Fiscal period ending 2025-12-31 versus 2024-12-31
— view filing on EDGAR →
A notice of default against Barrick at the material NGM joint venture, combined with pervasive worsening across six distinct themes — regulatory/tax, labor, litigation, operations, environmental, and M&A/strategic — marks a broad and substantive deterioration in the risk profile. Tax stability expiry and a proposed sliding-scale royalty regime, new indemnification liabilities with unbounded exposure from divestitures, and escalating labor constraints (immigration restrictions, 18-month stalled bargaining, 90/10 local-hire law) compound the operational pressure. The sole easing — divestiture execution risk converting to contingent payment exposure — is modest against the weight of new and escalated risks.
11 company-specific
· 1 eased/removed
Company-specific changes
Revised
New disclosure of January 2026 notice of default against Barrick for alleged mismanagement and resource diversion at NGM joint venture, a material asset.
To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures, our interest in these properties is subject to the risks normally associated with the conduct of…
Revised
New disclosure of Q3 2025 workforce reduction and restructuring plan with severance and consulting costs. Material operational change with execution risk.
Increased operating and capital costs could affect our profitability. Costs at any particular mining location are subject to variation due to a number of factors, such as variable ore grade, changing…
Revised
Mexico Zacatecas environmental tax renegotiation now explicitly threatens "significantly higher tax obligations" and "materially impact financial results" if extraction volume expansion imposed. Prior year was uncertain; now concrete escalation risk.
New or changing legislation and tax risks in certain operating jurisdictions could negatively affect us. We have operations and conduct business in a number of jurisdictions, which may increase our…
Revised
New immigration restrictions on expatriate visas and heightened residence permit requirements effective Q4 2025 materially impact ability to hire/retain skilled workers. Protracted 18-month collective bargaining at mediation stage creates strike and labor unrest risk.
Our Merian operation in Suriname is subject to political, security and economic risks. We hold a 75% interest in the Merian gold mine (“Merian”) in the mid-eastern part of Suriname. Suriname has…
Revised
Tax stability period expired December 31, 2025, eliminating tax advantages. Proposed sliding-scale royalty regime (5-12% vs. current 5% max) pending Parliament approval, materially increasing operating costs during high gold prices.
Our operations at Ahafo South and Ahafo North in Ghana are subject to political, economic and other risks. Newmont operates in Ghana pursuant to a Revised Investment Agreement ratified by Ghana’s…
Revised
New 90/10 employment law in Santa Cruz (Jan 2026) requires 90% local workforce, creating operational compliance risk with uncertain exceptions and potential labor cost/availability impacts.
Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina and labor unrest. With the election of a new President at the end of 2023, the…
New
New disclosure of material indemnification liabilities from divestitures with unbounded exposure (CC&V 90% closure costs, Akyem Constitutional case fines, Continental Gold tax claims). Uncertain but potentially significant future payments.
We are subject to ongoing indemnification and other retained liabilities from both recent and historical transactions. The Company is subject to certain indemnifications, guarantees, and obligations…
Revised
Added concrete 2025 Boddington bushfire incident with operational suspension and water infrastructure damage, plus winter storm risks to Brucejack/Red Chris access roads.
Our operations and projects are subject to a range of transitional and physical risks related to climate change. We believe that climate change has the potential to impact the regions and sites in…
Revised
New disclosure of June 2025 fall of ground incidents at Red Chris Mine; removal of Colorado operations reference and Éléonore/Porcupine examples; softened GISTM deadline language. Incidents escalate operational risk.
Our Company and the mining industry are facing continued geotechnical, geothermal, and hydrogeological challenges, which could adversely impact our production and profitability. Newmont and the…
Revised
Removal of Pamour litigation claim and addition of March 2025 mineral claims consultation requirement. Net effect: new regulatory constraint on mineral tenure acquisition offsetting removal of specific litigation.
Our operations and projects in Canada are subject to legal and regulatory risks and other uncertainties in connection with claims and challenges by Indigenous groups. First Nations have made claims…
Revised
Expanded scope: now explicitly covers cross-border movement of mineral, equipment, technology, services, capital, data. Removed Newcrest-specific acquisition language, broadening risk characterization to systemic operational exposure.
Newmont’s global operations create exposure to U.S. and international trade, sanctions, and export control risks. As a U.S.-headquartered company, Newmont must comply with U.S. trade laws…
Eased / removed
Revised
Divestiture risk shifted from pending sales with uncertain closing to completed transactions. Remaining exposure is deferred/contingent payments, a lower risk profile than execution uncertainty.
Risks Related to Divestitures and Related Agreement We may not receive any or all deferred or contingent consideration for divested assets. The Company completed a series of asset divestments in…