2025 Annual Report of 2025, PDF file, (opens in new window)

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# 2025 Annual Report of 2025, PDF file, (opens in new window)

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Published: 2026-04-23T20:09:25+00:00
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# 2025 Annual Report of 2025, PDF file, (opens in new window)
Honoring Our History.
Shaping Our Future.
2025 Annual Report
Financial Highlights
Dollars in millions, except per share data, years ended December 31 2025 2024 2023
Sales $ 22,669 $ 18,682 $ 11,812
Net income (loss) attributable to Newmont stockholders from continuing operations $ 7,085 $ 3,280 $ (2,521)
Per share (diluted) $ 6.39 $ 2.86 $ (3.00)
Adjusted net income 1 $ 7,634 $ 3,991 $ 1,324
Per share (diluted)1 $ 6.89 $ 3.48 $ 1.57
EBITDA1 $ 14,092 $ 7,528 $ 320
Adjusted EBITDA 1 $ 13,480 $ 8,675 $ 4,215
Net cash provided by operating activities of continuing operations $ 10,334 $ 6,318 $ 2,754
Free cash flow2 $ 7,299 $ 2,916 $ 88
Cash and cash equivalents $ 7,647 $ 3,619 $ 3,002
Dividends paid per share $ 1.00 $ 1.00 $ 1.60
Operating Highlights
Consolidated gold production (thousands of ounces) 5,530 6,545 5,401
Attributable gold production (thousands of ounces)3 5,889 6,849 5,545
Average realized gold price ($/oz) $ 3,498 $ 2,408 $ 1,954
Costs applicable to sales $ 8,085 $ 8,963 $ 6,699
Gold costs applicable to sales $ 6,615 $ 7,364 $ 5,689
Gold equivalent ounces costs applicable to sales $ 1,470 $ 1,599 $ 1,010
Gold costs applicable to sales ($/oz) 4 $ 1,199 $ 1,126 $ 1,050
Gold all-in sustaining costs ($/oz) 4 $ 1,609 $ 1,516 $ 1,444
Gold equivalent ounces produced (thousands of ounces) 1,409 1,944 891
Gold equivalent ounces costs applicable to sales ($/lb)4 $ 1,032 $ 834 $ 1,127
Gold equivalent ounces all-in sustaining costs ($/lb) 4 $ 1,392 $ 1,161 $ 1,579
Note: All amounts in the table represent metrics of continuing operations.
1 Non-GAAP metric – Refer to Part II, Item 7, MD&A, of the Form 10-K for reconciliation to Net income (loss) attributable to Newmont stockholders.
2 Non-GAAP metric – Refer to Part II, Item 7, MD&A, of the Form 10-K for reconciliation to Net cash provided by (used in) operating activities.
3 Attributable gold ounces produced includes 418, 373 and 224 thousand ounces for the years ended December 31, 2025, 2024 and 2023, respectively, related to the
Pueblo Viejo mine, which is 40 percent 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 percent interest and is accounted for as an equity method investment.
4 Non-GAAP metric – Refer to Part II, Item 7, MD&A, of the Form 10-K for reconciliation to Costs applicable to sales.
Annual CEO Letter
to Shareholders
To Our Shareholders,
It is my honor to address you for the first
time as Chief Executive Officer of Newmont
Corporation. I officially assumed this role on
January 1, 2026, following my appointment
as President and Chief Operating Officer
in September 2025. I am deeply grateful
to Tom Palmer for his leadership and
stewardship during his tenure, to our Board
of Directors for their confidence in me, and
to all Newmont employees for the privilege
NATASCHA VILJOEN
of leading this remarkable company. President and Chief Executive Officer
Cover: Boddington, Australia
Left: Red Chris, Canada
Newmont Corporation 2025 Annual Report 1
Highlights
Annual CEO Letter to Shareholders
SAFET Y: OUR FOUNDATIONAL COMMITMENT
Before discussing our achievements, I must begin with
our foundational safety work. While I am pleased to
GOLD RESERVES report that, due to the dedication and vigilance of every
118.2
team member across our global operations, we achieved
zero fatalities in 2025, I am saddened that, in early 2026,
we tragically lost a colleague at our TE-2 project in Tanami.
Moz This loss is a stark reminder that our recent success
cannot become a substitute for continued discipline, it
only raises the bar for us and does not lower the need
CASH FROM OPERATING ACTIVITIES for rigor across all of our sites and processes to ensure
$10.3
that each member of our team goes home safely.
In 2025, we launched Always Safe, our unified approach
B to health, safety and wellbeing. Operational excellence
begins with ensuring every team member returns home
safely after every shift. Our success as a company is built
FREE CASH FLOW GENERATED
$7.3
on this foundation, and we will protect and strengthen it.
B1 RECORD FINANCIAL PERFORMANCE AND
SHAREHOLDER RETURNS
2025 was a transformative year for Newmont, defined
GOLD PRODUCED by disciplined execution focused on safety, costs and
5.9
productivity. Our world-class portfolio of high-quality
operations delivered exceptional results while taking
meaningful steps to reduce our overall cost base.
Moz2
We delivered record annual earnings and free cash
flow, supported by both favorable gold market
AT TRIBUTABLE GEOS PRODUCED conditions and meaningful operational results. Our
1.4
share price reached an all-time high of $105.78 on
December 26, 2025, reflecting our strong sector
positioning and disciplined delivery.
Moz
We are committed to delivering sustainable value to
our shareholders through disciplined capital allocation.
RETURNED TO STOCKHOLDERS In 2025, we completed the initial $3.0 billion share
$3.4
Including share repurchases and dividends
repurchase program announced in 2024, repurchasing
$2.3 billion during the year. Recognizing our strong
financial position, we announced an additional $3.0 billion
B share repurchase program.3 We also returned $1.1 billion
to shareholders through regular dividends, consistent
with our commitment to providing reliable cash returns.
1  Free cash flow is a non-GAAP metric, see financial highlights on
the inside front cover of this report for the nearest GAAP metric We maintained a resilient and flexible balance sheet
and refer to Part II, Item 7, MD&A for reconciliation. with a net cash position, providing us with financial
2  A ttributable gold ounces produced includes 418, 373 and
224 thousand ounces for the years ended December 31, 2025, strength and optionality as we pursue our strategic
2024 and 2023, respectively, related to the Pueblo Viejo mine, priorities. This financial discipline positions us to thrive
which is 40 percent owned by Newmont and accounted for as
an equity method investment, and the Fruta del Norte mine, sustainably while driving margin expansion.
which is wholly owned by Lundin Gold, in which the Company
holds a 32 percent interest and is accounted for as an equity
method investment. 3 See endnote on page 4.
2 Newmont Corporation 2025 Annual Report
Annual CEO Letter to Shareholders
OPER ATIONAL EXCELLENCE ACROSS OUR PORTFOLIO
Our strong execution delivered 5.7 million ounces of
attributable gold from our core portfolio, meeting and
improving upon the guidance we provided throughout
the year. This performance reflects the core of our 2025
success: operational discipline at our producing assets
and strategic advancement of our key projects. Our
operating teams delivered consistent production while
controlling costs, and our project teams achieved
critical milestones that position us for future value
creation. This balanced execution – optimizing today’s
performance while building tomorrow’s pipeline –
underscores the operational discipline that will define
Newmont going forward.
Throughout 2025, we advanced key strategic initiatives
that enhanced our portfolio and competitive position:
• We completed strategic asset reviews that connect
our world-class endowments to disciplined long-term
mine plans while driving immediate operational
improvements through focused productivity initiatives.
• We completed our divestment program, focusing
capital on our highest-return assets and
strengthening our operational foundation.
• Our cost-savings and productivity initiatives
delivered meaningful results in 2025, establishing
a more sustainable cost structure and ensuring
our organization is positioned for disciplined
execution ahead.
• We celebrated the opening of Ahafo North and a
10 million ounce production milestone at Ahafo
South, reinforcing the quality of our Ghana
operations and the trusted relationships we have built.
• We completed shaft development at Tanami – a
major project milestone that positions the site for
continued long-term production.
• We completed a successful rescue mission at Red
Chris, ensuring three contract drillers were returned
safely to the surface and to their families.
• We added reserves and resources at several sites,
reinforcing the quality and longevity of our portfolio.
Whatever the external environment brings, our portfolio
quality, operational discipline and financial strength
position us to deliver value across market cycles. Over
our nearly 105-year history, Newmont’s strength has Above: Ahafo North, Ghana; Tanami, Australia
always been our ability to adapt and transform. That
resilience defines us today and will carry us forward.
Newmont Corporation 2025 Annual Report 3
Annual CEO Letter to Shareholders
LOOKING AHEAD WITH CONFIDENCE
I’m honored to lead Newmont as we chart our path forward. We’re committed to
continuing Newmont’s legacy while embracing the transformation necessary to remain
the world’s leading gold company. Our focus is clear: we will be the best operators of
our world-class assets, delivering consistently, efficiently and safely.
Thank you for your continued confidence and support. I am excited and determined
to lead Newmont into its next chapter, delivering sustainable value for all stakeholders
and building a safer, stronger and more profitable company for the future.
With gratitude,
Natascha Viljoen
President and Chief Executive Officer
This letter contains “forward-looking statements” which are intended to be covered by the safe harbor created by securities laws.
Forward-looking statements are based on assumptions which remain subject to risks and uncertainties. See Forward-Looking
Statements and Risk Factors in Item 1 and Item 1A of the Form 10-K for additional information. Investors are reminded that the
Company’s share repurchase program does not obligate the Company to acquire any specific number of shares of its common
stock or to repurchase the full authorized amount. The extent to which the Company repurchases its shares, and the timing of
such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business
conditions and other factors. The Board of Directors may revise or terminate such share repurchase authorization in the future.
Above: Lihir, Papua New Guinea
4 Newmont Corporation 2025 Annual Report
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 10-K
(Mark One)
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2025
or
☐ 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 if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section

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