Newmont(NEM) - 2025 Q4 - Annual Report

Financial Performance - Newmont Corporation reported sales of $22,669 million for 2025, a 21.5% increase from $18,682 million in 2024 and a 92.2% increase from $11,812 million in 2023[13] - The net income from continuing operations for 2025 was $7,167 million, significantly up from $3,313 million in 2024 and a loss of $2,494 million in 2023[13] - Adjusted net income for 2025 was $7,634 million, compared to $3,991 million in 2024 and $1,324 million in 2023, reflecting a strong performance[13] - Free cash flow for 2025 was reported at $7,299 million, a significant increase from $2,916 million in 2024 and $88 million in 2023[13] - Net income attributable to Newmont stockholders was $7,085 million or $6.39 per diluted share, an increase of $3,805 million from the prior year[25] - Adjusted net income reported was $7,634 million or $6.89 per diluted share, an increase of $3.41 per diluted share from the prior year[25] - Adjusted EBITDA reached $13,480 million, reflecting a 55% increase from the prior year[25] - Net cash provided by operating activities was $10,334 million, a 64% increase from the prior year, with free cash flow of $7,299 million[25] Production and Costs - Consolidated gold production for 2025 was 5,530 thousand ounces, a decrease from 6,545 thousand ounces in 2024 but an increase from 5,401 thousand ounces in 2023[17] - The average realized price of gold per ounce in 2025 was $3,498, up from $2,408 in 2024 and $1,954 in 2023[17] - Consolidated costs applicable to sales for gold per ounce in 2025 were $1,199, an increase from $1,126 in 2024 and $1,050 in 2023[19] - Attributable gold production was approximately 6 million ounces, a decrease of 14% from the prior year due to divestments[25] Projects and Investments - The Tanami Expansion 2 project is expected to increase average annual gold production and improve efficiency, with total capital costs estimated between $1,700 million and $1,800 million[23] - The Cadia Panel Caves project aims to recover approximately 5 million ounces of gold and 1.1 million tonnes of copper, with capital costs estimated between $2,000 million and $2,400 million[24] Dividends and Shareholder Returns - Regular cash dividends declared per common share for 2025 were $1.01, consistent with $1.00 in 2024 but down from $1.45 in 2023[13] - A total dividend of $1.01 per share was declared for the year[25] Cash and Liquidity - The company ended the year with $7.6 billion in consolidated cash and $11.6 billion in total liquidity[25] - The company redeemed $3.4 billion of senior notes and settled $2.3 billion in share repurchases during the year[25] Tax and Valuation - The Company has recorded a valuation allowance for deferred tax assets in Peru and Argentina due to recent pretax losses and expectations of future pretax losses[655] - The realizable amount of deferred tax assets could be adjusted if future taxable income estimates increase or if cumulative losses are no longer present[655] - Additional risk factors affecting the realization of deferred tax assets are detailed in Note 2 to the Consolidated Financial Statements[656] Future Outlook - A long-term gold price assumption of $2,500 per ounce is significant for future cash flow assessments[634]