Newmont NEM Form 10-Q filing Q2 FY2025

GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS

Unit Unit of Measure

$United States Dollar

% Percent

A$ Australian Dollar

C$ Canadian Dollar

gram Metric Gram

ounce Troy Ounce

pound United States Pound

tonne Metric Ton

• Abbreviation Description
• AISC (1) All-In Sustaining Costs
• ARC Asset Retirement Cost
• ASC FASB Accounting Standard Codification
• ASU FASB Accounting Standard Update
• AUD Australian Dollar
• CAD Canadian Dollar
• CAS Costs Applicable to Sales
• DTA Deferred Tax Asset
• DTL Deferred Tax Liability
• EBITDA (1) Earnings Before Interest, Taxes, Depreciation and Amortization
• EPA U.S. Environmental Protection Agency
• ESG Environmental, Social and Governance
• Exchange Act U.S. Securities Exchange Act of 1934
• FASB Financial Accounting Standards Board
• GAAP U.S. Generally Accepted Accounting Principles
• GEO (2) Gold Equivalent Ounces
• IASB International Accounting Standards Board
• IFRS International Financial Reporting Standards
• LBMA London Bullion Market Association
• LME London Metal Exchange
• MD&A Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations
• MINAM Ministry of the Environment of Peru
• Mine Act U.S. Federal Mine Safety and Health Act of 1977
• MINEM Ministry of Energy and Mines of Peru
• MSHA Federal Mine Safety and Health Administration
• MXN Mexican Peso
• NPDES National Pollutant Discharge Elimination System
• SEC U.S. Securities and Exchange Commission
• Securities Act U.S. Securities Act of 1933
• U.S. The United States of America
• USD United States Dollar
• WTP Water Treatment Plant

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(1) Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.

(2) Refer to Results of Consolidated Operations within Part I, Item 2, MD&A.

NEWMONT CORPORATION

SECOND QUARTER 2025 RESULTS AND HIGHLIGHTS

(unaudited, dollars in millions, except per share, per ounce, per pound, and per tonne)

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(1) Excludes Depreciation and amortization and Reclamation and remediation.

(2) Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.

NEWMONT CORPORATION

SECOND QUARTER 2025 RESULTS AND HIGHLIGHTS

(unaudited, dollars in millions, except per share, per ounce, per pound, and per tonne)

NEWMONT CORPORATION

SECOND QUARTER 2025 RESULTS AND HIGHLIGHTS

(unaudited, dollars in millions, except per share, per ounce, per pound, and per tonne)

(1) The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 32% interest, and is accounted for as an equity method investment on a quarter lag.

(2) Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine and the Fruta del Norte mine.

(3) Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price. In 2025, the Company updated the metal prices utilized for this calculation to align with reserve metal price assumptions. Utilizing the updated 2025 pricing resulted in fewer calculated gold equivalent ounces-other metals than would have using the 2024 pricing for ounces produced of 88 thousand and 166 thousand for the three and six months ended June 30, 2025, respectively, and ounces sold of 81 thousand and 163 thousand for the three and six months ended June 30, 2025, respectively. Refer to Results of Consolidated Operations within Part I, Item 2, MD&A for further information.

(4) Excludes Depreciation and amortization and Reclamation and remediation.

(5) Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.

Second Quarter 2025 Highlights (dollars in millions, except per share, per ounce, per pound, and per tonne amounts, unless otherwise noted)

• Net income: Reported Net income (loss) from continuing operations attributable to Newmont stockholders of $2,061 or $1.85 per diluted share, an increase of $1,223 from the prior-year quarter primarily due to (i) a net increase in Sales largely due to higher average realized gold prices, (ii) a net gain on completed divestments, compared to prior year losses from asset held for sale write-downs, recognized in (Gain) loss on sale of assets held for sale; and (iii) a net increase in Change in fair value of investments and options, including unrealized gains on marketable equity securities and the realized gain on the sale of Greatland shares. This increase was partially offset by the increase in income tax expense recognized within Income and mining tax benefit (expense).
• Adjusted net income: Reported Adjusted net income of $1,594 or $1.43 per diluted share, an increase of $0.71 per diluted share from the prior-year quarter (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
• Adjusted EBITDA: Reported $2,997 in Adjusted EBITDA, an increase of 52% from the prior-year quarter (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
• Cash flow: Reported Net cash provided by (used in) operating activities of $4,415 for the six months ended June 30, 2025, an increase of 103% from the prior year, and Free cash flow of $2,915 for the six months ended June 30, 2025 (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
• Portfolio updates: Completed the sales of the Akyem and Porcupine reportable segments for total consideration of $1,513. Completed the sales of a portion of the Company's interest in Greatland Resources Limited and Discovery Silver Corp. for cash consideration of $274 and $89, respectively. In July, completed the sale of the remaining interest in Discovery Silver Corp. for approximately $140.
• ESG: Published the Annual Sustainability Report, providing a transparent view of ESG performance, and the Taxes and Royalties Contribution Report, providing an overview of the Company's tax strategy and economic contributions as part of its commitment to shared value creation.
• Attributable production: Produced 1.5 million attributable ounces of gold and 392 thousand attributable gold equivalent ounces from co-products (36 thousand tonnes of copper, 8 million ounces of silver, 27 thousand tonnes of lead, and 67 thousand tonnes of zinc).
• Financial strength: Ended the quarter with $6.2 billion of consolidated cash, $10.2 billion of total liquidity, and Net debt of $1.4 billion (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A); redeemed $1,383 of senior notes and settled $1,359 of share repurchases from the $3 billion share repurchase program for the six months ended June 30, 2025. In July, declared a dividend of $0.25 per share, settled an additional $145 of share repurchases, and the Board of Directors authorized an additional $3 billion stock repurchase program.

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

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(1) Excludes Depreciation and amortization and Reclamation and remediation.

(2) Relates to the Suriname Gold project C.V. (“Merian”) reportable segment.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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(1) Includes $1,113 and $304 of cash payments for income and mining taxes, net of refunds, for the six months ended June 30, 2025 and 2024, respectively.

(2) During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, at June 30, 2024 the related assets, including $205 of Cash and cash equivalents and $53 of restricted cash, included in Other current assets and Other non-current assets, were 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 for additional information.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

(1) Cash dividends paid per common share were $0.25 and $0.50 for the three and six months ended June 30, 2025, respectively.

(2) As of June 30, 2025, the Company has accrued for excise tax on share repurchases of $13, included in Other non-current liabilities.

(3) In July 2025, an additional $145 of common stock was repurchased and retired.

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(1) Cash dividends paid per common share were $0.25 and $0.50 for the three and six months ended June 30, 2024, respectively.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

NOTE 1 BASIS OF PRESENTATION

The interim Condensed Consolidated Financial Statements (“interim statements”) of Newmont Corporation, a Delaware corporation and its subsidiaries (collectively, “Newmont,” “we,” “us,” or the “Company”) are unaudited. In the opinion of management, all normal recurring adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with Newmont’s Consolidated Financial Statements for the year ended December 31, 2024, as filed with the SEC on February 21, 2025 on Form 10-K. The year-end balance sheet data was derived from the audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by GAAP have been condensed or omitted.

Divestiture of Non-Core Assets

Based on a comprehensive review of the Company’s portfolio of assets following the Newcrest acquisition, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested included Akyem, CC&V, Éléonore, Porcupine, Musselwhite, Telfer, and the Coffee development project in Canada. The Company presented these assets as held for sale in the first quarter of 2024 and recorded the assets at the lower of their carrying value or fair value, less costs to sell.

The Company completed the sale of the assets of the Telfer reportable segment in the fourth quarter of 2024, the sale of the CC&V, Musselwhite, and Éléonore reportable segments in the first quarter of 2025, and the sale of the Akyem and Porcupine reportable segments in the second quarter of 2025. At June 30, 2025, the Coffee development project remained designated as held for sale. The Company believes it is probable that a sale will be completed in the near term, and all other criteria have been met to continue classifying Coffee as held for sale.

Refer to Note 3 for further information on divestitures.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Risks and Uncertainties

As a global mining company, the Company’s revenue, profitability and future rate of growth are substantially dependent on prevailing metal prices, primarily for gold, but also for copper, silver, lead, and zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; certain Derivative assets; Deferred income tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets.

The Company's global operations expose it to risks associated with public health crises, geopolitical and macroeconomic pressures, including but not limited to inflationary conditions, as well as the effects of certain countermeasures taken by central banks, supply chain disruptions resulting from global conflicts and other global events, an uncertain and evolving labor market and trade environment including tariff and regulatory changes.

Factors that could have further potential short- and, possibly, long-term material adverse impacts on the Company include, but are not limited to, volatility in commodity prices and the prices for gold and other metals, changes in the equity and debt markets or country-specific factors adversely impacting discount rates, significant cost inflation impacts on production, capital and asset retirement costs, logistical challenges, workforce interruptions and financial market disruptions, energy market disruptions, as well as potential impacts to estimated costs and timing of projects.

Refer to Note 18 below for further information on risks and uncertainties that could have a potential impact on the Company as well as Note 2 to the Consolidated Financial Statements included in Part II, Item 8, of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 21, 2025.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the accounting for and recognition and disclosure of assets, liabilities, equity, revenues, and expenses. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

Indemnification Liabilities

The Company has provided certain indemnifications in connection with divestitures. The indemnifications contingently require the Company, as guarantor, to make payments to the guaranteed party and are initially measured at the greater of fair value or the contingent liability amount to be recognized in accordance with ASC 450 and are included in Other non-current liabilities. For indemnifications provided in sales agreements, a portion of the sale proceeds is allocated to the guarantee, which adjusts the gain or loss that would otherwise result from the transaction. The subsequent accounting for the liability depends on the nature of the underlying guarantee. Indemnification liabilities are reduced as the Company is released from risk under the guarantee. The recognition and measurement provisions of ASC 450 continue to apply to the contingent loss portion of the guarantee unless the guarantee is accounted for as a derivative.

Reclassifications

Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation.

Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules

Improvement to Income Tax Disclosures

In December 2023, ASU 2023-09 was issued which requires disaggregated information about the effective tax rate reconciliation and additional information on taxes paid that meet a qualitative threshold. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this standard as of January 1, 2025 and will reflect the new disclosure requirements in its annual report.

Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules

Disaggregation of Income Statement Expenses

In November 2024, ASU 2024-03 was issued, requiring additional disclosures in the notes to the financial statements on the nature of certain expense captions presented on the face of the Consolidated Statement of Operations. The new guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impacts of the guidance on its consolidated financial statements.

NOTE 3 DIVESTITURES

The Company completed the sale of the assets of the Telfer reportable segment in the fourth quarter of 2024, the sale of the CC&V, Musselwhite, and Éléonore reportable segments in the first quarter of 2025, and the sale of the Akyem and Porcupine reportable segments in the second quarter 2025 as part of its portfolio optimization program. The Coffee development project remains designated as held for sale at June 30, 2025. Refer to Note 1 for further information.

Gains or losses recognized on the completion of the sales are recognized in (Gain) loss on sale of assets held for sale. All sales agreements include transitional services support to be provided by the Company up to a one-year period following close. Gains recognized on the completed sales during the six months ended June 30, 2025 are summarized in the table below; value of consideration received and indemnifications provided represent the value at the time of close.

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(1) Sale of the CC&V reportable segment to SSR Mining Inc. ("SSR") closed on February 28, 2025. The deferred consideration consists of $175 payable in two installments of $87.5 upon certain regulatory approvals. The deferred payments meet the definition of a derivative asset and are included as contingent consideration in Derivative assets. The indemnification consists of a guarantee in which the Company will indemnify SSR for 90% of certain closure costs over $500 related to the Company’s historical mining activities with no limitation to the maximum potential future payments. The Company has an opportunity to fully settle the indemnification at certain milestones through a one-time lump sum payment. The indemnification is included in Other non-current liabilities.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

(2) Sale of the Musselwhite reportable segment to Orla Mining Ltd closed on February 28, 2025. The deferred consideration consists of $40 payable in two installments of $20 on the first and second year anniversary of the close date, dependent on the average spot gold price over the respective period. The deferred payments meet the definition of a derivative asset and are included as contingent consideration in Other current assets and Derivative assets, respectively.

(3) Sale of the Porcupine reportable segment to Discovery Silver Corp. ("Discovery") closed on April 15, 2025. The deferred consideration consists of $150 to be paid in four equal annual installments beginning December 31, 2027. The deferred consideration is classified as a note receivable and is included in Other non-current assets. Equity consideration consists of $233 of Discovery shares, which are accounted for as marketable equity securities and are included in current Investments.

(4) Sale of the Éléonore reportable segment to Dhilmar Ltd closed on February 28, 2025.

(5) Sale of the Akyem reportable segment to Zijin Mining Group Co., Ltd ("Zijin") closed on April 15, 2025. The deferred consideration consists of $100 payable at the earlier of lease ratification or the fifth year anniversary of the close date. The deferred consideration meets the definition of a derivative asset and is included as contingent consideration in Derivative assets. The indemnification consists of a guarantee in which the Company will indemnify Zijin for losses from non-ratification of the lease by the Ghanaian Parliament, government actions stopping operations, or required renegotiations to secure ratification, with a cap of $200 and a 5-year claim period. The indemnification is included in Other non-current liabilities.

(6) Certain working capital adjustments are to be finalized over a defined period from the close of sale. Any resulting revisions will be settled in cash, with an offsetting impact recognized in (Gain) loss on sale of assets held for sale. Adjustments are not expected to be material.

(7) Recognized in (Gain) loss on sale of assets held for sale.

(8) A total net loss of $15 was recognized on the CC&V divestment since designation as held for sale in the first quarter of 2024, including a gain of $2 which was recognized for the six months ended June 30, 2025. For Porcupine, a total net loss of $358 was recognized since designation as held for sale in the first quarter of 2024, including a $76 loss reversal and $28 gain recognized in the first and second quarter of 2025, respectively, resulting in a total gain of $104 recognized for the six months ended June 30, 2025. The total net losses on CC&V and Porcupine include prior period write-downs; no prior period write-downs were incurred on Musselwhite, Éléonore, or Akyem.

At June 30, 2025, assets held for sale consisted of the Coffee development project. At December 31, 2024, assets held for sale consisted of CC&V, Musselwhite, Porcupine, Éléonore, Akyem, and the Coffee development project.

The estimated fair values of assets held for sale are considered a non-recurring level 2 or 3 fair value measurements and were determined using (i) the market approach for disposal groups in which a binding sales agreement was in place but close had not yet occurred, or (ii) the income approach in the absence of a binding sales agreement. For fair values estimated using the income approach, the significant inputs at June 30, 2025 and December 31, 2024 included (i) cash flow information available to the Company, (ii) a long-term gold price of $2,100 and $1,900, respectively, (iii) current estimates of resources and exploration potential, and (iv) a reporting unit specific discount rate of 13.00% and 9.75%, respectively. Additional losses may be incurred as fair value estimates change.

For the three and six months ended June 30, 2025 and 2024, (Gain) loss on sale of assets held for sale consisted of the following:

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(1) In 2024, a tax impact on write-downs of assets held for sale resulted in the establishment of a deferred tax asset, which increased the respective carrying values of the related disposal groups and resulted in an additional loss. In 2025, a tax impact on the reversal of prior write-downs of assets held for sale resulted in the reduction to the deferred tax asset, which decreased the respective carrying values of the related disposal group and resulted in an additional gain.

(2) Primarily consists of the impact of finalization of certain working capital adjustments on completed sales and certain costs incurred under the transitional services support agreements.

The following table presents the carrying value of the major classes of assets and liabilities held for sale for the Coffee development project as of June 30, 2025. The carrying value is presented prior to the recognition of the cumulative write-down of $220, excluding tax impacts, resulting in an aggregate net book value of assets held for sale of $97.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

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(1) The Coffee Project is included in Corporate and Other in Note 4.

The following table presents the carrying value of the major classes of assets and liabilities held for sale by disposal group as of December 31, 2024. The carrying values are presented prior to recognition of the write-down of $699, excluding tax impacts, resulting in an aggregate net book value of the assets held for sale of $2,432.

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(1) Divested as of June 30, 2025.

(2) The Coffee Project is included in Corporate and Other in Note 4.

NOTE 4 SEGMENT INFORMATION

The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and allocation of resources by Newmont’s Chief Operating Decision Maker ("CODM"). At June 30, 2025, the reportable segments of the Company comprise each of its 11 managed mining operations, which includes its 70% proportionate interest in Red Chris, and its 38.5% proportionate interest in Nevada Gold Mines ("NGM"), which it does not directly manage. Newmont consolidates Suriname Gold project C.V. (“Merian”) through its wholly-owned subsidiary, Newmont Suriname LLC., as the primary beneficiary of Merian, which is a variable interest entity. The reportable segments at June 30, 2025 excludes those that have been divested. Refer to Note 3 for further information.

In the following tables, Income (loss) before income and mining tax and other items from reportable segments does not reflect general corporate expenses, interest (except project-specific interest) or income and mining taxes. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. The Company's business activities and operating segments that are not considered reportable, including all equity method investments, are reported in the non-operating segment Corporate and Other, which has been provided for reconciliation purposes.

The CODM uses Income (loss) before income and mining tax and other items to evaluate income generated from segment assets in deciding whether to reinvest profits into the mine operation or reallocate for other capital priorities under the Company's capital allocation strategy. Additionally, the CODM primarily uses this metric to assess performance of the segment, plan and forecast future business operations, and benchmark to competitors.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

The financial information relating to the Company’s segments is as follows:

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(1) Other Segment Expenses (Income) for all reportable segments includes Other expense, net and Other income (loss), net. Refer to Notes 7 and 8 respectively, for further information. Additionally, Other Segment Expenses (Income) includes General and administrative, Change in fair value of investments and options, and Interest expense, net of capitalized interest, which are primarily incurred at the non-operating segment Corporate and Other.

(2) Other Segment Expenses (Income) includes (Gain) loss on sale of assets held for sale which primarily consists of gains on the completed sales of Porcupine and Akyem. Refer to Note 3 for further information on the Company's divestitures.

(3) Includes an increase in non-cash adjustments of $41, primarily comprised of the change in accrued capital expenditures. Consolidated capital expenditures on a cash basis were $674.

(4) The Coffee development project disposal group is included in Corporate and Other. Additionally, Corporate and Other contained legacy reclamation related to Porcupine which was divested in the second quarter of 2025. Refer to Note 3 for further information on the Company's divestitures.

(5) Refer to Note 3 for information on the Company's divestitures.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

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(1) Segment presentation for the prior period has been recast due to the adoption of ASU 2023-07.

(2) Other Segment Expenses (Income) for all reportable segments includes (Gain) loss on sale of assets held for sale, Other expense, net, and Other income (loss), net. Refer to Notes 3, 7, and 8, respectively, for further information. Additionally, Other Segment Expenses (Income) includes General and administrative, Change in fair value of investments and options, and Interest expense, net of capitalized interest, which are primarily incurred at the non-operating segment Corporate and Other.

(3) Includes an increase in non-cash adjustments of $19, primarily comprised of the change in accrued capital expenditures. Consolidated capital expenditures on a cash basis were $800.

(4) Refer to Note 3 for information on the Company's divestitures.

(5) 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 at the end of the third quarter of 2024. The Company completed the sale of Telfer in the fourth quarter of 2024.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

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(1) Other Segment Expenses (Income) for all reportable segments includes Other expense, net and Other income (loss), net. Refer to Notes 7 and 8 respectively, for further information. Additionally, Other Segment Expenses (Income) includes General and administrative, Change in fair value of investments and options, and Interest expense, net of capitalized interest, which are primarily incurred at the non-operating segment Corporate and Other.

(2) Other Segment Expenses (Income) includes (Gain) loss on sale of assets held for sale which primarily consists of gains on the completed sales of CC&V, Musselwhite, Porcupine, Éléonore, and Akyem. Refer to Note 3 for further information.

(3) Includes a decrease in non-cash adjustments of $3, primarily comprised of the change in accrued capital expenditures. Consolidated capital expenditures on a cash basis were $1,500.

(4) The Coffee development project disposal group is included in Corporate and Other. Additionally, Corporate and Other contained legacy reclamation related to Porcupine which was divested in the second quarter of 2025. Refer to Note 3 for information on the Company's divestitures.

(5) Refer to Note 3 for information on the Company's divestitures.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

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(1) Segment presentation for the prior period has been recast due to the adoption of ASU 2023-07.

(2) Other Segment Expenses (Income) for all reportable segments includes (Gain) loss on sale of assets held for sale, Other expense, net, and Other income (loss), net. Refer to Notes 3, 7, and 8, respectively, for further information. Additionally, Other Segment Expenses (Income) includes General and administrative, Change in fair value of investments and options, and Interest expense, net of capitalized interest, which are primarily incurred at the non-operating segment Corporate and Other.

(3) Includes a decrease in non-cash adjustments of $58, primarily comprised of the change in accrued capital expenditures. Consolidated capital expenditures on a cash basis were $1,650.

(4) Refer to Note 3 for information on the Company's divestitures. The Coffee development project disposal group is included in Corporate and Other.

(5) 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 at the end of the third quarter of 2024. The Company completed the sale of Telfer in the fourth quarter of 2024.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

NOTE 5 SALES

The following tables present the Company’s Sales by mining operation, product, and inventory type:

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(1) Silver sales from concentrate includes $20 and $23 related to non-cash amortization of the silver streaming agreement liability for the three months ended June 30, 2025 and 2024, respectively.

(2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $743 and $559 for the three months ended June 30, 2025 and 2024, respectively.

(3) The Company completed the sale of Telfer in the fourth quarter of 2024, CC&V, Musselwhite, and Éléonore in the first quarter of 2025, and Akyem and Porcupine in the second quarter of 2025. Refer to Note 3 for information on the Company's divestitures.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

____________________________

(1) Silver sales from concentrate includes $39 and $50 related to non-cash amortization of the silver streaming agreement liability for the six months ended June 30, 2025 and 2024, respectively.

(2) The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $1,332 and $1,088 for the six months ended June 30, 2025 and 2024, respectively.

(3) The Company completed the sale of Telfer in the fourth quarter of 2024, CC&V, Musselwhite, and Éléonore in the first quarter of 2025, and Akyem and Porcupine in the second quarter of 2025. Refer to Note 3 for information on the Company's divestitures.

Trade Receivables and Provisional Sales

At June 30, 2025 and December 31, 2024, Trade receivables consisted primarily of sales from provisionally priced concentrate and other production. The impact to Sales from changes in pricing on provisional sales is an increase of $42 and $91 for the three months ended June 30, 2025 and 2024, respectively, and $181 and $131 for the six months ended June 30, 2025 and 2024, respectively.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

At June 30, 2025, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months:

(1) Includes provisionally priced by-product sales subject to final pricing, which are recognized as a reduction to Costs applicable to sales.

NOTE 6 RECLAMATION AND REMEDIATION

The Company’s mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation and remediation costs are based principally on current legal and regulatory requirements.

The Company’s Reclamation and remediation expense consisted of:

The following are reconciliations of Reclamation and remediation liabilities:

(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 assets and liabilities, including reclamation and remediation liabilities, were reclassified to Assets held for sale and Liabilities held for sale, respectively. The Company completed the sale of CC&V, Musselwhite, and Éléonore in the first quarter of 2025, and Akyem and Porcupine in the second quarter of 2025. Refer to Note 3 for information on the Company's divestitures.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

____________________________

(1) The current portion of reclamation and remediation liabilities are included in Other current liabilities.

(2) The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities.

(3) Total reclamation liabilities include $4,414 and $4,546 related to Yanacocha at June 30, 2025 and December 31, 2024, respectively.

The Company is also involved in several matters concerning environmental remediation obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are recorded in Other current liabilities and Reclamation and remediation liabilities in the period estimates are revised.

Included in Assets held for sale at June 30, 2025 and December 31, 2024 are $— and $93, respectively, of restricted cash held for purposes of settling reclamation and remediation obligations. The amounts at December 31, 2024 relate to Akyem.

Included in Other non-current assets at June 30, 2025 and December 31, 2024 are $30 and $29, respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. The amounts at June 30, 2025 and December 31, 2024 primarily relate to Ahafo and San Jose Reservoir at Yanacocha.

Included in Other non-current assets at June 30, 2025 and December 31, 2024 are $14 and $15, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations. The amounts at June 30, 2025 and December 31, 2024 primarily relate to San Jose Reservoir at Yanacocha.

Refer to Note 18 for further discussion of reclamation and remediation matters.

NOTE 7 OTHER EXPENSE, NET

____________________________

(1) In 2025, includes a gain recognized on the reduction of the stamp duty tax liability incurred as a result of the Newcrest transaction.

(2) Includes an accrual of $15 related to a discharge event that occurred at Yanacocha in June 2025 that impacted water canals supporting the surrounding community; the event was contained as of June 30, 2025.

NOTE 8 OTHER INCOME (LOSS), NET

____________________________

(1) Refer to Note 15 for additional information.

(2) Primarily consists of the gain recognized of $49 for the three and six months ended June 30, 2024 related to the sale of the Stream Credit Facility Agreement ("SCFA") in the second quarter of 2024. The SCFA was a non-revolving credit facility for the Fruta del Norte mine operated by Lundin Gold Inc. (“Lundin Gold”), in which the Company holds a 32% interest, and was a derivative measured at fair value and not designated for hedge accounting under ASC 815.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

NOTE 9 INCOME AND MINING TAXES

A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate follows:

____________________________

(1) Tax rates may not recalculate due to rounding.

(2) Refer to Note 3 for information on the Company's divestitures.

NOTE 10 FAIR VALUE ACCOUNTING

The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) or nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 13 to the Consolidated Financial Statements included in Part II, Item 8, of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 21, 2025, for further information on the Company's assets and liabilities included in the fair value hierarchy presented below.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

(1) Cash and cash equivalents includes short-term deposits that have an original maturity of three months or less.

(2) Assets held for sale at June 30, 2025 and December 31, 2024 includes assets held for sale that were adjusted to their fair value, excluding costs to sell, of $107 and $1,840, respectively. The aggregate fair value, excluding costs to sell, of net assets held for sale subject to fair value remeasurement at June 30, 2025 and December 31, 2024 was $102 and $679, respectively.

(3) The Company's equity investment in Greatland Gold plc ("Greatland"), acquired through the sale of Telfer in the fourth quarter of 2024, is included in marketable and other equity securities at June 30, 2025 and in equity method investments under the fair value option at December 31, 2024. Refer to Note 12 for further information.

(4) In 2025, consists of the note receivable recognized related to the sale of Porcupine recognized at fair value at completion of the sale on April 15, 2025; refer to Note 3 for further information. In 2024, consists of the contingent consideration acquired through the sale of Telfer that does not meet the definition of a derivative and is considered to be a financial asset for which the Company recorded at fair value at completion of the sale on December 4, 2024.

(5) Debt is carried at amortized cost. The outstanding carrying value was $7,132 and $8,476 at June 30, 2025 and December 31, 2024, respectively. Refer to Note 15 for further information. The fair value measurement of debt was based on an independent third-party pricing source.

(6) Consists of the indemnifications recognized related to the sale of CC&V and Akyem, recognized at fair value at completion of the sale on February 28, 2025 and April 15, 2025, respectively. Refer to Note 3 for further information.

(7) Consists of an option acquired through the sale of Telfer in the fourth quarter of 2024, for which the Company elected the fair value option. Refer to Note 12 for further information.

The Company's indemnification liabilities consist of indemnifications provided by the Company in connection with certain divestitures and are classified as non-recurring within Level 3 of the fair value hierarchy. The indemnification liabilities are initially accounted for at fair value using a scenario-based method, which is a multi-step process under the income approach that estimates value based on the probability-weighted present value of various future outcomes. Various inputs utilized in the valuations included expected future closure costs, estimated probabilities and impacts of specific events, and discount rates.

The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at June 30, 2025 and December 31, 2024:

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

____________________________

(1) Refer to Note 3 for information on the assumptions and inputs specific to the non-recurring fair value measurement performed relating to assets held for sale.

(2) At June 30, 2025, the current and non-current portion of the Cadia Power Purchase Agreement ("Cadia PPA") of $5 and $137, respectively, are in an asset position. At December 31, 2024, the current portion of the Cadia PPA of $1 is in a liability position and the non-current portion of $95 is in an asset position. Amounts in an asset position are included in Derivative assets within the fair value hierarchy table and amounts in a liability position are included in Derivative liabilities within the fair value hierarchy table.

(3) Other significant inputs on the valuation of the indemnification liabilities include expected future closure costs of the divested CC&V mine and estimated probabilities and impact of a potential non-ratification of the lease of the divested Akyem mine.

The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:

(1) The Company acquired contingent consideration assets and recognized indemnification liabilities as part of the divestitures that occurred in 2025. Refer to Note 3 for further information.

(2) In the second quarter of 2024, the Company sold the SCFA. Refer to Note 8 for further information.

(3) In the first quarter of 2024, certain amounts relating to the Batu Hijau contingent consideration asset were reclassified from a derivative to a receivable as a result of achieving certain contractual milestones.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

NOTE 11 DERIVATIVE INSTRUMENTS

(1) Included in Other current assets.

(2) At June 30, 2025, includes contingent consideration assets acquired through the sales of certain reportable segments. Refer to Note 3 for further information.

(3) Included in Derivative assets.

(4) Included in Other current liabilities.

(5) Included in Other non-current liabilities.

Hedging Instruments

Hedging instruments consist of foreign currency cash flow hedges and the Cadia PPA.

Foreign Currency Cash Flow Hedges

The Company has implemented various hedge programs in which fixed forward contracts have been entered into to mitigate variability in the USD-functional cash flows associated with specific expenditures. These fixed forward contracts have been designated as foreign currency cash flow hedges for the related forecasted expenditures and were transacted for risk management purposes. Refer to the table below for a summary of these programs at June 30, 2025:

AUD-denominated capital expenditures AUD-denominated operating expenditures CAD-denominated operating expenditures AUD-denominated capital expenditures

Status: Active Active Active Matured (1)

Amount entered into: (2) A$1,488 A$3,294 C$905 A$574

Cash flow type: Capital expenditures for construction and development Operating expenditures Operating expenditures Capital expenditures for construction and development

Incurred in the periods of: October 2024 through December 2026 October 2024 through December 2026 October 2024 through December 2026 2023 through 2024

Related to: Tanami Expansion 2 project; Cadia PC1-2 and PC2-3 ("Cadia Panel Caves"); and Cadia Tailings Project ("Cadia Tails") Boddington, Tanami, and Cadia operating mines located in Australia Brucejack and Red Chris operating mines located in Canada Tanami Expansion 2 project

____________________________

(1) The hedge program matured in 2024 and a gain of $7 remains in Accumulated other comprehensive income (loss) as of June 30, 2025.

(2) In July 2025, the Company entered into an additional A$—, A$177, and C$32 relating to the programs, respectively.

To minimize credit risk, the Company only enters into transactions with counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. The Company believes that the risk of counterparty default is low and its exposure to credit risk is minimal.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

The unrealized changes in fair value have been recorded in Accumulated other comprehensive income (loss) and are reclassified to earnings during the period in which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. If the underlying hedge transaction becomes probable of not occurring, the related amounts will be reclassified to earnings immediately. For the foreign currency cash flow hedges related to capital expenditures, amounts recorded in Accumulated other comprehensive income (loss) are reclassified to earnings through Depreciation and amortization after the respective project reaches commercial production. For the foreign currency cash flow hedges related to operating expenditures, amounts recorded in Accumulated other comprehensive income (loss) are reclassified to earnings through Costs applicable to sales in the month that the operating expenditures are incurred.

Cadia PPA

The Cadia PPA is a 15-year renewable power purchase agreement acquired by the Company through the Newcrest transaction. The Company has designated the Cadia PPA as a cash flow hedge to mitigate the variability in cash flows related to approximately 40 percent of forecasted purchases of power at the Cadia mine for a 15-year period beginning in July 2024. Additionally, the Cadia PPA will provide the Company with access to large scale generation certificates which the Company intends to surrender to achieve a reduction in its greenhouse gas emissions.

To minimize credit risk, the Company only enters into transactions with counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. The Company believes that the risk of counterparty default is low and its exposure to credit risk is minimal.

The unrealized changes in fair value have been recorded in Accumulated other comprehensive income (loss) and will be reclassified to earnings during the period in which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. If the underlying hedge transaction becomes probable of not occurring, the related amounts in Accumulated other comprehensive income (loss) will be reclassified to earnings immediately. For the Cadia PPA cash flow hedge, amounts recorded in Accumulated other comprehensive income (loss) will be reclassified to earnings through Costs applicable to sales the period in which the related hedged electricity is purchased, which began in July 2024.

The following table provides the fair value of the Company’s derivative instruments designated as cash flow hedges:

____________________________

(1) Included in Other current assets.

(2) Included in Derivative assets.

(3) Included in Other current liabilities.

The following table provides the losses (gains) recognized in earnings related to the Company's derivative instruments:

____________________________

(1) As of June 30, 2025, a gain of $15 is expected to be reclassified out of Accumulated other comprehensive income (loss) into earnings over the next 12 months. The actual amounts that will be reclassified to earnings will vary due to future foreign currency exchange rates.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

(2) As of June 30, 2025, a loss of $10 is expected to be reclassified out of Accumulated other comprehensive income (loss) into earnings over the next 12 months, which includes amounts related to the initial fair value that are reclassified from Accumulated other comprehensive income (loss) to earnings on a systematic basis over the 15-year term. The actual amounts that will be reclassified to earnings will vary due to future power prices and power generation volumes.

(3) Interest rate contracts relate to swaps entered into, and subsequently settled, associated with the issuance of the 2035 Senior Notes, 2039 Senior Notes, and 2042 Senior Notes. The related gains and losses are reclassified from Accumulated other comprehensive income (loss) and amortized to Interest expense, net of capitalized interest over the term of the respective hedged notes. As of June 30, 2025, a loss of $4 is expected to be reclassified out of Accumulated other comprehensive income (loss) into earnings over the next 12 months. The actual amounts that will be reclassified to earnings could vary upon repurchase or exchange of the related long-term debt prior to maturity.

Contingent Consideration Assets and Liabilities

Contingent consideration assets and liabilities are comprised of contingent consideration to be received or paid by the Company in conjunction with various sales of assets and investments with future payment contingent upon meeting certain milestones. These contingent consideration assets and liabilities are accounted for at fair value and consist of financial instruments that meet the definition of a derivative but are not designated for hedge accounting under ASC 815. Refer to Note 10 for further information regarding the fair value of the contingent consideration assets and liabilities.

The Company had the following contingent consideration assets and liabilities:

(1) Included in Derivative assets.

(2) Acquired as part of the divestitures incurred in 2025. Refer to Note 3 for further information.

(3) At June 30, 2025 and December 31, 2024, $2 and $5 is included in Other current liabilities and Other non-current liabilities, respectively.

NOTE 12 INVESTMENTS

____________________________

(1) Includes the equity interest in Discovery acquired through the sale of Porcupine. In the second quarter of 2025, the Company divested a portion of its interest for $89. In July 2025, the Company sold the remaining interest for approximately $140.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

(2) The Company's investment in Greatland, acquired through the sale of Telfer in the fourth quarter of 2024, is included in equity method investments under the fair value option at December 31, 2024 and in current marketable and other equity securities at June 30, 2025 as it no longer qualifies as an equity method investment with an ownership of 10% and loss of significance influence. Refer below for further information.

(3) At June 30, 2025 and December 31, 2024, includes $25 accounted for under the measurement alternative.

(4) Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets. Refer to Note 6 for further information regarding these amounts.

Equity Method Investments

Income (loss) from the Company's equity method investments is recognized in Equity income (loss) of affiliates, which primarily consists of income from Lundin Gold Inc. ("Lundin Gold") and Pueblo Viejo of $37 and $15 for the three months ended June 30, 2025, respectively, and $64 and $59 for the six months ended June 30, 2025, respectively. Income (loss) recorded in Equity income (loss) of affiliates from Pueblo Viejo and Lundin Gold consisted of $(3) and $(2) for the three months ended June 30, 2024, respectively and $14 and $(8) for the six months ended June 30, 2024, respectively.

Pueblo Viejo

As of June 30, 2025 and December 31, 2024, the Company had outstanding stockholder loans to Pueblo Viejo of $523 and $486, with accrued interest of $39 and $19, respectively, included in the Pueblo Viejo equity method investment.

The Company purchases its portion (40%) of gold and silver produced from Pueblo Viejo at market price and resells those ounces to third parties. Total payments made to Pueblo Viejo for gold and silver purchased were $212 and $367 for the three and six months ended June 30, 2025, respectively. Total payments made to Pueblo Viejo for gold and silver purchased were $126 and $248 for the three and six months ended June 30, 2024, respectively. These purchases, net of subsequent sales, are included in Other income (loss), net and the net amount is immaterial. There were no amounts due to or from Pueblo Viejo for gold and silver purchases as of June 30, 2025 or December 31, 2024.

Lundin Gold Inc.

Lundin Gold is accounted for on a quarterly lag. At June 30, 2025, the calculated fair value, based on quoted closing prices of publicly traded shares, of the Company's investment in Lundin Gold was $4,073.

The Company had the right to purchase 50% of gold produced from Lundin Gold at a price determined based on delivery dates and a defined quotational period and resold the ounces purchased to third parties under an offtake agreement acquired through the Newcrest transaction (the "Offtake agreement"). In the second quarter of 2024, the Company sold the Offtake agreement to Lundin Gold resulting in settlement of the rights under the Offtake agreement. As a result, no purchases were incurred in 2025.

Total payments made to Lundin Gold under the Offtake agreement for gold purchased were $109 and $189 for the three and six months ended June 30, 2024, respectively. These payments were recognized net of subsequent sales in Other income (loss), net with the net amount being immaterial. There was no payable due to Lundin Gold for gold purchases as of December 31, 2024.

Greatland

The Company acquired a 20% interest in Greatland, resulting in 2.7 billion shares, in connection with the sale of Telfer in December 2024. The Company accounted for its investment in Greatland as an equity method investment, included in Investments, for which the Company elected the fair value option as it believed it best reflected the economics of the underlying transaction. The shares are subject to a sale restriction period of one-year following the date of close, under which certain events would allow for the Company to sell its shares.

In the second quarter of 2025, Greatland completed a corporate reorganization in which Greatland Resources Limited ("GRL") became the new holding company for Greatland and involved the cancellation of Greatland’s shares and the issuance of new shares under GRL. Concurrently, a share consolidation occurred with Greatland shareholders receiving one ordinary share in GRL for every twenty Greatland shares held. As a result, the Company’s 2.7 billion Greatland shares were converted into 134 million GRL shares. In June 2025, the Company sold 67 million shares for $274, reducing its ownership to 10%, resulting in a gain of $68 recognized in Change in fair value of investments and options for the three and six months ended June 30, 2025. The remaining 67 million shares held are accounted for as marketable equity securities and are included in current Investments with a fair value of $302 at June 30, 2025.

The equity held in GRL contains an option in which a third party has the ability to acquire 67 million shares of the Company's GRL shares at a set price exercisable for four years (the "Greatland Option"). The Greatland Option does not meet the definition of a derivative and is considered to be a financial liability, for which the Company has elected the fair value option. The Company believes the fair value option best reflects the economics of the underlying transaction. At June 30, 2025 and December 31, 2024, the Greatland Option is included in Other current liabilities and Other non-current liabilities, respectively, at a fair value of $190 and $51, respectively.

Changes in the fair value of the equity interest held in GRL and the Greatland Option are recognized through earnings each reporting period in Other income (loss), net. For the three and six months ended June 30, 2025, a gain of $164 and $365 was

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

recognized related to the equity interest held in GRL, respectively, of which $68 related to the sale in the second quarter of 2025. For the three and six months ended June 30, 2025, a loss of $59 and $139 was recognized related to the Greatland Option, respectively.

NOTE 13 INVENTORIES

____________________________

(1) During the first quarter of 2024, certain non-core assets were determined to meet the criteria for held for sale. As a result, the related assets, including Inventories of $185, were reclassified to Assets held for sale at December 31, 2024; no amounts related to Inventories were reclassified to Assets held for sale at June 30, 2025. Refer to Note 3 for additional information.

NOTE 14 STOCKPILES AND ORE ON LEACH PADS

____________________________

(1) During the first quarter of 2024, certain non-core assets were determined to meet the criteria for held for sale. As a result, the related assets, including Stockpiles and ore on leach pads of $374, were reclassified to Assets held for sale at December 31, 2024; no amounts related to Stockpiles and ore on leach pads were reclassified to Assets held for sale at June 30, 2025. Refer to Note 3 for additional information.

NOTE 15 DEBT

Scheduled minimum debt repayments are as follows:

Debt Extinguishment

In the first quarter of 2025, the Company fully redeemed all of the outstanding 2026 Senior Notes, resulting in a loss on extinguishment of $13, recognized in Other income (loss), net. The 2026 Senior Notes were fully redeemed for a redemption price of $957, which consisted of the principal amount of the outstanding 2026 Senior Notes of $928, accrued and unpaid interest of $19 in accordance with the terms of the 2026 Senior Notes, and a make-whole provision of $10.

During 2025, the Company partially redeemed certain other senior notes, resulting in a loss on extinguishment of $18 and $15 for the three and six months ended June 30, 2025, respectively, recognized in Other income (loss), net, consisting of the write-off of unamortized premiums, discounts, and issuance costs. The following table summarizes the partial redemptions:

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

____________________________

(1) Includes $3 of accrued interest for the three and six months ended June 30, 2025.

NOTE 16 OTHER LIABILITIES

(1) In the first quarter of 2025, the Company paid $116 to the Worsley JV related to the waiver of certain rights within the cross-operation agreement that confers priority to the bauxite operations at the Boddington mine. This payment is included in other investing activities in the Condensed Consolidated Statement of Cash Flows.

(2) Acquired through the sale of Telfer in the fourth quarter of 2024 and accounted for under the fair value option. The option was included in Other non-current liabilities at December 31, 2024 for $51. Refer to Note 12 for further information.

(3) Primarily consists of amounts due to NGM representing Barrick's 61.5% proportionate share of the amount owed to NGM for gold and silver purchased by Newmont. Newmont’s 38.5% share of such amounts is eliminated upon proportionate consolidation of its interest in NGM. Receivables for Newmont's 38.5% proportionate share related to NGM's activities with Barrick are included in Other current assets.

(4) Refer to Note 11 for additional information.

(5) Primarily consists of the current portion of the silver streaming agreement liability.

(6) Primarily consists of unrecognized tax benefits, including penalties and interest.

(7) Primarily consists of the indemnifications recognized related to the sale of CC&V and Akyem. Refer to Note 3 for further information.

(8) Primarily consists of the non-current portion of operating lease liabilities.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

NOTE 17 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 18 COMMITMENTS AND CONTINGENCIES

General

Estimated losses from contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred, and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the contingency and estimated range of loss, if determinable, is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

Operating Segments

The Company’s operating and reportable segments are identified in Note 4. Except as noted in this paragraph, all of the Company’s commitments and contingencies specifically described herein are included in the non-operating segment Corporate and Other. The Yanacocha matters relate to the Yanacocha reportable segment. The Cadia matter relates to the Cadia reportable segment. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Ahafo reportable segment and Akyem, which was divested in the second quarter of 2025, respectively. The CC&V matter relates to CC&V, which was divested in the first quarter of 2025.

Environmental Matters

Refer to Note 6 for further information regarding reclamation and remediation. Details about certain significant matters are discussed below.

Minera Yanacocha S.R.L. - 100% Newmont Owned

In early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, MINAM, issued proposed modifications to water quality criteria for designated beneficial uses which apply to mining companies, including Yanacocha. These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure. In December 2015, MINAM issued the final regulation that modified the water quality standards. These Peruvian regulations allow time to formulate a compliance plan and make any necessary changes to achieve compliance.

In February 2017, Yanacocha submitted a modification to its previously approved compliance achievement plan to the MINEM. In May 2022, Yanacocha submitted a proposed modification to this plan requesting an extension of time for coming into full compliance with the new regulations to 2027. In June 2023, Yanacocha received approval of its updated compliance plan from MINEM and was granted an extension to June 2026 to achieve compliance. The Company appealed this approval to the Mining Council requesting the regulatory extension until 2027, and in April 2024, MINEM approved the compliance schedule.

The Company currently operates five water treatment plants at Yanacocha that have been and currently meet all currently applicable water discharge requirements. The Company’s current asset retirement obligation includes the construction of two new water treatment plants expected to be in operation during 2027 and post-closure management.

The Company is conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, including the modifications promulgated by MINAM, as referenced above, will be met. This also includes performing a comprehensive update to the Yanacocha reclamation plan to address changes in closure activities and estimated closure costs while preserving optionality for potential future projects at Yanacocha. These ongoing studies, which will extend beyond the current year, continue to evaluate and revise assumptions and estimated costs of changes to the reclamation plan. The ultimate water treatment costs remain uncertain as studies and opportunity assessments continue. These and other additional risks and contingencies that are the subject of ongoing studies, including, but not limited to, a comprehensive review of the Company's tailings storage facility management, review of Yanacocha’s water balance and water management system, and review of post-closure management costs, could result in future material increases to the reclamation obligation at Yanacocha.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

Cripple Creek & Victor Gold Mining Company LLC - 100% Newmont owned through February 28, 2025

In December 2021, Cripple Creek & Victor Gold Mining Company LLC (“CC&V”) entered into a Settlement Agreement (“Settlement Agreement”) with the Water Quality Control Division of the Colorado Department of Public Health and Environment (the “Division”) with a mutual objective of resolving issues associated with the new discharge permits issued by the Division in January 2021 for the Carlton Tunnel. The Carlton Tunnel was a historic tunnel completed in 1941 with the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, primarily to focus on monitoring, with the monitoring data accumulated since the mid-1970s indicating consistency in the water quality discharged from the Carlton Tunnel over time. In 2006, legal proceedings and work with the regulator confirmed that the water flowing out of the Carlton Tunnel portal is akin to natural spring water and did not constitute mine drainage. However, when the Division issued new discharge permits in January 2021, the Division imposed new water quality limits. The Settlement Agreement involves the evaluation of a reasonable and achievable timeline for treatment and permit compliance, acknowledging the lack of readily available technology, and the need to spend three years to study and select the technological solution, with three additional years to construct, bringing full permit compliance to the November 2027 timeframe. In 2022, the Company studied various interim passive water treatment options, reported the study results to the Division, and based on an evaluation of additional semi-passive options that involve the usage of power at the portal, updated the remediation liability to $20 in 2022. CC&V continues to study alternative long-term remediation plans for water discharged from the Carlton Tunnel, while also continuing to work with regulators to identify and implement the highest feasible alternative treatments, including the site specific standards and a Discharger Specific Variance ("DSV"). CC&V formally submitted a proposal for the site specific standards and DSV to the Water Quality Control Commission in a June 2025 rulemaking hearing. As a result of the hearing, the Commission agreed to site specific standards for CC&V for certain water quality standards, and CC&V will continue to work with Division on a proposal for the DSV and an extension request for compliance with certain other standards. Depending on the plans that may ultimately be agreed with the Division, a material adjustment to the remediation liability may be required.

On February 28, 2025, the Company completed the sale of the CC&V reportable segment to SSR. Under the terms of the agreement with SSR, Newmont expects to receive deferred cash contingent consideration upon certain regulatory approvals, one of which being resolution of regulatory applications relating to the Carlton Tunnel. In addition, upon completion of an updated regulator-approved closure plan and in the event aggregate closure costs at CC&V exceed $500, Newmont will be responsible for funding 90% of the incremental closure costs exceeding $500 in such updated closure plan, either on an as-incurred basis or pursuant to a net present value lump sum payment option.

Dawn Mining Company LLC (“Dawn”) - 58.19% Newmont Owned

Midnite mine site and Dawn mill site. Dawn previously leased an open pit uranium mine, currently inactive, on the Spokane Indian Reservation in the State of Washington. The mine site is subject to regulation by agencies of the U.S. Department of Interior (the Bureau of Indian Affairs and the Bureau of Land Management), as well as the EPA.

As per the Consent Decree approved by the U.S. District Court for the Eastern District of Washington on January 17, 2012, the following actions were required of Newmont, Dawn, the Department of the Interior and the EPA: (i) Newmont and Dawn would design, construct and implement the cleanup plan selected by the EPA in 2006 for the Midnite mine site; (ii) Newmont and Dawn would reimburse the EPA for its past costs associated with overseeing the work; (iii) the Department of the Interior would contribute a lump sum amount toward past EPA costs and future costs related to the cleanup of the Midnite mine site; (iv) Newmont and Dawn would be responsible for all future EPA oversight costs and Midnite mine site cleanup costs; and (v) Newmont would post a surety bond for work at the site.

During 2012, the Department of Interior contributed its share of past EPA costs and future costs related to the cleanup of the Midnite mine site. In 2016, Newmont completed the remedial design process, with the exception of the new WTP design which was awaiting the approval of the new NPDES permit. Subsequently, the new NPDES permit was received in 2017 and the WTP design commenced in 2018. The EPA approved the WTP design in 2021. Construction of the effluent pipeline began in 2021, and construction of the new WTP began in 2022. The WTP and effluent pipeline are expected to be operating in 2026.

The Dawn mill site is regulated by the Washington Department of Health (the "WDOH") and is in the process of being closed in accordance with the federal Uranium Mill Tailings Radiation Control Act, and associated Washington state regulations. Remediation at the Dawn mill site began in 2013. The Tailing Disposal Area 1-4 reclamation earthworks component was completed during 2017 with the embankment erosion protection completed in the second quarter of 2018. The remaining closure activities consist primarily of finalizing an Alternative Concentration Limit application (the "ACL application") submitted in 2020 to the WDOH to address groundwater issues, and also evaporating the remaining balance of process water at the site. In the fourth quarter of 2022, the WDOH provided comments on the ACL application, which Newmont is evaluating and conducting studies to better understand and respond to the comments provided by the WDOH. These studies and the related comment process will extend beyond the current year and could result in future material increases to the remediation obligation.

The remediation liability for the Midnite mine site and Dawn mill site is approximately $149, assumed 100% by Newmont, at June 30, 2025.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

Cadia Holdings Pty Ltd. - 100% Newmont Owned

Cadia mine site. Cadia Holdings Pty Ltd. (“Cadia Holdings”) is a wholly owned subsidiary of Newcrest, which was acquired by Newmont in November 2023. The mine site is subject to regulations by the New South Wales Environment Protection Authority (the “NSW EPA”). In October 2023, the NSW EPA commenced proceedings in the NSW Land and Environment Court against Cadia Holdings, alleging two contraventions related to alleged air pollution from tailings storage facilities on October 13 and 31, 2022. In 2024, Cadia Holdings entered a plea of not guilty to the charges related to the allegations. These proceedings are listed for a liability hearing from February 16, 2026 to February 27, 2026.

Other Legal Matters

Newmont Corporation, as well as Newmont Canada Corporation, and Newmont Canada FN Holdings ULC – 100% Newmont Owned

Kirkland Lake Gold Inc., which was acquired by Agnico Eagle Mines Limited in 2022 (still referred to herein as “Kirkland” for ease of reference), owns certain mining and mineral rights in northeastern Ontario, Canada, referred to here as the Holt-McDermott property, on which it suspended operations in April 2020. A subsidiary of the Company has a retained royalty obligation (“Holt royalty obligation”) to Royal Gold, Inc. (“Royal Gold”) for production on the Holt-McDermott property. In August 2020, the Company and Kirkland signed a Strategic Alliance Agreement (the “Kirkland Agreement”). As part of the Kirkland Agreement, the Company purchased an option (the “Holt option”) for $75 from Kirkland for the mining and mineral rights subject to the Holt royalty obligation. The Company has the right to exercise the Holt option and acquire ownership to the mineral interests subject to the Holt royalty obligation in the event Kirkland intends to resume operations and process material subject to the obligation. Kirkland has the right to assume the Company’s Holt royalty obligation at any time, in which case the Holt option would terminate.

On August 16, 2021, International Royalty Corporation (“IRC”), a wholly-owned subsidiary of Royal Gold, filed an action in the Supreme Court of Nova Scotia against Newmont Corporation, Newmont Canada Corporation, Newmont Canada FN Holdings ULC (collectively "Newmont"), and certain Kirkland defendants (collectively "Kirkland"). IRC alleges the Kirkland Agreement is oppressive to the interests of Royal Gold under the Nova Scotia Companies Act and the Canada Business Corporations Act, and that, by entering into the Kirkland Agreement, Newmont breached its contractual obligations to Royal Gold. IRC seeks declaratory relief, and $350 in alleged royalty payments that it claims Newmont expected to pay under the Holt royalty obligation, but for the Kirkland Agreement. Kirkland filed a motion seeking dismissal of the case against it, which the court granted in October 2022. Newmont submitted its statement of defense on February 27, 2023, and a motion for summary judgment on January 12, 2024. The motion for summary judgment was denied on May 27, 2024, and the parties are now engaged in the discovery phase of the case. Newmont intends to vigorously defend this matter but cannot reasonably predict the outcome.

Newmont Ghana Gold Limited - 100% Newmont Owned (and Newmont Golden Ridge Limited owned by Newmont through April 15, 2025)

On December 24, 2018, two individual plaintiffs, who are members of the Ghana Parliament (“Plaintiffs”), filed a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff’s Case outlining the details of the Plaintiff’s case and subsequently served Newmont Ghana Gold Limited (“NGGL”) and Newmont Golden Ridge Limited (“NGRL”) along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana, the mining company defendants are not entitled to carry out any exploitation of minerals or other natural resources in Ghana, unless their respective transactions, contracts or concessions are ratified or exempted from ratification by the Parliament of Ghana. Newmont’s current mining leases are both ratified by Parliament; NGGL June 13, 2001 mining lease, ratified by Parliament on October 21, 2008, and NGRL January 19, 2010 mining lease; ratified by Parliament on December 3, 2015. The writ alleges that any mineral exploitation prior to Parliamentary ratification is unconstitutional. The Plaintiffs seek several remedies including: (i) a declaration as to the meaning of constitutional language at issue; (ii) an injunction precluding exploitation of minerals for any mining company without prior Parliamentary ratification; (iii) a declaration that all revenue as a result of violation of the Constitution shall be accounted for and recovered via cash equivalent; and (iv) an order that the Attorney General and Minerals Commission submit all un-ratified mining leases, undertakings or contracts to Parliament for ratification. Newmont intends to vigorously defend this matter but cannot reasonably predict the outcome. On April 15, 2025, the Company completed the sale of the Akyem reportable segment, including NGRL. In the case of an adverse final judgment against NGRL pursuant to a non-appealable governmental order, if any, the Company would be required to indemnify the buyer for certain fines, penalties and disgorgements attributable to the period from the date of the Company’s commencement of commercial production under the mining leases in October 2013 to the date on which the mining leases were ratified by Parliament on December 3, 2015.

Newmont Capital Limited and Newmont Canada FN Holdings ULC – 100% Newmont Owned

The Australian Taxation Office (“ATO”) is conducting a limited review of the Company’s prior year tax returns. The ATO is reviewing an internal reorganization executed in 2011 when Newmont completed a restructure of the shareholding in the Company’s Australian subsidiaries. To date, the Company has responded to inquiries from the ATO and provided them with supporting documentation for the transaction and the Company’s associated tax positions. One aspect of the ATO review relates to an Australian capital gains tax that applies to sales or transfers of stock in certain types of entities. In the fourth quarter of 2017, the ATO notified

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

the Company that it believed the 2011 reorganization was subject to capital gains tax of approximately $85 (including interest and penalties). The Company disputed this conclusion and is vigorously defending its position that the transaction is not subject to this tax. In the fourth quarter of 2017, the Company made a $24 payment to the ATO and lodged an appeal with the Australian Federal Court. The court proceedings were held during the third quarter of 2024 and the Company is currently awaiting the judgement, which is expected during the third quarter of 2025. The Company cannot reasonably predict the outcome.

Newmont Corporation

Karas v. Newmont Corp., et al. On January 31, 2025, a putative class action lawsuit was filed against Newmont and Newmont’s Chief Executive Officer, Chief Operating Officer and Chief Financial Officer in the United States District Court for the District of Colorado. The action was brought on behalf of an alleged class of Newmont stockholders who owned stock between February 22, 2024 and October 23, 2024 (the alleged class period). The Court appointed Lead Plaintiffs on May 6, 2025 who filed an amended complaint on July 14, 2025 adding Newmont Corporation's Chief Development Officer as a defendant and shortening the alleged class period to July 24, 2024 through October 23, 2024. Plaintiffs allege that the defendants made a series of materially false and misleading statements and/or omissions during the alleged class period regarding the Company’s operations, production, and costs in violation of federal securities laws. Plaintiffs further allege that the purported class members suffered losses and damages resulting from declines in the market value of Newmont’s common stock after the Company announced its third quarter 2024 results and updated guidance on October 23, 2024. Plaintiffs seek unspecified monetary damages and other relief.

Gunderson v. Palmer et al.; Levin v. Palmer et al.; Chin v. Palmer et al.; and Harris v. Palmer et al. On February 21, February 28, March 20, and April 4, 2025, respectively, purported Newmont stockholders filed putative derivative complaints nominally on behalf of Newmont against Newmont’s Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and members of Newmont’s Board of Directors, naming Newmont as a nominal defendant, in the United States District Court for the District of Colorado. While the allegations and asserted claims vary among the actions, the complaints, taken collectively, generally raise similar allegations as the complaint in Karas. The complaints allege, among other things, that the defendants made a series of materially false and misleading statements and/or omissions beginning on February 22, 2024 regarding the Company's operations, production, and costs, that the Company lacked adequate internal controls and oversight over risk management, that the defendants made materially false and misleading statements in the Company’s 2024 proxy statement, and that there were improper share repurchases by the Company and stock sales by the Company’s Chief Executive Officer during the period February 22, 2024 to October 23, 2024, and assert claims under federal securities law (other than in the Chin case) and Delaware state law. Plaintiffs seek unspecified monetary damages, restitution, disgorgement and other relief, including reforms to the Company’s corporate governance. On March 19, 2025, on motion from plaintiffs in Gunderson and Levin, the court consolidated Levin into Gunderson, and appointed lead plaintiffs in the consolidated case. On May 1, 2025, on motion from plaintiffs in Gunderson, Levin, Chin, and Harris, the court consolidated Chin and Harris into Gunderson. On May 7, 2025, upon joint motion from the parties in Gunderson, the court stayed the consolidated action pending the resolutions of all motions to dismiss the operative complaint in Karas.

Willis v. Palmer et al. On May 9, 2025, a purported Newmont stockholder filed a putative derivative complaint nominally on behalf of Newmont against Newmont’s Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and members of Newmont’s Board of Directors, naming Newmont as a nominal defendant, in the United States District Court for the District of Delaware. The complaint generally raises similar allegations and requests similar relief as the complaints in the District of Colorado consolidated derivative actions, described above. On May 28, 2025, upon stipulation and agreement by the parties, the court stayed the action pending the resolution of all motions to dismiss the operative complaint in Karas.

Newmont intends to vigorously defend these matters, but cannot reasonably predict the outcome of any matter.

Other Commitments and Contingencies

As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, and bank guarantees as financial support for various purposes, including environmental remediation, reclamation, exploration permitting, workers compensation programs and other general corporate purposes. At June 30, 2025 and December 31, 2024, there were $2,083 and $2,086, respectively, of outstanding letters of credit, surety bonds and bank guarantees. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. Generally, bonding requirements associated with environmental regulation are becoming more restrictive. However, the Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.

Newmont is from time to time involved in various legal proceedings related to its business. Except in the above-described proceedings, management does not believe that adverse decisions in any pending or threatened proceeding or that amounts that may be required to be paid by reason thereof will have a material adverse effect on the Company’s financial condition or results of operations.

NEWMONT CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited, dollars in millions, except per share, per ounce and per pound amounts)

In connection with the Company's investment in Galore Creek, Newmont will owe NovaGold Resources Inc. $75 upon the earlier of approval to construct a mine, mill and all related infrastructure for the Galore Creek project or the initiation of construction of a mine, mill or related infrastructure. The amount due is non-interest bearing. The decision for an approval and commencement of construction is contingent on the results of a prefeasibility study which is currently under way and feasibility study which has not yet occurred.

Refer to Note 25 of the Consolidated Financial Statements included in Part II, Item 8, of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 21, 2025, for information on the Company's contingent payments.