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Newmont Generates Record Quarterly Earnings and Free Cash Flow, Reports First Quarter 2026 Results and Announces Increased Share Repurchase Authorization
DENVER / Apr 23, 2026 / Business Wire / Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced first quarter 2026
About this update from Newmont Corporation
[{"type":"text","content":" DENVER / Apr 23, 2026 / Business Wire / Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced first quarter 2026 results and declared a dividend of $0.26 1 per share. \"Newmont delivered strong operational and financial performance in the first quarter, producing approximately 1.3 million attributable gold ounces and generating an all-time record $3.1 billion in quarterly free cash flow, keeping us well on track to achieve our 2026 guidance,\" said Natascha Viljoen, Newmont's President and Chief Executive Officer. \"Supported by our enhanced capital allocation framework, we have doubled the size of our share repurchase program with an additional $6.0 billion authorization, following the full execution of our previous program, under which we repurchased $2.4 billion of shares since the last earnings call. We look forward to building on this momentum in the second quarter and continue delivering sustainable returns to our shareholders.\" Q1 2026 Results On track to meet Newmont's full year 2026 production guidance 2 of 5.3 million attributable gold ounces; produced 1.3 million attributable gold ounces, as well as 9 million ounces of silver and 30 thousand tonnes of copper, primarily from Newmont's managed operations Gold by-product All-In Sustaining Costs (AISC) was $1,029 per ounce 3 , benefitting from favorable silver and copper sales volume and prices, ongoing cost and productivity initiatives, and lower sustaining capital spend Reported Net Income of $3.3 billion, Adjusted Net Income (ANI) 3 of $3.2 billion or $2.90 per diluted share, and Adjusted EBITDA 3 of $5.2 billion Generated $3.8 billion of cash from operating activities, net of working capital impacts of $202 million; reported record Free Cash Flow 3 of $3.1 billion Delivered $2.7 billion of shareholder returns through share repurchases and dividend payments since the last earnings call 4 ; declared a dividend of $0.26 per share of common stock for the first quarter of 2026 Through the date of filing, Newmont has executed and settled total trades of common stock repurchases of $6.0 billion under the previously authorized share purchase programs, including $2.4 billion since the last earnings call 5 Newmont's Board of Directors authorized an additional $6.0 billion share repurchase program to be executed at the Company's discretion in line with Newmont's enhanced capital allocation framework 6 Received net cash proceeds of approximately $321 million from the sale of equity investments in SolGold and Greatland Resources Limited, as well as contingency payments related to the divestments of Musselwhite and Cripple Creek & Victor last year 7 ; generated over $4.6 billion in total after-tax proceeds from the non-core divestiture program to date Ended the quarter with $8.8 billion of cash and $12.8 billion in total liquidity 8 , with a net cash position of $3.2 billion 3 ____________________ 1 Newmont's Board of Directors declared a dividend of $0.26 per share of common stock for the first quarter of 2026, payable on June 22, 2026 to holders of record at the close of business on May 27, 2026. 2 See discussion of guidance and cautionary statement at the end of this release regarding forward-looking statements. 3 Non-GAAP metrics; see reconciliations at the end of this release. 4 Includes $2.4 billion of share repurchases since February 19, 2026, including $556 million of share repurchases settled in April 2026. 5 Includes $1.2 billion of share purchases in 2024, $2.3 billion repurchased in 2025 and $2.5 billion through the date of filing in 2026. 6 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. 7 Net proceeds includes $117 million related to the sale of Newmont's shares in Greatland Resources Limited, $105 million related to the sale of Newmont's shares in SolGold and $20 million of a contingent payment received from Orla Mining in relation to the sale of the Musselwhite asset, and $79 million of contingent payments from SSR Mining in relation to the sale of the CC&V asset. 8 Total liquidity as of March 31, 2026 includes $4.0 billion available on a revolving credit facility. Delivering on Newmont's Enhanced Capital Allocation Framework In February, Newmont announced an enhanced capital allocation framework, designed to be sustainable through the commodity and investment cycles while maximizing total return of capital to shareholders, maintaining a flexible and resilient balance sheet, and focusing on high-return capital investments for long-term value creation. The capital allocation uses below are presented in order of priority. 1 Newmont is consistently delivering on these priorities, supported by the record free cash flow generated in the first quarter of 2026. Ongoing Sustaining Capital Investment in World-Class Portfolio Newmont sees a clear opportunity to enhance the longevity of its portfolio and preserve asset integrity through targeted investments in critical infrastructure, ensuring the delivery of safe production across its operations. This includes tailings solutions, primarily at Cadia and Boddington, to support near- and long-term production capacity, positioning Newmont's world-class operations to produce well into the middle of the century. These investments will require elevated sustaining capital spend over the next few years, as planned. Reflective of this approach, Newmont expects to spend $1.95 billion in 2026, as detailed in the '2026 Guidance Expectations' section below. In the first quarter, Newmont spent $381 million in sustaining capital, with spend expected to increase beginning in the second quarter, with full-year 2026 guidance remaining unchanged. 2 Sustainable Through the Cycle Cash Dividend Newmont is committed to returning capital to shareholders through a sustainable cash dividend of $1.1 billion per year. Central to this framework is a dividend structured to grow on a per share basis without increasing Newmont's financial commitment, as share repurchases executed through the cycle permanently lower the outstanding share count. The annual total per share dividend target will be calculated annually in February based on the current number of shares issued and outstanding. The dividend payment will be divided into four equal payments rounded up to the nearest $0.01, to be paid out on a quarterly basis, subject to quarterly approval by Newmont's Board of Directors 1 . In line with this commitment, a dividend of $0.26 per share for the first quarter of 2026 has been declared payable on June 22, 2026, to holders of record of such common stock at the close of business on May 27, 2026. This equates to an indicated total annualized dividend of $1.04 per share, demonstrating the initial benefit of Newmont’s ongoing share repurchase program, with continued per share dividend increases expected as share repurchases continue. Disciplined Approach to Development Capital Reinvestment Newmont expects to spend $1.4 billion in development capital in 2026 as it advances the highest-return free cash flow generative near-term projects, while continuing to study, evaluate and define the future growth profile of its portfolio. In the first quarter of 2026, Newmont invested $239 million in its current development projects, with full-year 2026 guidance remaining unchanged. 2 Newmont will maintain a disciplined focus on capital efficiency and value creation. Maintaining an Optimized Capital Structure Through the Cycle Newmont is focused on maintaining a resilient balance sheet, anchored by a $1 billion net cash target 3 , with flexibility of plus or minus $2 billion depending on market conditions. This approach ensures Newmont's ability to return capital to shareholders and fund capital programs across commodity price cycles to support sustainable production growth. During strong commodity price environments, Newmont intends to further optimize its balance sheet by actively managing gross debt, while maintaining a minimum cash balance of $5 billion through the cycle. Consistent with these priorities, Newmont reduced gross debt by an additional $42 million since the previous earnings call. Newmont ended the first quarter of 2026 with a cash balance of $8.8 billion and a net cash balance of $3.2 billion 3 . Ratable Share Repurchase Program Once the above priorities are complete, Newmont intends to deploy excess cash 4 on a ratable basis to share repurchases, driving sustained per share growth in the dividend and improving multiple per share metrics, including providing shareholders with greater exposure to the strong free cash flow generation from Newmont's world-class portfolio. Since the last earnings call, Newmont executed an additional $2.4 billion of share repurchases, fully exhausting the previous repurchase authorization of $6.0 billion. To continue delivering on this priority, Newmont's Board of Directors approved an additional $6.0 billion repurchase program. Newmont intends to request additional approval from its Board of Directors as the current authorization approaches completion, consistent with the Company's disciplined and repeatable approach to returning excess cash to shareholders. ____________________ 1 See cautionary statement at the end of this release. The Enhanced Capital Allocation Framework is provided for illustrative purposes and remains non-binding. Guidance expectations, including capital allocation uses, future dividends, debt management and share repurchases, are forward-looking statements. An annualized dividend has not been declared by the Board of Directors. 2 Sustaining and development capital guidance and spend to date excludes capitalized interest. 3 Net cash balance is Cash and cash equivalents less Debt and Lease and other financing obligations as presented on the Consolidated Balance Sheets. Net cash balance will change based on Net cash provided by operating activities , Additions to property, plant and mine development , dividends paid to common shareholders, repayment of debt principal, and other investing and financing activities. Refer to the Net Debt reconciliation below in the Non-GAAP Financial Measures schedules in this release. 4 Excess Cash is defined as cash available from operations (including Exploration, G&A, etc.) after funding balance sheet obligations (including debt principal repayments and reclamation spend), capital expenditures, other investing activities, paying the dividend, and achieving the net cash target. Summary of Results 2025 2026 Q1 Q2 Q3 Q4 FY Q1 YTD Average realized gold price ($/oz) $ 2,944 $ 3,320 $ 3,539 $ 4,216 $ 3,498 $ 4,900 $ 4,900 Attributable gold production (Moz) (1) 1.54 1.48 1.42 1.45 5.89 1.30 1.30 Total CAS ($M) (2) $ 2,106 $ 2,001 $ 1,951 $ 2,027 $ 8,085 $ 1,937 $ 1,937 Gold By-Product CAS ($/oz) (2)(3) $ 930 $ 917 $ 831 $ 738 $ 855 $ 541 $ 541 Gold Co-Product CAS ($/oz) (2)(3) $ 1,227 $ 1,215 $ 1,185 $ 1,166 $ 1,199 $ 1,307 $ 1,307 Gold By-Product AISC ($/oz) (3) $ 1,447 $ 1,375 $ 1,303 $ 1,302 $ 1,358 $ 1,029 $ 1,029 Gold Co-Product AISC ($/oz) (3) $ 1,651 $ 1,593 $ 1,566 $ 1,620 $ 1,609 $ 1,709 $ 1,709 Net income (loss) attributable to Newmont stockholders ($M) $ 1,891 $ 2,061 $ 1,832 $ 1,301 $ 7,085 $ 3,262 $ 3,262 Net income (loss) attributable to Newmont stockholders per share ($/diluted share) $ 1.68 $ 1.85 $ 1.67 $ 1.19 $ 6.39 $ 3.00 $ 3.00 Adjusted net income ($M) (4) $ 1,404 $ 1,594 $ 1,883 $ 2,753 $ 7,634 $ 3,156 $ 3,156 Adjusted net income per share ($/diluted share) (4) $ 1.25 $ 1.43 $ 1.71 $ 2.52 $ 6.89 $ 2.90 $ 2.90 Adjusted EBITDA ($M) (4) $ 2,629 $ 2,997 $ 3,309 $ 4,545 $ 13,480 $ 5,154 $ 5,154 Cash from operations before working capital ($M) (5) $ 2,172 $ 2,228 $ 2,584 $ 3,560 $ 10,544 $ 3,987 $ 3,987 Net cash from operating activities ($M) $ 2,031 $ 2,384 $ 2,298 $ 3,621 $ 10,334 $ 3,785 $ 3,785 Capital expenditures ($M) (6) $ 826 $ 674 $ 727 $ 808 $ 3,035 $ 641 $ 641 Free cash flow ($M) (7) $ 1,205 $ 1,710 $ 1,571 $ 2,813 $ 7,299 $ 3,144 $ 3,144 First Quarter 2026 Production and Financial Summary Attributable gold production 1 decreased 10 percent to 1,301 thousand ounces from the prior quarter, driven by lower production at Boddington as a result of the impact of the bushfire, lower production at Tanami as a result of lower grade from planned mine sequencing and the impact of record rainfall, and lower grade and planned maintenance at Lihir and Cerro Negro. In addition, lower production was delivered from the non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo. These decreases were partially offset by increased production at Yanacocha, Cadia, and Merian. Consolidated gold sales were 1,232 thousand ounces for the quarter. Copper production increased 3 percent to 30 thousand tonnes compared to the prior quarter, driven by higher grade and improved throughput at Cadia. Silver production increased 29 percent to 9 million ounces, lead production increased 17 percent to 27 thousand tonnes and zinc production increased 35 percent to 62 thousand tonnes compared to the prior quarter, driven by higher co-product grade at Peñasquito. Average realized gold price was $4,900 per ounce, an increase of $684 per ounce over the prior quarter. Average realized gold price includes $4,857 per ounce of gross price received, a favorable impact of $49 per ounce of mark-to-market on provisionally-priced sales and reductions of $6 per ounce for treatment and refining charges. Costs Applicable to Sales (CAS) 2 allocated to gold totaled $1.6 billion for the quarter, with an additional $327 million allocated to co-product metals. Gold By-Product CAS per ounce 3 decreased 27 percent to $541 for the quarter primarily driven by favorable co-product volumes and sales pricing, particularly related to silver and copper. CAS also benefited from lower direct costs in the first quarter at Tanami, Lihir and Peñasquito, as well as a favorable build in inventory at Boddington. Newmont's continued focus on cost discipline and productivity also supported the offset of higher royalty expense from a higher gold price. Gold Co-Product CAS per ounce 3 was $1,307. Gold By-Product All-In Sustaining Costs (AISC) per ounce 3 decreased 21 percent to $1,029 for the quarter. Building from CAS per ounce, the decrease was primarily due to lower sustaining capital spend, G&A, and other expenses. Sustaining capital spend is expected to ramp up through the remainder of this year, with Newmont remaining on track to spend its full year guidance. Gold Co-Product AISC per ounce 3 was $1,709. Net income attributable to Newmont stockholders was $3.3 billion or $3.00 per diluted share, an increase of $2.0 billion from the prior quarter. This increase was primarily driven by higher revenues due to a higher realized gold price, slightly lower CAS, impairment charges recognized during the quarter of $9 million compared to $779 million recognized in the prior quarter primarily related to Yanacocha Sulfides, and a decrease of $666 million in income and mining tax expense, primarily due to the recognition of one-time deferred tax items in the prior quarter. Adjusted net income 4 for the quarter was $3.2 billion or $2.90 per diluted share, compared to $2.8 billion or $2.52 per diluted share in the prior quarter. Primary adjustments to first quarter net income include a net gain on the fair value of investments and options of $87 million, partially offset by impairment charges of $9 million primarily related to assets no longer in use. Consolidated cash from operations before working capital 5 increased 12 percent from the prior quarter to $4.0 billion primarily due to higher revenue from a higher realized gold price and lower CAS. Consolidated net cash from operating activities increased 5 percent from the prior quarter to $3.8 billion primarily due to higher consolidated cash from operations before working capital. This was partially offset by a net unfavorable working capital movement of $202 million, driven by the continued cash spend for previously accrued reclamation activities of $209 million, primarily related to the ongoing construction of the Yanacocha water treatment plants, as well as a build in inventory and stockpiles of $152 million, and an accrual of other liabilities of $118 million, primarily related to severance and employee-related liabilities. These unfavorable working capital adjustments were partially offset by an accrual for future tax payments of $200 million and an increase in accounts receivable of $70 million due to the timing of cash collections. Income and mining cash tax paid increased 68 percent from the prior quarter to $1.3 billion due to higher net income attributable to Newmont shareholders, as well as higher cash tax paid due to the timing of annual tax payments accrued in 2025. Free Cash Flow 7 increased 12 percent from the prior quarter to $3.1 billion primarily due to an increase in net cash provided by operating activities and lower capital investment, partially offset by an unfavorable working capital impact in the current quarter compared to a favorable working capital benefit in the prior quarter. Balance sheet and liquidity remained strong in the first quarter, ending with $8.8 billion of cash and cash equivalents, with $12.8 billion of total liquidity; ended the quarter in a net cash position of $3.2 billion. 8 Non-Managed Joint Venture and Equity Method Investments 9 Nevada Gold Mines (NGM) attributable gold production decreased 19 percent to 236 thousand ounces, with a 2 percent increase in CAS per ounce to $1,281 per ounce. 3 AISC per ounce increased 6 percent from the prior quarter to $1,595 per ounce. 3 Pueblo Viejo attributable gold production decreased 22 percent to 54 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $167 million in the first quarter. Capital contributions of $17 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 first quarter of 2026 decreased 5 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 $89 million for the first 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 Condensed Consolidated Statements of Cash Flows, inclusive of capitalized interest. 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. 2026 Guidance Expectations (+/-5%) Newmont remains on track to meet its previously published 2026 guidance. For more details, refer to the Company’s Fourth Quarter 2025 Earnings and 2026 Guidance press release , issued on February 19, 2026, and available on Newmont.com. Please see the cautionary statement and footnotes for additional information. Guidance Metric (+/-5%) (1) 2026E Attributable Gold Production (Moz) Managed Portfolio 3,915 Non-Managed Portfolio 1,345 Total Newmont Attributable Gold Production 5,260 Gold By-Product CAS ($/oz) (2) Managed Portfolio $965 Non-Managed Portfolio $1,400 Total Newmont Gold By-Product CAS ($/oz) (2) $1,055 Gold By-Product AISC ($/oz) (2) Managed Portfolio $1,650 Non-Managed Portfolio $1,775 Total Newmont Gold By-Product AISC ($/oz) (2) $1,680 Sustaining Capital ($M) Managed Portfolio $1,660 Non-Managed Portfolio $290 Total Newmont Sustaining Capital (3)(4) $1,950 Development Capital ($M) Managed Portfolio $1,160 Non-Managed Portfolio $240 Total Newmont Development Capital (4) $1,400 Co-Product Production Copper Production (ktonne) 102 Silver Production (Moz) 32 Lead Production (ktonne) 90 Zinc Production (ktonne) 220 Consolidated Expenses Exploration & Advanced Projects ($M) $525 General & Administrative ($M) $375 Interest Expense ($M) (5) $175 Depreciation & Amortization ($M) $2,815 Reclamation and Remediation Accretion ($M) $385 Adjusted Tax Rate (6) 33% Capitalized Interest ($M) $175 1 2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. 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 Guidance. 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. 2 Presented on a consolidated basis and reflects an assumed metal price assumptions of Gold ($4,500/oz.), Copper ($5.00/lb.), Silver ($60.00/oz), Lead ($0.90/lb.) and Zinc ($1.30/lb.) and foreign exchange rates of AUD:USD ($0.70), CAD:USD ($0.75), and USD:MXN ($17.00). 3 Sustaining capital is presented on an attributable basis. 4 Capital guidance excludes amounts attributable to the Pueblo Viejo joint venture. 5 Interest expense guidance is net of capitalized interest. 6 The adjusted tax rate excludes certain items such as tax valuation allowance adjustments. 2026 SEASONALITY GUIDANCE 1 AND SECOND QUARTER COMMENTARY Total Portfolio H1 2026E H2 2026E Attributable Production 48% 52% Sustaining Capital 48% 52% Development Capital 45% 55% 1 2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. See cautionary statement at the end of this release. H1/H2 Commentary: Attributable gold production in 2026 is expected to be approximately 52 percent weighted to the second half of the year. The increase in production in the second half of the year is expected to be driven by Boddington, Tanami, Lihir, Cerro Negro and Peñasquito while Cadia, Ahafo South and Merian are expected to produce higher ounces from higher grades in the first half of the year. Ahafo North production is expected to increase sequentially throughout 2026. Sustaining capital spend in 2026 is expected to be approximately 52 percent weighted to the second half of the year. Spend in the second and third quarters is expected to be higher due to warmer weather surface work at Red Chris and Brucejack in Northern Canada and higher tailings spend at Cadia, Boddington and Tanami in Australia. Development capital spend is expected to be weighted 55 percent to the second half of 2026 driven primarily by the timing of significant work at the Lihir Nearshore Barrier starting in the second half of 2026. Second Quarter Commentary: Newmont expects to produce 23 percent of total attributable production in the second quarter of 2026, slightly below first quarter production. Unit costs are expected to be notably higher than the first quarter due to higher sustaining capital spend, lower silver production, and higher costs applicable to sales at Boddington, Tanami, Lihir and Peñasquito. Unit costs may also be impacted by higher oil prices and a full quarter of the increased Ghana royalty. Sustaining and development capital spend are expected to increase in the second quarter due to the planned timing of investment. ASSUMPTIONS AND SENSITIVITIES 1 Assumption Change (+/-) Revenue and Cost Impact ($M) (2) Gold ($/oz) $4,500 $100 $505 Australian Dollar $0.70 $0.05 $100 Canadian Dollar $0.75 $0.05 $30 Mexican Peso $17.00 $1.00 $25 Oil ($/bbl Brent) $70.00 $10.00 $60 Copper ($/tonne) (3) $11,023 $550 $60 Silver ($/oz) (4) $60.00 $1.00 $25 Lead ($/tonne) (3) $1,894 $220 $20 Zinc ($/tonne) (3) $2,866 $220 $50 1 2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. 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. 2 Impacts are presented on a pretax basis. 3 Co-product metal pricing assumptions in imperial units equate to Copper ($5.00/lb.), Lead ($0.90/lb.) and Zinc ($1.30/lb.). 4 Silver revenue impact relates only to co-product silver revenue from Peñasquito, including the impact of the silver stream agreement. Excluded from the sensitivity above is a royalty, production tax, and workers participation impact of approximately $6 per ounce for every $100 per ounce change in gold price. Ghana Stability Agreement On March 10, 2026, the Government of Ghana enacted a sliding royalty rate of 5 percent to 12 percent dependent on gold price. Subsequently on April 1, 2026, the Government of Ghana adjusted the previously enacted Growth and Sustainability Levy from 3 percent to 1 percent. Based on these changes, Newmont anticipates a potential impact to Gold AISC of approximately $185 per ounce for our Ghana operations, with a resulting impact for total Newmont of approximately $25 per ounce. The impact of these changes was not included in 2026 guidance, but Newmont is working to offset these costs through ongoing global cost and productivity initiatives. Newmont continues to engage constructively with the Government of Ghana on matters related to taxes, royalties and the broader fiscal environment, with the objective of supporting its long‑standing partnership and maintaining Ghana as a priority destination for future investment. Cadia Operations Update On April 14, 2026, a magnitude 4.5Mla earthquake was recorded in the New South Wales Central West near Newmont's Cadia operation. Safety protocols were activated immediately at the time of the event and there were no reported injuries. The assessment of the impact remains ongoing across the operation; however, initial findings suggest the damage is limited. All surface infrastructure was inspected immediately following the event and sustained no damage, including the tailings facilities. The operation is currently processing surface stockpiles and expects underground rehabilitation to be completed in the next five weeks enabling a return to 80 percent operating capacity. Full operational capacity is expected by the end of the second quarter. As a result, second quarter production at Cadia is expected to be lower due to a short gap in mill feed, with operations returning to normal levels beginning in the third quarter. Committed to Concurrent Reclamation As 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 three months ended March 31, 2026, Newmont spent $209 million on reclamation activities, including $169 million on the construction of water treatment plants at Yanacocha. Newmont anticipates 2026 spending of approximately $850 million for the total portfolio and approximately $550 million on the Yanacocha water treatment plants. Total estimated spend on the Yanacocha water treatment plants is approximately $1.8 billion, with $938 million spent to date. Once complete, total reclamation spend is expected to return to more normal levels of $300 to $400 million in 2028. Projects Update For details on Newmont’s key projects currently in execution, refer to the Company’s Fourth Quarter 2025 Earnings and 2026 Guidance press release , issued on February 19, 2026, and available on Newmont.com . Additional project updates will be provided as they become available. Please refer to the cautionary statement and footnotes for further information. 2026 Site Guidance as of February 19, 2026 2026 Guidance (+/- 5%) (1) Consolidated Production (Koz) Attributable Production (Koz) Consolidated By-Product CAS ($/oz) Consolidated By-Product AISC ($/oz) (2) Attributable Sustaining Capital ($M) Attributable Development Capital ($M) Managed Portfolio Lihir 560 560 1,475 1,765 95 140 Cadia 270 270 (180 ) 1,575 425 370 Tanami 365 365 1,250 2,145 270 330 Boddington 580 580 1,160 1,630 225 — Ahafo South 440 440 1,830 2,160 115 10 Ahafo North 315 315 1,045 1,285 55 30 Merian (3) 300 225 1,480 1,800 80 — Cerro Negro 220 220 1,430 1,960 95 120 Yanacocha 460 460 1,070 1,170 10 — Peñasquito 185 185 (4,325 ) (2,395 ) 100 — Red Chris 35 35 1,390 3,625 60 160 Brucejack 260 260 1,475 2,085 115 — Non-Managed Portfolio Nevada Gold Mines (4) 935 935 1,400 1,775 290 240 Pueblo Viejo (5) 255 Fruta Del Norte (6) 155 Co-Product Production Cadia - Copper (ktonne) 65 65 Boddington - Copper (ktonne) 17 17 Peñasquito - Silver (Moz) 32 32 Peñasquito - Lead (ktonne) 90 90 Peñasquito - Zinc (ktonne) 220 220 Red Chris - Copper (ktonne) 20 20 ____________________ 1 2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2026 Guidance assumes $4,500/oz Au, $5.00/lb Cu, $60.00/oz Ag, $1.30/lb Zn, $0.90/lb Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $70/barrel Brent. 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 Guidance. 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. 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. Amounts may not recalculate to totals due to rounding. See cautionary statement at the end of this release. 2 All-in sustaining costs (AISC) as used in the Company’s Guidance is a non-GAAP metric; see 2026 Guidance - Gold AISC Reconciliation and related note for further information. 3 Consolidated production for Merian is presented on a total production basis for the mine site; attributable production represents a 75% interest for Merian. 4 Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM. 5 Attributable production includes Newmont’s 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. 6 Attributable production includes Newmont’s 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. 2025 2026 Operating Results Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 YTD Sales Volumes (koz) Consolidated gold ounces sold 1,442 1,380 1,319 1,378 5,519 1,232 1,232 Attributable gold ounces sold (1) 1,430 1,363 1,308 1,358 5,459 1,211 1,211 Consolidated copper tonnes sold (thousands) 35 37 31 31 134 30 30 Consolidated silver ounces sold (millions) 6 7 8 7 28 10 10 Consolidated lead tonnes sold (thousands) 21 23 27 24 95 28 28 Consolidated zinc tonnes sold (thousands) 73 56 68 49 246 58 58 Average Realized Price ($/oz, $/lb) Average realized gold price $ 2,944 $ 3,320 $ 3,539 $ 4,216 $ 3,498 $ 4,900 $ 4,900 Average realized copper price $ 4.65 $ 4.37 $ 4.67 $ 6.04 $ 4.89 $ 5.68 $ 5.68 Average realized silver price $ 30.12 $ 29.50 $ 37.02 $ 57.29 $ 38.92 $ 66.78 $ 66.78 Average realized lead price $ 0.89 $ 0.88 $ 0.86 $ 0.88 $ 0.87 $ 0.84 $ 0.84 Average realized zinc price $ 1.13 $ 1.13 $ 1.29 $ 1.41 $ 1.23 $ 1.44 $ 1.44 Attributable Gold Production (koz) Lihir 164 160 129 132 585 113 113 Cadia 103 104 97 81 385 94 94 Tanami 78 90 100 123 391 82 82 Boddington 126 147 146 146 565 111 111 Ahafo South (2) 205 197 145 119 664 128 128 Ahafo North (2) — — — 68 70 62 62 Merian (75%) 47 40 35 56 178 66 66 Cerro Negro 28 42 68 64 202 46 46 Yanacocha 105 131 152 127 515 144 144 Peñasquito 123 148 88 56 415 54 54 Red Chris (70%) 14 15 15 18 62 14 14 Brucejack 41 50 79 61 231 59 59 Managed Core Portfolio 1,034 1,124 1,054 1,051 4,263 973 973 Nevada Gold Mines (38.5%) 216 239 251 293 999 236 236 Pueblo Viejo (40%) (3) 49 63 72 69 253 54 54 Fruta Del Norte (32%) (4) 43 38 44 40 165 38 38 Non-Managed Core Portfolio 308 340 367 402 1,417 328 328 Total Core Portfolio 1,342 1,464 1,421 1,453 5,680 1,301 1,301 Non-Core Assets (5) 195 14 — — 209 — — Total Attributable Gold Production 1,537 1,478 1,421 1,453 5,889 1,301 1,301 Co-Product Production Cadia copper tonnes (thousands) 21 22 22 17 82 21 21 Boddington copper tonnes (thousands) 7 7 6 4 24 3 3 Red Chris copper tonnes (thousands) 7 7 7 8 29 6 6 Total copper tonnes (thousands) 35 36 35 29 135 30 30 Peñasquito silver ounces (millions) 6 8 7 7 28 9 9 Peñasquito lead tonnes (thousands) 22 27 26 23 98 27 27 Peñasquito zinc tonnes (thousands) 59 67 59 46 231 62 62 Total CAS ($M) Total CAS $ 2,106 $ 2,001 $ 1,951 $ 2,027 $ 8,085 $ 1,937 $ 1,937 Gold By-Product CAS Consolidated ($/oz) Lihir $ 1,009 $ 1,287 $ 1,468 $ 1,484 $ 1,297 $ 1,503 $ 1,503 Cadia $ (643 ) $ (514 ) $ (593 ) $ (1,007 ) $ (676 ) $ (1,062 ) $ (1,062 ) Tanami $ 1,087 $ 1,278 $ 1,158 $ 963 $ 1,114 $ 1,099 $ 1,099 Boddington $ 970 $ 1,000 $ 1,054 $ 1,002 $ 1,005 $ 1,158 $ 1,158 Ahafo South $ 1,238 $ 1,010 $ 1,309 $ 1,458 $ 1,227 $ 1,696 $ 1,696 Ahafo North $ — $ — $ — $ 532 $ 532 $ 1,190 $ 1,190 Merian $ 1,497 $ 1,808 $ 1,722 $ 1,297 $ 1,562 $ 1,320 $ 1,320 Cerro Negro $ 2,063 $ 2,118 $ 1,375 $ 1,240 $ 1,594 $ 1,181 $ 1,181 Yanacocha $ 961 $ 882 $ 769 $ 618 $ 795 $ 1,005 $ 1,005 Peñasquito $ (949 ) $ (880 ) $ (1,882 ) $ (3,587 ) $ (1,578 ) $ (10,482 ) $ (10,482 ) Red Chris $ (1,200 ) $ 71 $ 125 $ (1,789 ) $ (723 ) $ (2,094 ) $ (2,094 ) Brucejack $ 1,800 $ 1,861 $ 1,184 $ 1,257 $ 1,465 $ 1,736 $ 1,736 Managed Core Portfolio $ 733 $ 789 $ 732 $ 594 $ 713 $ 363 $ 363 Nevada Gold Mines (38.5%) $ 1,426 $ 1,448 $ 1,241 $ 1,258 $ 1,334 $ 1,281 $ 1,281 Non-Managed Core Portfolio $ 1,426 $ 1,448 $ 1,241 $ 1,258 $ 1,334 $ 1,281 $ 1,281 Total Core Portfolio $ 854 $ 903 $ 831 $ 738 $ 830 $ 541 $ 541 Non-Core Assets (5) $ 1,410 $ 2,032 $ — $ — $ 1,456 $ — $ — Total Gold By-Product CAS/oz (6) $ 930 $ 917 $ 831 $ 738 $ 855 $ 541 $ 541 2025 2026 Operating Results (continued) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 YTD Gold Co-Product CAS ($/oz) Cadia $ 794 $ 805 $ 820 $ 981 $ 845 $ 1,050 $ 1,050 Boddington $ 1,239 $ 1,207 $ 1,268 $ 1,262 $ 1,244 $ 1,421 $ 1,421 Peñasquito $ 898 $ 756 $ 956 $ 1,235 $ 922 $ 1,188 $ 1,188 Red Chris (70%) $ 1,106 $ 1,475 $ 1,492 $ 1,352 $ 1,358 $ 1,658 $ 1,658 Managed Core Portfolio $ 1,150 $ 1,154 $ 1,172 $ 1,140 $ 1,154 $ 1,314 $ 1,314 Total Core Portfolio $ 1,198 $ 1,204 $ 1,185 $ 1,166 $ 1,188 $ 1,307 $ 1,307 Total Gold Co-Product CAS/oz (6) $ 1,227 $ 1,215 $ 1,185 $ 1,166 $ 1,199 $ 1,307 $ 1,307 Co-Product CAS ($/unit) Cadia - copper ($/tonne) $ 3,468 $ 3,517 $ 3,534 $ 4,289 $ 3,688 $ 2,858 $ 2,858 Boddington - copper ($/tonne) $ 5,423 $ 5,163 $ 5,048 $ 5,548 $ 5,287 $ 3,912 $ 3,912 Red Chris - copper ($/tonne) $ 4,991 $ 6,738 $ 6,870 $ 5,783 $ 6,087 $ 4,474 $ 4,474 Total - copper ($/tonne) $ 4,182 $ 4,422 $ 4,531 $ 4,821 $ 4,476 $ 3,273 $ 3,273 Peñasquito- silver ($/ounce) $ 10 $ 9 $ 12 $ 16 $ 12 $ 15 $ 15 Peñasquito - lead ($/tonne) $ 997 $ 933 $ 1,212 $ 1,728 $ 1,226 $ 590 $ 590 Peñasquito - zinc ($/tonne) $ 1,499 $ 1,376 $ 1,743 $ 2,433 $ 1,723 $ 1,156 $ 1,156 Gold By-Product AISC Consolidated ($/oz) Lihir $ 1,339 $ 1,563 $ 1,810 $ 1,775 $ 1,607 $ 1,771 $ 1,771 Cadia $ 133 $ 92 $ 99 $ 213 $ 135 $ (139 ) $ (139 ) Tanami $ 1,659 $ 1,698 $ 1,748 $ 1,738 $ 1,716 $ 1,791 $ 1,791 Boddington $ 1,348 $ 1,250 $ 1,346 $ 1,343 $ 1,321 $ 1,587 $ 1,587 Ahafo South $ 1,462 $ 1,220 $ 1,541 $ 1,932 $ 1,494 $ 1,964 $ 1,964 Ahafo North $ — $ — $ — $ 691 $ 696 $ 1,408 $ 1,408 Merian $ 1,864 $ 2,074 $ 2,255 $ 1,628 $ 1,921 $ 1,532 $ 1,532 Cerro Negro $ 2,857 $ 3,023 $ 1,776 $ 1,831 $ 2,220 $ 1,567 $ 1,567 Yanacocha $ 1,170 $ 1,144 $ 868 $ 740 $ 964 $ 1,072 $ 1,072 Peñasquito $ (254 ) $ (406 ) $ (1,216 ) $ (2,440 ) $ (889 ) $ (9,318 ) $ (9,318 ) Red Chris $ (467 ) $ 1,357 $ 1,625 $ (847 ) $ 398 $ (1,117 ) $ (1,117 ) Brucejack $ 2,230 $ 2,490 $ 1,763 $ 1,815 $ 2,020 $ 2,105 $ 2,105 Managed Core Portfolio $ 1,309 $ 1,276 $ 1,255 $ 1,245 $ 1,271 $ 893 $ 893 Nevada Gold Mines (38.5%) $ 1,789 $ 1,771 $ 1,502 $ 1,508 $ 1,629 $ 1,595 $ 1,595 Non-Managed Core Portfolio $ 1,789 $ 1,771 $ 1,502 $ 1,508 $ 1,629 $ 1,595 $ 1,595 Total Core Portfolio $ 1,394 $ 1,360 $ 1,303 $ 1,302 $ 1,339 $ 1,029 $ 1,029 Non-Core Assets (5) $ 1,787 $ 2,550 $ — $ — $ 1,845 $ — $ — Total Gold By-product AISC (6) $ 1,447 $ 1,375 $ 1,303 $ 1,302 $ 1,358 $ 1,029 $ 1,029 Gold Co-Product AISC ($/oz) Cadia $ 1,184 $ 1,109 $ 1,188 $ 1,584 $ 1,253 $ 1,638 $ 1,638 Boddington $ 1,544 $ 1,422 $ 1,524 $ 1,565 $ 1,514 $ 1,825 $ 1,825 Peñasquito $ 1,091 $ 944 $ 1,133 $ 1,491 $ 1,120 $ 1,495 $ 1,495 Red Chris $ 1,322 $ 1,903 $ 2,037 $ 1,723 $ 1,750 $ 2,110 $ 2,110 Managed Core Portfolio $ 1,596 $ 1,542 $ 1,582 $ 1,651 $ 1,592 $ 1,736 $ 1,736 Total Core Portfolio $ 1,630 $ 1,582 $ 1,566 $ 1,620 $ 1,599 $ 1,709 $ 1,709 Total Gold Co-product AISC (6) $ 1,651 $ 1,593 $ 1,566 $ 1,620 $ 1,609 $ 1,709 $ 1,709 Co-Product AISC ($/unit) Cadia - copper ($/tonne) $ 5,316 $ 4,909 $ 5,187 $ 7,106 $ 5,584 $ 4,466 $ 4,466 Boddington - copper ($/tonne) $ 6,760 $ 5,917 $ 5,985 $ 6,757 $ 6,340 $ 4,712 $ 4,712 Red Chris - copper ($/tonne) $ 6,053 $ 8,550 $ 9,111 $ 7,066 $ 7,681 $ 5,293 $ 5,293 Total - copper ($/tonne) $ 6,014 $ 6,068 $ 6,440 $ 7,305 $ 6,423 $ 4,816 $ 4,816 Peñasquito - silver ($/ounce) $ 13 $ 12 $ 15 $ 20 $ 15 $ 19 $ 19 Peñasquito - lead ($/tonne) $ 1,185 $ 1,146 $ 1,405 $ 2,054 $ 1,456 $ 733 $ 733 Peñasquito - zinc ($/tonne) $ 2,026 $ 1,659 $ 2,105 $ 2,994 $ 2,156 $ 1,523 $ 1,523 ____________________ (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) In the fourth quarter of 2025, the Ahafo North development project achieved commercial production and became a reportable segment. Prior to that date, Ahafo North development gold ounces of 2 thousand were included in the Ahafo South reportable segment. (3) 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 endnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates . (4) 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 endnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates . (5) The Company completed the sale of CC&V, Musselwhite, and Éléonore in the first quarter of 2025, and Porcupine and Akyem in the second quarter of 2025. Refer to Note 3 of the Condensed Consolidated Financial Statements for further information. (6) Non-GAAP measure. See end of this release for reconciliation. NEWMONT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions except per share) 2025 (1) 2026 (1) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 YTD Sales $ 5,010 $ 5,317 $ 5,524 $ 6,818 $ 22,669 $ 7,307 $ 7,307 Costs and expenses: Costs applicable to sales (2) 2,106 2,001 1,951 2,027 8,085 1,937 1,937 Depreciation and amortization 593 620 643 665 2,521 632 632 Reclamation and remediation 93 83 123 (50 ) 249 78 78 Exploration 49 61 65 68 243 51 51 Advanced projects, research and development 43 40 40 43 166 45 45 General and administrative 110 95 86 91 382 79 79 Impairment charges 15 9 39 779 842 9 9 (Gain) loss on sale of assets held for sale (276 ) (699 ) (99 ) 8 (1,066 ) — — Other expense, net 28 39 100 119 286 10 10 2,761 2,249 2,948 3,750 11,708 2,841 2,841 Other income (expense): Change in fair value of investments and options 291 151 38 124 604 87 87 Other income (loss), net 10 (36 ) (55 ) 87 6 69 69 Interest expense, net of capitalized interest (79 ) (65 ) (52 ) (33 ) (229 ) (39 ) (39 ) 222 50 (69 ) 178 381 117 117 Income (loss) before income and mining tax and other items 2,471 3,118 2,507 3,246 11,342 4,583 4,583 Income and mining tax benefit (expense) (647 ) (1,092 ) (787 ) (2,070 ) (4,596 ) (1,404 ) (1,404 ) Equity income (loss) of affiliates 78 49 123 171 421 149 149 Net income (loss) 1,902 2,075 1,843 1,347 7,167 3,328 3,328 Net loss (income) attributable to noncontrolling interests (3) (11 ) (14 ) (11 ) (46 ) (82 ) (66 ) (66 ) Net income (loss) attributable to Newmont stockholders $ 1,891 $ 2,061 $ 1,832 $ 1,301 $ 7,085 $ 3,262 $ 3,262 Weighted average common shares (millions): Basic 1,126 1,110 1,097 1,090 1,106 1,085 1,085 Effect of employee stock-based awards 1 2 3 4 2 2 2 Diluted 1,127 1,112 1,100 1,094 1,108 1,087 1,087 Net income (loss) attributable to Newmont stockholders per common share: Basic $ 1.68 $ 1.86 $ 1.67 $ 1.19 $ 6.41 $ 3.01 $ 3.01 Diluted $ 1.68 $ 1.85 $ 1.67 $ 1.19 $ 6.39 $ 3.00 $ 3.00 ____________________ (1) Certain amounts and disclosures have been reclassified to conform to the presentation. (2) Excludes Depreciation and amortization and Reclamation and remediation . (3) Relates to the Suriname Gold project C.V. (“Merian”) reportable segment. NEWMONT CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions) 2025 2026 MAR JUN SEP DEC MAR JUN SEP DEC ASSETS Cash and cash equivalents $ 4,698 $ 6,185 $ 5,639 $ 7,647 $ 8,775 Trade receivables 887 637 1,047 1,067 1,137 Investments 18 468 328 594 4 Inventories 1,493 1,500 1,504 1,512 1,501 Stockpiles and ore on leach pads 792 767 944 1,177 1,211 Other receivables 428 521 506 678 538 Other current assets 225 219 238 391 345 Assets held for sale 2,199 102 166 — — Current assets 10,740 10,399 10,372 13,066 13,511 Property, plant and mine development, net 33,568 33,591 33,621 33,310 33,323 Investments 4,856 4,455 4,103 4,186 4,187 Stockpiles and ore on leach pads 2,409 2,540 2,521 2,410 2,538 Deferred income tax assets 59 55 40 45 32 Goodwill 2,658 2,658 2,658 2,658 2,658 Other non-current assets 1,229 1,467 1,375 1,446 1,421 Total assets $ 55,519 $ 55,165 $ 54,690 $ 57,121 $ 57,670 LIABILITIES Accounts payable $ 771 $ 742 $ 832 $ 816 $ 828 Employee-related benefits 502 562 750 898 795 Income and mining taxes payable 378 705 884 1,188 1,377 Lease and other financing obligations 109 112 116 118 116 Other current liabilities 2,357 2,544 2,500 2,692 2,415 Liabilities held for sale 1,309 5 4 — — Current liabilities 5,426 4,670 5,086 5,712 5,531 Debt 7,507 7,132 5,180 5,115 5,079 Lease and other financing obligations 370 363 355 356 337 Reclamation and remediation liabilities 6,376 6,216 6,228 6,297 6,169 Deferred income tax liabilities 2,733 2,890 2,885 4,045 3,948 Employee-related benefits 575 596 583 634 604 Silver streaming agreement 671 646 623 598 572 Other non-current liabilities 430 365 339 322 332 Total liabilities 24,088 22,878 21,279 23,079 22,572 EQUITY Common stock 1,803 1,772 1,760 1,753 1,727 Treasury stock (293 ) (294 ) (297 ) (301 ) (346 ) Additional paid-in capital 29,624 29,141 28,955 28,847 28,417 Accumulated other comprehensive income (loss) (39 ) 44 109 137 156 Retained earnings 153 1,449 2,699 3,431 4,972 Newmont stockholders' equity 31,248 32,112 33,226 33,867 34,926 Noncontrolling interests 183 175 185 175 172 Total equity 31,431 32,287 33,411 34,042 35,098 Total liabilities and equity $ 55,519 $ 55,165 $ 54,690 $ 57,121 $ 57,670 NEWMONT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions) 2025 (1) 2026 (1) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 YTD Operating activities: Net income (loss) $ 1,902 $ 2,075 $ 1,843 $ 1,347 $ 7,167 $ 3,328 $ 3,328 Non-cash adjustments: Depreciation and amortization 593 620 643 665 2,521 632 632 Impairment charges 15 9 39 779 842 9 9 (Gain) loss on sale of assets held for sale (276 ) (699 ) (99 ) 8 (1,066 ) — — Change in fair value of investments and options (291 ) (151 ) (38 ) (124 ) (604 ) (87 ) (87 ) Reclamation and remediation 89 77 116 (63 ) 219 75 75 Deferred income taxes 125 217 74 975 1,391 (45 ) (45 ) Other non-cash adjustments 15 80 6 (27 ) 74 75 75 Cash from operations before working capital (2) 2,172 2,228 2,584 3,560 10,544 3,987 3,987 Change in operating assets and liabilities: Trade and other receivables 228 215 (369 ) (167 ) (93 ) 70 70 Inventories, stockpiles and ore on leach pads (175 ) (61 ) (106 ) (112 ) (454 ) (152 ) (152 ) Other assets (9 ) (89 ) (45 ) (104 ) (247 ) (11 ) (11 ) Accounts payable (69 ) (30 ) 91 (11 ) (19 ) 18 18 Reclamation and remediation liabilities (95 ) (185 ) (247 ) (276 ) (803 ) (209 ) (209 ) Accrued tax liabilities (3) 91 263 173 512 1,039 200 200 Other accrued liabilities (112 ) 43 217 219 367 (118 ) (118 ) Net change in operating assets and liabilities (141 ) 156 (286 ) 61 (210 ) (202 ) (202 ) Net cash provided by (used in) operating activities 2,031 2,384 2,298 3,621 10,334 3,785 3,785 Investing activities: Additions to property, plant and mine development (826 ) (674 ) (727 ) (808 ) (3,035 ) (641 ) (641 ) Proceeds from sales of investments 7 367 578 34 986 257 257 Proceeds from sales of mining operations and other assets, net 1,684 991 114 22 2,811 91 91 Return of investment from equity method investees 20 24 11 7 62 26 26 Contributions to equity method investees (31 ) (17 ) (4 ) (7 ) (59 ) (25 ) (25 ) Other (116 ) (12 ) (3 ) (28 ) (159 ) (10 ) (10 ) Net cash provided by (used in) investing activities 738 679 (31 ) (780 ) 606 (302 ) (302 ) Financing activities: Repurchases of common stock (348 ) (1,011 ) (516 ) (428 ) (2,303 ) (1,895 ) (1,895 ) Dividends paid to common stockholders (282 ) (279 ) (273 ) (272 ) (1,106 ) (282 ) (282 ) Distributions to noncontrolling interests (44 ) (56 ) (32 ) (85 ) (217 ) (105 ) (105 ) Repayment of debt (985 ) (398 ) (1,977 ) (70 ) (3,430 ) (39 ) (39 ) Funding from noncontrolling interests 39 31 33 30 133 35 35 Payments on lease and other financing obligations (23 ) (23 ) (24 ) (25 ) (95 ) (27 ) (27 ) Other (19 ) (9 ) (11 ) 17 (22 ) (44 ) (44 ) Net cash provided by (used in) financing activities (1,662 ) (1,745 ) (2,800 ) (833 ) (7,040 ) (2,357 ) (2,357 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (5 ) 10 (13 ) 4 (4 ) 1 1 Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale 1,102 1,328 (546 ) 2,012 3,896 1,127 1,127 Change in cash and restricted cash reclassified to assets held for sale (4) (22 ) 160 — — 138 — — Net change in cash, cash equivalents and restricted cash 1,080 1,488 (546 ) 2,012 4,034 1,127 1,127 Cash, cash equivalents and restricted cash at beginning of period 3,650 4,730 6,218 5,672 3,650 7,684 7,684 Cash, cash equivalents and restricted cash at end of period $ 4,730 $ 6,218 $ 5,672 $ 7,684 $ 7,684 $ 8,811 $ 8,811 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 4,698 $ 6,185 $ 5,639 $ 7,647 $ 7,647 $ 8,775 $ 8,775 Restricted cash included in Other current assets 1 2 1 3 3 3 3 Restricted cash included in Other non-current assets 31 31 32 34 34 33 33 Total cash, cash equivalents and restricted cash $ 4,730 $ 6,218 $ 5,672 $ 7,684 $ 7,684 $ 8,811 $ 8,811 ____________________ (1) Certain amounts and disclosures have been reclassified to conform to the 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 $2,458 for the year ended December 31, 2025 is comprised of $465, $648, $588, and $757 for the first, second, third, and fourth quarter, respectively. Cash payments for income and mining taxes, net of refunds, of $1,268 for the three months ended March 31, 2026. (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. 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, 2025, filed with the SEC on February 19, 2026 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 March 31, 2026 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ 3,262 $ 3.01 $ 3.00 Adjustments: Change in fair value of investments and options (2) (87 ) (0.08 ) (0.08 ) Impairment charges (3) 9 0.01 0.01 Restructuring and severance (4) 6 — — Settlement costs (5) (2 ) — — (Gain) loss on debt extinguishment (6) (1 ) — — Other (7) (25 ) (0.03 ) (0.03 ) Tax effect of adjustments (8) 22 0.03 0.03 Valuation allowance and other tax adjustments (9) (28 ) (0.03 ) (0.03 ) Adjusted net income (loss) $ 3,156 $ 2.91 $ 2.90 Weighted average common shares (millions): (10) 1,085 1,087 ____________________ (1) Per share measures may not recalculate due to rounding. (2) Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Other income (loss), net. (3) Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. (4) Primarily represents restructuring and severance related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net . (5) Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net . (6) Represents the gain on debt redemptions; included in Other income (loss), net . Refer to Note 15 to the Condensed Consolidated Financial Statements for further information. (7) Primarily consists of a gain on the receipt of the deferred consideration related to the sale of CC&V; included in Other income (loss), net. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Company's divestitures. (8) The tax effect of adjustments, included in Income and mining tax benefit (expense) , represents the tax effect of adjustments in footnotes (2) through (7), as described above, and are calculated using the applicable regional tax rate. (9) 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 months ended March 31, 2026 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 $(111), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $24, net reductions to the reserve for uncertain tax positions of $(3), and other tax adjustments of $62. For further information on reductions to the reserve for uncertain tax positions, refer to Note 9 to the Condensed Consolidated Financial Statements. (10) Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP. Three Months Ended March 31, 2025 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders 1,891 1.68 1.68 Adjustments: Change in fair value of investments and options (2) (291 ) (0.25 ) (0.25 ) (Gain) loss on sale of assets held for sale (3) (276 ) (0.25 ) (0.25 ) Impairment charges (4) 15 0.01 0.01 (Gain) loss on debt extinguishment (5) 10 0.01 0.01 Restructuring and severance (6) 9 0.01 0.01 (Gain) loss on asset and investment sales (7) 5 — — Newcrest transaction and integration costs (8) 4 — — Settlement costs (9) 3 — — Other (10) 7 — — Tax effect of adjustments (11) 197 0.19 0.19 Valuation allowance and other tax adjustments (12) (170 ) (0.15 ) (0.15 ) Adjusted net income (loss) $ 1,404 $ 1.25 $ 1.25 Weighted average common shares (millions): (13) 1,126 1,127 ____________________ (1) Per share measures may not recalculate due to rounding. (2) Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable equity and other securities; included in Other income (loss), net. (3) 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. (4) Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. (5) Represents the loss on debt redemptions; included in Other income (loss), net . Refer to Note 15 to the Condensed Consolidated Financial Statements for further information. (6) Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net . (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; included in Other expense, net . (9) Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net . (10) 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 months ended March 31, 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 $(197), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(8), net reductions to the reserve for uncertain tax positions of $(14), recording of a deferred tax liability for the outside basis difference at Akyem of $2 due to the status change to held for sale, and other tax adjustments of $47. 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. 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 March 31, 2026 2025 Net income (loss) attributable to Newmont stockholders $ 3,262 $ 1,891 Net income (loss) attributable to noncontrolling interests 66 11 Equity loss (income) of affiliates (149 ) (78 ) Income and mining tax expense (benefit) 1,404 647 Depreciation and amortization 632 593 Interest expense, net of capitalized interest 39 79 EBITDA 5,254 3,143 Adjustments: Change in fair value of investments and options (1) (87 ) (291 ) Impairment charges (2) 9 15 Restructuring and severance (3) 6 9 Settlement costs (4) (2 ) 3 (Gain) loss on debt extinguishment (5) (1 ) 10 (Gain) loss on sale of assets held for sale (6) — (276 ) (Gain) loss on asset and investment sales (7) — 5 Newcrest transaction and integration costs (8) — 4 Other (9) (25 ) 7 Adjusted EBITDA $ 5,154 $ 2,629 ____________________ (1) Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Other income (loss), net. (2) Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. (3) Primarily represents restructuring and severance related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net . (4) Primarily consists of amounts incurred related to non-recurring contractual obligations arising outside the ordinary course of business; included in Other expense, net . (5) Represents the gains and losses on debt redemptions incurred in 2026 and 2025, respectively; included in Other income (loss), net . Refer to Note 15 to the Condensed Consolidated Financial Statements for further information. (6) Primarily consists of the gain on the sales of certain non-core assets in 2025; included in (Gain) loss on sale of assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. (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 in 2025 related to the Newcrest transaction; included in Other expense, net . (9) Primarily consists of a gain on the receipt of the deferred consideration related to the sale of CC&V in 2026 and costs incurred related to transition service agreements for divested reportable segm...
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