Newmont (NEM) FY2025 results: revenue $22.7 billion, up 21.3% on the year

Newmont was incorporated in 1921 and is primarily a gold producer, with operations or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, the Dominican Republic, Chile, Peru, Ecuador, Mexico and Canada, and corporate headquarters in Denver, Colorado. It also produces copper, silver, lead and zinc. At 31 December 2025 it held attributable proven and probable gold reserves of 118.2 million ounces, attributable measured and indicated gold resources of 88.1 million ounces, attributable inferred gold resources of 60.6 million ounces and a land position of approximately 19,200 square miles. It completed the acquisition of Newcrest Mining on 6 November 2023.

The portfolio

The company reports 13 segments: each of the 12 mining operations it manages, plus its 38.5% proportionate interest in Nevada Gold Mines, which it does not manage directly. In October 2025 it declared commercial production at the Ahafo North project in Ghana, which then became a reportable segment. After reviewing the portfolio following the Newcrest purchase, the board approved a programme in February 2024 to divest six non-core assets and a development project: Telfer, CC&V, Musselwhite, Éléonore, Porcupine, Akyem and the Coffee project in Canada, all held for sale from the first quarter of 2024 at the lower of carrying value or fair value less costs to sell. Telfer was sold in the fourth quarter of 2024, CC&V, Musselwhite and Éléonore in the first quarter of 2025, Porcupine and Akyem in the second quarter, and the Coffee project in the fourth quarter. Its producing mines include Lihir in Papua New Guinea, Cadia, Tanami and Boddington in Australia, Ahafo South and Ahafo North in Ghana, Merian in Suriname, Cerro Negro in Argentina, Yanacocha in Peru, Peñasquito in Mexico and Red Chris and Brucejack in Canada.

What it produces

Consolidated gold production from continuing operations was 5,530 thousand ounces in 2025 against 6,545 thousand in 2024, with attributable production of 5,889 thousand ounces and 6,849 thousand. Attributable gold from equity method investments came to 418 thousand ounces in 2025, 253 thousand from the 40% interest in Pueblo Viejo and 165 thousand from the 32% interest in the Fruta del Norte mine, which Lundin Gold owns and operates, a stake acquired through the Newcrest transaction and accounted for on a quarterly lag. A metal counts as a co-product when it is expected to be more than 10% to 20% of the life of mine sales value of all metal mined: copper at Cadia, Boddington and Red Chris and silver, lead and zinc at Peñasquito qualify, generally sold as concentrate to smelters for treatment and refining.

How the ore is processed

Gold in naturally oxidised ore is extracted either by milling or by heap leaching, depending on grade, how the ore responds to treatment and the capital and operating costs. Higher grade oxide ore is ground to a fine powder, mixed into a slurry and passed through a carbon-in-leach circuit, while lower grade ore is stacked on lined pads and sprayed with a weak cyanide solution that dissolves the gold, the solution then collected and pumped to facilities that recover the metal on carbon or by zinc precipitation. Ore that is not naturally oxidised can be milled directly if the gold responds to cyanidation; refractory ore needs costlier processing, with higher grade material run through roasters, which burn off carbon and oxidise the sulphide minerals, or autoclaves, which use heat, oxygen and pressure. Some gold sulphide ore goes through flotation, where chemicals make the gold-bearing sulphides attach to air bubbles and float, producing a concentrate for an autoclave, roaster or grinding circuit, after which the gold is plated onto cathodes or precipitated with zinc powder and melted with fluxes into doré.

Concentrate, licences and insurance

Ore containing zinc, silver, lead and gold is crushed and ground into a sulphide plant built mainly on lead and zinc flotation stages; the lead concentrate is heavily enriched in gold and silver, with a smaller fraction in the zinc concentrate, and both are sold to smelters or traders. Ore containing copper and gold is crushed at the mine, conveyed to a plant for further crushing and fine grinding into slurry, then treated in successive flotation stages to a gold and copper concentrate generally containing between 10% and 26% copper, with residual gold in the tailings recovered in a carbon-in-leach circuit. Apart from operating licences for its mines and plants, no third-party patents, licences or franchises are material to the business, though in many countries it mines and explores under land-related leases, concessions, claims or prospecting licences granted by the host government and subject to that country's political risk. The business is capital intensive and needs continuing investment to replace, modernise or expand equipment and facilities, and it carries insurance against property loss, business interruption and other typical risks, while noting that its policies exclude and limit cover, particularly for environmental liability and political risk.

From Newmont's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.