Newmont Corp

Strong Q2 operating + cash generation; on track for 2026 guidance - Produced ~1.3Moz gold, 17k tonnes copper, and 7Moz silver from the full portfolio. - Delivered $2.9B cash flow from operations (after working capital) and $2.2B record free cash flow (Q2). - Management reiterated full-year 2026 guidance confidence, supported by disciplined execution and portfolio conversion of production into cash.

Second-half production pattern clarified (near-term “dip then pick up”) - Q2 was modestly ahead of April expectations because some ounces were realized earlier than planned, shifting production into Q2. - New expected split: ~49% of full-year production in H1 and ~51% in H2. - Outlook: Q3 total portfolio production broadly in line with Q2, then Q4 expected to be the strongest (cited drivers: Lihir planned maintenance finishing in Q3; Ahafo North reaching full run rate).

Cost outlook: within guidance, but watch energy/fuel and sector inflation - Q2 costs impacted by higher oil prices; they explicitly referenced ~$100/bbl average oil price in Q2 contributing to CAS increase. - Company expects diesel cost pressure to continue into Q3 (lagged pass-through varies by site). - Despite energy pressure and potential indirects (freight, explosives/cyanide, labor contractors), they expect unit/absolute cost discipline remains within full-year guidance ranges. - Examples of productivity/cost offset actions: - Parked ~50 mining production units without affecting production. - Cerro Negro: ~15% increase in underground productive time per shift via efficiency in pre-start activities. - Ahafo North: targeted mill efficiency investments. - Merian: improved road/weather preparedness to optimize equipment performance in rainy season.