INVESTMENTS

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]


	At March 31, 2025		At December 31, 2024
Current investments:

Marketable and other equity securities	$	18	$	21


Non-current investments:
Marketable and other equity securities (1)	$	476	$	309

Equity method investments:
Pueblo Viejo Mine (40%)	1,516		1,516
NuevaUnión Project (50%)	970		961
Lundin Gold Inc. (32%)	941		941
Norte Abierto Project (50%)	540		532
Greatland (20%) (2)	413		212

	4,380		4,162
	$	4,856	$	4,471

Non-current restricted investments: (3)
Marketable debt securities	$	14	$	15

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(1)At March 31, 2025 and December 31, 2024, includes $25 accounted for under the measurement alternative.

(2)Acquired through the sale of the assets of the Telfer reportable segment in the fourth quarter of 2024 and accounted for under the fair value option.

(3)Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets. Refer to Note 6 for further information regarding these amounts.

Equity method investments

For the three months ended March 31, 2025, Equity income (loss) of affiliates primarily consisted of income from Pueblo Viejo and Lundin Gold Inc. ("Lundin Gold") of $44 and $27, respectively. For the three months ended March 31, 2024, Equity income (loss) of affiliates primarily consisted of income from Pueblo Viejo of $18.

Pueblo Viejo

As of March 31, 2025 and December 31, 2024, the Company had outstanding stockholder loans to Pueblo Viejo of $500 and $486, with accrued interest of $29 and $19, respectively, included in the Pueblo Viejo equity method investment.

The Company purchases its portion (40%) of gold and silver produced from Pueblo Viejo at market price and resells those ounces to third parties. Total payments made to Pueblo Viejo for gold and silver purchased were $155 and $122 for the three months ended March 31, 2025 and 2024, respectively. These purchases, net of subsequent sales, are included in Other income (loss), net and the net amount is immaterial. There were no amounts due to or from Pueblo Viejo for gold and silver purchases as of March 31, 2025 or December 31, 2024.

Lundin Gold Inc.

Lundin Gold is accounted for on a quarterly lag. At March 31, 2025, the calculated fair value, based on quoted closing prices of publicly traded shares, of the Company's investment in Lundin Gold was $2,380.

The Company had the right to purchase 50% of gold produced from Lundin Gold at a price determined based on delivery dates and a defined quotational period and resold the ounces purchased to third parties under an offtake agreement acquired through the Newcrest transaction (the "Offtake agreement"). In the second quarter of 2024, the Company sold the Offtake agreement to Lundin Gold resulting in settlement of the rights under the Offtake agreement. As a result, no purchases were incurred for the first quarter of 2025.

For three months ended March 31, 2024, total payments made to Lundin Gold under the Offtake agreement for gold purchased were $80 and were recognized net of subsequent sales in Other income (loss), net with the net amount being immaterial. There was no payable due to Lundin Gold for gold purchases as of December 31, 2024.

Greatland

The Company acquired a 20% interest in Greatland, resulting in 2.7 billion shares, in connection with the sale of the assets of the Telfer reportable segment in December 2024. The Company accounts for its investment in Greatland as an equity method investment, included in Investments, for which the Company elected the fair value option as it believes it best reflects the economics of the underlying transaction. The shares are subject to a sale restriction period of one-year following the date of close.

The equity held in Greatland contains an option in which a third party has the ability to acquire 1.3 billion of the Company's Greatland shares at a set price exercisable for four years (the "Greatland Option"). The Greatland Option does not meet the definition of a derivative and is considered to be a financial liability, for which the Company has elected the fair value option. The Company believes the fair value option best reflects the economics of the underlying transaction. The Greatland Option is included in Other non-current liabilities at a fair value of $131 and $51 at March 31, 2025 and December 31, 2024, respectively.

Under the fair value option, changes in the fair value of the instrument are recognized through earnings each reporting period in Other income (loss), net. For the three months ended March 31, 2025, a gain (loss) of $201 and $(80) was recognized in Other income (loss), net, related to the Greatland equity method investment and Greatland Option, respectively.

NEWMONT Corp /DE/ 10-Q