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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 September 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 1,091,262,981 shares of common stock outstanding on October 16, 2025.

TABLE OF CONTENTS


	PART I – FINANCIAL INFORMATION	Page
GLOSSARY OF ABBREVIATIONS		1
THIRD 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	17
	Note 5 Sales	22
	Note 6 Reclamation and Remediation	24
	Note 7 Other Expense, Net	25
	Note 8 Other Income (Loss), Net	26
	Note 9 Income and Mining Taxes	26
	Note 10 Fair Value Accounting	26
	Note 11 Derivative Instruments	29
	Note 12 Investments	31
	Note 13 Inventories	33
	Note 14 Stockpiles and Ore on Leach Pads	33
	Note 15 Debt	33
	Note 16 Other Liabilities	34
	Note 17 Accumulated Other Comprehensive Income (Loss)	35
	Note 18 Commitments and Contingencies	35
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	40
	Overview	40
	Consolidated Financial Results	41
	Results of Consolidated Operations	46
	Foreign Currency Exchange Rates	53
	Liquidity and Capital Resources	55
	Environmental	59
	Non-GAAP Financial Measures	59
	Accounting Developments	69
	Safe Harbor Statement	69
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	71
ITEM 4.	CONTROLS AND PROCEDURES	73
	PART II – OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	74
ITEM 1A.	RISK FACTORS	74
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	74
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	74
ITEM 4.	MINE SAFETY DISCLOSURES	74
ITEM 5.	OTHER INFORMATION	75
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



IFRS						International Financial Reporting Standards


LBMA						London Bullion Market Association

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

THIRD QUARTER 2025 RESULTS AND HIGHLIGHTS

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Financial Results:
Sales	$	5,524	$	4,605	$	15,851	$	13,030
Gold	$	4,669	$	3,945	$	13,496	$	10,909
Copper	$	319	$	329	$	1,033	$	1,003
Silver	$	293	$	147	$	672	$	557
Lead	$	52	$	32	$	137	$	136
Zinc	$	191	$	152	$	513	$	425
Costs applicable to sales (1)	$	1,951	$	2,310	$	6,058	$	6,572
Gold	$	1,563	$	1,892	$	5,009	$	5,359
Copper	$	141	$	199	$	451	$	521
Silver	$	96	$	75	$	218	$	282
Lead	$	33	$	26	$	75	$	88
Zinc	$	118	$	118	$	305	$	322
Net income (loss) from continuing operations	$	1,843	$	875	$	5,820	$	1,892
Net income (loss)	$	1,843	$	924	$	5,820	$	1,960
Net income (loss) from continuing operations attributable to Newmont stockholders	$	1,832	$	873	$	5,784	$	1,877
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders	$	1.67	$	0.76	$	5.20	$	1.63
Net income (loss) attributable to Newmont stockholders	$	1.67	$	0.80	$	5.20	$	1.69
Adjusted net income (loss) (2)	$	1,883	$	936	$	4,881	$	2,400
Adjusted net income (loss) per share, diluted (2)	$	1.71	$	0.81	$	4.39	$	2.08
Earnings before interest, taxes and depreciation and amortization (2)	$	3,202	$	1,776	$	10,148	$	4,692
Adjusted earnings before interest, taxes and depreciation and amortization (2)	$	3,309	$	1,967	$	8,935	$	5,627
Net cash provided by (used in) operating activities					$	6,713	$	3,807
Free cash flow (2)					$	4,486	$	1,280
Cash dividends paid per common share in the period ended September 30,	$	0.25	$	0.25	$	0.75	$	0.75
Cash dividends declared per common share for the period ended September 30,	$	0.25	$	0.25	$	0.75	$	0.75

____________________________

(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

THIRD QUARTER 2025 RESULTS AND HIGHLIGHTS

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating Results:
Consolidated gold ounces (thousands):
Produced	1,317		1,574		4,167		4,727
Sold	1,319		1,568		4,141		4,710

Attributable gold ounces (thousands):
Attributable to Newmont	1,305		1,559		4,127		4,678
Pueblo Viejo (40%)	72		66		184		173
Fruta del Norte (1)	44		43		125		99
Produced	1,421		1,668		4,436		4,950
Sold (2)	1,308		1,551		4,101		4,660

Consolidated and attributable gold equivalent ounces - other metals (thousands): (3)
Produced	359		430		1,099		1,396
Sold	370		412		1,099		1,367

Consolidated and attributable - other metals:
Produced copper:
Pounds (millions)	72		81		231		245
Tonnes (thousands)	35		37		106		111
Sold copper:
Pounds (millions)	68		77		227		241
Tonnes (thousands)	31		35		103		110
Produced silver (million ounces)	7		7		21		24
Sold silver (million ounces)	8		6		21		24
Produced lead:
Pounds (millions)	57		43		165		148
Tonnes (thousands)	26		19		75		67
Sold lead:
Pounds (millions)	60		36		157		144
Tonnes (thousands)	27		17		71		66
Produced zinc:
Pounds (millions)	129		127		407		398
Tonnes (thousands)	59		58		185		181
Sold zinc:
Pounds (millions)	149		134		434		382
Tonnes (thousands)	68		61		197		174

Average realized price:
Gold (per ounce)	$	3,539	$	2,518	$	3,259	$	2,316
Copper (per pound)	$	4.67	$	4.31	$	4.55	$	4.17
Copper (per tonne)	$	10,301	$	9,507	$	10,040	$	9,191
Silver (per ounce)	$	37.02	$	25.98	$	32.58	$	23.72
Lead (per pound)	$	0.86	$	0.86	$	0.87	$	0.94
Lead (per tonne)	$	1,892	$	1,906	$	1,923	$	2,077
Zinc (per pound)	$	1.29	$	1.14	$	1.18	$	1.11
Zinc (per tonne)	$	2,835	$	2,513	$	2,608	$	2,455

NEWMONT CORPORATION

THIRD QUARTER 2025 RESULTS AND HIGHLIGHTS

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating Results (continued):
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce)	$	1,185	$	1,207	$	1,210	$	1,138
Gold equivalent ounces - other metals (per ounce) (3)	$	1,045	$	1,015	$	954	$	887
Copper (per tonne)	$	4,531	$	5,748	$	4,374	$	4,768
Silver (per ounce)	$	12	$	13	$	11	$	12
Lead (per tonne)	$	1,212	$	1,555	$	1,059	$	1,343
Zinc (per tonne)	$	1,743	$	1,944	$	1,547	$	1,858

All-in sustaining costs: (5)
Gold (per ounce)	$	1,566	$	1,611	$	1,605	$	1,537
Gold equivalent ounces - other metals (per ounce) (3)	$	1,370	$	1,338	$	1,283	$	1,225
Copper (per tonne)	$	6,440	$	7,423	$	6,162	$	6,818
Silver (per ounce)	$	15	$	17	$	13	$	15
Lead (per tonne)	$	1,405	$	1,879	$	1,257	$	1,626
Zinc (per tonne)	$	2,105	$	2,614	$	1,948	$	2,493

____________________________

(1)The Fruta del Norte mine is wholly owned and operated by Lundin Gold Inc., 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 been calculated using the 2024 pricing. Incremental ounces produced using the 2024 pricing would be 81 thousand and 247 thousand, respectively, for the three and nine months ended September 30, 2025. Incremental ounces sold using the 2024 pricing would be 84 thousand and 247 thousand, respectively, for the three and nine months ended September 30, 2025. 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.

Third 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 $1,832 or $1.67 per diluted share, an increase of $959 from the prior-year quarter primarily due to (i) a net increase in Sales largely due to higher average realized gold prices partially offset by the impact from divestitures, (ii) a net reduction in Costs applicable to sales largely due to the impact of divestitures, and (iii) a gain on the partial reversal of a prior period write-down on assets held for sale, compared to prior year write-downs from assets held for sale, recognized in (Gain) loss on sale of assets held for sale. 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 $1,883 or $1.71 per diluted share, an increase of $0.90 per diluted share from the prior-year quarter (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Adjusted EBITDA:** Reported $3,309 in Adjusted EBITDA, an increase of 68% 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 $6,713 for the nine months ended September 30, 2025, an increase of 76% from the prior year, and Free cash flow of $4,486 for the nine months ended September 30, 2025 (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Portfolio updates:** Sold the Company's investment in Orla Mining Ltd. for cash consideration of $428; announced the sale of the Coffee development project, which closed in October; expect to declare commercial production at the Ahafo North project in Ghana in October.
Attributable production:** Produced 1.4 million attributable ounces of gold and 359 thousand attributable gold equivalent ounces from co-products (35 thousand tonnes of copper, 7 million ounces of silver, 26 thousand tonnes of lead, and 59 thousand tonnes of zinc).
Financial strength:** Ended the quarter with $5.6 billion of consolidated cash, $9.6 billion of total liquidity, and Net debt of $12 (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A); redeemed $3,360 of senior notes and settled $1,875 of share repurchases for the nine months ended September 30, 2025. In October, declared a dividend of $0.25 per share and settled an additional $179 of share repurchases.

PART I—FINANCIAL INFORMATION

Next: Item 1. FINANCIAL STATEMENTS.