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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Form 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from__________to__________

Commission File Number: 001-31240

NEWMONT CORPORATION

(Exact name of registrant as specified in its charter)



Delaware						84-1611629
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

6900 E Layton Ave
Denver, Colorado						80237
(Address of Principal Executive Offices)						(Zip Code)
Registrant’s telephone number, including area code (303) 863-7414

Securities registered or to be registered pursuant to Section 12(b) of the Act.


Title of each class						Trading Symbol						Name of each exchange on which registered
Common stock, par value $1.60 per share						NEM						New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. ☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act). ☐ Yes ☒ No

At June 30, 2024, the aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates of the registrant was $48,153,562,623 based on the closing sale price as reported on the New York Stock Exchange. There were 1,126,861,075 shares of common stock outstanding on February 13, 2025.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Registrant’s definitive Proxy Statement for the Registrant’s 2025 Annual Stockholders Meeting will be filed no later than 120 days after the close of the Registrant's fiscal year ended December 31, 2024, are incorporated by reference into Part III of this report.

TABLE OF CONTENTS


	PART I	Page
GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS		1
2024 RESULTS AND HIGHLIGHTS		2
ITEM 1.	BUSINESS	5
	Introduction	5
	Segment Information	5
	Products	5
	Competition	8
	Licenses and Concessions	8
	Condition of Physical Assets and Insurance	8
	Environmental, Social and Governance	9
	Risk Factor Summary	12
	Forward-Looking Statements	14
	Available Information	16
ITEM 1A.	RISK FACTORS	16
ITEM 1B.	UNRESOLVED STAFF COMMENTS	49
ITEM 1C.	CYBERSECURITY	50
ITEM 2.	PROPERTIES	52
	Production and Development Properties	52
	Operating Statistics	62
	Proven and Probable Reserves	69
	Measured, Indicated, and Inferred Resources	78
ITEM 3.	LEGAL PROCEEDINGS	90
ITEM 4.	MINE SAFETY DISCLOSURES	90
	PART II
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES	91
ITEM 6.	RESERVED	91
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS	92
	Overview	92
	Consolidated Financial Results	93
	Results of Consolidated Operations	98
	Foreign Currency Exchange Rates	102
	Liquidity and Capital Resources	103
	Environmental	109
	Forward Looking Statements	110
	Non-GAAP Financial Measures	110
	Accounting Developments	121
	Critical Accounting Estimates	121
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	125
	Metal Prices	125
	Foreign Currency	125
	Commodity Price Exposure	126
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	128
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	196
ITEM 9A.	CONTROLS AND PROCEDURES	196
ITEM 9B.	OTHER INFORMATION	198
ITEM 9C.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	198
	PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	199
ITEM 11.	EXECUTIVE COMPENSATION	200
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	201
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	201
ITEM 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	201
	PART IV
ITEM 15.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES	202
ITEM 16.	FORM 10-K SUMMARY	202
SIGNATURES		SCH-1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS		SCH-2

GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS


Unit						Unit of Measure
$						United States Dollar
%						Percent
A$						Australian Dollar
C$						Canadian Dollar
gram						Metric Gram
ounce						Troy Ounce
pound						United States Pound
tonne						Metric Ton


Abbreviation						Description
AISC (1)						All-In Sustaining Costs
ARC						Asset Retirement Cost
ARS						Argentine Peso
ASC						FASB Accounting Standard Codification
ASU						FASB Accounting Standard Update
AUD						Australian Dollar
CAD						Canadian Dollar
CAS						Costs Applicable to Sales
DTA						Deferred tax asset
DTL						Deferred tax liability
EBITDA (1)						Earnings Before Interest, Taxes, Depreciation and Amortization
EIA						Environmental Impact Assessment
EPA						U.S. Environmental Protection Agency
ESG						Environmental, Social and Governance
Exchange Act						U.S. Securities Exchange Act of 1934
FASB						Financial Accounting Standards Board
GAAP						U.S. Generally Accepted Accounting Principles
GEO (2)						Gold Equivalent Ounces
GHG						Greenhouse Gases, which are defined by the EPA as gases that trap heat in the atmosphere
GISTM						Global Industry Standard on Tailings Management
IASB						International Accounting Standards Board
IFRS						International Financial Reporting Standards

LIBOR						London Interbank Offered Rate
LBMA						London Bullion Market Association
LME						London Metal Exchange
MD&A						Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations
MINAM						Ministry of the Environment of Peru
Mine Act						U.S. Federal Mine Safety and Health Act of 1977
MINEM						Ministry of Energy and Mines of Peru
MSHA						Federal Mine Safety and Health Administration
MXN						Mexican Peso
NPDES						National Pollutant Discharge Elimination System
NSR						Net Smelter Return
PGK						Papua New Guinea Kina
PNG						Papua New Guinea
PSU						Performance Leverage Stock Unit
RSU						Restricted Stock Unit
SAG						Semi-Autogenous Grinding
SEC						U.S. Securities and Exchange Commission
Securities Act						U.S. Securities Act of 1933
SOFR						Secured Overnight Financing Rate
UN						The United Nations
UOP						Units of Production
U.S.						The United States of America
USD						United States Dollar
WTP						Water Treatment Plant

____________________________

(1)Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

(2)Refer to Results of Consolidated Operations within Part II, Item 7, MD&A.

NEWMONT CORPORATION

2024 RESULTS AND HIGHLIGHTS

(unaudited, dollars in millions, except per share, per ounce and per pound)


	Year Ended December 31,
	2024		2023		2022
Financial Results:
Sales	$	18,682	$	11,812	$	11,915
Gold	$	15,746	$	10,593	$	10,416
Copper	$	1,327	$	575	$	316
Silver	$	792	$	335	$	549
Lead	$	195	$	96	$	133
Zinc	$	622	$	213	$	501
Costs applicable to sales (1)	$	8,963	$	6,699	$	6,468
Gold	$	7,364	$	5,689	$	5,423
Copper	$	696	$	359	$	181
Silver	$	360	$	300	$	454
Lead	$	116	$	98	$	94
Zinc	$	427	$	253	$	316
Net income (loss) from continuing operations	$	3,313	$	(2,494)	$	(399)
Net income (loss)	$	3,381	$	(2,467)	$	(369)
Net income (loss) from continuing operations attributable to Newmont stockholders	$	3,280	$	(2,521)	$	(459)
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders	$	2.86	$	(3.00)	$	(0.58)
Net income (loss) attributable to Newmont stockholders	$	2.92	$	(2.97)	$	(0.54)
Adjusted net income (loss) (2)	$	3,991	$	1,324	$	1,468
Adjusted net income (loss) per share, diluted (2)	$	3.48	$	1.57	$	1.85
Earnings before interest, taxes and depreciation and amortization (2)	$	7,528	$	320	$	2,361
Adjusted earnings before interest, taxes and depreciation and amortization (2)	$	8,675	$	4,215	$	4,550
Net cash provided by (used in) operating activities of continuing operations	$	6,318	$	2,754	$	3,198
Free cash flow (2)	$	2,916	$	88	$	1,067
Regular cash dividends paid per common share	$	1.00	$	1.60	$	2.20
Regular cash dividends declared per common share	$	1.00	$	1.45	$	2.05

____________________________

(1)Excludes Depreciation and amortization and Reclamation and remediation.

(2)Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

NEWMONT CORPORATION

2024 RESULTS AND HIGHLIGHTS

(unaudited, dollars in millions, except per share, per ounce and per pound)


	Year Ended December 31,
	2024		2023		2022
Operating Results:
Consolidated gold ounces (thousands):
Produced	6,545		5,401		5,786
Sold	6,539		5,420		5,812
Attributable gold ounces (thousands):
Produced (1)	6,849		5,545		5,956
Sold (2)	6,471		5,340		5,696
Consolidated and attributable gold equivalent ounces - other metals (thousands): (3)
Produced	1,944		891		1,275
Sold	1,916		896		1,275
Consolidated and attributable - other metals:
Produced copper:
Pounds (millions)	338		145		84
Tonnes (thousands)	153		65		38
Sold copper:
Pounds (millions)	332		155		85
Tonnes (thousands)	150		71		39
Produced silver (million ounces)	33		18		30
Sold silver (million ounces)	33		17		30
Produced lead:
Pounds (millions)	212		113		149
Tonnes (thousands)	96		51		68
Sold lead:
Pounds (millions)	213		107		147
Tonnes (thousands)	97		49		67
Produced zinc:
Pounds (millions)	569		230		377
Tonnes (thousands)	258		104		171
Sold zinc:
Pounds (millions)	545		222		373
Tonnes (thousands)	247		101		169
Average realized price:
Gold (per ounce)	$	2,408	$	1,954	$	1,792
Copper (per pound)	$	4.00	$	3.71	$	3.69
Silver (per ounce)	$	24.13	$	19.97	$	18.45
Lead (per pound)	$	0.91	$	0.90	$	0.91
Zinc (per pound)	$	1.14	$	0.96	$	1.34
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce)	$	1,126	$	1,050	$	933
Gold equivalent ounces - other metals (per ounce) (3)	$	834	$	1,127	$	819
All-in sustaining costs: (5)
Gold (per ounce)	$	1,516	$	1,444	$	1,211
Gold equivalent ounces - other metals (per ounce) (3)	$	1,161	$	1,579	$	1,114

____________________________

(1)Attributable gold ounces produced includes 235, 224, and 285 ounces for the years ended December 31, 2024, 2023, and 2022, respectively, related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment, and 138 ounces for the year ended December 31, 2024, related to the Fruta del Norte mine, which is wholly owned by Lundin Gold whom the Company holds a 32.0% interest and is accounted for as an equity method investment on a quarter lag.

(2)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine and the Fruta del Norte mine.

(3)Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price. Refer to Results of Consolidated Operations within Part II, Item 7, MD&A for further information.

(4)Excludes Depreciation and amortization and Reclamation and remediation.

(5)Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.

Highlights (dollars in millions, except per share, per ounce and per pound amounts)

Net income:** Delivered Net income (loss) from continuing operations attributable to Newmont stockholders of $3,280 or $2.86 per diluted share, an increase of $5,801 from the prior year partially due to an increase to attributable net income related to the acquired Newcrest sites. Excluding the impact of acquired sites, the increase is primarily due to higher average realized prices for all metals, lower Impairment charges and Reclamation and remediation, and higher net income at Peñasquito which had been impacted in 2023 as a result of the labor strike; partially offset by the Loss on assets held for sale and higher income and mining tax expense.
Adjusted net income:** Reported Adjusted net income of $3,991 or $3.48 per diluted share, an increase of $1.91 per diluted share from the prior year (refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A).
Adjusted EBITDA:** Reported $8,675 in Adjusted EBITDA, an increase of 106% from the prior year (refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A).
Cash Flow:** Reported Net cash provided by (used in) operating activities of continuing operations of $6,318 for the year ended December 31, 2024, an increase of 129% from the prior year, and free cash flow of $2,916 (refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A).
Portfolio improvements:** Completed the sale of the assets of the Telfer reportable segment, including Newmont’s 70% interest in the Havieron development project and other related assets, for total consideration of $453. Announced agreements to sell the Akyem, Musselwhite, Éléonore, CC&V, and Porcupine reportable segments, which are expected to close in the first half of 2025.
Attributable gold production:** Produced approximately 7 million ounces of gold, an increase of approximately 24% from prior year.
Financial strength:** Ended the year with $3,619 of consolidated cash, cash of $45 included in Assets held for sale, and approximately $7,664 of liquidity; declared a total dividend of $1.00 per share for the year.

Our global project pipeline

Newmont’s project pipeline supports stable production with improving margins and mine life. Near-term development capital projects are presented below. Additional projects represent incremental improvements to production and cost guidance. We manage our wider project portfolio to maintain flexibility to address the development risks associated with our projects including permitting, local community and government support, engineering and procurement availability, technical issues, escalating costs and other associated risks that could adversely impact the timing and costs of certain opportunities.

Ahafo North, Ahafo. This project expands our existing footprint in Ghana located approximately 30 kilometers from the Company’s Ahafo South operations and will deliver value through the open pit mining and processing of over three million ounces of gold over a 13-year mine life. The project is expected to add between 275,000 and 325,000 ounces per year for the first five full years of production beginning in 2026. Capital costs for the project are estimated to be between $950 and $1,050 with an expected commercial production date in late 2025. Development capital costs (excluding capitalized interest) since approval were $616, of which $241 related to 2024.

Tanami Expansion 2, Tanami. This project secures Tanami’s future as a long-life, low-cost producer with potential to extend mine life to 2040 through the addition of a 1,460-meter hoisting shaft and supporting infrastructure to achieve higher production and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years and is expected to significantly reduce operating costs by approximately 30 percent. Capital costs for the project are estimated to be between $1,700 and $1,800 with an expected commercial production date in the second half of 2027. Development capital costs (excluding capitalized interest) since approval were $1,020, of which $268 related to 2024.

Cadia Panel Caves, Cadia. This project includes two panel caves to recover approximately 5.9 million ounces of gold reserves and 2.9 billion pounds of copper reserves. First ore has been delivered from the first panel cave (PC2-3), and development is underway at the second panel cave (PC1-2). Capital costs for the PC2-3 project are estimated to be between $1,000 and $1,200, which includes more than $900 spent by Newcrest prior to the acquisition by Newmont in November 2023. Development capital costs are expected to continue until the second half of 2026. Development capital costs (excluding capitalized interest) for PC2-3, PC1-2, and PC1 combined since acquisition of Newcrest were $248, of which $212 related to 2024.

PART I

Next: Item 1. BUSINESS (dollars in millions, except per share, per ounce and per pound amounts)