Company Announcements

DENVER--(BUSINESS WIRE)--Feb. 19, 2026-- Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced its fourth quarter and full year 2025 results, declared a fourth quarter dividend of $0.26¹ and provided guidance for the full year of 2026.

"2025 was a milestone year for Newmont, as we delivered on our full-year guidance, strengthened our financial position and made meaningful progress on our commitments. As a result of our disciplined operational execution, we delivered a record $7.3 billion in free cash flow, generated $3.6 billion from portfolio optimization, returned $3.4 billion to shareholders, reduced debt by $3.4 billion and closed the year in a strong net cash position," said Natascha Viljoen, Newmont's President and Chief Executive Officer. "Building on this momentum, we announced an enhanced capital allocation framework and increased our quarterly dividend, anchored by a flexible and resilient balance sheet, and are entering 2026 with a clear focus on continuing to drive margin expansion and generate robust free cash flow from our unrivaled portfolio of world-class operations and projects."

2025 Results

• Achieved full-year production and cost guidance with production of 5.7 million attributable gold ounces from Newmont's core portfolio, for a total of 5.9 million attributable gold ounces, as well as 28 million ounces of silver and 135 thousand tonnes of copper; gold by-product AISC was $1,358 per ounce, with co-product AISC of $1,609 per ounce
• Reported Net Income of $7.2 billion, Adjusted Net Income (ANI)² of $7.6 billion or $6.89 per diluted share and Adjusted EBITDA² of $13.5 billion for the year, with fourth quarter ANI² of $2.8 billion or $2.52 per diluted share
• Generated $10.3 billion of cash from operating activities, net of working capital impacts of $210 million; reported an all-time annual record $7.3 billion in Free Cash Flow² for the year, including a record $2.8 billion in the fourth quarter
• Announced an enhanced capital allocation framework³ creating a predictable pathway to per share dividend growth; declared an increased dividend of $0.26 per share of common stock for the fourth quarter of 2025¹
• Returned $3.4 billion of capital to shareholders through share repurchases and dividend payments in 2025
• To date, Newmont has executed and settled total trades of common stock repurchases of $3.6 billion since the initial program authorization in 2024; $2.4 billion remains under the previously authorized programs of $6.0 billion⁴
• Reduced debt by $3.4 billion in 2025, ending the year in a net cash position of $2.1 billion², with $7.6 billion in cash and $11.6 billion in total liquidity⁵
• Completed the non-core divestiture program, generating $4.5 billion in total after-tax proceeds to date from announced transactions, inclusive of $134 million from the sale of equity shares in Greatland Resources in January 2026⁶
• Declared total attributable gold reserves of 118.2 million ounces and resources of 148.7 million ounces⁷; significant exposure to other metals, including 12.5 million tonnes of copper reserves and 442 million ounces of silver reserves
• Declared commercial production at Ahafo North in Ghana on October 24, 2025, adding profitable gold production over an initial thirteen-year mine life
• Announced approval for the Lihir Nearshore Barrier mine life extension, unlocking future access to production of over 5 million gold ounces and extending Lihir's mine life beyond 2040⁸

2026 Guidance⁹

• Attributable production for 2026 is expected to be approximately 5.3 million gold ounces, including over 3.9 million gold ounces from Newmont's managed operations
• Gold by-product AISC² is expected to be $1,680 per ounce, benefitting from profitable production of other metals
• Sustaining capital spend of approximately $1.95 billion to advance critical tailings facility work at Cadia and Boddington, as well as other important investments to enhance the integrity and longevity of Newmont's portfolio
• Development capital spend of approximately $1.4 billion to progress key near-term development projects including the Cadia Panel Caves, Tanami Expansion 2 and the feasibility study at Red Chris

Enhanced Capital Allocation Framework

Newmont announced an enhanced capital allocation framework, designed to be sustainable through the commodity cycle while maximizing total return of capital to shareholders, maintaining a flexible and resilient balance sheet, and focusing on high-return capital investments for long-term value creation. The capital allocation uses below are presented in order of priority.¹

Ongoing Sustaining Capital Investment in World-Class Portfolio

Newmont sees a clear opportunity to enhance the longevity of its portfolio and preserve asset integrity through targeted investments in critical infrastructure, ensuring the delivery of safe production across its operations. This includes tailings solutions, primarily at Cadia and Boddington, to support near- and long-term production capacity, positioning Newmont's world-class operations to produce well into the middle of the century. These investments will require elevated sustaining capital spend over the next few years. Reflective of this approach, Newmont expects to spend $1.95 billion in 2026, as detailed in the '2026 Guidance Expectations' section below.

Sustainable Through the Cycle Cash Dividend

Newmont is committed to returning capital to shareholders through a sustainable cash dividend of $1.1 billion per year. Central to this framework is a dividend structured to grow on a per share basis without increasing Newmont's financial commitment, as share repurchases executed through the cycle permanently lower the outstanding share count. The annual total per share dividend target will be calculated annually in February based on the current number of shares issued and outstanding. The dividend payment will be divided into four equal payments rounded up to the nearest $0.01, to be paid out on a quarterly basis, subject to quarterly approval by Newmont's Board of Directors¹. A dividend of $0.26 per share has been declared payable on March 26, 2026, to holders of record of such common stock at the close of business on March 3, 2026. This equates to an indicated total annualized dividend of $1.04 per share, demonstrating the initial benefit of Newmont’s ongoing share repurchase program, with continued per share dividend increases expected as share repurchases continue.

Disciplined Approach to Development Capital Reinvestment

Newmont expects to spend $1.4 billion in development capital in 2026 as it advances the highest-return free cash flow generative near-term projects, while continuing to study, evaluate and define the future growth profile of its portfolio. Newmont will maintain a disciplined focus on capital efficiency and value creation. Please refer to the '2026 Guidance Expectations' and 'Disciplined Reinvestment in Organic Project Pipeline' sections below for additional details.

Maintaining an Optimized Capital Structure Through the Cycle

Newmont is focused on maintaining a resilient balance sheet, anchored by a $1 billion net cash target², with flexibility of plus or minus $2 billion depending on market conditions. This approach ensures Newmont's ability to return capital to shareholders and fund capital programs across commodity price cycles to support sustainable production growth. During strong commodity price environments, Newmont intends to further optimize its balance sheet by actively manage gross debt, while maintaining a minimum cash balance of $5 billion through the cycle.

Ratable Share Repurchase Program

Once the above priorities are complete, Newmont intends to deploy excess cash³ on a ratable basis to share repurchases, driving sustained per share growth in the dividend and improving multiple per share metrics, including providing shareholders with greater exposure to the strong free cash flow generation from Newmont's world-class portfolio. As of the date of filing, Newmont has $2.4 billion remaining under the previously authorized open-ended programs of $6.0 billion. Further share repurchase program authorizations are subject to the discretion of Newmont's Board of Directors.

Summary of Results

Fourth Quarter 2025 Production and Financial Summary

Attributable gold production¹ increased 2 percent to 1,453 thousand ounces compared to the prior quarter, driven by the addition of new, low-cost ounces at Ahafo North, higher grade at Tanami and Merian, and higher production from the non-managed joint venture at Nevada Gold Mines. These increases were partially offset by lower production due to planned mine sequencing at Peñasquito, Ahafo South, Yanacocha, Brucejack and Cadia. Consolidated gold sales were1,378 thousand ounces for the quarter.

Copper production decreased 17 percent to 29 thousand tonnes compared to the prior quarter, driven by lower grade at Cadia and Boddington. Silver production remained steady at 7 million ounces compared to the prior quarter. Lead production decreased 12 percent to 23 thousand tonnes compared to the prior quarter, driven by lower grade at Peñasquito. Zinc production decreased 22 percent to 46 thousand tonnes compared to the prior quarter, driven by lower grade at Peñasquito.

Average realized gold price was $4,216 per ounce, an increase of $677 per ounce over the prior quarter. Average realized gold price includes $4,173 per ounce of gross price received, a favorable impact of $48 per ounce mark-to-market on provisionally-priced sales and reductions of $5 per ounce for treatment and refining charges.

Costs Applicable to Sales (CAS)² allocated to gold totaled $1.6 billion for the quarter, with an additional $421 million allocated to co-product metals. Gold By-Product CAS per ounce³ was $738 for the quarter. Gold Co-Product CAS per ounce³ of $1,166 was slightly lower than the prior quarter, as Newmont's continued focus on cost discipline and productivity offset higher royalties, production taxes and costs from profit-sharing agreements associated with a stronger gold price environment.

Gold By-Product AISC per ounce³ was $1,302 for the quarter. Gold Co-Product All-In Sustaining Costs (AISC) per ounce³ increased slightly to $1,620 compared to the prior quarter. Building from CAS per ounce, the increase was driven by higher sustaining capital spend as planned.

Net income attributable to Newmont stockholders was $1,301 million or $1.19 per diluted share, a decrease of $531 million from the prior quarter. This decrease was primarily driven by an increase in income and mining tax expense of $1.3 billion compared to the prior quarter driven by a higher gold price environment, as well as the recognition of additional income taxes for the remaining undistributed foreign earnings in Papua New Guinea of $384 million and in Ghana of $165 million, as it was determined excess cash flow could not be remitted on a tax free basis for the foreseeable future. In addition, in the fourth quarter, impairment charges of $779 million were recognized primarily related to the decision to indefinitely defer the Yanacocha Sulfides project⁴, and Newmont recognized a loss on divestments of $8 million compared to a gain of $99 million in the prior quarter. These decreases were partially offset by higher revenues due to higher realized prices for all metals and a net reduction of the total Newmont reclamation and remediation liability by $137 million, primarily related to an adjustment at Yanacocha as a result of updated cost estimates.

Adjusted net income⁵ for the quarter was $2.8 billion or $2.52 per diluted share compared to $1.9 billion or $1.71 per diluted share in the prior quarter. Primary adjustments to fourth quarter net income include impairment charges of $779 million primarily related to the decision to indefinitely defer the Yanacocha Sulfides project⁴, a net reduction of the total Newmont reclamation and remediation liability of $137 million, primarily related to Yanacocha, a net gain in the value of investments and options of $124 million and restructuring and severance costs of $75 million.

Consolidated cash from operations before working capital⁶ increased 38 percent from the prior quarter to $3.6 billion, primarily due to higher revenue from a higher realized gold price and higher production.

Consolidated net cash from operating activities increased 58 percent from the prior quarter to $3.6 billion, primarily due to a favorable working capital benefit of $61 million. This working capital movement was primarily driven by an accrual for future tax payments of $512 million and an accrual of other liabilities of $219 million, primarily related to severance and workers participation payments. These favorable working capital adjustments were partially offset by the continued cash spend for previously accrued reclamation activities of $276 million primarily related to the ongoing construction of the Yanacocha water treatment plants, as well as an increase in accounts receivable of $167 million from the timing of cash collections, and a build in inventory and stockpiles of $112 million.

Income and mining cash tax paid increased 29 percent from the prior quarter to $757 million due to the higher gold price environment.

Free Cash Flow⁸increased 79 percent from the prior quarter to $2.8 billion, primarily due to higher revenues as a result of higher realized prices for all metals and an increase in net cash provided by operating activities as a result of a favorable working capital benefit in the current quarter compared to an unfavorable working capital impact in the prior quarter, partially offset by higher capital investment.

Balance sheet and liquidity remained strong in the fourth quarter, ending the year with $7.6 billion of cash and cash equivalents, with approximately $11.6 billion of total liquidity; ended the year in a net cash position of $2.1 billion⁹.

Non-Managed Joint Venture and Equity Method Investments¹⁰

Nevada Gold Mines (NGM) attributable gold production increased 17 percent to 293 thousand ounces compared to the prior quarter, with a 1 percent increase in CAS per ounce³ to $1,258. AISC per ounce³ remained largely in line with the prior quarter at $1,508.

Pueblo Viejo (PV) attributable gold production decreased 4 percent to 69 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Pueblo Viejo totaled $80 million for the fourth quarter and $210 million for the full year. No capital contributions were made during the quarter related to the expansion project at Pueblo Viejo; contributions totaled $33 million for the full year.

Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the fourth quarter of 2025 decreased 9 percent to 40 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte totaled $62 million for the fourth quarter and $212 million for the full year.

2026 Guidance Expectations (+/-5%)

Newmont is continuing to provide high-confidence, one-year guidance for 2026 within a range of plus or minus 5 percent, demonstrating the ability to continue to deliver from its unrivaled portfolio of world-class operations and projects. Newmont’s Non-Managed Portfolio includes attributable production, cost and capital metrics from the proportional share of the Company’s interest in the Nevada Gold Mines Joint Venture, while attributable production only is included from the Company’s equity interest in Pueblo Viejo and Lundin Gold (Fruta del Norte).

In 2026, Newmont is providing guidance for gold unit cost metrics on a by-product basis. Under this approach, revenue from co-product metals (copper, silver, lead, and zinc) produced is treated as a reduction to cost for the purposes of calculating unit costs (CAS per ounce and AISC per ounce). This method will better reflect the cost of gold production for Newmont's world-class polymetallic gold mines.

Please see the cautionary statement and footnotes for additional information.

PRODUCTION AND COST GUIDANCE

As previously indicated on the third quarter 2025 earnings call, Newmont expects attributable gold production from its managed portfolio to be largely driven by planned mine sequencing at its large long-life assets. New, low cost ounces from the newly commissioned Ahafo North mine are expected to replace lower production from Ahafo South, as mining in the Subika open pit concluded as planned in 2025. Gold production at Peñasquito is expected to decrease as the site transitions into the next scheduled phase of mining at the Peñasco pit. In addition, lower gold production is expected from Cadia during the transition to the next panel cave. Newmont's 2026 guidance also incorporates lower than expected production from Nevada Gold Mines and Pueblo Viejo as indicated by the joint venture managing partner.

Notably, Newmont continues to focus on leach production at Yanacocha, and has identified a highly capital-efficient plan to leverage current infrastructure to continue mining operations at the site through 2026 and into 2027, adding additional low-cost ounces to Newmont's production profile in early 2027, with further upside potential.

Looking ahead, Newmont's longer-term production growth profile is supported by several clear and executable drivers including the continued ramp-up of Ahafo North delivering new, low-cost ounces, the completion of the Boddington stripping campaign in 2026, enabling access to higher gold and copper grades beginning in 2027, the completion of Tanami Expansion 2 in the second half of 2027, the ongoing development of the Cadia panel caves, and access to additional low-cost ounces from Lihir following the completion of the Nearshore Barrier. These drivers will position Newmont to achieve its longer-term outlook of approximately 6 million ounces of gold and 150 thousand tonnes of copper annually.

Unit costs in 2026 are expected to increase from 2025, largely as a function of lower gold production, lower production of copper, lead and zinc, and a higher expected gold price resulting in higher royalties and production taxes. Direct costs at managed operations are expected to be largely stable year over year as a result of Newmont's cost and productivity initiatives in 2025. Gold by-product CAS of $1,055 per ounce and gold by-product AISC of $1,680 per ounce include the estimated impact from lower sales volumes due to planned mine sequencing, a higher gold price assumption of $4,500 per ounce resulting in higher royalties and production taxes, and changes in inventory due to higher stockpile processing at Peñasquito and Yanacocha and a lower build of stockpiles at Lihir. AISC per ounce is also expected to be higher due to the deferral of $150 million of sustaining capital from 2025 into 2026, partially offset by lower expected G&A expense.

CAPITAL GUIDANCE

Sustaining capital is expected to be approximately $1.95 billion in 2026 as key investments are made in tailings management initiatives, water and infrastructure projects, equipment, and ongoing mine development to enhance the integrity and longevity of Newmont's portfolio. At Boddington, this includes continued progress on expanding tailings capacity to support future mine life. At Tanami, Newmont is advancing work on Ventilation Raise 9 to add intake-ventilation capacity and supporting mine-life extension at depth, with completion expected in 2026. At Cadia, Newmont continues to progress the tailings work to support its long mine life, including advancing the Stage 7 tailings wall lift at the Southern Tailings Facility, to support continued operations beyond the current facilities. In addition, sustaining capital guidance includes spend related to Newmont’s ownership interest in Nevada Gold Mines.

In 2026 and the years that follow there is a clear opportunity to enhance the longevity of Newmont's portfolio through targeted investments in critical infrastructure including tailings solutions at Cadia and Boddington. These investments require elevated sustaining capital spend over the next few years in order to support production capacity and position the operations to produce well into the middle of the century.

Development capital is expected to be approximately $1.40 billion in 2026, as Newmont focuses on disciplined reinvestment in its most profitable near-term projects. 2026 guidance primarily includes spend for Tanami Expansion 2 and the Cadia Panel Caves, as well as the important investments in mine life extensions at Lihir and Cerro Negro. With the completion and commissioning of Ahafo North, the next major project under review is the Red Chris Block cave project, which is progressing toward an investment decision in the second half of 2026. In addition, development capital guidance includes approximately $100 million of increased spend related to Newmont’s ownership interest in Nevada Gold Mines. Refer to the 'Disciplined Reinvestment in Organic Project Pipeline' section below for additional details.

Capitalized interest is calculated for major projects that are internally funded and capitalized into the project. Intercompany debt is used to fund major capital projects, and as such, a portion of the interest cost related to each project is capitalized. Capitalized interest is expected to be $175 million in 2026, with approximately two-thirds related to development capital and one-third related to sustaining capital.

2026 SEASONALITY GUIDANCE

Attributable gold production in 2026 is expected to be approximately 52 percent weighted to the second half of the year. The increase in production in the second half of the year is expected to be driven by Boddington, Tanami, Lihir, Cerro Negro and Peñasquito while Cadia, Ahafo South and Merian are expecting to produce higher ounces from higher grades in the first half of the year. Ahafo North achieved commercial production in the fourth quarter of 2025 and production is expected to increase sequentially throughout 2026.

Notably, Boddington has repaired the critical water infrastructure damaged by bushfires in December 2025. Through February, the site has been limiting processing activities due to water availability, but has now recommenced at full levels. As a result, production at Boddington is expected to be the lowest in the first quarter of 2026, with an expected impact of approximately 60 thousand ounces.

Sustaining capital spend in 2026 is expected to be approximately 52 percent weighted to the second half of the year. The second and third quarters are expected to be higher due to warmer weather surface work at Red Chris and Brucejack in Northern Canada and higher tailings spend at Cadia, Boddington and Tanami in Australia. Development capital spend is expected to be weighted 55 percent to the second half of 2026 driven primarily by the start of significant work at the Lihir Nearshore Barrier starting in the second half of 2026.

CO-PRODUCT PRODUCTION

In 2026, copper production is expected to decline due to lower grade ore at Cadia. Peñasquito is expected to increase silver production by more than 10 percent, while lead and zinc production is expected to decrease as the site processes lower grade ore. Refer to the '2026 Production and Cost Guidance by Site' section below for additional details.

EXPLORATION AND ADVANCED PROJECTS GUIDANCE

In 2026, Newmont plans to increase its investment in exploration and advanced projects to approximately $525 million, focusing on extending mine life at existing operations while continuing to develop reserves and resources. This includes an estimated $240 million dollars in exploration expense to progress organic growth around existing operations, including Merian open pit extensions, Cerro Negro life extensions, Brucejack growth testing, and the Apensu and Subika Underground at Ahafo South, as well as advancing greenfield projects. Additionally, Newmont expects to allocate approximately $285 million to advanced project spending to support studies on its organic project pipeline.

CONSOLIDATED EXPENSE GUIDANCE

General and administrative costs are expected to be $375 million in 2026, which is approximately $100 million lower than the initial 2025 guidance, demonstrating the benefits of Newmont's cost reduction efforts. Interest expense is expected to decrease to approximately $175 million as a result of the debt reduction efforts to date, along with higher capitalized interest. Reclamation and remediation expense is expected to increase to $385 million due to continued accretion of Newmont's closure liabilities. The adjusted tax rate is expected to remain stable at approximately 33 percent using a $4,500 per ounce gold price assumption.

ASSUMPTIONS AND SENSITIVITIES

Excluded from the sensitivity above is a royalty, production tax, and workers participation impact of approximately $6 per ounce for every $100 per ounce change in gold price.

Ghana Stability Agreement

On December 31, 2025, Newmont’s 10-year investment stability agreement expired. As a result, revenues from the combined Ahafo South and Ahafo North operations are now subject to the 3 percent Growth and Sustainability Levy, and the applicable corporate income tax rate on profits has increased by 2.5 percent to 35 percent. In addition, cash profits repatriated to Newmont are now subject to an 8 percent withholding tax, in addition to the existing one-ninth carried interest royalty. The timing of when Newmont repatriates cash may drive periodic increases in reported costs due to the payment of these taxes.

The Government of Ghana has also proposed a sliding royalty rate of 5 percent to 12 percent dependent on gold price. If enacted, this royalty change would have a potential impact to Gold AISC of approximately $310 per ounce for our Ghana operations, with a resulting impact for total Newmont of approximately $50 per ounce. The impact of the sliding scale royalty is not included in 2026 guidance. Newmont continues to engage constructively with the Government of Ghana on matters related to taxes, royalties and the broader fiscal environment, with the objective of supporting its long-standing partnership and maintaining Ghana as a priority destination for future investment.

Committed to Concurrent Reclamation

As mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental and regulatory impacts associated with the end of mining operations. Newmont’s global Closure Strategy integrates closure planning throughout each operation’s lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to recognize reclamation and remediation expense throughout the year. In the twelve months ended December 31, 2025, Newmont spent $803 million on reclamation activities, including $552 million on the construction of water treatment plants at Yanacocha. Newmont anticipates similar spend in 2026, with approximately $850 million for the total portfolio and approximately $550 million on the Yanacocha water treatment plants. Total estimated spend on the Yanacocha water treatment plants is approximately $1.8 billion, with $769 million spent to date. Once complete, total reclamation spend is expected to return to more normal levels of $300 to $400 million in 2028.

Disciplined Reinvestment in Organic Project Pipeline

Newmont's portfolio includes the deepest organic project pipeline in the industry, expected to add new, low-cost ounces and grow free cash flow on a per share basis. Newmont's 2026 guidance includes current development capital costs and production related to the key projects in execution at Tanami Expansion 2 and Cadia Panel Caves, as well as the mine life extensions at Lihir and Cerro Negro.

Major Projects

• Tanami Expansion 2 (Australia) is expected to secure Tanami’s future as a long-life, low-cost producer by extending mine life beyond 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure to process 3.3 million tonnes per year and provide a platform for future growth. The expansion is expected to increase average annual gold production and improve efficiency for the first five years (2028 - 2032). The project is expected to achieve commercial production in the second half of 2027, and total capital costs are estimated to be between $1.7 and $1.8 billion. Development costs (excluding capitalized interest) since approval were $1.3 billion, of which $284 million related to 2025.
• Cadia Panel Caves (Australia) includes two panel caves expected to extend the mine life well beyond 2030¹.
  • Panel Cave 2-3 (PC2-3) is expected to produce 1.0 million ounces of gold and more than 400 thousand tonnes of copper over its ten-year cave life (2024 - 2034). During peak production (2027 - 2032), PC2-3 is expected to ramp up to deliver between 100 and 150 thousand ounces of gold per year, and between 40 and 60 thousand tonnes of copper per year. First ore was delivered during the fourth quarter of 2023 and cave establishment was achieved during the third quarter of 2024. Total capital costs for PC2-3 are estimated to be between $1.0 and $1.2 billion, which includes more than $900 million spent by Newcrest prior to the acquisition by Newmont in November 2023. Development capital spend by Newmont is estimated to be between $150 to $250 million and will continue until the last drawbell is fired, expected to be in the second half of 2026. Development capital invested (excluding capitalized interest) since acquisition is $104 million, of which $49 million related to 2025.
  • Panel Cave 1-2 (PC1-2) is expected to produce 4.0 million ounces of gold and more than 700 thousand tonnes of copper over its fifteen-year cave life (2027 - 2042). During peak production (2030 - 2040), PC1-2 is expected to ramp up to deliver between 275 and 325 thousand ounces of gold per year, and between 35 and 55 thousand tonnes of copper per year. Newmont successfully fired the first drawbell in December 2025, marking the start of the next critical phase of cave establishment, currently expected in 2027. Total capital costs for PC1-2 are estimated to be between $1.0 and $1.2 billion. Development capital spend by Newmont following the acquisition of Newcrest in November 2023 is expected to be $900 million to $1.0 billion, and will continue until the last drawbell is fired, expected to be completed in 2029. Development capital invested (excluding capitalized interest) since acquisition is $412 million, of which $219 million related to 2025.

Mine Life Extensions

• Lihir Nearshore Barrier (Papua New Guinea) unlocks access to mining additional phases of the Kapit ore body through the construction of a water seepage barrier, enabling production of over 5 million ounces of gold, extending mine life beyond 2040. Development capital costs for the project are estimated to be between $500 and $550 million and continue until expected completion in 2028.
• Cerro Negro District Expansion 1 (Argentina) includes the simultaneous development of the Marianas and Eastern districts to add approximately 3.5 million ounces of gold and extend the mine life of Cerro Negro beyond 2038. The project is expected to improve production and provides a platform for further exploration and future growth through additional expansions. After a one-year pause to reassess capital allocation priorities within the broader portfolio and enable safety and productivity improvements at the site, Cerro Negro has restarted work on these underground mine life extension initiatives. Development capital costs for the project are estimated to be between $550 and $600 million. Development costs (excluding capitalized interest) since approval were $171 million.

Newmont is carefully assessing its next wave of opportunities from its robust organic project pipeline, ensuring that the most promising projects are advanced at the right time and in the most capital-efficient manner. Newmont is currently advancing the feasibility study, permitting activities, and some underground development work to support the block cave project at Red Chris, with the feasibility study expected to be completed in the second half of 2026 followed by a full funds investment decision.

2026 Production and Cost Guidance by Site

Managed Portfolio

Lihir gold production is expected to be largely in-line with 2025.

Lihir gold CAS per ounce is expected to increase, primarily due to inventory costs from stockpile processing. Gold AISC per ounce is expected to increase compared to the prior year following CAS per ounce, partially offset by lower sustaining capital spend.

Cadia gold production is expected to decrease by approximately 30 percent in 2026 due to the planned transition to the next panel cave.

Cadia copper production is expected to decrease in 2026, largely in-line with gold production.

Cadia gold CAS per ounce is expected to increase due to lower gold production and higher mining and milling costs. Gold AISC per ounce is expected to increase following CAS per ounce and planned higher capital spend for tailings capacity including sustaining capital deferred from 2025.

Tanami production is expected to be largely in-line with 2025.

Tanami gold CAS per ounce is expected to increase slightly compared to the prior year, primarily due to by higher underground mining costs. Gold AISC per ounce is expected to increase compared to prior year following CAS/oz and a planned increase in sustaining capital spend related to ventilation raise 9 (VR9).

Boddington gold production is expected to increase slightly in 2026 due to higher mill throughput and increased feed grades. Production impacts from the recent bushfire are expected to be isolated to Q1 2026 and are incorporated in FY 2026 production guidance.

Boddington copper production is expected to decrease in 2026 due to lower grades based on the mining sequence. Similar to gold, copper production is expected to be impacted in Q1 by recent bushfires.

Boddington gold CAS per ounce is expected to increase in 2026, primarily due to increased direct costs and higher royalties driven by higher gold prices, partially offset by higher sales volumes. Gold AISC per ounce is expected to increase following gold CAS per ounce and higher sustaining capital spend related to the tailings expansion.

Ahafo South production is expected to decrease in 2026 due to the completion of the Subika open pit in 2025, as planned, along with accelerated delivery of underground material into 2025 to manage geotechnical stresses.

Ahafo South CAS per ounce is expected to increase due to lower sales volumes and higher royalties due to the higher gold price, partially offset by expected favorable inventory changes. Gold AISC per ounce is expected to increase following CAS per ounce, partially offset by lower sustaining capital spend related to tailings and equipment.

Ahafo North will have its first full year of production and costs in 2026 after declaring commercial production in Q4 2025 with expected continued mill ramp-up throughout the year.

Merian production is expected to increase as a result of higher feed grades from the acceleration in mining of Merian 2 Phase 3.

Merian gold CAS per ounce is expected to decrease due to higher sales volumes, more than offsetting higher direct costs and higher royalties due to the higher gold price. Gold AISC per ounce is expected to decrease following CAS per ounce, partially offset by higher sustaining capital spend.

Cerro Negro production is expected to increase due to higher tonnes mined and processed from productivity initiatives implemented in 2025.

Cerro Negro gold CAS per ounce is expected to decrease as higher production combined with increased by-product silver credits more than offsets higher direct costs, unfavorable inventory changes and higher royalties driven by the higher gold price. Gold AISC per ounce is expected to decrease following CAS per ounce combined with lower sustaining capital spend.

In 2026, Yanacocha will continue to progress as a leach-only operation, with leaching cycles extending by roughly 50 percent due to declining recovery rates. Newmont is implementing a capital efficient extension to leverage current infrastructure to continue mining operations at the site through 2026 and into 2027, adding additional low-cost ounces to Newmont's production profile in early 2027, with further upside potential.

Yanacocha gold CAS per ounce is expected to increase due to lower sales volumes, combined with higher royalties, production taxes, and workers participation payments driven by the higher gold price. Gold AISC per ounce is expected to increase following gold CAS per ounce, partially offset by lower reclamation spend.

Peñasquito gold production is expected to decrease in 2026 due to the ramp-down of mining at Peñasco Phase 7 as planned.

Peñasquito silver production is expected to increase, while lead and zinc production is expected to decrease largely due to grades milled, including increased stockpile processing in 2026.

Peñasquito gold CAS and AISC per ounce are expected to decrease due to higher silver sales at higher prices and lower operating costs, partially offset by lower gold sales volumes.

Red Chris gold production is expected to decrease in 2026 primarily due to stockpile processing during planned stripping.

Red Chris copper production is expected to decrease due to lower grades as stripping increases for Phase 8 and an updated pit design related to Phase 7.

Red Chris gold CAS per ounce is expected to increase primarily due to lower gold production. Gold AISC per ounce is expected to increase following higher CAS per ounce and higher sustaining capital spend for tailings work.

Brucejack gold production is expected to increase due to improved stope availability and ore throughput in 2026.

Brucejack gold CAS per ounce is expected to be in line with 2025, as higher production offsets increased royalties driven by the higher gold price, as well as additional underground mining development costs and unfavorable inventory changes. Gold AISC per ounce is expected to increase slightly due to higher sustaining capital spend for access roads and underground development.

Non-Managed Portfolio