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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, 2026

☐ 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 1,067,552,764 shares of common stock outstanding on April 16, 2026.

TABLE OF CONTENTS


	PART I – FINANCIAL INFORMATION	Page
GLOSSARY OF ABBREVIATIONS		1
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	14
	Note 5 Sales	17
	Note 6 Reclamation and Remediation	18
	Note 7 Other Expense, Net	19
	Note 8 Other Income (Loss), Net	19
	Note 9 Income and Mining Taxes	20
	Note 10 Fair Value Accounting	20
	Note 11 Derivative Instruments	22
	Note 12 Investments	24
	Note 13 Inventories	25
	Note 14 Stockpiles and Ore on Leach Pads	25
	Note 15 Debt	25
	Note 16 Other Liabilities	26
	Note 17 Accumulated Other Comprehensive Income (Loss)	26
	Note 18 Commitments and Contingencies	26
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	32
	Overview	32
	Consolidated Financial Results	33
	Results of Consolidated Operations	37
	Liquidity and Capital Resources	41
	Environmental	45
	Non-GAAP Financial Measures	45
	Accounting Developments	52
	Safe Harbor Statement	52
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	54
ITEM 4.	CONTROLS AND PROCEDURES	56
	PART II – OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	57
ITEM 1A.	RISK FACTORS	57
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	57
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	58
ITEM 4.	MINE SAFETY DISCLOSURES	58
ITEM 5.	OTHER INFORMATION	58
ITEM 6.	EXHIBITS	59
SIGNATURES		60

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

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


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
GHG						Greenhouse Gases, which are defined by the EPA as gases that trap heat in the atmosphere
GISTM						Global Industry Standard on Tailings Management
IMF						International Monetary Fund
INDEC						Instituto Nacional de Estadistca y Censos

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

MXN						Mexican Peso
NPDES						National Pollutant Discharge Elimination System
NSR						Net Smelter Return
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, as amended
TARP						Taxable Australian Real Property
TSF						Tailings Storage Facility
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 I, Item 2, MD&A.

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

NEWMONT CORPORATION

RESULTS AND HIGHLIGHTS

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


	Three Months Ended March 31,
		2026		2025
Financial Results:
Sales		$	7,307	$	5,010
Gold		$	6,036	$	4,245
Copper		$	378	$	354
Silver		$	658	$	188
Lead		$	52	$	42
Zinc		$	183	$	181
Costs applicable to sales (1)		$	1,937	$	2,106
Gold		$	1,610	$	1,769
Copper		$	98	$	144
Silver		$	145	$	62
Lead		$	17	$	21
Zinc		$	67	$	110

Net income (loss)		$	3,328	$	1,902

Net income (loss) attributable to Newmont stockholders		$	3,262	$	1,891
Net income (loss) attributable to Newmont stockholders per common share, diluted:		$	3.00	$	1.68



Adjusted net income (loss) (2)		$	3,156	$	1,404
Adjusted net income (loss) per share, diluted (2)		$	2.90	$	1.25
Earnings before interest, taxes and depreciation and amortization (2)		$	5,254	$	3,143
Adjusted earnings before interest, taxes and depreciation and amortization (2)		$	5,154	$	2,629
Net cash provided by (used in) operating activities		$	3,785	$	2,031
Free cash flow (2)		$	3,144	$	1,205
Cash dividends paid per common share in the period ended March 31,		$	0.26	$	0.25
Cash dividends declared per common share for the period ended March 31,		$	0.26	$	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

RESULTS AND HIGHLIGHTS

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


	Three Months Ended March 31,
		2026		2025
Operating Results:
Consolidated gold ounces (thousands):
Produced		1,231		1,460
Sold		1,232		1,442

Attributable gold ounces (thousands):
Attributable to Newmont		1,209		1,445
Pueblo Viejo (40%)		54		49
Fruta del Norte (1)		38		43
Produced		1,301		1,537
Sold (2)		1,211		1,430

Consolidated and attributable gold equivalent ounces - other metals (thousands):
Produced		258		348
Sold		261		368

Consolidated and attributable - other metals:
Produced copper:
Pounds (millions)		67		76
Tonnes (thousands)		30		35
Sold copper:
Pounds (millions)		67		76
Tonnes (thousands)		30		35
Produced silver (million ounces)		9		6
Sold silver (million ounces)		10		6
Produced lead:
Pounds (millions)		60		49
Tonnes (thousands)		27		22
Sold lead:
Pounds (millions)		62		47
Tonnes (thousands)		28		21
Produced zinc:
Pounds (millions)		138		131
Tonnes (thousands)		62		59
Sold zinc:
Pounds (millions)		127		161
Tonnes (thousands)		58		73

Average realized price:
Gold (per ounce)		$	4,900	$	2,944
Copper (per pound)		$	5.68	$	4.65
Copper (per tonne)		$	12,527	$	10,254
Silver (per ounce)		$	66.78	$	30.12
Lead (per pound)		$	0.84	$	0.89
Lead (per tonne)		$	1,856	$	1,957
Zinc (per pound)		$	1.44	$	1.13
Zinc (per tonne)		$	3,184	$	2,483

NEWMONT CORPORATION

RESULTS AND HIGHLIGHTS

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


	Three Months Ended March 31,
		2026		2025
Operating Results (continued):
Consolidated costs applicable to sales: (3)(4)
Gold (per ounce)		$	1,307	$	1,227
Gold equivalent ounces - other metals (per ounce)		$	1,250	$	915
Copper (per tonne)		$	3,273	$	4,182
Silver (per ounce)		$	15	$	10
Lead (per tonne)		$	590	$	997
Zinc (per tonne)		$	1,156	$	1,499

All-in sustaining costs: (5)
Gold (per ounce)		$	1,709	$	1,651
Gold equivalent ounces - other metals (per ounce)		$	1,734	$	1,275
Copper (per tonne)		$	4,816	$	6,014
Silver (per ounce)		$	19	$	13
Lead (per tonne)		$	733	$	1,185
Zinc (per tonne)		$	1,523	$	2,026

____________________________

(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)Excludes Depreciation and amortization and Reclamation and remediation.

(4)Calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively.

(5)All AISC figures are presented on a co-product basis; costs are allocated to co-product metals based upon the relative sales value, determined using GEO pricing, of gold and other metals produced during the period. Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.

First Quarter 2026 Highlights (dollars in millions, except per share, per ounce, per pound, and per tonne amounts, unless otherwise noted)

Net income:** Reported Net income (loss) attributable to Newmont stockholders of $3,262 or $3.00 per diluted share, an increase of $1,371 from the prior-year quarter is primarily due to a net increase in Sales, largely reflecting increased average realized gold and silver prices, and lower Costs applicable to sales, primarily due to the impact from divestitures. These favorable impacts were partially offset by higher Income and mining tax benefit (expense) and a decrease in (Gain) loss on sale of assets held for sale due to the completion of our divestment program in 2025.
Adjusted net income:** Reported Adjusted net income (loss) of $3,156 or $2.90 per diluted share, an increase of $1.65 per diluted share from the prior-year quarter (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Adjusted EBITDA:** Reported $5,154 in Adjusted EBITDA, an increase of 96% 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 $3,785 for the three months ended March 31, 2026, an increase of 86% from the prior year, and Free cash flow of $3,144 for the three months ended March 31, 2026 (refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A).
Portfolio updates:** Received cash proceeds of $358 related to the equity sales of Greatland Resources Limited and SolGold plc and deferred consideration related to the Musselwhite and CC&V divestments.
Attributable production:** Produced 1.3 million attributable ounces of gold and 258 thousand attributable gold equivalent ounces from co-products (30 thousand tonnes of copper, 9 million ounces of silver, 27 thousand tonnes of lead, and 62 thousand tonnes of zinc).
Financial strength:** Ended the quarter with $8,775 of consolidated cash and $12,775 of total liquidity; redeemed $42 of senior notes and repurchased $1,895 of common stock. In April, settled an additional $556 of share repurchases, declared a dividend of $0.26 per share, and authorized an additional $6,000 stock repurchase program.

PART I—FINANCIAL INFORMATION

Next: Item 1. FINANCIAL STATEMENTS.