Newmont Generates Record Quarterly Earnings and Free Cash Flow, Reports First Quarter 2026 Results and Announces Increased Share Repurchase Authorization

Press Release

April 23, 2026

DENVER– Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced first quarter 2026 results and declared a dividend of $0.261 per share.

“Newmont delivered strong operational and financial performance in the first quarter, producing approximately 1.3 million attributable gold ounces and generating an all-time record $3.1 billion in quarterly free cash flow, keeping us well on track to achieve our 2026 guidance,” said Natascha Viljoen, Newmont’s President and Chief Executive Officer. “Supported by our enhanced capital allocation framework, we have doubled the size of our share repurchase program with an additional $6.0 billion authorization, following the full execution of our previous program, under which we repurchased $2.4 billion of shares since the last earnings call. We look forward to building on this momentum in the second quarter and continue delivering sustainable returns to our shareholders.”

Q1 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 9 million ounces of silver and 30 thousand tonnes of copper, primarily from Newmont’s managed operations
• Gold by-product All-In Sustaining Costs (AISC) was $1,029 per ounce ³, benefitting from favorable silver and copper sales volume and prices, ongoing cost and productivity initiatives, and lower sustaining capital spend
• Reported Net Income of $3.3 billion, Adjusted Net Income (ANI) ³ of $3.2 billion or $2.90 per diluted share, and Adjusted EBITDA ³ of $5.2 billion
• Generated $3.8 billion of cash from operating activities, net of working capital impacts of $202 million; reported record Free Cash Flow ³ of $3.1 billion
• Delivered $2.7 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 first quarter of 2026
• Through the date of filing, Newmont has executed and settled total trades of common stock repurchases of $6.0 billion under the previously authorized share purchase programs, including $2.4 billion since the last earnings call ⁵
• Newmont’s Board of Directors authorized an additional $6.0 billion share repurchase program to be executed at the Company’s discretion in line with Newmont’s enhanced capital allocation framework ⁶
• Received net cash proceeds of approximately $321 million from the sale of equity investments in SolGold and Greatland Resources Limited, as well as contingency payments related to the divestments of Musselwhite and Cripple Creek & Victor last year ⁷; generated over $4.6 billion in total after-tax proceeds from the non-core divestiture program to date
• Ended the quarter with $8.8 billion of cash and $12.8 billion in total liquidity ⁸, with a net cash position of $3.2 billion ³

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1		Newmont’s Board of Directors declared a dividend of $0.26 per share of common stock for the first quarter of 2026, payable on June 22, 2026 to holders of record at the close of business on May 27, 2026.
2		See discussion of guidance and cautionary statement at the end of this release regarding forward-looking statements.
3		Non-GAAP metrics; see reconciliations at the end of this release.
4		Includes $2.4 billion of share repurchases since February 19, 2026, including $556 million of share repurchases settled in April 2026.
5		Includes $1.2 billion of share purchases in 2024, $2.3 billion repurchased in 2025 and $2.5 billion through the date of filing in 2026.
6		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.
7		Net proceeds includes $117 million related to the sale of Newmont’s shares in Greatland Resources Limited, $105 million related to the sale of Newmont’s shares in SolGold and $20 million of a contingent payment received from Orla Mining in relation to the sale of the Musselwhite asset, and $79 million of contingent payments from SSR Mining in relation to the sale of the CC&V asset.
8		Total liquidity as of March 31, 2026 includes $4.0 billion available on a revolving credit facility.

Delivering on Newmont’s Enhanced Capital Allocation Framework

In February, Newmont announced an enhanced capital allocation framework, 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 record free cash flow generated in the first quarter of 2026.

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, as planned. Reflective of this approach, Newmont expects to spend $1.95 billion in 2026, as detailed in the ‘2026 Guidance Expectations’ section below. In the first quarter, Newmont spent $381 million in sustaining capital, with spend expected to increase beginning in the second quarter, 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 first quarter of 2026 has been declared payable on June 22, 2026, to holders of record of such common stock at the close of business on May 27, 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. In the first quarter of 2026, Newmont invested $239 million in its current development projects, with full-year 2026 guidance remaining unchanged.² Newmont will maintain a disciplined focus on capital efficiency and value creation.

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. 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 managing gross debt, while maintaining a minimum cash balance of $5 billion through the cycle. Consistent with these priorities, Newmont reduced gross debt by an additional $42 million since the previous earnings call. Newmont ended the first quarter of 2026 with a cash balance of $8.8 billion and a net cash balance of $3.2 billion³.

Ratable Share Repurchase Program

Once the above priorities are complete, Newmont intends to deploy excess cash⁴ 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. Since the last earnings call, Newmont executed an additional $2.4 billion of share repurchases, fully exhausting the previous repurchase authorization of $6.0 billion. To continue delivering on this priority, Newmont’s Board of Directors approved an additional $6.0 billion repurchase program. 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.

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