Newmont Corporation
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data from SEC XBRL filings. Values are as-reported; restatements supersede originals.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
(dollars in millions, except per share, per ounce and per pound amounts, unless otherwise noted)
(dollars in millions, except per share, per ounce and per pound amounts, unless otherwise noted)
The following Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Newmont Corporation, a Delaware corporation, and its subsidiaries (collectively, “Newmont,” the “Company,” “our” and “we”). Please refer to Non-GAAP Financial Measures, below, for the non-GAAP financial measures used in this MD&A by the Company.
This item should be read in conjunction with our interim unaudited Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations and the Consolidated Financial Statements included in Part II, Item 7, of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 19, 2026.
Overview
Newmont is the world’s leading gold company and is the only gold company included in the S&P 500 Index and the Fortune 500 list of companies. We have been included in the Dow Jones Sustainability Index-World since 2007 and have adopted the World Gold Council’s Conflict-Free Gold Policy. Since 2015, Newmont has been included as a member in the Sustainability Yearbook published by the S&P Global Corporate Sustainability Assessment. Newmont has been ranked the top miner in 3BL Media’s 100 Best Corporate Citizens list which ranks the 1,000 largest publicly traded U.S. companies on ESG transparency and performance since 2020. We are primarily engaged in the exploration for and acquisition of gold properties, some of which may contain copper, silver, lead, zinc or other metals. We have significant operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. Our goal is to create value and improve lives through sustainable and responsible mining.
Refer to the Consolidated Financial Results, Results of Consolidated Operations, Liquidity and Capital Resources and non-GAAP Financial Measures for information about the continued impacts from geopolitical tensions, including military operations in Iran, Ukraine, and Venezuela, as well as the potential for additional conflicts, war, or civil unrest, inflationary pressures, effects of certain countermeasures taken by central banks, and supply chain disruptions, with particular consideration on the outlook for increased costs specific to labor, materials, consumables and fuel and energy on operations, as well as impacts on the timing and cost of capital expenditures and the risk of potential impairment to certain assets. Refer to discussion of Risk and Uncertainties within Note 2 to the Condensed Consolidated Financial Statements and Part II, Item 1A Risk Factors for further information.
Reportable Segments
In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project and all activity was included in the Ahafo South reportable segment up to the date of commercial production. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
One of our reportable segments, NGM, is a joint venture that combined our and Barrick Mining Corporation’s (“Barrick”) respective Nevada operations, pursuant to the operating agreement entered into on July 1, 2019 between Barrick, Newmont and their wholly-owned subsidiaries party thereto (the “Nevada JV Agreement”). Barrick operates NGM with overall management responsibility and is subject to the supervision and direction of NGM’s Board of Managers, which is comprised of three managers appointed by Barrick and two managers appointed by Newmont. On January 26, 2026, we informed Barrick and the NGM Board of Managers that we had identified evidence of mismanagement at NGM, including diversion of resources from NGM to the benefit of Barrick’s wholly-owned property Fourmile and Barrick, and that we were exercising our contractual inspection and audit rights. On February 3, 2026, we sent Barrick a notice of default under the Nevada JV Agreement related to this conduct. Although we continue to work with Barrick to improve the performance of NGM and will take appropriate steps to address this matter, any such disagreements could have a material adverse effect on NGM and the Company. Refer to Part I, Item 1A, Risk Factors, of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 19, 2026 for a discussion of risk factors related to our joint ventures.
Divestiture of Non-Core Assets
The Company completed the sale of certain non-core assets which included the Telfer reportable segment in the fourth quarter of 2024, the sale of the CC&V, Musselwhite, and Éléonore reportable segments in the first quarter of 2025, the sale of the Porcupine and Akyem reportable segments in the second quarter of 2025, and the sale of the Coffee development project in the fourth quarter of 2025. Prior to completion of the sale, the non-core assets were presented as held for sale and recorded at the lower of their carrying value or fair value, less costs to sell. These assets were periodically revalued until sale occurred with any resulting gain or loss recognized in (Gain) loss on sale of assets held for sale. Additionally, gains or losses recognized on the completion of the sale are recognized in (Gain) loss on sale of assets held for sale. At December 31, 2025, no assets remained held for sale.
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Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on divestitures.
Ghanaian Stability Agreement and Royalty
The Revised Investment Agreement, under which Newmont previously operated in Ghana, expired on December 31, 2025. As a result, the previous maximum corporate income tax rate of 32.5% is now subject to a maximum corporate income tax rate of 35% and customs duties on imported goods used in mining operations ranging from 5% to 20% of the value of such items.
Under the prior regime, royalties were paid to the Government of Ghana under a sliding‑scale system based on average monthly gold prices and ranging up to 5% of revenues; this royalty regime expired on December 31, 2025. Effective January 1, 2026, royalties transitioned to a fixed rate of 5% of gold revenue. Subsequently, the Parliament of Ghana enacted legislation, effective early March 2026, revising the royalty framework to a sliding-scale structure ranging from 5% to 12% of gold revenues, based on prevailing gold prices.
The Government of Ghana is also entitled to a 10% free carried interest in the rights and obligations of the mineral operations by receiving 1/9th of the total amount paid as dividends to Newmont parent. When the average quoted gold price exceeds $1,300 per ounce within a calendar year, an advance payment on these amounts of 0.6% of total revenues is required. Upon the expiration of the tax stability regime on December 31, 2025, dividends paid will become subject to an 8% withholding tax.
Newmont also became subject to a Growth and Sustainability Levy (“GSL”) of 3% on gross revenue as a result of the expiration of the Revised Investment Agreement, effective January 1, 2026; however, in March 2026 the Parliament of Ghana enacted legislation reducing the GSL rate to 1%, effective April 1, 2026.
As a result, the Company is exposed to future changes in fiscal, tax, and other related regulatory regimes in Ghana as they may be enacted from time to time. The revised royalty framework and changes to the GSL could increase the Company’s operating costs at its Ghanaian operations, particularly during periods of higher gold prices.
Consolidated Financial Results
The details of our Net income (loss) attributable to Newmont stockholders are set forth below:
| Three Months Ended March 31, | Increase (Decrease) | ||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Net income (loss) attributable to Newmont stockholders | $ | 3,262 | $ | 1,891 | $ | 1,371 | |||||||||||||||||||||||
| Net income (loss) attributable to Newmont stockholders per common share, diluted | $ | 3.00 | $ | 1.68 | $ | 1.32 | |||||||||||||||||||||||
The increase in Net income (loss) attributable to Newmont stockholders for the three months ended March 31, 2026, compared to the same period in 2025, is primarily due to a net increase in Sales, largely reflecting increased average realized gold and silver prices, and lower Costs applicable to sales, primarily due to the impact from divestitures. These favorable impacts were partially offset by higher Income and mining tax benefit (expense) and a decrease in (Gain) loss on sale of assets held for sale due to the completion of our divestment program in 2025.
The details and analyses of our Sales for all periods presented are set forth below. Refer to Note 5 to the Condensed Consolidated Financial Statements for further information.
| Three Months Ended March 31, | Increase (Decrease) | ||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Gold | $ | 6,036 | $ | 4,245 | $ | 1,791 | |||||||||||||||||||||||
| Copper | 378 | 354 | 24 | ||||||||||||||||||||||||||
| Silver | 658 | 188 | 470 | ||||||||||||||||||||||||||
| Lead | 52 | 42 | 10 | ||||||||||||||||||||||||||
| Zinc | 183 | 181 | 2 | ||||||||||||||||||||||||||
| $ | 7,307 | $ | 5,010 | $ | 2,297 | ||||||||||||||||||||||||
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| Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||
| Gold | Copper | Silver | Lead | Zinc | |||||||||||||||||||||||||
| (ounces) | (pounds) | (ounces) | (pounds) | (pounds) | |||||||||||||||||||||||||
| Consolidated sales: | |||||||||||||||||||||||||||||
| Gross before provisional pricing and streaming impact | $ | 5,983 | $ | 387 | $ | 570 | $ | 54 | $ | 188 | |||||||||||||||||||
| Provisional pricing mark-to-market | 61 | (9) | 70 | (1) | 3 | ||||||||||||||||||||||||
| Silver streaming amortization | — | — | 29 | — | — | ||||||||||||||||||||||||
| Gross after provisional pricing and streaming impact | 6,044 | 378 | 669 | 53 | 191 | ||||||||||||||||||||||||
| Treatment and refining charges | (8) | — | (11) | (1) | (8) | ||||||||||||||||||||||||
| Net | $ | 6,036 | $ | 378 | $ | 658 | $ | 52 | $ | 183 | |||||||||||||||||||
Consolidated ounces/pounds sold (1)(2) | 1,232 | 67 | 10 | 62 | 127 | ||||||||||||||||||||||||
Average realized price (per ounce/pound): (3) | |||||||||||||||||||||||||||||
| Gross before provisional pricing and streaming impact | $ | 4,857 | $ | 5.81 | $ | 57.98 | $ | 0.86 | $ | 1.48 | |||||||||||||||||||
| Provisional pricing mark-to-market | 49 | (0.13) | 7.08 | (0.01) | 0.02 | ||||||||||||||||||||||||
| Silver streaming amortization | — | — | 2.90 | — | — | ||||||||||||||||||||||||
| Gross after provisional pricing and streaming impact | 4,906 | 5.68 | 67.96 | 0.85 | 1.50 | ||||||||||||||||||||||||
| Treatment and refining charges | (6) | — | (1.18) | (0.01) | (0.06) | ||||||||||||||||||||||||
| Net | $ | 4,900 | $ | 5.68 | $ | 66.78 | $ | 0.84 | $ | 1.44 | |||||||||||||||||||
____________________________
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the three months ended March 31, 2026 the Company sold 30 thousand tonnes of copper, 28 thousand tonnes of lead, and 58 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
| Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||
| Gold | Copper | Silver | Lead | Zinc | |||||||||||||||||||||||||
| (ounces) | (pounds) | (ounces) | (pounds) | (pounds) | |||||||||||||||||||||||||
| Consolidated sales: | |||||||||||||||||||||||||||||
| Gross before provisional pricing and streaming impact | $ | 4,167 | $ | 324 | $ | 157 | $ | 43 | $ | 207 | |||||||||||||||||||
| Provisional pricing mark-to-market | 92 | 34 | 19 | — | (6) | ||||||||||||||||||||||||
| Silver streaming amortization | — | — | 19 | — | — | ||||||||||||||||||||||||
| Gross after provisional pricing and streaming impact | 4,259 | 358 | 195 | 43 | 201 | ||||||||||||||||||||||||
| Treatment and refining charges | (14) | (4) | (7) | (1) | (20) | ||||||||||||||||||||||||
| Net | $ | 4,245 | $ | 354 | $ | 188 | $ | 42 | $ | 181 | |||||||||||||||||||
Consolidated ounces/pounds sold (1)(2) | 1,442 | 76 | 6 | 47 | 161 | ||||||||||||||||||||||||
Average realized price (per ounce/pound): (3) | |||||||||||||||||||||||||||||
| Gross before provisional pricing and streaming impact | $ | 2,890 | $ | 4.25 | $ | 25.23 | $ | 0.91 | $ | 1.28 | |||||||||||||||||||
| Provisional pricing mark-to-market | 64 | 0.45 | 3.03 | — | (0.03) | ||||||||||||||||||||||||
| Silver streaming amortization | — | — | 3.04 | — | — | ||||||||||||||||||||||||
| Gross after provisional pricing and streaming impact | 2,954 | 4.70 | 31.30 | 0.91 | 1.25 | ||||||||||||||||||||||||
| Treatment and refining charges | (10) | (0.05) | (1.18) | (0.02) | (0.12) | ||||||||||||||||||||||||
| Net | $ | 2,944 | $ | 4.65 | $ | 30.12 | $ | 0.89 | $ | 1.13 | |||||||||||||||||||
____________________________
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the three months ended March 31, 2025 the Company sold 35 thousand tonnes of copper, 21 thousand tonnes of lead, and 73 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
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The change in consolidated Sales is due to:
| Three Months Ended March 31, | |||||||||||||||||||||||||||||
2026 vs. 2025 (1) | |||||||||||||||||||||||||||||
| Gold | Copper | Silver | Lead | Zinc | |||||||||||||||||||||||||
| (ounces) | (pounds) | (ounces) | (pounds) | (pounds) | |||||||||||||||||||||||||
| Increase (decrease) in average realized price | $ | 2,405 | $ | 65 | $ | 361 | $ | (3) | $ | 33 | |||||||||||||||||||
| Increase (decrease) in consolidated ounces/pounds sold | (620) | (45) | 113 | 13 | (43) | ||||||||||||||||||||||||
| Decrease (increase) in treatment and refining charges | 6 | 4 | (4) | — | 12 | ||||||||||||||||||||||||
| $ | 1,791 | $ | 24 | $ | 470 | $ | 10 | $ | 2 | ||||||||||||||||||||
____________________________
(1)Included in the change in consolidated Sales is the impact relating to the divested sites which resulted in a decrease for the three months ended March 31, 2026 compared to the same period in 2025, of $578.
For discussion regarding drivers impacting sales volumes by site, refer to Results of Consolidated Operations below.
The details of our Costs applicable to sales are set forth below. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
| Three Months Ended March 31, | Increase (Decrease) | ||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Gold | $ | 1,610 | $ | 1,769 | $ | (159) | |||||||||||||||||||||||
| Copper | 98 | 144 | (46) | ||||||||||||||||||||||||||
| Silver | 145 | 62 | 83 | ||||||||||||||||||||||||||
| Lead | 17 | 21 | (4) | ||||||||||||||||||||||||||
| Zinc | 67 | 110 | (43) | ||||||||||||||||||||||||||
| $ | 1,937 | $ | 2,106 | $ | (169) | ||||||||||||||||||||||||
The decrease in Costs applicable to sales for the three months ended March 31, 2026, compared to the same period in 2025, is primarily due to the impact from the divested sites, which resulted in a decrease of $279.
Excluding the impact of divestitures, Costs applicable to sales increased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to higher third-party royalties and higher worker's participation costs, both resulting from higher average realized gold prices, as well as higher contracted service costs primarily at Ahafo North. These increases were partially offset by an increase in by-product credits, primarily related to the increase in silver sales.
For discussion regarding other significant drivers impacting Costs applicable to sales by site, refer to Results of Consolidated Operations below.
The details of our Depreciation and amortization are set forth below. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information.
| Three Months Ended March 31, | Increase (Decrease) | ||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Gold | $ | 489 | $ | 446 | $ | 43 | |||||||||||||||||||||||
| Copper | 38 | 48 | (10) | ||||||||||||||||||||||||||
| Silver | 63 | 28 | 35 | ||||||||||||||||||||||||||
| Lead | 7 | 10 | (3) | ||||||||||||||||||||||||||
| Zinc | 22 | 45 | (23) | ||||||||||||||||||||||||||
| Other | 13 | 16 | (3) | ||||||||||||||||||||||||||
| $ | 632 | $ | 593 | $ | 39 | ||||||||||||||||||||||||
The increase in Depreciation and amortization expense for the three months ended March 31, 2026, compared to the same period in 2025, is primarily due to higher depreciation rates in the current year at NGM as a result of higher gold ounces mined at Carlin and the commencement of depreciation at Ahafo North due to reaching commercial production in the fourth quarter of 2025.
For discussion regarding other significant drivers impacting Depreciation and amortization by site, refer to Results of Consolidated Operations below.
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General and administrative expense was $79 and $110 during the three months ended March 31, 2026 and 2025, respectively. The decrease during the three months ended March 31, 2026, compared to the same period in 2025, is primarily due to lower consulting charges and labor costs.
Interest expense, net of capitalized interest was $39 and $79 during the three months ended March 31, 2026 and 2025, respectively. The decrease during the three months ended March 31, 2026, compared to the same period in 2025, is primarily due to the reduction in Debt and an increase in capitalized interest. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information.
Income and mining tax expense (benefit) was $1,404 and $647 during the three months ended March 31, 2026 and 2025, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the USD and foreign currencies; and (vii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 9 to the Condensed Consolidated Financial Statements for further discussion of income taxes.
| Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
Income (Loss) (1) | Effective Tax Rate | Income Tax (Benefit) Provision | Income (Loss) (1) | Effective Tax Rate | Income Tax (Benefit) Provision | ||||||||||||||||||||||||||||||
| Nevada | $ | 740 | 19 | % | $ | 138 | $ | 220 | 17 | % | $ | 38 | |||||||||||||||||||||||
| CC&V | — | — | — | (161) | 55 | (88) | |||||||||||||||||||||||||||||
| Corporate & Other | (27) | 178 | (48) | 287 | 8 | 24 | |||||||||||||||||||||||||||||
| Total US | 713 | 13 | 90 | 346 | (8) | (26) | |||||||||||||||||||||||||||||
| Argentina | 140 | 54 | 75 | (31) | |||||||||||||||||||||||||||||||
Next expected filings
- ~2026-07-23 10-Q expected by 2026-08-08 (in 83 days)
- ~2026-10-22 10-Q expected by 2026-11-07 (in 174 days)
- ~2027-02-18 10-K expected by 2027-03-01 (in 293 days)
- ~2027-04-22 10-Q expected by 2027-05-08 (in 356 days)
Predicted from historical filing cadence; not an SEC commitment.
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