidance for Non-managed operations provided by joint venture or operating partners.
c Guidance for non-core assets includes, Akyem, CC&V, Porcupine, Éléonore, and Musselwhite, and reflects attributable gold production, Gold CAS, Gold AISC, sustaining capital, and development capital for the first half of 2025 only. The sale of CC&V, Éléonore, and Musselwhite closed on February 28, 2025 and the sale of Akyem and Porcupine closed April 15, 2025. See cautionary statement at the end of this release.
d Presented on a consolidated basis and assuming a gold price of $2,500/oz.
e Sustaining capital is presented on an attributable basis; Capital guidance excludes amounts attributable to the Pueblo Viejo joint venture.
f Depreciation & Amortization includes Q1 2025 only for non-core assets.
g Reclamation and Remediation Accretion represents a subset of expenses within Reclamation and Remediation expense and is exclusive of Reclamation and Remediation adjustments and other within that income statement expense line item. Reclamation and Remediation Accretion includes Q1 2025 only for non-core assets.
h The adjusted tax rate excludes certain items such as tax valuation allowance adjustments.
i Assuming average prices of $2,500 per ounce for gold, $9,370 per tonne for copper, $30 per ounce for silver, $2,094 per tonne for lead, and $2,756 per tonne for zinc and achievement of current production, sales and cost estimates, Newmont estimates its consolidated adjusted effective tax rate related to continuing operations for 2025 will be 34%.
j Total Core Portfolio includes the Managed Core Portfolio and the Non-Managed Core Portfolio and does not include non-core assets divested or held for sale.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         5    

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Divestiture Program Update
In February 2024, Newmont announced the intention to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian and North American business units. As of April 15, Newmont completed the sales for all non-core operations and its 70 percent interest in the Havieron project.
Total gross proceeds from announced transactions are expected to be up to $4.3 billion including contingent payments and closing adjustments. Of the total proceeds, $2.5 billion of net cash proceeds have been received year-to-date in 2025 including approximately $850 million from the sale of Porcupine and Akyem in the second quarter. Additionally, since the last earnings call Newmont sold half of its equity stake in Greatland Resources (received from the sale of Telfer and Havieron in 2024) and its entire equity stake in Discovery Silver (received from the sale of Porcupine in 2025) for net proceeds after taxes and commissions of $470 million.
Projects Update
For details on Newmont’s key projects currently in execution, refer to the Company’s Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on Newmont.com. Additional project updates will be provided as they become available. Please refer to the cautionary statement and footnotes for further information.
Committed to Concurrent Reclamation
Since mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental, and regulatory impacts associated with the end of mining operations. Newmont’s global Closure Strategy integrates closure planning throughout each operation’s lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to recognize reclamation and remediation expense throughout the year. In the first half of 2025, Newmont spent $280 million on reclamation activities, including $167 million on the construction of water treatment plants at Yanacocha which is expected to continue to increase in the third quarter, with the fourth quarter planned to be the highest of the year. The Company remains on track to spend $800 million on reclamation for the full year, inclusive of $600 million allocated to the Yanacocha water treatment plants. Additional updates on reclamation spend will be provided as available.





NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         6    


20242025
Operating ResultsQ1Q2Q3Q4FYQ1Q2Q3Q4YTD
Attributable Sales (koz)
Attributable gold ounces sold (1)
1,581 1,528 1,551 1,811 6,471 1,430 1,363 2,793 
Average Realized Price ($/oz, $/lb)
Average realized gold price$2,090 $2,347 $2,518 $2,643 $2,408 $2,944 $3,320 $3,128 
Average realized copper price$3.72 $4.47 $4.31 $3.57 $4.00 $4.65 $4.37 $4.51 
Average realized silver price $20.41 $26.20 $25.98 $25.15 $24.13 $30.12 $29.50 $29.80 
Average realized lead price $0.92 $1.05 $0.86 $0.86 $0.91 $0.89 $0.88 $0.88 
Average realized zinc price $0.92 $1.31 $1.14 $1.21 $1.14 $1.13 $1.13 $1.13 
Attributable Gold Production (koz)
Boddington142 147 137 164 590 126 147 273 
Tanami90 99 102 117 408 78 90 168 
Cadia122 117 115 110 464 103 104 207 
Lihir181 141 129 163 614 164 160 324 
Ahafo190 184 213 211 798 205 197 402 
Peñasquito 45 64 63 127 299 123 148 271 
Cerro Negro81 19 60 78 238 28 42 70 
Yanacocha91 78 93 92 354 105 131 236 
Merian (75%)57 46 43 59 205 47 40 87 
Brucejack37 60 89 72 258 41 50 91 
Red Chris (70%)
6 9 9 16 40 14 15 29 
Managed Core Portfolio
1,042 964 1,053 1,209 4,268 1,034 1,124 2,158 
Nevada Gold Mines (38.5%)
264 253 242 280 1,039 216 239 455 
Pueblo Viejo (40%) (2)
54 53 66 62 235 49 63 112 
Fruta Del Norte (32%) (3)
21 35 43 39 138 43 38 81 
Non-Managed Core Portfolio
339 341 351 381 1,412 308 340 648 
Total Core Portfolio
1,381 1,305 1,404 1,590 5,680 1,342 1,464 2,806 
Non-Core Assets (4)
294 302 264 309 1,169 195 14 209 
Total Attributable Gold Production
1,675 1,607 1,668 1,899 6,849 1,537 1,478 3,015 
Co-Product Production
Red Chris copper tonnes (thousands)5 6 6 9 26 7 7 14 
Boddington copper tonnes (thousands)9 10 9 9 37 7 7 14 
Cadia copper tonnes (thousands)21 22 21 23 87 21 22 43 
Telfer copper tonnes (thousands) (4)
1 — 1 1 3 — — — 
Total copper tonnes (thousands)36 38 37 42 153 35 36 71 
Peñasquito silver ounces (millions)9 8 7 9 33 6 8 14 
Peñasquito lead tonnes (thousands)28 20 19 29 96 22 27 49 
Peñasquito zinc tonnes (thousands)58 65 58 77 258 59 67 126 
Gold Co-Product CAS Consolidated ($/oz)
Boddington$1,016 $1,022 $1,098 $1,084 $1,056 $1,239 $1,207 $1,223 
Tanami$902 $1,018 $979 $898 $947 $1,087 $1,278 $1,191 
Cadia$648 $624 $723 $616 $653 $794 $805 $800 
Lihir$936 $1,101 $1,619 $1,523 $1,270 $1,009 $1,287 $1,147 
Ahafo$865 $976 $867 $916 $904 $1,238 $1,010 $1,124 
Peñasquito$853 $827 $985 $630 $776 $898 $756 $823 
Cerro Negro$861 $2,506 $1,535 $1,177 $1,325 $2,063 $2,118 $2,089 
Yanacocha$972 $1,000 $1,072 $970 $1,003 $961 $882 $915 
Merian (75%)$1,221 $1,546 $1,795 $1,334 $1,457 $1,497 $1,808 $1,679 
Brucejack$2,175 $1,390 $970 $1,126 $1,254 $1,800 $1,861 $1,831 
Red Chris (70%)
$940 $951 $2,228 $901 $1,225 $1,106 $1,475 $1,290 
Managed Core Portfolio$955 $1,053 $1,117 $1,021 $1,036 $1,150 $1,154 $1,152 
Nevada Gold Mines (38.5%)
$1,177 $1,220 $1,311 $1,177 $1,219 $1,426 $1,448 $1,437 
Non-Managed Core Portfolio$1,177 $1,220 $1,311 $1,177 $1,219 $1,426 $1,448 $1,437 
Total Core Portfolio$1,000 $1,087 $1,153 $1,050 $1,071 $1,198 $1,204 $1,202 
Non-Core Assets (4)
$1,306 $1,398 $1,474 $1,316 $1,370 $1,410 $2,032 $1,455 
Total Gold co-product CAS (5)
$1,057 $1,152 $1,207 $1,096 $1,126 $1,227 $1,215 $1,221 
Gold By-Product CAS ($/oz)
Red Chris
$(1,143)$(2,556)$5,125 $(1,333)$(256)$(1,200)$71 $(586)
Boddington
$810 $750 $863 $916 $840 $970 $1,000 $985 
Cadia
$(228)$(626)$(398)$(173)$(366)$(643)$(514)$(575)
Peñasquito
$(2,091)$(2,047)$(1,036)$(1,587)$(1,659)$(949)$(880)$(912)
Managed Core Portfolio
$691 $635 $884 $677 $722 $733 $789 $763 
Non-Managed Core Portfolio
$1,177 $1,220 $1,311 $1,177 $1,219 $1,426 $1,448 $1,437 
Total Core Portfolio
$790 $756 $964 $768 $819 $854 $903 $880 
Total Gold by-product CAS (5)
$891 $892 $1,052 $862 $922 $930 $917 $924 
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         7    


20242025
Operating Results (continued) Q1Q2Q3Q4FYQ1Q2Q3Q4YTD
Co-Product CAS ($/unit)
Red Chris - copper ($/tonne)$5,571 $5,043 $12,296 $4,645 $6,663 $4,991 $6,738 $5,854 
Boddington - copper ($/tonne)$5,192 $5,680 $5,605 $5,477 $5,480 $5,423 $5,163 $5,293 
Cadia - copper ($/tonne)$3,271 $3,044 $3,774 $3,209 $3,321 $3,468 $3,517 $3,494 
Telfer - copper ($/tonne)
$15,885 $10,692 N.M.$8,582 $13,214 $— $— $— 
Total - copper ($/tonne)$4,452 $4,184 $5,748 $4,247 $4,625 $4,182 $4,422 $4,307 
Peñasquito- silver ($/ounce)$11 $12 $13 $8 $11 $10 $9 $10 
Peñasquito - lead ($/tonne)$1,215 $1,355 $1,555 $904 $1,201 $997 $933 $965 
Peñasquito - zinc ($/tonne)$1,764 $1,867 $1,944 $1,429 $1,729 $1,499 $1,376 $1,445 
Gold Co-Product AISC Consolidated ($/oz)
Boddington$1,242 $1,237 $1,398 $1,286 $1,288 $1,544 $1,422 $1,482 
Tanami$1,149 $1,276 $1,334 $1,340 $1,281 $1,659 $1,698 $1,680 
Cadia$989 $1,064 $1,078 $1,061 $1,048 $1,184 $1,109 $1,144 
Lihir$1,256 $1,212 $1,883 $1,781 $1,512 $1,339 $1,563 $1,450 
Ahafo$1,010 $1,123 $1,043 $1,113 $1,072 $1,462 $1,220 $1,341 
Peñasquito$1,079 $1,038 $1,224 $818 $984 $1,091 $944 $1,013 
Cerro Negro$1,120 $3,010 $1,878 $1,430 $1,631 $2,857 $3,023 $2,936 
Yanacocha$1,123 $1,217 $1,285 $1,166 $1,196 $1,170 $1,144 $1,155 
Merian (75%)$1,530 $2,170 $2,153 $1,656 $1,852 $1,864 $2,074 $1,986 
Brucejack$2,580 $1,929 $1,197 $1,498 $1,603 $2,230 $2,490 $2,363 
Red Chris (70%)
$1,277 $1,613 $2,633 $1,131 $1,607 $1,322 $1,903 $1,611 
Managed Core Portfolio$1,327 $1,461 $1,509 $1,411 $1,426 $1,596 $1,542 $1,568 
Nevada Gold Mines (38.5%)
$1,576 $1,689 $1,675 $1,492 $1,605 $1,789 $1,771 $1,780 
Non-Managed Core Portfolio$1,576 $1,689 $1,675 $1,492 $1,605 $1,789 $1,771 $1,780 
Total Core Portfolio
$1,378 $1,508 $1,540 $1,425 $1,461 $1,630 $1,582 $1,605 
Non-Core Assets (4)
$1,712 $1,770 $1,967 $1,634 $1,762 $1,787 $2,550 $1,843 
Total Gold Co-product AISC (5)
$1,439 $1,562 $1,611 $1,463 $1,516 $1,651 $1,593 $1,623 
Gold By-Product AISC ($/oz)
Red Chris
$857 $778 $7,250 $(333)$1,692 $(467)$1,357 $414 
Boddington
$1,085 $1,044 $1,226 $1,179 $1,134 $1,348 $1,250 $1,298 
Cadia
$535 $293 $159 $750 $425 $133 $92 $111 
Peñasquito
$(91)$(859)$411 $(810)$(476)$(254)$(406)$(335)
Managed Core Portfolio
$1,212 $1,211 $1,401 $1,203 $1,256 $1,309 $1,276 $1,292 
Non-Managed Core Portfolio
$1,576 $1,689 $1,675 $1,492 $1,605 $1,789 $1,771 $1,780 
Total Core Portfolio
$1,286 $1,310 $1,452 $1,256 $1,324 $1,394 $1,360 $1,376 
Total Gold By-product AISC (5)
$1,373 $1,412 $1,542 $1,319 $1,408 $1,447 $1,375 $1,411 
Co-Product AISC ($/unit)
Red Chris - copper ($/tonne)$7,718 $8,599 $14,960 $6,007 $9,037 $6,053 $8,550 $7,287 
Boddington - copper ($/tonne)$5,959 $6,914 $6,436 $6,545 $6,462 $6,760 $5,917 $6,338 
Cadia - copper ($/tonne)$5,659 $5,644 $4,849 $5,612 $5,442 $5,316 $4,909 $5,098 
Telfer - copper ($/tonne)
$20,643 $15,112 N.M.$5,106 $15,903 $— $— $— 
Total - copper ($/tonne)$6,392 $6,675 $7,423 $6,162 $6,638 $6,014 $6,068 $6,042 
Peñasquito - silver ($/ounce)$15 $15 $17 $11 $14 $13 $12 $12 
Peñasquito - lead ($/tonne)$1,500 $1,601 $1,879 $1,132 $1,467 $1,185 $1,146 $1,165 
Peñasquito - zinc ($/tonne)$2,368 $2,498 $2,614 $2,015 $2,350 $2,026 $1,659 $1,866 
____________________________
(1)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment, and the Fruta del Norte mine, which is wholly owned by Lundin Gold, in which the Company holds a 32% interest and is accounted for as an equity method investment.
(2)Represents attributable gold from Newmont's 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. Attributable gold ounces produced at Pueblo Viejo are not included in attributable gold ounces sold, as noted in footnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.
(3)Represents attributable gold from Newmont's 32% interest in Lundin Gold, which wholly owns and operates the Fruta del Norte mine and is accounted for on a quarterly lag as an equity method investment. Attributable gold ounces produced by Lundin Gold represent prior quarter production and are not included in attributable gold ounces sold, as noted in footnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.
(4)Non-core assets include asset divestitures which closed prior to June 30, 2025 including: Telfer, CC&V, Musselwhite, Éléonore, Akyem, and Porcupine. See Divestiture Program Update in this release for further details.
(5)Non-GAAP measure. See end of this release for reconciliation.

NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         8    


NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions except per share)
2024 (1)
2025 (1)
Q1Q2Q3Q4FYQ1Q2Q3Q4YTD
Sales$4,023 $4,402 $4,605 $5,652 $18,682 $5,010 $5,317 $10,327 
Costs and expenses:
Costs applicable to sales (2)
2,106 2,156 2,310 2,391 8,963 2,106 2,001 4,107 
Depreciation and amortization654 602 631 689 2,576 593 620 1,213 
Reclamation and remediation98 94 132 4 328 93 83 176 
Exploration53 57 74 82 266 49 61 110 
Advanced projects, research and development53 49 47 48 197 43 40 83 
General and administrative101 100 113 128 442 110 95 205 
(Gain) loss on sale of assets held for sale485 246 115 268 1,114 (276)(699)(975)
Impairment charges
12 9 18 39 78 15 9 24 
Other expense, net61 50 37 43 191 28 39 67 
3,623 3,363 3,477 3,692 14,155 2,761 2,249 5,010 
Other income (expense):
Change in fair value of investments and options31 (9)17 23 62 291 151 442 
Other income (loss), net90 109 — 164 363 10 (36)(26)
Interest expense, net of capitalized interest(93)(103)(86)(93)(375)(79)(65)(144)
28 (3)(69)94 50 222 50 272 
Income (loss) before income and mining tax and other items428 1,036 1,059 2,054 4,577 2,471 3,118 5,589 
Income and mining tax benefit (expense)(260)(191)(244)(702)(1,397)(647)(1,092)(1,739)
Equity income (loss) of affiliates7 (3)60 69 133 78 49 127 
Net income (loss) from continuing operations175 842 875 1,421 3,313 1,902 2,075 3,977 
Net income (loss) from discontinued operations4 15 49 — 68 — — — 
Net income (loss)179 857 924 1,421 3,381 1,902 2,075 3,977 
Net loss (income) attributable to noncontrolling interests (3)
(9)(4)(2)(18)(33)(11)(14)(25)
Net income (loss) attributable to Newmont stockholders$170 $853 $922 $1,403 $3,348 $1,891 $2,061 $3,952 
Net income (loss) attributable to Newmont stockholders:
Continuing operations$166 $838 $873 $1,403 $3,280 $1,891 $2,061 $3,952 
Discontinued operations4 15 49 — 68 — — — 
$170 $853 $922 $1,403 $3,348 $1,891 $2,061 $3,952 
Weighted average common shares (millions):
Basic1,153 1,153 1,147 1,133 1,146 1,126 1,110 1,118 
Effect of employee stock-based awards— 2 2 2 2 1 2 2 
Diluted1,153 1,155 1,149 1,135 1,148 1,127 1,112 1,120 
Net income (loss) attributable to Newmont stockholders per common share:
Basic:
Continuing operations$0.15 $0.73 $0.76 $1.24 $2.86 $1.68 $1.86 $3.53 
Discontinued operations— 0.01 0.04 — 0.06 — — — 
$0.15 $0.74 $0.80 $1.24 $2.92 $1.68 $1.86 $3.53 
Diluted:
Continuing operations$0.15 $0.73 $0.76 $1.24 $2.86 $1.68 $1.85 $3.53 
Discontinued operations— 0.01 0.04 — 0.06 — — — 
$0.15 $0.74 $0.80 $1.24 $2.92 $1.68 $1.85 $3.53 
____________________________
(1)Certain amounts have been reclassified to conform to the current presentation.
(2)Excludes Depreciation and amortization and Reclamation and remediation.
(3)Relates to the Suriname Gold project C.V. (“Merian”) reportable segment.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         9    


NEWMONT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
2024 (1)
2025 (1)
MARJUNSEPDECMARJUNSEPDEC
ASSETS
Cash and cash equivalents$2,336 $2,602 $3,016 $3,619 $4,698 $6,185 
Trade receivables
782 955 974 1,056 887 637 
Investments
23 50 43 21 18 468 
Inventories1,385 1,467 1,487 1,423 1,493 1,500 
Stockpiles and ore on leach pads745 681 688 761 792 767 
Other current assets879 945 795 786 653 740 
Assets held for sale
5,656 5,370 5,574 4,609 2,199 102 
Current assets11,806 12,070 12,577 12,275 10,740 10,399 
Property, plant and mine development, net33,564 33,655 33,697 33,547 33,568 33,591 
Investments4,138 4,141 4,150 4,471 4,856 4,455 
Stockpiles and ore on leach pads1,837 2,002 2,114 2,266 2,409 2,540 
Deferred income tax assets210 273 229 124 59 55 
Goodwill2,792 2,792 2,721 2,658 2,658 2,658 
Derivative assets412 181 161 142 344 443 
Other non-current assets576 564 526 866 885 1,024 
Total assets$55,335 $55,678 $56,175 $56,349 $55,519 $55,165 
LIABILITIES
Accounts payable$698 $683 $772 $843 $771 $742 
Employee-related benefits414 457 542 630 502 562 
Income and mining taxes payable136 264 317 381 378 705 
Lease and other financing obligations99 104 112 107 109 112 
Debt— — — 924 — — 
Other current liabilities1,784 1,819 2,081 2,481 2,357 2,544 
Liabilities held for sale
2,351 2,405 2,584 2,177 1,309 5 
Current liabilities5,482 5,732 6,408 7,543 5,426 4,670 
Debt8,933 8,692 8,550 7,552 7,507 7,132 
Lease and other financing obligations436 429 437 389 370 363 
Reclamation and remediation liabilities6,652 6,620 6,410 6,394 6,376 6,216 
Deferred income tax liabilities3,094 3,046 2,883 2,820 2,733 2,890 
Employee-related benefits610 616 632 555 575 596 
Silver streaming agreement753 733 721 699 671 646 
Other non-current liabilities300 247 238 288 430 365 
Total liabilities26,260 26,115 26,279 26,240 24,088 22,878 
EQUITY
Common stock1,855 1,851 1,840 1,813 1,803 1,772 
Treasury stock(274)(274)(276)(278)(293)(294)
Additional paid-in capital30,436 30,394 30,228 29,808 29,624 29,141 
Accumulated other comprehensive income (loss)(16)(7)21 (95)(39)44 
Retained earnings (Accumulated deficit) (3,111)(2,585)(2,101)(1,320)153 1,449 
Newmont stockholders' equity28,890 29,379 29,712 29,928 31,248 32,112 
Noncontrolling interests185 184 184 181 183 175 
Total equity29,075 29,563 29,896 30,109 31,431 32,287 
Total liabilities and equity$55,335 $55,678 $56,175 $56,349 $55,519 $55,165 
____________________________
(1)Certain amounts have been reclassified to conform to the current presentation.

NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         10    


NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
2024 (1)
2025 (1)
Q1Q2Q3Q4FYQ1Q2Q3Q4YTD
Operating activities:
Net income (loss)$179 $857 $924 $1,421 $3,381 $1,902 $2,075 $3,977 
Non-cash adjustments:
Depreciation and amortization654 602 631 689 2,576 593 620 1,213 
(Gain) loss on sale of assets held for sale485 246 115 268 1,114 (276)(699)(975)
Change in fair value of investments and options(31)9 (17)(23)(62)(291)(151)(442)
Net (income) loss from discontinued operations
(4)(15)(49)— (68)— — — 
Deferred income taxes53 (95)7 115 80 125 217 342 
Reclamation and remediation94 88 124 (4)302 89 77 166 
Stock-based compensation21 23 22 23 89 21 27 48 
(Gain) loss on asset and investment sales(9)(55)28 1 (35)5 2 7 
Impairment charges12 9 18 39 78 15 9 24 
Other non-cash adjustments(12)(12)43 (131)(112)(11)51 40 
Cash from operations before working capital (2)
1,442 1,657 1,846 2,398 7,343 2,172 2,228 4,400 
Change in operating assets and liabilities:
Trade and other receivables
(84)(140)(83)(134)(441)228 215 443 
Inventories, stockpiles and ore on leach pads(193)(185)(202)46 (534)(175)(61)(236)
Other assets(7)63 7 1 64 (9)(89)(98)
Accounts payable(91)(32)69 52 (2)(69)(30)(99)
Reclamation and remediation liabilities(59)(107)(107)(160)(433)(95)(185)(280)
Accrued tax liabilities (3)
90 52 (60)153 235 91 263 354 
Other accrued liabilities(322)86 167 155 86 (112)43 (69)
Net change in operating assets and liabilities(666)(263)(209)113 (1,025)(141)156 15 
Net cash provided by (used in) operating activities of continuing operations776 1,394 1,637 2,511 6,318 2,031 2,384 4,415 
Net cash provided by (used in) operating activities of discontinued operations— 34 11 — 45 — — — 
Net cash provided by (used in) operating activities776 1,428 1,648 2,511 6,363 2,031 2,384 4,415 
Investing activities:
Proceeds from sales of mining operations and other assets, net— 180 150 230 560 1,684 991 2,675 
Additions to property, plant and mine development(850)(800)(877)(875)(3,402)(826)(674)(1,500)
Proceeds from sales of investment3 9 3 6 21 7 367 374 
Contributions to equity method investees(15)(5)(15)(61)(96)(31)(17)(48)
Return of investment from equity method investees25 16 14 1 56 20 24 44 
Purchases of investments— (60)(2)(4)(66)(1)(12)(13)
Maturities of investments— — 28 — 28 — — — 
Other39 19 (16)2 44 (115)— (115)
Net cash provided by (used in) investing activities of continuing operations(798)(641)(715)(701)(2,855)738 679 1,417 
Net cash provided by (used in) investing activities of discontinued operations— — 153 — 153 — — — 
Net cash provided by (used in) investing activities(798)(641)(562)(701)(2,702)738 679 1,417 
Financing activities:
Repayment of debt(3,423)(227)(133)(77)(3,860)(985)(398)(1,383)
Repurchases of common stock— (104)(344)(798)(1,246)(348)(1,011)(1,359)
Dividends paid to common stockholders(288)(289)(286)(282)(1,145)(282)(279)(561)
Distributions to noncontrolling interests(41)(36)(36)(48)(161)(44)(56)(100)
Funding from noncontrolling interests22 31 34 28 115 39 31 70 
Payments on lease and other financing obligations(18)(22)(22)(25)(87)(23)(23)(46)
Payments for withholding of employee taxes related to stock-based compensation(10)— (2)(2)(14)(15)(1)(16)
Proceeds from issuance of debt, net3,476 — — — 3,476 — — — 
Other(17)(11)— (3)(31)(4)(8)(12)
Net cash provided by (used in) financing activities(299)(658)(789)(1,207)(2,953)(1,662)(1,745)(3,407)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(3)(11)(1)(5)(20)(5)10 5 
Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale(324)118 296 598 688 1,102 1,328 2,430 
Less: change in cash and restricted cash reclassified to assets held for sale (4)
(395)137 118 2 (138)(22)160 138 
Net change in cash, cash equivalents and restricted cash(719)255 414 600 550 1,080 1,488 2,568 
Cash, cash equivalents and restricted cash at beginning of period3,100 2,381 2,636 3,050 3,100 3,650 4,730 3,650 
Cash, cash equivalents and restricted cash at end of period$2,381 $2,636 $3,050 $3,650 $3,650 $4,730 $6,218 $6,218 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$2,336 $2,602 $3,016 $3,619 $3,619 $4,698 $6,185 $6,185 
Restricted cash included in Other current assets6 6 3 1 1 1 2 2 
Restricted cash included in Other non-current assets39 28 31 30 30 31 31 31 
Total cash, cash equivalents and restricted cash$2,381 $2,636 $3,050 $3,650 $3,650 $4,730 $6,218 $6,218 

NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         11    


____________________________
(1)Certain amounts and disclosures in the prior year have been reclassified to conform to the current year presentation.
(2)Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled above.
(3)Cash payments for income and mining taxes, net of refunds, of $966 for the year ended December 31, 2024 is comprised of $96, $208, $254, and $408 for the first, second, third, and fourth quarter, respectively. Cash payments for income and mining taxes, net of refunds, of $1,113 for the six months ended June 30, 2025 is comprised of $465 and $648 for the first and second quarter, respectively.
(4)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets, including Cash and cash equivalents and restricted cash, included in Other current assets and Other non-current assets, were reclassified to Assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for additional information.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         12    


Non-GAAP Financial Measures (dollars in millions, except per share, per ounce and per pound amounts, unless otherwise noted)
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to Non-GAAP Financial Measures within Part II, Item 7 within our Form 10-K for the year ended December 31, 2024, filed with the SEC on February 21, 2025 for further information on the non-GAAP financial measures presented below, including why management believes that its presentation of non-GAAP financial measures provides useful information to investors.
Adjusted net income (loss)
Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:
Three Months Ended
June 30, 2025		Six Months Ended
June 30, 2025
per share data (1)
per share data (1)
basicdilutedbasicdiluted
Net income (loss) attributable to Newmont stockholders$2,061 $1.86 $1.85 $3,952 $3.53 $3.53 
Adjustments:
(Gain) loss on sale of assets held for sale (2)
(699)(0.63)(0.63)(975)(0.87)(0.87)
Change in fair value of investments and options (3)
(151)(0.14)(0.14)(442)(0.39)(0.39)
(Gain) loss on debt extinguishment (4)
18 0.02 0.02 28 0.03 0.03 
Restructuring and severance (5)
15 0.01 0.01 24 0.02 0.02 
Impairment charges (6)
8 0.01 0.01 23 0.02 0.02 
(Gain) loss on asset and investment sales (7)
2 — — 7 — — 
Newcrest transaction and integration costs (8)
(10)(0.01)(0.01)(6)— — 
Settlement costs (9)
— — — 3 — — 
Other (10)
10 0.01 0.01 17 0.01 0.01 
Tax effect of adjustments (11)
173 0.16 0.16 370 0.33 0.33 
Valuation allowance and other tax adjustments (12)
167 0.15 0.15 (3)— — 
Adjusted net income (loss)$1,594 $1.44 $1.43 $2,998 $2.68 $2.68 
Weighted average common shares (millions): (13)
1,110 1,112 1,118 1,120 
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)Primarily consists of the gain on the divestments of certain non-core assets; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
(3)Primarily consists of the realized gain on the sale of Greatland shares and unrealized gains and losses related to the Company's marketable and other equity securities; included in Other income (loss), net.
(4)Represents the loss on the redemption of the 2026 Senior Notes and on the partial redemption of certain other senior notes; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
(5)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.
(6)Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. Amounts are presented net of Net loss (income) attributable to noncontrolling interests of $(1) and $(1), respectively.
(7)Primarily represents gains and losses related to the sale of certain assets and investments; included in Other income (loss), net.
(8)Represents costs incurred related to the Newcrest transaction and includes a gain related to reduction of the stamp duty tax liability; included in Other expense, net.
(9)Primarily consists of litigation expenses and other settlements; included in Other expense, net.
(10)Primarily represents costs incurred related to transition service agreements for divested reportable segments; included in Other income (loss), net.
(11)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (10), as described above, and are calculated using the applicable regional tax rate.
(12)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and six months ended June 30, 2025 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $146 and $(51), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $11 and $3, net reductions to the reserve for uncertain tax positions of $8 and $(6), recording of a deferred tax liability for the outside basis difference at Akyem of $(2) and $— due to the status change to held for sale, and other tax adjustments of $4 and $51. For further information on reductions to the reserve for uncertain tax positions, refer to Note 9 to the Condensed Consolidated Financial Statements.
(13)Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.

NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         13    


Three Months Ended
June 30, 2024		Six Months Ended
June 30, 2024
per share data (1)
per share data (1)
basicdilutedbasicdiluted
Net income (loss) attributable to Newmont stockholders$853 $0.74 $0.74 $1,023 $0.89 $0.89 
Net loss (income) attributable to Newmont stockholders from discontinued operations(15)(0.01)(0.01)(19)(0.02)(0.02)
Net income (loss) attributable to Newmont stockholders from continuing operations838 0.73 0.73 1,004 0.87 0.87 
Adjustments:
(Gain) loss on sale of assets held for sale (2)
246 0.22 0.22 731 0.63 0.63 
(Gain) loss on asset and investment sales (3)
(55)(0.05)(0.05)(64)(0.06)(0.06)
Newcrest transaction and integration costs (4)
16 0.01 0.01 45 0.04 0.04 
Settlement costs (5)
5 — — 26 0.03 0.03 
Change in fair value of investments and options (6)
9 0.01 0.01 (22)(0.01)(0.01)
Impairment charges (7)
9 0.01 0.01 21 0.02 0.02 
Restructuring and severance (8)
9 0.01 0.01 15 0.01 0.01 
(Gain) loss on debt extinguishment (9)
(14)(0.01)(0.01)(14)(0.01)(0.01)
Reclamation and remediation charges (10)
— — — 6 — — 
Tax effect of adjustments (11)
(87)(0.07)(0.07)(234)(0.20)(0.20)
Valuation allowance and other tax adjustments (12)
(142)(0.14)(0.14)(50)(0.05)(0.05)
Adjusted net income (loss)$834 $0.72 $0.72 $1,464 $1.27 $1.27 
Weighted average common shares (millions): (13)
1,153 1,155 1,153 1,154 
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)Consists of the write-downs on assets held for sale; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
(3)Primarily represents the gain recognized on the sale of the Stream Credit Facility Agreement ("SCFA") in the second quarter; included in Other income (loss), net. Refer to Note 8 to the Condensed Consolidated Financial Statements for further information.
(4)Represents costs incurred related to the Newcrest transaction; included in Other expense, net.
(5)Primarily comprised of wind down and demobilization costs related to the French Guiana project; included in Other expense, net.
(6)Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities; included in Other income (loss), net.
(7)Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net.
(8)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.
(9)Primarily represents the net gain on the partial redemption of certain other senior notes in the second quarter; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
(10)Represents revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 to the Condensed Consolidated Financial Statements for further information.
(11)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (10), as described above, and are calculated using the applicable regional tax rate.
(12)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and six months ended June 30, 2024 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $20 and $(45), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(93) and $(58), net reductions to the reserve for uncertain tax positions of $(50) and $(52), recording of a deferred tax liability for the outside basis difference at Akyem of $(37) and $80 due to the status change to held-for-sale, and other tax adjustments of $18 and $25. For further information on reductions to the reserve for uncertain tax positions, refer to Note 9 to the Condensed Consolidated Financial Statements.
(13)Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         14    


Earnings before interest, taxes, depreciation and amortization and Adjusted earnings before interest, taxes, depreciation and amortization
Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Net income (loss) attributable to Newmont stockholders$2,061 $853 $3,952 $1,023 
Net income (loss) attributable to noncontrolling interests14 4 25 13 
Net (income) loss from discontinued operations
— (15)— (19)
Equity loss (income) of affiliates(49)3 (127)(4)
Income and mining tax expense (benefit)1,092 191 1,739 451 
Depreciation and amortization620 602 1,213 1,256 
Interest expense, net of capitalized interest
65 103 144 196 
EBITDA3,803 1,741 6,946 2,916 
Adjustments:
(Gain) loss on assets held for sale (1)
(699)246 (975)731 
Change in fair value of investments and options (2)
(151)9 (442)(22)
(Gain) loss on debt extinguishment (3)
18 (14)28 (14)
Restructuring and severance (4)
15 9 24 15 
Impairment charges (5)
9 9 24 21 
(Gain) loss on asset and investment sales (6)
2 (55)7 (64)
Newcrest transaction and integration costs (7)
(10)16 (6)45 
Settlement costs (8)
— 5 3 26 
Reclamation and remediation charges (9)
— — — 6 
Other (10)
10 — 17 — 
Adjusted EBITDA$2,997 $1,966 $5,626 $3,660 
____________________________
(1)Primarily consists of the gain on the sales of certain non-core assets in 2025 and the write-downs on assets held for sale in 2024; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
(2)Primarily consists of the realized gain on the sale of Greatland shares in 2025 and unrealized gains and losses related to the Company's marketable and other equity securities in 2025 and 2024; included in Other income (loss), net.
(3)Represents the loss on the redemption of the 2026 Senior Notes and on the partial redemption of certain other senior notes in 2025; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
(4)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.
(5)Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net.
(6)Primarily represents gains and losses related to the sale of certain assets and investments in 2025; in 2024, primarily represents the gain recognized on the sale of the SCFA in the second quarter. Included in Other income (loss), net. Refer to Note 8 to the Condensed Consolidated Financial Statements for further information.
(7)Represents costs incurred related to the Newcrest transaction; included in Other expense, net. In 2025, includes a gain recognized on the reduction of the stamp duty tax liability incurred as a result of the Newcrest transaction.
(8)Primarily consists of litigation expenses and other settlements in 2025 and wind-down and demobilization costs related to the French Guiana project in 2024; included in Other expense, net.
(9)Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 to the Condensed Consolidated Financial Statements for further information.
(10)Primarily represents costs incurred related to transition service agreements for divested reportable segments in 2025; included in Other income (loss), net.

NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         15    


Free Cash Flow
The following table sets forth a reconciliation of Free cash flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free cash flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Net cash provided by (used in) operating activities$2,384 $1,428 $4,415 $2,204 
Less: Net cash used in (provided by) operating activities of discontinued operations— (34)— (34)
Net cash provided by (used in) operating activities of continuing operations2,384 1,394 4,415 2,170 
Less: Additions to property, plant and mine development(674)(800)(1,500)(1,650)
Free cash flow
$1,710 $594 $2,915 $520 
Net cash provided by (used in) investing activities (1)
$679 $(641)$1,417 $(1,439)
Net cash provided by (used in) financing activities$(1,745)$(658)$(3,407)$(957)
____________________________
(1)Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free cash flow.
Net Debt
Net debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents, as presented on the Condensed Consolidated Balance Sheets. Cash and cash equivalents are subtracted from Debt and Lease and other financing obligations as these could be used to reduce the Company's debt obligations.
The following table sets forth a reconciliation of Net debt, a non-GAAP financial measure, to Debt and Lease and other financing obligations, which the Company believes to be the GAAP financial measures most directly comparable to Net debt.
At June 30,
2025		At December 31,
2024
Debt$7,132 $8,476 
Lease and other financing obligations475 496 
Less: Cash and cash equivalents(6,185)(3,619)
Less: Cash and cash equivalents included in assets held for sale (1)
— (45)
Net debt$1,422 $5,308 
____________________________
(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related Cash and cash equivalents was reclassified to Assets held for sale. At June 30, 2025, no amounts relating to Cash and cash equivalents and restricted cash remain in Assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for additional information.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         16    


Costs applicable to sales per ounce/gold equivalent ounce
Costs applicable to sales per ounce/gold equivalent ounce are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.
Costs applicable to sales per ounce
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Costs applicable to sales (1)(2)
$1,677 $1,777 $3,446 $3,467 
Gold sold (thousand ounces)1,380 1,543 2,822 3,142 
Costs applicable to sales per ounce (3)
$1,215 $1,152 $1,221 $1,103 
____________________________
(1)Includes by-product credits of $52 and $45 during the three months ended June 30, 2025 and 2024, respectively, and $99 and $84 during the six months ended June 30, 2025 and 2024, respectively.
(2)Excludes Depreciation and amortization and Reclamation and remediation.
(3)Per ounce measures may not recalculate due to rounding.
Costs applicable to sales per gold equivalent ounce
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Costs applicable to sales (1)(2)
$324 $379 $661 $795 
Gold equivalent ounces sold - other metals (thousand ounces) (3)
361 453 729 955 
Costs applicable to sales per gold equivalent ounce (4)
$899 $836 $907 $832 
____________________________
(1)Includes by-product credits of $22 and $15 for the three months ended June 30, 2025 and 2024, respectively, and $39 and $30 during the six months ended June 30, 2025 and 2024, respectively.
(2)Excludes Depreciation and amortization and Reclamation and remediation.
(3)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 and Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024.
(4) Per ounce measures may not recalculate due to rounding.

NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         17    


All-In Sustaining Costs
All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold.
Three Months Ended
June 30, 2025
Costs Applicable to Sales (1)(2)(3)
Reclamation Costs (4)
Advanced Projects, Research and Development and Exploration (5)
General and Administrative
Other Expense, Net (6)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs (7)(8)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs Per oz. (9)
Gold
Ahafo$201 $4 $3 $— $2 $— $34 $244 200 $1,220 
Brucejack91 2 3 — — — 25 121 49 $2,490 
Red Chris22 — — — — — 6 28 14 $1,903 
Peñasquito100 4 — — — 5 16 125 133 $944 
Merian
122 2 4 — — — 12 140 67 $2,074 
Cerro Negro
72 2 — — — — 29 103 34 $3,023 
Yanacocha119 15 — — 16 — 4 154 136 $1,144 
Boddington169 6 — — — 1 24 200 140 $1,422 
Tanami115 1 1 — — — 36 153 90 $1,698 
Cadia88 — — — — 1 32 121 109 $1,109 
Lihir202 3 2 — — — 38 245 156 $1,563 
NGM
343 5 4 2 3 1 60 418 237 $1,771 
Corporate and Other (10)
— — 17 78 10 — 2 107 — $— 
Divested (11)
Porcupine16 1 — — 1 — 4 22 9 $2,233 
Akyem17 1 — — — — — 18 6 $3,145 
Total Gold1,677 46 34 80 32 8 322 2,199 1,380 $1,593 
Gold equivalent ounces - other metals (12)(13)
Red Chris46 2 — — — (1)11 58 31 $1,884 
Peñasquito (14)
158 6 — — — 7 25 196 190 $1,030 
Boddington38 — — — — — 4 42 33 $1,304 
Cadia82 — 1 — — 1 31 115 107 $1,082 
Corporate and Other (10)
— — 5 15 2 — — 22 — $— 
Total Gold Equivalent Ounces324 8 6 15 2 7 71 433 361 $1,203 
Consolidated$2,001 $54 $40 $95 $34 $15 $393 $2,632 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $74.
(3)Includes stockpile, leach pad, and product inventory adjustments of $10 at NGM.
(4)Includes operating accretion of $28, included in Reclamation and remediation, and amortization of asset retirement costs of $26; 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 $50 and $5, respectively, included in Reclamation and remediation.
(5)Excludes development expenditures of $12 at Ahafo, $3 at Red Chris, $4 at Peñasquito, $9 at Merian, $6 at Cerro Negro, $3 at Yanacocha, $3 at Tanami, $3 at Cadia, $2 at NGM, $16 at Corporate and Other, totaling $61 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Excludes restructuring and severance of $15, Newcrest transaction and integration costs of $(10), and impairment charges of $9; included in Other expense, net.
(7)Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
(8)Includes finance lease payments and other costs for sustaining projects of $19.
(9)Per ounce measures may not recalculate due to rounding.
(10)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.
(11)Refer to Note 3 to the Condensed Consolidated Financial Statements for information on the Company's divestitures.
(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.
(13)For the three months ended June 30, 2025, Red Chris sold 7 thousand tonnes of copper, Peñasquito sold 7 million ounces of silver, 23 thousand tonnes of lead and 56 thousand tonnes of zinc, Boddington sold 7 thousand tonnes of copper, and Cadia sold 23 thousand tonnes of copper.
(14)All-in sustaining costs at Peñasquito is comprised of $76, $26, and $94 for silver, lead, and zinc, respectively.

NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         18    


Three Months Ended
June 30, 2024
Costs Applicable to Sales (1)(2)(3)
Reclamation Costs (4)
Advanced Projects, Research and Development and Exploration (5)
General and Administrative
Other Expense, Net (6)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs (7)(8)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs Per oz. (9)
Gold
Ahafo$176 $5 $3 $— $1 $— $17 $202 180 $1,123 
Brucejack64 — 1 — — 2 21 88 46 $1,929 
Red Chris7 — 1 — — 1 5 14 9 $1,613 
Peñasquito53 2 — — — 4 8 67 64 $1,038 
Merian
96 2 3 — — — 33 134 61 $2,170 
Cerro Negro
70 1 1 — — — 12 84 27 $3,010 
Yanacocha77 7 4 — 1 — 5 94 78 $1,217 
Boddington139 3 1 — — 4 21 168 136 $1,237 
Tanami101 — 2 — — — 23 126 99 $1,276 
Cadia77 1 2 — 1 6 44 131 123 $1,064 
Lihir162 1 4 — 5 — 7 179 148 $1,212 
NGM
307 5 4 2 1 1 106 426 252 $1,689 
Corporate and Other (10)
— — 29 92 5 — 4 130 — $— 
Held for sale (11)
CC&V45 3 1 — — — 8 57 33 $1,700 
Musselwhite56 1 1 — (1)— 21 78 56 $1,397 
Porcupine94 2 — — — — 24 120 87 $1,366 
Éléonore89 1 1 — — — 29 120 63 $1,900 
Telfer (12)
83 3 2 — 4 2 7 101 33 $3,053 
Akyem81 3 — — — — 7 91 48 $1,952 
Total Gold1,777 40 60 94 17 20 402 2,410 1,543 $1,562 
Gold equivalent ounces - other metals (13)(14)
Red Chris33 — 1 — — 5 17 56 36 $1,560 
Peñasquito (15)
218 7 — — 2 24 29 280 241 $1,164 
Boddington49 1 — — — 4 6 60 47 $1,254 
Cadia67 1 2 — 1 22 33 126 123 $1,024 
Corporate and Other (10)
— — 3 6 — — — 9 — $— 
Held for sale (12)
Telfer
12 — — — — 3 1 16 6 $2,742 
Total Gold Equivalent Ounces379 9 6 6 3 58 86 547 453 $1,207 
Consolidated$2,156 $49 $66 $100 $20 $78 $488 $2,957 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $60.
(3)Includes stockpile, leach pad, and product inventory adjustments of $9 at Cerro Negro and $11 at NGM.
(4)Includes operating accretion of $34, included in Reclamation and remediation, and amortization of asset retirement costs of $15; 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 $54 and $6, respectively, included in Reclamation and remediation.
(5)Excludes development expenditures of $9 at Ahafo, $3 at Peñasquito, $2 at Merian, $2 at Cerro Negro, $5 at Tanami, $3 at NGM, $14 at Corporate and Other, $1 at CC&V, and $1 at Porcupine, totaling $40 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Excludes Newcrest transaction and integration costs of $16, impairment charges of $9, restructuring and severance of $9, settlements costs of $5; included in Other expense, net.
(7)Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
(8)Includes finance lease payments and other costs for sustaining projects of $15.
(9)Per ounce measures may not recalculate due to rounding.
(10)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.
(11)Sites were classified as held for sale as of June 30, 2024. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
(12)During the second quarter of 2024, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and the Company temporarily ceased placing new tailings on the facility. Production resumed during the third quarter of 2024. The Company completed the sale of Telfer in the fourth quarter of 2024.
(13)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 ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024.
(14)For the three months ended June 30, 2024, Red Chris sold 6 thousand tonnes of copper, Peñasquito sold 8 million ounces of silver, 20 thousand tonnes of lead and 52 thousand tonnes of zinc, Boddington sold 9 thousand tonnes of copper, Cadia sold 23 thousand tonnes of copper, and Telfer sold 1 thousand tonnes of copper.
(15)All-in sustaining costs as Peñasquito is comprised of $121, $31, and $128 for silver, lead, and zinc, respectively.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         19    




Six Months Ended
June 30, 2025
Costs Applicable to Sales (1)(2)(3)
Reclamation Costs (4)
Advanced Projects, Research and Development and Exploration (5)
General and Administrative
Other Expense, Net (6)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs (7)(8)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs Per oz. (9)
Gold
Ahafo$448 $8 $5 $— $2 $— $72 $535 399 $1,341 
Brucejack174 3 5 — — 1 41 224 95 $2,363 
Red Chris38 1 — — — — 8 47 29 $1,611 
Peñasquito206 8 — — — 13 27 254 251 $1,013 
Merian
194 4 4 — — — 27 229 115 $1,986 
Cerro Negro (10)
150 4 1 — 1 — 55 211 72 $2,936 
Yanacocha212 26 — — 24 — 5 267 232 $1,155 
Boddington336 11 1 — — 2 58 408 275 $1,482 
Tanami197 2 3 — — — 76 278 165 $1,680 
Cadia165 1 — — — 3 68 237 207 $1,144 
Lihir363 7 3 — — — 86 459 316 $1,450 
NGM
651 9 5 5 3 3 130 806 453 $1,780 
Corporate and Other (11)
— — 46 170 13 — 4 233 — $— 
Divested (12)
CC&V39 2 — — — — 5 46 27 $1,684 
Musselwhite33 1 — — — — 14 48 32 $1,531 
Porcupine79 3 1 — 1 — 25 109 60 $1,810 
Éléonore54 1 2 — — — 12 69 49 $1,403 
Akyem107 5 — — — — 8 120 45 $2,664 
Total Gold3,446 96 76 175 44 22 721 4,580 2,822 $1,623 
Gold equivalent ounces - other metals (13)(14)
Red Chris81 3 — — — — 17 101 63 $1,605 
Peñasquito (15)
351 12 — 1 — 35 49 448 402 $1,114 
Boddington76 1 — — — 1 12 90 65 $1,396 
Cadia153 1 1 — — 3 65 223 199 $1,123 
Corporate and Other (11)
— — 10 29 2 — — 41 — $— 
Total Gold Equivalent Ounces661 17 11 30 2 39 143 903 729 $1,239 
Consolidated$4,107 $113 $87 $205 $46 $61 $864 $5,483 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $138.
(3)Includes stockpile, leach pad, and product inventory adjustments of $3 at Cerro Negro and $25 at NGM.
(4)Includes operating accretion of $66, included in Reclamation and remediation, and amortization of asset retirement costs of $47; 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 $101 and $9, respectively, included in Reclamation and remediation.
(5)Excludes development expenditures of $20 at Ahafo, $5 at Red Chris, $8 at Peñasquito, $16 at Merian, $10 at Cerro Negro, $4 at Yanacocha, $2 at Boddington, $3 at Tanami, $3 at Cadia, $3 at NGM, $32 at Corporate and Other, totaling $106 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(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.
(7)Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
(8)Includes finance lease payments and other costs for sustaining projects of $39.
(9)Per ounce measures may not recalculate due to rounding.
(10)During the first quarter of 2025, mining and processing operations at the site were temporarily suspended due to safety events. Full operations resumed in April 2025.
(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.
(12)Refer to Note 3 to the Condensed Consolidated Financial Statements for information on the Company's divestitures.
(13)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.
(14)For the six months ended June 30, 2025, Red Chris sold 14 thousand tonnes of copper, Peñasquito sold 13 million ounces of silver, 44 thousand tonnes of lead and 129 thousand tonnes of zinc, Boddington sold 14 thousand tonnes of copper, and Cadia sold 44 thousand tonnes of copper.
(15)All-in sustaining costs at Peñasquito is comprised of $155, $51, and $242 for silver, lead, and zinc, respectively.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         20    


Six Months Ended
June 30, 2024
Costs
Applicable
to
Sales (1)(2)(3)
Reclamation
Costs (4)
Advanced
Projects,
Research and
Development
and
Exploration(5)
General
and
Administrative
Other Expense, Net(6)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs(7)(8)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs Per oz.(9)
Gold
Ahafo$335 $9 $3 $— $1 $1 $39 $388 364 $1,066 
Brucejack138 1 1 — — 3 33 176 80 $2,206 
Red Chris14 — 1 — — 2 6 23 16 $1,453 
Peñasquito91 3 — — — 7 13 114 108 $1,055 
Merian186 4 5 — — — 52 247 135 $1,820 
Cerro Negro133 3 2 — 1 — 27 166 101 $1,635 
Yanacocha165 14 6 — 1 — 10 196 168 $1,166 
Boddington283 8 1 — — 7 45 344 278 $1,240 
Tanami183 1 2 — — — 45 231 190 $1,215 
Cadia151 1 5 — 1 12 74 244 237 $1,028 
Lihir333 2 10 — 5 — 58 408 330 $1,236 
NGM621 9 6 4 2 3 201 846 519 $1,631 
Corporate and Other (10)
— — 59 182 6 — 8 255 — $— 
Held for sale (11)
CC&V85 6 2 — 1 — 13 107 62 $1,716 
Musselwhite113 2 3 — — — 46 164 105 $1,568 
Porcupine157 7 2 — — — 43 209 148 $1,408 
Éléonore169 3 5 — — — 50 227 119 $1,910 
Telfer (12)
153 5 5 — 4 3 10 180 59 $3,037 
Akyem157 14 — 1 — — 15 187 123 $1,523 
Total Gold3,467 92 118 187 22 38 788 4,712 3,142 $1,500 
Gold equivalent ounces - other metals (13)(14)
Red Chris64 — 3 — — 9 23 99 67 $1,486 
Peñasquito (15)
473 16 1 — 2 59 63 614 544 $1,130 
Boddington97 2 — — — 7 9 115 98 $1,165 
Cadia134 1 4 — 1 41 60 241 235 $1,025 
Corporate and Other (10)
— — 4 14 — — — 18 — $— 
Held for sale (11)
Telfer (12)
27 1 1 — — 5 2 36 11 $3,218 
Total Gold Equivalent Ounces795 20 13 14 3 121 157 1,123 955 $1,176 
Consolidated$4,262 $112 $131 $201 $25 $159 $945 $5,835 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $114.
(3)Includes stockpile, leach pad, and product inventory adjustments of $2 at Brucejack, $1 at Peñasquito, $9 at Cerro Negro, $17 at NGM, and $15 at Telfer.
(4)Include operating accretion of $67, included in Reclamation and remediation, and amortization of asset retirement costs of $45; 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 $108 and $17, respectively, included in Reclamation and remediation.
(5)Excludes development expenditures of $14 at Ahafo, $4 at Peñasquito, $4 at Merian, $6 at Cerro Negro, $1 at Boddington, $13 at Tanami, $6 at NGM, $27 at Corporate and Other, $1 at CC&V, $1 at Porcupine, and $4 at Akyem totaling $81 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Excludes Newcrest transaction-related costs of $45, settlement costs of $26, impairment charges of $21, and restructuring and severance of $15; included Other expense, net.
(7)Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment.
(8)Includes finance lease payments and other costs for sustaining projects of $30.
(9)Per ounce measures may not recalculate due to rounding.
(10)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.
(11)Sites were classified as held for sale as of June 30, 2024. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
(12)During the second quarter, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we temporarily ceased placing new tailings on the facility. Production resumed during the third quarter of 2024. The Company completed the sale of Telfer in the fourth quarter of 2024.
(13)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 ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024.
(14)For the six months ended June 30, 2024, Red Chris sold 12 thousand tonnes of copper, Peñasquito sold 18 million ounces of silver, 49 thousand tonnes of lead and 113 thousand tonnes of zinc, Boddington sold 18 thousand tonnes of copper, Cadia sold 43 thousand tonnes of copper, and Telfer sold 2 thousand tonnes of copper.
(15)All-in sustaining costs at Peñasquito is comprised of $266, $75, and $273 for silver, lead, and zinc, respectively.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         21    


A reconciliation of the 2025 Gold AISC outlook to the 2025 Gold CAS outlook is provided below. For more details, refer to the Company’s Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on Newmont.com. The estimates in the table below are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws.

2025 Guidance Total Core Portfolio - Gold (1)(2)
(in millions, except ounces and per ounce)Guidance Estimate
Cost Applicable to Sales (3)(4)
$6,100 
Reclamation Costs (5)
160 
Advanced Projects & Exploration (6)
200 
General and Administrative (7)
340 
Other Expense20 
Treatment and Refining Costs80 
Sustaining Capital (8)
1,440 
Sustaining Finance Lease Payments 60 
All-in Sustaining Costs$8,390 
Ounces (000) Sold (9)
5,175 
All-in Sustaining Costs per Ounce$1,620 
____________________________
(1)The reconciliation is provided for illustrative purposes in order to better describe management’s estimates of the components of the calculation. Estimates for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result, the total All-in sustaining costs and the All-in sustaining costs per ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for the 2025 AISC Gold Outlook on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts. 2025 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 20, 2025. Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. See cautionary statement at the end of this release.
(2)All values are presented on a consolidated basis for Newmont.
(3)Excludes Depreciation and amortization and Reclamation and remediation.
(4)Includes stockpile and leach pad inventory adjustments.
(5)Reclamation costs include operating accretion and amortization of asset retirement costs.
(6)Advanced Project and Exploration excludes non-sustaining advanced projects and exploration.
(7)Includes stock-based compensation.
(8)Excludes development capital expenditures, capitalized interest and change in accrued capital.
(9)Consolidated production for Merian is presented on a total production basis for the mine site and excludes production from Pueblo Viejo and Fruta del Norte.



NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         22    


Net debt to Adjusted EBITDA ratio
Management uses net debt to Adjusted EBITDA as non-GAAP measures to evaluate the Company’s operating performance, including our ability to generate earnings sufficient to service our debt. Net debt to Adjusted EBITDA represents the ratio of the Company’s debt, net of cash and cash equivalents, to Adjusted EBITDA. Net debt to Adjusted EBITDA does not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Net debt to Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of net debt to Adjusted EBITDA measure is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that net debt to Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of net debt to Adjusted EBITDA is evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted EBITDA as follows:
Three Months Ended
June 30, 2025March 31, 2025December 31, 2024September 30, 2024
Net income (loss) attributable to Newmont stockholders $2,061 $1,891 $1,403 $922 
Net income (loss) attributable to noncontrolling interests14 11 18 2 
Net loss (income) from discontinued operations— — — (49)
Equity loss (income) of affiliates(49)(78)(69)(60)
Income and mining tax expense (benefit)1,092 647 702 244 
Depreciation and amortization620 593 689 631 
Interest expense, net of capitalized interest
65 79 93 86 
EBITDA (1)
$3,803 $3,143 $2,836 $1,776 
Adjustments:
(Gain) loss on sale of assets held for sale$(699)$(276)$268 $115 
Change in fair value of investments(151)(291)(23)(17)
(Gain) loss on debt extinguishment18 10 (3)(15)
Restructuring and severance15 9 18 5 
Newcrest transaction and integration costs(10)4 10 17 
Impairment charges9 15 39 18 
(Gain) loss on asset and investment sales2 5 1 28 
Settlement costs— 3 11 7 
Reclamation and remediation charges — — (110)33 
Pension settlements— — 1 — 
Other10 7 — — 
Adjusted EBITDA (1)
$2,997 $2,629 $3,048 $1,967 
12 month trailing Adjusted EBITDA$10,641 
Total Debt$7,132 
Lease and other financing obligations475 
Less: Cash and cash equivalents(6,185)
Total Net debt
$1,422 
Net debt to Adjusted EBITDA0.1 
____________________________
(1)See EBITDA and Adjusted EBITDA reconciliation for more details on adjustments.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         23    


Net average realized price per ounce/ pound
Average realized price per ounce/ pound are non-GAAP financial measures. The measures are calculated by dividing the net consolidated gold, copper, silver, lead, and zinc sales by the consolidated gold ounces, copper pounds, silver ounces, lead pounds and zinc pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on a consolidated basis. Average realized price per ounce/ pound statistics are intended to provide additional information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure:
Three Months Ended
June 30,		Increase
(Decrease)		Percent
Change
20252024
Consolidated gold sales, net$4,582 $3,623 $959 26 %
Consolidated copper sales, net360 377 (17)(5)%
Consolidated silver sales, net191 209 (18)(9)%
Consolidated lead sales, net43 44 (1)(2)%
Consolidated zinc sales, net141 149 (8)(5)%
Total sales$5,317 $4,402 $915 21 %

Six Months Ended
June 30,		Increase
(Decrease)		Percent
Change
20252024
Consolidated gold sales, net$8,827 $6,964 $1,863 27 %
Consolidated copper sales, net714 674 40 6 %
Consolidated silver sales, net379 410 (31)(8)%
Consolidated lead sales, net85 104 (19)(18)%
Consolidated zinc sales, net322 273 49 18 %
Total sales$10,327 $8,425 $1,902 23 %


NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         24    


Three Months Ended June 30, 2025
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$4,556 $356 $171 $39 $148 
Provisional pricing mark-to-market34 4 5 5 (6)
Silver streaming amortization— — 20 — — 
Gross after provisional pricing and streaming impact4,590 360 196 44 142 
Treatment and refining charges(8)— (5)(1)(1)
Net$4,582 $360 $191 $43 $141 
Consolidated ounces/pounds sold (1)(2)
1,380 83 7 50 124 
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact$3,301 $4.31 $26.50 $0.79 $1.19 
Provisional pricing mark-to-market25 0.06 0.76 0.10 (0.05)
Silver streaming amortization— — 3.04 — — 
Gross after provisional pricing and streaming impact3,326 4.37 30.30 0.89 1.14 
Treatment and refining charges(6)— (0.80)(0.01)(0.01)
Net$3,320 $4.37 $29.50 $0.88 $1.13 
____________________________
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the three months ended June 30, 2025 the Company sold 37 thousand tonnes of copper, 23 thousand tonnes of lead, and 56 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.


Three Months Ended June 30, 2024
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$3,617 $386 $176 $41 $146 
Provisional pricing mark-to-market26 25 19 3 18 
Silver streaming amortization— — 23 — — 
Gross after provisional pricing and streaming impact3,643 411 218 44 164 
Treatment and refining charges(20)(34)(9)— (15)
Net$3,623 $377 $209 $44 $149 
Consolidated ounces/pounds sold (1)(2)
1,543 84 8 43 113 
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact$2,344 $4.57 $22.17 $0.97 $1.29 
Provisional pricing mark-to-market17 0.29 2.37 0.08 0.15 
Silver streaming amortization— — 2.79 — — 
Gross after provisional pricing and streaming impact2,361 4.86 27.33 1.05 1.44 
Treatment and refining charges(14)(0.39)(1.13)— (0.13)
Net$2,347 $4.47 $26.20 $1.05 $1.31 
____________________________
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the three months ended June 30, 2024 the Company sold 39 thousand tonnes of copper, 20 thousand tonnes of lead, and 52 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.

NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         25    


Six Months Ended June 30, 2025
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$8,723 $680 $328 $82 $355 
Provisional pricing mark-to-market126 38 24 5 (12)
Silver streaming amortization— — 39 — — 
Gross after provisional pricing and streaming impact8,849 718 391 87 343 
Treatment and refining charges(22)(4)(12)(2)(21)
Net$8,827 $714 $379 $85 $322 
Consolidated ounces/pounds sold (1)(2)
2,822 159 13 97 285 
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact$3,091 $4.29 $25.88 $0.85 $1.24 
Provisional pricing mark-to-market45 0.24 1.87 0.05 (0.04)
Silver streaming amortization— — 3.04 — — 
Gross after provisional pricing and streaming impact3,136 4.53 30.79 0.90 1.20 
Treatment and refining charges(8)(0.02)(0.99)(0.02)(0.07)
Net$3,128 $4.51 $29.80 $0.88 $1.13 
____________________________
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the six months ended June 30, 2025 the Company sold 72 thousand tonnes of copper, 44 thousand tonnes of lead, and 129 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
Six Months Ended June 30, 2024
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$6,946 $702 $358 $102 $295 
Provisional pricing mark-to-market56 34 23 3 15 
Silver streaming amortization— — 50 — — 
Gross after provisional pricing and streaming impact7,002 736 431 105 310 
Treatment and refining charges(38)(62)(21)(1)(37)
Net$6,964 $674 $410 $104 $273 
Consolidated ounces/pounds sold (1)(2)
3,142 164 18 108 248 
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact$2,210 $4.27 $20.14 $0.95 $1.19 
Provisional pricing mark-to-market18 0.21 1.28 0.03 0.06 
Silver streaming amortization— — 2.78 — — 
Gross after provisional pricing and streaming impact2,228 4.48 24.20 0.98 1.25 
Treatment and refining charges(12)(0.38)(1.20)(0.01)(0.15)
Net$2,216 $4.10 $23.00 $0.97 $1.10 
____________________________
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the six months ended June 30, 2024 the Company sold 75 thousand tonnes of copper, 49 thousand tonnes of lead, and 113 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         26    


Gold by-product metrics
Copper, silver, lead, zinc, and molybdenum are by-products often obtained during the process of extracting and processing the primary ore-body. In our GAAP Consolidated Financial Statements, the value of these by-products is recorded as a credit to our CAS and the value of the primary ore is recorded as Sales. In certain instances, copper, silver, lead, and zinc are co-products, or a significant resource in the primary ore-body, and the revenue is recorded as Sales in our GAAP Consolidated Financial Statements.
Gold by-product metrics are non-GAAP financial measures that serve as a basis for comparing the Company’s performance with certain competitors. As Newmont’s operations are primarily focused on gold production, “Gold by-product metrics” were developed to allow investors to view Sales, CAS per ounce and AISC per ounce calculations that classify all copper, silver, lead, zinc, and molybdenum production as a by-product, even when copper, silver, lead or zinc is a significant resource in the primary ore-body. These metrics are calculated by subtracting copper, silver, lead, and zinc sales recognized from Sales and including these amounts as offsets to CAS.
Gold by-product metrics are calculated on a consistent basis for the periods presented on a consolidated basis. These metrics are intended to provide supplemental information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks.
The following reconciles these non-GAAP measures to the most directly comparable GAAP measures:

Total Newmont Sales and Costs Applicable to SalesThree Months Ended
June 30,		Six Months Ended
June 30,
2025
2024 (1)
2025
2024 (1)
Consolidated gold sales, net (Managed Core)$3,749 $2,277 $6,790 $4,444 
Consolidated gold sales, net (Non-Managed Core)783 590 1,409 1,149 
Consolidated gold sales, net (Non-Core)50 763 628 1,385 
Consolidated other metal sales, net735 772 1,500 1,447 
Sales$5,317 $4,402 $10,327 $8,425 
Costs applicable to sales (Managed Core)$1,625 $1,389 $3,144 $2,780 
Costs applicable to sales (Non-Managed Core)
343 307 651 621 
Costs applicable to sales (Non-Core)
33 460 312 861 
Costs applicable to sales$2,001 $2,156 $4,107 $4,262 
Total Newmont Consolidated Gold By-product Unit Costs
Costs applicable to sales$2,001 $2,156 $4,107 $4,262 
Less: Consolidated other metal sales, net (2)
(735)(772)(1,500)(1,447)
By-product costs applicable to sales$1,266 $1,384 $2,607 $2,815 
Gold sold (thousand ounces)
1,380 1,543 2,822 3,142 
Total Gold CAS per ounce (by-product) (3)
$917 $897 $924 $896 
Total AISC$2,632 $2,957 $5,483 $5,835 
Less: Consolidated other metal sales, net (2)
(735)(772)(1,500)(1,447)
By-product AISC$1,897 $2,185 $3,983 $4,388 
Gold sold (thousand ounces)1,380 1,543 2,822 3,142 
Total Gold AISC per ounce (by-product) (3)
$1,375 $1,416 $1,411 $1,397 
Managed Core Gold By-product Unit Costs
Costs applicable to sales (Managed Core) (4)
$1,625 $1,389 $3,144 $2,780 
Less: Consolidated other metal sales, net (2)
(735)(772)(1,500)(1,447)
By-product costs applicable to sales$890 $617 $1,644 $1,333 
Gold sold (thousand ounces)1,128 971 2,156 2,007 
Total Gold CAS per ounce (by-product) (3)
$789 $635 $763 $664 
NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         27    


Total AISC$2,174 $1,948 $4,285 $3,879 
Less: Consolidated other metal sales, net (2)
(735)(772)(1,500)(1,447)
By-product AISC$1,439 $1,176 $2,785 $2,432 
Gold sold (thousand ounces)1,128 971 2,156 2,007 
Total Gold AISC per ounce (by-product) (3)
$1,276 $1,211 $1,292 $1,212 
Total Core Gold By-product Unit Costs
Costs applicable to sales (Managed and Non-Managed Core) (4)
$1,968 $1,696 $3,795 $3,401 
Less: Consolidated other metal sales, net (2)
(735)(772)(1,500)(1,447)
By-product costs applicable to sales$1,233 $924 $2,295 $1,954 
Gold sold (thousand ounces)1,365 1,223 2,609 2,526 
Total Gold CAS per ounce (by-product) (3)
$903 $756 $880 $774 
Total AISC$2,592 $2,374 $5,091 $4,725 
Less: Consolidated other metal sales, net (2)
(735)(772)(1,500)(1,447)
By-product AISC$1,857 $1,602 $3,591 $3,278 
Gold sold (thousand ounces)1,365 1,223 2,609 2,526 
Total Gold AISC per ounce (by-product) (3)
$1,360 $1,310 $1,376 $1,298 
____________________________
(1)Certain amounts for the prior period has been recast to reflect current year presentation.
(2)Included in Sales as presented on the Condensed Consolidated Statement of Operations; refer to the reconciliation provided in the table above.
(3)Per ounce measures may not recalculate due to rounding.
(4)Included in Costs applicable to sales as presented on the Condensed Consolidated Statement of Operations; refer to the reconciliation provided in the table above.

NEWMONT SECOND QUARTER 2025 RESULTS | NEWS RELEASE         28    


Conference Call Information
A conference call will be held on Thursday, July 24, 2025 at 5:30 p.m. Eastern Daylight Time (3:30 p.m. Mountain Daylight Time), which is 7:30 a.m. Australian Eastern Standard Time on Friday, July 25, 2025; it will also be available on the Company’s website.
Conference Call Details
Dial-In Number
833.470.1428
Intl Dial-In Number
404.975.48391
Dial-In Access Code
242977
Conference NameNewmont
Replay Number866.813.9403
Intl Replay Number929.458.6194
Replay Access Code836920

1For toll-free phone numbers, refer to the following link: https://www.netroadshow.com/events/global-numbers?confId=49005
Webcast Details
Title: Newmont Second Quarter 2025 Earnings Conference Call
URL: https://events.q4inc.com/attendee/174978189

The webcast materials will be available Thursday, July 24, after North American markets close, under the “Investor Relations” section of the Company’s website. Additionally, the conference call will be archived for a limited time on the Company’s website.
About Newmont
Newmont is the world’s leading gold Company and producer of copper, zinc, lead, and silver. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925.

At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont’s sustainability strategy and initiatives, go to www.newmont.com.
Investor Contact - Global
Neil Backhouseinvestor.relations@newmont.com
Investor Contact - Asia Pacific
Natalie Worley
apac.investor.relations@newmont.com
Media Contact - Global
Shannon Brushe
globalcommunications@newmont.com
Media Contact - Asia Pacific
Rosalie Cobai
australiacommunications@newmont.com

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Cautionary Statement Regarding Forward Looking Statements, Including Outlook Assumptions, and Notes:
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as “anticipate,” “intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,” "pending" or “potential.” Forward-looking statements in this news release may include, without limitation, (i) estimates of future production and sales, including production outlook, average future production; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures, including development and sustaining capital; (iv) expectations regarding the development of key projects, including with respect to production and capital cost estimates; (v) expectations regarding share and debt repurchases; (vi) estimates of future cost reductions, savings and efficiencies, productivity improvements, and future cash flow enhancements, (vii) expectations regarding Newmont’s Core Portfolio; (viii) expectations regarding future investments or divestitures; (ix) expectations regarding free cash flow and returns to stockholders, including with respect to future dividends and future share repurchases; (x) estimates of expected reclamation and remediation costs, water treatment costs and other expenses, and (xi) expectations regarding receipt of deferred or contingent consideration in connection with recent asset sales. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to U.S. dollar and Canadian dollar to U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Such uncertainties could result in operating sites being placed into care and maintenance and impact estimates, costs and timing of projects. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities.

Future dividends beyond the dividend payable on September 29, 2025 to holders of record at the close of business on September 4, 2025 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. Management’s expectations with respect to future dividends are “forward-looking statements” and are non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board.

Investors are also cautioned that the extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. Under the share repurchase program authorization, Newmont may purchase its common stock on a on a discretionary basis from time to time on the open market, including through the use of trading plans that satisfy the conditions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with the requirements of the Securities and Exchange Commission, or by accelerated share repurchases or privately negotiated transactions. The timing and amount of common stock repurchases made under the authorization will be determined by management based on its evaluation of market conditions and other factors as mentioned above. The share repurchase program authorization has no expiration date and does not obligate the Company to acquire any particular amount of shares and may be suspended or discontinued at any time.

For a more detailed discussion of such risks and other factors that might impact future looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 21, 2025, under the heading “Risk Factors", and other factors identified in the Company's reports filed with the SEC, available on the SEC website or at www.newmont.com. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk. Investors are also encouraged to review our Form 10-Q for the quarter ended June 30, 2025, expected to be filed on July 24, 2025.
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