Newmont Corporation (NYSE: NEM) (ASX: NEM) (PNGX: NEM) announced second quarter 2026 results and declared a dividend of $0.26¹ per share.

“Newmont delivered another quarter of strong operational and financial performance, producing approximately 1.3 million attributable gold ounces and generating record second quarter free cash flow of $2.2 billion, while remaining on track to achieve our full-year 2026 guidance,” said Natascha Viljoen, Newmont’s President and Chief Executive Officer. “Supported by our strong balance sheet and consistent capital allocation framework, we returned $1.9 billion to shareholders through quarterly dividends and ongoing share repurchases executed since our last earnings call, while continuing to invest in the long-term strength of our business.”

Q2 2026 Results

• On track to meet Newmont’s full year 2026 production guidance ² of 5.3 million attributable gold ounces; produced 1.3 million attributable gold ounces, as well as 7 million ounces of silver and 17 thousand tonnes of copper, primarily from Newmont’s managed operations
• Gold by-product Costs Applicable to Sales (CAS) was $1,043 per ounce and All-In Sustaining Costs (AISC) was $1,621 per ounce ³, with year-to-date costs tracking well below Newmont’s full year cost guidance ²
• Reported Net Income of $2.2 billion, Adjusted Net Income (ANI) ³ of $2.2 billion or $2.10 per diluted share, and Adjusted EBITDA ³ of $3.8 billion
• Generated $2.9 billion of cash from operating activities, net of working capital impacts of $90 million; reported record second quarter Free Cash Flow ³ of $2.2 billion
• Delivered $1.9 billion of shareholder returns through share repurchases and dividend payments since the last earnings call ⁴; declared a dividend of $0.26 per share of common stock for the second quarter of 2026
• Through the date of filing, Newmont has repurchased $1.7 billion of common stock since the last earnings call ⁴; $4.3 billion remains under the current authorized program of $6 billion ⁵
• Since February 2024, Newmont has reduced its share count by more than 100 million shares, or approximately 9 percent of shares outstanding, increasing shareholders’ exposure to the free cash flow generated by its portfolio and creating a pathway for per-share dividend growth over time
• Ended the quarter with $9.0 billion of cash and $13.0 billion in total liquidity ⁶, with a net cash position of $3.4 billion ³
• Announced key executive appointments from Newmont’s internal talent pipeline, positioning for the next phase of delivery and creation of long-term shareholder value
• Received key regulatory approvals from the Province of British Columbia for the Red Chris Block Cave project, including an amended Environmental Assessment Certificate achieved through a consent-based process with the Tahltan Nation, as well as an amended Mines Act permit, marking a significant milestone in stage-gating as the project advances toward a final investment decision
• Published 22 ^nd Annual Sustainability Report and 5 ^th Annual Taxes & Royalties Contribution Report, outlining Newmont’s sustainability performance and socio-economic contributions in 2025

Delivering on Newmont’s Consistent Capital Allocation Framework

Newmont’s consistent capital allocation framework is designed to be sustainable through the commodity and investment cycles while maximizing total return of capital to shareholders, maintaining a flexible and resilient balance sheet, and focusing on high-return capital investments for long-term value creation. The capital allocation uses below are presented in order of priority.¹ Newmont is consistently delivering on these priorities, supported by the robust free cash flow generated to date in 2026.

Ongoing Sustaining Capital Investment in World-Class Portfolio

Newmont expects to spend $1.95 billion in 2026 in sustaining capital through targeted investments in critical infrastructure, including tailings solutions, as detailed in the ‘2026 Guidance Expectations’ section below. In the first half of 2026, Newmont has invested $819 million of sustaining capital, with full-year 2026 guidance remaining unchanged.²

Sustainable Through the Cycle Cash Dividend

Newmont is committed to returning capital to shareholders through a sustainable cash dividend of $1.1 billion per year. Central to this framework is a dividend structured to grow on a per share basis without increasing Newmont’s financial commitment, as share repurchases executed through the cycle permanently lower the outstanding share count. The annual total per share dividend target will be calculated annually in February based on the current number of shares issued and outstanding. The dividend payment will be divided into four equal payments rounded up to the nearest $0.01, to be paid out on a quarterly basis, subject to quarterly approval by Newmont’s Board of Directors¹. In line with this commitment, a dividend of $0.26 per share for the second quarter of 2026 has been declared payable on September 28, 2026, to holders of record of such common stock at the close of business on September 3, 2026. This equates to an indicated total annualized dividend of $1.04 per share, with continued per share dividend increases expected as share repurchases continue.

Disciplined Approach to Development Capital Reinvestment

Newmont expects to invest $1.4 billion of development capital in 2026 as it advances the highest-return free cash flow generative projects, while continuing to study, evaluate and define the future growth profile of its portfolio. In the first half of 2026, Newmont invested $524 million in its current development projects, with full-year 2026 guidance remaining unchanged.²

Maintaining an Optimized Capital Structure Through the Cycle

Newmont is focused on maintaining a resilient balance sheet, anchored by a $1 billion net cash target³, with flexibility of plus or minus $2 billion depending on market conditions. During strong commodity price environments, Newmont intends to further optimize its balance sheet by actively managing gross debt, while maintaining a minimum cash balance of $5 billion through the cycle. Newmont ended the second quarter of 2026 with a cash balance of $9 billion and a net cash balance of $3.4 billion³.

Ratable Share Repurchase Program

Since the last earnings call, Newmont executed $1.7 billion of share repurchases under the current repurchase authorization of $6.0 billion. Newmont intends to request additional approval from its Board of Directors as the current authorization approaches completion, consistent with the Company’s disciplined and repeatable approach to returning excess cash to shareholders.

Summary of Results

Second Quarter 2026 Production and Financial Summary

Attributable gold production¹ decreased 1 percent to 1,293 thousand ounces from the prior quarter, driven by lower production at Cadia as a result of the impact of the seismic events during the quarter and lower production at Ahafo South, Peñasquito and Yanacocha as a result of lower grade from planned mine sequencing. These decreases were partially offset by increased production at Lihir and Boddington, as well as ounces delivered from the Pueblo Viejo joint venture. Operations at Cadia returned to normal levels as of mid-June after recovery from the seismic events. Consolidated gold sales were 1,195 thousand ounces for the quarter.

Copper production decreased 43 percent to 17 thousand tonnes compared to the prior quarter, driven by the impact of the seismic events at Cadia. Silver production decreased 22 percent to 7 million ounces, lead production decreased 33 percent to 18 thousand tonnes and zinc production decreased 35 percent to 40 thousand tonnes compared to the prior quarter, driven by lower co-product grade at Peñasquito.

Average realized gold price was $4,414 per ounce, a decrease of $486 per ounce from the prior quarter. Average realized gold price includes $4,468 per ounce of gross price received, an unfavorable impact of $51 per ounce of mark-to-market on provisionally-priced sales and reductions of $3 per ounce for treatment and refining charges.

Costs Applicable to Sales (CAS)² allocated to gold totaled $1.7 billion for the quarter, with an additional $339 million allocated to co-product metals. Gold by-product CAS per ounce³ increased 93 percent to $1,043 for the quarter primarily driven by lower gold and co-product volumes, as well as lower silver pricing. CAS was also impacted by a full quarter of the increased royalties in Ghana and higher diesel prices. These increases were partially offset by higher copper pricing. Gold co-product CAS per ounce³ was $1,463.

Gold by-product AISC per ounce³ increased 58 percent to $1,621 for the quarter. Building from CAS per ounce, the increase was primarily due to higher sustaining capital and other expense, primarily related to incremental costs incurred at Cadia during the downtime after the seismic event in April. Gold co-product AISC per ounce³ was $1,938.

Net income attributable to Newmont stockholders was $2.2 billion or $2.06 per diluted share, a decrease of $1.1 billion from the prior quarter. This decrease was primarily driven by lower revenue due to lower realized gold and silver prices, partially offset by a decrease of $452 million in income and mining tax expense.

Adjusted net income⁴ for the quarter was $2.2 billion or $2.10 per diluted share, compared to $3.2 billion or $2.90 per diluted share in the prior quarter. Primary adjustments to second quarter net income include a net loss on the fair value of investments and options of $111 million and restructuring and severance charges of $12 million.

Consolidated cash from operations before working capital⁵ decreased 24 percent from the prior quarter to $3.0 billion primarily due to lower revenue from lower realized gold and silver prices and slightly higher CAS.

Consolidated net cash from operating activities decreased 23 percent from the prior quarter to $2.9 billion primarily due to lower consolidated cash from operations before working capital. Working capital was a net use of cash of $90 million in the second quarter, reflecting continued cash spend for previously accrued reclamation activities of $249 million, normal course inventory and stockpile builds of $131 million, and a change in accrued tax liabilities of $116 million. These impacts were partially offset by favorable accounts receivable movements of $461 million, primarily at Peñasquito and Cadia, and an $84 million beneficial change to accounts payable.

Income and mining cash tax paid decreased 15 percent from the prior quarter to $1.1 billion due to lower net income attributable to Newmont shareholders and the timing of annual tax payments accrued in 2025.

Free cash flow⁷ decreased 30 percent from the prior quarter to $2.2 billion primarily due to a decrease in net cash provided by operating activities and higher capital investment, partially offset by a lower net unfavorable working capital impact in the current quarter.

Balance sheet and liquidity remained strong in the second quarter, ending with $9.0 billion of cash and cash equivalents, with $13.0 billion of total liquidity; ended the quarter in a net cash position of $3.4 billion.⁸

Non-Managed Joint Venture and Equity Method Investments⁹

Nevada Gold Mines (NGM) attributable gold production increased 2 percent to 240 thousand ounces, with a 15 percent increase in CAS per ounce to $1,473 per ounce.³ AISC per ounce increased 13 percent from the prior quarter to $1,805 per ounce.³

Pueblo Viejo attributable gold production increased 37 percent to 74 thousand ounces compared to the prior quarter. Cash distributions received for the Company’s equity method investment in Pueblo Viejo totaled $100 million in the second quarter. Capital contributions of $32 million were made during the quarter related to the expansion project at Pueblo Viejo.

Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the second quarter of 2026 of 38 thousand ounces was consistent with the prior quarter. Cash distributions received from the Company’s equity method investment in Fruta del Norte were $93 million for the second quarter.

2026 Guidance Expectations (+/-5%)

Newmont remains on track to meet its previously published 2026 guidance. For more details, refer to the Company’s Fourth Quarter 2025 Earnings and 2026 Guidance press release, issued on February 19, 2026, and available on Newmont.com. Please see the cautionary statement and footnotes for additional information.

2026 SEASONALITY GUIDANCE¹ AND THIRD QUARTER COMMENTARY

H1/H2 Commentary: Attributable gold production in 2026 is expected to be approximately 51 percent weighted to the second half of the year, as production in the first half of the year was slightly above expectations. Yanacocha and Lihir realized ounces earlier than planned in the second quarter, in addition to consistent performance from the Nevada Gold Mines joint venture. The increase in production in the second half of the year is expected to be driven primarily by Boddington, Tanami, Lihir, Cerro Negro, and Brucejack, partially offset by lower expected ounces from Yanacocha, Ahafo South, and Merian. Ahafo North production is expected to increase sequentially throughout 2026. Overall, the change in seasonality weighting reflects timing within the year, as Newmont remains on track to achieve its full year production guidance.

Sustaining capital spend in 2026 is expected to be approximately 58 percent weighted to the second half of the year. Spend in the second half is expected to be higher due to higher tailings spend at Cadia, Boddington, and Tanami as well as warmer weather surface work at Red Chris and Brucejack. Development capital spend is expected to be weighted 63 percent to the second half of 2026 primarily due to the timing of PC1-2 spend at Cadia deferred from H1 due to the seismic events, significant work at the Lihir Nearshore Barrier starting in the second half of 2026, and an increase in spend on Cerro Negro Expansion 1.

Third Quarter Commentary: Newmont expects total attributable gold production in the third quarter of 2026 to be broadly in line with second quarter production. Production remains weighted toward the fourth quarter across several managed operations. Unit costs are expected to increase in the third quarter primarily due to higher sustaining capital spend, which should be partially offset by higher co-product volumes, notably silver at Peñasquito. Unit costs may also be impacted by higher oil prices and will continue to be sensitive to royalties driven by the gold price. Development capital spend is also expected to increase meaningfully in the third quarter due to the planned timing of investment. Working capital is expected to remain variable through the remainder of the year. The favorable account receivable and payable movements realized in the second quarter may partially reverse in future periods as production, shipment and collection patterns normalize.

ASSUMPTIONS AND SENSITIVITIES¹

Excluded from the sensitivity above is a royalty, production tax, and workers participation impact of approximately $6 per ounce for every $100 per ounce change in gold price.

Committed to Concurrent Reclamation

As 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 six months ended June 30, 2026, Newmont spent $458 million on reclamation activities, including $351 million on the construction of water treatment plants at Yanacocha. Newmont anticipates 2026 spending of approximately $850 million for the total portfolio and approximately $550 million on the Yanacocha water treatment plants. Total estimated spend on the Yanacocha water treatment plants is approximately $1.8 billion, with $1.1 billion spent to date. Once complete, total reclamation spend is expected to return to more normal levels of $300 to $400 million in 2028.

Projects Update

For details on Newmont’s key projects currently in execution, refer to the Company’s Fourth Quarter 2025 Earnings and 2026 Guidance press release, issued on February 19, 2026, 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.