Newmont Reports Second Quarter 2025 Results

National Post

24-07-2025

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DENVER — Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) today announced second quarter 2025 results, an additional $3.0 billion share repurchase program and declared a dividend of $0.25 1 per share.
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'Newmont delivered a strong second quarter, producing approximately 1.5 million attributable gold ounces and generating an all time record quarterly free cash flow of $1.7 billion, underscoring the strength of our world-class portfolio and the disciplined execution of the commitments we shared at the beginning of the year,' said Tom Palmer, Newmont's Chief Executive Officer. 'We remain firmly on track to achieve our 2025 guidance as we continue to strengthen our safety culture, stabilize our operations and deliver long term value to shareholders.'
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Q2 2025 Results
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_____________________________
1 Newmont's Board of Directors declared a dividend of $0.25 per share of common stock for the second quarter of 2025, payable on September 29, 2025 to holders of record at the close of business on September 4, 2025.
2 Non-GAAP metrics; see reconciliations at the end of this release.
3 See discussion of guidance and cautionary statement at the end of this release regarding forward-looking statements.
4 All operating sites previously announced for divestment have been sold, with the Coffee development project remaining designated as held for sale. No agreement has been reached with respect to Coffee as of the date of this release.
5 Shares in Greatland Resources were received as part of the sale consideration for Telfer and Havieron and shares in Discovery Silver Corp were received as part of the sale consideration for Porcupine. For further details see the 'Divestiture Program Update' section below. $470 million of net proceeds from sale of equity shares includes $140 million of Discovery share sales in July.
6 Includes $605 million of share repurchases in the second quarter of 2025 after April 24, 2025 and $145 million of share repurchases settled in July 2025.
7 The share repurchase program will be executed at the Company's discretion. The share repurchase program permits shares to be repurchased in a variety of methods, has no time limit and may be suspended or discontinued at any time. See cautionary statement regarding forward-looking statements at end of this release.
8 Total liquidity as of June 30, 2025 includes $4.0 billion available on a revolving credit facility.
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2024
2025
Q1
Q2
Q3
Q4
FY
Q1
Q2
YTD
Average realized gold price ($/oz)
$
2,090
$
2,347
$
2,518
$
2,643
$
2,408
$
2,944
$
3,320
$
3,128
Attributable gold production (Moz) 1
1.68
1.61
1.67
1.90
6.85
1.54
1.48
3.02
Gold Co-Product CAS ($/oz) 2,3
$
1,057
$
1,152
$
1,207
$
1,096
$
1,126
$
1,227
$
1,215
$
1,221
Gold By-Product CAS ($/oz) 3
$
891
$
892
$
1,052
$
862
$
922
$
930
$
917
$
924
Gold Co-Product AISC ($/oz) 3
$
1,439
$
1,562
$
1,611
$
1,463
$
1,516
$
1,651
$
1,593
$
1,623
Gold By-Product AISC ($/oz) 3
$
1,373
$
1,412
$
1,542
$
1,319
$
1,408
$
1,447
$
1,375
$
1,411
Net income (loss) attributable to Newmont stockholders ($M)
$
170
$
853
$
922
$
1,403
$
3,348
$
1,891
$
2,061
$
3,952
Adjusted net income ($M) 4
$
630
$
834
$
936
$
1,591
$
3,991
$
1,404
$
1,594
$
2,998
Adjusted net income per share ($/diluted share) 4
$
0.55
$
0.72
$
0.81
$
1.40
$
3.48
$
1.25
$
1.43
$
2.68
Adjusted EBITDA ($M) 4
$
1,694
$
1,966
$
1,967
$
3,048
$
8,675
$
2,629
$
2,997
$
5,626
Cash from operations before working capital ($M) 5
$
1,442
$
1,657
$
1,846
$
2,398
$
7,343
$
2,172
$
2,228
$
4,400
Net cash from operating activities of continuing operations ($M)
$
776
$
1,394
$
1,637
$
2,511
$
6,318
$
2,031
$
2,384
$
4,415
Capital expenditures ($M) 6
$
850
$
800
$
877
$
875
$
3,402
$
826
$
674
$
1,500
Free cash flow ($M) 7
$
(74
)
$
594
$
760
$
1,636
$
2,916
$
1,205
$
1,710
$
2,915
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Second Quarter 2025 Production and Financial Summary
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Attributable gold production 1
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decreased 4 percent to 1,478 thousand ounces from the prior quarter as expected, driven by the previously announced closing of non-core asset sales partially offset by increased production at Yanacocha from improved injection leaching, Peñasquito from higher gold grades, Nevada Gold Mines, and Boddington from higher tonnes processed following planned maintenance.
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Average realized gold price
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was $3,320 per ounce, an increase of $376 per ounce over the prior quarter. Average realized gold price includes $3,301 per ounce of gross price received, a favorable impact of $25 per ounce mark-to-market on provisionally-priced sales and reductions of $6 per ounce for treatment and refining charges.
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Gold CAS 2
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totaled $1.7 billion for the quarter.
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Gold CAS per ounce 3
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decreased 1 percent to $1,215 per ounce on a co-product basis compared to the prior quarter primarily due to lower direct operating costs with the completed sales of higher cost, non-core assets.
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Gold AISC per ounce 3
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decreased 4 percent to $1,593 per ounce on a co-product basis compared to the prior quarter. Building from CAS per ounce the decrease is primarily due to $81 million lower sustaining capital spend at the Non-Core Portfolio and across the Core Portfolio, particularly at Boddington following the completion of planned maintenance, as well as Lihir and Cadia due to project timing, partially offset by seasonal increases in sustaining capital at Red Chris and Brucejack.
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Net income attributable to Newmont stockholders
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was $2.1 billion or $1.85 per diluted share, an increase of $170 million from the prior quarter. This increase was in part driven by higher revenues and lower CAS compounded by a gain on the sale of assets held for sale of $699 million compared to a gain of $276 million in the prior quarter; partially offset by 69 percent higher income and mining taxes and a smaller net gain on the fair value of investments and options of $151 million compared to a net gain of $291 million in the prior quarter.
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for the quarter
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was $1.6 billion or $1.43 per diluted share, compared to $1.4 billion or $1.25 per diluted share in the prior quarter. Primary adjustments to second quarter net income includes a net gain on the sale of assets held for sale of $(699) million primarily related to the mine sales that closed in the second quarter and a net gain on the fair value of investments and options of $(151) million and a valuation allowance and other tax adjustments $167 million.
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increased 14 percent to $3.0 billion, while EBITDA increased 21 percent to $3.8 billion compared to the prior quarter. The increase in EBITDA was driven by mostly by higher net income. Adjusted EBITDA excludes adjustments totaling $(806) million, primarily consisting of a net gain on the sale of assets held for sale and a net gain in the value of investments and options.
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increased 3 percent from the prior quarter to $2.2 billion primarily due to higher net income.
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Consolidated net cash from operating activities
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increased 17 percent from the prior quarter to $2.4 billion primarily due to an increase in net cash from operations before working capital. A net working capital movement in the second quarter of $156 million primarily due to a decrease in accounts receivable of $215 million from the timing of cash collections and an accrual for future tax payments of $263 million. These favorable working capital adjustments were partially offset by the continued cash spend for previously accrued reclamation activities of $185 million, primarily related to the ongoing construction of the Yanacocha water treatment plants, a build in inventory and stockpiles of $61 million due to stockpile sequencing and an increase in other assets of $89 million primarily from higher prepaid expenses in the quarter.
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increased 39 percent from the prior quarter to $648 million due to higher net income attributable to Newmont shareholders.
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Free Cash Flow 7
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increased 42 percent from the prior quarter to $1.7 billion primarily due to an increase in consolidated net cash from operating activities compounded by lower capital investment.
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8
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3
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3
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.
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Pueblo Viejo (PV)
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attributable gold production increased 29 percent to 63 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $40 million in the second quarter. Capital contributions of $13 million were made during the quarter related to the expansion project at Pueblo Viejo.
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Fruta del Norte
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attributable gold production is reported on a quarter lag. Production reported in the second quarter of 2025 decreased 12 percent to 38 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $66 million for the second quarter.
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1 Attributable gold production includes ounces from the Company's equity method investment in Pueblo Viejo (40%) and in Lundin Gold (32%).
2 Consolidated Costs applicable to sales (CAS) excludes Depreciation and amortization and Reclamation and remediation.
3 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.
4 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.
5 Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled in the Condensed Consolidated Statements of Cash Flows.
6 Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows.
7 Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities.
8 Non-GAAP measure. See end of this release for reconciliation.
9 Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag.
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Newmont's 2025 Guidance
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Newmont remains on track to meet its previously published 2025 guidance. For more details, refer to the Company's Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on Newmont.com. Please see the cautionary statement and footnotes for additional information.
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Guidance Metric (+/-5%) a
2025E
Attributable Gold Production (Moz)
Managed Core Portfolio
4.2
Non-Managed Core Portfolio b
1.4
Total Core Portfolio
5.6
Non-Core Assets c
0.3
Total Newmont Attributable Gold Production (Moz)
5.9
Gold Co-Product CAS ($/oz) d
Managed Core Portfolio
$1,170
Non-Managed Core Portfolio b
$1,240
Total Core Portfolio
$1,180
Non-Core Assets
$1,450
Total Newmont Gold CAS ($/oz) d
$1,200
Gold Co-Product AISC ($/oz) d
Managed Core Portfolio
$1,630
Non-Managed Core Portfolio b
$1,555
Total Core Portfolio
$1,620
Non-Core Assets c
$1,830
Total Newmont Gold AISC ($/oz) d
$1,630
Sustaining Capital ($M)
Managed Core Portfolio
$1,530
Non-Managed Core Portfolio b
$270
Total Core Portfolio
$1,800
Non-Core Assets c
$75
Total Newmont Sustaining Capital c
$1,875
Development Capital ($M)
Managed Core Portfolio
$1,140
Non-Managed Core Portfolio b
$160
Total Core Portfolio
$1,300
Non-Core Assets c
$30
Total Newmont Development Capital e
$1,330
Consolidated Expenses
Exploration & Advanced Projects ($M)
$525
General & Administrative ($M)
$475
Interest Expense ($M)
$300
Depreciation & Amortization ($M) f
$2,600
Reclamation and Remediation Accretion ($M) g
$475
Adjusted Tax Rate h,i
34%
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H1/H2 Commentary:
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Attributable gold production for the Core Portfolio in 2025 is expected to be approximately 50 percent weighted to the second half of the year. Production from Cadia and Peñasquito has been slightly stronger than expected in the first half of the year and is expected to decline in the second half. Increased production to offset those declines is expected in the second half of the year, primarily from the non-managed Nevada Gold Mines, Yanacocha, and the addition of Ahafo North in the fourth quarter.
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Sustaining capital for the Core Portfolio is now expected to be weighted toward the second half of 2025, with optimization of road access and pit design at Lihir ongoing and investment moving to the second half of the year, the increase of sustaining capital spend at Cadia to support the long life of the operation, as well as address the historical underinvestment in tailings storage capacity, the continuation of warmer weather surface work at Red Chris and Brucejack in Canada, and a ramp up of spend at Tanami for ventilation work.
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Development capital for the Core Portfolio is expected to increase in the second half of 2025 with the movement of non-critical path spend at Ahafo North as the project moves toward commercial production. Expenditures at Cadia and Tanami are expected to rise in H2 based on the timing of spend to support the major projects at those sites.
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Third Quarter Commentary:
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Third quarter attributable production from the Core Portfolio is expected to be relatively in line with the previous quarter as expected production growth from the non-operated joint ventures as well as Cerro Negro, Brucejack, and Tanami is offset by declines at Ahafo South, Lihir, Peñasquito and Cadia. CAS per ounce unit cost is expected to be similar to the second quarter. AISC per ounce from the Core Portfolio is expected to be slightly higher than full year guidance in the third quarter due to higher sustaining capital spend as full year AISC per ounce is expected to be in line with full year guidance. Sustaining capital is expected to increase significantly from the second quarter as planned investments increase.
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In the third quarter, no production or costs are anticipated from non-core assets divested in the first half of 2025. Compared to the previous quarter, third quarter free cash flow is expected to be adversely impacted by the higher capital spend, higher cash tax payments related to increased profitability in previous periods, and the continued increase in spending on construction of the Yanacocha water treatment facilities.
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a 2025 guidance projections are considered forward-looking statements and represent management's good faith estimates or expectations of future production results as of February 20, 2025. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2025 Guidance assumes $2,500/oz Au, $9,370/tonne Cu, $30/oz Ag, $2,756/tonne Zn, $2,094/tonne Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $90/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. See cautionary statement at the end of this release.
b Guidance for Non-managed operations provided by joint venture or operating partners.
c Guidance for non-core assets includes, Akyem, CC&V, Porcupine, Éléonore, and Musselwhite, and reflects attributable gold production, Gold CAS, Gold AISC, sustaining capital, and development capital for the first half of 2025 only. The sale of CC&V, Éléonore, and Musselwhite closed on February 28, 2025 and the sale of Akyem and Porcupine closed April 15, 2025. See cautionary statement at the end of this release.
d Presented on a consolidated basis and assuming a gold price of $2,500/oz.
e Sustaining capital is presented on an attributable basis; Capital guidance excludes amounts attributable to the Pueblo Viejo joint venture.
f Depreciation & Amortization includes Q1 2025 only for non-core assets.
g Reclamation and Remediation Accretion represents a subset of expenses within Reclamation and Remediation expense and is exclusive of Reclamation and Remediation adjustments and other within that income statement expense line item. Reclamation and Remediation Accretion includes Q1 2025 only for non-core assets.
h The adjusted tax rate excludes certain items such as tax valuation allowance adjustments.
i Assuming average prices of $2,500 per ounce for gold, $9,370 per tonne for copper, $30 per ounce for silver, $2,094 per tonne for lead, and $2,756 per tonne for zinc and achievement of current production, sales and cost estimates, Newmont estimates its consolidated adjusted effective tax rate related to continuing operations for 2025 will be 34%.
j Total Core Portfolio includes the Managed Core Portfolio and the Non-Managed Core Portfolio and does not include non-core assets divested or held for sale.
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Divestiture Program Update
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In February 2024, Newmont announced the intention to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian and North American business units. As of April 15, Newmont completed the sales for all non-core operations and its 70 percent interest in the Havieron project.
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Total gross proceeds from announced transactions are expected to be up to $4.3 billion including contingent payments and closing adjustments. Of the total proceeds, $2.5 billion of net cash proceeds have been received year-to-date in 2025 including approximately $850 million from the sale of Porcupine and Akyem in the second quarter. Additionally, since the last earnings call Newmont sold half of its equity stake in Greatland Resources (received from the sale of Telfer and Havieron in 2024) and its entire equity stake in Discovery Silver (received from the sale of Porcupine in 2025) for net proceeds after taxes and commissions of $470 million.
Projects Update
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For details on Newmont's key projects currently in execution, refer to the Company's Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on Newmont.com. Additional project updates will be provided as they become available. Please refer to the cautionary statement and footnotes for further information.
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Committed to Concurrent Reclamation
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Since mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental, and regulatory impacts associated with the end of mining operations. Newmont's global Closure Strategy integrates closure planning throughout each operation's lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to recognize reclamation and remediation expense throughout the year. In the first half of 2025, Newmont spent $280 million on reclamation activities, including $167 million on the construction of water treatment plants at Yanacocha which is expected to continue to increase in the third quarter, with the fourth quarter planned to be the highest of the year. The Company remains on track to spend $800 million on reclamation for the full year, inclusive of $600 million allocated to the Yanacocha water treatment plants. Additional updates on reclamation spend will be provided as available.
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2024
2025
Operating Results
Q1
Q2
Q3
Q4
FY
Q1
Q2
Q3
Q4
YTD
Attributable Sales (koz)
Attributable gold ounces sold (1)
1,581
1,528
1,551
1,811
6,471
1,430
1,363
2,793
Average Realized Price ($/oz, $/lb)
Average realized gold price
$
2,090
$
2,347
$
2,518
$
2,643
$
2,408
$
2,944
$
3,320
$
3,128
Average realized copper price
$
3.72
$
4.47
$
4.31
$
3.57
$
4.00
$
4.65
$
4.37
$
4.51
Average realized silver price
$
20.41
$
26.20
$
25.98
$
25.15
$
24.13
$
30.12
$
29.50
$
29.80
Average realized lead price
$
0.92
$
1.05
$
0.86
$
0.86
$
0.91
$
0.89
$
0.88
$
0.88
Average realized zinc price
$
0.92
$
1.31
$
1.14
$
1.21
$
1.14
$
1.13
$
1.13
$
1.13
Attributable Gold Production (koz)
Boddington
142
147
137
164
590
126
147
273
Tanami
90
99
102
117
408
78
90
168
Cadia
122
117
115
110
464
103
104
207
Lihir
181
141
129
163
614
164
160
324
Ahafo
190
184
213
211
798
205
197
402
Peñasquito
45
64
63
127
299
123
148
271
Cerro Negro
81
19
60
78
238
28
42
70
Yanacocha
91
78
93
92
354
105
131
236
Merian (75%)
57
46
43
59
205
47
40
87
Brucejack
37
60
89
72
258
41
50
91
Red Chris (70%)
6
9
9
16
40
14
15
29
Managed Core Portfolio
1,042
964
1,053
1,209
4,268
1,034
1,124
2,158
Nevada Gold Mines (38.5%)
264
253
242
280
1,039
216
239
455
Pueblo Viejo (40%) (2)
54
53
66
62
235
49
63
112
Fruta Del Norte (32%) (3)
21
35
43
39
138
43
38
81
Non-Managed Core Portfolio
339
341
351
381
1,412
308
340
648
Total Core Portfolio
1,381
1,305
1,404
1,590
5,680
1,342
1,464
2,806
Non-Core Assets (4)
294
302
264
309
1,169
195
14
209
Total Attributable Gold Production
1,675
1,607
1,668
1,899
6,849
1,537
1,478
3,015
Co-Product Production
Red Chris copper tonnes (thousands)
5
6
6
9
26
7
7
14
Boddington copper tonnes (thousands)
9
10
9
9
37
7
7
14
Cadia copper tonnes (thousands)
21
22
21
23
87
21
22
43
Telfer copper tonnes (thousands) (4)
1
—
1
1
3
—
—
—
Total copper tonnes (thousands)
36
38
37
42
153
35
36
71
Peñasquito silver ounces (millions)
9
8
7
9
33
6
8
14
Peñasquito lead tonnes (thousands)
28
20
19
29
96
22
27
49
Peñasquito zinc tonnes (thousands)
58
65
58
77
258
59
67
126
Gold Co-Product CAS Consolidated ($/oz)
Boddington
$
1,016
$
1,022
$
1,098
$
1,084
$
1,056
$
1,239
$
1,207
$
1,223
Tanami
$
902
$
1,018
$
979
$
898
$
947
$
1,087
$
1,278
$
1,191
Cadia
$
648
$
624
$
723
$
616
$
653
$
794
$
805
$
800
Lihir
$
936
$
1,101
$
1,619
$
1,523
$
1,270
$
1,009
$
1,287
$
1,147
Ahafo
$
865
$
976
$
867
$
916
$
904
$
1,238
$
1,010
$
1,124
Peñasquito
$
853
$
827
$
985
$
630
$
776
$
898
$
756
$
823
Cerro Negro
$
861
$
2,506
$
1,535
$
1,177
$
1,325
$
2,063
$
2,118
$
2,089
Yanacocha
$
972
$
1,000
$
1,072
$
970
$
1,003
$
961
$
882
$
915
Merian (75%)
$
1,221
$
1,546
$
1,795
$
1,334
$
1,457
$
1,497
$
1,808
$
1,679
Brucejack
$
2,175
$
1,390
$
970
$
1,126
$
1,254
$
1,800
$
1,861
$
1,831
Red Chris (70%)
$
940
$
951
$
2,228
$
901
$
1,225
$
1,106
$
1,475
$
1,290
Managed Core Portfolio
$
955
$
1,053
$
1,117
$
1,021
$
1,036
$
1,150
$
1,154
$
1,152
Nevada Gold Mines (38.5%)
$
1,177
$
1,220
$
1,311
$
1,177
$
1,219
$
1,426
$
1,448
$
1,437
Non-Managed Core Portfolio
$
1,177
$
1,220
$
1,311
$
1,177
$
1,219
$
1,426
$
1,448
$
1,437
Total Core Portfolio
$
1,000
$
1,087
$
1,153
$
1,050
$
1,071
$
1,198
$
1,204
$
1,202
Non-Core Assets (4)
$
1,306
$
1,398
$
1,474
$
1,316
$
1,370
$
1,410
$
2,032
$
1,455
Total Gold co-product CAS (5)
$
1,057
$
1,152
$
1,207
$
1,096
$
1,126
$
1,227
$
1,215
$
1,221
Gold By-Product CAS ($/oz)
Red Chris
$
(1,143
)
$
(2,556
)
$
5,125
$
(1,333
)
$
(256
)
$
(1,200
)
$
71
$
(586
)
Boddington
$
810
$
750
$
863
$
916
$
840
$
970
$
1,000
$
985
Cadia
$
(228
)
$
(626
)
$
(398
)
$
(173
)
$
(366
)
$
(643
)
$
(514
)
$
(575
)
Peñasquito
$
(2,091
)
$
(2,047
)
$
(1,036
)
$
(1,587
)
$
(1,659
)
$
(949
)
$
(880
)
$
(912
)
Managed Core Portfolio
$
691
$
635
$
884
$
677
$
722
$
733
$
789
$
763
Non-Managed Core Portfolio
$
1,177
$
1,220
$
1,311
$
1,177
$
1,219
$
1,426
$
1,448
$
1,437
Total Core Portfolio
$
790
$
756
$
964
$
768
$
819
$
854
$
903
$
880
Total Gold by-product CAS (5)
$
891
$
892
$
1,052
$
862
$
922
$
930
$
917
$
924
Article content
2024
2025
Operating Results (continued)
Q1
Q2
Q3
Q4
FY
Q1
Q2
Q3
Q4
YTD
Co-Product CAS ($/unit)
Red Chris – copper ($/tonne)
$
5,571
$
5,043
$
12,296
$
4,645
$
6,663
$
4,991
$
6,738
$
5,854
Boddington – copper ($/tonne)
$
5,192
$
5,680
$
5,605
$
5,477
$
5,480
$
5,423
$
5,163
$
5,293
Cadia – copper ($/tonne)
$
3,271
$
3,044
$
3,774
$
3,209
$
3,321
$
3,468
$
3,517
$
3,494
Telfer – copper ($/tonne)
$
15,885
$
10,692
N.M.
$
8,582
$
13,214
$
—
$
—
$
—
Total – copper ($/tonne)
$
4,452
$
4,184
$
5,748
$
4,247
$
4,625
$
4,182
$
4,422
$
4,307
Peñasquito- silver ($/ounce)
$
11
$
12
$
13
$
8
$
11
$
10
$
9
$
10
Peñasquito – lead ($/tonne)
$
1,215
$
1,355
$
1,555
$
904
$
1,201
$
997
$
933
$
965
Peñasquito – zinc ($/tonne)
$
1,764
$
1,867
$
1,944
$
1,429
$
1,729
$
1,499
$
1,376
$
1,445
Gold Co-Product AISC Consolidated ($/oz)
Boddington
$
1,242
$
1,237
$
1,398
$
1,286
$
1,288
$
1,544
$
1,422
$
1,482
Tanami
$
1,149
$
1,276
$
1,334
$
1,340
$
1,281
$
1,659
$
1,698
$
1,680
Cadia
$
989
$
1,064
$
1,078
$
1,061
$
1,048
$
1,184
$
1,109
$
1,144
Lihir
$
1,256
$
1,212
$
1,883
$
1,781
$
1,512
$
1,339
$
1,563
$
1,450
Ahafo
$
1,010
$
1,123
$
1,043
$
1,113
$
1,072
$
1,462
$
1,220
$
1,341
Peñasquito
$
1,079
$
1,038
$
1,224
$
818
$
984
$
1,091
$
944
$
1,013
Cerro Negro
$
1,120
$
3,010
$
1,878
$
1,430
$
1,631
$
2,857
$
3,023
$
2,936
Yanacocha
$
1,123
$
1,217
$
1,285
$
1,166
$
1,196
$
1,170
$
1,144
$
1,155
Merian (75%)
$
1,530
$
2,170
$
2,153
$
1,656
$
1,852
$
1,864
$
2,074
$
1,986
Brucejack
$
2,580
$
1,929
$
1,197
$
1,498
$
1,603
$
2,230
$
2,490
$
2,363
Red Chris (70%)
$
1,277
$
1,613
$
2,633
$
1,131
$
1,607
$
1,322
$
1,903
$
1,611
Managed Core Portfolio
$
1,327
$
1,461
$
1,509
$
1,411
$
1,426
$
1,596
$
1,542
$
1,568
Nevada Gold Mines (38.5%)
$
1,576
$
1,689
$
1,675
$
1,492
$
1,605
$
1,789
$
1,771
$
1,780
Non-Managed Core Portfolio
$
1,576
$
1,689
$
1,675
$
1,492
$
1,605
$
1,789
$
1,771
$
1,780
Total Core Portfolio
$
1,378
$
1,508
$
1,540
$
1,425
$
1,461
$
1,630
$
1,582
$
1,605
Non-Core Assets (4)
$
1,712
$
1,770
$
1,967
$
1,634
$
1,762
$
1,787
$
2,550
$
1,843
Total Gold Co-product AISC (5)
$
1,439
$
1,562
$
1,611
$
1,463
$
1,516
$
1,651
$
1,593
$
1,623
Gold By-Product AISC ($/oz)
Red Chris
$
857
$
778
$
7,250
$
(333
)
$
1,692
$
(467
)
$
1,357
$
414
Boddington
$
1,085
$
1,044
$
1,226
$
1,179
$
1,134
$
1,348
$
1,250
$
1,298
Cadia
$
535
$
293
$
159
$
750
$
425
$
133
$
92
$
111
Peñasquito
$
(91
)
$
(859
)
$
411
$
(810
)
$
(476
)
$
(254
)
$
(406
)
$
(335
)
Managed Core Portfolio
$
1,212
$
1,211
$
1,401
$
1,203
$
1,256
$
1,309
$
1,276
$
1,292
Non-Managed Core Portfolio
$
1,576
$
1,689
$
1,675
$
1,492
$
1,605
$
1,789
$
1,771
$
1,780
Total Core Portfolio
$
1,286
$
1,310
$
1,452
$
1,256
$
1,324
$
1,394
$
1,360
$
1,376
Total Gold By-product AISC (5)
$
1,373
$
1,412
$
1,542
$
1,319
$
1,408
$
1,447
$
1,375
$
1,411
Co-Product AISC ($/unit)
Red Chris – copper ($/tonne)
$
7,718
$
8,599
$
14,960
$
6,007
$
9,037
$
6,053
$
8,550
$
7,287
Boddington – copper ($/tonne)
$
5,959
$
6,914
$
6,436
$
6,545
$
6,462
$
6,760
$
5,917
$
6,338
Cadia – copper ($/tonne)
$
5,659
$
5,644
$
4,849
$
5,612
$
5,442
$
5,316
$
4,909
$
5,098
Telfer – copper ($/tonne)
$
20,643
$
15,112
N.M.
$
5,106
$
15,903
$
—
$
—
$
—
Total – copper ($/tonne)
$
6,392
$
6,675
$
7,423
$
6,162
$
6,638
$
6,014
$
6,068
$
6,042
Peñasquito – silver ($/ounce)
$
15
$
15
$
17
$
11
$
14
$
13
$
12
$
12
Peñasquito – lead ($/tonne)
$
1,500
$
1,601
$
1,879
$
1,132
$
1,467
$
1,185
$
1,146
$
1,165
Peñasquito – zinc ($/tonne)
$
2,368
$
2,498
$
2,614
$
2,015
$
2,350
$
2,026
$
1,659
$
1,866
Article content
____________________________
(1)
Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment, and the Fruta del Norte mine, which is wholly owned by Lundin Gold, in which the Company holds a 32% interest and is accounted for as an equity method investment.
(2)
Represents attributable gold from Newmont's 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. Attributable gold ounces produced at Pueblo Viejo are not included in attributable gold ounces sold, as noted in footnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.
(3)
Represents attributable gold from Newmont's 32% interest in Lundin Gold, which wholly owns and operates the Fruta del Norte mine and is accounted for on a quarterly lag as an equity method investment. Attributable gold ounces produced by Lundin Gold represent prior quarter production and are not included in attributable gold ounces sold, as noted in footnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.
(4)
Non-core assets include asset divestitures which closed prior to June 30, 2025 including: Telfer, CC&V, Musselwhite, Éléonore, Akyem, and Porcupine. See Divestiture Program Update in this release for further details.
Article content
(unaudited, in millions except per share)
2024 (1)
2025 (1)
Q1
Q2
Q3
Q4
FY
Q1
Q2
Q3
Q4
YTD
Sales
$
4,023
$
4,402
$
4,605
$
5,652
$
18,682
$
5,010
$
5,317
$
10,327
Costs and expenses:
Costs applicable to sales (2)
2,106
2,156
2,310
2,391
8,963
2,106
2,001
4,107
Depreciation and amortization
654
602
631
689
2,576
593
620
1,213
Reclamation and remediation
98
94
132
4
328
93
83
176
Exploration
53
57
74
82
266
49
61
110
Advanced projects, research and development
53
49
47
48
197
43
40
83
General and administrative
101
100
113
128
442
110
95
205
(Gain) loss on sale of assets held for sale
485
246
115
268
1,114
(276
)
(699
)
(975
)
Impairment charges
12
9
18
39
78
15
9
24
Other expense, net
61
50
37
43
191
28
39
67
3,623
3,363
3,477
3,692
14,155
2,761
2,249
5,010
Other income (expense):
Change in fair value of investments and options
31
(9
)
17
23
62
291
151
442
Other income (loss), net
90
109
—
164
363
10
(36
)
(26
)
Interest expense, net of capitalized interest
(93
)
(103
)
(86
)
(93
)
(375
)
(79
)
(65
)
(144
)
28
(3
)
(69
)
94
50
222
50
272
Income (loss) before income and mining tax and other items
428
1,036
1,059
2,054
4,577
2,471
3,118
5,589
Income and mining tax benefit (expense)
(260
)
(191
)
(244
)
(702
)
(1,397
)
(647
)
(1,092
)
(1,739
)
Equity income (loss) of affiliates
7
(3
)
60
69
133
78
49
127
Net income (loss) from continuing operations
175
842
875
1,421
3,313
1,902
2,075
3,977
Net income (loss) from discontinued operations
4
15
49
—
68
—
—
—
Net income (loss)
179
857
924
1,421
3,381
1,902
2,075
3,977
Net loss (income) attributable to noncontrolling interests (3)
(9
)
(4
)
(2
)
(18
)
(33
)
(11
)
(14
)
(25
)
Net income (loss) attributable to Newmont stockholders
$
170
$
853
$
922
$
1,403
$
3,348
$
1,891
$
2,061
$
3,952
Net income (loss) attributable to Newmont stockholders:
Continuing operations
$
166
$
838
$
873
$
1,403
$
3,280
$
1,891
$
2,061
$
3,952
Discontinued operations
4
15
49
—
68
—
—
—
$
170
$
853
$
922
$
1,403
$
3,348
$
1,891
$
2,061
$
3,952
Weighted average common shares (millions):
Basic
1,153
1,153
1,147
1,133
1,146
1,126
1,110
1,118
Effect of employee stock-based awards
—
2
2
2
2
1
2
2
Diluted
1,153
1,155
1,149
1,135
1,148
1,127
1,112
1,120
Net income (loss) attributable to Newmont stockholders per common share:
Basic:
Continuing operations
$
0.15
$
0.73
$
0.76
$
1.24
$
2.86
$
1.68
$
1.86
$
3.53
Discontinued operations
—
0.01
0.04
—
0.06
—
—
—
$
0.15
$
0.74
$
0.80
$
1.24
$
2.92
$
1.68
$
1.86
$
3.53
Diluted:
Continuing operations
$
0.15
$
0.73
$
0.76
$
1.24
$
2.86
$
1.68
$
1.85
$
3.53
Discontinued operations
—
0.01
0.04
—
0.06
—
—
—
Article content
NEWMONT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
2024 (1)
2025 (1)
MAR
JUN
SEP
DEC
MAR
JUN
SEP
DEC
ASSETS
Cash and cash equivalents
$
2,336
$
2,602
$
3,016
$
3,619
$
4,698
$
6,185
Trade receivables
782
955
974
1,056
887
637
Investments
23
50
43
21
18
468
Inventories
1,385
1,467
1,487
1,423
1,493
1,500
Stockpiles and ore on leach pads
745
681
688
761
792
767
Other current assets
879
945
795
786
653
740
Assets held for sale
5,656
5,370
5,574
4,609
2,199
102
Current assets
11,806
12,070
12,577
12,275
10,740
10,399
Property, plant and mine development, net
33,564
33,655
33,697
33,547
33,568
33,591
Investments
4,138
4,141
4,150
4,471
4,856
4,455
Stockpiles and ore on leach pads
1,837
2,002
2,114
2,266
2,409
2,540
Deferred income tax assets
210
273
229
124
59
55
Goodwill
2,792
2,792
2,721
2,658
2,658
2,658
Derivative assets
412
181
161
142
344
443
Other non-current assets
576
564
526
866
885
1,024
Total assets
$
55,335
$
55,678
$
56,175
$
56,349
$
55,519
$
55,165
LIABILITIES
Accounts payable
$
698
$
683
$
772
$
843
$
771
$
742
Employee-related benefits
414
457
542
630
502
562
Income and mining taxes payable
136
264
317
381
378
705
Lease and other financing obligations
99
104
112
107
109
112
Debt
—
—
—
924
—
—
Other current liabilities
1,784
1,819
2,081
2,481
2,357
2,544
Liabilities held for sale
2,351
2,405
2,584
2,177
1,309
5
Current liabilities
5,482
5,732
6,408
7,543
5,426
4,670
Debt
8,933
8,692
8,550
7,552
7,507
7,132
Lease and other financing obligations
436
429
437
389
370
363
Reclamation and remediation liabilities
6,652
6,620
6,410
6,394
6,376
6,216
Deferred income tax liabilities
3,094
3,046
2,883
2,820
2,733
2,890
Employee-related benefits
610
616
632
555
575
596
Silver streaming agreement
753
733
721
699
671
646
Other non-current liabilities
300
247
238
288
430
365
Total liabilities
26,260
26,115
26,279
26,240
24,088
22,878
EQUITY
Common stock
1,855
1,851
1,840
1,813
1,803
1,772
Treasury stock
(274
)
(274
)
(276
)
(278
)
(293
)
(294
)
Additional paid-in capital
30,436
30,394
30,228
29,808
29,624
29,141
Accumulated other comprehensive income (loss)
(16
)
(7
)
21
(95
)
(39
)
44
Retained earnings (Accumulated deficit)
(3,111
)
(2,585
)
(2,101
)
(1,320
)
153
1,449
Newmont stockholders' equity
28,890
29,379
29,712
29,928
31,248
32,112
Noncontrolling interests
185
184
184
181
183
175
Total equity
29,075
29,563
29,896
30,109
31,431
32,287
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