NEWMONT Corp /DE/

Newmont Corporation is primarily a gold producer with significant operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. At December 31, 2025, Newmont had attributable proven and probable gold reserves of 118.2 million ounces ¹, attributable measured and indicated gold resources of 88.1 million ounces ², attributable inferred gold resources of 60.6 million ounces ³, and an aggregate land position of approximately 19,200 square miles (49,800 square kilometers) ⁴. The company is also engaged in the production of copper, silver, lead, and zinc. The top 10 producers of gold comprise approximately 25% of total worldwide mined gold production ⁵, and Newmont currently ranks as the top gold producer with approximately 5% of estimated total worldwide mined gold production ⁶.

Newmont's competitive position is based on the size and grade of its ore bodies anchored in favorable mining jurisdictions and its ability to manage costs compared with other producers. The company has a diverse portfolio of mining operations with varying ore grades and cost structures. Newmont has been consistently ranked as a leader in the mining and metal sector of the S&P Global and has been listed on the Dow Jones Sustainability World Index since 2007 ⁷.

Newmont generates revenue primarily through the sale of gold, copper, silver, lead, and zinc. For the years ended December 31, 2025, 2024 and 2023, 85%, 85% and 89%, respectively, of Sales were attributable to gold ⁸. Most sales come from the sale of refined gold, though the end product at gold operations is generally doré bars. Copper, silver, lead, and zinc sales are generally in the form of concentrate sold to smelters for further treatment and refining. The company's 13 reportable segments consist of each of its 12 mining operations that it manages and its 38.5% proportionate interest in Nevada Gold Mines ⁹.

Newmont's gold operations produce doré bars, which are sent to refiners to produce bullion meeting the required market standard of 99.95% gold ¹⁰. A portion of gold is also sold in concentrate containing other metals such as copper, silver, lead, and/or zinc. Copper production at Cadia, Boddington, and Red Chris and silver, lead, and zinc production at Peñasquito are considered co-products. For the year ended December 31, 2025, consolidated copper production was 296 million pounds ¹¹, silver production was 28 million ounces ¹², lead production was 216 million pounds ¹³, and zinc production was 509 million pounds ¹⁴. Copper sales represented 6% of total sales ¹⁵, silver sales represented 5% ¹⁶, lead sales represented 1% ¹⁷, and zinc sales represented 3% ¹⁸.

Newmont's project pipeline includes the Tanami Expansion 2, which is expected to increase average annual gold production and improve efficiency for the first five years (2028 - 2032) and is expected to achieve commercial production in the second half of 2027, with total capital costs estimated to be between $1,700 and $1,800 ¹⁹. Development capital costs since approval were $1,304 ²⁰, of which $284 related to 2025 ²¹. The Cadia Panel Caves project includes two panel caves to recover approximately 5 million ounces of gold reserves and 1.1 million tonnes of copper reserves ²², with capital costs estimated to be between $2,000 and $2,400 ²³. Development capital costs for PC2-3, PC1-2, and PC1 combined since acquisition of Newcrest were $516 ²⁴, of which $268 related to 2025 ²⁵. The company achieved commercial production at the Ahafo North project in Ghana in October 2025 ²⁶, resulting in classification as a reportable segment. Newmont completed the sale of the CC&V, Musselwhite, Éléonore, Akyem, and Porcupine reportable segments and the Coffee development project during 2025 ²⁷. The company redeemed $3.4 billion of senior notes ²⁸ and settled $2.3 billion of share repurchases ²⁹ during the year.

Newmont delivered Net income from continuing operations attributable to Newmont stockholders of $7,085 ³⁰ or $6.39 per diluted share ³¹, an increase of $3,805 from the prior year ³². Adjusted net income was $7,634 ³³ or $6.89 per diluted share ³⁴, an increase of $3.41 per diluted share from the prior year ³⁵. Adjusted EBITDA was $13,480 ³⁶, an increase of 55% from the prior year ³⁷. Net cash provided by operating activities of continuing operations was $10,334 ³⁸, an increase of 64% from the prior year ³⁹, and Free cash flow was $7,299 ⁴⁰. The company ended the year with $7.6 billion of consolidated cash ⁴¹ and $11.6 billion of total liquidity ⁴².

The Tanami Expansion 2 project secures Tanami's future as a long-life, low-cost producer by extending mine life beyond 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure ⁴³. The expansion is expected to increase average annual gold production and improve efficiency for the first five years (2028 - 2032) ⁴⁴. The project is expected to achieve commercial production in the second half of 2027 ⁴⁵, and total capital costs for the project are estimated to be between $1,700 and $1,800 ⁴⁶. Development capital costs (excluding capitalized interest and capitalized depreciation and amortization) since approval were $1,304 ⁴⁷, of which $284 related to 2025 ⁴⁸.

The Cadia Panel Caves project includes two panel caves to recover approximately 5 million ounces of gold reserves and 1.1 million tonnes of copper reserves ⁴⁹. Cave establishment continues through the firing of additional drawbells in PC2-3 and cave establishment is expected to be completed by late 2026 ⁵⁰. The first drawbell in PC1-2 was successfully fired in December 2025, marking the start of the next critical phase of cave establishment, with the last drawbell expected to be completed in 2029 ⁵¹. Capital costs for the PC2-3 and PC1-2 project are estimated to be between $2,000 and $2,400 ⁵². Development capital costs (excluding capitalized interest and capitalized depreciation and amortization) for PC2-3, PC1-2, and PC1 combined since acquisition of Newcrest were $516 ⁵³, of which $268 related to 2025 ⁵⁴.

At the beginning of the third quarter of 2025, management committed to a strategic plan designed to reduce operating costs and continue to advance the Company's ongoing commitment to profitability, which included streamlining its organizational structure and a reduction of the Company's workforce and office space in certain markets ⁵⁵. Such initiatives involve expenses primarily relating to employee severance, consulting costs, and other restructuring charges ⁵⁶. Cost saving estimates are based on a number of assumptions, including compliance with local legal requirements across jurisdictions ⁵⁷.

The company's operations and projects are subject to risks related to supply chain operations to procure goods and services, and competition with other natural resource companies, and shortage of critical parts, services and equipment may adversely affect operations and development projects ⁵⁸. The company is also exposed to outbound supply chain risk, particularly fluctuating transportation charges, delays in delivery of shipments, theft, terrorism, geopolitical tensions and border closures and adverse weather conditions ⁵⁹.

The company ended the year with $7.6 billion of consolidated cash ⁶⁰ and $11.6 billion of total liquidity ⁶¹; redeemed $3.4 billion of senior notes ⁶² and settled $2.3 billion of share repurchases ⁶³; declared a total dividend of $1.01 per share for the year ⁶⁴. Regular cash dividends paid per common share were $1.00 ⁶⁵ and regular cash dividends declared per common share were $1.01 ⁶⁶.

The company's operations and projects are subject to a range of transitional and physical risks related to climate change ⁶⁷. Long-term potential physical climate risks include higher temperature in all regions, higher intensity storm events, impacts to annual precipitation, and more extreme heat for sites near the equator or in Australia ⁶⁸. The company's ability to meet its climate strategy goals and aspirations, including its Scope 1, Scope 2, and Scope 3 emissions targets, is subject to numerous risks and uncertainties ⁶⁹.

The company's operations and projects are subject to risks of doing business in multiple jurisdictions, including potential instability of foreign governments, expropriation or nationalization of property, restrictions on the ability to pay dividends offshore or to otherwise repatriate funds, and import and export regulations ⁷⁰. New or changing legislation and tax risks in certain operating jurisdictions could negatively affect the company ⁷¹.

A substantial or extended decline in gold, copper, silver, lead or zinc prices would have a material adverse effect on the company, as average gold prices for 2025 were $3,432 per ounce ⁷² compared to $2,386 ⁷³ in 2024 and $1,941 ⁷⁴ in 2023. The company may be unable to replace gold, copper, silver, lead or zinc reserves as they become depleted, and estimates of proven and probable reserves are uncertain, with attributable proven and probable gold reserves of 118.2 million ounces ⁷⁵ at December 31, 2025. Mine closure, reclamation and remediation costs for environmental liabilities may exceed provisions made, as the Yanacocha reclamation plan includes construction and operating costs for two new water treatment plants and the ultimate water treatment costs remain uncertain ⁷⁶. The company's operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy, including the carbon tax in Canada of C$80/tonne of CO2 set to increase to C$170 by 2030 ⁷⁷, which is impacting operating costs at Canadian operations. The company's operations at Yanacocha and projects in Peru are subject to political and social unrest risks, and the company's Peñasquito operation in Mexico is subject to social, political, regulatory, and economic risks, including a mining tax rate increase from 7.5% to 8.5% effective January 1, 2025 ⁷⁸.

Management's message emphasizes that Newmont delivered Net income from continuing operations attributable to Newmont stockholders of $7,085 ⁷⁹ or $6.39 per diluted share ⁸⁰, an increase of $3,805 from the prior year ⁸¹. Adjusted net income was $7,634 ⁸² or $6.89 per diluted share ⁸³, an increase of $3.41 per diluted share from the prior year ⁸⁴. Adjusted EBITDA was $13,480 ⁸⁵, an increase of 55% from the prior year ⁸⁶. Net cash provided by operating activities of continuing operations was $10,334 ⁸⁷, an increase of 64% from the prior year ⁸⁸, and Free cash flow was $7,299 ⁸⁹. The company ended the year with $7.6 billion of consolidated cash ⁹⁰ and $11.6 billion of total liquidity ⁹¹; redeemed $3.4 billion of senior notes ⁹² and settled $2.3 billion of share repurchases ⁹³; declared a total dividend of $1.01 per share for the year ⁹⁴. The strategic priorities emphasized include the portfolio optimization program to divest non-core assets, the advancement of the global project pipeline including Tanami Expansion 2 and Cadia Panel Caves, and a strategic plan designed to reduce operating costs and streamline the organizational structure.