Newmont’s 118.2M Oz Reserves Drop Post-Divestment; $240M Exploration Plan
Newmont reported 2025 mineral reserves of 118.2 million ounces, down from 134.1 million after divesting five non-core assets, while reserve grade remained at 0.94 g/t under a $2,000/oz assumption. It allocated $240 million for 2026 exploration focusing on near-mine projects and holds 12.5 million tonnes of copper reserves.
1. Reserve Base Decline
Newmont’s attributable gold reserves for 2025 totaled 118.2 million ounces, a decline from 134.1 million ounces driven by the sale of five non-core assets. Reserves were estimated using a conservative gold price assumption of $2,000 per ounce, and the overall reserve grade held steady at 0.94 grams per tonne.
2. Diversified Metal Portfolio
In addition to gold, Newmont maintains 12.5 million tonnes of copper reserves and 442 million ounces of silver reserves across eight managed sites. These significant quantities of base and precious metals provide a diversified resource base to support future production and revenue streams.
3. 2026 Exploration Investment
The company has earmarked $240 million for its 2026 exploration program, with 80% of the budget directed toward near-mine expansion and brownfield opportunities. This focused investment strategy is intended to extend mine life, enhance resource conversion and identify incremental deposits within existing operations.