Newmont (NEM) investor relations material

Executive summary

• Achieved record free cash flow of $1.6 billion in Q3 2025, marking the fourth consecutive quarter above $1 billion.

• Net income attributable to stockholders was $1.8 billion ($1.67 per diluted share), with adjusted net income of $1.9 billion ($1.71 per share), both up significantly year-over-year, driven by higher gold prices, lower costs, and asset sales.

• Leadership transition announced: Tom Palmer retiring, Natascha Viljoen appointed as next CEO, effective January 2026.

• Completed all planned non-core asset divestitures, generating over $3.5 billion in net cash proceeds year-to-date.

• Returned $823 million to shareholders through dividends and share repurchases since the last earnings call.

Financial highlights

• Q3 2025 revenue was $5.5 billion, up 20% year-over-year, with adjusted EBITDA of $3.3 billion and adjusted net income of $1.71 per share.

• Cash flow from operations reached $2.3 billion; free cash flow was $1.6 billion for Q3 and $4.5 billion year-to-date.

• Ended Q3 with $5.6 billion in cash and near-zero net debt ($12 million), with $9.6 billion in total liquidity.

• Gold all-in sustaining cost (AISC) was $1,566/oz (co-product basis) and $1,303/oz (by-product basis); gold co-product CAS per ounce was $1,185.

• Average realized gold price was $3,539/oz in Q3 2025.

Outlook and guidance

• 2025 attributable gold production guidance maintained at 5.9 million ounces, with Q4 expected at 1.415 million ounces.

• 2025 gold co-product CAS guidance improved to $1,180/oz for core portfolio; AISC guidance at $1,630/oz.

• Sustaining and development capital guidance for 2025 reduced by $200 million due to timing of spend; sustaining capital projected at $1,650 million, development capital at $1,250 million.

• Commercial production at Ahafo North in Ghana expected in October 2025, adding profitable ounces over a 13-year mine life.

• 2026 production expected within 2025 guidance range but at the lower end due to mine sequencing.