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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 June 30, 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 1,098,449,725 shares of common stock outstanding on July 17, 2025.

TABLE OF CONTENTS


	PART I – FINANCIAL INFORMATION	Page
GLOSSARY OF ABBREVIATIONS		1
SECOND 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	13
	Note 1 Basis of Presentation	13
	Note 2 Summary of Significant Accounting Policies	13
	Note 3 Divestitures	14
	Note 4 Segment Information	16
	Note 5 Sales	21
	Note 6 Reclamation and Remediation	23
	Note 7 Other Expense, Net	24
	Note 8 Other Income (Loss), Net	24
	Note 9 Income and Mining Taxes	25
	Note 10 Fair Value Accounting	25
	Note 11 Derivative Instruments	28
	Note 12 Investments	30
	Note 13 Inventories	32
	Note 14 Stockpiles and Ore on Leach Pads	32
	Note 15 Debt	32
	Note 16 Other Liabilities	33
	Note 17 Accumulated Other Comprehensive Income (Loss)	34
	Note 18 Commitments and Contingencies	34
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	39
	Overview	39
	Consolidated Financial Results	40
	Results of Consolidated Operations	45
	Foreign Currency Exchange Rates	52
	Liquidity and Capital Resources	54
	Environmental	58
	Non-GAAP Financial Measures	58
	Accounting Developments	68
	Safe Harbor Statement	68
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	70
ITEM 4.	CONTROLS AND PROCEDURES	72
	PART II – OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	73
ITEM 1A.	RISK FACTORS	73
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	73
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	73
ITEM 4.	MINE SAFETY DISCLOSURES	73
ITEM 5.	OTHER INFORMATION	74
ITEM 6.	EXHIBITS	75
SIGNATURES		76

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

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

SECOND QUARTER 2025 RESULTS AND HIGHLIGHTS

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Financial Results:
Sales	$	5,317	$	4,402	$	10,327	$	8,425
Gold	$	4,582	$	3,623	$	8,827	$	6,964
Copper	$	360	$	377	$	714	$	674
Silver	$	191	$	209	$	379	$	410
Lead	$	43	$	44	$	85	$	104
Zinc	$	141	$	149	$	322	$	273
Costs applicable to sales (1)	$	2,001	$	2,156	$	4,107	$	4,262
Gold	$	1,677	$	1,777	$	3,446	$	3,467
Copper	$	166	$	161	$	310	$	322
Silver	$	60	$	96	$	122	$	207
Lead	$	21	$	26	$	42	$	62
Zinc	$	77	$	96	$	187	$	204
Net income (loss) from continuing operations	$	2,075	$	842	$	3,977	$	1,017
Net income (loss)	$	2,075	$	857	$	3,977	$	1,036
Net income (loss) from continuing operations attributable to Newmont stockholders	$	2,061	$	838	$	3,952	$	1,004
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders	$	1.85	$	0.73	$	3.53	$	0.87
Net income (loss) attributable to Newmont stockholders	$	1.85	$	0.74	$	3.53	$	0.89
Adjusted net income (loss) (2)	$	1,594	$	834	$	2,998	$	1,464
Adjusted net income (loss) per share, diluted (2)	$	1.43	$	0.72	$	2.68	$	1.27
Earnings before interest, taxes and depreciation and amortization (2)	$	3,803	$	1,741	$	6,946	$	2,916
Adjusted earnings before interest, taxes and depreciation and amortization (2)	$	2,997	$	1,966	$	5,626	$	3,660
Net cash provided by (used in) operating activities					$	4,415	$	2,170
Free cash flow (2)					$	2,915	$	520
Cash dividends paid per common share in the period ended June 30,	$	0.25	$	0.25	$	0.50	$	0.50
Cash dividends declared per common share for the period ended June 30,	$	0.25	$	0.25	$	0.50	$	0.50

____________________________

(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

SECOND QUARTER 2025 RESULTS AND HIGHLIGHTS

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating Results:
Consolidated gold ounces (thousands):
Produced	1,390		1,534		2,850		3,153
Sold	1,380		1,543		2,822		3,142

Attributable gold ounces (thousands):
Attributable to Newmont	1,377		1,519		2,822		3,119
Pueblo Viejo (40%)	63		53		112		107
Fruta del Norte (1)	38		35		81		56
Produced	1,478		1,607		3,015		3,282
Sold (2)	1,363		1,528		2,793		3,109

Consolidated and attributable gold equivalent ounces - other metals (thousands): (3)
Produced	392		477		740		966
Sold	361		453		729		955

Consolidated and attributable - other metals:
Produced copper:
Pounds (millions)	83		83		159		164
Tonnes (thousands)	36		38		71		74
Sold copper:
Pounds (millions)	83		84		159		164
Tonnes (thousands)	37		39		72		75
Produced silver (million ounces)	8		8		14		17
Sold silver (million ounces)	7		8		13		18
Produced lead:
Pounds (millions)	59		44		108		105
Tonnes (thousands)	27		20		49		48
Sold lead:
Pounds (millions)	50		43		97		108
Tonnes (thousands)	23		20		44		49
Produced zinc:
Pounds (millions)	147		144		278		271
Tonnes (thousands)	67		65		126		123
Sold zinc:
Pounds (millions)	124		113		285		248
Tonnes (thousands)	56		52		129		113

Average realized price:
Gold (per ounce)	$	3,320	$	2,347	$	3,128	$	2,216
Copper (per pound)	$	4.37	$	4.47	$	4.51	$	4.10
Copper (per tonne)	$	9,628	$	9,850	$	9,928	$	9,045
Silver (per ounce)	$	29.50	$	26.20	$	29.80	$	23.00
Lead (per pound)	$	0.88	$	1.05	$	0.88	$	0.97
Lead (per tonne)	$	1,927	$	2,305	$	1,942	$	2,135
Zinc (per pound)	$	1.13	$	1.31	$	1.13	$	1.10
Zinc (per tonne)	$	2,497	$	2,889	$	2,489	$	2,424

NEWMONT CORPORATION

SECOND QUARTER 2025 RESULTS AND HIGHLIGHTS

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating Results (continued):
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce)	$	1,215	$	1,152	$	1,221	$	1,103
Gold equivalent ounces - other metals (per ounce) (3)	$	899	$	836	$	907	$	832
Copper (per tonne)	$	4,422	$	4,184	$	4,307	$	4,314
Silver (per ounce)	$	9	$	12	$	10	$	12
Lead (per tonne)	$	933	$	1,355	$	965	$	1,271
Zinc (per tonne)	$	1,376	$	1,867	$	1,445	$	1,811

All-in sustaining costs: (5)
Gold (per ounce)	$	1,593	$	1,562	$	1,623	$	1,500
Gold equivalent ounces - other metals (per ounce) (3)	$	1,203	$	1,207	$	1,239	$	1,176
Copper (per tonne)	$	6,068	$	6,675	$	6,042	$	6,537
Silver (per ounce)	$	12	$	15	$	12	$	15
Lead (per tonne)	$	1,146	$	1,601	$	1,165	$	1,540
Zinc (per tonne)	$	1,659	$	2,498	$	1,866	$	2,427

____________________________

(1)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 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. Utilizing the updated 2025 pricing resulted in fewer calculated gold equivalent ounces-other metals than would have using the 2024 pricing for ounces produced of 88 thousand and 166 thousand for the three and six months ended June 30, 2025, respectively, and ounces sold of 81 thousand and 163 thousand for the three and six months ended June 30, 2025, respectively. 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.

Second 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 $2,061 or $1.85 per diluted share, an increase of $1,223 from the prior-year quarter primarily due to (i) a net increase in Sales largely due to higher average realized gold prices, (ii) a net gain on completed divestments, compared to prior year losses from asset held for sale write-downs, recognized in (Gain) loss on sale of assets held for sale; and (iii) a net increase in Change in fair value of investments and options, including unrealized gains on marketable equity securities and the realized gain on the sale of Greatland shares. 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 $1,594 or $1.43 per diluted share, an increase of $0.71 per diluted share from the prior-year quarter (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Adjusted EBITDA:** Reported $2,997 in Adjusted EBITDA, an increase of 52% 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 $4,415 for the six months ended June 30, 2025, an increase of 103% from the prior year, and Free cash flow of $2,915 for the six months ended June 30, 2025 (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Portfolio updates:** Completed the sales of the Akyem and Porcupine reportable segments for total consideration of $1,513. Completed the sales of a portion of the Company's interest in Greatland Resources Limited and Discovery Silver Corp. for cash consideration of $274 and $89, respectively. In July, completed the sale of the remaining interest in Discovery Silver Corp. for approximately $140.
ESG:** Published the Annual Sustainability Report, providing a transparent view of ESG performance, and the Taxes and Royalties Contribution Report, providing an overview of the Company's tax strategy and economic contributions as part of its commitment to shared value creation.
Attributable production:** Produced 1.5 million attributable ounces of gold and 392 thousand attributable gold equivalent ounces from co-products (36 thousand tonnes of copper, 8 million ounces of silver, 27 thousand tonnes of lead, and 67 thousand tonnes of zinc).
Financial strength:** Ended the quarter with $6.2 billion of consolidated cash, $10.2 billion of total liquidity, and Net debt of $1.4 billion (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A); redeemed $1,383 of senior notes and settled $1,359 of share repurchases from the $3 billion share repurchase program for the six months ended June 30, 2025. In July, declared a dividend of $0.25 per share, settled an additional $145 of share repurchases, and the Board of Directors authorized an additional $3 billion stock repurchase program.

PART I—FINANCIAL INFORMATION

Next: Item 1. FINANCIAL STATEMENTS.