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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Form 10-Q

(Mark One)

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

For the Quarterly Period Ended March 31, 2025

☐ 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 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 is a shell company (as defined in Rule 12-b2 of the Exchange Act). ☐ Yes ☒ No

There were 1,112,996,934 shares of common stock outstanding on April 16, 2025.

TABLE OF CONTENTS


	PART I – FINANCIAL INFORMATION	Page
GLOSSARY OF ABBREVIATIONS		1
FIRST QUARTER 2025 RESULTS AND HIGHLIGHTS		2
ITEM 1.	FINANCIAL STATEMENTS	6
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Comprehensive Income (Loss)	7
	Condensed Consolidated Balance Sheets	8
	Condensed Consolidated Statements of Cash Flows	9
	Condensed Consolidated Statement s of Changes in Equity	11
	Notes to the Condensed Consolidated Financial Statements	12
	Note 1 Basis of Presentation	12
	Note 2 Summary of Significant Accounting Policies	12
	Note 3 Divestitures	13
	Note 4 Segment Information	15
	Note 5 Sales	18
	Note 6 Reclamation and Remediation	20
	Note 7 Other Expense, Net	21
	Note 8 Other Income (Loss), Net	21
	Note 9 Income and Mining Taxes	22
	Note 10 Fair Value Accounting	22
	Note 11 Derivative Instruments	25
	Note 12 Investments	28
	Note 13 Inventories	29
	Note 14 Stockpiles and Ore on Leach Pads	29
	Note 15 Debt	29
	Note 16 Other Liabilities	30
	Note 17 Accumulated Other Comprehensive Income (Loss)	31
	Note 18 Commitments and Contingencies	31
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	36
	Overview	36
	Consolidated Financial Results	37
	Results of Consolidated Operations	40
	Foreign Currency Exchange Rates	44
	Liquidity and Capital Resources	45
	Environmental	49
	Non-GAAP Financial Measures	50
	Accounting Developments	57
	Safe Harbor Statement	57
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	59
ITEM 4.	CONTROLS AND PROCEDURES	61
	PART II – OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	62
ITEM 1A.	RISK FACTORS	62
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	62
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	62
ITEM 4.	MINE SAFETY DISCLOSURES	62
ITEM 5.	OTHER INFORMATION	63
ITEM 6.	EXHIBITS	63
SIGNATURES		65

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

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

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


IASB						International Accounting Standards Board
IFRS						International Financial Reporting Standards


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
SEC						U.S. Securities and Exchange Commission
Securities Act						U.S. Securities Act of 1933
SOFR						Secured Overnight Financing Rate
U.S.						The United States of America
USD						United States Dollar
WTP						Water Treatment Plant

____________________________

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

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

NEWMONT CORPORATION

FIRST QUARTER 2025 RESULTS AND HIGHLIGHTS

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


	Three Months Ended March 31,
		2025		2024
Financial Results:
Sales		$	5,010	$	4,023
Gold		$	4,245	$	3,341
Copper		$	354	$	297
Silver		$	188	$	201
Lead		$	42	$	60
Zinc		$	181	$	124
Costs applicable to sales (1)		$	2,106	$	2,106
Gold		$	1,769	$	1,690
Copper		$	144	$	161
Silver		$	62	$	111
Lead		$	21	$	36
Zinc		$	110	$	108
Net income (loss) from continuing operations		$	1,902	$	175
Net income (loss)		$	1,902	$	179
Net income (loss) from continuing operations attributable to Newmont stockholders		$	1,891	$	166
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders		$	1.68	$	0.15
Net income (loss) attributable to Newmont stockholders		$	1.68	$	0.15
Adjusted net income (loss) (2)		$	1,404	$	630
Adjusted net income (loss) per share, diluted (2)		$	1.25	$	0.55
Earnings before interest, taxes and depreciation and amortization (2)		$	3,143	$	1,175
Adjusted earnings before interest, taxes and depreciation and amortization (2)		$	2,629	$	1,694
Net cash provided by (used in) operating activities		$	2,031	$	776
Free cash flow (2)		$	1,205	$	(74)
Cash dividends paid per common share in the period ended March 31,		$	0.25	$	0.25
Cash dividends declared per common share for the period ended March 31,		$	0.25	$	0.25

____________________________

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

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

NEWMONT CORPORATION

FIRST QUARTER 2025 RESULTS AND HIGHLIGHTS

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


	Three Months Ended March 31,
		2025		2024
Operating Results:
Consolidated gold ounces (thousands):
Produced		1,460		1,619
Sold		1,442		1,599
Attributable gold ounces (thousands):
Produced (1)		1,537		1,675
Sold (2)		1,430		1,581
Consolidated and attributable gold equivalent ounces - other metals (thousands): (3)
Produced		348		489
Sold		368		502
Consolidated and attributable - other metals:
Produced copper:
Pounds (millions)		76		81
Tonnes (thousands)		35		36
Sold copper:
Pounds (millions)		76		80
Tonnes (thousands)		35		36
Produced silver (million ounces)		6		9
Sold silver (million ounces)		6		10
Produced lead:
Pounds (millions)		49		61
Tonnes (thousands)		22		28
Sold lead:
Pounds (millions)		47		65
Tonnes (thousands)		21		29
Produced zinc:
Pounds (millions)		131		127
Tonnes (thousands)		59		58
Sold zinc:
Pounds (millions)		161		135
Tonnes (thousands)		73		61
Average realized price:
Gold (per ounce)		$	2,944	$	2,090
Copper (per pound)		$	4.65	$	3.72
Copper (per tonne)		$	10,254	$	8,192
Silver (per ounce)		$	30.12	$	20.41
Lead (per pound)		$	0.89	$	0.92
Lead (per tonne)		$	1,957	$	2,022
Zinc (per pound)		$	1.13	$	0.92
Zinc (per tonne)		$	2,483	$	2,033

NEWMONT CORPORATION

FIRST QUARTER 2025 RESULTS AND HIGHLIGHTS

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


	Three Months Ended March 31,
		2025		2024
Operating Results (continued):
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce)		$	1,227	$	1,057
Gold equivalent ounces - other metals (per ounce) (3)		$	915	$	829
Copper (per tonne)		$	4,182	$	4,452
Silver (per ounce)		$	10	$	11
Lead (per tonne)		$	997	$	1,215
Zinc (per tonne)		$	1,499	$	1,764
All-in sustaining costs: (5)
Gold (per ounce)		$	1,651	$	1,439
Gold equivalent ounces - other metals (per ounce) (3)		$	1,275	$	1,148
Copper (per tonne)		$	6,014	$	6,392
Silver (per ounce)		$	13	$	15
Lead (per tonne)		$	1,185	$	1,500
Zinc (per tonne)		$	2,026	$	2,368

____________________________

(1)Attributable gold ounces produced includes 49 thousand ounces and 54 thousand ounces for the three months ended March 31, 2025 and 2024, respectively, related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment. Attributable gold ounces produced also includes 43 thousand ounces and 21 thousand ounces for the three months ended March 31, 2025 and 2024, respectively, related to the Fruta del Norte mine, which is wholly owned by Lundin Gold Inc., in which the Company holds 32% 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. In 2025, the Company updated the metal prices utilized for this calculation to align with reserve metal price assumptions. This resulted in fewer calculated gold equivalent ounces - other metals produced and sold of 78 thousand ounces and 82 thousand ounces, respectively, than would have been calculated based on the pricing used in 2024 for this calculation. Refer to Results of Consolidated Operations within Part I, Item 2, MD&A for further information.

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

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

First Quarter 2025 Highlights (dollars in millions, except per share, per ounce, per pound and per tonne amounts, unless otherwise noted)

Net income:** Reported Net income (loss) from continuing operations attributable to Newmont stockholders of $1,891 or $1.68 per diluted share, an increase of $1,725 from the prior-year quarter primarily due to (i) an increase in Sales resulting from higher average realized gold prices, (ii) a net gain recognized within (Gain) loss on sale of assets held for sale largely resulting from the completion of the sales of the CC&V, Musselwhite, and Éléonore reportable segments compared to a loss in the prior period as a result of write-downs on assets held for sale, and (iii) an increase in unrealized gains on the change in fair value of investments and options. This increase was partially offset by the increase in income tax expense recognized within Income and mining tax benefit (expense).
Adjusted net income:** Reported Adjusted net income of $1,404 or $1.25 per diluted share, an increase of $0.70 per diluted share from the prior-year quarter (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Adjusted EBITDA:** Reported $2,629 in Adjusted EBITDA, an increase of 55% from the prior-year quarter (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Cash flow:** Reported Net cash provided by (used in) operating activities of $2,031, an increase of 162% from the prior year, and Free cash flow of $1,205 (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Portfolio Updates:** Completed the sale of the CC&V, Musselwhite, and Éléonore reportable segments for total proceeds of $1,860. In April, completed the sales of the Akyem and Porcupine reportable segments for total pre-tax cash proceeds of $1,088, net of working capital adjustments.
Attributable production:** Produced 1.5 million attributable ounces of gold and 348 thousand attributable gold equivalent ounces from co-products (35 thousand tonnes of copper, 6 million ounces of silver, 22 thousand tonnes of lead, and 59 thousand tonnes of zinc).
Financial strength:** Ended the quarter with $4.7 billion of consolidated cash, cash of $67 included in Assets held for sale, $8.8 billion of total liquidity, and Net debt of $3.2 billion (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A); redeemed $985 of senior notes; settled $348 of share repurchases from the $2 billion share repurchase program. In April, declared a dividend of $0.25 per share.

PART I—FINANCIAL INFORMATION

Next: Item 1. FINANCIAL STATEMENTS.