Risk Sleuth
NEM · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

Newmont

40 named things its latest annual report says its results depend on, each in the company's own words. 6 of them are also named by other companies we've read.

Partners and platforms

Nevada Gold Mines (NGM)

depends on · 38.5%named as a risk
Because we beneficially own less than a majority of the ownership and governance interests in NGM, we have limited control of NGM’s operations, and we depend on Barrick to operate NGM.Risk factors (Item 1A)

Barrick Mining Corporation

depends on · 61.5 percent economic interestnamed as a risk
On February 3, 2026, we sent Barrick a notice of default under the Nevada JV Agreement related to this conduct.Risk factors (Item 1A)

Pueblo Viejo

40%named as a risk
Newmont is also exposed to non-managed investments related to its joint venture interest in Pueblo Viejo Mine (40% owned) and Norte Abierto Project (50% owned), and NuevaUnión Project (50% owned).Risk factors (Item 1A)

Staatsolie Maatschappij Suriname N.V.

25 percentnamed as a risk
If Staatsolie does not have sufficient funds or borrowing ability to make their capital commitments in accordance with the terms of the partnership agreement, our operations in Suriname could be impacted.Risk factors (Item 1A)

Lundin Gold Inc.

32%
We also hold a 32% equity interest in Lundin Gold, a Canadian mine development and operating company, operating the Fruta del Norte gold mine in Ecuador, in addition to a variety of exploration and project joint ventures.Risk factors (Item 1A)

Other companies

National Union of Mining, Metal, Steel, and Allied Workers of the Mexican Republic

named as a risk
From June 2023 to October 2023, Minera Peñasquito suspended operations, which negatively impacted production and revenue.Risk factors (Item 1A)

Tahltan Central Government

subject tonamed as a risk
Failure or delays in implementing the agreement or to obtain prior informed consent of the TCG may impact the proposed development of the Red Chris block cave mine.Risk factors (Item 1A)

Places

Wafi-Golpu project

operates in · 50% interestnamed as a risk
The outcome of such legal challenges may adversely impact the Wafi-Golpu permitting process.Risk factors (Item 1A)

Merian, Suriname

operates in · 75% interestnamed as a risk
We hold a 75% interest in the Merian gold mine (“Merian”) in the mid-eastern part of Suriname.Risk factors (Item 1A)

Yanacocha, Peru

operates innamed as a risk
The recurrence of significant political or community opposition or protests could continue to adversely affect the continued operation of Yanacocha and other projects in the area.Risk factors (Item 1A)

Conga project, Peru

operates innamed as a risk
Should the Company be unable to develop the Conga project or conclude that future development is not in the best interest of the business, a future impairment charge may result.Risk factors (Item 1A)

Cadia, New South Wales

operates innamed as a risk
Additionally, there are a number of risks and uncertainties associated with the block cave mining methods applied at Cadia, in New South Wales, Australia.Risk factors (Item 1A)

Boddington tailings and mining leases

operates innamed as a risk
Boddington’s existing tailings facility is expected to reach the permitted capacity in 2026.Risk factors (Item 1A)

Papua New Guinea

operates innamed as a risk
Any adverse changes to the tax laws and regulations will affect Lihir because its Mining Development Contract does not provide protection against income tax law change.Risk factors (Item 1A)

Hazards

Boddington bushfire

operates innamed as a risk
In late 2025, a bushfire that began in mid‑December affected the area surrounding our Boddington operations in Western Australia, resulting in a temporary suspension of operations.Risk factors (Item 1A)

Lihir seismic and geothermal activity

operates innamed as a risk
Additionally, our Lihir operation is located within the Luise Caldera of the Luise Volcano which is located on the east coast of the Aniolam Island.Risk factors (Item 1A)

Commodities and inputs

Copper

exposed to its price · 6%named as a risk
Our business is dependent on the prices of gold, copper, silver, lead and zinc, which fluctuate on a daily basis and are affected by numerous factors beyond our control.Risk factors (Item 1A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Australian Dollar

exposed to its price · $498named as a risk
The sensitivity analysis indicated that a hypothetical 10% adverse movement would result in an approximate increase of $498 to Costs applicable to sales at December 31, 2025.Market risk (Item 7A)

Also named by ADBE, BEN, BF/B, BTU, CSGP, EEFT, EZPW, GPC and 13 more

Gold

exposed to its price · 85%named as a risk
For the years ended December 31, 2025, 2024 and 2023, 85%, 85% and 89%, respectively, of our Sales were attributable to gold.Business (Item 1)

Also named by AMKR, APH, BLK, CDE, DC, EZPW, FCFS, FCX and 10 more

Zinc

exposed to its price · 3%named as a risk
Our business is dependent on the prices of gold, copper, silver, lead and zinc, which fluctuate on a daily basis and are affected by numerous factors beyond our control.Risk factors (Item 1A)

Also named by CDE, FBIN, HL, HLMN, JBI, LFUS, LNN, MAS and 6 more

Silver

exposed to its price · 5%named as a risk
Our business is dependent on the prices of gold, copper, silver, lead and zinc, which fluctuate on a daily basis and are affected by numerous factors beyond our control.Risk factors (Item 1A)

Also named by CDE, DC, EZPW, HL, LECO, LFUS, LULU, RGLD and 2 more

Cadia Power Purchase Agreement

exposed to its price · $40
The Cadia PPA mitigates the variability in future cash flows related to a portion of power purchases at the Cadia mine and the foreign currency cash flow hedges were entered into to mitigate variability in the USD functional cash flows related to the AUD- and CAD-denominated operating expenditures and AUD-denominated capital expenditures.Market risk (Item 7A)

Cedros Aquifer

depends onnamed as a risk
Peñasquito in Mexico takes its water supply from the Cedros Aquifer which has limited and declining yield as it is located in a dry and arid area that is prone to drought, and also is relied upon by nearby communities as a water supply for drinking water and agriculture.Risk factors (Item 1A)

Northern Territory natural gas

exposed to its pricenamed as a risk
A reduction in Northern Territory natural gas production is a specific concern for Tanami’s short-term energy prices.Risk factors (Item 1A)

Regulators

New South Wales Environment Protection Authority (NSW EPA)

subject to · A$350 thousandnamed as a risk
Failure to maintain compliance with applicable law or Cadia Holdings’ EPL may result in the NSW EPA suspending or revoking Cadia Holdings’ EPL, seeking court orders or issuing additional prevention notices to modify or cease certain activities.Risk factors (Item 1A)

Peru Ministry of Environment (MINAM)

subject tonamed as a risk
These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure.Risk factors (Item 1A)

Bank of PNG foreign exchange controls

subject tonamed as a risk
There is a risk that further changes in foreign exchange controls may adversely impact future revenue and profitability.Risk factors (Item 1A)

Laws and programs

Santa Cruz 90/10 employment law

subject to · 90%named as a risk
If required to comply, Newmont’s operations in the Santa Cruz Province would be required to employ 90% of its workforce from the Santa Cruz Province.Risk factors (Item 1A)

Ghana mineral royalty regime

subject to · 5% to 12%named as a risk
If enacted, the revised royalty framework could increase the Company’s operating costs at its Ghanaian operations, particularly during periods of higher gold prices.Risk factors (Item 1A)

Mexico mining tax

subject to · 7.5% to 8.5%named as a risk
Further, the Mexican government has increased the mining tax rate from 7.5% to 8.5%, and 0.5% to 1% for gold, silver, platinum sales, both effective on January 1, 2025, which remains in effect but subject to potential change in the future.Risk factors (Item 1A)

Canada carbon tax

subject to · C$80/tonnenamed as a risk
As another example, the carbon tax in Canada of C$80/tonne of CO2 set to increase to C$170 by 2030, is impacting operating costs at our Canadian operations.Risk factors (Item 1A)

CERCLA

subject tonamed as a risk
For example, the inactive Midnite uranium mine is a superfund site subject to CERCLA.Risk factors (Item 1A)

Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more

Cadia Continued Operations Project (NSW Government approval)

subject tonamed as a risk
Cadia is currently approved to continue operations until 2031 and is seeking approval from the NSW Government to extend our mining operations beyond 2031.Risk factors (Item 1A)

PNG Income Tax Act 2025

subject tonamed as a risk
The NITA came into force from January 1, 2026.Risk factors (Item 1A)

Argentina foreign currency controls

subject tonamed as a risk
These restrictions directly impact the timing of Cerro Negro's ability to remit cash from gold sales and pay principal portions of intercompany debt to the Company.Risk factors (Item 1A)

Ghana Revised Investment Agreement

subject tonamed as a risk
The financial and tax stability periods established by such agreements expired on December 31, 2025 which results in loss of tax advantages and tax protection.Risk factors (Item 1A)

Ghana Minerals Commission Local Procurement List

subject tonamed as a risk
In January 2025, the Minerals Commission published the 6th edition of the Local Procurement List which includes a prohibition on mining by mining lease holders and requiring surface mining operations to be outsourced to companies with 100% Ghanaian stockholders and directors and underground operations to be outsourced to companies with 50% Ghanaian stockholders and directors.Risk factors (Item 1A)

Mexico Mining Reform

subject tonamed as a risk
As a result of the Mining Reform, we expect that it will be more difficult for us to access/maintain rights to land and water, thereby negatively impacting our mining activities within Mexico, raising concerns around exploration programs, security of concessions, and out of cycle community negotiations.Risk factors (Item 1A)

Zacatecas environmental tax

subject tonamed as a risk
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.Risk factors (Item 1A)

Nevada Assembly Bill 495 mining excise tax

subject tonamed as a risk
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.Risk factors (Item 1A)