NEMNewmont

We have operations and conduct business in a number of jurisdictions, which may increase our susceptibility to sudden tax changes. For instance, a 12% export duty was imposed by the Argentina government in 2018, revised down to 8% thereafter, however, with the election of new government in 2023, the rate is now currently 0%. The state of New South Wales, Australia, passed 2023 legislation that imposes an increased stamp duty which materially affected the Newcrest transaction. Also in Australia, the Debt Deduction Creation Rules, introduced during 2024 and which will first apply to the 2025 year, could have the potential to limit the tax deductibility of intercompany interest expense. In the State of Zacatecas, Mexico, environmental taxes became effective in 2017 with little clarity on how the taxes are to be calculated. An ecological Ecological tax agreement was ratified in 2021 agreements were executed which provides provided clarity for 2021 to 2024, after which, the Company, along with other companies in the State of Zacatecas, will continue to need to engage with governmental authorities to understand how the environmental tax would be levied year-over-year. The current governmental authorities are currently seeking to renegotiate the scope and manner of tax calculation for purposes of the 2025 to 2027 tax period, which includes request for expansion of taxable volumes of extracted materials. The Company continues to engage with the government to align renewal terms with the prior agreements. However, if the change to tax extraction volumes is imposed by the government, it would result in significantly higher tax obligations and would materially impact financial results. With the expected election of state governor in 2027, a change in government authorities will also result in more uncertainty of this environmental tax calculation in future years. Also, in Mexico, a 2021 tax reform bill proposed federal passed which eliminated the tax benefit to offset mining fees on revenue generated from with mining which could impact our operations if passed. tax. Furthermore, a new Economic Plan for 2022 (the "Proposal") was enacted. While the changes under the Proposal plan are not substantive in nature (in the sense that they do not create new taxes or increase applicable rates), they may increase the future cost of our compliance and pose additional uncertainties in application of the law. law and further reforms could be proposed in the future. Further, the Mexican government has increased the Mining Tax mining tax rate from 7.5% to 8.5% 8.5%, and 0.5% to 1% for gold, silver, platinum sales, both effective on January 1, 2025. 2025, which remains in effect but subject to potential change in the future. In Australia, the policy of allowing mining companies to benefit from fuel tax credits has been under increasing pressure, any changes to related regulations would impact the Company. In the United States, at the federal and state level, regulatory changes which may be implemented in the area of tax reform remain uncertain and may adversely affect companies in the mining sector. For example, NGM could be impacted by the resolutions brought to the State of Nevada Legislature to amend the State Constitution to increase mining taxes. An example of this was the passing of Assembly Bill 495 in 2021 that results in a new excise tax on mining companies engaged in the business of extracting gold and silver in the state of Nevada. In 2024, Pillar II has been enacted in a number of countries. The Pillar II agreement was signed by 138 countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. As Newmont primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to its financial statements. A number of changes in the laws, regulations and policies in PNG have recently been proposed or are currently being considered. See the risk factor under the heading “Our operations at Lihir and project at Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties”. Taxation laws and other regulations of the jurisdictions in which we operate are complex, subject to varying interpretations and applications by the relevant tax authorities and subject to changes and revisions in the ordinary course. It is difficult to predict whether proposed changes to regulations will be passed or to what extent they will impact the Company. Any additional and/or unexpected taxes imposed on us could have a material and adverse impact on our Company. See also the risk factor under the heading “Our operations and projects are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy” for a discussion of uncertainties and potential tax increases in connection with climate change considerations.

Akyem, Ghana. Peñasquito, Mexico. Gold production decreased 31% increased 39% primarily due to higher ore grade milled as a result of mine sequencing, higher mill recovery, and higher mill throughput. Gold equivalent ounces – other metals production decreased 27% primarily as a result of a change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 16%, as well as lower other metals produced of 11% as a result of lower ore grade milled, partially offset by higher mill throughput. milled due to mine sequencing. Costs applicable to sales per gold ounce increased 71% 19% primarily due to higher allocation of direct costs to gold as a drawdown result of stockpile inventory, the GEO price change, higher third-party workers participation costs, and higher third party and government royalties, partially offset by higher gold ounces sold and higher by-product credits. Costs applicable to sales per gold equivalent ounce – other metals increased 28% primarily due to lower gold equivalent ounces - other metals sold, higher workers participation costs and higher third party and government royalties, partially offset by lower allocation of direct costs to gold equivalent ounces - other metals as a result of the GEO price change and higher by-product credits. Depreciation and amortization per gold ounce increased 8% primarily due to higher allocation of costs to gold as a result of the GEO price change, partially offset by higher gold ounces sold. Depreciation and amortization per gold equivalent ounce decreased 34% – other metals increased 17% primarily due to cessation lower gold equivalent ounces - other metals sold, partially offset by lower allocation of depreciation and amortization costs to gold equivalent ounces - other metals as a result of classifying the asset as held for sale. GEO price change. All-in sustaining costs per gold ounce increased 50% 14% primarily due to higher costs applicable to sales per gold ounce, ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 21% primarily due to higher costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower reclamation spend treatment and lower sustaining capital spend. refining costs.

In December 2021, Cripple Creek & Victor Gold Mining Company LLC (“CC&V”, a wholly-owned subsidiary of the Company) entered into a Settlement Agreement (“Settlement Agreement”) with the Water Quality Control Division of the Colorado Department of Public Health and Environment (the “Division”) with a mutual objective of resolving issues associated with the new discharge permits issued by the Division in January 2021 for the Carlton Tunnel. The Carlton Tunnel was a historic tunnel completed in 1941 with the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, primarily to focus on monitoring, with the monitoring. The monitoring data accumulated since the mid-1970s indicating have indicated consistency in the water quality discharged from the Carlton Tunnel over time. In 2006, legal proceedings and work with the regulator confirmed that the water flowing out of the Carlton Tunnel portal is akin to natural spring water and did not constitute mine drainage. However, this changed with the January 2021 permit updates, when the regulator Water Quality Control Division of the Colorado Department of Public Health and Environment (the “Division”) issued new discharge permits in January 2021, the Division imposed new water quality limits. The A Settlement Agreement involves the evaluation of a reasonable and achievable timeline for treatment and permit compliance, acknowledging the lack of readily available technology, entered into by CC&V and the need to spend three years to study and select Division in December 2021 extended the technological solution, with three additional years to construct, bringing timeframe for full permit compliance to November 2027, and CC&V expressly reserved the November 2027 timeframe. right to challenge the need for a discharge permit in the first place. In 2022, the Company studied various interim passive water treatment options, reported the study results to the Division, and based on an evaluation of additional semi-passive options that involve the usage of power at the portal, updated the remediation liability to $20 in 2022. CC&V continues to study alternative long-term remediation plans for water discharged from the Carlton Tunnel, and is while also working continuing to work with regulators on to identify and implement the highest feasible alternative treatments. In June 2025, the Water Quality Control Commission agreed to site specific standards for CC&V and a Discharger Specific Variance ("DSV") for certain water quality standards. In January 2026, the Division issued a modification to identify highest feasible alternative treatment in the context, based on limits such as area topography. CC&V formally submitted its proposal CC&V's discharge permit to implement site specific standards for the certain water quality standards, and a DSV and compliance extension for certain other standards. Depending on the matter will plans that may ultimately be presented agreed with regulators, a material adjustment to the remediation liability may be required.

As further response to the current market conditions, high inflation rates, the rising prices for commodities and raw materials, prolonged supply chain disruptions, competitive labor markets, and consideration of capital allocation, the The Company has chosen to continue deferring the investment decision for the Yanacocha Sulfides project. While the Company has had previously extended the timeline of the a full-funds decision, assessment of the project remains a priority in Peru as the Company continued to advance engineering and long-term procurement activities. decision for its Yanacocha Sulfides development project. The delay of the Yanacocha Sulfides project is was intended to focus funds on current operations and other capital commitments while management assesses assessed execution and project options, up to and including transitioning the Yanacocha operations into full closure. To During the extent that assessment determines that the project is no longer sufficiently profitable or economically feasible under the Company’s internal requirements, it would result in negative modifications to the Company's proven and probable reserves. Additionally, should year, the Company ultimately decide to forgo reassessed its strategy in Peru and is progressing mine closure activities while prioritizing other future development opportunities at Yanacocha ahead of any future re-evaluation of the Yanacocha Sulfides project, resulting in an indefinite deferral of the future development of Yanacocha Sulfides, this project and the current carrying value impairment of the balances included in assets under construction and other long-lived assets of deferred mine development for the Yanacocha operations could become impaired and the timing of certain closure activities would be accelerated. project. As of December 31, 2024, 2025, the Yanacocha operations have total long-lived assets of approximately $1,195, $374, inclusive of approximately $827 $78 of assets under construction related to Yanacocha Sulfides. the estimated sales value of project equipment. Refer to Note 7 for additional information on this impairment charge.