# NEWMONT Corp /DE/ (NEM) Informational only - not investment advice. CIK: 0001164727 SIC: 1040 Gold and Silver Ores SIC breadcrumb: [Mining](/division/B/) > [Metal Mining](/major-group/10/) > [SIC 1040 Gold and Silver Ores](/industry/1040/) Latest 10-K filed: 2026-02-19 SEC page: https://www.sec.gov/edgar/browse/?CIK=1164727 Filing source: https://www.sec.gov/Archives/edgar/data/1164727/000116472726000010/nem-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 22669000000 | USD | 2025 | 2026-02-19 | | Net income | 7085000000 | USD | 2025 | 2026-02-19 | | Assets | 57121000000 | USD | 2025 | 2026-02-19 | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high ITEM 7.       MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in millions, except per share, per ounce and per pound amounts) 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”). We use certain non-GAAP financial measures in our MD&A. For a detailed description of each of the non-GAAP measures used in this MD&A, please refer to the discussion under Non-GAAP Financial Measures. This item should be read in conjunction with our Consolidated Financial Statements and the notes thereto included in this annual report. The following MD&A generally discusses our consolidated financial condition and results of operations for 2025 and 2024 and year-to-year comparisons between 2025 and 2024. Discussions of our consolidated financial condition and results of operations for 2023 and year-to-year comparisons between 2024 and 2023 are included in Item 7, Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations, of the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 21, 2025. 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 ranked as the mining and metal sector’s top gold miner 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 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 Consolidated Financial Statements 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 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 Item 1A, Risk Factors, for a discussion of risk factors related to our joint ventures. 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. In February 2024, the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as held for sale in the first quarter of 2024. The Company completed the sale the assets of the Telfer reportable segment in the fourth quarter 2024, the sale of the CC&V, Musselwhite, and Éléonore reportable segments in the first quarter of 2025, the sale of the Akyem and Porcupine reportable segments in the second quarter of 2025, and the sale of the Coffee development project in the fourth quarter of 2025. 89 Table of Contents Assets classified as held for sale are recorded at the lower of the carrying value or fair value, less costs to sell and are periodically valued until sale occurs 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. As a result, for the year ended December 31, 2025 a gain of $1,066 was recognized within (Gain) loss on sale of assets held for sale, primarily resulting from the completed sales. For the year ended December 31, 2024, a loss of $1,114 was recognized within (Gain) loss on sale of assets held for sale, primarily consisting of write-downs on assets held for sale. Refer to Note 3 to the Consolidated Financial Statements for further information on divestitures. Newcrest Acquisition On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549. Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The combined company continues to be traded on the New York Stock Exchange under the ticker NEM. The combined company is also listed on the Australian Securities Exchange under the ticker NEM and on the Papua New Guinea Securities Exchange under the ticker NEM. Refer to Note 3 to the Consolidated Financial Statements for further information. 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. Additionally, royalties were previously paid to the Government of Ghana under a sliding‑scale system, based on average monthly gold prices and ranging up to 5% of revenues, plus an additional 0.6% on any production from forest reserve areas. The sliding-scale royalty regime also expired on December 31, 2025. Effective January 1, 2026, royalties transitioned to a fixed 5% rate on gold production, with the additional 0.6% forest reserve royalty continuing to apply where applicable. The Government of Ghana is also entitled to receive 10% of a project’s net cash flow after reaching specific production milestones 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 extension regime on December 31, 2025, dividends paid in addition to the carried interest will become subject to an 8% withholding tax. Also as a result of the agreement's expiration, Newmont is subject to a Growth and Sustainability Levy of 3% on gross revenue. As a result, the Company will also be exposed to future changes in fiscal, tax, and other related regulatory regimes in Ghana as they may be enacted from time to time. For instance, the Government of Ghana has announced plans to amend the country’s mineral royalty regime by replacing the flat 5% royalty rate, which became effective on January 1, 2026, with a sliding scale ranging from 5% to 12%, linked to prevailing gold prices. The proposed amendment was submitted to the Ghanaian Parliament on December 19, 2025, and is expected to be considered when parliamentary sessions resume in early February 2026. If enacted, the revised royalty framework could increase the Company’s operating costs at its Ghanaian operations, particularly during periods of higher gold prices. The timing, final structure, and implementation mechanisms of the proposed regime currently remain uncertain. Consolidated Financial Results The details of our Net income (loss) from continuing operations attributable to Newmont stockholders are set forth below: Year Ended December 31, Increase (decrease) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Net income (loss) from continuing operations attributable to Newmont stockholders  $ 7,085  $ 3,280  $ (2,521) $ 3,805  $ 5,801  Net income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted $ 6.39  $ 2.86  $ (3.00) $ 3.53  $ 5.86  Net income (loss) from continuing operations attributable to Newmont stockholders increased during the year ended December 31, 2025, compared to the same period in 2024, primarily due to (i) a net increase in Sales largely due to higher average realized gold prices partially offset by the impact from divestitures, (ii) a net gain on completed divestments, compared to prior year write-downs from assets held for sale, recognized in (Gain) loss on sale of assets held for sale, and (iii) a net decrease in costs applicable to sales, recognized in Costs applicable to sales, primarily resulting from divested sites. This increase was partially offset by the increase in Income and mining tax benefit (expense) and Impairment charges, primarily at Yanacocha. Refer below for further information on the change in Costs applicable to sales and Depreciation and amortization. 90 Table of Contents The details and analyses of our Sales for all periods presented are set forth below. Refer to Note 5 to the Consolidated Financial Statements for additional information. Year Ended December 31, Increase (decrease) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Gold $ 19,304  $ 15,746  $ 10,593  $ 3,558  $ 5,153  Copper 1,438  1,327  575  111  752  Silver 1,080  792  335  288  457  Lead 183  195  96  (12) 99  Zinc 664  622  213  42  409  $ 22,669  $ 18,682  $ 11,812  $ 3,987  $ 6,870  Year Ended December 31, 2025 Gold Copper Silver Lead Zinc (ounces) (pounds) (ounces) (pounds) (pounds) Consolidated sales: Gross before provisional pricing and streaming impact $ 19,067  $ 1,320  $ 846  $ 188  $ 699  Provisional pricing mark-to-market 274  119  177  (1) 3  Silver streaming amortization —  —  84  —  —  Gross after provisional pricing and streaming impact 19,341  1,439  1,107  187  702  Treatment and refining charges (37) (1) (27) (4) (38) Net $ 19,304  $ 1,438  $ 1,080  $ 183  $ 664  Consolidated ounces/pounds sold (1)(2) 5,519  294  28  209  542  Average realized price (per ounce/pound): (3) Gross before provisional pricing and streaming impact $ 3,455  $ 4.49  $ 30.49  $ 0.89  $ 1.30  Provisional pricing mark-to-market 50  0.40  6.37  —  —  Silver streaming amortization —  —  3.03  —  —  Gross after provisional pricing and streaming impact 3,505  4.89  39.89  0.89  1.30  Treatment and refining charges (7) —  (0.97) (0.02) (0.07) Net $ 3,498  $ 4.89  $ 38.92  $ 0.87  $ 1.23  ____________________________ (1)Amounts reported in millions except gold ounces, which are reported in thousands. (2)The Company sold 134 thousand tonnes of copper, 95 thousand tonnes of lead, and 246 thousand tonnes of zinc. (3)Per ounce/pound measures may not recalculate due to rounding. Year Ended December 31, 2024 Gold Copper Silver Lead Zinc (ounces) (pounds) (ounces) (pounds) (pounds) Consolidated sales: Gross before provisional pricing and streaming impact $ 15,701  $ 1,377  $ 724  $ 200  $ 691  Provisional pricing mark-to-market 105  —  14  (2) 8  Silver streaming amortization —  —  91  —  —  Gross after provisional pricing and streaming impact 15,806  1,377  829  198  699  Treatment and refining charges (60) (50) (37) (3) (77) Net $ 15,746  $ 1,327  $ 792  $ 195  $ 622  Consolidated ounces/pounds sold (1)(2) 6,539  332  33  213  545  Average realized price (per ounce/pound): (3) Gross before provisional pricing and streaming impact $ 2,401  $ 4.15  $ 22.05  $ 0.94  $ 1.27  Provisional pricing mark-to-market 16  —  0.42  (0.01) 0.02  Silver streaming amortization —  —  2.79  —  —  Gross after provisional pricing and streaming impact 2,417  4.15  25.26  0.93  1.29  Treatment and refining charges (9) (0.15) (1.13) (0.02) (0.15) Net $ 2,408  $ 4.00  $ 24.13  $ 0.91  $ 1.14  ____________________________ (1)Amounts reported in millions except gold ounces, which are reported in thousands. 91 Table of Contents (2)The Company sold 150 thousand tonnes of copper, 97 thousand tonnes of lead, and 247 thousand tonnes of zinc. (3)Per ounce/pounds measures may not recalculate due to rounding. Year Ended December 31, 2023 Gold Copper Silver Lead Zinc (ounces) (pounds) (ounces) (pounds) (pounds) Consolidated sales: Gross before provisional pricing and streaming impact $ 10,605  $ 601  $ 312  $ 103  $ 281  Provisional pricing mark-to-market 34  15  7  (4) (15) Silver streaming amortization —  —  42  —  —  Gross after provisional pricing and streaming impact 10,639  616  361  99  266  Treatment and refining charges (46) (41) (26) (3) (53) Net $ 10,593  $ 575  $ 335  $ 96  $ 213  Consolidated ounces/pounds sold (1)(2) 5,420  155  17  107  222  Average realized price (per ounce/pound): (3) Gross before provisional pricing and streaming impact $ 1,957  $ 3.87  $ 18.53  $ 0.96  $ 1.27  Provisional pricing mark-to-market 6  0.10  0.44  (0.03) (0.07) Silver streaming amortization —  —  2.56  —  —  Gross after provisional pricing and streaming impact 1,963  3.97  21.53  0.93  1.20  Treatment and refining charges (9) (0.26) (1.56) (0.03) (0.24) Net $ 1,954  $ 3.71  $ 19.97  $ 0.90  $ 0.96  ____________________________ (1)Amounts reported in millions except gold ounces, which are reported in thousands. (2)The Company sold 71 thousand tonnes of copper, 49 thousand tonnes of lead, and 101 thousand tonnes of zinc. (3)Per ounce/pound measures may not recalculate due to rounding. The change in consolidated Sales is due to: Year Ended December 31, 2025 vs. 2024 (1) Gold Copper Silver Lead Zinc (ounces) (pounds) (ounces) (pounds) (pounds) Increase (decrease) in average realized price $ 6,001  $ 217  $ 406  $ (8) $ 7  Increase (decrease) in consolidated ounces/pounds sold (2,466) (155) (128) (3) (4) Decrease (increase) in treatment and refining charges 23  49  10  (1) 39  $ 3,558  $ 111  $ 288  $ (12) $ 42  Year Ended December 31, 2024 vs. 2023 (2) Gold Copper Silver Lead Zinc (ounces) (pounds) (ounces) (pounds) (pounds) Increase (decrease) in consolidated ounces/pounds sold $ 2,197  $ 698  $ 346  $ 98  $ 387  Increase (decrease) in average realized price 2,970  63  122  1  46  Decrease (increase) in treatment and refining charges (14) (9) (11) —  (24) $ 5,153  $ 752  $ 457  $ 99  $ 409  ____________________________ (1)Included in the change in Sales is the impact relating to the divested sites which resulted in a decrease of $2,254 for the year ended 2025 compared to 2024. (2)Included in the change in Sales is the impact attributable to the sites acquired in the Newcrest acquisition which resulted in an increase of $3,593 for the year ended 2024 compared to 2023. For discussion regarding drivers impacting sales volumes by site, refer to Results of Consolidated Operations below. 92 Table of Contents The details of our Costs applicable to sales are set forth below. Year Ended December 31, Increase (decrease) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Gold $ 6,615  $ 7,364  $ 5,689  $ (749) $ 1,675  Copper 597  696  359  (99) 337  Silver 334  360  300  (26) 60  Lead 116  116  98  —  18  Zinc 423  427  253  (4) 174  $ 8,085  $ 8,963  $ 6,699  $ (878) $ 2,264  The decrease in Costs applicable to sales during the year ended December 31, 2025, compared to the same period in 2024, is primarily due to the impact of the divested sites, which resulted in a decrease of $1,370. Excluding the impact of divestitures, Costs applicable to sales increased during the year ended December 31, 2025, compared to the same period in 2024, primarily due to higher mining and milling costs at NGM and Brucejack, higher government royalties largely at Ahafo South, and higher worker's participation costs at Peñasquito and Yanacocha. For discussion regarding other significant drivers impacting Costs applicable to sales by site, refer to Results of Consolidated Operations below. The Company uses both straight-line and UOP methods of depreciation. Depreciation and amortization will vary as a result of fluctuations in sales volumes and depreciation rates utilized at our mining sites. The details of our Depreciation and amortization are set forth below. Refer to Note 4 to the Consolidated Financial Statements for additional information. Year Ended December 31, Increase (decrease) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Gold $ 1,924  $ 1,918  $ 1,730  $ 6  $ 188  Copper 194  217  53  (23) 164  Silver 131  159  134  (28) 25  Lead 46  52  45  (6) 7  Zinc 152  162  105  (10) 57  Other 74  68  41  6  27  $ 2,521  $ 2,576  $ 2,108  $ (55) $ 468  The decrease in Depreciation and amortization during the year ended December 31, 2025, compared to the same period in 2024, is primarily due to the impact of divested sites, which contributed $156 to the decrease in Depreciation and amortization. Excluding the impact of divested sites, Depreciation and amortization was in line with the same period in 2024. For discussion regarding other significant drivers impacting Depreciation and amortization by site, refer to Results of Consolidated Operations below. Exploration was $243, $266 and $265 for the years ended December 31, 2025, 2024, and 2023, respectively. Exploration decreased in 2025, compared to 2024, primarily due to a reduction in exploration spend due to the impact of divested sites. Advanced projects, research and development was $166, $197 and $200 for the years ended December 31, 2025, 2024, and 2023, respectively. Advanced projects, research and development decreased in 2025, compared to 2024, primarily due to the discontinuation of certain studies and lower consulting costs. General and administrative was $382, $442, and $299 for the years ended December 31, 2025, 2024, and 2023, respectively. General and administrative decreased in 2025, compared to 2024, primarily due to lower salaries and benefits resulting from a strategic plan committed by management in the third quarter of 2025 to streamline organization structure and reduce the Company's workforce, lower consulting costs, and lower charges resulting from the Newcrest transaction. The strategic plan was designed to reduce operating costs and advance the Company’s ongoing commitment to profitability and included streamlining the Company’s organizational structure, a reduction in workforce, and a reduction in office space in certain markets. Refer to Note 8 of the Consolidated Financial Statements for further information. Interest expense, net of capitalized interest was $229, $375, and $243 for the years ended December 31, 2025, 2024, and 2023, respectively. Capitalized interest totaled $144, $114, and $89 in each year, respectively. Interest expense, net of capitalized interest decreased in 2025, compared to 2024, as a result of the reduction in debt which was driven by a $2 billion debt tender for the partial redemption of certain senior notes, the full redemption of certain other senior notes, and an increase in capitalized interest. 93 Table of Contents Income and mining tax expense (benefit) was $4,596, $1,397, and $526 for the years ended December 31, 2025, 2024 and 2023, 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 United States dollar and foreign currencies; (vii) changes in permanent reinvestment assertions for Papua New Guinea and Ghana and (viii) 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 10 to the Consolidated Financial Statements for further discussion of income taxes. Year Ended December 31, 2025 2024 Income (Loss) (1) Effective Tax Rate Income Tax (Benefit) Provision Income (Loss) (1) Effective Tax Rate Income Tax (Benefit) Provision Nevada $ 1,722  21  % $ 360  $ 733  18  % $ 133  CC&V (161) 30  % (48) 88  13  % 11  Corporate and Other (2) (34) 174  % (59) (285) (37) % 106  Total US 1,527  17  % 253  536  47  % 250  Argentina 102  (1) % (1) —  —  % 35  Australia 3,383  33  % 1,101  1,741  34  % 596  Canada 1,067  46  % 489  (171) 138  % (236) Ghana 2,071  41  % 848  998  35  % 348  Mexico 1,492  41  % 609  601  19  % 112  Papua New Guinea 974  74  % 723  441  32  % 140  Peru 455  107  % 485  346  37  % 129  Suriname 290  26  % 75  82  17  % 14  Other Foreign (19) (74) % 14  3  300  % 9  Consolidated (2) $ 11,342  40  % $ 4,596  $ 4,577  31  % $ 1,397  ____________________________ (1)Represents income (loss) from continuing operations by geographic location before income taxes and equity in affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 to the Consolidated Financial Statements. (2)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate. Other On July 4, 2025, the One Big Beautiful Bill Act H.R. 1 was signed into law in the U.S. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company does not anticipate the bill will have a material impact on the financial statements. In 2024, Pillar II went into effect. The Pillar II agreement was signed by numerous countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. On January 5, 2026, the Organization for Economic Cooperation and Development released Administrative Guidance containing two Pillar II safe harbours under the new Side-by-side ("SbS") System. The Company is still examining the applicability of the new guidance to Newmont, but at this time, believes the new SbS Safe Harbour exempts the Company from Pillar II. Refer to the Notes to the Consolidated Financial Statements for explanations of other financial statement line items. Results of Consolidated Operations Newmont has developed gold equivalent ounce (“GEO”) metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead and zinc. 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, using the metal prices in the table below: Gold Copper Silver Lead Zinc (ounce) (pound) (ounce) (pound) (pound) 2025 GEO Price (1)(2) $ 1,700  $ 3.50  $ 20.00  $ 0.90  $ 1.20  2024 GEO Price $ 1,400  $ 3.50  $ 20.00  $ 1.00  $ 1.20  2023 GEO Price $ 1,400  $ 3.50  $ 20.00  $ 1.00  $ 1.20  ____________________________ (1)Effective January 1 2025, the Company updated the metal prices utilized for the GEO calculation. Utilizing the updated 2025 pricing resulted in 317 thousand and 320 thousand fewer calculated "gold equivalent ounces - other metals" produced and sold, respectively, than would have been calculated using the 2024 pricing for the year ended December 31, 2025. 94 Table of Contents (2)Effective January 1, 2026, the GEO calculation was updated to use the following metal price assumptions: Gold ($4,000/oz), Copper ($5.00/lb.), Silver ($50.00/oz), Lead ($0.90/lb.), and Zinc ($1.30/lb.). This update to the GEO calculation will have an impact on the calculated gold equivalent ounces, and will impact how costs are allocated to the respective GEOs, particularly resulting in higher costs allocated to gold. Utilizing the updated 2026 pricing would have resulted in 479 and 487 fewer calculated "gold equivalent ounces - other metals" produced and sold, respectively, than was calculated using the 2025 pricing for the year ended December 31, 2025. Gold or Other Metals Produced Costs Applicable to Sales (1) Depreciation and Amortization All-In Sustaining Costs (2) Year Ended December 31, 2025 2024 2023 2025 2024 2023 2025 2024 2023 2025 2024 2023 Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold) Lihir (3) 585  614  134  $ 1,297  $ 1,270  $ 1,117  $ 322  $ 270  $ 153  $ 1,607  $ 1,512  $ 1,517  Cadia (3) 385  464  97  $ 845  $ 653  $ 1,079  $ 324  $ 263  $ 130  $ 1,253  $ 1,048  $ 1,271  Tanami 391  408  448  $ 1,114  $ 947  $ 759  $ 323  $ 300  $ 249  $ 1,716  $ 1,281  $ 1,060  Boddington 565  590  745  $ 1,244  $ 1,056  $ 847  $ 233  $ 193  $ 144  $ 1,514  $ 1,288  $ 1,067  Ahafo South 664  798  581  $ 1,227  $ 904  $ 947  $ 276  $ 270  $ 312  $ 1,494  $ 1,072  $ 1,222  Ahafo North (4) 70  —  —  $ 532  $ —  $ —  $ 168  $ —  $ —  $ 696  $ —  $ —  Merian 237  274  322  $ 1,562  $ 1,457  $ 1,207  $ 317  $ 305  $ 256  $ 1,921  $ 1,852  $ 1,541  Cerro Negro (5) 202  238  269  $ 1,594  $ 1,325  $ 1,257  $ 633  $ 521  $ 524  $ 2,220  $ 1,631  $ 1,509  Yanacocha 515  354  276  $ 795  $ 1,003  $ 1,069  $ 218  $ 279  $ 310  $ 964  $ 1,196  $ 1,266  Peñasquito 415  299  143  $ 922  $ 776  $ 1,219  $ 382  $ 355  $ 516  $ 1,120  $ 984  $ 1,590  Red Chris (3) 62  40  5  $ 1,358  $ 1,225  $ 905  $ 399  $ 367  $ 298  $ 1,750  $ 1,607  $ 1,439  Brucejack (3) 231  258  29  $ 1,465  $ 1,254  $ 1,898  $ 775  $ 691  $ 617  $ 2,020  $ 1,603  $ 2,646  NGM 999  1,039  1,170  $ 1,334  $ 1,219  $ 1,070  $ 475  $ 413  $ 387  $ 1,629  $ 1,605  $ 1,397  Divested (6) CC&V 28  146  172  $ 1,397  $ 1,390  $ 1,156  $ 62  $ 90  $ 136  $ 1,684  $ 1,691  $ 1,644  Musselwhite 33  212  180  $ 1,040  $ 1,045  $ 1,186  $ —  $ 86  $ 444  $ 1,531  $ 1,541  $ 1,843  Porcupine 55  284  260  $ 1,300  $ 1,097  $ 1,167  $ 19  $ 127  $ 455  $ 1,810  $ 1,437  $ 1,577  Éléonore 50  240  232  $ 1,104  $ 1,339  $ 1,263  $ —  $ 88  $ 433  $ 1,403  $ 1,811  $ 1,838  Akyem 43  204  295  $ 2,358  $ 1,596  $ 931  $ 62  $ 271  $ 413  $ 2,664  $ 1,816  $ 1,210  Telfer (3)(7) —  83  43  $ —  $ 2,377  $ 1,882  $ —  $ 142  $ 87  $ —  $ 2,993  $ 1,988  Total/Weighted Average (8) 5,530  6,545  5,401  $ 1,199  $ 1,126  $ 1,050  $ 362  $ 304  $ 327  $ 1,609  $ 1,516  $ 1,444  Merian (25%) (59) (69) (80) Attributable to Newmont 5,471  6,476  5,321  Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold) Cadia (3)(9) 372  478  90  $ 812  $ 603  $ 1,017  $ 326  $ 263  $ 127  $ 1,230  $ 987  $ 1,342  Boddington (10) 109  206  245  $ 1,165  $ 994  $ 830  $ 223  $ 189  $ 144  $ 1,397  $ 1,172  $ 1,067  Peñasquito (11) 799  1,102  529  $ 1,066  $ 831  $ 1,283  $ 402  $ 343  $ 561  $ 1,318  $ 1,090  $ 1,756  Red Chris(3)(12) 129  144  20  $ 1,341  $ 1,209  $ 1,020  $ 399  $ 366  $ 181  $ 1,692  $ 1,640  $ 1,660  Divested (6) Telfer (3)(7)(13) —  14  7  $ —  $ 2,398  $ 1,703  $ —  $ 161  $ 109  $ —  $ 2,885  $ 2,580  Total/Weighted-Average (8) 1,409  1,944  891  $ 1,032  $ 834  $ 1,127  $ 368  $ 307  $ 378  $ 1,392  $ 1,161  $ 1,579  Copper (tonnes in thousands) Cadia (3)(9) 82  87  16  Boddington (10) 24  37  44  Red Chris (3)(12) 29  26  4  Divested (6) Telfer (3)(7)(13) —  3  1  Total/Weighted-Average 135  153  65  Lead (tonnes in thousands) Peñasquito (11) 98  96  51  Zinc (tonnes in thousands) Peñasquito (11) 231  258  104  Attributable gold from equity method investments (14) (ounces in thousands) Pueblo Viejo (40%) 253  235  224  95 Table of Contents Fruta del Norte (32%) (3)(15) 165  138  —  Attributable to Newmont 418  373  224  ____________________________ (1)Excludes Depreciation and amortization and Reclamation and remediation. (2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures below. (3)Sites acquired through the Newcrest transaction during the fourth quarter of 2023. Refer to Note 3 to the Consolidated Financial Statements for further information on the Newcrest transaction. (4)In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. As such, the comparative results of operations information is not meaningful. Refer to Note 4 to the Consolidated Financial Statements for further information. (5)During the first quarter of 2025, mining and processing operations at the site were temporarily suspended due to safety events (the "Cerro Negro shutdowns"). Full operations resumed in April 2025. In the second quarter of 2024, the Company suspended operations at Cerro Negro to conduct a full investigation into the tragic fatalities of two members of the Newmont workforce on April 9, 2024. The site ramped up to full operations in June 2024. (6)These sites were classified as held for sale beginning in the first quarter of 2024, and as such, the Company ceased recording depreciation and amortization in March 2024. Telfer was divested at December 31, 2024. All other sites previously classified as held for sale were divested at December 31, 2025. As a result, the comparative results of these operations are not meaningful. Refer to Note 3 of the Consolidated Financial Statements for further information. (7)During the second quarter of 2024, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we temporarily ceased placing new tailings on the facility. Production resumed at the end of the third quarter of 2024. During the fourth quarter of 2024, we recognized a benefit of $50 related to business insurance proceeds as a result of the event, recorded in Costs applicable to sales. (8)All-in sustaining costs and Depreciation and amortization include expense for Corporate and Other. (9)For the years ended December 31, 2025, 2024 and 2023, Cadia produced 180 million, 191 million, and 36 million pounds of copper, respectively. (10)For the years ended December 31, 2025, 2024 and 2023, Boddington produced 53 million, 83 million and 98 million pounds of copper, respectively. (11)For the year ended December 31, 2025, Peñasquito produced 28 million ounces of silver, 216 million pounds of lead and 509 million pounds of zinc. For the year ended December 31, 2024, Peñasquito produced 33 million ounces of silver, 212 million pounds of lead and 569 million pounds of zinc. For the year ended December 31, 2023, Peñasquito produced 18 million ounces of silver, 113 million pounds of lead and 230 million pounds of zinc. (12)For the years ended December 31, 2025, 2024 and 2023, Red Chris produced 63 million, 58 million, and 8 million pounds of copper, respectively. (13)For the years ended December 31, 2024 and 2023, Telfer produced 6 million and 3 million pounds of copper, respectively. (14)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 15 to the Consolidated Financial Statements for further discussion of our equity method investments. (15)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, and is accounted for as an equity method investment on a quarter lag. Due to the quarter lag, comparative results of operations are not meaningful for the year ended December 31, 2025. Year ended December 31, 2025 compared to 2024 Lihir, Papua New Guinea. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce increased 19% primarily due to higher non-cash inventory costs per unit from ore processed from stockpiles and lower gold ounces sold. All-in sustaining costs per gold ounce increased 6% primarily due to higher sustaining capital spend per gold ounce. Cadia, Australia. Gold production decreased 17% primarily due to lower ore grade milled. Gold equivalent ounces – other metals production decreased 22% primarily as a result of the change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 16%, as well as lower other metals produced of 6% as a result of lower ore grade milled. Costs applicable to sales per gold ounce increased 29% primarily due to lower gold ounces sold, higher government royalties, and higher allocation of direct costs to gold as a result of the GEO price change, partially offset by higher by-product credits. Costs applicable to sales per gold equivalent ounce – other metals sold increased 35% primarily due to lower gold equivalent ounces - other metals sold and higher government royalties, partially offset by lower allocation of direct costs to gold equivalent ounces - other metals as a result of the GEO price change and higher by-product credits. Depreciation and amortization per gold ounce increased 23% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 24% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 20% primarily due to higher costs applicable to sales per gold ounce, partially offset by lower treatment and refining costs. All-in sustaining costs per gold equivalent ounce – other metals increased 25% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower treatment and refining costs. Tanami, Australia. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 18% primarily due to higher underground mining costs as a result of increased development, higher third party royalties, and lower gold ounces sold. Depreciation and amortization per gold ounce increased 8% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 34% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold ounce. Boddington, Australia. Gold production was generally in line with the prior year. Gold equivalent ounces – other metals production decreased 47% primarily due to lower other metals produced of 36% from lower ore grade milled, as well as the change in 96 Table of Contents GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 11%. Costs applicable to sales per gold ounce increased 18% primarily due to higher allocation of direct costs to gold as a result of the GEO price change and higher government royalties. Costs applicable to sales per gold equivalent ounce – other metals increased 17% primarily due to lower gold equivalent ounces - other metals sold and higher government royalties, partially offset by lower allocation of direct costs to gold equivalent ounces - other metals as a result of the GEO price change. Depreciation and amortization per gold ounce increased 21% primarily due to higher allocation of costs to gold as a result of the GEO price change. Depreciation and amortization per gold equivalent ounce - other metals increased 18% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower depreciation rates as a result of lower gold equivalent ounces - other metals mined. All-in sustaining costs per gold ounce increased 18% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend, partially offset by lower treatment and refining costs. All-in sustaining costs per gold equivalent ounce – other metals increased 19% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower treatment and refining costs. Ahafo South, Ghana. Gold production decreased 17% primarily due to lower ore grade milled, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 36% primarily due to higher government royalties, higher community development costs, and lower gold ounces sold, partially offset by a buildup of stockpile inventory compared to a draw down in the prior year. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce increased 39% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend. Merian, Suriname. Gold production decreased 14% primarily due to lower mill throughput and a buildup of in-circuit inventory compared to a drawdown in the prior year. Costs applicable to sales per gold ounce increased 7% primarily due to lower gold ounces sold and higher government royalties, partially offset by lower labor costs and lower contracted services costs. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce were generally in line with the prior year. Cerro Negro, Argentina. Gold production decreased 15% primarily due to lower ore grade milled as a result of mine sequencing and lower mill throughput as a result of the Cerro Negro shutdowns. Costs applicable to sales per gold ounce increased 20% primarily due to lower gold ounces sold, higher labor costs, and higher government royalties, partially offset by higher by-product credits, lower inventory write-downs in the current year compared to the prior year, and lower contracted services costs. Depreciation and amortization per gold ounce increased 21% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 36% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold ounce. Yanacocha, Peru. Gold production increased 45% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce decreased 21% primarily due to higher gold ounces sold, higher buildup of leach pad inventory in the current year compared to in the prior year, and higher by-product credits, partially offset by higher workers participation costs and higher third-party royalties. Depreciation and amortization per gold ounce decreased 22% primarily due to higher gold ounces sold, partially offset by higher depreciation rates in the current year as a result of higher ounces mined. All-in sustaining costs per gold ounce decreased 19% primarily due to lower costs applicable to sales per gold ounce and lower sustaining capital spend, partially offset by higher other expense related to a Yanacocha discharge event during the second quarter of 2025 that impacted canals supporting the surrounding community. The event was contained as of June 30, 2025. Peñasquito, Mexico. Gold production increased 39% primarily due to higher ore grade milled as a result of mine sequencing, higher mill recovery, and higher mill throughput. Gold equivalent ounces – other metals production decreased 27% primarily as a result of a change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 16%, as well as lower other metals produced of 11% as a result of lower ore grade milled due to mine sequencing. Costs applicable to sales per gold ounce increased 19% primarily due to higher allocation of direct costs to gold as a result of the GEO price change, higher workers participation costs, and higher third party and government royalties, partially offset by higher gold ounces sold and higher by-product credits. Costs applicable to sales per gold equivalent ounce – other metals increased 28% primarily due to lower gold equivalent ounces - other metals sold, higher workers participation costs and higher third party and government royalties, partially offset by lower allocation of direct costs to gold equivalent ounces - other metals as a result of the GEO price change and higher by-product credits. Depreciation and amortization per gold ounce increased 8% primarily due to higher allocation of costs to gold as a result of the GEO price change, partially offset by higher gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 17% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower allocation of costs to gold equivalent ounces - other metals as a result of the GEO price change. All-in sustaining costs per gold ounce increased 14% primarily due to higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 21% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower treatment and refining costs. Red Chris, Canada. Gold production increased 55% primarily due to higher ore grade milled. Gold equivalent ounces - other metals production decreased 10% as a result of the change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 19%, partially offset by higher other metals produced of 9% as a result of higher ore grade milled. Costs applicable to sales per gold ounce increased 11% primarily due to higher allocation of direct costs to gold as a result of the GEO price change, partially offset by higher gold ounces sold and lower inventory write-downs in the current year compared to the prior year. Costs applicable to sales per gold equivalent ounce – other metals sold increased 11% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower allocation of direct costs to gold equivalent ounces - other 97 Table of Contents metals as a result of the GEO price change, and lower inventory write-downs in the current year compared to the prior year. Depreciation and amortization per gold ounce increased 9% primarily due to higher depreciation rates as a result of higher gold ounces mined, partially offset by higher gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 9% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 9% primarily due to higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals were generally in line with the prior year. Brucejack, Canada. Gold production decreased 10% primarily due to lower ore grade milled and higher buildup of in-circuit inventory in the current year, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 17% primarily due to lower gold ounces sold and higher labor costs, partially offset by higher by-product credits. Depreciation and amortization per gold ounce increased 12% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 26% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend. NGM, U.S. Attributable gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 9% primarily due to lower gold ounces sold coupled with higher mining and processing costs at Carlin, partially offset by higher gold ounces sold at Turquoise Ridge. Depreciation and amortization per gold ounce increased 15% primarily due to higher amortization rates and lower gold ounces sold at Carlin, partially offset by higher gold ounces sold at Turquoise Ridge. All-in sustaining costs per gold ounce were generally in line with the prior year. Pueblo Viejo, Dominican Republic. Attributable gold production increased 8% primarily due to higher mill throughput, partially offset by lower mill recovery. Refer to Note 15 of the Consolidated Financial Statements for further discussion of our equity method investments. Foreign Currency Exchange Rates Our foreign operations sell their gold, copper, silver, lead, and zinc production based on USD metal prices. Therefore, fluctuations in foreign currency exchange rates do not have a material impact on our revenue. Despite selling gold and silver in London, we have no exposure to the euro or the British pound. Foreign currency exchange rates can increase or decrease profits to the extent costs are paid in foreign currencies. In 2025, approximately 59% of Costs applicable to sales were paid in currencies other than the U.S. dollar as follows: Year Ended December 31, 2025 Australian Dollar 27  % Canadian Dollar 9  % Mexican Peso 8  % Papua New Guinean Kina 6  % Argentine Peso 4  % Surinamese Dollar 3  % Peruvian Sol 2  % Ghanaian Cedi —  % Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to sales at sites by $190 during the year ended December 31, 2025, compared to the same period in 2024. The decrease was primarily due to significant currency devaluation of the Argentine peso as well as devaluation of the Mexican peso. At December 31, 2025, the Company held AUD- and CAD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures to be incurred between October 2024 and December 2026 at certain sites, respectively. The unrealized changes in fair value for the fixed forward contracts are recorded in Accumulated other comprehensive income (loss) and will be reclassified to earnings through Costs applicable to sales beginning October 2024. Refer to Note 14 of the Consolidated Financial Statements for further information on our hedging instruments. Hyperinflationary Economies Hyperinflationary economies are defined by the International Monetary Fund as economies in which the projected three-year cumulative inflation exceeds 100%. For the year ended December 31, 2025, Argentina was the only hyperinflationary economy in which the Company held operations. Argentina. Our Cerro Negro mine is located in Argentina and is a USD functional currency entity. Beginning in 2020, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert USD proceeds from metal sales to local currency within 60 days from shipment date or 20 business days from receipt of cash, whichever happens first, as well as restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies and royalties and other payments to foreign beneficiaries. These 98 Table of Contents restrictions directly impact Cerro Negro's ability to repay intercompany debt to the Company. In the third quarter of 2024, certain restrictions were lifted or modified, allowing companies to repay intercompany debt in certain circumstances. In April 2025, the IMF Executive Board approved a 48-month, $20 billion extended arrangement under the Extended Fund Facility for Argentina. Within the program objectives, the IMF expressly mentions transitioning toward exchange rate flexibility, while gradually lifting foreign currency restrictions. The new exchange rate regime allows the Argentine peso to float within a moving band of 1,000 to 1,400 pesos per USD, expanding by 1% monthly at both limits. From January 1, 2026, the floating exchange rate regime between bands will remain in effect, and the monthly rate of adjustment of the upper and lower limits of the exchange rate band will be determined according to the latest monthly inflation data reported by INDEC. The central bank can intervene if the band is breached and may operate in secondary peso markets within the band. This managed float led to an immediate devaluation of the Argentine Peso. Further, a series of foreign currency restrictions have been lifted, including allowing companies to transfer to their foreign shareholders profits and dividends corresponding to fiscal years that began on or after January 1, 2025, provided applicable requirements are met. We continue to monitor the foreign currency exposure risk and the evolution of currency controls, which are currently not expected to have a material impact on our financial statements. Liquidity and Capital Resources Liquidity Overview We have a disciplined capital allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our stockholders. The Company continues to experience the impacts from geopolitical and macroeconomic pressures. With the resulting volatile environment, we continue to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions, as well as an uncertain and evolving labor market including tariff and regulatory changes. Depending on the duration and extent of the impact of these events, or changes in commodity prices, the prices for gold and other metals, and foreign exchange rates, we could continue to experience volatility; transportation industry disruptions could occur, including limitations on shipping produced metals; our supply chain could experience disruption; cost inflation rates could further increase; or we could incur credit related losses of certain financial assets, which could materially impact our results of operations, cash flows and financial condition. As of December 31, 2025, we believe our available liquidity allows us to manage the short- and, possibly, long-term material adverse impacts of these events on our business. Refer to Note 2 to the Consolidated Financial Statements for further discussion on risks and uncertainties. At December 31, 2025, the Company had $7,647 in Cash and cash equivalents. The majority of our cash and cash equivalents are invested in a variety of highly liquid and low-risk investments with original maturities of three months or less that are available to fund our operations as necessary. We may have investments in prime money market funds that are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could have a net asset value of less than their par value. We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities. At December 31, 2025, $2,347 of Cash and cash equivalents was held in foreign subsidiaries and is primarily held in USD denominated accounts with the remainder in foreign currencies readily convertible to USD. Cash and cash equivalents denominated in Argentine peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates above for further information. At December 31, 2025, $2,078 of consolidated Cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with any potential withholding taxes. We believe our existing consolidated Cash and cash equivalents, available capacity on our revolving credit facility, and cash generated from continuing operations will be adequate to satisfy working capital needs, fund future growth, meet debt obligations and meet other liquidity requirements for the foreseeable future. At December 31, 2025, our borrowing capacity on our revolving credit facility was $4,000 and we had no borrowings outstanding. We continue to remain compliant with covenants and do not currently anticipate any events or circumstances that would impact our ability to access funds available on this facility. Refer to Note 20 to the Consolidated Financial Statements for further information on our Debt. 99 Table of Contents Our financial position was as follows: At December 31, 2025 At December 31, 2024 Cash and cash equivalents $ 7,647  $ 3,619  Cash and cash equivalents included in assets held for sale (1) —  45  Available borrowing capacity on revolving credit facilities 4,000  4,000  Total liquidity $ 11,647  $ 7,664  Net debt (cash) (2) $ (2,058) $ 5,308  ____________________________ (1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related Cash and cash equivalents was reclassified to Assets held for sale. At December 31, 2025, no amounts relating to Cash and cash equivalents and restricted cash remained in Assets held for sale. Refer to Note 3 to the Consolidated Financial Statements for additional information. (2)Net debt is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures, below. Cash Flows Year Ended December 31, 2025 2024 Net cash provided by (used in) operating activities of continuing operations $ 10,334  $ 6,318  Net cash provided by (used in) investing activities of continuing operations $ 606  $ (2,855) Net cash provided by (used in) financing activities $ (7,040) $ (2,953) Net cash provided by (used in) operating activities of continuing operations had an increase in cash provided of $4,016 during the year ended December 31, 2025 compared to the same period in 2024, primarily due to the net increase in Sales largely resulting from higher average realized gold prices in 2025, partially offset by higher cash tax payments which is directly correlated to the increase in pre-tax income driven by the higher average realized gold prices. Refer to Consolidated Financial Results, above, for more information on Sales, and Note 10 to the Consolidated Financial Statements for more information on Income and mining tax benefit (expense). Net cash provided by (used in) investing activities of continuing operations had an increase in cash provided of $3,461 during the year ended December 31, 2025 compared to the same period in 2024, primarily due to the sales of non-core assets in 2025, including net proceeds received of $2,811 and a reduction in capital expenditures of $405 as a result of the divestments, as well as an increase in proceeds received from the sale of investments. Refer to Notes 3 to the Consolidated Financial Statements for additional information. Net cash provided by (used in) financing activities had an increase in cash used of $4,087 during the year ended December 31, 2025 compared to the same period in 2024, primarily due to higher redemptions of debt and repurchases of common stock in 2025. Refer to Note 20 to the Consolidated Financial Statements for additional information on our Debt transactions. Capital Resources In February 2026, the Board declared a dividend of $0.26 per share as part of its updated capital allocation framework. This new framework is designed to be sustainable through the commodity cycle while also focusing on return of capital to shareholders, maintaining a resilient balance sheet, and making prudent capital investments for long-term value. The declaration and payment of future dividends remains at the full discretion of the Board and will depend on the Company’s financial results, cash requirements, future prospects and other factors deemed relevant by the Board. In February 2024, the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to provide returns to stockholders, provided that the aggregate value of shares of common stock repurchased under the new program does not exceed $1 billion; this program has been completed. In October 2024, the Board of Directors authorized an additional $2 billion stock repurchase program to repurchase shares of outstanding common stock; this program has been completed. In July 2025, the Board of Directors authorized an additional $3 billion stock repurchase program to repurchase shares of outstanding common stock. The program will be executed at the Company’s discretion, permits shares to be repurchased under a variety of methods, has no expiration date, may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future. Through the date of filing, we have executed and settled total trades of common stock repurchases under the previously authorized programs of $3,624, of which $2,303 was repurchased during the year ended December 31, 2025. 100 Table of Contents Capital Expenditures Cash generated from operations is used to execute our capital priorities, which include sustaining and developing our global portfolio of long-lived assets. Our near-term development capital projects include Tanami Expansion 2 and Cadia Panel Caves. These projects are being funded from existing liquidity and will continue to be funded from future operating cash flows. Capital costs are estimated to be between $1,700 and $1,800 for Tanami Expansion 2 with an expected commercial production date in the second half of 2027. Capital costs are estimated to be between $2,000 and $2,400 for the PC 2-3 and PC1-2 Cadia Panel Caves project with development capital costs expected to continue until 2029. We consider sustaining capital as those capital expenditures that are necessary to maintain current production and execute the current mine plan. Capital expenditures to develop new operations or related to projects at existing operations, where these projects will enhance production or reserves, are considered non-sustaining or development capital. The Company’s decision to reprioritize, sell or abandon a development project, which may include returning mining concessions to host governments, could result in a future impairment charge. The Company continues to evaluate strategic priorities and deployment of capital to projects in the pipeline to ensure we execute on our capital priorities and provide long-term value to stockholders. Included in the Company's continuous evaluation is consideration of current market opportunities or pressures. Refer to Note 2 to the Consolidated Financial Statements for further discussion. The Company had Additions to property, plant and mine development as follows: Year Ended December 31, 2025 2024 2023 Development Projects Sustaining Capital Total Development Projects Sustaining Capital Total Development Projects Sustaining Capital Total Lihir $ 4  $ 144  $ 148  $ 89  $ 104  $ 193  $ 2  $ 51  $ 53  Cadia 294  303  597  246  291  537  42  33  75  Tanami 367  204  571  321  116  437  291  122  413  Boddington —  145  145  —  129  129  —  164  164  Ahafo South (1) 12  156  168  19  108  127  5  134  139  Ahafo North (1) 312  9  321  255  —  255  171  —  171  Merian —  58  58  —  81  81  —  84  84  Cerro Negro 39  111  150  125  61  186  107  55  162  Yanacocha 11  10  21  39  22  61  288  24  312  Peñasquito —  123  123  —  129  129  —  113  113  Red Chris 99  58  157  90  60  150  16  9  25  Brucejack —  104  104  3  67  70  1  21  22  NGM 146  241  387  97  351  448  138  334  472  Corporate and Other —  23  23  —  22  22  8  43  51  Divested (2) CC&V —  5  5  —  26  26  —  64  64  Musselwhite —  14  14  —  97  97  —  104  104  Porcupine 28  26  54  122  79  201  98  68  166  Éléonore —  12  12  —  100  100  —  106  106  Akyem —  9  9  1  23  24  3  37  40  Telfer —  —  —  12  39  51  1  8  9  Accrual basis $ 1,312  $ 1,755  $ 3,067  $ 1,419  $ 1,905  $ 3,324  $ 1,171  $ 1,574  $ 2,745  (Increase) decrease in non-cash adjustments (32) 78  (79) Cash basis  $ 3,035  $ 3,402  $ 2,666  ____________________________ (1)In the fourth quarter of 2025, the Ahafo North development project achieved commercial production resulting in designation 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. 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 Consolidated Financial Statements for information. (2)Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures. For the year ended December 31, 2025, development projects primarily included Tanami Expansion 2, Ahafo North, Cadia Panel Caves, Red Chris Block Cave, Cerro Negro expansions projects, and the Goldrush Complex at NGM. Development capital costs 101 Table of Contents (excluding capitalized interest and capitalized depreciation and amortization) on our Tanami Expansion 2, Ahafo North, and Cadia Panel Caves projects since approval were $1,304, $900, and $516, respectively, of which $284, $284, and $268 related to the year ended December 31, 2025, respectively. For the year ended December 31, 2024, development projects included Red Chris Block Caves, Pamour at Porcupine, Cerro Negro expansion projects, Yanacocha Sulfides, Tanami Expansion 2, Cadia Panel Caves, Phase 14A Wall construction at Lihir, Ahafo North, and Goldrush Complex at NGM. For the year ended December 31, 2023, development projects included Pamour at Porcupine, Cerro Negro expansion projects Yanacocha Sulfides, Tanami Expansion 2, Cadia Panel Caves, Ahafo North, and the TS Solar Plant and Goldrush Complex at NGM. The Company will from time to time enter into hedging relationships to mitigate variability in development capital spend denominated in foreign currency. The Company has entered into A$1,734 AUD-denominated fixed forward contracts, designated as foreign currency cash flow hedges, to mitigate variability in the USD functional cash flows related to the AUD-denominated capital expenditures related to the construction and development phase of the Tanami Expansion 2, Cadia Panel Caves, and Cadia Tailings projects expected to be incurred between October 2024 and December 2026. Refer to Note 14 to the Consolidated Financial Statements for further information. For the years ended December 31, 2025, 2024, and 2023, sustaining capital includes capital expenditures such as tailings facility construction, infrastructure improvements, underground and surface mine development, capital component purchases, mining equipment, and reserves drilling conversion. Additionally, for the year ended December 31, 2023, sustaining capital included haul truck purchases for the Autonomous Haulage System at Boddington. The Company currently expects to incur higher annual sustaining capital spend over the next few years at our ongoing operations relative to historical amounts as we continue to advance the critical tailings work at Cadia and Boddington and strengthen operating efficiency across our portfolio. Refer to Note 4 to our Consolidated Financial Statements and Non-GAAP Financial Measures, "All-In Sustaining Costs", below, for further information. Debt Debt and Corporate Revolving Credit Facilities. The Company from time to time will redeem its outstanding senior notes ahead of their scheduled maturity dates utilizing Cash and cash equivalents. Additionally, depending upon market conditions and strategic considerations, we may choose to refinance debt in the capital markets. We generally expect to be able to fund maturities of debt from Net cash provided by (used in) operating activities, existing cash balances, and available credit facilities. In 2025, the Company completed debt extinguishments comprised of (i) a $2 billion debt tender consisting of partial redemptions of certain senior notes, (ii) the full redemption of the outstanding 2026 Senior Notes, and (iii) the partial redemption of certain other senior notes through open market repurchases. As a result of these redemptions, the company recognized a loss on extinguishment of $101 for the year ended December 31, 2025, recognized in Other income (loss), net. Debt Covenants. Our senior notes and revolving credit facilities contain various covenants and default provisions including payment defaults, limitations on liens, leases, sales and leaseback agreements, merger restrictions, limiting the sale of all or substantially all of our assets, certain change of control provisions, and a negative pledge on certain assets. Additionally, the corporate revolving credit facility contains a financial ratio covenant requiring us to maintain a net debt (total debt net of Cash and cash equivalents) to total capitalization ratio of less than or equal to 62.50%. At December 31, 2025, we were in compliance with all existing debt covenants and provisions related to potential defaults. Letters of Credit and Other Guarantees. We have off-balance sheet arrangements of $1,943 of outstanding surety bonds, bank letters of credit and bank guarantees (refer to Note 24 to the Consolidated Financial Statements). At December 31, 2025, none of the $4,000 corporate revolving credit facility was used to secure the issuance of letters of credit. For further information on our Debt, refer to Note 20 to the Consolidated Financial Statements. Co-Issuer and Supplemental Guarantor Information. The Company filed a shelf registration statement with the SEC on Form S-3 under the Securities Act, of 1933, as amended, which enables us to issue an indeterminate number or amount of common stock, preferred stock, depository shares, debt securities, guarantees of debt securities, warrants and units (the “Shelf Registration Statement”). Under the Shelf Registration Statement, our debt securities may be guaranteed by Newmont USA Limited (“Newmont USA”), one of our consolidated subsidiaries. Newmont and Newcrest Finance, as issuers, and Newmont USA, as guarantor, are collectively referred to herein as the "Obligor Group." These guarantees are full and unconditional, and none of our other subsidiaries guarantee any security issued and outstanding. The cash provided by operations of the Obligor Group, and all of its subsidiaries, is available to satisfy debt repayments as they become due, and there are no material restrictions on the ability of the Obligor Group to obtain funds from subsidiaries by 102 Table of Contents dividend, loan, or otherwise, except to the extent of any rights, noncontrolling interests, foreign currency or regulatory restrictions limiting repatriation of cash. Net assets attributable to noncontrolling interests were $175 at December 31, 2025. All noncontrolling interests relate to non-guarantor subsidiaries. Newmont and Newmont USA are primarily holding companies with no material operations, sources of income or assets other than equity interest in their subsidiaries and intercompany receivables or payables. Newcrest Finance is a finance subsidiary with no material assets or operations other than those related to issued external debt. Newmont USA’s primary investments are comprised of its 38.5% interest in NGM. For further information regarding these and our other operations, refer to Note 4 to the Consolidated Financial Statements and Results of Consolidated Operations within Part II, Item 7, MD&A. In addition to equity interests in subsidiaries, the Obligor Group’s balance sheets consisted primarily of the following intercompany assets, intercompany liabilities, and external debt. The remaining assets and liabilities of the Obligor Group are considered immaterial at December 31, 2025. December 31, 2025 Obligor Group Newmont USA Current intercompany assets $ 24,979  $ 17,426  Non-current intercompany assets $ 770  $ 283  Current intercompany liabilities $ 28,983  $ 1,621  Non-current intercompany liabilities $ 49  $ —  Non-current external debt $ 5,108  $ —  Newmont USA's subsidiary guarantees (the “subsidiary guarantees”) are general unsecured senior obligations of Newmont USA and rank equal in right of payment to all of Newmont USA's existing and future senior unsecured indebtedness and senior in right of payment to all of Newmont USA's future subordinated indebtedness. The subsidiary guarantees are effectively junior to any secured indebtedness of Newmont USA to the extent of the value of the assets securing such indebtedness. At December 31, 2025, Newmont USA guaranteed $5,051 of the $5,108 in total Obligor Group external debt. Under the terms of the subsidiary guarantees, holders of Newmont’s securities subject to such subsidiary guarantees will not be required to exercise their remedies against Newmont before they proceed directly against Newmont USA. Newmont USA will be released and relieved from all its obligations under the subsidiary guarantees in certain specified circumstances, including, but not limited to, the following: •upon the sale or other disposition (including by way of consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power of the capital stock or other interests of Newmont USA (other than to Newmont or any of Newmont’s affiliates); •upon the sale or disposition of all or substantially all the assets of Newmont USA (other than to Newmont or any of Newmont’s affiliates); or •upon such time as Newmont USA ceases to guarantee more than $75 aggregate principal amount of Newmont’s debt (at December 31, 2025, Newmont USA guaranteed $517 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision). Newmont’s debt securities are effectively junior to any secured indebtedness of Newmont to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all debt and other liabilities of Newmont’s non-guarantor subsidiaries. At December 31, 2025, (i) Newmont’s total consolidated indebtedness was approximately $5,589, none of which was secured (other than $474 of Lease and other financing obligations), and (ii) Newmont’s non-guarantor subsidiaries had $9,133 of total liabilities (including trade payables, but excluding intercompany, external debt, and reclamation and remediation liabilities), which would have been structurally senior to Newmont’s debt securities. For further information on our Debt, refer to Note 20 to the Consolidated Financial Statements. 103 Table of Contents Contractual Obligations Our contractual obligations at December 31, 2025 are summarized as follows: Payments Due by Period Total Current Non-Current Debt (1) $ 8,242  $ 239  $ 8,003  Finance lease and other financing obligations (2) 608  119  489  Remediation and reclamation liabilities (3) 9,894  922  8,972  Uncertain income tax liabilities and interest (4) 128  —  128  Employee-related benefits (5) 1,207  432  775  Operating leases and other obligations (6) 123  33  90  Minimum royalty payments (7) 29  29  —  Purchase obligations (8) 836  380  456  Other 392  213  179  $ 21,459  $ 2,367  $ 19,092  ____________________________ (1)Debt includes principal of $5,343 on senior notes and estimated interest payments of $2,899 on senior notes, assuming no early extinguishment. (2)Finance lease and other financing obligations includes finance lease payments of $608. (3)Mining operations are subject to extensive environmental regulations in the jurisdictions in which they operate. Pursuant to environmental regulations, we are required to close our operations and reclaim and remediate the lands that operations have disturbed. The estimated undiscounted cash outflows of these Reclamation and remediation liabilities are reflected here. For more information regarding reclamation and remediation liabilities, refer to Note 6 to the Consolidated Financial Statements. (4)We are unable to reasonably estimate the timing of our uncertain income tax liabilities and interest payments due to uncertainties in the timing of the effective settlement of tax positions. (5)Contractual obligations for Employee-related benefits include severance, workers’ participation, pension and other benefit plans. Pension plan and other benefit payments beyond 2035 cannot be reasonably estimated given variable market conditions and actuarial assumptions and are not included. (6)Operating lease and other obligations includes operating lease payments of $123. (7)Minimum royalty payments are related to continuing operations and are presented net of recoverable amounts. (8)Purchase obligations are not recorded in the Consolidated Financial Statements. Purchase obligations represent contractual obligations for purchase of power, materials and supplies, consumables, inventories and capital projects. Environmental Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. We have made, and expect to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. We perform a comprehensive review of our reclamation and remediation liabilities annually and review changes in facts and circumstances associated with these obligations at least quarterly. Newmont is committed to the implementation of the GISTM and the disclosure of implementation status for tailings facilities. Conformance with the GISTM is on-going and has and may continue to result in further increases to our estimated sustaining costs and closure costs for existing operations and non-operating sites. Disclosures can be found on our website. Additionally, laws, regulations and permit requirements focused on water management and discharge requirements for operations and water treatment are becoming increasingly stringent. Compliance with water management and discharge quality remains dynamic and has and may continue to result in further increases to our estimated closure costs. At December 31, 2025 and 2024, $6,800 and $7,015, respectively, were accrued for reclamation costs relating to currently or recently producing or development stage mineral properties, of which $829 and $928, respectively, were classified as current liabilities. In addition, we are involved in several matters concerning environmental obligations associated with former, primarily historical, mining activities. Based upon our best estimate of our liability for these matters, $390 and $370 were accrued for such obligations at December 31, 2025 and 2024, respectively, of which $64 and $63, respectively, were classified as current liabilities. We spent $71, $82, and $44 during the years ended December 31, 2025, 2024, and 2023, respectively, for environmental obligations related to the former mining activities. Reclamation and remediation adjustments during 2025 primarily related to increased cost estimates at Peñasquito resulting from updated risk assessments and the identification of additional uncertainties regarding long‑term tailings storage facility embankment stability, partially offset by a reduction in cost estimates at portions of the Yanacocha site that are no longer in production and with no expected substantive economic value (i.e., non-operating) following the completion of several closure related studies. Reclamation and remediation adjustments during 2024 primarily related to a reduction in cost estimates at non-operating portions of the Yanacocha site. 104 Table of Contents During the year ended December 31, 2025, 2024, and 2023, capital expenditures were approximately $58, $35, and $41, respectively, to comply with environmental regulations. Our sustainability strategy is a foundational element in achieving our purpose to create value and improve lives through sustainable and responsible mining. Sustainability and safety are integrated into the business at all levels of the organization through our global policies, standards, strategies, business plans and remuneration plans. For more information on the Company’s reclamation and remediation liabilities, refer to Notes 6 and 24 to the Consolidated Financial Statements. For discussion of regulatory, tailings, water, climate and other environmental risks, refer to Part I, Item 1A. Risk Factors, for additional information. Forward-Looking Statements The foregoing discussion and analysis, as well as certain information contained elsewhere in this Annual Report, contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created thereby. For a more detailed discussion of risks and other factors that might impact forward-looking statements and other important information about forward-looking statements, refer to the discussion in Forward-Looking Statements in Part I, Item 1, Business and Part I, Item 1A, Risk Factors. Non-GAAP Financial Measures 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. Unless otherwise noted, we present the non-GAAP financial measures of our continuing operations in the tables below. For additional information regarding our discontinued operations, refer to Note 1 to the Consolidated Financial Statements. Earnings Before Interest, Taxes, and Depreciation and Amortization and Adjusted Earnings Before Interest, Taxes, and Depreciation and Amortization Management uses Earnings before interest, taxes, and depreciation and amortization (“EBITDA”) and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period (“Adjusted EBITDA”) as non-GAAP measures to evaluate the Company’s operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of Adjusted EBITDA are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows: 105 Table of Contents Year Ended December 31, 2025 2024 2023 Net income (loss) attributable to Newmont stockholders $ 7,085  $ 3,348  $ (2,494) Net income (loss) attributable to non-controlling interests 82  33  27  Net (income) loss from discontinued operations (1) —  (68) (27) Equity loss (income) of affiliates (421) (133) (63) Income and mining tax expense (benefit) 4,596  1,397  526  Depreciation and amortization 2,521  2,576  2,108  Interest expense, net of capitalized interest 229  375  243  EBITDA 14,092  7,528  320  Adjustments: (Gain) loss on sale of assets held for sale (2) (1,066) 1,114  —  Impairment charges (3) 842  78  1,891  Change in fair value of investments and options (4) (604) (62) 47  Restructuring and severance (5) 186  38  24  Loss (gain) on debt extinguishment (6) 101  (32) —  Reclamation and remediation charges (7) (96) (71) 1,260  Loss (gain) on asset and investment sales (8) 20  (35) 197  Settlement costs (9) 2  44  7  Newcrest transaction and integration costs (10) —  72  464  Pension settlements and curtailments (11) —  1  9  Other (12) 3  —  (4) Adjusted EBITDA $ 13,480  $ 8,675  $ 4,215  ____________________________ (1)For additional information regarding our discontinued operations, refer to Note 1 of the Consolidated Financial Statements. (2)Primarily consists of the gain on the sales of certain non-core assets in 2025 and the write-downs on assets held for sale in 2024; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 of the Consolidated Financial Statements for further information. (3)Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Impairment charges. Refer to Note 7 of the Consolidated Financial Statements for further information. (4)Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Change in fair value of investments and options. (5)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company; included in Other expense, net. Refer to Note 8 of the Consolidated Financial Statements for further information. (6)Represents the losses and gains on debt redemptions; included in Other income (loss), net. Refer to Note 20 of the Consolidated Financial Statements for further information. (7)Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 of the Consolidated Financial Statements for further information. (8)Primarily represents gains and losses related to the sale of certain assets and investments; included in Other income (loss), net. (9)Primarily consists of litigation expenses and other settlements in 2025, wind-down and demobilization costs related to the French Guiana project in 2024, and costs related to additional employee related accruals as a result of the Australian Fair Work legislation in 2023; included in Other expense, net. (10)Represents costs incurred related to the Newcrest transaction; included in Other expense, net. In 2025, includes a gain recognized on the reduction of the stamp duty tax liability incurred as a result of the Newcrest transaction. In 2023, these costs primarily include $316 related to the stamp duty tax incurred in connection with the transaction. (11)Represents pension settlement charges and curtailment gains; included in Other income (loss), net. Refer to Note 11 of the Consolidated Financial Statements for further information. (12)Primarily consists of costs incurred related to transition service agreements for divested reportable segments in 2025 and in 2023 represents income received related to prior period investment sales; included in Other income (loss), net. Adjusted Net Income (Loss) Management uses Adjusted net income (loss) to evaluate the Company’s operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analysts to understand the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. Adjustments to continuing operations are presented before tax and net of our partners’ noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is calculated using the applicable tax rate. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP 106 Table of Contents financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows: Year Ended December 31, 2025 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ 7,085  $ 6.41  $ 6.39  (Gain) loss on sale of assets held for sale (2) (1,066) (0.97) (0.97) Impairment charges (3) 841  0.76  0.76  Change in fair value of investments and options (4) (604) (0.54) (0.54) Restructuring and severance (5) 184  0.16  0.16  Loss on debt extinguishment (6) 101  0.09  0.09  Reclamation and remediation charges (7) (96) (0.09) (0.09) Loss on asset and investment sales (8) 20  0.02  0.02  Settlement costs (9) 2  —  —  Other (10) 3  —  —  Tax effect of adjustments (11) 281  0.27  0.27  Valuation allowance and other tax adjustments (12) 883  0.80  0.80  Adjusted net income (loss) $ 7,634  $ 6.91  $ 6.89  Weighted average common shares (millions): (13) 1,106  1,108  ____________________________ (1)Per share measures may not recalculate due to rounding. (2)Primarily consists of the gain on the sales of certain non-core assets; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 of the Consolidated Financial Statements for further information. (3)Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Impairment charges. Refer to Note 7 of the Consolidated Financial Statements for further information. Amounts are presented net of Net loss (income) attributable to non-controlling interests of $(1). (4)Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Change in fair value of investments and options. (5)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company; included in Other expense, net. Refer to Note 8 of the Consolidated Financial Statements for further information. Amounts are presented net of Net loss (income) attributable to non-controlling interests of $(2). (6)Represents the losses on debt redemptions; included in Other income (loss), net. Refer to Note 20 of the Consolidated Financial Statements for further information. (7)Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 of the Consolidated Financial Statements for further information. (8)Primarily represents gains and losses related to the sale of certain assets and investments; included in Other income (loss), net. (9)Primarily consists of litigation expenses and other settlements; included in Other expense, net. (10)Primarily consists of costs incurred related to transition service agreements for divested reportable segments; included in Other income (loss), net. Refer to Note 3 of the Consolidated Financial Statements for further information. (11)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (10), as described above, and are calculated using the applicable 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, alternative minimum 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 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 $295, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(139), net reductions to the reserve for uncertain tax positions of $1, and other tax adjustments of $726. (13)Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP. 107 Table of Contents Year Ended December 31, 2024 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ 3,348  $ 2.92  $ 2.92  Net loss (income) attributable to Newmont stockholders from discontinued operations (2) (68) (0.06) (0.06) Net income (loss) attributable to Newmont stockholders from continuing operations 3,280  2.86  2.86  (Gain) loss on sale of assets held for sale (3) 1,114  0.97  0.97  Impairment charges (4) 78  0.07  0.07  Newcrest transaction and integration costs (5) 72  0.06  0.06  Reclamation and remediation charges (6) (71) (0.06) (0.06) Change in fair value of investments (7) (62) (0.05) (0.05) Settlement costs (8) 44  0.04  0.04  Restructuring and severance (9) 38  0.03  0.03  (Gain) on asset and investment sales (10) (35) (0.03) (0.03) (Gain) on debt extinguishment (11) (32) (0.03) (0.03) Pension settlements (12) 1  —  —  Tax effect of adjustments (13) (315) (0.27) (0.27) Valuation allowance and other tax adjustments (14) (121) (0.11) (0.11) Adjusted net income (loss) $ 3,991  $ 3.48  $ 3.48  Weighted average common shares (millions): (15) 1,146  1,148  ____________________________ (1)Per share measures may not recalculate due to rounding. (2)For additional information regarding our discontinued operations, refer to Note 1 of the Consolidated Financial Statements. (3)Primarily consists of the loss on the sales of certain non-core assets and write-downs on assets held for sale; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 of the 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 Impairment charges. Refer to Note 7 of the Consolidated Financial Statements for further information. (5)Represents costs incurred related to the Newcrest transaction; included in Other expense, net. (6)Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 of the Consolidated Financial Statements for further information. (7)Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Change in fair value of investments and options. (8)Primarily consists of wind-down and demobilization costs related to the French Guiana; included in Other expense, net. (9)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company; included in Other expense, net. Refer to Note 8 of the Consolidated Financial Statements for further information. (10)Primarily represents gains and losses related to the sale of certain assets and investments; included in Other income (loss), net. (11)Represents the gains on debt redemptions; included in Other income (loss), net. Refer to Note 20 of the Consolidated Financial Statements for further information. (12)Primarily represents pension settlement charges related to lump sum payments to participants; included in Other income (loss), net. Refer to Note 11 of the Consolidated Financial Statements for further information. (13)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (3) through (12), as described above, and are calculated using the applicable tax rate. (14)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum 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 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 $(302), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(30), net reductions to the reserve for uncertain tax positions of $(63), recording of a deferred tax liability for the outside basis difference at Akyem of $49 due to the status change to held for sale, and other tax adjustments of $225. (15)Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP. 108 Table of Contents Year Ended December 31, 2023 per share data (1) basic diluted Net income (loss) attributable to Newmont stockholders $ (2,494) $ (2.97) $ (2.97) Net loss (income) attributable to Newmont stockholders from discontinued operations (2) (27) (0.03) (0.03) Net income (loss) attributable to Newmont stockholders from continuing operations (3) (2,521) (3.00) (3.00) Impairment charges (4) 1,888  2.25  2.25  Reclamation and remediation charges (5) 1,260  1.50  1.50  Newcrest transaction and integration costs (6) 464  0.56  0.56  (Gain) loss on asset and investment sales (7) 197  0.23  0.23  Change in fair value of investments (8) 47  0.05  0.05  Restructuring and severance (9) 24  0.03  0.03  Pension settlements (10) 9  0.01  0.01  Settlement costs (11) 7  0.01  0.01  Other (12) (4) —  —  Tax effect of adjustments (13) (613) (0.73) (0.73) Valuation allowance and other tax adjustments (14) 566  0.66  0.66  Adjusted net income (loss) $ 1,324  $ 1.57  $ 1.57  Weighted average common shares (millions): (3) 841  841  ____________________________ (1)Per share measures may not recalculate due to rounding. (2)For additional information regarding our discontinued operations, refer to Note 1 of the Consolidated Financial Statements. (3)Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP. For the year ended December 31, 2023, potentially dilutive shares, which were insignificant, were excluded from the computation of diluted loss per common share attributable to Newmont stockholders in the Consolidated Statement of Operations as they were antidilutive. These shares were included in the computation of adjusted net income per diluted share for the year ended December 31, 2023. (4)Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Impairment charges. Refer to Note 7 of the Consolidated Financial Statements for further information. Amount is presented net of Net loss (income) attributable to non-controlling interests of $(3). (5)Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 of the Consolidated Financial Statements for further information. (6)Primarily consists of $316 related to the stamp duty tax incurred in connection with the Newcrest transaction; 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)Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Change in fair value of investments and options. (9)Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company; included in Other expense, net. (10)Primarily represents pension settlement charges related to lump sum payments to participants; included in Other income (loss), net. Refer to Note 11 of the Consolidated Financial Statements for further information. (11)Primarily consists of costs related to additional employee related accruals as a result of the Australian Fair Work legislation; included in Other expense, net. (12)Primarily consists of income received related to prior period investment sales; included in Other income (loss), net. (13)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (4) through (12), as described above, and are calculated using the applicable tax rate. (14)Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum 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 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 $357, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(3), net removal to the reserve for uncertain tax positions of $(28), and other tax adjustments of $240. Free Cash Flow Management uses Free cash flow as a non-GAAP measure to analyze cash flows generated from operations. Free cash flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Consolidated Statements of Cash Flows. The Company believes Free cash flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free cash flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free cash flow is not necessarily comparable to such other similarly titled captions of other companies. 109 Table of Contents The presentation of non-GAAP Free cash flow is not meant to be considered in isolation or as an alternative to net income as an indicator of the Company’s performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company’s definition of Free cash flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Free cash flow as a measure that provides supplemental information to the Company’s Consolidated Statements of Cash Flows. The following table sets forth a reconciliation of Free cash flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free cash flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities. Year Ended December 31, 2025 2024 2023 Net cash provided by (used in) operating activities $ 10,334  $ 6,363  $ 2,763  Less: Net cash used in (provided by) investing activities of discontinued operations —  (45) (9) Net cash provided by (used in) operating activities of continuing operations 10,334  6,318  2,754  Less: Additions to property, plant and mine development (3,035) (3,402) (2,666) Free cash flow $ 7,299  $ 2,916  $ 88  Net cash provided by (used in) investing activities (1) $ 606  $ (2,702) $ (1,002) Net cash provided by (used in) financing activities $ (7,040) $ (2,953) $ (1,603) ____________________________ (1)Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free cash flow. Net Debt Management uses Net debt to measure the Company’s liquidity and financial position. Net debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents, as presented on the Consolidated Balance Sheets. Cash and cash equivalents are subtracted from Debt and Lease and other financing obligations as these could be used to reduce the Company's debt obligations. The Company believes that the use of Net debt provides investors and other stakeholders with a meaningful measure of financial flexibility and balance sheet strength, and is also a key metric used in the Company’s debt covenant calculations. The Company has also presented Net debt excluding Lease and other financing obligations to provide a supplemental view of evaluating the financial flexibility and strength of the Company's balance sheet. Net debt is intended to provide additional information only and does not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of liquidity prepared in accordance with GAAP. Other companies may calculate this measure differently. The following table sets forth a reconciliation of Net debt, a non-GAAP financial measure, to Debt and Lease and other financing obligations, which the Company believes to be the GAAP financial measures most directly comparable to Net debt. At December 31, 2025 At December 31, 2024 Debt $ 5,115  $ 8,476  Less: Cash and cash equivalents (7,647) (3,619) Less: Cash and cash equivalents included in assets held for sale (1) —  (45) Net debt excluding leases and other financing obligations (2,532) 4,812  Add: Lease and other financing obligations 474  496  Net debt (cash) $ (2,058) $ 5,308  ____________________________ (1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related Cash and cash equivalents was reclassified to Assets held for sale. Refer to Note 3 to the Consolidated Financial Statements for additional information. All-In Sustaining Costs Current GAAP measures used in the mining industry, such as costs applicable to sales, do not capture all of the expenditures incurred to discover, develop, and sustain production. Therefore, Newmont calculates All-in sustaining costs (“AISC”) based on the definition published by the World Gold Council. The World Gold Council is a market development organization for the gold industry comprised of and funded by gold mining companies around the world and is a regulatory organization. AISC is a metric that expands on GAAP measures, such as costs applicable to sales, to provide visibility into the economics of our mining operations related to expenditures, operating performance, and the ability to generate cash flow from our continuing 110 Table of Contents operations. We believe that AISC is a non-GAAP measure that provides additional information to management, investors and others that aids in the understanding of the economics of our operations and performance compared to other producers and provides investors visibility by better defining the total costs associated with production. AISC amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in IFRS, or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development (i.e. non-sustaining) activities based upon each company’s internal policies. The following disclosure provides information regarding the adjustments made in determining the AISC measure: Costs applicable to sales. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from costs applicable to sales, such as significant revisions to recovery amounts. Costs applicable to sales includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. Costs applicable to sales is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation, which is consistent with our presentation of Costs applicable to sales on the Consolidated Statements of Operations. In determining gold AISC, only the costs applicable to sales associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of costs applicable to sales included in gold AISC is derived from the Costs applicable to sales presented in the Company’s Consolidated Statements of Operations less the amount of costs applicable to sales attributable to the production of other metals. The other metals' costs applicable to sales at those mine sites is disclosed in Note 4 to the Consolidated Financial Statements. The allocation of costs applicable to sales between gold and other metals is based upon the relative sales value, determined using GEO pricing, of gold and other metals produced during the period. Reclamation costs. Includes accretion expense related to reclamation liabilities and the amortization of the related ARC for the Company’s operating properties. Accretion related to the reclamation liabilities and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals. Advanced projects, research and development and exploration. Includes incurred expenses related to projects that are designed to sustain current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves to sustain production at existing operations. As these costs relate to sustaining our production, and are considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Consolidated Statements of Operations less incurred expenses related to the development of new operations, or related to major projects at existing operations where these projects will materially benefit the operation in the future. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals. We also allocate these costs incurred at Corporate and Other using the proportion of costs applicable to sales between gold and other metals. General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to supporting our corporate structure and fulfilling our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis. We allocate these costs to gold and other metals at Corporate and Other using the proportion of costs applicable to sales between gold and other metals. Other expense, net. Excludes certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company’s non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals. Treatment and refining costs. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on the Consolidated Statements of Operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals. Sustaining capital and lease related costs. We determined sustaining capital and lease related costs as those capital expenditures and lease payments that are necessary to maintain current production and execute the current mine plan. We determined development (i.e. non-sustaining) capital expenditures and lease payments to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation and are excluded from the 111 Table of Contents calculation of AISC. The classification of sustaining and development capital projects and leases is based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital and lease related costs are relevant to the AISC metric as these are needed to maintain the Company’s current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of costs applicable to sales between gold and other metals. We also allocate these costs incurred at Corporate and Other using the proportion of costs applicable to sales between gold and other metals. Year Ended December 31, 2025 Costs Applicable to Sales (1)(2)(3) Reclamation Costs (4) Advanced Projects, Research and Development and Exploration (5) General and Administrative Other Expense, Net (6) Treatment and Refining Costs Sustaining Capital and Lease Related Costs (7)(8) All-In Sustaining Costs Ounces (000) Sold All-In Sustaining Costs per Ounce (9) Gold Managed Lihir $ 755  $ 15  $ 10  $ —  $ (3) $ —  $ 159  $ 936  582 $ 1,607  Cadia 324  2  3  —  —  4  152  485  384 $ 1,253  Tanami 429  5  6  —  —  —  221  661  385 $ 1,716  Boddington 685  21  3  —  —  3  122  834  550 $ 1,514  Ahafo South (10) 825  13  9  —  3  —  154  1,004  672 $ 1,494  Ahafo North (10) 31  —  —  —  —  —  9  40  58 $ 696  Merian  373  8  16  —  —  1  60  458  238 $ 1,921  Cerro Negro 312  9  1  —  3  —  110  435  196 $ 2,220  Yanacocha 411  42  3  —  32  —  10  498  517 $ 964  Peñasquito 389  13  —  1  —  22  48  473  422 $ 1,120  Red Chris 82  3  1  —  1  (1) 20  106  61 $ 1,750  Brucejack 344  5  19  —  —  2  104  474  235 $ 2,020  Non-managed NGM 1,343  17  10  10  16  6  237  1,639  1,006 $ 1,629  Corporate and Other (11) —  —  81  307  41  —  19  448  — $ —  Divested (12) CC&V 39  2  —  —  —  —  5  46  27 $ 1,684  Musselwhite 33  1  —  —  —  —  14  48  32 $ 1,531  Porcupine 79  3  1  —  1  —  25  109  60 $ 1,810  Éléonore 54  1  2  —  —  —  12  69  49 $ 1,403  Akyem 107  5  —  —  —  —  8  120  45 $ 2,664  Total Gold 6,615  165  165  318  94  37  1,489  8,883  5,519 $ 1,609  Gold equivalent ounces - other metals (13)(14) Managed Cadia 301  2  2  —  —  3  141  449  370 $ 1,230  Boddington 127  3  —  —  —  —  23  153  109 $ 1,397  Peñasquito (15) 873  26  —  2  —  69  110  1,080  820 $ 1,318  Red Chris 169  6  2  —  2  (2) 37  214  126 $ 1,692  Corporate and Other (11) —  —  16  62  2  —  2  82  — $ —  Total Gold Equivalent Ounces 1,470  37  20  64  4  70  313  1,978  1,425 $ 1,392  Consolidated $ 8,085  $ 202  $ 185  $ 382  $ 98  $ 107  $ 1,802  $ 10,861  ____________________________ (1)Excludes Depreciation and amortization and Reclamation and remediation. (2)Includes by-product credits of $328. (3)Includes stockpile, leach pad, and product inventory adjustments of $3 at Cerro Negro and $24 at NGM. (4)Includes operating accretion of $120, included in Reclamation and remediation, and amortization of asset retirement costs $82; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $194 and $(65), respectively, included in Reclamation and remediation. (5)Excludes development expenditures of $8 at Cadia, $4 at Tanami, $2 at Boddington, $39 at Ahafo South, $7 at Ahafo North $23 at Merian, $24 at Cerro Negro, $9 at Yanacocha, $17 at Peñasquito, $8 at Red Chris, $11 at NGM, and $72 at Corporate and Other, totaling $224 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation. (6)Excludes restructuring and severance costs of $186, and settlement costs of $2 included in Other expense, net. 112 Table of Contents (7)Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment. (8)Includes finance lease payments and other costs for sustaining projects of $82 and excludes finance lease payments for development projects of $43. (9)Per ounce measures may not recalculate due to rounding. (10)In the fourth quarter of 2025, the Ahafo North development project achieved commercial production resulting in designation 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. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes. (11)Corporate and Other is a non-operating segment and includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Consolidated Financial Statements for further information. (12)Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures. (13)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($0.90/lb.) and Zinc ($1.20/lb.) pricing for 2025. (14)For the year ended December 31, 2025, Cadia sold 82 thousand tonnes of copper, Boddington sold 24 thousand tonnes of copper, Peñasquito sold 28 million ounces of silver, 95 thousand tonnes of lead and 246 thousand tonnes of zinc, and Red Chris sold 28 thousand tonnes of copper. (15)All-in sustaining costs at Peñasquito is comprised of $413, $138, and $529 for silver, lead, and zinc, respectively. 113 Table of Contents Year Ended December 31, 2024 Costs Applicable to Sales (1)(2)(3) Reclamation Costs (4) Advanced Projects, Research and Development and Exploration (5) General and Administrative Other Expense, Net (6) Treatment and Refining Costs Sustaining Capital and Lease Related Costs (7)(8) All-In Sustaining Costs Ounces (000) Sold All-In Sustaining Costs per Ounce (9) Gold Managed Lihir $ 787  $ 12  $ 16  $ —  $ 2  $ —  $ 121  $ 938  620 $ 1,512  Cadia 297  2  9  —  —  16  152  476  454 $ 1,048  Tanami 390  3  7  —  —  —  127  527  411 $ 1,281  Boddington 613  16  1  —  —  13  105  748  581 $ 1,288  Ahafo South 722  19  5  —  1  1  108  856  798 $ 1,072  Merian  401  8  15  —  —  1  83  508  274 $ 1,852  Cerro Negro 312  6  2  1  2  —  61  384  236 $ 1,631  Yanacocha 353  34  9  —  3  —  22  421  352 $ 1,196  Peñasquito 225  8  —  —  —  16  36  285  290 $ 984  Red Chris 47  2  1  —  —  —  12  62  39 $ 1,607  Brucejack 312  5  13  —  —  3  66  399  249 $ 1,603  Non-managed NGM 1,263  18  13  9  4  6  350  1,663  1,036 $ 1,605  Corporate and Other (10) —  —  111  386  19  —  18  534  — $ —  Held for sale (11) CC&V 200  11  3  —  2  —  27  243  144 $ 1,691  Musselwhite 224  4  6  —  1  —  96  331  215 $ 1,541  Porcupine 310  12  5  —  —  —  79  406  282 $ 1,437  Éléonore 325  5  11  —  —  —  99  440  243 $ 1,811  Akyem 338  21  1  —  1  —  23  384  212 $ 1,816  Divested (11) Telfer 245  11  10  —  —  4  38  308  103 $ 2,993  Total Gold 7,364  197  238  396  35  60  1,623  9,913  6,539 $ 1,516  Gold equivalent ounces - other metals (12)(13) Managed Cadia 280  2  10  —  —  32  136  460  465 $ 987  Boddington 204  3  —  —  —  11  22  240  205 $ 1,172  Peñasquito (14) 903  32  1  2  2  117  129  1,186  1,088 $ 1,090  Red Chris 172  5  4  —  —  5  47  233  142 $ 1,640  Corporate and Other (10) —  —  14  44  —  —  1  59  — $ —  Divested (11) Telfer 40  2  1  —  —  2  4  49  16 $ 2,885  Total Gold Equivalent Ounces 1,599  44  30  46  2  167  339  2,227  1,916 $ 1,161  Consolidated $ 8,963  $ 241  $ 268  $ 442  $ 37  $ 227  $ 1,962  $ 12,140  ____________________________ (1)Excludes Depreciation and amortization and Reclamation and remediation. (2)Includes by-product credits of $240. (3)Includes stockpile and leach pad inventory adjustments of $9 at Cerro Negro, $1 at Peñasquito, $27 at Red Chris, $2 at Brucejack, $21 at NGM, and $32 at Telfer. (4)Includes operating accretion of $153, included in Reclamation and remediation, and amortization of asset retirement costs $88; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $219 and $(44), respectively, included in Reclamation and remediation. (5)Excludes development expenditures of $21 at Tanami, $3 at Boddington, $27 at Ahafo South, $9 at Ahafo North, $6 at Merian, $17 at Cerro Negro, $12 at Peñasquito, $8 at Red Chris, $10 at NGM, $70 at Corporate and Other, $4 at CC&V, $1 at Porcupine, $4 at Akyem, and $3 at Telfer, totaling $195 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation. (6)Excludes Newcrest transaction and integration costs of $72, settlement of costs of $44, and restructuring and severance costs of $38, included in Other expense, net. (7)Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment. (8)Includes finance lease payments for sustaining projects of $84 and excludes finance lease payments for development projects of $37. 114 Table of Contents (9)Per ounce measures may not recalculate due to rounding. (10)Corporate and Other is a non-operating segment and includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Consolidated Financial Statements for further information. (11)Refer to Note 3 to the Consolidated Financial Statements for information on the Company's divestitures. (12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024. (13)For the year ended December 31, 2024, Cadia sold 84 thousand tonnes of copper, Boddington sold 37 thousand tonnes of copper, Peñasquito sold 33 million ounces of silver, 97 thousand tonnes of lead and 247 thousand tonnes of zinc, Red Chris sold 26 thousand tonnes of copper, and Telfer sold 3 thousand tonnes of copper. (14)All-in sustaining costs at Peñasquito is comprised of $464, $141, and $581 for silver, lead, and zinc, respectively. Year Ended December 31, 2023 Costs Applicable to Sales (1)(2)(3) Reclamation Costs (4) Advanced Projects, Research and Development and Exploration (5) General and Administrative Other Expense, Net (6) Treatment and Refining Costs Sustaining Capital and Lease Related Costs (7)(8) All-In Sustaining Costs Ounces (000) Sold All-In Sustaining Costs per Ounce (9) Gold Managed Lihir (10) $ 146  $ —  $ 2  $ —  $ —  $ —  $ 51  $ 199  131  $ 1,517  Cadia (10) 129  —  1  —  —  6  16  152  120  $ 1,271  Tanami 337  3  1  —  —  —  130  471  444  $ 1,060  Boddington 634  17  5  —  —  18  125  799  749  $ 1,067  Telfer (10) 126  —  2  —  —  3  2  133  67  $ 1,988  Ahafo South 547  20  2  —  2  —  135  706  578  $ 1,222  Akyem 275  44  1  —  —  —  37  357  296  $ 1,210  Merian 385  7  14  —  —  1  85  492  319  $ 1,541  Cerro Negro 328  5  5  —  5  —  51  394  261  $ 1,509  Porcupine 301  23  12  —  —  —  71  407  258  $ 1,577  Éléonore 295  9  10  —  —  —  114  428  233  $ 1,838  Yanacocha 294  24  7  —  —  —  24  349  275  $ 1,266  Musselwhite 214  5  10  —  —  —  104  333  181  $ 1,843  Peñasquito 158  7  1  —  2  9  29  206  130  $ 1,590  CC&V 198  10  10  —  2  —  62  282  171  $ 1,644  Red Chris (10) 4  —  —  —  —  —  2  6  4  $ 1,439  Brucejack (10) 69  —  7  —  1  3  16  96  36  $ 2,646  Non-managed NGM 1,249  17  13  11  2  6  332  1,630  1,167  $ 1,397  Corporate and Other (11) —  —  89  255  6  —  37  387  —  $ —  Total Gold 5,689  191  192  266  20  46  1,423  7,827  5,420  $ 1,444  Gold equivalent ounces - other metals (12)(13) Managed Cadia (10) 116  —  1  —  —  19  17  153  114  $ 1,342  Boddington 204  3  1  —  —  15  39  262  246  $ 1,067  Telfer (10) 22  —  2  —  —  4  5  33  13  $ 2,580  Peñasquito (14) 651  30  5  1  1  82  120  890  507  $ 1,756  Red Chris (10) 17  —  —  —  —  3  7  27  16  $ 1,660  Corporate and Other (11) —  —  11  32  —  —  6  49  —  $ —  Total Gold Equivalent Ounces 1,010  33  20  33  1  123  194  1,414  896  $ 1,579  Consolidated $ 6,699  $ 224  $ 212  $ 299  $ 21  $ 169  $ 1,617  $ 9,241  ____________________________ (1)Excludes Depreciation and amortization and Reclamation and remediation. (2)Includes by-product credits of $137. (3)Includes stockpile and leach pad inventory adjustments of $4 at Telfer, $1 at Akyem, $2 at Cerro Negro, $3 at Porcupine, $5 at Éléonore, $5 at Yanacocha, $32 at Peñasquito, $2 at Brucejack, and $43 at NGM. (4)Includes operating accretion of $97, included in Reclamation and remediation, and amortization of asset retirement costs $127; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $148 and $1,288, respectively, included in Reclamation and remediation. 115 Table of Contents (5)Excludes development expenditures of $29 at Tanami, $29 at Ahafo South, $9 at Ahafo North, $18 at Akyem, $9 at Merian, $5 at Cerro Negro, $5 at Porcupine, $4 at Yanacocha, $5 at Peñasquito, $3 at CC&V, $16 at NGM and $121 at Corporate and Other, totaling $253 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation. (6)Excludes Newcrest transaction and integration costs of $464, restructuring and severance costs of $24, settlement costs of $7, and distributions from the Newmont Global Community Support fund of $1, included in Other expense, net. (7)Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment. (8)Includes finance lease payments for sustaining projects of $64 and excludes finance lease payments for development projects of $36. (9)Per ounce measures may not recalculate due to rounding. (10)Sites acquired through Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information. (11)Corporate and Other is a non-operating segment and includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Consolidated Financial Statements for further information. (12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2023. (13)For the year ended December 31, 2023, Cadia sold 21 thousand tonnes of copper, Boddington sold 45 thousand tonnes of copper, Peñasquito sold 17 million ounces of silver, 49 thousand tonnes of lead and 101 thousand tonnes of zinc, Red Chris sold 3 thousand tonnes of copper, and Telfer sold 2 thousand tonnes of copper. (14)All-in sustaining costs at Peñasquito is comprised of $400, $125, and $365 for silver, lead, and zinc, respectively. Accounting Developments For a discussion of Recently Adopted and Recently Issued Accounting Pronouncements, refer to Note 2 to the Consolidated Financial Statements. Critical Accounting Estimates Our discussion of financial condition and results of operations is based upon the information reported in our Consolidated Financial Statements. The preparation of these Consolidated Financial Statements in conformity with GAAP requires us to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses, as well as the disclosure of contingent assets and liabilities as of the date of our financial statements. We have identified the accounting estimates listed below as critical to understanding and evaluating the financial results reported in our Consolidated Financial Statements. These accounting estimates require the application of significant management judgment and are critical due to the significant level of estimation uncertainty regarding the assumptions involved and the magnitude of the asset, liability, revenue or expense being reported. We base our assumptions and estimates on historical experience and various other sources that we believe to be reasonable under the circumstances. We review the underlying factors used in our estimates regularly, including reviewing the significant accounting policies impacting the estimates, to ensure compliance with GAAP. However, due to the uncertainty inherent in our estimates, actual results may materially differ from the estimates we calculate due to changes in circumstances, global economics and politics, and general business conditions. A summary of our significant accounting policies is detailed in Note 2 to the Consolidated Financial Statements.  Business Combinations We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, we engage independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of reserves, resources and exploration potential quantities, costs to produce and develop reserves, revenues, and operating expenses; (ii) short-term and long-term metal price assumptions, (iii) long-term growth rates; (iv) appropriate discount rates; and (v) expected future capital requirements (“income valuation method”). The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets (“market valuation method”). The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (“cost valuation method”). If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate is recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, we record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition is recorded in the period the adjustments arises. Carrying Value of Long-lived Assets We review and evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Significant negative industry or economic trends, adverse social or political developments, declines in our market capitalization, geotechnical difficulties, reduced estimates of future cash flows from our reporting 116 Table of Contents segments or other disruptions to our business are a few examples of events that we monitor, as they could indicate that the carrying value of the Company’s long-lived assets, including development projects, may not be recoverable. In such cases, a recoverability test may be necessary to determine if an impairment charge is required. For development projects, including our Conga project which is discussed further below, we review and evaluate changes to project plans and timing to determine continued technical, economic and social viability of the projects. If the Company determines to sell or abandon a project due to uncertainty from changes in circumstances related to technical, economic, social, political or community factors, or other evolving circumstances indicate that the carrying value may not be recoverable, then a recoverability test is performed to determine if an impairment charge should be recorded. An impairment loss is measured and recorded based on the estimated fair value of the long-lived assets being tested for impairment and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted pre-tax future cash flows or a market approach utilizing recent transaction activity for comparable properties. These approaches are primarily considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used. We believe our estimates and models used to determine fair value are similar to what a market participant would use. The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of our mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and our projections for long-term metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates. Refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk. The significant assumption in determining the future cash flows for each mine site at December 31, 2025 is a long-term gold price of $2,500 per ounce. A decrease of $100 per ounce in the long-term gold price assumption would result in no impairment of our long-lived assets, including goodwill. Various factors could impact our ability to achieve our forecasted production schedules from proven and probable reserves which could impact the carrying value of our long-lived assets. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified measured, indicated and inferred resources could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling. Events that could result in additional impairment of our long-lived assets include, but are not limited to, decreases in future metal prices, unfavorable changes in foreign exchange rates, increases in future closure costs, and any event that might otherwise have a material adverse effect on mine site cash flows. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing. The Company may elect to perform a qualitative assessment when it is more likely than not that the fair value of a reporting unit is higher than its carrying value. At the Company's election or if it is determined to be more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market valuation approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Any impairment loss recognized in the current period is not reversed in future periods. The Company recognizes its pro rata share of goodwill and any subsequent goodwill impairment losses recorded by entities that are proportionately consolidated. When the income approach is utilized to determine fair value, the estimated cash flows used to assess the fair value of a reporting unit are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term metal prices. The significant assumption in determining the future cash flows for each mine site at December 31, 2025 is a long-term gold price of $2,500 per ounce. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable reserve estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates. Refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk. 117 Table of Contents Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. For testing purposes of our reporting units, management's best estimates of the expected future results are the primary driver in determining the fair value. However, there can be no assurance that the estimates and assumptions made for purposes of the goodwill impairment tests will prove to be an accurate prediction of the future. Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units include, but are not limited to, such items as: (i) a decrease in forecasted production levels if we are unable to realize the mineable reserves, resources and exploration potential at our mining properties and extend the life of mine (ii) increased production or capital costs (iii) adverse changes in macroeconomic conditions including the market price of metals and changes in the equity and debt markets or country specific factors which could result in higher discount rates, (iv) significant unfavorable changes in tax rates including increased corporate income or mining tax rates, and (v) negative changes in regulation, legislation, and political environments which could impact our ability to operate in the future. Refer to Notes 7 and 19 to the Consolidated Financial Statements for further information regarding goodwill. Carrying Value of Idled Development Projects in Peru We review and evaluate the Company’s idled development projects in Peru, including Conga and Yanacocha Sulfides, for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company also periodically updates the economic model for idled development projects to understand changes to the estimated capital costs, cash flows, and economic returns from the project. We have considered a variety of technical, economic, social and political developments related to the Conga project during our evaluation of impairment indicators since November 2011, when construction and development activities at the project were largely suspended. Project activities in recent years have focused on continued engagement with the local communities and maintaining and protecting existing project infrastructure and equipment through our active care and maintenance program. Although we have reclassified Conga reserves to resources and reallocated exploration and development capital to other projects, we continue to evaluate long-term options to progress development of the Conga project and improve social and political acceptance. As of December 31, 2025, we have not identified events or changes in circumstances that indicate that the carrying value of the Conga project is not recoverable. We have considered similar developments related to the Yanacocha Sulfides project since the full funds decision for this project was initially deferred for two years in 2022 and deferred again the following year in 2023. During the fourth quarter of 2025, the Company removed the project from its updated life of mine business plan and downgraded the Yanacocha Sulfide reserves to resources and as a result of a change in strategic direction for the Company’s operations in Peru. The Company no longer considers the project, as previously contemplated, to be temporarily idled and determined that an impairment indicator existed for the project. Refer to Note 7 to the Consolidated Financial Statements for further information on this impairment charge. Reclamation and Remediation Obligations The Company records the estimated asset retirement obligations associated with operating and non-operating mine sites when an obligation is incurred and the estimated costs can be reasonably measured. Fair value is measured as the present value of expected cash flow estimates, after considering inflation, our credit-adjusted risk-free rates and a market risk premium appropriate for our operations. Reclamation costs are allocated to expense over the life of the related assets and are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. Reclamation obligations are based on our best estimate of when the expected spending for an existing environmental disturbance will occur. Our cost estimates are reflected on a third-party cost basis and comply with our legal obligation to retire long-lived assets in the period incurred. Changes in reclamation estimates at non-operating mines where the mine or portion of the mine site has entered the closure phase and has no substantive future economic value are reflected in earnings in the period an estimate is revised. Costs included in estimated asset retirement obligations are discounted to their present value and are estimated over a period of up to fifty years. We review, on at least an annual basis, the reclamation obligation at each mine. Remediation costs are accrued when it is probable that an obligation has been incurred and the cost can be reasonably estimated. Such cost estimates may include ongoing care, maintenance and monitoring costs. Changes in remediation estimates at non-operating mines are reflected in earnings in the period an estimate is revised. Water treatment costs included in environmental remediation obligations are discounted to their present value and are estimated over a period of up to fifty years. Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs the Company expects to incur to complete the reclamation and remediation work required to comply with existing laws and regulations. These estimates require considerable judgment and are sensitive to changes in underlying inputs and assumptions. Such changes, including, but not limited to, (i) changes to environmental laws and regulations, which could increase the scope and extent of work required, (ii) changes in the timing of reclamation and remediation activities, which could occur over an extended future period and (iii) changes in the methods and technology utilized to settle reclamation and remediation obligations, could have a material impact on our business, financial condition, results of operations and cash flows. Refer to Note 6 to the Consolidated Financial Statements for further information regarding reclamation and remediation obligations. 118 Table of Contents Income and Mining Taxes We account for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of our liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset for us, as measured by the statutory tax rates in effect. We derive our deferred income tax charge or benefit by recording the change in either the net deferred income tax liability or asset balance for the year. The financial statement effects of changes in tax law are recorded as discrete items in the period enacted as part of income tax expense or benefit from continuing operations, regardless of the category of income or loss to which the deferred taxes relate. We have exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency exchange gains (losses). With respect to the earnings that we derive from the operations of our consolidated subsidiaries, in those situations where the earnings are indefinitely reinvested, no deferred taxes have been provided on the unremitted earnings (including the excess of the carrying value of the net equity of such entities for financial reporting purposes over the tax basis of such equity) of these consolidated companies. In the fourth quarter of 2025, the permanent reinvestment assertion was removed for operations at PNG and Ghana and deferred tax liabilities were recorded for the estimated withholding tax impact on future repatriated earnings. Mining taxes represent state and provincial taxes levied on mining operations and are classified as income taxes as such taxes are based on a percentage of mining profits. Our operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. We are subject to reviews of our income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. We recognize potential liabilities and record tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether it is more likely than not, and the extent to which, additional taxes will be due. We adjust these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. If our estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result. We recognize interest and penalties, if any, related to unrecognized tax benefits in Income and mining tax benefit (expense). In certain jurisdictions, we must pay a portion of the disputed amount to the local government in order to formally appeal the assessment. Such payment is recorded as a receivable if we believe the amount is ultimately collectible. Valuation of Deferred Tax Assets Our deferred income tax assets include certain future tax benefits. We record a valuation allowance against any portion of those deferred income tax assets when we believe, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. We review the likelihood that we will realize the benefit of our deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence. Certain categories of evidence carry more weight in the analysis than others based upon the extent to which the evidence may be objectively verified. We look to the nature and severity of cumulative pretax losses (if any) in the current three-year period ending on the evaluation date or the expectation of future pretax losses and the existence and frequency of prior cumulative pretax losses. We utilize a rolling twelve quarters of pre-tax income or loss as a measure of our cumulative results in recent years. Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. However, a cumulative three year loss is not solely determinative of the need for a valuation allowance. We also consider all other available positive and negative evidence in our analysis. Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to: •Earnings history; •Projected future financial and taxable income based upon existing reserves and long-term estimates of commodity prices; •The duration of statutory carry forward periods; •Prudent and feasible tax planning strategies readily available that may alter the timing of reversal of the temporary difference; •Nature of temporary differences and predictability of reversal patterns of existing temporary differences; and •The sensitivity of future forecasted results to commodity prices and other factors. 119 Table of Contents The Company assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence is recent pretax losses and/or expectations of future pretax losses. Such objective evidence limits the ability to consider other subjective evidence including projections for future growth. On the basis of this evaluation, a valuation allowance has been recorded in Peru and Argentina. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth. Refer to Note 10 to the Consolidated Financial Statements for additional detail on the valuation allowance. For additional risk factors that could impact the Company’s ability to realize the deferred tax assets, refer to Note 2 to the Consolidated Financial Statements.