Core Insights - Newmont Corporation (NEM.US) has achieved significant progress in cost control, resulting in better-than-expected earnings performance amid rising precious metal prices [1][2] - The company reported Q2 revenue of $5.32 billion, a year-over-year increase of 20.9%, exceeding market expectations by $400 million [1] - Non-GAAP earnings per share for Q2 reached $1.43, surpassing market expectations by $0.27 [1] Financial Performance - Net profit surged from $838 million in the same period last year to $2.06 billion this quarter [2] - The average gold price for the quarter was $3,320 per ounce, a 41% increase compared to $2,347 per ounce in the same quarter of 2024 [2] - The all-in sustaining cost for gold production decreased by approximately 4% to $1,593 per ounce, better than analyst expectations [2] Operational Highlights - The cost reduction is attributed to decreased operating expenses, particularly from two mines in Australia and the Lihir mine in Papua New Guinea [2] - Gold production decreased by 4% year-over-year to 1.48 million ounces due to the divestment of non-core assets following the $17.1 billion acquisition of Newcrest Mining [2] Market Context - The demand for safe-haven assets has surged due to global trade uncertainties and conflicts in Ukraine and the Middle East, contributing to a cumulative gold price increase of over 25% this year [3] - Newmont announced a $3 billion stock buyback program and confirmed its annual production target of 5.9 million ounces remains unchanged [3]

Financial Data and Key Metrics Changes - Newmont reported strong financial results in Q2 2025, with cash flow from operations reaching $24.4 billion and a record quarterly free cash flow of $1.7 billion, of which over $1.5 billion (90%) was generated by core managed operations [8][21][23] - The company generated $2.4 billion in adjusted EBITDA and reported an adjusted net income of $1.43 per share, with significant adjustments related to asset divestments and market gains [20][21] - Gold all-in sustaining costs for the quarter were $15.93 per ounce on a co-product basis, slightly below full-year guidance, while on a by-product basis, costs were $13.75 per ounce [18][19] Business Line Data and Key Metrics Changes - Newmont produced 1.5 million ounces of gold and 36,000 tonnes of copper, aligning with full-year guidance [6][7] - Production from Cadia exceeded expectations due to higher-grade ore, while Penasquito's production is expected to shift from gold to a higher proportion of silver, lead, and zinc in Q4 [11][12] - Lihir showed steady production but is expected to decline in the second half due to processing lower-grade material [12][14] Market Data and Key Metrics Changes - The company expects to generate approximately $3 billion in after-tax cash proceeds from its divestment program in 2025, with $470 million expected from recent asset sales [8][22] - Newmont's cash balance at the end of Q2 was $6.2 billion, significantly above the target of $3 billion, and the company retired $372 million of debt [21][22] Company Strategy and Development Direction - Newmont's strategic priorities include strengthening safety culture, stabilizing operations, and executing capital returns, with a focus on internal capital allocation rather than acquisitions [5][9][28] - The company is committed to returning capital to shareholders through dividends and share repurchases, with an additional $3 billion share repurchase program approved [9][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the recent incident at Red Chris but emphasized strong operational performance and commitment to safety [5][24] - The company remains on track to meet its 2025 guidance, with expectations for steady production and cash flow in the second half of the year [21][23] Other Important Information - The company is actively working on optimizing operations across its portfolio, focusing on cost discipline and productivity enhancements [14][15][66] - Management highlighted the importance of ongoing projects, including the Ahafo North and Tanami expansions, and the need for careful planning and execution [16][70] Q&A Session Summary Question: Capital allocation priorities regarding acquisitions - Management stated that the focus is on internal capital allocation, primarily buying back Newmont stock, rather than pursuing acquisitions [26][28] Question: Management changes and succession planning - Management expressed confidence in the existing finance team and highlighted the promotion of Natasha Viljoen to President as part of ongoing leadership development [30][34] Question: Cash flow outlook and working capital impacts - Management indicated that free cash flow generation is expected to remain steady, with increased sustaining capital and reclamation spending impacting cash flow in the second half [36][38] Question: Production expectations for Cadia and Penasquito - Management explained that production is expected to decline due to lower grades in the second half, with a natural progression in mining sequences [44][46] Question: Improvements at Lihir and future CapEx - Management noted significant improvements in productivity at Lihir and emphasized the importance of ongoing capital spending to enhance operations [53][55] Question: Trends in underlying cost structure and inflation - Management reported that costs are in line with expectations, with no significant inflationary impacts observed [63][66] Question: Production guidance and adjustments - Management clarified that production guidance remains cautious, with a focus on meeting expectations while accounting for potential risks in the second half [72][74] Question: Updates on Tanami and Ahafo projects - Management confirmed that risks associated with the Tanami shaft works have been mitigated and that Ahafo North is on track for commissioning [78][80] Question: Status of non-core asset positions - Management indicated that positions in Greatland Gold and Orla are considered non-core and may be divested in the future [94][96]

Financial Data and Key Metrics Changes - Newmont reported strong financial results in Q2 2025, with cash flow from operations reaching $24.4 billion and a record quarterly free cash flow of $1.7 billion, of which over $1.5 billion (90%) was generated by core managed operations [6][20][23] - The company generated $2.4 billion in adjusted EBITDA and reported an adjusted net income of $1.43 per share, with significant adjustments related to asset divestments and market gains [19][20] - Gold all-in sustaining costs for the quarter were $15.93 per ounce on a co-product basis, slightly below full-year guidance, while on a by-product basis, costs were $13.75 per ounce [18][19] Business Line Data and Key Metrics Changes - Newmont produced 1.5 million ounces of gold and 36,000 tonnes of copper in Q2 2025, aligning with full-year guidance [5][6] - Production from Cadia exceeded expectations due to higher-grade ore, while Penasquito's production is expected to shift from gold to a higher proportion of silver, lead, and zinc in Q4 [10][11] - Lihir showed steady production, but a decline is anticipated in the second half due to processing lower-grade material [12][13] Market Data and Key Metrics Changes - The company expects to generate approximately $3 billion in after-tax cash proceeds from its divestment program in 2025, with $470 million expected from recent asset sales [6][22] - Newmont's cash balance at the end of Q2 was $6.2 billion, significantly above the target of $3 billion [21] Company Strategy and Development Direction - Newmont's strategic priorities include strengthening safety culture, stabilizing operations, and executing capital returns to shareholders [4][6] - The company is focusing on internal capital allocation, primarily through share buybacks, rather than pursuing acquisitions [27][28] - The company is committed to maintaining a strong balance sheet while funding cash-generative organic projects and returning capital to shareholders [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the recent incidents at Red Chris but emphasized strong operational performance and commitment to safety [4][24] - The company remains on track to meet its 2025 guidance, with expectations of steady production and cash flow in the second half of the year [20][23] - Management expressed confidence in the ongoing optimization of operations and the potential for future growth through organic projects [10][66] Other Important Information - Newmont has retired $372 million of debt and returned over $1 billion to shareholders through dividends and share repurchases [7][22] - An additional $3 billion share repurchase program has been approved, doubling the total authorization to $6 billion [8][23] Q&A Session Summary Question: Capital allocation priorities regarding acquisitions - Management stated that the focus is on internal capital allocation, particularly share buybacks, rather than pursuing acquisitions [27][28] Question: Management changes and succession planning - Management confirmed that the interim CFO is capable and that the company is focused on leadership development, with no immediate concerns regarding succession [30][34] Question: Cash flow outlook and working capital impacts - Management indicated that free cash flow generation will remain steady, with expected increases in sustaining capital and reclamation spending impacting cash flow in the second half [36][39] Question: Production guidance and expectations for Cadia and Penasquito - Management explained that production is expected to decline in the second half due to lower grades, but they remain cautious and on track to meet guidance [71][72] Question: Updates on Tanami and Ahafo projects - Management confirmed that risks associated with the Tanami shaft works have been mitigated and that Ahafo North is on track for commissioning [75][78] Question: Status of non-core asset positions - Management categorized positions in Greatland Gold and Orla as non-core, indicating a focus on simplifying the portfolio [91] Question: Productivity improvements across the portfolio - Management highlighted opportunities for productivity enhancements at various assets, particularly at Lihir and Cerro Negro [96]

Newmont Corporation (NEM) came out with quarterly earnings of $1.43 per share, beating the Zacks Consensus Estimate of $1.04 per share. This compares to earnings of $0.72 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +37.50%. A quarter ago, it was expected that this gold and copper miner would post earnings of $0.84 per share when it actually produced earnings of $1.25, delivering a surprise of +48.81%.Over the last four qua ...

Financial Performance - The company generated free cash flow of $1.7 billion[11] - The company returned $1.0 billion to shareholders and retired $372 million of debt[13] - Q2 2025 cash from operations was $2.4 billion[21] - Adjusted EBITDA was $3.0 billion[21] - The average realized gold price was $3,320 per ounce[21] - The company approved an additional $3.0 billion share repurchase program, bringing the total authorization to $6.0 billion[13] Operational Highlights - The company delivered 1.5 million ounces of gold and 36kt of copper[11] - Attributable gold production from core managed operations was 1,124Koz[15] - Attributable gold production from core non-managed operations was 340Koz[15] - The company remains on track to achieve full-year guidance from February 2025[15] 2025 Guidance - The company expects gold production of 5.6 million ounces (+/- 5%)[18] - The company expects gold CAS of $1,180 per ounce[18] - The company expects gold AISC of $1,620 per ounce[18] - The company expects sustaining capital of $1.8 billion[18] - The company expects development capital of $1.3 billion[18] Non-Core Asset Divestiture - The company completed its non-core divestiture program, generating up to $3.8 billion in total gross proceeds, including over $3.0 billion in cash[41] Red Chris Incident - On July 22, 2025, two fall of ground incidents occurred at the Red Chris project in British Columbia, Canada, leading to a suspension of operations[5]

Newmont has made progress getting its costs under control, helping the world’s top gold miner beat expectations on earnings at a time when a rally for the precious metal is underpinning the industry https://t.co/5H8K8F3VEZ ...

Core Insights - The article discusses recent developments in the financial sector, highlighting trends and potential impacts on investment strategies [4]. Group 1 - The financial sector has seen significant changes, with a focus on evolving market dynamics and regulatory adjustments [4]. - There is an emphasis on the importance of accurate information in making investment decisions, as the financial landscape continues to shift [4]. - The article suggests that investors should remain vigilant and informed about ongoing changes in the market to identify opportunities [4].

PART I [Second Quarter 2025 Results and Highlights](index=5&type=section&id=SECOND%20QUARTER%202025%20RESULTS%20AND%20HIGHLIGHTS) Newmont's Q2 2025 net income significantly increased due to higher gold prices and portfolio optimization, supported by strong liquidity and a new $3 billion share repurchase authorization Q2 2025 Financial Highlights (vs. Q2 2024) | Financial Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Sales ($ millions) | $5,317 | $4,402 | | Net Income (attributable to Newmont) ($ millions) | $2,061 | $838 | | Diluted EPS ($) | $1.85 | $0.73 | | Adjusted Net Income ($ millions) | $1,594 | $834 | | Adjusted Diluted EPS ($) | $1.43 | $0.72 | | Adjusted EBITDA ($ millions) | $2,997 | $1,966 | Q2 2025 Operating Highlights (vs. Q2 2024) | Operating Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Attributable Gold Production (k oz) | 1,478 | 1,607 | | Attributable GEO Production (k oz) | 392 | 477 | | Average Realized Gold Price ($/oz) | $3,320 | $2,347 | | Gold AISC ($/oz) | $1,593 | $1,562 | - Completed the sales of the Akyem and Porcupine reportable segments for total consideration of **$1.513 billion**[16](index=16&type=chunk) Also completed partial sales of interests in Greatland Resources and Discovery Silver Corp - Ended the quarter with **$6.2 billion** of consolidated cash and **$10.2 billion** of total liquidity[16](index=16&type=chunk) Redeemed **$1.383 billion** of senior notes and repurchased **$1.359 billion** of shares in H1 2025[16](index=16&type=chunk) In July, the Board authorized an additional **$3 billion** stock repurchase program[16](index=16&type=chunk) [Financial Statements](index=10&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The unaudited condensed consolidated financial statements reflect Newmont's financial performance for the three and six months ended June 30, 2025, showing increased sales and net income driven by higher gold prices and asset sales, alongside a strengthened balance sheet and improved cash flow [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, sales increased to $5.32 billion from $4.40 billion, with a $699 million gain on asset sales contributing to a substantial rise in net income attributable to Newmont stockholders to $2.06 billion, or $1.85 per diluted share Condensed Consolidated Statements of Operations (in millions) | | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | |:---|---:|---:|---:|---:| | **Sales** | **$5,317** | **$4,402** | **$10,327** | **$8,425** | | Costs applicable to sales | $2,001 | $2,156 | $4,107 | $4,262 | | (Gain) loss on sale of assets held for sale | $(699) | $246 | $(975) | $731 | | Income before income tax | $3,118 | $1,036 | $5,589 | $1,464 | | **Net income from continuing operations** | **$2,075** | **$842** | **$3,977** | **$1,017** | | **Net income attributable to Newmont stockholders** | **$2,061** | **$838** | **$3,952** | **$1,004** | | **Diluted EPS from continuing operations** | **$1.85** | **$0.73** | **$3.53** | **$0.87** | [Condensed Consolidated Balance Sheets](index=13&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Newmont's balance sheet reflects strengthened liquidity with cash increasing to **$6.19 billion**, largely due to asset sales, while total debt decreased to **$7.13 billion** and stockholders' equity rose to **$32.11 billion** Condensed Consolidated Balance Sheet Highlights (in millions) | | At June 30, 2025 | At December 31, 2024 | |:---|---:|---:| | **Current Assets** | | | | Cash and cash equivalents ($ millions) | $6,185 | $3,619 | | Assets held for sale ($ millions) | $102 | $4,609 | | **Total Assets ($ millions)** | **$55,165** | **$56,349** | | **Current Liabilities** | | | | Debt ($ millions) | $0 | $924 | | Liabilities held for sale ($ millions) | $5 | $2,177 | | **Total Liabilities ($ millions)** | **$22,878** | **$26,240** | | Debt (non-current) ($ millions) | $7,132 | $7,552 | | **Newmont stockholders' equity ($ millions)** | **$32,112** | **$29,928** | [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For H1 2025, net cash from operating activities more than doubled to **$4.42 billion**, with investing activities providing **$1.42 billion** primarily from **$2.68 billion** in asset sales, while financing activities used **$3.41 billion** for debt repayments and share repurchases Six Months Ended June 30, Cash Flow Summary (in millions) | | 2025 | 2024 | |:---|---:|---:| | **Net cash provided by operating activities ($ millions)** | **$4,415** | **$2,170** | | **Net cash provided by (used in) investing activities ($ millions)** | **$1,417** | **$(1,439)** | | Proceeds from sales of mining operations ($ millions) | $2,675 | $180 | | Additions to property, plant and mine development ($ millions) | $(1,500) | $(1,650) | | **Net cash provided by (used in) financing activities ($ millions)** | **$(3,407)** | **$(957)** | | Repayment of debt ($ millions) | $(1,383) | $(3,650) | | Repurchases of common stock ($ millions) | $(1,359) | $(104) | | **Net change in cash ($ millions)** | **$2,568** | **$(464)** | [Note 3: Divestitures](index=19&type=section&id=Note%203%3A%20Divestitures) As part of its portfolio optimization, Newmont completed sales of several segments in H1 2025, including Akyem and Porcupine, generating a total gain of $904 million, with the Coffee development project remaining classified as held for sale - The company's portfolio optimization program involves divesting six non-core assets and one development project[41](index=41&type=chunk)[42](index=42&type=chunk) Sales of Akyem and Porcupine were completed in Q2 2025[53](index=53&type=chunk) The Coffee development project remains held for sale as of June 30, 2025[53](index=53&type=chunk) Gain on Completed Sales (Six Months Ended June 30, 2025, in millions) | Mine | Value of Consideration ($ millions) | Carrying Value of Net Assets ($ millions) | Gain on Sale ($ millions) | | :--- | :--- | :--- | :--- | | CC&V | $263 | $(196) | $2 | | Musselwhite | $813 | $(794) | $19 | | Porcupine | $541 | $(513) | $28 | | Éléonore | $784 | $(612) | $172 | | Akyem | $972 | $(270) | $683 | | **Total** | **$3,373** | **$(2,385)** | **$904** | (Gain) Loss on Sale of Assets Held for Sale (in millions) | | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | (Gain) on completed sales ($ millions) | $(711) | $(904) | | (Reversal of write-downs) / write-downs ($ millions) | $0 | $(76) | | Tax impact ($ millions) | $0 | $(17) | | **Total ($ millions)** | **$(699)** | **$(975)** | [Note 4: Segment Information](index=22&type=section&id=Note%204%3A%20Segment%20Information) Newmont's 11 managed mining operations and NGM constitute its reportable segments, generating $2.47 billion in Q2 2025 pre-tax income, driven by strong performance at Ahafo, Peñasquito, and Cadia, with divested assets also showing a large gain on sale Segment Income (Loss) Before Tax (Three Months Ended June 30, 2025, in millions) | Segment | Sales ($ millions) | Income (Loss) before Tax ($ millions) | | :--- | :--- | :--- | | Ahafo | $657 | $396 | | Peñasquito | $815 | $398 | | Cadia | $596 | $336 | | NGM | $783 | $326 | | Boddington | $543 | $279 | | Yanacocha | $446 | $237 | | Lihir | $517 | $249 | | Akyem (Divested) | $18 | $685 | | **Consolidated Total ($ millions)** | **$5,317** | **$3,118** | Segment Capital Expenditures (Six Months Ended June 30, 2025, in millions) | Segment | Capital Expenditures ($ millions) | | :--- | :--- | | Cadia | $273 | | Tanami | $247 | | Ahafo | $247 | | NGM | $195 | | Lihir | $81 | | **Consolidated Total ($ millions)** | **$1,497** | [Note 15: Debt](index=43&type=section&id=Note%2015%3A%20Debt) In H1 2025, Newmont actively reduced its debt by fully redeeming **$957 million** of 2026 Senior Notes and partially redeeming other senior notes totaling **$448 million**, incurring **$28 million** in extinguishment losses and reducing total face value of debt to **$7.42 billion** - In Q1 2025, the company fully redeemed all outstanding 2026 Senior Notes for a redemption price of **$957 million**, resulting in a **$13 million** loss on extinguishment[139](index=139&type=chunk) Partial Debt Redemptions (Six Months Ended June 30, 2025, in millions) | Senior Notes Series | Settled Notional Amount ($ millions) | Total Repurchase Amount ($ millions) | | :--- | :--- | :--- | | 6.250% due 2039 | $164 | $177 | | 3.25% due 2030 | $96 | $91 | | 5.875% due 2035 | $83 | $87 | | 2.25% due 2030 | $67 | $60 | | **Total (including others) ($ millions)** | **$448** | **$448** | [Note 18: Commitments and Contingencies](index=45&type=section&id=Note%2018%3A%20Commitments%20and%20Contingencies) Newmont faces various commitments and contingencies, including ongoing environmental management at Yanacocha and Dawn sites, a royalty lawsuit, a constitutional challenge to mining leases in Ghana, and multiple shareholder class action and derivative lawsuits alleging false and misleading statements - At Yanacocha, the company is updating its reclamation plan and conducting studies for water management to comply with Peruvian regulations, which could result in future material increases to its reclamation obligation[149](index=149&type=chunk)[152](index=152&type=chunk) - A putative class action lawsuit (Karas v. Newmont) was filed on January 31, 2025, alleging materially false and misleading statements regarding operations, production, and costs between July 24, 2024, and October 23, 2024[166](index=166&type=chunk) - Several derivative complaints were filed against directors and officers in early 2025, raising similar allegations to the Karas lawsuit, which have been consolidated and stayed pending motions in the Karas case[167](index=167&type=chunk)[168](index=168&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=51&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management's discussion highlights significant profitability increases for Q2 and H1 2025, driven by higher gold prices and portfolio optimization gains, alongside strong liquidity, disciplined capital allocation, and detailed operational performance analysis [Consolidated Financial Results](index=52&type=section&id=Consolidated%20Financial%20Results) Net income for H1 2025 rose to **$3.95 billion**, a **$2.95 billion** increase from H1 2024, largely due to higher average realized gold prices and a **$975 million** gain from divestitures, with total sales increasing by **$1.9 billion** to **$10.3 billion** Drivers of Change in Sales (Six Months Ended June 30, 2025 vs. 2024, in millions) | Metal | Increase (Decrease) in Average Realized Price ($ millions) | Increase (Decrease) in Consolidated Volume Sold ($ millions) | Total Change ($ millions) | | :--- | :--- | :--- | :--- | | Gold | $2,560 | $(713) | $1,863 | | Copper | $8 | $(26) | $40 | | Silver | $84 | $(124) | $(31) | - The increase in Net income for H1 2025 was primarily due to higher average realized gold prices, a net gain on completed divestments compared to prior year losses from write-downs, and unrealized gains on marketable equity securities[184](index=184&type=chunk) - The decrease in Costs applicable to sales for H1 2025 is primarily due to the impact from divested sites, which resulted in a decrease of **$551 million**[193](index=193&type=chunk) [Results of Consolidated Operations](index=60&type=section&id=Results%20of%20Consolidated%20Operations) In Q2 2025, consolidated gold production was 1.39 million ounces at an AISC of $1,593/oz, a decrease from prior year mainly due to asset divestments, with costs impacted by a change in GEO pricing methodology Gold Production and AISC by Select Mines (Three Months Ended June 30, 2025) | Mine | Gold Produced (k oz) | All-In Sustaining Costs ($/oz) | | :--- | :--- | :--- | | NGM | 239 | $1,771 | | Ahafo | 197 | $1,220 | | Lihir | 160 | $1,563 | | Peñasquito | 148 | $944 | | Boddington | 147 | $1,422 | | **Consolidated Total (k oz)** | **1,390** | **$1,593** | - Peñasquito gold production increased **131%** in Q2 2025 vs Q2 2024 due to higher ore grade milled and higher recovery[220](index=220&type=chunk) - NGM attributable gold production decreased **6%** in Q2 2025 vs Q2 2024 due to lower mill throughput and leach pad production, partially offset by higher grades[229](index=229&type=chunk) - Effective January 1, 2025, the company updated its GEO pricing to align with reserve metal price assumptions, resulting in higher costs being allocated to gold[209](index=209&type=chunk) [Liquidity and Capital Resources](index=72&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended Q2 2025 with strong liquidity of **$10.2 billion**, including **$6.2 billion** in cash, and significantly reduced net debt to **$1.4 billion**, with capital allocation prioritizing shareholder returns and key development projects Liquidity and Net Debt (in millions) | | At June 30, 2025 | At December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents ($ millions) | $6,185 | $3,619 | | Available borrowing capacity ($ millions) | $4,000 | $4,000 | | **Total liquidity ($ millions)** | **$10,185** | **$7,664** | | **Net debt ($ millions)** | **$1,422** | **$5,308** | - In H1 2025, the company executed and settled **$1.359 billion** in common stock repurchases[267](index=267&type=chunk) In July 2025, the Board authorized an additional **$3 billion** stock repurchase program[268](index=268&type=chunk) Capital Expenditures (Six Months Ended June 30, 2025, in millions) | Type | Amount ($ millions) | | :--- | :--- | | Development Projects | $660 | | Sustaining Capital | $837 | | **Total (Accrual Basis) ($ millions)** | **$1,497** | [Non-GAAP Financial Measures](index=79&type=section&id=Non-GAAP%20Financial%20Measures) This section reconciles non-GAAP measures, showing Q2 2025 Adjusted EBITDA at **$3.0 billion** and Adjusted net income at **$1.6 billion**, with H1 2025 Free cash flow significantly increasing to **$2.9 billion** and net debt reconciled to **$1.4 billion** Reconciliation to Adjusted EBITDA (in millions) | | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income attributable to Newmont stockholders ($ millions) | $2,061 | $853 | | EBITDA ($ millions) | $3,803 | $1,741 | | Adjustments (e.g., (Gain) on sale of assets) ($ millions) | $(806) | $225 | | **Adjusted EBITDA ($ millions)** | **$2,997** | **$1,966** | Reconciliation to Adjusted Net Income (in millions) | | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income from continuing operations (attributable) ($ millions) | $2,061 | $838 | | Adjustments (e.g., (Gain) on sale of assets, tax effects) ($ millions) | $(467) | $(4) | | **Adjusted net income ($ millions)** | **$1,594** | **$834** | Reconciliation to Free Cash Flow (Six Months Ended June 30, in millions) | | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities ($ millions) | $4,415 | $2,170 | | Less: Additions to property, plant and mine development ($ millions) | $(1,500) | $(1,650) | | **Free cash flow ($ millions)** | **$2,915** | **$520** | [Quantitative and Qualitative Disclosures About Market Risk](index=92&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Newmont is exposed to market risks from metal prices, interest rates, and foreign currency fluctuations, with sensitivity analyses indicating potential impacts on costs and fair value of hedges from adverse movements in exchange rates - The company's profitability and cash flow are significantly affected by fluctuations in the market prices of gold, copper, silver, lead, and zinc, which can also impact inventory and long-lived asset values[328](index=328&type=chunk)[329](index=329&type=chunk) - A sensitivity analysis indicated that a hypothetical **10%** adverse movement in local currency exchange rates would increase Costs applicable to sales per ounce by approximately **$74** for the six months ended June 30, 2025[336](index=336&type=chunk) Provisional Concentrate Sales Exposure (as of June 30, 2025) | Metal | Provisionally Priced Sales | Effect of 10% Price Change ($ millions) | | :--- | :--- | :--- | | Gold | 152 k oz | $34 | | Copper | 73 M lbs | $23 | | Silver | 3 M oz | $7 | - The company hedges certain AUD and CAD denominated expenditures, where a hypothetical **10%** adverse movement in exchange rates would decrease the fair value of these hedges by approximately **$274 million**[344](index=344&type=chunk)[345](index=345&type=chunk) [Controls and Procedures](index=96&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures are effective[348](index=348&type=chunk) - No changes occurred during Q2 2025 that have materially affected, or are reasonably likely to materially affect, the company's internal controls over financial reporting[349](index=349&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=97&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) Information regarding the company's legal proceedings is detailed in Note 18 to the Condensed Consolidated Financial Statements - Details on legal proceedings are incorporated by reference from Note 18 of the financial statements[351](index=351&type=chunk) [Risk Factors](index=97&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - No material changes were reported from the risk factors previously disclosed in the 2024 Form 10-K[352](index=352&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=97&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECU RITIES%20AND%20USE%20OF%20PROCEEDS) During Q2 2025, Newmont repurchased 19.29 million shares for approximately **$1.02 billion** under existing programs, with a new **$3 billion** program authorized in July 2025 Share Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid Per Share ($) | | :--- | :--- | :--- | | April 2025 | 8,156,560 | $49.86 | | May 2025 | 4,620,956 | $52.05 | | June 2025 | 6,510,199 | $56.06 | - In July 2025, the Board of Directors authorized an additional **$3 billion** stock repurchase program[353](index=353&type=chunk) [Mine Safety Disclosures](index=97&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) Newmont emphasizes safety through its 'Always Safe' program; following the sale of the CC&V mine, the company no longer operates any U.S. mine sites regulated by the MSHA, leading to the omission of Exhibit 95 - As a result of the sale of the CC&V mine, Newmont no longer operates any MSHA-regulated sites in the U.S.[361](index=361&type=chunk) - Exhibit 95 (Mine Safety Disclosure) has been omitted because there are no responsive citations, orders, or violations to report for the covered period[361](index=361&type=chunk)

Financial Performance - Newmont reported quarterly earnings of $1.43 per share, exceeding the analyst estimate of $1.12 [1] - Quarterly revenue reached $5.31 billion, surpassing the analyst consensus estimate of $4.93 billion and increasing from $4.4 billion in the same quarter last year [1] Production and Pricing - Attributable gold production decreased by 4% to 1,478,000 ounces compared to the prior quarter [2] - The average realized gold price was $3,320 per ounce, which is an increase of $376 per ounce over the previous quarter [2] Cash Flow and Market Reaction - Newmont generated an all-time record quarterly free cash flow of $1.7 billion, highlighting the strength of its portfolio and execution of commitments [4] - Following the earnings report, Newmont's stock rose by 2.50% to $63.05 in extended trading [4]

[Newmont Reports Second Quarter 2025 Results](index=1&type=section&id=Newmont%20Reports%20Second%20Quarter%202025%20Results) Newmont reports strong Q2 2025 results with record free cash flow, significant gold production, and shareholder returns [Q2 2025 Highlights](index=1&type=section&id=Q2%202025%20Highlights) Newmont achieved strong Q2 2025 results with 1.5 million gold ounces produced, record $1.7 billion free cash flow, and a new $3.0 billion share repurchase program Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Attributable Gold Production | 1.5 million ounces | | Free Cash Flow | $1.7 billion (record) | | Net Income | $2.1 billion | | Adjusted Net Income (ANI) | $1.6 billion ($1.43/share) | | Adjusted EBITDA | $3.0 billion | - The Board of Directors authorized an additional **$3.0 billion** share repurchase program and declared a quarterly dividend of **$0.25 per share**[1](index=1&type=chunk)[4](index=4&type=chunk) - The company maintained a strong balance sheet with **$6.2 billion** in cash, **$10.2 billion** in total liquidity, and a Net Debt to Adjusted EBITDA ratio of **0.1x**[4](index=4&type=chunk) - Newmont is on track to meet its 2025 guidance and expects to receive over **$3.0 billion** in after-tax cash proceeds from its divestiture program this year[4](index=4&type=chunk) [Second Quarter 2025 Production and Financial Summary](index=2&type=section&id=Second%20Quarter%202025%20Production%20and%20Financial%20Summary) Q2 2025 gold production decreased 4% to 1.48 million ounces, offset by a 13% higher realized gold price and improved costs, leading to $2.1 billion net income and $1.7 billion free cash flow Q2 2025 vs Q1 2025 Performance | Metric | Q2 2025 | Q1 2025 | Change | | :--- | :--- | :--- | :--- | | Attributable Gold Production (Moz) | 1.48 | 1.54 | -4% | | Average Realized Gold Price ($/oz) | $3,320 | $2,944 | +13% | | Gold Co-Product CAS ($/oz) | $1,215 | $1,227 | -1% | | Gold Co-Product AISC ($/oz) | $1,593 | $1,651 | -4% | | Net Income ($M) | $2,061 | $1,891 | +9% | | Free Cash Flow ($M) | $1,710 | $1,205 | +42% | - The decrease in gold production was expected and driven by the closing of non-core asset sales, partially offset by increased production at Yanacocha, Peñasquito, Nevada Gold Mines, and Boddington[6](index=6&type=chunk) - The decrease in AISC per ounce was primarily due to **$81 million** lower sustaining capital spend across the portfolio, particularly at Boddington, Lihir, and Cadia[7](index=7&type=chunk) [Non-Managed Joint Venture and Equity Method Investments](index=3&type=section&id=Non-Managed%20Joint%20Venture%20and%20Equity%20Method%20Investments) Non-managed assets showed mixed Q2 2025 results, with NGM production up 11% to 239 thousand ounces and Pueblo Viejo up 29% to 63 thousand ounces, while Fruta del Norte declined 12% Q2 2025 Attributable Gold Production from Key Investments | Investment | Q2 2025 Production (koz) | Change from Q1 2025 | | :--- | :--- | :--- | | Nevada Gold Mines (NGM) | 239 | +11% | | Pueblo Viejo (PV) | 63 | +29% | | Fruta del Norte (lagged) | 38 | -12% | - Cash distributions received in Q2 totaled **$40 million** from Pueblo Viejo and **$66 million** from Fruta del Norte[11](index=11&type=chunk)[12](index=12&type=chunk) [2025 Outlook and Guidance](index=4&type=section&id=Newmont%27s%202025%20Guidance) Newmont reaffirms its full-year 2025 guidance, projecting 5.9 million attributable gold ounces and outlining production and capital seasonality [Full-Year 2025 Guidance](index=4&type=section&id=Full-Year%202025%20Guidance) Newmont reaffirms 2025 guidance, targeting 5.9 million attributable gold ounces and a Core Portfolio AISC of $1,620 per ounce, with $1.33 billion in development capital 2025 Full-Year Guidance Highlights | Guidance Metric | Total Newmont | Total Core Portfolio | | :--- | :--- | :--- | | Attributable Gold Production (Moz) | 5.9 | 5.6 | | Gold Co-Product CAS ($/oz) | $1,200 | $1,180 | | Gold Co-Product AISC ($/oz) | $1,630 | $1,620 | | Sustaining Capital ($M) | $1,875 | $1,800 | | Development Capital ($M) | $1,330 | $1,300 | [Production and Capital Seasonality](index=5&type=section&id=2025%20GOLD%20PRODUCTION%20AND%20CAPITAL%20SEASONALITY%20GUIDANCE%20AND%20THIRD%20QUARTER%20COMMENTARY) Newmont's 2025 Core Portfolio production is evenly split, but capital expenditures are H2-weighted, with 57% of sustaining and 51% of development capital planned for the second half 2025 Core Portfolio H1 vs H2 Weighting | Metric | H1 2025E | H2 2025E | | :--- | :--- | :--- | | Attributable Production | 50% | 50% | | Sustaining Capital | 43% | 57% | | Development Capital | 49% | 51% | - Increased production in H2 is expected from Nevada Gold Mines, Yanacocha, and the addition of Ahafo North in Q4, offsetting declines at Cadia and Peñasquito[16](index=16&type=chunk) - Sustaining capital spend will increase in H2 due to work at Lihir, Cadia, Red Chris, Brucejack, and Tanami[17](index=17&type=chunk) [Third Quarter Commentary](index=5&type=section&id=Third%20Quarter%20Commentary) Q3 Core Portfolio production is expected to align with Q2, but AISC per ounce will be higher than full-year guidance due to increased sustaining capital, impacting free cash flow - Q3 Core Portfolio production is expected to be similar to Q2, with growth at non-operated JVs, Cerro Negro, Brucejack, and Tanami offset by declines at Ahafo South, Lihir, Peñasquito, and Cadia[19](index=19&type=chunk) - Q3 AISC per ounce is expected to be slightly higher than full-year guidance due to increased sustaining capital investments[19](index=19&type=chunk) - Q3 free cash flow is expected to be lower than Q2 due to higher capital spend, higher cash taxes, and increased reclamation spending at Yanacocha[20](index=20&type=chunk) [Strategic and Project Updates](index=6&type=section&id=Strategic%20and%20Project%20Updates) Newmont provides updates on its divestiture program, having completed all announced non-core asset sales, and details its ongoing reclamation commitments [Divestiture Program Update](index=6&type=section&id=Divestiture%20Program%20Update) Newmont completed all announced non-core asset sales, receiving $2.5 billion in net cash proceeds year-to-date, including $470 million from equity stake divestitures - Total gross proceeds from announced transactions are expected to be up to **$4.3 billion**, including contingent payments[23](index=23&type=chunk) - Year-to-date, **$2.5 billion** in net cash proceeds have been received from asset sales, including **~$850 million** in Q2 from Porcupine and Akyem[23](index=23&type=chunk) [Projects and Reclamation Update](index=6&type=section&id=Committed%20to%20Concurrent%20Reclamation) Newmont spent **$280 million** on reclamation in H1 2025, including **$167 million** for Yanacocha water treatment plants, and remains on track for its **$800 million** full-year target - The company spent **$280 million** on reclamation in H1 2025 and remains on track for its full-year target of **$800 million**[25](index=25&type=chunk) - Of the full-year reclamation budget, **$600 million** is allocated to the Yanacocha water treatment plants[25](index=25&type=chunk) [Financial Statements](index=9&type=section&id=Financial%20Statements) Newmont's Q2 2025 financial statements reflect strong sales, increased net income, a robust balance sheet, and significant cash flow generation [Condensed Consolidated Statements of Operations](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q2 2025 sales rose to **$5.32 billion**, driving net income attributable to stockholders to **$2.06 billion** or **$1.85 per diluted share**, significantly up from Q2 2024, aided by a **$699 million** asset sale gain Q2 2025 Income Statement Highlights (in millions) | Account | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sales | $5,317 | $4,402 | | Costs applicable to sales | $2,001 | $2,156 | | (Gain) loss on sale of assets held for sale | $(699) | $246 | | Net income attributable to Newmont stockholders | $2,061 | $853 | [Condensed Consolidated Balance Sheets](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Newmont's balance sheet shows **$55.17 billion** in total assets, **$6.19 billion** cash, and reduced total debt of **$7.13 billion**, reflecting strong liquidity Balance Sheet Summary (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $6,185 | $3,619 | | Total assets | $55,165 | $56,349 | | Total debt | $7,132 | $8,476 | | Total liabilities | $22,878 | $26,240 | | Total equity | $32,287 | $30,109 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q2 2025 saw **$2.38 billion** net cash from operations, **$679 million** from investing activities (driven by **$991 million** asset sales), and **$1.75 billion** used in financing for repurchases and dividends Q2 2025 Cash Flow Summary (in millions) | Activity | Q2 2025 | | :--- | :--- | | Net cash from operating activities | $2,384 | | Net cash from investing activities | $679 | | Net cash used in financing activities | $(1,745) | | **Net change in cash** | **$1,488** | [Non-GAAP Financial Measures](index=13&type=section&id=Non-GAAP%20Financial%20Measures) Newmont presents key non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDA, Free Cash Flow, and All-In Sustaining Costs for Q2 2025 [Adjusted Net Income (ANI)](index=13&type=section&id=Adjusted%20net%20income%20%28loss%29) Q2 2025 Adjusted Net Income (ANI) was **$1.6 billion** or **$1.43 per diluted share**, adjusted from GAAP Net Income by excluding a **$699 million** asset sale gain and other items Q2 2025 Net Income to Adjusted Net Income Reconciliation (in millions) | Description | Amount | | :--- | :--- | | **Net income attributable to Newmont stockholders** | **$2,061** | | (Gain) on sale of assets held for sale | $(699) | | Change in fair value of investments | $(151) | | Tax effect of adjustments | $173 | | Valuation allowance and other tax adjustments | $167 | | Other adjustments | $43 | | **Adjusted net income (loss)** | **$1,594** | [Adjusted EBITDA](index=15&type=section&id=Adjusted%20earnings%20before%20interest%2C%20taxes%2C%20depreciation%20and%20amortization) Q2 2025 Adjusted EBITDA increased to **$3.0 billion** from **$2.0 billion** in Q2 2024, primarily by adjusting GAAP Net Income for taxes, depreciation, interest, and asset sale gains Q2 2025 Net Income to Adjusted EBITDA Reconciliation (in millions) | Description | Amount | | :--- | :--- | | **Net income attributable to Newmont stockholders** | **$2,061** | | Add: Income tax expense | $1,092 | | Add: Depreciation and amortization | $620 | | Add: Interest expense, net | $65 | | Other adjustments | $(37) | | **EBITDA** | **$3,803** | | (Gain) on assets held for sale | $(699) | | Change in fair value of investments | $(151) | | Other adjustments | $44 | | **Adjusted EBITDA** | **$2,997** | [Free Cash Flow (FCF)](index=16&type=section&id=Free%20Cash%20Flow) Newmont achieved a record **$1.71 billion** in Free Cash Flow for Q2 2025, derived from **$2.38 billion** net cash from operations less **$674 million** in capital expenditures Q2 2025 Free Cash Flow Calculation (in millions) | Description | Amount | | :--- | :--- | | Net cash provided by operating activities of continuing operations | $2,384 | | Less: Additions to property, plant and mine development | $(674) | | **Free cash flow** | **$1,710** | [All-In Sustaining Costs (AISC)](index=18&type=section&id=All-In%20Sustaining%20Costs) Q2 2025 consolidated All-In Sustaining Cost (AISC) was **$1,593 per gold ounce** (co-product) and **$1,375 per gold ounce** (by-product), with 2025 Core Portfolio guidance at **$1,620 per ounce** Q2 2025 All-In Sustaining Costs (per ounce) | Metric | Value | | :--- | :--- | | Total Gold Co-product AISC | $1,593 | | Total Gold By-product AISC | $1,375 |