Kinross Gold Corporation press release

Newmont Reports Fourth Quarter and Full Year 2025 Results, Provides 2026 Guidance, and Announces Enhanced Capital Allocation Framework

2026-02-19

TSX - Toronto Stock Exchange · Gold · Silver · Canada · Corporate Finance

Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced its fourth quarter and full year 2025 results, declared a fourth quarter dividend of $0.26 1 and provided guidance for the full year of 2026.

"2025 was a milestone year for Newmont, as we delivered on our full-year guidance, strengthened our financial position and made meaningful progress on our commitments. As a result of our disciplined operational execution, we delivered a record $7.3 billion in free cash flow, generated $3.6 billion from portfolio optimization, returned $3.4 billion to shareholders, reduced debt by $3.4 billion and closed the year in a strong net cash position," said Natascha Viljoen, Newmont's President and Chief Executive Officer. "Building on this momentum, we announced an enhanced capital allocation framework and increased our quarterly dividend, anchored by a flexible and resilient balance sheet, and are entering 2026 with a clear focus on continuing to drive margin expansion and generate robust free cash flow from our unrivaled portfolio of world-class operations and projects."

2025 Results

Achieved full-year production and cost guidance with production of 5.7 million attributable gold ounces from Newmont's core portfolio, for a total of 5.9 million attributable gold ounces, as well as 28 million ounces of silver and 135 thousand tonnes of copper; gold by-product AISC was $1,358 per ounce, with co-product AISC of $1,609 per ounce Reported Net Income of $7.2 billion, Adjusted Net Income (ANI) 2 of $7.6 billion or $6.89 per diluted share and Adjusted EBITDA 2 of $13.5 billion for the year, with fourth quarter ANI 2 of $2.8 billion or $2.52 per diluted share Generated $10.3 billion of cash from operating activities, net of working capital impacts of $210 million; reported an all-time annual record $7.3 billion in Free Cash Flow 2 for the year, including a record $2.8 billion in the fourth quarter Announced an enhanced capital allocation framework 3 creating a predictable pathway to per share dividend growth; declared an increased dividend of $0.26 per share of common stock for the fourth quarter of 2025 1 Returned $3.4 billion of capital to shareholders through share repurchases and dividend payments in 2025 To date, Newmont has executed and settled total trades of common stock repurchases of $3.6 billion since the initial program authorization in 2024; $2.4 billion remains under the previously authorized programs of $6.0 billion 4 Reduced debt by $3.4 billion in 2025, ending the year in a net cash position of $2.1 billion 2 , with $7.6 billion in cash and $11.6 billion in total liquidity 5 Completed the non-core divestiture program, generating $4.5 billion in total after-tax proceeds to date from announced transactions, inclusive of $134 million from the sale of equity shares in Greatland Resources in January 2026 6 Declared total attributable gold reserves of 118.2 million ounces and resources of 148.7 million ounces 7 ; significant exposure to other metals, including 12.5 million tonnes of copper reserves and 442 million ounces of silver reserves Declared commercial production at Ahafo North in Ghana on October 24, 2025, adding profitable gold production over an initial thirteen-year mine life Announced approval for the Lihir Nearshore Barrier mine life extension, unlocking future access to production of over 5 million gold ounces and extending Lihir's mine life beyond 2040 8

2026 Guidance 9

Attributable production for 2026 is expected to be approximately 5.3 million gold ounces, including over 3.9 million gold ounces from Newmont's managed operations Gold by-product AISC 2 is expected to be $1,680 per ounce, benefitting from profitable production of other metals Sustaining capital spend of approximately $1.95 billion to advance critical tailings facility work at Cadia and Boddington, as well as other important investments to enhance the integrity and longevity of Newmont's portfolio Development capital spend of approximately $1.4 billion to progress key near-term development projects including the Cadia Panel Caves, Tanami Expansion 2 and the feasibility study at Red Chris

| | | | | 1 | | Newmont's Board of Directors declared a dividend of $0.26 per share of common stock for the fourth quarter of 2025, payable on March 26, 2026 to holders of record at the close of business on March 3, 2026. | | 2 | | Non-GAAP metrics; see reconciliations at the end of this release. | | 3 | | For further details see the 'Enhanced Capital Allocation Framework' section below. | | 4 | | Includes $1.2 billion of share repurchases in 2024, as well as $323 million since the third quarter 2025 earnings call, including $75 million of share repurchases settled in January and February 2026 through the date of filing. 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. | | 5 | | Total liquidity as of December 31, 2025 includes $4.0 billion available on a revolving credit facility. | | 6 | | Total proceeds to date include $3.6 billion generated in 2025. | | 7 | | Total resources presented includes Measured and Indicated resources of 88.1 million gold ounces and Inferred resources of 60.6 million gold ounces. See cautionary statement at the end of this release. | | 8 | | For further details see the 'Disciplined Reinvestment in Organic Project Pipeline' section below. | | 9 | | For further details see the '2026 Guidance Expectations' section below, as well as the discussion of guidance and cautionary statement at the end of this release regarding forward-looking statements. |

Enhanced Capital Allocation Framework

Newmont announced an enhanced capital allocation framework, designed to be sustainable through the commodity cycle 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

Ongoing Sustaining Capital Investment in World-Class Portfolio

Newmont sees a clear opportunity to enhance the longevity of its portfolio and preserve asset integrity through targeted investments in critical infrastructure, ensuring the delivery of safe production across its operations. This includes tailings solutions, primarily at Cadia and Boddington, to support near- and long-term production capacity, positioning Newmont's world-class operations to produce well into the middle of the century. These investments will require elevated sustaining capital spend over the next few years. Reflective of this approach, Newmont expects to spend $1.95 billion in 2026, as detailed in the '2026 Guidance Expectations' section below.

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 Directors 1 . A dividend of $0.26 per share has been declared payable on March 26, 2026, to holders of record of such common stock at the close of business on March 3, 2026. This equates to an indicated total annualized dividend of $1.04 per share, demonstrating the initial benefit of Newmont’s ongoing share repurchase program, with continued per share dividend increases expected as share repurchases continue.

Disciplined Approach to Development Capital Reinvestment

Newmont expects to spend $1.4 billion in development capital in 2026 as it advances the highest-return free cash flow generative near-term projects, while continuing to study, evaluate and define the future growth profile of its portfolio. Newmont will maintain a disciplined focus on capital efficiency and value creation. Please refer to the '2026 Guidance Expectations' and 'Disciplined Reinvestment in Organic Project Pipeline' sections below for additional details.

Maintaining an Optimized Capital Structure Through the Cycle

Newmont is focused on maintaining a resilient balance sheet, anchored by a $1 billion net cash target 2 , with flexibility of plus or minus $2 billion depending on market conditions. This approach ensures Newmont's ability to return capital to shareholders and fund capital programs across commodity price cycles to support sustainable production growth. During strong commodity price environments, Newmont intends to further optimize its balance sheet by actively manage gross debt, while maintaining a minimum cash balance of $5 billion through the cycle.

Ratable Share Repurchase Program

Once the above priorities are complete, Newmont intends to deploy excess cash 3 on a ratable basis to share repurchases, driving sustained per share growth in the dividend and improving multiple per share metrics, including providing shareholders with greater exposure to the strong free cash flow generation from Newmont's world-class portfolio. As of the date of filing, Newmont has $2.4 billion remaining under the previously authorized open-ended programs of $6.0 billion. Further share repurchase program authorizations are subject to the discretion of Newmont's Board of Directors.

| | | | | 1 | | See cautionary statement at the end of this release. The Capital Allocation Framework is provided for illustrative purposes and remains non-binding. Guidance expectations, including capital allocation uses, future dividends, debt management and share repurchases, are forward-looking statements. An annualized dividend has not been declared by the Board of Directors. | | | | | | 2 | | Net cash balance is _Cash and cash equivalents _less Debt and Lease and other financing obligations as presented on the Consolidated Balance Sheets. Net cash balance will change based on Net cash provided by operating activities of continuing operations , Additions to property, plant and mine development , dividends paid to common shareholders, repayment of debt principal, and other investing and financing activities. Refer to the Net Debt reconciliation below in the Non-GAAP Financial Measures schedules in this release. | | | | | | 3 | | Excess Cash is defined as cash available from operations (including Exploration, G&A, etc.) after funding balance sheet obligations (including debt principal repayments and reclamation spend) and capital expenditures, paying the dividend, and achieving the net cash target. |

Summary of Results

| | | 2024 | | 2025 | | Change | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Q1 | Q2 | Q3 | Q4 | FY | | Q1 | Q2 | Q3 | Q4 | FY | | FY | | | | | | | | | | | | | | | | | | | | | | | Average realized gold price ($/oz) | | $ | 2,090 | | $ | 2,347 | | $ | 2,518 | | $ | 2,643 | | $ | 2,408 | | | $ | 2,944 | | $ | 3,320 | | $ | 3,539 | | $ | 4,216 | | $ | 3,498 | | | 45 | % | | Attributable gold production (Moz) 1 | | | 1.68 | | | 1.61 | | | 1.67 | | | 1.90 | | | 6.85 | | | | 1.54 | | | 1.48 | | | 1.42 | | | 1.45 | | | 5.89 | | | (14 | )% | | Total CAS ($M) | | $ | 2,106 | | $ | 2,156 | | $ | 2,310 | | $ | 2,391 | | $ | 8,963 | | | $ | 2,106 | | $ | 2,001 | | $ | 1,951 | | $ | 2,027 | | $ | 8,085 | | | (10 | )% | | Gold By-Product CAS ($/oz) 2,3 | | $ | 891 | | $ | 892 | | $ | 1,052 | | $ | 862 | | $ | 922 | | | $ | 930 | | $ | 917 | | $ | 831 | | $ | 738 | | $ | 855 | | | (7 | )% | | Gold Co-Product CAS ($/oz) 2,3 | | $ | 1,057 | | $ | 1,152 | | $ | 1,207 | | $ | 1,096 | | $ | 1,126 | | | $ | 1,227 | | $ | 1,215 | | $ | 1,185 | | $ | 1,166 | | $ | 1,199 | | | 6 | % | | Gold By-Product AISC ($/oz) 3 | | $ | 1,373 | | $ | 1,412 | | $ | 1,542 | | $ | 1,319 | | $ | 1,408 | | | $ | 1,447 | | $ | 1,375 | | $ | 1,303 | | $ | 1,302 | | $ | 1,358 | | | (4 | )% | | Gold Co-Product AISC ($/oz) 3 | | $ | 1,439 | | $ | 1,562 | | $ | 1,611 | | $ | 1,463 | | $ | 1,516 | | | $ | 1,651 | | $ | 1,593 | | $ | 1,566 | | $ | 1,620 | | $ | 1,609 | | | 6 | % | | Net income (loss) attributable to Newmont stockholders ($M) | | $ | 170 | | $ | 853 | | $ | 922 | | $ | 1,403 | | $ | 3,348 | | | $ | 1,891 | | $ | 2,061 | | $ | 1,832 | | $ | 1,301 | | $ | 7,085 | | | 112 | % | | Net income (loss) attributable to Newmont stockholders per share from continuing operations ($/diluted share) | | $ | 0.15 | | $ | 0.73 | | $ | 0.76 | | $ | 1.24 | | $ | 2.86 | | | $ | 1.68 | | $ | 1.85 | | $ | 1.67 | | $ | 1.19 | | $ | 6.39 | | | 123 | % | | Adjusted net income ($M) 5 | | $ | 630 | | $ | 834 | | $ | 936 | | $ | 1,591 | | $ | 3,991 | | | $ | 1,404 | | $ | 1,594 | | $ | 1,883 | | $ | 2,753 | | $ | 7,634 | | | 91 | % | | Adjusted net income per share

($/diluted share) 5 | | $ | 0.55 | | $ | 0.72 | | $ | 0.81 | | $ | 1.40 | | $ | 3.48 | | | $ | 1.25 | | $ | 1.43 | | $ | 1.71 | | $ | 2.52 | | $ | 6.89 | | | 98 | % | | Adjusted EBITDA ($M) 5 | | $ | 1,694 | | $ | 1,966 | | $ | 1,967 | | $ | 3,048 | | $ | 8,675 | | | $ | 2,629 | | $ | 2,997 | | $ | 3,309 | | $ | 4,545 | | $ | 13,480 | | | 55 | % | | Cash from operations before working capital ($M) 6 | | $ | 1,442 | | $ | 1,657 | | $ | 1,846 | | $ | 2,398 | | $ | 7,343 | | | $ | 2,172 | | $ | 2,228 | | $ | 2,584 | | $ | 3,560 | | $ | 10,544 | | | 44 | % | | Net cash from operating activities of continuing operations ($M) | | $ | 776 | | $ | 1,394 | | $ | 1,637 | | $ | 2,511 | | $ | 6,318 | | | $ | 2,031 | | $ | 2,384 | | $ | 2,298 | | $ | 3,621 | | $ | 10,334 | | | 64 | % | | Capital expenditures ($M) 7 | | $ | 850 | | $ | 800 | | $ | 877 | | $ | 875 | | $ | 3,402 | | | $ | 826 | | $ | 674 | | $ | 727 | | $ | 808 | | $ | 3,035 | | | (11 | )% | | Free cash flow ($M) 8 | | $ | (74 | ) | $ | 594 | | $ | 760 | | $ | 1,636 | | $ | 2,916 | | | $ | 1,205 | | $ | 1,710 | | $ | 1,571 | | $ | 2,813 | | $ | 7,299 | | | 150 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Fourth Quarter 2025 Production and Financial Summary

Attributable gold production 1 increased 2 percent to 1,453 thousand ounces compared to the prior quarter, driven by the addition of new, low-cost ounces at Ahafo North, higher grade at Tanami and Merian, and higher production from the non-managed joint venture at Nevada Gold Mines. These increases were partially offset by lower production due to planned mine sequencing at Peñasquito, Ahafo South, Yanacocha, Brucejack and Cadia. Consolidated gold sales were 1,378 thousand ounces for the quarter.

Copper production decreased 17 percent to 29 thousand tonnes compared to the prior quarter, driven by lower grade at Cadia and Boddington. Silver production remained steady at 7 million ounces compared to the prior quarter. Lead production decreased 12 percent to 23 thousand tonnes compared to the prior quarter, driven by lower grade at Peñasquito. Zinc production decreased 22 percent to 46 thousand tonnes compared to the prior quarter, driven by lower grade at Peñasquito.

Average realized gold price was $4,216 per ounce, an increase of $677 per ounce over the prior quarter. Average realized gold price includes $4,173 per ounce of gross price received, a favorable impact of $48 per ounce mark-to-market on provisionally-priced sales and reductions of $5 per ounce for treatment and refining charges.

Costs Applicable to Sales (CAS) 2 allocated to gold totaled $1.6 billion for the quarter, with an additional $421 million allocated to co-product metals. Gold By-Product CAS per ounce 3 was $738 for the quarter. Gold Co-Product CAS per ounce 3 of $1,166 was slightly lower than the prior quarter, as Newmont's continued focus on cost discipline and productivity offset higher royalties, production taxes and costs from profit-sharing agreements associated with a stronger gold price environment.

Gold By-Product AISC per ounce 3 was $1,302 for the quarter. Gold Co-Product All-In Sustaining Costs (AISC) per ounce 3 increased slightly to $1,620 compared to the prior quarter. Building from CAS per ounce, the increase was driven by higher sustaining capital spend as planned.

Net income attributable to Newmont stockholders was $1,301 million or $1.19 per diluted share, a decrease of $531 million from the prior quarter. This decrease was primarily driven by an increase in income and mining tax expense of $1.3 billion compared to the prior quarter driven by a higher gold price environment, as well as the recognition of additional income taxes for the remaining undistributed foreign earnings in Papua New Guinea of $384 million and in Ghana of $165 million, as it was determined excess cash flow could not be remitted on a tax free basis for the foreseeable future. In addition, in the fourth quarter, impairment charges of $779 million were recognized primarily related to the decision to indefinitely defer the Yanacocha Sulfides project 4 , and Newmont recognized a loss on divestments of $8 million compared to a gain of $99 million in the prior quarter. These decreases were partially offset by higher revenues due to higher realized prices for all metals and a net reduction of the total Newmont reclamation and remediation liability by $137 million, primarily related to an adjustment at Yanacocha as a result of updated cost estimates.

Adjusted net income 5 for the quarter was $2.8 billion or $2.52 per diluted share compared to $1.9 billion or $1.71 per diluted share in the prior quarter. Primary adjustments to fourth quarter net income include impairment charges of $779 million primarily related to the decision to indefinitely defer the Yanacocha Sulfides project 4 , a net reduction of the total Newmont reclamation and remediation liability of $137 million, primarily related to Yanacocha, a net gain in the value of investments and options of $124 million and restructuring and severance costs of $75 million.

Consolidated cash from operations before working capital 6 increased 38 percent from the prior quarter to $3.6 billion, primarily due to higher revenue from a higher realized gold price and higher production.

Consolidated net cash from operating activities increased 58 percent from the prior quarter to $3.6 billion, primarily due to a favorable working capital benefit of $61 million. This working capital movement was primarily driven by an accrual for future tax payments of $512 million and an accrual of other liabilities of $219 million, primarily related to severance and workers participation payments. These favorable working capital adjustments were partially offset by the continued cash spend for previously accrued reclamation activities of $276 million primarily related to the ongoing construction of the Yanacocha water treatment plants, as well as an increase in accounts receivable of $167 million from the timing of cash collections, and a build in inventory and stockpiles of $112 million.

Income and mining cash tax paid increased 29 percent from the prior quarter to $757 million due to the higher gold price environment.

Free Cash Flow 8 increased 79 percent from the prior quarter to $2.8 billion, primarily due to higher revenues as a result of higher realized prices for all metals and an increase in net cash provided by operating activities as a result of a favorable working capital benefit in the current quarter compared to an unfavorable working capital impact in the prior quarter, partially offset by higher capital investment.

Balance sheet and liquidity remained strong in the fourth quarter, ending the year with $7.6 billion of cash and cash equivalents, with approximately $11.6 billion of total liquidity; ended the year in a net cash position of $2.1 billion 9 .