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1NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS FEBRUARY 19, 2026 2025 Results & 2026 Guidance
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2NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Cautionary Statement Regarding Forward Looking Statements, Including Guidance Assumptions, and Notes This presentation contains “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, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as “anticipate,” “intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,” "pending" or “potential.” Forward-looking statements in this presentation may include, without limitation, (i) estimates of future production and sales, including production outlook, and average future production; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures, including development and sustaining capital; (iv) expectations regarding project development, including, without limitation, Tanami Expansion 2, Cadia Panel Caves, Ahafo North, Red Chris Block Cave, Nearshore Barrier at Lihir, or the Cerro Negro Expansion project, including with respect to timeline, mine life, production, and capital costs; (v) expectations regarding share and debt repurchases; (vi) estimates of future cost reductions, savings and efficiencies, productivity improvements, and future cash flow enhancements, (vii) expectations regarding Newmont’s core portfolio; (viii) expectations regarding future investments; (ix) expectations regarding free cash flow, capital allocation and returns to stockholders, including with respect to future dividends and future share repurchases; and (x) other outlook, including, without limitation, 2026 Guidance and other future operating, reclamation, remediation, and financial metrics. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to U.S. dollar and Canadian dollar to U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Such uncertainties could result in operating sites being placed into care and maintenance and impact estimates, costs and timing of projects. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities. The capital allocation framework outlined herein represents the Company’s current intentions and targets. It is forward-looking, non-binding, and subject to change based on market conditions, financial performance, and business needs. Actual results and future capital allocation may differ materially from these targets. Investors are reminded that the indicated or annual dividend target is non-binding. Future dividends, beyond the dividend payable on March 26, 2026 to holders of record at the close of business on March 3, 2026 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The repurchase program 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 program amount during the authorization period. For a more detailed discussion of such risks, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on, or about, February 19, 2026, as well as Newmont’s other SEC filings, available on the SEC website or www.newmont.com. Newmont does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk. Investors are also reminded to refer to the endnotes to this presentation for additional information.
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3NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS 2025: Strong Finish, Strong Foundation 3 Successfully achieved full-year guidance, improved operational performance, and strengthened financial position Fully implemented Always Safe across the organization, reinforcing a strong safety culture Completed portfolio rationalization, generating $4.5B3 in total after-tax proceeds Achieved commercial production at Ahafo North, bringing >300Koz of gold into portfolio in 2026 Executed a cost-reduction program, reducing G&A by ~21%4 and contributing to margin expansion (1) Production shown for core portfolio only. (2) See endnotes re non-GAAP metrics. (3) Total proceeds to date including $3.6B generated in 2025. (4) Compared to original 2025 G&A guidance provided in February 2025 of $475 million, versus 2026 G&A guidance of $375 million. Debt Reduction $3.4B Ended 2025 with a strong balance sheet and a net cash position Returns to Shareholders $3.4B Paid in quarterly common dividends and ongoing share repurchases Free Cash Flow2 $7.3B Generated all-time fourth quarter and annual free cash flow records Stable Production 5.7Moz1 Achieved 2025 production and improved cost guidance Adjusted Net Income2 $6.89/share All-time fourth quarter and full year ANIPS records
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4NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS World Class Portfolio in Leading Mining Jurisdictions 4 Managed Operation Project in Execution Non-Managed JV Equity Investment 12 managed operations located in the world’s most favorable jurisdictions Leading the gold sector with 118Moz in reserves and 149Moz in resources1 2 major projects in execution with the industry’s leading organic project pipeline Unmatched scale, longevity, and quality - built to deliver sustained performance for decades Asia Pacific Lihir Boddington Cadia Cadia Panel Caves Tanami Tanami Expansion 2 Latin America Peñasquito Merian Cerro Negro Yanacocha Pueblo Viejo JV Fruta del Norte North America Brucejack Red Chris Nevada Gold Mines JV Ghana Ahafo North Ahafo South (1) Gold Resources consist of 88.1Moz Measured and Indicated and 60.6Moz Inferred Resources. See cautionary statement re: mineral reserve and resource estimates.
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5NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Copper Reserves and Resources Robust Reserves in Stable Jurisdictions 118Moz Reserves 149Moz Resources1 13Mt Reserves 19Mt Resources1 South America 20% North America 30% Ghana 7% Australia 25% Papua New Guinea 18% South America 45% North America 9% Australia 27% Papua New Guinea 19% Gold Reserves and Resources Industry leading reserves and resources, supporting decades of production Regional breakdown reflective of Reserves only. (1) Gold Resources consist of 88.1Moz Measured and Indicated and 60.6Moz Inferred Resources. Copper Resources consist of 13.1Mtonnes Measured and Indicated and 5.6Mtonnes Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. Increased reserve pricing to $2,000/oz, ~23% below the 3-year trailing average
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6NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Recent Exploration at Brucejack and Ahafo South Supporting significant reserve growth potential at and around two existing operations 6 Brucejack Leveraging focused orebody knowledge to unlock near-term Reserves, Resources, and high-grade extensions Ahafo South Defining the next generation of high-grade underground operations, beneath the Subika and Apensu open-pits See appendix slides 44-48 for Brucejack and Ahafo South Significant Intercepts. See endnotes re cautionary statement regarding Mineral Reserve and Resource Estimates. Interpretations of geologic data obtained from drill holes and other exploration techniques may not necessarily be indicative of future results. SKD420 27.5m @ 6.59g/t SUC-01803 21.1m @ 9.21g/t APSDD686 7.6m @ 4.10g/t SUC-01786 10.0m @ 8.74g/t SUC-01815 12.2m @ 13.64g/t 13.8m @ 8.47g/t VU-5802 29.5m @ 19.51g/t VU-7276 18.0m @ 29.61g/t VU-7324 50.0m @ 9.74g/t VU-6773 20.9m @ 154.04g/t VU-7279 33.5m @ 19.52g/t Significant Intercepts Significant Intercepts
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7NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Projects Underway 7 Advancing projects in execution and preparing Nearshore Barrier at Lihir to extend mine life Tanami Expansion 2 Cadia Panel Caves Lihir Nearshore Barrier 1.5km deep production shaft, increasing productivity and improving efficiency Two caves to recover over 5.0Moz of gold reserves and 1.0Mtonnes copper reserves Extends mine life beyond 2040, enabling production of over 5.0Moz of gold ▪ Completed production shaft concrete lining; shifting to shaft equipping and infrastructure build-out ▪ Initiating equipment testing and commissioning; headframe construction and mechanical completion expected late 2026 ▪ Cave establishment progressing at PC2-3 with additional drawbells fired; project completion expected in late 2026 ▪ First PC1-2 drawbell fired in December 2025, initiating the next critical phase of cave development ▪ Construction of a water seepage barrier through installation of an inground concrete wall ▪ Unlocks additional mining of the Kapit ore body, allowing profitable production beyond 2040 2026 Capital Spend ~$370M Spend to date: ~$1.6B Projected total spend: ~$2.0-$2.4B 2026 Capital Spend ~$140M Spend to date: N/A Projected total spend: ~$500–$550M Scheduled Completion H2 2028 Full funds approval received in February 2026 2026 Capital Spend ~$335M Spend to date: ~$1.3B Projected total spend: $1.7–$1.8B Scheduled Completion H2 2027 Progressing on track and in line with plan Scheduled Completion 2029 PC2-3: Q4 2026 PC1-2: Cave completion in 2029
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8NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Attributable Gold Production3 2026 Guidance1 8 Gold CAS4 By-Product Gold AISC4 By-Product Sustaining Capital5 Development Capital5 3.9Moz $965/oz $1.66B $1,650/oz $1.16B 1.4Moz $290M $1,400/oz $1,775/oz $240M 5.3Moz $1.95B $1,055/oz $1,680/oz $1.40B Managed Operations Non-Managed Operations2 Total Portfolio Performance Drivers ▪ Planned mine sequencing at Ahafo South, Peñasquito, Boddington, and Cadia - positioning for longer term production growth ▪ ~60koz impact from bushfires at Boddington As of February 19, 2026 (+/- 5%) ▪ Lower production from planned mine sequencing through 2026 and higher CAS ▪ Higher sustaining capital at Boddington, Tanami, and Cadia as planned ▪ Advancing tailings expansion at Boddington and Cadia, and increasing ventilation capacity at Tanami ▪ Advancing Tanami Expansion 2 and the Cadia Panel Cave projects ▪ Progressing mine life extensions at Lihir and Cerro Negro, and advancing feasibility work at Red Chris (1) See endnotes re: forward-looking statements, and Non-GAAP metrics. (2) Source: Guidance provided by joint venture partner. (3) Includes production from the Company’s equity method investments in Pueblo Viejo and Lundin Gold. (4) Guidance for 2026 is based on the following economic assumptions: Gold ($4,500/oz.), Copper ($5.00/lb.), Silver ($60.00/oz), Lead ($0.90/lb.) and Zinc ($1.30/lb.) and foreign exchange rates of AUD:USD ($0.70), CAS:USD ($0.75), and USD:MXN ($17.00) and other assumptions considered reasonable as of February 19, 2026. Any change from these assumptions may affect the results in comparison to forward looking guidance. See endnotes for additional details. (5) Sustaining and development capital guidance for the total portfolio excludes $175 million of non-cash capitalized interest, in combination. ▪ Macro-economic impacts related to a higher gold price environment and U.S. dollar depreciation ▪ Lower production from planned mine sequencing through 2026
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9NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS 2025 Portfolio Performance and 2026 Outlook Leveraging a strong foundation to advance near-term production growth Asia Pacific & Africa ▪ First drawbell fired at PC1-2; cave establishment for PC2-3 on track to be completed in late 2026 ▪ Advancing tailings improvements and investments to support cave development and extend mine lifeCadia ▪ Progressing headframe construction and mechanical work for second expansion project ▪ Expansion secures Tanami as a long- life, low-cost producer – extending mine life to ~2040Tanami ▪ Waste stripping campaign advanced in North and South pits; completion expected in 2026 ▪ Production expected to grow in 2027, driven by higher grades following stripping and higher throughputBoddington ▪ Continuing to focus on enhancing long- term operational stability and improved asset reliability ▪ Initiating work on Nearshore Barrier, unlocking access to over 5Moz and extending mine life beyond 2040Lihir ▪ Achieved commercial production in October 2025, bringing new low-cost ounces into portfolio ▪ Focused on mill ramp up for first full year of production in 2026Ahafo North ▪ Completed mining in Subika open pit in 2025, as planned ▪ Advanced study and exploration work underway to support underground growth beneath Subika and Apensu Ahafo South The Americas ▪ Processing stockpiles during transition from Phase 7 to Phase 8 in the Peñasco pit ▪ Focused on stripping with higher grades expected beginning in 2028Peñasquito ▪ Expect higher production in 2026 driven by increased throughput from ongoing productivity initiatives ▪ Advancing underground mine life extension activities Cerro Negro ▪ Expect to deliver higher production in 2026 from higher grade and slightly higher recovery ▪ Advancing exploration activities around this emerging asset Merian ▪ Continuing mining through 2026, adding incremental low-cost ounces beginning in 2027 ▪ Evaluating opportunities in surrounding regions of Peru to support future investment decisionsYanacocha ▪ Delivered meaningful results from near-mine drilling program in 2025 ▪ Anticipate higher gold production in 2026 due to higher throughput and improved stope availability Brucejack ▪ Focused on safe and efficient gold and copper production ▪ Advancing Feasibility Study and permitting work for block cave project Red Chris See endnotes re: forward looking statements.
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10NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Capital Allocation Framework1 Net Cash from Operations Net cash provided by operations including net changes in working capital (including reclamation spend) Sustaining Capital $1.95B Expected 2026 Spend (+/- 5%) ▪ Ongoing investment in world-class portfolio to deliver safe production ▪ Preserving asset integrity and longevity Total Cash Dividend $1.1B Targeted Annual Payment ▪ Sustainable cash dividend payment through the cycle ▪ Per share dividend growth driven by share repurchases calculated annually2 Development Capital + Ongoing Portfolio Optimization $1.4B Expected 2026 Spend (+/- 5%) ▪ Advancing up to three major high-return projects at a time, with staggered starts ▪ Funding brownfield and mine life extension projects across operating asset base ▪ Ongoing portfolio enhancement and optimization Net Cash/ Net Debt $1.0B Net Cash Target (+/- $2.0B) ▪ Strong liquidity profile supported by a $5 billion cash minimum on balance sheet and undrawn Revolving Credit Facility ▪ De-lever balance sheet during strong commodity price cycles, with tolerance to hold net cash in periods of volatility ▪ Continue to manage gross debt across commodity and investment cycles to optimize balance sheet efficiency Share Repurchases ~$2.4B Remaining Authorization ▪ Ratable approach to returning capital to shareholders across cycles, supporting sustained per-share metric growth ▪ Share repurchase authorizations to be refreshed at the discretion of the Board Disciplined, sustainable returns through the commodity and investment cycles (1) See endnotes re: forward-looking statements, non-GAAP metrics, dividends, share repurchases and capital allocation framework. (2) The total targeted annual dividend will be calculated annually in February by dividing $1.1 billion by shares issued and outstanding. The dividend payment will be divided into four equal payments rounded up to the nearest $0.01 to be paid out quarterly. A dividend of $0.26/share has been declared payable on March 26, 2026, to holders of record of such common stock at the close of business on March 3, 2026. Future dividend remain subject to approval and declaration by the Board. (3) Excess Cash is defined as cash available from operations (including Exploration, G&A, etc.) after funding balance sheet obligations (including debt principal repayments and reclamation spend) and capital expenditures, paying the dividend, and achieving the net cash target. Constant through the cycleFlex through the cycleExcess Cash3
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11NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Deliver Key Points with Clear and Simple Messaging 11NEWMONT CORPORATION Executing with Discipline, Delivering Results Strong Finish, Strong Foundation for Growth Successfully delivered on full-year guidance, strengthened financial position and made meaningful progress on 2025 commitments Driving Margin Expansion and Robust Free Cash Flow Continuing to realize value from world-class portfolio of operations, projects, and exploration - enabling margin expansion and free cash flow growth Disciplined Capital Allocation and Financial Flexibility Implementing improved framework designed to enable reinvestment into the business, preserving financial resilience, and return capital to shareholders Well-positioned to deliver sustainable growth and return capital to shareholders, supported by a strengthened portfolio and disciplined execution
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12NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Appendix 12
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13NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS 2025 Results & 2026 Guidance 13
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14NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Attributable Gold Production 2025 Core Portfolio Performance 14 Sustaining Capital Development Capital Managed Operations Non-Managed Operations Total Core Portfolio 4.3Moz 2025 Guidance: 4.2Moz 1.4Moz 2025 Guidance: 1.4Moz 5.7Moz 2025 Guidance: 5.6Moz $1,154/oz 2025 Guidance: $1,170/oz $1,334/oz 2025 Guidance: $1,240/oz $1,188/oz 2025 Guidance: $1,180/oz $1,592/oz 2025 Guidance: $1,630/oz $1,629/oz 2025 Guidance: $1,555/oz $1,599/oz 2025 Guidance: $1,620/oz $1.45B 2025 Guidance: $1.53B $241M 2025 Guidance: $270M $1.75B 2025 Guidance: $1.8B $1.14B 2025 Guidance: $1.14B $146M 2025 Guidance: $160M $1.3B 2025 Guidance: $1.3B Gold CAS Co-Product Gold AISC Co-Product Full-year performance versus original guidance provided on February 20, 2025
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15NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS 5,600 5,680 5,339 5,284 5,260 5,260 105 55 (48) (32) 245 47 (230) (224) (115) (64) (55) (24) 4,000 4,400 4,800 5,200 5,600 6,000 6,400 2025E Cadia Yanacocha Cerro Negro Merian 2025A Ahafo North Merian Peñasquito Ahafo South Cadia Nevada Gold Mines Yanacocha Other 2026E Steady Production Driven by Managed Operations ▪ Strong grades at Cadia ▪ Injection leaching technology at Yanacocha ▪ Lower grades and productivity at Merian ▪ Safety focused actions at Cerro Negro (1) Includes production from the Company’s equity method investments in Pueblo Viejo and Lundin Gold. (2) 2025 Guidance provided on February 20, 2025. 2026 Guidance as of February 19, 2026. See endnotes re: forward-looking statements. Attributable Gold Production From Core Portfolio (Koz)1 ▪ Full year of commercial production at Ahafo North ▪ Stronger efficiency and productivity at Merian ▪ Planned sequencing at Peñasquito and Ahafo South ▪ Lower grades expected at Cadia ▪ Decrease in fresh ore mining from Yanacocha 2 2
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16NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS $1,339 2025A Gold By- Product AISC/oz $1,680 2026E Gold By- Product AISC/oz $1,935 2026E Gold Co- Product AISC/oz ~$110 ~$70 ~$60 ~$55 ~$45 ~$255 2025A Gold By- Product AISC/oz Sales Volume Sustaining Capital Gold Price Inventory Changes Foreign Exchange 2026E Gold By- Product AISC/oz Co-Product Revenue/Costs 2026E Gold Co- Product AISC/oz Gold All-in Sustaining Costs (AISC) from Core Portfolio ($/oz)1 2026: Gold Price and Investment Cycle Dynamics $3,498/oz Realized Gold Price $1.75B Sustaining Capital ~400koz Volume Attributable Production: 5,680koz in 2025A to 5,260koz in 2026E (1) See endnotes re: non-GAAP metrics and forward-looking statements. $4,500/oz Assumed Gold Price $1.95B Sustaining Capital +$295M Sustaining Capital Primarily related to tailings spend at Cadia and Boddington $4,500/oz Gold Price Production taxes, royalties, and profit-sharing agreements Changes in Inventory Driven by higher stockpile processing at Peñasquito and Yanacocha and lower stockpile build at Lihir ~7% FX Rate Primarily due to USD depreciation versus AUD & CAD Co-Product Revenue/Costs Reconciled for comparability ~3% escalation offset by cost & productivity initiatives +$6/oz AISC/oz for every +$100/oz increase in gold price
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17NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS 134.1 126.8 118.2 6.6 2.0 (3.1) (5.6) (7.2) (8.6) 2024 Gold Reserves Price Impact Additions Cost Escalation Impact Net Revisions Depletion 2025 Gold Reserves Divestments Reported 2025 Gold Reserves Proven & Probable Gold Reserves (Moz) Underpinned by Robust Gold Reserves ▪ Revisions mainly related to Yanacocha due to reclassification of reserves to resources relating to the indefinite deferral of the Sulfides project ▪ Raised reserve pricing to $2,000/oz ▪ Additions primarily from drilling ▪ Cost escalation assumptions updated to reflect current macroeconomic environment
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18NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Co-Product and By-Product Unit Cost AISC Methods 2025A - Newmont Full Portfolio Co-Product Method By-Product Method Variance Gold AISC ($M) $8,883 $8,883 (+) Co-product total AISC ($M) N/A $1,978 (-) Co-product total revenue ($M) $3,365 Copper $1,438 Silver $1,080 Lead $183 Zinc $664 (=) Total ($M) $8,883 $7,496 (/) Consolidated gold sold (koz)1 5,519 5,519 Gold AISC ($/oz) $1,609/oz $1,358/oz $(251)/oz ▪ Gold unit costs are non-GAAP metrics that provide insight into the operating economics of Newmont’s portfolio of gold mines; by-product unit costs incorporate the impact of operating large, long-life mines that also produce copper and other metals in addition to gold ▪ These metrics are calculated by subtracting co-product metals sales (Copper, Silver, Lead, Zinc) from total Sales and treating those amounts as offsets to AISC, which more accurately reflects the cost of producing gold By-product metrics provide clearer insight into gold-focused unit costs (1) Consolidated gold sold does not include results from Pueblo Viejo or Fruta del Norte and includes 100% of Merian gold sold
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19NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS 50% Labor Costs 30% Materials & Consumables 15% Fuel & Energy Costs 25% Contracted Services 25% Newmont Employees 7% Consumables 6% Maintenance Parts 7% Chemicals, Reagents, & Explosives 6% Liners & Wear Parts 4% Other 6% Diesel 5% Electric Power 4% Other (1) Represents results based on 2026 Guidance. ”Other” category of 5% primarily includes freight, technology-related costs, employee administrative costs, rents and operating leases. See endnotes re: forward looking statements. Direct Operating Costs by Category1 Percentage breakdown for 2026 remains largely in line with 2025
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20NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Basis for 2026 Guidance Pricing Assumptions and Sensitivities (as of February 19, 2026) Assumption Change (-/+) Revenue & Cost Impacts ($M) (1) Gold ($/oz) $4,500 $100 $505 Australian Dollar $0.70 $0.05 $100 Canadian Dollar $0.75 $0.05 $30 Mexican Peso $17.00 $1.00 $25 Oil ($/bbl Brent) $70.00 $10.00 $60 Copper ($/tonne) $11,023 $550 $60 Silver ($/oz) (2) $60.00 $1.00 $25 Lead ($/tonne) $1,894 $220 $20 Zinc ($/tonne) $2,866 $220 $50 (1) Impacts are presented on a pretax basis. See endnotes for additional information on guidance and assumptions. (2) Silver revenue impact relates only to co-product silver revenue from Peñasquito including the impact of the silver stream agreement. 20NEWMONT CORPORATION ▪ Included from the sensitivity is a royalty and production tax, and workers participation impact of approximately $6 per ounce for every $100 per ounce change in gold price ▪ Co-product metal pricing assumptions in imperial units equate to Copper ($5.00/lb.), Lead ($0.90/lb.) and Zinc ($1.30/lb.)
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21NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS 2026 Site Guidance 2026 Guidance (+/- 5%) (1) Consolidated Production (Koz) Attributable Production (Koz) Consolidated By-Product CAS ($/oz) Consolidated By-Product AISC ($/oz) (2) Attributable Sustaining Capital ($M) Attributable Development Capital ($M) Managed Portfolio Lihir 560 560 1,475 1,765 95 140 Cadia 270 270 (180) 1,575 425 370 Tanami 365 365 1,250 2,145 270 330 Boddington 580 580 1,160 1,630 225 — Ahafo South 440 440 1,830 2,160 115 10 Ahafo North 315 315 1,045 1,285 55 30 Merian (3) 300 225 1,480 1,800 80 — Cerro Negro 220 220 1,430 1,960 95 120 Yanacocha 460 460 1,070 1,170 10 — Peñasquito 185 185 (4,325) (2,395) 100 — Red Chris 35 35 1,390 3,625 60 160 Brucejack 260 260 1,475 2,085 115 — Non-Managed Portfolio Nevada Gold Mines (4) 935 935 1,400 1,775 290 240 Pueblo Viejo (5) 255 Fruta Del Norte (6) 155 Co-Product Production Cadia - Copper (ktonne) 65 65 Boddington - Copper (ktonne) 17 17 Peñasquito - Silver (Moz) 32 32 Peñasquito - Lead (ktonne) 90 90 Peñasquito - Zinc (ktonne) 220 220 Red Chris - Copper (ktonne) 20 20 (1) 2026 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2026 Guidance assumes $4,500/oz Au, $5.00/lb Cu, $60.00/oz Ag, $1.30/lb Zn, $0.90/lb Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $70/barrel Brent. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Guidance. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward - looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. See cautionary statement at the end of this release. (2) All-in sustaining costs (AISC) as used in the Company’s Guidance is a non -GAAP metric; see 2026 Guidance - Gold AISC Reconciliation and related note for further information. (3) Consolidated production for Merian is presented on a total production basis for the mine site; attributable production represents a 75% interest for Merian. (4) Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM. (5) Attributable production includes Newmont’s 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. (6) Attributable production includes Newmont’s 32.0% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag.
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22NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS (1) Interest expenses guidance is net of capitalized interest. (2) The adjusted tax rate excludes certain items such as tax valuation allowance adjustments. (3) Assuming average prices of $4,500 per ounce for gold, $5.00 per pound for copper, $60.00 per ounce for silver, $0.90 per pound for lead, and $1.30 per pound for zinc and achievement of current production, sales and cost estimates, Newmont estimates its consolidated adjusted effective tax rate related to continuing operations for 2026 will be 33 percent. 2026 Consolidated Expense and Capital Guidance Guidance Metric (+/-5%) 2026E Sustaining Capital ($M) Managed Portfolio $1,660 Non-Managed Portfolio $290 Total Newmont Sustaining Capital (1)(2) $1,950 Development Capital ($M) Managed Portfolio $1,160 Non-Managed Portfolio $240 Total Newmont Development Capital (2) $1,400 Capitalized Interest ($M) $175 Guidance Metric (+/-5%) 2026E General & Administrative ($M) $375 Interest Expense ($M) (1) $175 Depreciation & Amortization ($M) $2,815 Reclamation and Remediation Accretion ($M) $385 Adjusted Tax Rate (2)(3) 33% (1) Sustaining capital is presented on an attributable basis . (2) Capital guidance excludes amounts attributable to the Pueblo Viejo joint venture.
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23NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Gold All-in Sustaining Costs - 2026 Guidance A reconciliation of the 2026 Gold AISC guidance to the 2026 Gold CAS guidance is provided below. The estimates in the table below are considered “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, which are intended to be covered by the safe harbor created by such sections and other applicable laws. (1) The reconciliation is provided for illustrative purposes in order to better describe management’s estimates of the components of the calculation. Estimates for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result, the total All-in sustaining costs and the All-in sustaining costs per ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for the 2026 AISC Gold Guidance on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts. (2) All values are presented on a consolidated basis for Newmont. (3) Excludes Depreciation and amortization and Reclamation and remediation. (4) Includes stockpile and leach pad inventory adjustments. (5) Reclamation costs include operating accretion and amortization of asset retirement costs. (6) Advanced Projects and Exploration excludes non-sustaining advanced projects and exploration. (7) Includes stock-based compensation. (8) Excludes development capital expenditures, capitalized interest and change in accrued capital. (9) Assumes copper production of 102 thousand tonnes at $11,023 per tonne, silver production of 32 million ounces at $60.00 per ounce, lead production of 90 thousand tonnes at $1,894 per tonne, and zinc production of 220 thousand tonnes at $2,866 per tonne. (10) Consolidated sales for Merian is presented on a total sales basis for the mine site and excludes sales from Pueblo Viejo and Fruta del Norte. 2026 Guidance - Gold (1)(2) (in millions, except ounces and per ounce) Guidance Estimate Cost Applicable to Sales (3)(4) 8,610 Reclamation Costs (5) 220 Advanced Projects and Exploration (6) 200 General and Administrative (7) 375 Other Expense 25 Treatment and Refining Costs 145 Sustaining Capital (8) 1,950 Sustaining Finance Lease Payments 105 Less: Consolidated Other Metal Sales, net (9) (3,400) Gold By-Product AISC $ 8,230 Ounces (000) Sold (10) 4,900 Gold By-Product AISC per Ounce $ 1,680
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24NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Operating Sites 24
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25NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS World Class Portfolio in Leading Mining Jurisdictions 25 Managed Operations Lihir1 Cadia2 Tanami3 Boddington4 Ahafo South5 Ahafo North6 Merian7 Cerro Negro8 Yanacocha9 Red Chris Brucejack 11 12 Peñasquito10 Non-Managed JV’s Nevada Gold Mines Pueblo Viejo 1 2 Equity Ownership Fruta del Norte1 Unmatched scale, longevity, and quality - built to deliver sustained performance for decades Cadia Panel Caves Tanami Expansion 2 Projects in Execution 1 2 7 8 9 1 4 2 6 5 1 2 1 1 3 2 10 12 11
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26NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Lihir: Site Facts 26 World-class gold mine in Papua New Guinea (1) Reserves represent Proven and Probable Reserves. Gold Resources consist of 2.4Moz Measured and Indicated and 18.3Moz Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. (2) See endnotes re: forward-looking statements and Non-GAAP metrics. Location Geothermally active extinct volcanic crater on Niolam Island, located 900km from Port Moresby in Papua New Guinea Reserves & Resources1 15 Year Reserve Life with upside from Resources and Exploration 16.0Moz Gold Reserves 20.7Moz Gold Resources 2026 Outlook2 As of February 19, 2026 560koz Gold Production $1,475/oz By-Product CAS $1,765/oz By-Product AISC $95M Sustaining Capital $140M Development Capital Operational Focus Continuing to focus on enhancing long-term operational stability and improved asset reliability Initiating work on Nearshore Barrier, unlocking access to over 5Moz and extending mine life beyond 2040
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27NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Cadia: Site Facts (1) Reserves represent Proven and Probable Reserves. Gold Resources consist of 9.7Moz Measured and Indicated and 1.3Moz Inferred Resources. Copper Resources consist of 2.6Mt Measured and Indicated and 0.3Mt Inferred Resources. Silver Resources consist of 20.2Moz Measured and Indicated and 2.3Moz Inferred Resources. Molybdenum Resources consist of 100kt Measured and Indicated and 0kt Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. (2) See endnotes re: forward-looking statements and Non-GAAP metrics. One of the world’s largest long-lived gold-copper mines Location 25km from the city of Orange in New South Wales, Australia Reserves & Resources1 30 Year Reserve Life with upside from Resources and Exploration 13.5Moz Gold Reserves 11.0Moz Gold Resources 2.9Mt Copper Reserves 2.9Mt Copper Resources 21.8Moz Silver Reserves 22.5Moz Silver Resources 100kt Molybdenum Reserves 100kt Molybdenum Resources 2026 Outlook2 As of February 19, 2026 270koz Gold Production 65kt Copper Production $(180)/oz By-Product CAS $370M Development Capital $1,575/oz By-Product AISC $425M Sustaining Capital Operational Focus First drawbell fired at PC1-2; cave establishment for PC2-3 on track to be completed in late 2026 Advancing tailings improvements and investments to support cave development and extend mine life
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28NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Tanami: Site Facts (1) Reserves represent Proven and Probable Reserves. Gold Resources consist of 2.9Moz Measured and Indicated and 2.7Moz Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. (2) See endnotes re: forward-looking statements and Non-GAAP metrics. An underground mine in the Northern Territory of Australia Location In the remote Tanami Desert of Australia, 550 km northwest of Alice Springs in the Northern Territory of Australia Reserves & Resources1 11 Year Reserve Life with upside from Resources and Exploration 5.3Moz Gold Reserves 5.6Moz Gold Resources 2026 Outlook2 As of February 19, 2026 365koz Gold Production $1,250/oz By-Product CAS $2,145/oz By-Product AISC $270M Sustaining Capital $330M Development Capital Operational Focus Progressing headframe construction and mechanical work for second expansion project Expansion secures Tanami as a long-life, low-cost producer – extending mine life to ~2040
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29NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Boddington: Site Facts (1) Reserves represent Proven and Probable Reserves. Gold Resources consist of 4.3Moz Measured and Indicated and 0.1Moz Inferred Resources. Copper Resources consist of 300kt Measured and Indicated and 0kt Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. (2) See endnotes re: forward-looking statements and Non-GAAP metrics. A cornerstone gold-copper mine in Western Australia Location 16km from the rural farming town of Boddington and 130km from Western Australia’s capital city, Perth Reserves & Resources1 14 Year Reserve Life with upside from Resources and Exploration 10.2Moz Gold Reserves 4.4Moz Gold Resources 500kt Copper Reserves 300kt Copper Resources 2026 Outlook2 As of February 19, 2026 580koz Gold Production 17kt Copper Production $1,160/oz By-Product CAS $225 Sustaining Capital $1,630/oz By-Product AISC Operational Focus Waste stripping campaign advanced in North and South pits; completion expected in 2026 Production expected to grow in 2027, driven by higher grades following stripping and higher throughput
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30NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Ahafo South: Site Facts (1) Reserves represent Proven and Probable Reserves. Gold Resources from Ahafo South consist of 5.4Moz Measured and Indicated and 2.0Moz Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. (2) See endnotes re: forward-looking statements and Non-GAAP metrics. Setting the benchmark for mine development and district expansion with Ahafo North Location Ahafo South is located approximately 290km northwest of Accra, the capital city of Ghana Reserves & Resources1 8 Year Reserve Life with upside from Resources and Exploration 4.1Moz Gold Reserves 7.4Moz Gold Resources 2026 Outlook2 As of February 19, 2026 440koz Gold Production $1,830/oz By-Product CAS $2,160/oz By-Product AISC $115M Sustaining Capital $10M Development Capital Operational Focus Completed mining in Subika open pit in 2025, as planned Advanced study and exploration work underway to support underground growth beneath Subika and Apensu
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31NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Ahafo North: Site Facts (1) Reserves represent Proven and Probable Reserves. Gold Resources from Ahafo North consist of 2.3Moz Measured and Indicated and 0.9Moz Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. (2) See endnotes re: forward-looking statements and Non-GAAP metrics. Commissioned in 2025, bringing new low-cost ounces into portfolio Location Ahafo North is located about 30km from the Ahafo South operation which is approximately 290km northwest of Accra, the capital city of Ghana Reserves & Resources1 18 Year Reserve Life with upside from Resources and Exploration 4.7Moz Gold Reserves 3.2Moz Gold Resources 2026 Outlook2 As of February 19, 2026 315koz Gold Production $1,045/oz By-Product CAS $1,285/oz By-Product AISC $55M Sustaining Capital $30M Development Capital Operational Focus Achieved commercial production in October 2025, bringing new low-cost ounces into portfolio Focused on mill ramp-up for first full year of production in 2026
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32NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Merian: Site Facts (1) Represents Newmont’s 75% share. Reserves represent Proven and Probable Reserves. Gold Resources consist of 1.8Moz Measured and Indicated and 2.1Moz Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. (2) See endnotes re: forward-looking statements and Non-GAAP metrics. Emerging asset in Suriname Location Approximately 66km south of the town of Moengo and 30km north of the Nassau Mountains near the French Guiana Reserves & Resources1 21 Year Reserve Life with upside from Resources and Exploration 4.5Moz Gold Reserves 3.9Moz Gold Resources 2026 Outlook2 As of February 19, 2026 225koz Attributable Gold Production $1,480/oz By-Product CAS $1,800/oz By-Product AISC $80M Sustaining Capital Operational Focus Expect to deliver higher production in 2026 from higher grade and slightly higher recovery Advancing exploration activities around this emerging asset
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33NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Cerro Negro: Site Facts (1) Reserves represent Proven and Probable Reserves. Gold Resources consist of 0.5Moz Measured and Indicated and 1.2Moz Inferred Resources. Silver Resources consist of 2.0Moz Measured and Indicated and 6.6Moz Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. (2) See endnotes re: forward-looking statements and Non-GAAP metrics. World-class asset in Argentina Location 600 meters above sea level on the low Patagonian plains in southern Argentina Reserves & Resources1 10 Year Reserve Life with upside from Resources and Exploration 3.0Moz Gold Reserves 1.7Moz Gold Resources 20.3Moz Silver Reserves 8.6Moz Silver Resources 2026 Outlook2 As of February 19, 2026 220koz Gold Production $95M Sustaining Capital $1,430/oz By-Product CAS $120M Development Capital $1,960/oz By-Product AISC Operational Focus Expect higher production in 2026 driven by increased throughput from ongoing productivity initiatives Advancing underground mine life extension activities
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34NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Yanacocha: Site Facts (1) Reserves represent Proven and Probable Reserves. Gold Resources consist of 5.8Moz Measured and Indicated and 6.7Moz Inferred Resources. Silver Resources consist of 76.4Moz Measured and Indicated and 47.3Moz Inferred Resources. Copper Resources consist of 700kt Measured and Indicated and 500kt Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. (2) See endnotes re: forward-looking statements and Non-GAAP metrics. 30+ year history of profitable production in Peru Location In the province and department of Cajamarca, about 800km northeast of Lima in Peru Reserves & Resources1 3 Year Reserve Life with upside from Resources and Exploration 0.5Moz Gold Reserves 12.5Moz Gold Resources 19.4Moz Silver Reserves 123.7Moz Silver Resources 1.2Mt Copper Resources 2026 Outlook2 As of February 19, 2026 460koz Gold Production $1,170/oz By-Product AISC $1,070/oz By-Product CAS $10M Sustaining Capital Operational Focus Continuing mining through 2026, adding incremental low-cost ounces beginning in 2027 Evaluating opportunities in surrounding regions of Peru to support future investment decisions
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35NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Peñasquito: Site Facts (1) Reserves represent Proven and Probable Reserves. Gold Resources consist of 1.6Moz Measured and Indicated and 0.1Moz Inferred Resources. Silver Resources consist of 188Moz Measured and Indicated and 7.1Moz Inferred Resources. Lead Resources consist of 500kt Measured and Indicated and 0kt Inferred Resources. Zinc Resources consist of 1.4Mt Measured and Indicated and 0Mt Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. (2) See endnotes re: forward-looking statements and Non-GAAP metrics. Polymetallic mine in Mexico with gold, silver, lead, and zinc production Location 200km northeast of the city of Zacatecas in Mexico Reserves & Resources1 8 Year Reserve Life with upside from Resources and Exploration 3.2Moz Gold Reserves 1.7Moz Gold Resources 230Moz Silver Reserves 195.1Moz Silver Resources 700kt Lead Reserves 500kt Lead Resources 1.5Mt Zinc Reserves 1.4Mt Zinc Resources 2026 Outlook2 As of February 19, 2026 185koz Gold Production $(4,325)/oz By-Product CAS 32Moz Silver Production $(2,395)/oz By-Product AISC 90kt Lead Production $100M Sustaining Capital 220kt Zinc Production Operational Focus Processing stockpiles during transition from Phase 7 to Phase 8 in the Peñasco pit Focused on stripping with higher grades expected beginning in 2028
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36NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Red Chris: Site Facts (1) Represents Newmont’s 70% share. Reserves represent Proven and Probable Reserves. Gold Resources consist of 3.7Moz Measured and Indicated and 0.7Moz Inferred Resources. Copper Resources consist of 1.1Mt Measured and Indicated and 0.2Mt Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. (2) See endnotes re: forward-looking statements and Non-GAAP metrics. Building a world-class district in British Columbia’s Golden Triangle Location Approximately 80km south of Dease Lake in the Golden Triangle of British Columbia in Canada Reserves & Resources1 2 Year Reserve Life with upside from Resources and Exploration 3.6Moz Gold Reserves 4.4Moz Gold Resources 0.9Mt Copper Reserves 1.3Mt Copper Resources 2026 Outlook2 As of February 19, 2026 35koz Gold Production 20kt Copper Production $1,390/oz By-Product CAS $160M Development Capital $3,625/oz By-Product AISC $60M Sustaining Capital Operational Focus Focused on safe and efficient gold and copper production Advancing Feasibility Study and permitting work for block cave project
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37NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Brucejack: Site Facts (1) Reserves represent Proven and Probable Reserves. Gold Resources consist of 0.6Moz Measured and Indicated and 2.5Moz Inferred Resources. Silver Resources consist of 2.2Moz Measured and Indicated and 5.5Moz Inferred Resources. See cautionary statement re: mineral reserve and resource estimates. (2) See endnotes re: forward-looking statements and Non-GAAP metrics. Building a world-class district in British Columbia’s Golden Triangle Location Approximately 950km Northwest of Vancouver in the Golden Triangle of British Columbia in Canada Reserves & Resources1 11 Year Reserve Life with upside from Resources and Exploration 2.9Moz Gold Reserves 3.1Moz Gold Resources 12.8Moz Silver Reserves 7.7Moz Silver Resources 2026 Outlook2 As of February 19, 2026 260koz Gold Production $1,475/oz By-Product CAS $2,085/oz By-Product AISC $115M Sustaining Capital Operational Focus Delivered meaningful results from near-mine drilling program in 2025 Anticipate higher gold production in 2026 due to higher throughput and improved stope availability
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38NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS For contributing excluded assets Four Mile (Barrick), Fiberline (Newmont) and Mike (Newmont): ▪ Party that owns asset has obligation to contribute upon completion of successful Feasibility Study, which requires a project IRR of at least 15% ▪ Feasibility Study must be completed by mutually agreed third-party engineering company ▪ Non-contributing party can pay cash for its share of asset or dilute its equity interest in the JV Value for the contributed asset is established as follows: ▪ Assets contributed at "fair market value“ – cash purchase price a knowledgeable buyer would pay in an arm’s length transaction ▪ “Fair market value” determined jointly by Newmont and Barrick ▪ If parties cannot agree on value, independent experts appointed to set “fair market value” ▪ Valuation methodology takes into account all factors the independent expert considers relevant, including, among others, benefits resulting from the JV infrastructure, taking into account the impact of the excluded asset on existing operations Cash available for distribution requirements: ▪ Applies to cash and cash equivalents in all JV bank accounts, less current liabilities and budgeted operating expenses and capital expenditures, in each case payable or to be incurred over the following three weeks, plus reasonable and normal reserve accounts ▪ Must be disbursed monthly to the parties, in proportion to their respective JV ownership ▪ Cash distribution policy can only be changed by unanimous decision of the JV Board Nevada Joint Venture Processes
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39NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Non-GAAP Reconciliations & Endnotes 39
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40NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS 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. 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 busines s 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. Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net cash provided by (used in) operating activities $ 3,621 $ 2,511 $ 10,334 $ 6,363 Less: Net cash used in (provided by) operating activities of discontinued operations — — — (45) Net cash provided by (used in) operating activities of continuing operations 3,621 2,511 10,334 6,318 Less: Additions to property, plant and mine development (808) (875) (3,035) (3,402) Free Cash Flow $ 2,813 $ 1,636 $ 7,299 $ 2,916 Net cash provided by (used in) investing activities(1) $ (780) $ (701) $ 606 $ (2,702) Net cash provided by (used in) financing activities $ (833) $ (1,207) $ (7,040) $ (2,953) (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.
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41NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS 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 andindirect 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 financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows: Three Months Ended December 31, 2025 Year Ended December 31, 2025 per share data (1) per share data (1) basic diluted basic diluted Net income (loss) attributable to Newmont stockholders $ 1,301 $ 1.19 $ 1.19 $ 7,085 $ 6.41 $ 6.39 (Gain) loss on sale of assets held for sale (2) 8 0.01 0.01 (1,066) (0.97) (0.97) Impairment charges (3) 779 0.71 0.71 841 0.76 0.76 Change in fair value of investments and options(4) (124) (0.11) (0.11) (604) (0.54) (0.54) Restructuring and severance (5) 75 0.07 0.07 184 0.16 0.16 Loss on debt extinguishment (6) 1 — — 101 0.09 0.09 Reclamation and remediation charges(7) (137) (0.12) (0.12) (96) (0.09) (0.09) Loss on asset and investment sales (8) 7 — — 20 0.02 0.02 Settlement costs (9) 1 — — 2 — — Newcrest transaction and integration costs(10) 4 — — — — — Other (11) (13) (0.01) (0.01) 3 — — Tax effect of adjustments (12) (53) (0.05) (0.05) 281 0.27 0.27 Valuation allowance and other tax adjustments(13) 904 0.83 0.83 883 0.80 0.80 Adjusted net income (loss) $ 2,753 $2.52 $ 2.52 $ 7,634 $ 6.91 $ 6.89 Weighted average common shares (millions):(14) 1,090 1,094 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 $— and $(1), respectively. (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 $— and $(2), respectively. (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) Represents costs incurred related to the Newcrest transaction; included in Other expense, net. (11) 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. (12) The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (11), as described above, and are calculated using the applicable tax rate. (13) 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 for the three months and year ended December 31, 2025 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $367and $295, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(70) and $(139), net reductions to the reserve for uncertain tax positions of $3 and $1, and other tax adjustments of $604 and $726, respectively. (14) Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP.
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42NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS All-in Sustaining Costs - Co-Product QTD (1) Excludes Depreciation and amortization and Reclamation and remediation. (2) Includes by-product credits of $96. (3) Includes operating accretion of $26, included in Reclamation and remediation, and amortization of asset retirement costs $13; 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 $47 and $(171), respectively, included in Reclamation and remediation. (4) Excludes development expenditures of $5 at Cadia, $1 at Tanami, $13 at Ahafo South, $3 at Merian, $6 at Cerro Negro, $2 at Yanacocha, $5 at Peñasquito, $3 at NGM, and $22 at Corporate and Other, totaling $60 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation. (5) Excludes restructuring and severance cost of $75, Newcrest transaction-related costs of $4, and settlement costs of $1 included in Other expense, net. (6) Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment. (7) Includes finance lease payments for sustaining projects of $24. (8) Per ounce measures may not recalculate due to rounding. (9) 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 broken out for comparability purposes. (10) Corporate and Other 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) 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. (12) For the three months ended December 31, 2025, Cadia sold 19 thousand tonnes of copper, Boddington sold 5 thousand tonnes of copper, Peñasquito sold 7 million ounces of silver, 24 thousand tonnes of lead and 49 thousand tonnes of zinc, and Red Chris sold 7 thousand tonnes of copper. (13) All-in sustaining costs at Peñasquito is comprised of $142, $49, and $145 for silver, lead, and zinc, respectively. All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold. Three Months Ended December 31, 2025 Costs Applicable to Sales(1)(2) Reclamation Costs(3) Advanced Projects, Research and Development and Exploration(4) General and Administrative Other Expense, Net(5) Treatment and Refining Costs Sustaining Capital and Lease Related Costs(6)(7) All-In Sustaining Costs Ounces (000) Sold Co-Product All-In Sustaining Costs per Ounce (8) Co-Product All-In Sustaining Costs from GEO Less: Co-Product Sales By-Product All-In Sustaining Costs By-Product All-In Sustaining Costs per Ounce (8) Gold Managed Lihir $ 190 $ 4 $ 2 $ — $ (4) $ — $ 35 $ 227 128 $ 1,775 $ — $ — $ 227 $ 1,775 Cadia 85 — 3 — — 1 53 142 86 $ 1,584 128 (253) 17 $ 213 Tanami 111 1 1 — — — 87 200 115 $ 1,738 — — 200 $ 1,738 Boddington 183 5 2 — — 1 37 228 145 $ 1,565 31 (62) 197 $ 1,343 Ahafo South (9) 182 3 1 — 1 — 53 240 125 $ 1,932 — — 240 $ 1,932 Ahafo North (9) 31 — — — — — 9 40 58 $ 691 — — 40 $ 691 Merian 101 2 6 — — 1 17 127 77 $ 1,628 — — 127 $ 1,628 Cerro Negro 79 3 — — 3 — 32 117 64 $ 1,831 — — 117 $ 1,831 Yanacocha 82 3 2 — 7 — 3 97 133 $ 740 — — 97 $ 740 Peñasquito 86 1 — — — 3 13 103 69 $ 1,491 336 (605) (166) $ (2,440) Red Chris 21 1 1 — — (1) 5 27 16 $ 1,723 50 (90) (13) $ (847) Brucejack 79 1 6 — — — 27 113 63 $ 1,815 — — 113 $ 1,815 Non-managed Nevada Gold Mines 376 4 2 2 12 2 53 451 299 $ 1,508 — — 451 $ 1,508 Corporate and Other (10) — — 22 72 19 — 12 125 — $ — 22 — 147 $ — Total Gold 1,606 28 48 74 38 7 436 2,237 1,378 $ 1,620 $ 567 $ (1,010) $ 1,794 $ 1,302 Gold equivalent ounces - other metals (11)(12) Managed Cadia 81 — (1) — — (1) 49 128 86 $ 1,566 Boddington 25 1 — — — (1) 6 31 20 $ 1,489 Peñasquito (13) 275 8 — — — 16 37 336 188 $ 1,793 Red Chris 40 2 2 — — — 6 50 32 $ 1,557 Corporate and Other (10) — — 2 17 1 — 2 22 — $ — Total Gold Equivalent Ounces 421 11 3 17 1 14 100 567 326 $ 1,758 Consolidated 2,027 39 51 91 39 21 536 2,804
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43NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS All-in Sustaining Costs - Co-Product YTD (1) Excludes Depreciation and amortizationand 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. (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 broken out 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. All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold. 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 Co-Product All-In Sustaining Costs per Ounce.(9) Co-product All-In Sustaining Costs from GEO Less: Co-Product Sales By-product All-In Sustaining Costs By-Product All-In Sustaining Costs per Ounce. (9) Gold Managed Lihir $ 755 $ 15 $ 10 $ — $ (3) $ — $ 159 $ 936 582 $ 1,607 $ — $ — $ 936 $ 1,607 Cadia 324 2 3 — — 4 152 485 384 $ 1,253 449 (885) 49 $ 135 Tanami 429 5 6 — — — 221 661 385 $ 1,716 — — 661 $ 1,716 Boddington 685 21 3 — — 3 122 834 550 $ 1,514 153 (258) 729 $ 1,321 Ahafo South (10) 825 13 9 — 3 — 154 1,004 672 $ 1,494 — — 1,004 $ 1,494 Ahafo North (10) 31 — — — — — 9 40 58 $ 696 — — 40 $ 696 Merian 373 8 16 — — 1 60 458 238 $ 1,921 — — 458 $ 1,921 Cerro Negro 312 9 1 — 3 — 110 435 196 $ 2,220 — — 435 $ 2,220 Yanacocha 411 42 3 — 32 — 10 498 517 $ 964 — — 498 $ 964 Peñasquito 389 13 — 1 — 22 48 473 422 $ 1,120 1,080 (1,927) (374) $ (889) Red Chris 82 3 1 — 1 (1) 20 106 61 $ 1,750 214 (295) 25 $ 398 Brucejack 344 5 19 — — 2 104 474 235 $ 2,020 — — 474 $ 2,020 Non-managed Nevada Gold Mines 1,343 17 10 10 16 6 237 1,639 1,006 $ 1,629 — — 1,639 $ 1,629 Corporate and Other (11) — — 81 307 41 — 19 448 — $ — 82 — 530 $ — Divested (12) CC&V 39 2 — — — — 5 46 27 $ 1,684 — — 46 $ 1,684 Musselwhite 33 1 — — — — 14 48 32 $ 1,531 — — 48 $ 1,531 Porcupine 79 3 1 — 1 — 25 109 60 $ 1,810 — — 109 $ 1,810 Éléonore 54 1 2 — — — 12 69 49 $ 1,403 — — 69 $ 1,403 Akyem 107 5 — — — — 8 120 45 $ 2,664 — — 120 $ 2,664 Total Gold 6,615 165 165 318 94 37 1,489 8,883 5,519 $ 1,609 1,978 (3,365) 7,496 $ 1,358 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
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44NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Brucejack 2025 Intercepts Table (1 of 2) Hole ID Easting Northing Elev. (m) Azimuth Dip From To Au (g/t) VU-5802 426889 6258256 1326 35 -10 689 718.5 19.51 VU-5803 426889 6258256 1326 35 -25 No significant intercept VU-6772 426939 6257958 1206 13 -2 No significant intercept VU-6773 426939 6257958 1206 13 -9 869 889.9 154.04 VU-7276 427043 6258027 1328 16 -6 849 867 29.61 VU-7279 427043 6258027 1328 22 -7 736.5 770 19.52 VU-7280 427044 6258026 1328 29 -6 No significant intercept VU-7324 427047 6257995 1208 17 -1 761 811 9.74 S81-028 427094 6259126 1380 15 -45 63 72 18.73 120 129 13.41 S81-029 427094 6259126 1380 15 -70 154.1 184.7 2.19 S82-040 427115 6259135 1378 25 -50 13 21.1 2.57 32.5 51.1 2.01 113.5 135.4 5.99 S82-041 427125 6259115 1382 25 -45 47.1 63.2 67.21 S82-042 427125 6259115 1382 25 -65 123.4 137.2 1.71 S82-043 427140 6259098 1380 25 -45 56.9 68 5.3 S82-044 427140 6259098 1380 25 -55 8.3 20 1.28 65 89.7 1.6 97.7 112 2.88 S82-063 427107 6259120 1380 25 -50 67.7 83.9 17.73 99.7 110.6 5.35 S82-064 427107 6259120 1380 25 -50 57.7 66.7 2.56 76.8 97.5 2.12 107.3 124 4.28 132.5 142.1 1.36 S82-065 427107 6259120 1380 25 -65 87.3 137.3 1.59 150.5 158.2 5.77 S82-067 427077 6259151 1379 25 -65 86.4 100.7 2.34 S82-070 427050 6259189 1382 25 -55 80.9 94 2.31 S82-071 427000 6259279 1384 25 -50 4 25.9 1.81 37.6 67.3 3.54 S82-072 427000 6259279 1384 25 -60 1.6 21.2 1.49 61.2 78.4 1.48 S82-073 427043 6259238 1375 25 -45 32.5 55 2.5 Notes to the Intercepts Table 1. Easting, Northing, and Elevation coordinates are reported in Brucejack Mine Grid 2. True widths of intercepts are uncertain at this stage 3. Significant intercepts calculated using a 1.0 g/t Au cutoff and are uncapped, minimum interval width is 7.5m, internal dilution is ≤ 7.5m total width The drill program, sampling protocol, and data verification were managed by Near-Mine Exploration Superintendents and Supervisors. The diamond drill holes were collared and drilled at NQ diameter during the drilling process. Drill core recovery averaged 99%. Core is generally whole sampled with ~5% of drillholes half-sampled, along marked orientation lines, using a diamond saw. Drill core samples are standardized at 1.5m whole- core samples, except where smaller in adherence to lithological contacts or other geologically defined breaks. Visible gold bearing samples are typically sampled smaller, at maximum 1m lengths to avoid the complications of crushing and homogenizing ‘oversize’ core for these samples. Samples were submitted to ALS Canada Ltd. for preparation and analysis under an ISO 17025:2017 certified management system. Entire core samples were crushed to 90% passing 2mm, riffle-split to 1kg, and pulverized to 85% passing 75µm. Gold analyses were performed by 50g fire assay with AAS finish, and multi-element analyses by four-acid digestion with ICP-OES or ICP-MS. Overlimit methods were applied for Au, Ag, Cu, Pb, and Zn as required. QA/QC protocols included the systematic insertion of Certified Reference Materials (CRMs), blanks, and duplicate samples (half- core, coarse, and pulp) to monitor accuracy, precision, and contamination. Secondary check assays were completed by MS Analytical to confirm laboratory performance. All assay results were reviewed and validated by the Database Specialist and approved by the exploration management team.
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45NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Brucejack 2025 Intercepts Table (2 of 2) Hole ID Easting Northing Elev. (m) Azimuth Dip From To Au (g/t) S87-182 427122 6259106 1381 25 -48 3.8 17.5 4.24 68.5 104.5 54.86 S87-183 427122 6259106 1381 25 -65 16.5 45.9 2.57 59.3 81.6 3.37 125 132.7 1.58 S87-186 427130 6259101 1382 25 -45 25.3 36.3 1.67 60.4 79.7 5.61 S87-187 427130 6259101 1382 25 -65 6.7 21 1.36 S87-190 427114 6259111 1381 30 -45 2.9 12.3 1.54 60.8 78.6 3.37 S87-191 427114 6259111 1381 25 -65 138 160.3 1.27 S87-271 427149 6259092 1380 27 -55 68.3 86.1 1.63 101.8 136.4 6.9 S91-399 427107 6259053 1386 46 -42 135.4 146.4 1.78 156.7 167.1 6.91 S91-402 427149 6259045 1381 46 -43 59.1 74.9 1.11 S91-404 427139 6259050 1383 25 -55 79.3 92.9 1.45 135.5 151.2 4.71 173.4 188.7 3.11 SU-045 426769 6259161 1430 72 -50 524.5 535.5 7.26 594.5 624.5 3.1 SU-099 427050 6259155 1377 24 -54 186 193.5 2.02 SU-101 427050 6259155 1377 25 -46 66.5 77 1.96 SU-104 426921 6259311 1378 38 -45 40 47.5 1.04 72 79.5 1.08 100.5 111 1.03 SU-105 426920 6259310 1379 37 -56 87.5 101 1.23 147.5 158 1.27 SU-107 426960 6259246 1383 36 -46 109 117 1.12 160 174.1 2.03 SU-109 426959 6259246 1383 37 -55 107.5 121 1.26 185.5 200.8 1.25 SU-110 426854 6259390 1384 39 -45 19.3 41 1.96 SU-751 427050 6259067 1395 27 -65 480 489.5 2.27 543 552 1.1 Notes to the Intercepts Table 1. Easting, Northing, and Elevation coordinates are reported in Brucejack Mine Grid 2. True widths of intercepts are uncertain at this stage 3. Significant intercepts calculated using a 1.0 g/t Au cutoff and are uncapped, minimum interval width is 7.5m, internal dilution is ≤ 7.5m total width The drill program, sampling protocol, and data verification were managed by Near-Mine Exploration Superintendents and Supervisors. The diamond drill holes were collared and drilled at NQ diameter during the drilling process. Drill core recovery averaged 99%. Core is generally whole sampled with ~5% of drillholes half-sampled, along marked orientation lines, using a diamond saw. Drill core samples are standardized at 1.5m whole- core samples, except where smaller in adherence to lithological contacts or other geologically defined breaks. Visible gold bearing samples are typically sampled smaller, at maximum 1m lengths to avoid the complications of crushing and homogenizing ‘oversize’ core for these samples. Samples were submitted to ALS Canada Ltd. for preparation and analysis under an ISO 17025:2017 certified management system. Entire core samples were crushed to 90% passing 2mm, riffle-split to 1kg, and pulverized to 85% passing 75µm. Gold analyses were performed by 50g fire assay with AAS finish, and multi-element analyses by four-acid digestion with ICP-OES or ICP-MS. Overlimit methods were applied for Au, Ag, Cu, Pb, and Zn as required. QA/QC protocols included the systematic insertion of Certified Reference Materials (CRMs), blanks, and duplicate samples (half- core, coarse, and pulp) to monitor accuracy, precision, and contamination. Secondary check assays were completed by MS Analytical to confirm laboratory performance. All assay results were reviewed and validated by the Database Specialist and approved by the exploration management team.
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46NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Notes to the Intercepts Table 1. Easting and Northing coordinates are reported in Ahafo unified grid (augng) 2. True widths of intercepts are uncertain at this stage 3. AMDD = Amoma; APD = Apensu, APSDD = Apensu South; AWDD = Awonsu; SKD = Subika; SUC = Subika UG 4. Significant intercepts calculated using a 3.0g/t Au cutoff and are uncapped with a minimum interval width is 2m and a maximum internal dilution of 2m. Amoma significant intercepts are calculated with a 2.0g/t Au cutoff, all other parameters the same The drill program, sampling protocol, and data verification were managed by the senior geologist. The diamond drill holes were typically collared at HQ diameter drill core and reduced to NQ diameter during the drilling process. Drill core recovery averaged 95%. Core is half-sampled, along marked orientation lines, using a diamond saw. Sampling length varied from 0.5-meters to 1.5- meters, with sample intervals chosen based on the geologic features of the rock including alteration. Samples were sent to ALS Ghana and SGS Ahafo (Analytical Laboratories) for sample preparation and analysis. A management system compliant with ISO9001:2015 and ISO 17025:2017 standards used in ALS laboratory, and ISO 17025:2017 at SGS laboratory. All drill samples were analyzed using Fire Assay technique with AAS finish on 50g pulp charge weight. The laboratory provided assay results in electronic PDF and NE2 file formats. On data receipt, QAQC samples were assessed by the database administrator and if any failure was identified, a re-assay request was issued to the laboratory. The QAQC protocols included insertion of Certified Reference Material (CRM), Blanks, Field and Perpetration duplicates into all submitted sample batches to monitor the performance of the analytical laboratories. All drill hole assay information has been reviewed and approved by project geologists and re-checked by the exploration managers. Ahafo South 2025 Intercepts Table (1 of 3) Hole ID Easting Northing Elev. (m) Azimuth Dip From To Au (g/t) AMDD154 130107 267013 1220 304 -69 315.7 326.8 4.03 AMDD158 130608 267777 1227 307 -78 338.3 357.1 3.47 371.7 380.5 4.42 AMDD161 129909 267006 1230 308 -51 65.3 71.8 3.64 AMDD163 129877 266737 1222 316 -62 313.3 317.8 2.17 AMDD164 130186 267299 1217 307 -46 45.0 48.3 8.80 202.3 205.1 4.27 AMDD165 130043 266515 1214 312 -58 642.5 658.4 1.96 AMDD166 129990 267091 1221 302 -49 167.6 170.7 2.93 257.6 260.9 11.52 267.2 274.2 2.21 AMDD167 129980 266795 1221 313 -57 No significant intercept AMDD168 130566 267790 1228 320 -47 181.6 191.7 3.84 AMDD170 130527 267680 1233 318 -47 51.5 54.5 2.37 AMDD171 129909 267006 1230 252 -60 60.6 63.4 7.51 103.6 107.7 3.51 109.9 112.5 2.36 AMDD172 130445 267516 1235 319 -45 193.0 196.0 3.93 288.7 296.8 2.54 301.6 304.0 3.18 AMDD174 129746 266865 1234 316 -58 115.2 119.9 4.65 124.0 126.7 2.03 AMDD175 130236 266523 1208 314 -55 653.6 658.7 3.34 705.7 709.3 3.36 AMDD176 130138 266887 1214 314 -67 388.8 395.8 3.26 AMDD177 130137 266888 1214 314 -56 351.6 359.7 3.92 387.3 397.4 11.83 705.7 714.6 1.98 AMDD179 130044 266705 1219 313 -63 482.2 485.6 2.21 AMDD184 130412 267464 1234 299 -53 323.5 334.7 2.29 AMDD185 130444 267517 1235 323 -54 315.5 327.8 3.58 AWDD564 125491 261363 1233 333 -74 No significant intercept AWDD565 126609 263307 1229 310 -57 No significant intercept AWDD566 126742 263663 1225 323 -70 No significant intercept AWDD567 126742 261363 1233 279 -66 Pending Assay AWDD568A 125078 260591 1216 274 -63 No significant intercept AWDD570 125078 260591 1216 310 -68 Pending Assay AWDD571 126703 262848 1207 306 -51 Pending Assay APSDD684 123846 259494 1210 329 -72 No significant intercept
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47NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Notes to the Intercepts Table 1. Easting and Northing coordinates are reported in Ahafo unified grid (augng) 2. True widths of intercepts are uncertain at this stage 3. AMDD = Amoma; APD = Apensu, APSDD = Apensu South; AWDD = Awonsu; SKD = Subika; SUC = Subika UG 4. Significant intercepts calculated using a 3.0g/t Au cutoff and are uncapped with a minimum interval width is 2m and a maximum internal dilution of 2m. Amoma significant intercepts are calculated with a 2.0g/t Au cutoff, all other parameters the same The drill program, sampling protocol, and data verification were managed by the senior geologist. The diamond drill holes were typically collared at HQ diameter drill core and reduced to NQ diameter during the drilling process. Drill core recovery averaged 95%. Core is half-sampled, along marked orientation lines, using a diamond saw. Sampling length varied from 0.5-meters to 1.5- meters, with sample intervals chosen based on the geologic features of the rock including alteration. Samples were sent to ALS Ghana and SGS Ahafo (Analytical Laboratories) for sample preparation and analysis. A management system compliant with ISO9001:2015 and ISO 17025:2017 standards used in ALS laboratory, and ISO 17025:2017 at SGS laboratory. All drill samples were analyzed using Fire Assay technique with AAS finish on 50g pulp charge weight. The laboratory provided assay results in electronic PDF and NE2 file formats. On data receipt, QAQC samples were assessed by the database administrator and if any failure was identified, a re-assay request was issued to the laboratory. The QAQC protocols included insertion of Certified Reference Material (CRM), Blanks, Field and Perpetration duplicates into all submitted sample batches to monitor the performance of the analytical laboratories. All drill hole assay information has been reviewed and approved by project geologists and re-checked by the exploration managers. Ahafo South 2025 Intercepts Table (2 of 3) Hole ID Easting Northing Elev. (m) Azimuth Dip From To Au (g/t) APSDD685 124052 259523 1219 294 -72 852.4 857.6 2.98 APSDD686 122996 258892 1218 356 -74 255.3 262.9 4.10 APSDD687 122996 258892 1218 263 -74 319.0 322.1 4.57 APSDD688 123189 258557 1292 310 -61 Pending Assay SKD344 123310 256646 1197 330 -80 923.4 931.4 6.15 SKD356 123140 256854 1199 309 -62 256.3 261.6 7.40 SKD380 123125 256871 1199 285 -76 506.7 514.6 5.10 SKD399 123160 256664 1196 304 -67 397.7 406.5 3.52 581.6 588.2 2.08 603.2 618.8 2.45 SKD400 125375 259088 1202 305 -50 544.3 552.3 6.05 SKD405 123160 256664 1196 302 -75 No significant intercept SKD406 123279 256876 1202 316 -66 514.9 522.7 11.20 SKD407 125628 259251 1204 305 -50 564.2 569.8 6.90 SUC-01692 123119 257302 758 161 -36 361.2 368.4 6.02 SUC-01700 123341 257595 808 86 -24 58.1 63.9 7.45 180.2 188.8 5.84 387.5 391.7 11.71 411.6 426.1 6.70 SUC-01701 124514 258872 711 142 -20 86.8 91.2 11.68 SUC-01706 123341 257594 808 97 -32 227.2 237.2 28.88 398.2 421.7 7.26 485.0 496.3 9.22 506.3 515.8 7.60 SUC-01709 123120 257302 758 157 -34 265.4 276.6 3.65 298.0 319.9 4.54 SUC-01719 123340 257594 808 102 -37 121.4 143.9 6.20 SUC-01723 123120 257302 757 150 -39 257.0 291.0 4.05 334.3 351.0 5.15 SUC-01724 123340 257594 808 108 -35 320.1 337.1 8.30 SUC-01752 123702 257804 617 144 -42 45.7 53.4 5.07 321.4 358.2 4.14 SUC-01757 123702 257804 617 144 -44 390.8 396.6 5.23 431.3 438.5 6.80 SUC-01776 123554 257616 583 136 -37 286.6 319.9 5.81 SUC-01777 123702 257804 617 139 -44 252.9 257.8 7.06 283.2 293.3 4.65 401.3 409.3 5.96
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48NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Notes to the Intercepts Table 1. Easting and Northing coordinates are reported in Ahafo unified grid (augng) 2. True widths of intercepts are uncertain at this stage 3. AMDD = Amoma; APD = Apensu, APSDD = Apensu South; AWDD = Awonsu; SKD = Subika; SUC = Subika UG 4. Significant intercepts calculated using a 3.0g/t Au cutoff and are uncapped with a minimum interval width is 2m and a maximum internal dilution of 2m. Amoma significant intercepts are calculated with a 2.0g/t Au cutoff, all other parameters the same The drill program, sampling protocol, and data verification were managed by the senior geologist. The diamond drill holes were typically collared at HQ diameter drill core and reduced to NQ diameter during the drilling process. Drill core recovery averaged 95%. Core is half-sampled, along marked orientation lines, using a diamond saw. Sampling length varied from 0.5-meters to 1.5- meters, with sample intervals chosen based on the geologic features of the rock including alteration. Samples were sent to ALS Ghana and SGS Ahafo (Analytical Laboratories) for sample preparation and analysis. A management system compliant with ISO9001:2015 and ISO 17025:2017 standards used in ALS laboratory, and ISO 17025:2017 at SGS laboratory. All drill samples were analyzed using Fire Assay technique with AAS finish on 50g pulp charge weight. The laboratory provided assay results in electronic PDF and NE2 file formats. On data receipt, QAQC samples were assessed by the database administrator and if any failure was identified, a re-assay request was issued to the laboratory. The QAQC protocols included insertion of Certified Reference Material (CRM), Blanks, Field and Perpetration duplicates into all submitted sample batches to monitor the performance of the analytical laboratories. All drill hole assay information has been reviewed and approved by project geologists and re-checked by the exploration managers. Ahafo South 2025 Intercepts Table (3 of 3) Hole ID Easting Northing Elev. (m) Azimuth Dip From To Au (g/t) SUC-01784 123702 257805 619 134 -39 348.9 353.6 7.20 371.8 379.9 7.64 SUC-01797 124728 259109 664 118 -53 92.8 98.0 8.40 362.7 369.6 6.95 392.8 404.3 5.73 507.7 534.7 4.70 327.4 331.9 11.65 669.3 692.6 4.67 699.5 732.9 6.70 750.0 767.3 6.34 784.6 793.6 4.52 816.8 835.4 6.04 510.3 535.8 5.67 SKD419 123103 256419 1197 279 -54 560.5 563.5 5.53 SKD408 122895 256621 1197 276 -55 No significant intercept SKD420 125368 259554 1206 302 -74 714.5 725.0 5.35 764.7 769.7 4.73 787.7 791.8 6.01 809.9 837.4 6.59 SKD399 123160 256664 1196 304 -67 397.7 401.4 4.89 401.4 404.2 4.06 SUC-01815 123553 257616 582 131 -69 432.3 444.5 13.64 526.1 534.7 12.02 592.6 599.1 9.75 613.3 627.1 8.47 SUC-01803 123554 257616 582 126 -56 253.3 267.5 4.50 399.8 408.8 5.98 485.4 490.5 5.38 687.6 708.7 9.21 SUC-01786 124514 258873 710 117 -60 416.7 423.7 4.10 675.7 691.1 5.64 700.5 709.9 6.60 712.8 722.8 8.74 SUC-01797 124728 259109 664 118 -53 337.2 346.6 3.12 369.7 374.6 7.12
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49NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Endnotes Investors are encouraged to read the information contained in this presentation in conjunction with Newmont’s Form 10-K for the year ended December 31, 2025, expected to be filed on, or about, February 19, 2026. Investors are reminded that expectations regarding outlook and guidance, including future financial results, operating performance, projects, exploration, investments, capital allocation, dividends and transactions are forward looking and remain subject to risk and uncertainties. See Cautionary Statement on slide 2, the risk factors section in the Form 10-K and other factors identified in the Company’s reports filed with the SEC, and the notes below. Guidance Assumptions. Guidance and projections used in this presentation are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 19, 2026. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. See slide 20 for examples of such assumptions and estimated revenue and cost impacts of changes therefrom. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Guidance. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Reserves and Resources gold equivalent ounces (GEOs). Gold Equivalent Ounces calculated using Mineral Reserve pricing: Gold ($2,000/oz.), Copper ($3.75/lb.), Silver ($25/oz.), Lead ($0.90/lb.), and Zinc ($1.20/lb.) and Resource pricing: Gold ($2,300/oz.), Copper ($4.25/lb.), Silver ($28/oz.), Lead ($1.00/lb.), and Zinc ($1.30/lb.) and metallurgical recoveries for each metal on a site-by-site basis as: metal * [(metal price * metal recovery) / (gold price * gold recovery)]. Share Repurchase Program. In February 2024, the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to offset the dilutive impact of employee stock award vesting and to provide returns to stockholders, provided that the aggregate value of shares of common stock repurchased does not exceed $1,000; this program has been completed. In October 2024, the Board of Directors authorized an additional $2,000 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 $3,000 stock repurchase program to repurchase shares of outstanding common stock. The program will be executed at the Company's discretion. The repurchase program 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. See Part II, Item 5 of the form 10-K for additional information, including maximum dollar amount that may yet be purchased under the program. Dividend. Our future dividends, beyond the dividend declared for the fourth quarter 2025, have not yet been approved or declared by the Board of Directors. An annualized dividend payout level has not been declared by the Board and is non-binding. The Company’s dividend framework and expected 2026 dividend payout ranges are non-binding. Management’s expectations with respect to future dividends, annualized dividends, payout ranges or dividend yield are “forward-looking statements.” The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board. The Board of Directors reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on the common stock of the Company, the Board of Directors may revise or terminate the payment level at any time without prior notice. Productivity Improvements. Productivity Improvements are a management estimate provided for illustrative purposes and should not be considered a GAAP or non-GAAP financial measure. Such estimates are necessarily imprecise and are based on numerous judgments and assumptions. Projections. Projections used in this presentation are considered “forward looking statements”. See cautionary statement above regarding forward-looking statements. Estimates such as expected accretion, net asset value (NAV) per share, cash flow enhancement, synergies and future production are preliminary in nature. Costs Applicable to Sales. Costs applicable to sales per ounce/gold equivalent ounce are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis. We believe that these measures provide 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 into the direct and indirect costs related to production, excluding depreciation and amortization, on a per ounce/gold equivalent ounce basis. Free Cash Flow. FCF is a non-GAAP metric and is generated from Net cash provided from operating activities of continuing operations on an attributable basis less Additions to property, plant and mine development on an attributable basis. See appendix for more information and for a reconciliation to the nearest GAAP metric. Attributable FCF projections as used in outlook are forward-looking statements and remain subject to risks and uncertainties. All-in Sustaining Cost. AISC or All-in sustaining cost is a non-GAAP metric. AISC as used in the Company’s outlook is a forward-looking statement and is therefore subject to uncertainties. AISC a non-GAAP metric defined as the sum of cost applicable to sales (including all direct and indirect costs related to current gold production incurred to execute on the current mine plan), remediation costs (including operating accretion and amortization of asset retirement costs), G&A, exploration expense, advanced projects and R&D, treatment and refining costs, other expense, net of one-time adjustments, sustaining capital and finance lease payments. See appendix for more information and a reconciliation of 2026 AISC outlook to the 2026 CAS outlook. 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 financial measures used by mining industry analysts.
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50NEWMONT CORPORATION FOURTH QUARTER & FULL Y EAR 2025 RESULTS Endnotes Net Debt. 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 the use of Net debt allows investors and others to evaluate financial flexibility and strength of the Company's balance sheet. 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. Non-GAAP metrics are defined and reconciled in the Company's Form 10-K for the year ended December 31, 2025. Investors are encouraged to refer to Item 7, Management Discussion and Analysis, under the heading Non-GAAP Financial Measures for additional information, including with respect to Free Cash Flow and All-In Sustaining Costs. Past Performance. Past performance metrics and figures included in this presentation are given for illustrative purposes only and should not be relied upon as (and are not) an indication of Newmont’s views on its future financial performance or condition or prospects (including on a consolidated basis). Investors should note that past performance of Newmont, including in relation to the past value returned to stockholders and past value creation and annual synergies, and other historical financial information cannot be relied upon as an indicator of (and provide no guidance, assurance or guarantee as to) future performance, including future synergies or value to stockholders. Cautionary Statement Regarding Mineral Reserve and Resource Estimates. The mineral reserve and resource estimates herein with respect to Newmont represent estimates at December 31, 2025, which could be economically and legally extracted or produced at the time of their determination. Estimates of proven and probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on metal prices and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. Additionally, Newmont’s resource estimates do not indicate proven and probable reserves as defined by the SEC or Newmont’s standards. Estimates of measured, indicated and inferred resources are subject to further exploration and development, and are, therefore, subject to considerable uncertainty. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. Newmont cannot be certain that any part or parts of its resources will ever be converted into reserves, and investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. For additional information on our reserves and resources, please see Item 2 of the Company’s Form 10-K, filed on, or about, February 19, 2026 with the SEC, and “Item 1A. Risk Factors — Risks Related to Our Operations and Business — Estimates of proven and probable reserves and measured, indicated and inferred resources are uncertain and the volume and grade of ore actually recovered may vary from our estimates”. Mineral reserve and resource estimates are expressed on an attributable basis unless otherwise indicated. Cautionary Statement Regarding Divestitures. The Company completed a series of asset divestments in recent years, including the sale of the Telfer reportable segment in the fourth quarter of 2024, the sale of the CC&V, Musselwhite, and Éléonore reportable segments in the first quarter of 2025, the sale of the Porcupine and Akyem reportable segments in the second quarter of 2025, and the sale of the Coffee development project in the fourth quarter of 2025. In addition, the Company has entered other asset and business transactions in prior periods that include continuing indemnification, guarantee, or contingent payment obligations. For recent completed divestments certain portions of the total consideration remain deferred, and the Company has continuing obligations under various sale agreements. Deferred payments are subject to future events and conditions outside of the Company’s control, including but not limited to regulatory approvals and the gold price. For recent completed divestments certain portions of the total consideration remain deferred, and the Company has continuing obligations under various sale agreements. Deferred payments are subject to future events and conditions outside of the Company’s control, including but not limited to regulatory approvals and the gold price. Indemnification liabilities are reduced as the Company is released from risk under the guarantee. However, purchasers or counterparties may pursue an indemnification claim triggered by future events outside the Company’s control, including events arising long after the completion of the underlying transaction. Any failure to realize the expected benefits of transactions, delays or shortfalls in receipt of deferred consideration, or the crystallization of retained liabilities or indemnification claims could materially and adversely affect the Company’s results of operations, cash flows, and overall financial condition. No assurances can be provided with respect to the timing or receipt of contingent consideration payments in the future, or adjustments due to indemnification requirements or liabilities. See Item 1A. Risk Factors of the Form 10-K under the heading “We may not receive any or all deferred or contingent consideration for divested assets, we may remain subject to ongoing indemnification and other retained liabilities from both recent and historical transactions.”