FAIR VALUE ACCOUNTING (Tables)

6 Months Ended

Jun. 30, 2025

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) or nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 13 to the Consolidated Financial Statements included in Part II, Item 8, of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 21, 2025, for further information on the Company's assets and liabilities included in the fair value hierarchy presented below.


	Fair Value at June 30, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents (1)	$	6,185	$	6,185	$	—	$	—
Restricted cash	33		33		—		—

Trade receivables from provisional concentrate sales	634		—		634		—
Assets held for sale (2)	107		—		—		107

Marketable and other equity securities (Note 12) (3)	959		959		—		—
Restricted marketable debt securities (Note 12)	14		14		—		—
Derivative assets (Note 11)	491		—		53		438
Other assets (4)	107		—		—		107
	$	8,530	$	7,191	$	687	$	652
Liabilities:
Debt (5)	$	7,220	$	—	$	7,220	$	—
Derivative liabilities (Note 11)	17		—		12		5
Indemnification liabilities (6)	84		—		—		84
Other liabilities (7)	190		—		190		—
	$	7,511	$	—	$	7,422	$	89


	Fair Value at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents (1)	$	3,619	$	3,619	$	—	$	—
Restricted cash	31		31		—		—
Trade receivables from provisional concentrate sales	993		—		993		—
Assets held for sale (2)	1,840		—		1,168		672
Equity method investments (Note 12) (3)	212		212		—		—
Marketable and other equity securities (Note 12)	305		305		—		—
Restricted marketable debt securities (Note 12)	15		15		—		—
Derivative assets (Note 11)	142		—		—		142
Other assets (4)	61		—		—		61
	$	7,218	$	4,182	$	2,161	$	875
Liabilities:
Debt (5)	$	8,400	$	—	$	8,400	$	—
Derivative liabilities (Note 11)	143		—		137		6
Other liabilities (7)	51		—		51		—
	$	8,594	$	—	$	8,588	$	6

____________________________

(1)Cash and cash equivalents includes short-term deposits that have an original maturity of three months or less.

(2)Assets held for sale at June 30, 2025 and December 31, 2024 includes assets held for sale that were adjusted to their fair value, excluding costs to sell, of $107 and $1,840, respectively. The aggregate fair value, excluding costs to sell, of net assets held for sale subject to fair value remeasurement at June 30, 2025 and December 31, 2024 was $102 and $679, respectively.

(3)The Company's equity investment in Greatland Gold plc ("Greatland"), acquired through the sale of Telfer in the fourth quarter of 2024, is included in marketable and other equity securities at June 30, 2025 and in equity method investments under the fair value option at December 31, 2024. Refer to Note 12 for further information.

(4)In 2025, consists of the note receivable recognized related to the sale of Porcupine recognized at fair value at completion of the sale on April 15, 2025; refer to Note 3 for further information. In 2024, consists of the contingent consideration acquired through the sale of Telfer that does not meet the definition of a derivative and is considered to be a financial asset for which the Company recorded at fair value at completion of the sale on December 4, 2024.

(5)Debt is carried at amortized cost. The outstanding carrying value was $7,132 and $8,476 at June 30, 2025 and December 31, 2024, respectively. Refer to Note 15 for further information. The fair value measurement of debt was based on an independent third-party pricing source.

(6)Consists of the indemnifications recognized related to the sale of CC&V and Akyem, recognized at fair value at completion of the sale on February 28, 2025 and April 15, 2025, respectively. Refer to Note 3 for further information.

(7)Consists of an option acquired through the sale of Telfer in the fourth quarter of 2024, for which the Company elected the fair value option. Refer to Note 12 for further information.

Quantitative and Qualitative Information

The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at June 30, 2025 and December 31, 2024:


Description	At June 30, 2025		Valuation Technique	Significant Input	Range, Point Estimate or Average	Weighted Average Discount Rate
Assets held for sale	$	107	Income approach	Discount rate (1)	13.00%	13.00%
Derivative assets:

Hedging instruments (2)	$	142	Income approach	Forward power prices	A$29 - A$585	6.75%
Contingent consideration assets	$	296	Income approach	Discount rate	6.36% - 16.38%	5.99%
Other assets	$	107	Income approach	Discount rate	8.33%	8.33%
Derivative liabilities (2)	$	5	Income approach	Discount rate	5.22% - 5.95%	5.66%
Indemnification liabilities	$	84	Income approach	Discount rate (3)	4.35% - 5.75%	4.51%


Description	At December 31, 2024		Valuation Technique	Significant Input	Range, Point Estimate or Average	Weighted Average Discount Rate
Assets held for sale	$	672	Income approach	Various (1)	Various (1)	Various (1)
Derivative assets:
Hedging instruments (2)	$	94	Income approach	Forward power prices	A$43 - A$321	6.75%
Contingent consideration assets	$	47	Income approach	Discount rate	6.37% - 16.38%	10.67%
Other assets	$	61	Income approach	Discount rate	6.60%	6.60%
Derivative liabilities	$	5	Income approach	Discount rate	5.22% - 5.95%	5.66%

____________________________

(1)Refer to Note 3 for information on the assumptions and inputs specific to the non-recurring fair value measurement performed relating to assets held for sale.

(2)At June 30, 2025, the current and non-current portion of the Cadia Power Purchase Agreement ("Cadia PPA") of $5 and $137, respectively, are in an asset position. At December 31, 2024, the current portion of the Cadia PPA of $1 is in a liability position and the non-current portion of $95 is in an asset position. Amounts in an asset position are included in Derivative assets within the fair value hierarchy table and amounts in a liability position are included in Derivative liabilities within the fair value hierarchy table.

(3)Other significant inputs on the valuation of the indemnification liabilities include expected future closure costs of the divested CC&V mine and estimated probabilities and impact of a potential non-ratification of the lease of the divested Akyem mine.

Changes in the Fair Value of the Company's Level 3 Financial Assets

The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:


	Derivative Assets		Total Assets		Derivative Liabilities		Total Liabilities
Fair value at December 31, 2024	$	142	$	142	$	6	$	6
Acquired through divestments (1)	252		252		—		—
Fair value changes in Other comprehensive income (loss)	47		47		(1)		(1)
Fair value changes in Other income (loss), net	(3)		(3)		—		—

Fair value at June 30, 2025	$	438	$	438	$	5	$	5


	Derivative Assets		Total Assets		Derivative Liabilities		Total Liabilities
Fair value at December 31, 2023	$	635	$	635	$	5	$	5
Sales (2)	(281)		(281)		—		—
Transfers out of Level 3 (3)	(76)		(76)		—		—
Fair value changes in Other comprehensive income (loss)	(44)		(44)		2		2
Fair value changes in Other income (loss), net	5		5		—		—
Fair value changes in Net income (loss) from discontinued operations	11		11		—		—
Fair value at June 30, 2024	$	250	$	250	$	7	$	7

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(1)The Company acquired contingent consideration assets and recognized indemnification liabilities as part of the divestitures that occurred in 2025. Refer to Note 3 for further information.

(2)In the second quarter of 2024, the Company sold the SCFA. Refer to Note 8 for further information.

(3)In the first quarter of 2024, certain amounts relating to the Batu Hijau contingent consideration asset were reclassified from a derivative to a receivable as a result of achieving certain contractual milestones.

Changes in the Fair Value of the Company's Level 3 Financial Liabilities

The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:


	Derivative Assets		Total Assets		Derivative Liabilities		Total Liabilities
Fair value at December 31, 2024	$	142	$	142	$	6	$	6
Acquired through divestments (1)	252		252		—		—
Fair value changes in Other comprehensive income (loss)	47		47		(1)		(1)
Fair value changes in Other income (loss), net	(3)		(3)		—		—

Fair value at June 30, 2025	$	438	$	438	$	5	$	5


	Derivative Assets		Total Assets		Derivative Liabilities		Total Liabilities
Fair value at December 31, 2023	$	635	$	635	$	5	$	5
Sales (2)	(281)		(281)		—		—
Transfers out of Level 3 (3)	(76)		(76)		—		—
Fair value changes in Other comprehensive income (loss)	(44)		(44)		2		2
Fair value changes in Other income (loss), net	5		5		—		—
Fair value changes in Net income (loss) from discontinued operations	11		11		—		—
Fair value at June 30, 2024	$	250	$	250	$	7	$	7

____________________________

(1)The Company acquired contingent consideration assets and recognized indemnification liabilities as part of the divestitures that occurred in 2025. Refer to Note 3 for further information.

(2)In the second quarter of 2024, the Company sold the SCFA. Refer to Note 8 for further information.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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