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1NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Third Quarter 2025 Results October 23, 2025
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2NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Cautionary Statement Regarding Forward Looking Statements, Including Guidance Assumptions, and Notes This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as “anticipate,” “intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,” "pending" or “potential.” Forward-looking statements in this presentation may include, without limitation, (i) estimates of future production and sales, including production outlook, and average future production; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures, including development and sustaining capital; (iv) expectations regarding the development of key projects, including with respect to production and capital cost estimates; (v) expectations regarding share and debt repurchases; (vi) estimates of future cost reductions, including pre-tax synergies, savings and efficiencies, productivity improvements, and future cash flow enhancements through portfolio optimization, (vii) expectations regarding Newmont’s core portfolio; (viii) expectations regarding future investments or divestitures; (ix) expectations regarding free cash flow and returns to stockholders, including with respect to future dividends and future share repurchases; and (x) estimates of expected reclamation and remediation costs, water treatment costs and other expenses; and (xi) other outlook, including, without limitation, Q4 2025, 2025 Guidance and other future operating, reclamation, remediation, and financial metrics. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to U.S. dollar and Canadian dollar to U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Such uncertainties could result in operating sites being placed into care and maintenance and impact estimates, costs and timing of projects. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities. Investors are reminded that future dividends, beyond the dividend payable on December 22, 2025 to holders of record at the close of business on November 26, 2025 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board. The extent to which the Company repurchases its shares under the authorized share repurchase program, 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 repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized program amount. For a more detailed discussion of such risks, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 21, 2025, under the heading "Risk Factors", as well as Newmont’s other SEC filings, available on the SEC website or www.newmont.com. Newmont does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk. Investors are also reminded to refer to the endnotes to this presentation for additional information.
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3NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Natascha Viljoen will become President and CEO on January 1, 2026, and will serve as Newmont’s 11th CEO in its 100+ year history Leadership Succession and Continuity Grounded in Strong Governance Around Long-term Succession Planning Tom Palmer will retire as CEO on December 31, 2025, and will serve as a strategic advisor through March 31, 2026, ensuring a seamless transition
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4NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Q3 2025 Highlights Improving 2025 Cost and Capital Guidance See endnotes re forward-looking statements, dividends, share repurchases, and Non -GAAP metrics. *Proceeds from asset and equity sales of ~$640M includes $10M of proceeds received in October 2025. **Shareholder returns include total share repurchases and dividends paid since July 24, 2025, including $179M of shares repurchased in October 2025. Safely recovered teammates at our Red Chris project Received net cash proceeds of nearly $640M from asset and equity sales* Generated a record third-quarter free cash flow of $1.6B Improved 2025 cost and capital guidance driven by disciplined cost reduction efforts Retired $2.0B in debt, ending the quarter in a near-zero net debt position Received credit rating upgrade from Moody’s to A3 with a stable outlook Returned $823M to shareholders through regular dividends and share repurchases** Expect to achieve commercial production at Ahafo North by end of day Notable Milestones and Record Performance in Q3, Demonstrating Strong Execution and Discipline First Gold Pour at Ahafo North 4NEWMONT CORPORATION
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5NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS SUSTAINING CAPITAL*** ATTRIBUTABLE GOLD PRODUCTION* GOLD CAS Co-Product/By-Product GOLD AISC Co-Product/By-Product DEVELOPMENT CAPITAL*** Strong Q3 Operational Performance Driven by Core Managed Operations Core Non-Managed Operations 367Koz $1,241/oz** $1,502/oz** $54M $41M Total Core Portfolio 1,421Koz $1,185/oz / $831/oz $1,566/oz / $1,303/oz $395M $341M Cost and Productivity Work Building on Solid H1 2025 Core Managed Operations 1,054Koz $1,172/oz / $732/oz $1,582/oz / $1,255/oz $341M $300M **Newmont does not recognize any co-product revenue on its financial statements from non- managed operations. *Represents attributable production for the total portfolio, including production from the Company’s equity method investments in Pueblo Viejo and Lundin Gold. See endnotes re Non-GAAP metrics, including AISC. ***Capital spend includes capitalized interest, and excludes non-cash adjustments.
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6NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS $2.3B CASH FROM OPERATIONS $3.3B ADJUSTED EBITDA* $1.67/sh. GAAP NET INCOME $1.71/sh. ADJUSTED NET INCOME* $1.6B FREE CASH FLOW* $5.6B CASH & CASH EQUIVALENTS Delivered Record Third Quarter Free Cash Flow in Q3 2025, Representing the Fourth Consecutive Quarter Exceeding $1B Q3 2025 Financial Performance Remain on Track to Deliver on Full-Year Commitments $3,539/oz AVERAGE REALIZED GOLD PRICE *See endnotes re non-GAAP metrics. $1,566 Co-Product ($/oz) GOLD ALL-IN SUSTAINING COST* $1,303 By-Product ($/oz)
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7NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Gold CAS Co-Product Gold AISC* Co-Product Sustaining Capital Development Capital Gold Production** 5.6Moz $1,180/oz $1,620/oz $1,650M $1,250M 2025 CORE PORTFOLIO GUIDANCE Cost Initiatives Drive Improved 2025 Guidance* **Includes production from the Company’s equity method investments in Pueblo Viejo and Lundin Gold. PERFORMANCE DRIVERS Strong execution across our managed operations has positioned Newmont to achieve its full-year guidance Cost savings initiatives are largely offsetting higher costs from profit-sharing agreements, production taxes, and royalties from the strong gold price environment in 2025 Steady CAS/oz and improved sustaining capital and consolidated expenses maintain AISC/oz alignment with guidance expectations Improved 2025 guidance reflects the timing of spend at Cadia, with approximately $150M of sustaining capital shifted to 2026 Improved 2025 guidance reflects the timing of spend at Red Chris, with approximately $50M of development capital shifted to 2026 Remain on Track to Achieve Original Production and Unit Cost Guidance in Rising Gold Price Environment *See endnotes re forward-looking statements and Non-GAAP metrics (+/- 5%) Q4 2025 GUIDANCE 1.4Moz $1,260/oz $1,670/oz $450M $350M General & Administrative $390M Improved 2025 guidance reflects benefits from cost savings initiatives$100M Exploration & Advanced Projects $450M Improved 2025 guidance reflects benefits from cost savings initiatives$150M
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8NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Sustaining Capital ** Development Capital ** Common Dividend Share Repurchase Program Cash STRONG & FLEXIBLE BALANCE SHEET Debt* PORTFOLIO REINVESTMENT RETURNS TO SHAREHOLDERS $5.6B $5.4B $1.2B $1.0B $834M $2.1B Building a stronger, more flexible financial position ~$1.65B of disciplined portfolio reinvestment expected in 2025 ~$150M of planned spending related to Cadia tailings investment in 2025 shifted to 2026 ~$1.25B of steady investment in organic development expected in 2025 ~$50M of planned spending related to studies for a potential expansion at Red Chris in 2025 shifted to 2026 Stable and predictable quarterly common dividend of $0.25/share, subject to approval by Board of Directors $3.3B executed to date from $6.0B of authorizations*** Includes $179M of shares repurchased in October 2025 See endnotes re: forward looking statements, dividends, and share repurchases. *Represents outstanding principal as of September 30, 2025. **Capital spend for core portfolio, inclusive of $86M in capitalized interest for development capital and $22M of capitalized interest for sustaining capital, and exclusive of non-cash adjustments. ***Includes programs authorized from February 2024 to date. Sustaining Capital ** Development Capital ** 2025 YTD STATUS Near-zero net debt position; assessing opportunities to reduce further Disciplined Capital Allocation Strategy Remains Unchanged
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9NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Leveraging Portfolio Strength Well Positioned to Continue Delivering on Commitments Progressed Cost Savings Initiatives, Improved 2025 Cost and Capital Guidance, and Reached Significant Project Milestones See endnotes re forward-looking statements, dividends, share repurchases, and Non-GAAP metrics. STABLE 2025E PRODUCTION 5.6Moz On track to achieve production and unit cost guidance RECORD FREE CASH FLOW $4.5B Generated YTD 2025, an annual record in first three quarters COMPLETED DIVESTITURE PROGRAM ~$2.6B After-tax cash proceeds for non- core asset sales received in 2025 REPAID OUTSTANDING DEBT $3.9B Paid since November 2023, ending Q3 2025 in a near-zero net debt position STREAMLINED EQUITY PORTFOLIO ~$900M After-tax cash proceeds from the sale of equity shares received in 2025 RETURNED TO SHAREHOLDERS $5.7B Paid since November 2023 in common dividends and share repurchases* *Shareholder returns include total share repurchases and dividends since November 2023, including $179M of shares repurchased in October 2025.
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Appendix
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11NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Third Quarter Portfolio Performance Focused on Meeting Guidance Commitments and Improving Costs & Productivity See endnotes re: forward looking statements, gold equivalent ounces. CADIA ▪ Strong production through Q3 2025 driven by higher gold and copper grades from underground ▪ Slightly lower grades from existing panel cave expected as transition to PC2-3 continues TANAMI ▪ Progressing second expansion and accessed higher-grade stopes in Q3 2025 as planned ▪ Completed the concrete lining of the 1.5km deep production shaft in Q3 2025 BODDINGTON ▪ Continuing waste stripping campaign in the North and South pits through 2026 as planned ▪ Expect to add slightly higher-grade gold content from the open pits in Q4 2025 LIHIR ▪ Consistent production through Q2 2025; delivering lower grades in Q3 and Q4 2025 as per planned sequence ▪ Progressing work to stabilize the mine and processing plant with an optimized mine plan PEÑASQUITO ▪ Delivered lower proportion of gold and steady lead, silver, and zinc in Q3 2025 as planned ▪ Expect to deliver a lower proportion of gold beginning in Q4 2025, consistent with the planned sequence YANACOCHA ▪ Sustaining strong production in 2025 from use of patented injection leaching technology ▪ Expect to conclude mining activities in Q4 2025 as planned AHAFO SOUTH ▪ Delivered consistent ounces from the Subika open pit through Q2 2025, with mining completed in Q3 2025 ▪ Expecting lower grades from the Awonsu open pit in Q4 2025 as planned RED CHRIS ▪ Progressing studies and underground work to advance a potential underground expansion ▪ Red Chris Block Cave project designated as a project of national interest by the Government of Canada BRUCEJACK ▪ Stronger production in Q3 2025 due to planned sequencing and higher mill throughput; expecting steady production in Q4 2025 CERRO NEGRO ▪ Continued focus on safety and productivity improvements, which drove higher production in Q3 2025; expect to maintain momentum into Q4 2025 MERIAN ▪ Expect improved production in Q4 2025 due higher grades as planned per mine sequence AHAFO NORTH ▪ Expect to achieve commercial production by end of day on October 23, 2025 ▪ Expanding footprint in Ghana and adding profitable gold production over an initial 13-year mine life
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12NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Non-Core Divestiture Program Complete >$3.5B in Total Gross Cash Proceeds Delivered in 2024 and 2025* See endnotes re asset sales. *Gross proceeds before taxes and closing costs. **Includes Newmont’s 70% interest in the Havieron gold-copper project and other related interests in the Paterson region in Australia ***The remaining equity held in Greatland contains an option in which a third party has the ability to acquire 66.7M (50%) of the Company's Greatland shares at a set price exercisable for four years. Represents the value of the remaining shares at the strike price. CASH PROCEEDS AT CLOSE* ADDITIONAL PROCEEDS TIMING OF CLOSE TELFER & HAVIERON Operation and Project in Western Australia $217M After purchase price adjustments Greatland shares, valued at $168M in the transaction agreement $274M in cash proceeds received from sale of 50% of shares; remaining 50% of shares valued at ~$130M*** Up to $100M in deferred contingent cash consideration Closed on December 4, 2024 AKYEM Operation in Republic of Ghana $888M After purchase price adjustments $100M in deferred contingent cash received upon the satisfaction of the mining lease ratification Closed on April 15, 2025 MUSSELWHITE Operation in Ontario, Canada $799M After purchase price adjustments Up to $40M in deferred contingent cash consideration based on gold prices over the next two years Closed on February 28, 2025 ÉLÉONORE Operation in Quebec, Canada $784M After purchase price adjustments All Cash Closed on February 28, 2025 CRIPPLE CREEK & VICTOR Operation in Colorado, USA $109M After purchase price adjustments $87.5M in deferred contingent cash upon receipt of regulatory approvals $87.5M in deferred contingent cash upon resolution of regulatory applications to the Carlton Tunnel Closed on February 28, 2025 PORCUPINE Operation in Ontario, Canada $201M After purchase price adjustments Discovery shares, valued at $75M in the transaction agreement $229M in cash proceeds received from sale of 100% of shares $150M in deferred cash consideration Closed on April 15, 2025 COFFEE Project in Yukon, Canada $10M After purchase price adjustments Fuerte shares, valued at $40M in the transaction agreement 3.0% Net Smelter Return (NSR) royalty, which may be repurchased by Fuerte for $100M Closed on October 17, 2025
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13NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS 50% Labor Costs 30% Materials & Consumables 15% Fuel & Energy Costs 25% Newmont Employees 25% Contracted Services 7% Consumables 7% Maintenance Parts 8% Chemicals, Reagents, & Explosives 5% Liners & Wear Parts 3% Other 7% Diesel 4% Electric Power 4% Other See endnotes re: forward looking statements. *Represents results based on 2025 Guidance as of February 20, 2025. ”Other” category of 5% primarily includes freight, technology -related costs, employee administrative costs, rents and operating leases. Direct Operating Costs by Category* Newmont’s Core Portfolio Percentage Breakdown for 2025 Remains Largely in Line with 2024
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14NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Basis for 2025 Guidance PRICING ASSUMPTIONS AND SENSITIVITIES (as of February 20, 2025) ASSUMPTION CHANGE (-/+) REVENUE IMPACTS ($M)*** Gold ($/oz)* $2,500 $100 $517 Copper ($/tonne)** $9,370 $550 $65 Silver ($/oz) $30.00 $1.00 $25 Lead ($/tonne)** $2,094 $220 $20 Zinc ($/tonne)** $2,756 $220 $50 *Included from the sensitivity is a royalty, production tax, and profit -sharing agreement impact of approximately $10 per ounce for every $100 per ounce change in gold price. **Co-product metal pricing assumptions in imperial units equate to Copper ($4.25/lb.), Lead ($0.95/lb.) and Zinc ($1.25/lb.). ** *Impacts are presented on a pretax basis. See endnotes for additional information on guidance and assumptions. 14NEWMONT CORPORATION ASSUMPTION CHANGE (-/+) COST IMPACTS ($M)*** Australian Dollar $0.70 $0.05 $160 Canadian Dollar $0.75 $0.05 $45 Oil ($/bbl WTI) $80 $10 $68
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15NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS 2025 Consolidated Expense and Capital Guidance GUIDANCE METRIC (+/-5%)a 2025E Q4 2025 Sustaining Capital ($M) Total Core Portfolio $1,650 $450 Non-Core Assets b $75 - Total Newmont Sustaining Capital c $1,725 $450 Development Capital ($M) Total Core Portfolio $1,250 $350 Non-Core Assets b $30 - Total Newmont Development Capital c $1,280 $350 Consolidated Expenses Exploration & Advanced Projects ($M) $450 $150 General & Administrative ($M) $390 $100 Interest Expense ($M) $255 $55 Depreciation & Amortization ($M) $2,600 $750 Reclamation and Remediation Accretion ($M) $350 $110 Adjusted Tax Rate d,e 33% 33% a 2025 guidance projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of October 23, 2025. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. 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-core assets includes Akyem, CC&V, Porcupine, Éléonore, and Musselwhite, and reflects attributable gold production. 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. c Sustaining capital is presented on an attributable basis; Capital guidance excludes amounts attributable to the Pueblo Viejo joint venture. d The adjusted tax rate excludes certain items such as tax valuation allowance adjustments. e Based on metal price assumptions 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 33%.
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16NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Adjusted net income (loss) Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows: Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 per share data (1) per share data (1) basic diluted basic diluted Net income (loss) attributable to Newmont stockholders $ 1,832 $ 1.67 $ 1.67 $ 5,784 $ 5.21 $ 5.20 Adjustments: (Gain) loss on sale of assets held for sale (2) (99) (0.09) (0.09) (1,074) (0.97) (0.96) Change in fair value of investments and options (3) (38) (0.03) (0.03) (480) (0.43) (0.43) Restructuring and severance (4) 85 0.08 0.07 109 0.10 0.10 (Gain) loss on debt extinguishment (5) 72 0.06 0.06 100 0.09 0.09 Impairment charges (6) 39 0.03 0.03 62 0.06 0.06 Reclamation and remediation charges (7) 41 0.04 0.04 41 0.04 0.04 (Gain) loss on asset and investment sales (8) 6 — — 13 0.01 0.01 Newcrest transaction and integration costs (9) 2 — — (4) — — Settlement costs (10) (2) — — 1 — — Other (11) (1) — — 16 0.01 0.01 Tax effect of adjustments (12) (36) (0.02) (0.02) 334 0.31 0.30 Valuation allowance and other tax adjustments (13) (18) (0.02) (0.02) (21) (0.03) (0.03) Adjusted net income (loss) $ 1,883 $ 1.72 $ 1.71 $ 4,881 $ 4.40 $ 4.39 Weighted average common shares (millions): (14) 1,097 1,100 1,111 1,113 (1) Per share measures may not recalculate due to rounding. (2) Primarily consists of the gain on the divestments of certain non-core assets; included in (Gain) loss on sale of assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. (3) Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities; included in Other income (loss), net. (4) Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net. Refer to Note 7 to the Condensed Consolidated Financial Statements for further information. Amounts are presented net of Net loss (income) attributable to noncontrolling interests of $(2) and $(2), respectively. (5) Represents the loss on debt redemptions; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information. (6) Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. Amounts are presented net of Net loss (income) attributable to noncontrolling interests of $— and $(1), respectively. (7) Represents revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 to the Condensed Consolidated Financial Statements for further information. (8) Primarily represents gains and losses related to the sale of certain assets and investments; included in Other income (loss), net. (9) Represents costs incurred related to the Newcrest transaction and includes a gain related to reduction of the stamp duty tax liability; included in Other expense, net. (10) Primarily consists of litigation expenses and other settlements; included in Other expense, net. (11) Primarily consists of costs incurred related to transition service agreements for divested reportable segments; included in Other income (loss), net. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. (12) The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through ( 11), as described above, and are calculated using the applicable regional tax rate. (13) Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and nine months ended September 30, 2025 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $(21) and $(72), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(72) and $(69), net reductions to the reserve for uncertain tax positions of $4 and $(2), and other tax adjustments of $71 and $122. For further information on reductions to the reserve for uncertain tax positions, refer to Note 9 to the Condensed Consolidated Financial Statements. (14) Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.
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17NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS EBITDA and Adjusted EBITDA Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss) attributable to Newmont stockholders $ 1,832 $ 922 $ 5,784 $ 1,945 Net income (loss) attributable to noncontrolling interests 11 2 36 15 Net (income) loss from discontinued operations — (49) — (68) Equity loss (income) of affiliates (123) (60) (250) (64) Income and mining tax expense (benefit) 787 244 2,526 695 Depreciation and amortization 643 631 1,856 1,887 Interest expense, net of capitalized interest 52 86 196 282 EBITDA 3,202 1,776 10,148 4,692 Adjustments: (Gain) loss on sale of assets held for sale (1) (99) 115 (1,074) 846 Change in fair value of investments and options (2) (38) (17) (480) (39) Restructuring and severance (3) 87 5 111 20 (Gain) loss on debt extinguishment (4) 72 (15) 100 (29) Impairment charges (5) 39 18 63 39 Reclamation and remediation charges (6) 41 33 41 39 (Gain) loss on asset and investment sales (7) 6 28 13 (36) Newcrest transaction and integration costs (8) 2 17 (4) 62 Settlement costs (9) (2) 7 1 33 Other (10) (1) — 16 — Adjusted EBITDA $ 3,309 $ 1,967 $ 8,935 $ 5,627 (1) Primarily consists of the gain on the sales of certain non -core assets in 2025 and the write-downs on assets held for sale in 2024; included in (Gain) loss on sale of assets held for sale. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. (2) Primarily consists of the unrealized gains and losses related to the Company's marketable equity and other securities in 2025 and 2024; included in Other income (loss), net. (3) Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net. Refer to Note 7 to the Condensed Consolidated Financial Statements for further information. (4) Represents the gains and losses on debt redemptions incurred in 2025 and 2024; included in Other income (loss), net. Refer to Note 15 to the Condensed Consolidated Financial Statements for further information. (5) Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. (6) Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 to the Condensed Consolidated Financial Statements for further information. (7) Primarily represents gains and losses related to the sale of certain assets and investments in 2025 and 2024; included in Other income (loss), net. (8) Represents costs incurred related to the Newcrest transaction; included in Other expense, net. In 2025, includes a gain recognized on the reduction of the stamp duty tax liability incurred as a result of the Newcrest transaction. (9) Primarily consists of litigation expenses and other settlements in 2025 and wind - down and demobilization costs related to the French Guiana project in 2024; included in Other expense, net. (10) Primarily consists of costs incurred related to transition service agreements for divested reportable segments in 2025; included in Other income (loss), net. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information.
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18NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Free cash flow The following table sets forth a reconciliation of Free cash flow to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free cash flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities. (1) Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free cash flow. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net cash provided by (used in) operating activities $ 2,298 $ 1,648 $ 6,713 $ 3,852 Less: Net cash used in (provided by) operating activities of discontinued operations — (11) — (45) Net cash provided by (used in) operating activities of continuing operations 2,298 1,637 6,713 3,807 Less: Additions to property, plant and mine development (727) (877) (2,227) (2,527) Free Cash Flow $ 1,571 $ 760 $ 4,486 $ 1,280 Net cash provided by (used in) investing activities(1) $ (31) $ (562) $ 1,386 $ (2,001) Net cash provided by (used in) financing activities $ (2,800) $ (789) $ (6,207) $ (1,746)
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19NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Costs Applicable to Sales Costs applicable to sales per ounce/gold equivalent ounce are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis. The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures. Costs applicable to sales per ounce Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Costs applicable to sales (1)(2) $ 1,563 $ 1,892 $ 5,009 $ 5,359 Gold sold (thousand ounces) 1,319 1,568 4,141 4,710 Costs applicable to sales per ounce(3) $ 1,185 $ 1,207 $ 1,210 $ 1,138 (1) Includes by-product credits of $67 and $43 during the three months ended September 30, 2025 and 2024, respectively, and $166 and $127 during the nine months ended September 30, 2025 and 2024, respectively. (2) Excludes Depreciation and amortization and Reclamation and remediation. (3) Per ounce measures may not recalculate due to rounding.
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20NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS All-in Sustaining Costs Three Months Ended September 30, 2025 Costs Applicable to Sales (1)(2) Reclamation Costs (3) Advanced Projects, Research and Development and Exploration (4) General and Administrative Other Expense, Net (5) Treatment and Refining Costs Sustaining Capital and Lease Related Costs (6)(7) All-In Sustaining Costs Ounces (000) Sold All-In Sustaining Costs per Ounce (8) Gold Ahafo $ 195 $ 2 $ 3 $ — $ — $ — $ 29 $ 229 148 $ 1,541 Brucejack 91 1 8 — — 1 36 137 77 $ 1,763 Red Chris 23 1 — — 1 — 7 32 16 $ 2,037 Peñasquito 97 4 — 1 — 6 8 116 102 $ 1,133 Merian 78 2 6 — — — 16 102 46 $ 2,255 Cerro Negro 83 2 — — (1) — 23 107 60 $ 1,776 Yanacocha 117 13 1 — 1 — 2 134 152 $ 868 Boddington 166 5 — — — — 27 198 130 $ 1,524 Tanami 121 2 2 — — — 58 183 105 $ 1,748 Cadia 74 1 — — — — 31 106 91 $ 1,188 Lihir 202 4 5 — 1 — 38 250 138 $ 1,810 NGM 316 4 3 3 1 1 54 382 254 $ 1,502 Corporate and Other (9) — — 13 65 9 — 3 90 — $ — Total Gold 1,563 41 41 69 12 8 332 2,066 1,319 $ 1,566 Gold equivalent ounces - other metals (10)(11) Red Chris 48 1 — — 2 (2) 14 63 31 $ 2,007 Peñasquito (12) 247 6 — 1 — 18 24 296 230 $ 1,289 Boddington 26 1 — — — — 5 32 24 $ 1,319 Cadia 67 1 2 — — 1 27 98 85 $ 1,143 Corporate and Other (9) — — 4 16 (1) — — 19 — $ — Total Gold Equivalent Ounces 388 9 6 17 1 17 70 508 370 $ 1,370 Consolidated $ 1,951 $ 50 $ 47 $ 86 $ 13 $ 25 $ 402 $ 2,574 All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold. (1) Excludes Depreciation and amortization and Reclamation and remediation. (2) Includes by-product credits of $94. (3) Includes operating accretion of $28, included in Reclamation and remediation, and amortization of asset retirement costs of $22; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $46 and $49, respectively, included in Reclamation and remediation. (4) Excludes development expenditures of $13 at Ahafo, $3 at Red Chris, $4 at Peñasquito, $4 at Merian, $8 at Cerro Negro, $3 at Yanacocha, $5 at NGM, $18 at Corporate and Other, totaling $58 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation. (5) Excludes restructuring and severance of $87, impairment charges of $39, Newcrest transaction and integration costs of $2, and settlement costs of $(2); included in Other expense, net. (6) Excludes capitalized interest related to sustaining capital expenditures. Refer to Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment. (7) Includes finance lease payments and other costs for sustaining projects of $19. (8) Per ounce measures may not recalculate due to rounding. (9) Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information. (10) Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($0.90/lb.) and Zinc ($1.20/lb.) pricing for 2025. (11) For the three months ended September 30, 2025, Red Chris sold 7 thousand tonnes of copper, Peñasquito sold 8 million ounces of silver, 27 thousand tonnes of lead and 68 thousand tonnes of zinc, Boddington sold 5 thousand tonnes of copper, and Cadia sold 19 thousand tonnes of copper. (12) All-in sustaining costs at Peñasquito is comprised of $116, $38, and $142 for silver, lead, and zinc, respectively.
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21NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS All-in Sustaining Costs Nine Months Ended September 30, 2025 Costs Applicable to Sales (1)(2)(3) Reclamation Costs (4) Advanced Projects, Research and Development and Exploration (5) General and Administrative Other Expense, Net (6) Treatment and Refining Costs Sustaining Capital and Lease Related Costs (7)(8) All-In Sustaining Costs Ounces (000) Sold All-In Sustaining Costs per Ounce (9) Gold Ahafo $ 643 $ 10 $ 8 $ — $ 2 $ — $ 101 $ 764 547 $ 1,395 Brucejack 265 4 13 — — 2 77 361 172 $ 2,094 Red Chris 61 2 — — 1 — 15 79 45 $ 1,759 Peñasquito 303 12 — 1 — 19 35 370 353 $ 1,048 Merian 272 6 10 — — — 43 331 161 $ 2,062 Cerro Negro (10) 233 6 1 — — — 78 318 132 $ 2,408 Yanacocha 329 39 1 — 25 — 7 401 384 $ 1,041 Boddington 502 16 1 — — 2 85 606 405 $ 1,495 Tanami 318 4 5 — — — 134 461 270 $ 1,707 Cadia 239 2 — — — 3 99 343 298 $ 1,158 Lihir 565 11 8 — 1 — 124 709 454 $ 1,559 NGM 967 13 8 8 4 4 184 1,188 707 $ 1,680 Corporate and Other (11) — — 59 235 22 — 7 323 — $ — Divested (12) CC&V 39 2 — — — — 5 46 27 $ 1,684 Musselwhite 33 1 — — — — 14 48 32 $ 1,531 Porcupine 79 3 1 — 1 — 25 109 60 $ 1,810 Éléonore 54 1 2 — — — 12 69 49 $ 1,403 Akyem 107 5 — — — — 8 120 45 $ 2,664 Total Gold 5,009 137 117 244 56 30 1,053 6,646 4,141 $ 1,605 Gold equivalent ounces - other metals (13)(14) Red Chris 129 4 — — 2 (2) 31 164 94 $ 1,738 Peñasquito (15) 598 18 — 2 — 53 73 744 632 $ 1,177 Boddington 102 2 — — — 1 17 122 89 $ 1,375 Cadia 220 2 3 — — 4 92 321 284 $ 1,129 Corporate and Other (11) — — 14 45 1 — — 60 — $ — Total Gold Equivalent Ounces 1,049 26 17 47 3 56 213 1,411 1,099 $ 1,283 Consolidated $ 6,058 $ 163 $ 134 $ 291 $ 59 $ 86 $ 1,266 $ 8,057 All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold. (1) Excludes Depreciation and amortization and Reclamation and remediation. (2) Includes by-product credits of $232. (3) Includes stockpile, leach pad, and product inventory adjustments of $3 at Cerro Negro and $25 at NGM. (4) Includes operating accretion of $94, included in Reclamation and remediation, and amortization of asset retirement costs of $69; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $147 and $58, respectively, included in Reclamation and remediation. (5) Excludes development expenditures of $33 at Ahafo, $8 at Red Chris, $12 at Peñasquito, $20 at Merian, $18 at Cerro Negro, $7 at Yanacocha, $2 at Boddington, $3 at Tanami, $3 at Cadia, $8 at NGM, $50 at Corporate and Other, totaling $164 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation. (6) Excludes restructuring and severance of $111, impairment charges of $63, Newcrest transaction and integration costs of $(4), settlement costs of $1; included in Other expense, net. (7) Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment. (8) Includes finance lease payments and other costs for sustaining projects of $58. (9) Per ounce measures may not recalculate due to rounding. (10) During the first quarter of 2025, mining and processing operations at the site were temporarily suspended due to safety events. Full operations resumed in April 2025. (11) Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information. (12) Refer to Note 3 to the Condensed Consolidated Financial Statements for information on the Company's divestitures. (13) Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($0.90/lb.) and Zinc ($1.20/lb.) pricing for 2025. (14) For the nine months ended September 30, 2025, Red Chris sold 21 thousand tonnes of copper, Peñasquito sold 21 million ounces of silver, 71 thousand tonnes of lead and 197 thousand tonnes of zinc, Boddington sold 19 thousand tonnes of copper, and Cadia sold 63 thousand tonnes of copper. (15) All-in sustaining costs at Peñasquito is comprised of $271, $89, and $384 for silver, lead, and zinc, respectively.
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22NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Gold All-in Sustaining Costs - 2025 Guidance A reconciliation of the 2025 Gold AISC guidance to the 2025 Gold CAS guidance is provided below. The estimates in the table below are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. (1) The reconciliation is provided for illustrative purposes in order to better describe management’s estimates of the components of the calculation. Estimates for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result, the total All-in sustaining costs and the All- in sustaining costs per ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for the 2025 AISC Gold Guidance on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)( i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts. (2) All values are presented on a consolidated basis for Newmont. (3) Excludes Depreciation and amortization and Reclamation and remediation. (4) Includes stockpile and leach pad inventory adjustments. (5) Reclamation costs include operating accretion and amortization of asset retirement costs. (6) Advanced Project and Exploration excludes non-sustaining advanced projects and exploration. (7) Includes stock-based compensation. (8) Excludes development capital expenditures, capitalized interest and change in accrued capital. (9) Consolidated production for Merian is presented on a total production basis for the mine site and excludes production from Pueblo Viejo and Fruta del Norte. 2025 Guidance Total Core Portfolio - Gold (1)(2) (in millions, except ounces and per ounce) Guidance Estimate Cost Applicable to Sales (3)(4) $ 6,100 Reclamation Costs (5) 220 Advanced Projects & Exploration (6) 195 General and Administrative (7) 330 Other Expense 80 Treatment and Refining Costs 65 Sustaining Capital (8) 1,330 Sustaining Finance Lease Payments 70 All-in Sustaining Costs $ 8,390 Ounces (000) Sold (9) 5,175 All-in Sustaining Costs per Ounce $ 1,620
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23NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Endnotes Investors are encouraged to read the information contained in this presentation in conjunction with Newmont’s Form 10-Q for the quarter ended September 30, 2025, filed on October 23, 2025. Investors are reminded that expectations regarding outlook and guidance, including future financial results, operating performance, projects, exploration, investments, capital allocation, dividends and transactions are forward looking and remain subject to risk and uncertainties. See Cautionary Statement on slide 2, the risk factors section in the Form 10-K for the year-ended December 31, 2024 and other factors identified in the Company’s reports filed with the SEC, and the notes below. Outlook Assumptions. Outlook and projections used in this presentation are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of October 23, 2025. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. See slide 15 for examples of such assumptions and estimated revenue and cost impacts of changes therefrom. 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 Outlook may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. 2025 Gold equivalent ounces (GEOs). Calculated as pounds or ounces produced multiplied by the ratio of the other metal’s price to the gold price, using Gold ($1,700/oz.), Copper ($3.50/lb.), Silver ($20/oz.), Lead ($0.90/lb.), and Zinc ($1.20/lb.) pricing. Reserves and Resources gold equivalent ounces (GEOs). Gold Equivalent Ounces calculated using Mineral Reserve pricing: Gold ($1,700/oz.), Copper ($3.50/lb.), Silver ($20/oz.), Lead ($0.90/lb.), and Zinc ($1.20/lb.) and Resource pricing: Gold ($2,000/oz.), Copper ($4.00/lb.), Silver ($23/oz.), Lead ($1.00/lb.), and Zinc ($1.30/lb.) and metallurgical recoveries for each metal on a site-by-site basis as: metal * [(metal price * metal recovery) / (gold price * gold recovery)]. Share Repurchase Program. In February 2024, the Board of Directors authorized a $1 billion stock repurchase program followed by further authorization of an additional $2 billion stock repurchase program in October 2024. More recently, on July 23, 2025, the Board authorized an additional $3 billion share repurchase program. This share repurchase program is to 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 Part II, Item 2 of the Form 10-Q for additional information, including maximum dollar amount that may yet be purchased under the program. Dividend. Our future dividends, beyond the dividend declared for the third quarter 2025, have not yet been approved or declared by the Board of Directors. An annualized dividend payout level has not been declared by the Board and is non-binding. Expected 2025 dividend payout ranges are non-binding. Management’s expectations with respect to future dividends, annualized dividends, payout ranges or dividend yield are “forward-looking statements.” The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board. The Board of Directors reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on the common stock of the Company, the Board of Directors may revise or terminate the payment level at any time without prior notice. Productivity Improvements. Productivity improvements or enhancements are a management estimate provided for illustrative purposes and should not be considered a GAAP or non-GAAP financial measure. Such estimates are necessarily imprecise and are based on numerous judgments and assumptions. Projections. Projections and outlook used in this presentation are considered “forward looking statements”. See cautionary statement above regarding forward-looking statements. Estimates such as expected accretion, net asset value (NAV) per share, cash flow enhancement, synergies and future production are preliminary in nature. Costs Applicable to Sales. Costs applicable to sales per ounce/gold equivalent ounce are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis. We believe that these measures provide additional information to management, investors and others that aids in the understanding of the economics of our operations and performance compared to other producers and provides investors visibility into the direct and indirect costs related to production, excluding depreciation and amortization, on a per ounce/gold equivalent ounce basis. Free Cash Flow. FCF is a non-GAAP metric and is generated from Net cash provided from operating activities of continuing operations on an attributable basis less Additions to property, plant and mine development on an attributable basis. See appendix for more information and for a reconciliation to the nearest GAAP metric. Attributable FCF projections as used in outlook are forward-looking statements and remain subject to risks and uncertainties.
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24NEWMONT CORPORATION THIRD QUARTER 2025 RESULTS Endnotes All-in Sustaining Cost. AISC or All-in sustaining cost is a non-GAAP metric. AISC as used in the Company’s outlook is a forward-looking statement and is therefore subject to uncertainties. AISC a non-GAAP metric defined as the sum of cost applicable to sales (including all direct and indirect costs related to current gold production incurred to execute on the current mine plan), remediation costs (including operating accretion and amortization of asset retirement costs), G&A, exploration expense, advanced projects and R&D, treatment and refining costs, other expense, net of one-time adjustments, sustaining capital and finance lease payments. See appendix for more information and a reconciliation of 2025 AISC outlook to the 2025 CAS outlook. Non-GAAP metrics are defined and reconciled in the Company's Form 10-K for the year ended December 31, 2024. Investors are encouraged to refer to Item 7, Management Discussion and Analysis, under the heading Non-GAAP Financial Measures for additional information, including with respect to Free Cash Flow and All-In Sustaining Costs. Past Performance. Past performance metrics and figures included in this presentation are given for illustrative purposes only and should not be relied upon as (and are not) an indication of Newmont’s views on its future financial performance or condition or prospects (including on a consolidated basis). Investors should note that past performance of Newmont, including in relation to the past value returned to stockholders and past value creation and annual synergies, and other historical financial information cannot be relied upon as an indicator of (and provide no guidance, assurance or guarantee as to) future performance, including future synergies or value to stockholders. Cautionary Statement Regarding Mineral Reserve and Resource Estimates. The mineral reserve and resource estimates herein with respect to Newmont represent estimates at December 31, 2024, which could be economically and legally extracted or produced at the time of their determination. Estimates of proven and probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on metal prices and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. Additionally, Newmont’s resource estimates do not indicate proven and probable reserves as defined by the SEC or Newmont’s standards. Estimates of measured, indicated and inferred resources are subject to further exploration and development, and are, therefore, subject to considerable uncertainty. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. Newmont cannot be certain that any part or parts of its resources will ever be converted into reserves, and investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. For additional information on our reserves and resources, please see Item 2 of the Company’s Form 10-K, filed on, or about, February 21, 2025 with the SEC, and “Item 1A. Risk Factors — Risks Related to Our Operations and Business — Estimates of proven and probable reserves and measured, indicated and inferred resources are uncertain and the volume and grade of ore actually recovered may vary from our estimates”. Mineral reserve and resource estimates are expressed on an attributable basis unless otherwise indicated. Cautionary Statement Regarding Asset Sales. Investors are also reminded that expectations regarding total gross proceeds are inclusive of deferred or contingent consideration and are considered forward-looking statements. No assurances can be provided with respect to future receipt of deferred consideration, which remains subject to the terms and conditions of the sale agreements. No assurances can be provided with respect to receipt of deferred contingent consideration in the future. See Item 1A. Risk Factors of the Form 10-K under the heading "Assets held for sale may not ultimately be divested and we may not receive any or all deferred consideration."