Newmont Reports Fourth Quarter and Full Year 2025 Results, Provides 2026 Guidance, and Announces Enhanced Capital Allocation Framework

¹

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.

²

Attributable production includes Newmont’s 40% interest in Pueblo Viejo, which is accounted for as an equity method investment.

³

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 quarterly-lag.

2026 Guidance Summary

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.

2024

2025

Operating Results

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Sales Volumes

Consolidated gold ounces sold (thousands)

1,599

1,543

1,568

1,829

6,539

1,442

1,380

1,319

1,378

5,519

Attributable gold ounces sold (thousands) ⁽¹⁾

1,581

1,528

1,551

1,811

6,471

1,430

1,363

1,308

1,358

5,459

Consolidated copper tonnes sold (thousands)

36

39

35

40

150

35

37

31

31

134

Consolidated silver ounces sold (millions)

10

8

6

9

33

6

7

8

7

28

Consolidated lead tonnes sold (thousands)

29

20

17

31

97

21

23

27

24

95

Consolidated zinc tonnes sold (thousands)

61

52

61

73

247

73

56

68

49

246

Average Realized Price ($/oz, $/lb)

Average realized gold price

$

2,090

$

2,347

$

2,518

$

2,643

$

2,408

$

2,944

$

3,320

$

3,539

$

4,216

$

3,498

Average realized copper price

$

3.72

$

4.47

$

4.31

$

3.57

$

4.00

$

4.65

$

4.37

$

4.67

$

6.04

$

4.89

Average realized silver price

$

20.41

$

26.20

$

25.98

$

25.15

$

24.13

$

30.12

$

29.50

$

37.02

$

57.29

$

38.92

Average realized lead price

$

0.92

$

1.05

$

0.86

$

0.86

$

0.91

$

0.89

$

0.88

$

0.86

$

0.88

$

0.87

Average realized zinc price

$

0.92

$

1.31

$

1.14

$

1.21

$

1.14

$

1.13

$

1.13

$

1.29

$

1.41

$

1.23

Attributable Gold Production (koz)

Lihir

181

141

129

163

614

164

160

129

132

585

Cadia

122

117

115

110

464

103

104

97

81

385

Tanami

90

99

102

117

408

78

90

100

123

391

Boddington

142

147

137

164

590

126

147

146

146

565

Ahafo South ⁽²⁾

190

184

213

211

798

205

197

145

119

664

Ahafo North ⁽²⁾

—

—

—

—

—

—

—

—

68

70

Merian (75%)

57

46

43

59

205

47

40

35

56

178

Cerro Negro

81

19

60

78

238

28

42

68

64

202

Yanacocha

91

78

93

92

354

105

131

152

127

515

Peñasquito

45

64

63

127

299

123

148

88

56

415

Red Chris (70%)

6

9

9

16

40

14

15

15

18

62

Brucejack

37

60

89

72

258

41

50

79

61

231

Managed Core Portfolio

1,042

964

1,053

1,209

4,268

1,034

1,124

1,054

1,051

4,263

Nevada Gold Mines (38.5%)

264

253

242

280

1,039

216

239

251

293

999

Pueblo Viejo (40%) ⁽³⁾

54

53

66

62

235

49

63

72

69

253

Fruta Del Norte (32%) ⁽⁴⁾

21

35

43

39

138

43

38

44

40

165

Non-Managed Core Portfolio

339

341

351

381

1,412

308

340

367

402

1,417

Total Core Portfolio

1,381

1,305

1,404

1,590

5,680

1,342

1,464

1,421

1,453

5,680

Non-Core Assets ⁽⁵⁾

294

302

264

309

1,169

195

14

—

—

209

Total Attributable Gold Production

1,675

1,607

1,668

1,899

6,849

1,537

1,478

1,421

1,453

5,889

Co-Product Production

Cadia copper tonnes (thousands)

21

22

21

23

87

21

22

22

17

82

Boddington copper tonnes (thousands)

9

10

9

9

37

7

7

6

4

24

Red Chris copper tonnes (thousands)

5

6

6

9

26

7

7

7

8

29

Telfer copper tonnes (thousands) ⁽⁵⁾

1

—

1

1

3

—

—

—

—

—

Total copper tonnes (thousands)

36

38

37

42

153

35

36

35

29

135

Peñasquito silver ounces (millions)

9

8

7

9

33

6

8

7

7

28

Peñasquito lead tonnes (thousands)

28

20

19

29

96

22

27

26

23

98

Peñasquito zinc tonnes (thousands)

58

65

58

77

258

59

67

59

46

231

Total CAS ($M)

Total CAS

$

2,106

$

2,156

$

2,310

$

2,391

$

8,963

$

2,106

$

2,001

$

1,951

$

2,027

$

8,085

Gold By-Product CAS Consolidated ($/oz)

Lihir

$

936

$

1,101

$

1,619

$

1,523

$

1,270

$

1,009

$

1,287

$

1,468

$

1,484

$

1,297

Cadia

$

(228

)

$

(626

)

$

(398

)

$

(173

)

$

(366

)

$

(643

)

$

(514

)

$

(593

)

$

(1,007

)

$

(676

)

Tanami

$

902

$

1,018

$

979

$

898

$

947

$

1,087

$

1,278

$

1,158

$

963

$

1,114

Boddington

$

810

$

750

$

863

$

916

$

840

$

970

$

1,000

$

1,054

$

1,002

$

1,005

Ahafo South

$

865

$

976

$

867

$

916

$

904

$

1,238

$

1,010

$

1,309

$

1,458

$

1,227

Ahafo North

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

532

$

532

Merian (75%)

$

1,221

$

1,546

$

1,795

$

1,334

$

1,457

$

1,497

$

1,808

$

1,722

$

1,297

$

1,562

Cerro Negro

$

861

$

2,506

$

1,535

$

1,177

$

1,325

$

2,063

$

2,118

$

1,375

$

1,240

$

1,594

Yanacocha

$

972

$

1,000

$

1,072

$

970

$

1,003

$

961

$

882

$

769

$

618

$

795

Peñasquito

$

(2,091

)

$

(2,047

)

$

(1,036

)

$

(1,587

)

$

(1,659

)

$

(949

)

$

(880

)

$

(1,882

)

$

(3,587

)

$

(1,578

)

Red Chris (70%)

$

(1,143

)

$

(2,556

)

$

5,125

$

(1,333

)

$

(256

)

$

(1,200

)

$

71

$

125

$

(1,789

)

$

(723

)

Brucejack

$

2,175

$

1,390

$

970

$

1,126

$

1,254

$

1,800

$

1,861

$

1,184

$

1,257

$

1,465

Managed Core Portfolio

$

691

$

635

$

884

$

677

$

722

$

733

$

789

$

732

$

594

$

713

Nevada Gold Mines (38.5%)

$

1,177

$

1,220

$

1,311

$

1,177

$

1,219

$

1,426

$

1,448

$

1,241

$

1,258

$

1,334

Non-Managed Core Portfolio

$

1,177

$

1,220

$

1,311

$

1,177

$

1,219

$

1,426

$

1,448

$

1,241

$

1,258

$

1,334

Total Core Portfolio

$

790

$

756

$

964

$

768

$

819

$

854

$

903

$

831

$

738

$

830

Total Gold By-Product CAS/oz ⁽⁶⁾⁽⁷⁾

$

891

$

892

$

1,052

$

862

$

922

$

930

$

917

$

831

$

738

$

855

2024

2025

Operating Results (continued)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Gold Co-Product CAS ($/oz)

Cadia

$

648

$

624

$

723

$

616

$

653

$

794

$

805

$

820

$

981

$

845

Boddington

$

1,016

$

1,022

$

1,098

$

1,084

$

1,056

$

1,239

$

1,207

$

1,268

$

1,262

$

1,244

Peñasquito

$

853

$

827

$

985

$

630

$

776

$

898

$

756

$

956

$

1,235

$

922

Red Chris (70%)

$

940

$

951

$

2,228

$

901

$

1,225

$

1,106

$

1,475

$

1,492

$

1,352

$

1,358

Managed Core Portfolio

$

955

$

1,053

$

1,117

$

1,021

$

1,036

$

1,150

$

1,154

$

1,172

$

1,140

$

1,154

Non-Managed Core Portfolio

$

1,177

$

1,220

$

1,311

$

1,177

$

1,219

$

1,426

$

1,448

$

1,241

$

1,258

$

1,334

Total Core Portfolio

$

1,000

$

1,087

$

1,153

$

1,050

$

1,071

$

1,198

$

1,204

$

1,185

$

1,166

$

1,188

Non-Core Assets ⁽⁵⁾

$

1,306

$

1,398

$

1,474

$

1,316

$

1,370

$

1,410

$

2,032

$

—

$

—

$

1,456

Total Gold Co-Product CAS/oz ⁽⁶⁾

$

1,057

$

1,152

$

1,207

$

1,096

$

1,126

$

1,227

$

1,215

$

1,185

$

1,166

$

1,199

Co-Product CAS ($/unit)

Cadia – copper ($/tonne)

$

3,271

$

3,044

$

3,774

$

3,209

$

3,321

$

3,468

$

3,517

$

3,534

$

4,289

$

3,688

Boddington – copper ($/tonne)

$

5,192

$

5,680

$

5,605

$

5,477

$

5,480

$

5,423

$

5,163

$

5,048

$

5,548

$

5,287

Red Chris – copper ($/tonne)

$

5,571

$

5,043

$

12,296

$

4,645

$

6,663

$

4,991

$

6,738

$

6,870

$

5,783

$

6,087

Telfer – copper ($/tonne) ⁽⁵⁾

$

15,885

$

10,692

N.M.

$

8,582

$

13,214

$

—

$

—

$

—

$

—

$

—

Total – copper ($/tonne)

$

4,452

$

4,184

$

5,748

$

4,247

$

4,625

$

4,182

$

4,422

$

4,531

$

4,821

$

4,476

Peñasquito- silver ($/ounce)

$

11

$

12

$

13

$

8

$

11

$

10

$

9

$

12

$

16

$

12

Peñasquito – lead ($/tonne)

$

1,215

$

1,355

$

1,555

$

904

$

1,201

$

997

$

933

$

1,212

$

1,728

$

1,226

Peñasquito – zinc ($/tonne)

$

1,764

$

1,867

$

1,944

$

1,429

$

1,729

$

1,499

$

1,376

$

1,743

$

2,433

$

1,723

Gold By-Product AISC Consolidated ($/oz)

Lihir

$

1,256

$

1,212

$

1,883

$

1,781

$

1,512

$

1,339

$

1,563

$

1,810

$

1,775

$

1,607

Cadia

$

535

$

293

$

159

$

750

$

425

$

133

$

92

$

99

$

213

$

135

Tanami

$

1,149

$

1,276

$

1,334

$

1,340

$

1,281

$

1,659

$

1,698

$

1,748

$

1,738

$

1,716

Boddington

$

1,085

$

1,044

$

1,226

$

1,179

$

1,134

$

1,348

$

1,250

$

1,346

$

1,343

$

1,321

Ahafo South

$

1,010

$

1,123

$

1,043

$

1,113

$

1,072

$

1,462

$

1,220

$

1,541

$

1,932

$

1,494

Ahafo North

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

691

$

696

Merian (75%)

$

1,530

$

2,170

$

2,153

$

1,656

$

1,852

$

1,864

$

2,074

$

2,255

$

1,628

$

1,921

Cerro Negro

$

1,120

$

3,010

$

1,878

$

1,430

$

1,631

$

2,857

$

3,023

$

1,776

$

1,831

$

2,220

Yanacocha

$

1,123

$

1,217

$

1,285

$

1,166

$

1,196

$

1,170

$

1,144

$

868

$

740

$

964

Peñasquito

$

(91

)

$

(859

)

$

411

$

(810

)

$

(476

)

$

(254

)

$

(406

)

$

(1,216

)

$

(2,440

)

$

(889

)

Red Chris (70%)

$

857

$

778

$

7,250

$

(333

)

$

1,692

$

(467

)

$

1,357

$

1,625

$

(847

)

$

398

Brucejack

$

2,580

$

1,929

$

1,197

$

1,498

$

1,603

$

2,230

$

2,490

$

1,763

$

1,815

$

2,020

Managed Core Portfolio

$

1,212

$

1,211

$

1,401

$

1,203

$

1,256

$

1,309

$

1,276

$

1,255

$

1,245

$

1,271

Nevada Gold Mines (38.5%)

$

1,576

$

1,689

$

1,675

$

1,492

$

1,605

$

1,789

$

1,771

$

1,502

$

1,508

$

1,629

Non-Managed Core Portfolio

$

1,576

$

1,689

$

1,675

$

1,492

$

1,605

$

1,789

$

1,771

$

1,502

$

1,508

$

1,629

Total Core Portfolio

$

1,286

$

1,310

$

1,452

$

1,256

$

1,324

$

1,394

$

1,360

$

1,303

$

1,302

$

1,339

Total Gold By-Product AISC/oz ⁽⁶⁾⁽⁷⁾

$

1,373

$

1,412

$

1,542

$

1,319

$

1,408

$

1,447

$

1,375

$

1,303

$

1,302

$

1,358

Gold Co-Product AISC ($/oz)

Cadia

$

989

$

1,064

$

1,078

$

1,061

$

1,048

$

1,184

$

1,109

$

1,188

$

1,584

$

1,253

Boddington

$

1,242

$

1,237

$

1,398

$

1,286

$

1,288

$

1,544

$

1,422

$

1,524

$

1,565

$

1,514

Peñasquito

$

1,079

$

1,038

$

1,224

$

818

$

984

$

1,091

$

944

$

1,133

$

1,491

$

1,120

Red Chris (70%)

$

1,277

$

1,613

$

2,633

$

1,131

$

1,607

$

1,322

$

1,903

$

2,037

$

1,723

$

1,750

Managed Core Portfolio

$

1,327

$

1,461

$

1,509

$

1,411

$

1,426

$

1,596

$

1,542

$

1,582

$

1,651

$

1,592

Non-Managed Core Portfolio

$

1,576

$

1,689

$

1,675

$

1,492

$

1,605

$

1,789

$

1,771

$

1,502

$

1,508

$

1,629

Total Core Portfolio

$

1,378

$

1,508

$

1,540

$

1,425

$

1,461

$

1,630

$

1,582

$

1,566

$

1,620

$

1,599

Non-Core Assets ⁽⁵⁾

$

1,712

$

1,770

$

1,967

$

1,634

$

1,762

$

1,787

$

2,550

$

—

$

—

$

1,845

Total Gold Co-Product AISC/oz ⁽⁶⁾

$

1,439

$

1,562

$

1,611

$

1,463

$

1,516

$

1,651

$

1,593

$

1,566

$

1,620

$

1,609

Co-Product AISC ($/unit)

Cadia – copper ($/tonne)

$

5,659

$

5,644

$

4,849

$

5,612

$

5,442

$

5,316

$

4,909

$

5,187

$

7,106

$

5,584

Boddington – copper ($/tonne)

$

5,959

$

6,914

$

6,436

$

6,545

$

6,462

$

6,760

$

5,917

$

5,985

$

6,757

$

6,340

Red Chris – copper ($/tonne)

$

7,718