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 |

Vancouver, British Columbia - TheNewswire - July 24, 2025: Headwater Gold Inc. (CSE: HWG) (OTCQB: HWAUF) (the "Company" or "Headwater") is pleased to announce that drill permitting has advanced through the formal public scoping phase on Headwater's Lodestar project, located in western Nevada. Project scoping marks a significant step toward securing final drilling approval following the submission of a Plan of Operations to undertake a proposed 3,500-metre drill program. The Lodestar project is being explore ...

Group 1 - Newmont Corporation reported two ground collapse incidents at the Red Chris mine in Canada [1] - The company is currently working to rescue trapped employees in the mine [1]

Three miners are trapped at Newmont’s Red Chris gold mine in northwest British Columbia, according to the premier of the western Canadian province https://t.co/dWrHATO9xL ...

Core Insights - Barrick Mining Corporation and Newmont Corporation are two leading gold mining companies with extensive global operations and diversified portfolios, making them relevant for investors in the precious metals sector [1] - Gold prices have reached record highs, driven by global economic uncertainties and increased central bank reserves, with prices currently above $3,400 per ounce and up over 30% year-to-date [2] Barrick Mining Corporation - Barrick has made a strong recovery in 2025 after a challenging 2024, benefiting from rising gold prices and advancing key growth projects [4][5] - Major projects include Goldrush, Fourmile, and Reko Diq, which are expected to significantly enhance production capacity [6][8] - Barrick's liquidity position is robust, with cash and cash equivalents around $4.1 billion and operating cash flows of approximately $1.2 billion in Q1 2025, reflecting a 59% year-over-year increase [8][9] - The company returned $1.2 billion to shareholders in 2024 and has a new share repurchase program authorized for up to $1 billion [9][10] - Barrick's stock has increased by 40.3% year-to-date, with a projected EPS growth of 54.8% [10][16] Newmont Corporation - Newmont is strategically investing in growth projects such as Tanami Expansion 2 and Ahafo North, which are expected to enhance production and profitability [12] - The acquisition of Newcrest Mining has strengthened Newmont's portfolio, generating $500 million in annual run-rate synergies [13] - Newmont has divested non-core assets, raising approximately $470 million and anticipating $3 billion in after-tax cash proceeds from its 2025 divestiture program [14][15] - The company reported liquidity of $8.8 billion, including cash and cash equivalents of around $4.7 billion, and generated a record free cash flow of $1.2 billion in Q1 2025 [15] - Newmont's stock has risen 65.8% year-to-date, with a projected EPS growth of 33.9% [10][25] Valuation and Performance Comparison - Barrick is trading at a forward 12-month earnings multiple of 9.88X, which is a 20.7% discount compared to the industry average of 12.46X [19] - Newmont's forward earnings multiple is 12.70X, indicating a premium over Barrick [21] - Both companies have a Zacks Rank 2 (Buy), but Barrick is viewed as having a more attractive valuation and higher growth projections, making it a potentially better investment option [26][27]

Core Viewpoint - Enduro Metals Corporation has initiated its 2025 exploration program at the Newmont Lake project, focusing on defining key targets and preparing for a potential drill campaign [1][3]. Project Overview - The Newmont Lake Project spans 688 km² and is one of the largest contiguous claim packages in British Columbia's Golden Triangle, strategically located near significant copper-gold development projects [4][17]. - The project has shifted focus from high-grade gold deposits to copper-gold porphyry exploration, highlighted by the discovery of the Burgundy Ridge porphyry system in 2021 [4][17]. Exploration Program Details - The 2025 phase 1 exploration program includes: - 2,120 line-kilometers of airborne magnetic surveying using a Heli-GT system at 100-meter line spacing [6][8]. - 20 kilometers of ground induced polarization (IP) surveying at the Andrei target [6][8]. - Extensive geological mapping, rock, and soil sampling [6][8]. - The exploration is particularly focused on the Andrei and Twin targets, with the aim of better defining these systems [3][8]. Target Specifics - The Andrei target is a low-elevation porphyry Cu-Au target with a 2.5 km trend of mineralization, showing peak results of 4.08% Cu and 57.83 g/t Au from recent sampling [11][12]. - The Twin target is a 7 km extension of the Bronson Trend, which is associated with other significant deposits in the area, and will involve airborne magnetic surveying and groundwork [13][15]. Historical Context - Historic exploration on the Newmont Lake property has primarily targeted high-grade gold deposits since the 1980s, with recent efforts focusing on porphyry systems [4][7]. - The current work program builds on legacy data and includes a newly acquired property-wide airborne hyperspectral survey to enhance exploration efforts [7][8].

Key Takeaways Newmont Corporation (NEM) is slated to report second-quarter 2025 results after the closing bell on July 24. The mining giant is expected to have benefited from higher gold prices in the second quarter amid cost headwinds. The Zacks Consensus Estimate for second-quarter earnings has been revised upward in the past 60 days. The consensus estimate for earnings is pegged at $1.04 per share, suggesting a 44.4% year-over-year rise. The Zacks Consensus Estimate for second-quarter revenues currently ...

Core Viewpoint - Newmont Corporation (NEM) is expected to report a significant increase in quarterly earnings and revenues, indicating positive growth trends in its operations [1]. Financial Performance - Analysts predict quarterly earnings of $1.04 per share, reflecting a 44.4% increase year-over-year [1]. - Revenues are forecasted to be $4.62 billion, representing a year-over-year increase of 4.9% [1]. - There has been a downward revision of 5.6% in the consensus EPS estimate over the past 30 days, indicating a reappraisal of initial projections by analysts [2]. Key Metrics - Geographic Revenue from Nevada Gold Mines is expected to reach $747.19 million, a year-over-year increase of 32.7% [5]. - Geographic Revenue from Peñasquito is projected at $699.12 million, indicating a substantial increase of 93.7% from the prior-year quarter [5]. - Geographic Revenue from Merian is estimated at $153.38 million, reflecting a 47.5% increase from the year-ago quarter [5]. - Geographic Revenue from Cerro Negro is expected to be $92.40 million, showing a decline of 7.6% from the prior-year quarter [6]. - Attributable Gold Production from Yanacocha is estimated at 112 thousand ounces, compared to 78 thousand ounces reported in the same quarter last year [6]. - Attributable Gold Production from Boddington is projected at 132 thousand ounces, down from 147 thousand ounces in the previous year [7]. - Attributable Gold Production from Tanami is expected to be 80 thousand ounces, compared to 99 thousand ounces reported last year [7]. - Attributable Gold Production from Ahafo is estimated at 174 thousand ounces, down from 184 thousand ounces in the same quarter last year [8]. - Average Realized Price for Gold is forecasted to reach $3,121 per ounce, up from $2,347 per ounce in the previous year [8]. - Total Attributable Gold ounces sold is expected to be 1,282 thousand ounces, down from 1,543 thousand ounces reported last year [9]. - Total Attributable Production of Gold is projected at 1,389 thousand ounces, compared to 1,534 thousand ounces in the same quarter last year [10]. Market Performance - Over the past month, Newmont shares have recorded a return of -0.1%, while the Zacks S&P 500 composite has changed by +5.4% [11]. - Newmont holds a Zacks Rank 2 (Buy), suggesting it is likely to outperform the overall market in the upcoming period [11].