FAIR VALUE ACCOUNTING

6 Months Ended

Jun. 30, 2026

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, 2025, as filed with the SEC on February 19, 2026, for further information on the Company's assets and liabilities included in the fair value hierarchy presented below.


	Fair Value at June 30, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents (1)	$	9,009	$	9,009	$	—	$	—
Restricted cash	34		34		—		—

Trade receivables from provisional concentrate sales	676		—		676		—


Marketable equity and other securities	389		389		—		—
Restricted marketable debt and other securities (Note 6)	14		14		—		—
Derivative assets (Note 11)	183		—		56		127
	$	10,305	$	9,446	$	732	$	127
Liabilities:
Debt (Note 15) (2)	$	5,151	$	—	$	5,151	$	—
Derivative liabilities (Note 11)	7		—		5		2

	$	5,158	$	—	$	5,156	$	2


	Fair Value at December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents (1)	$	7,647	$	7,647	$	—	$	—
Restricted cash	37		37		—		—
Trade receivables from provisional concentrate sales	1,064		—		1,064		—
Long-lived assets	78		—		—		78
Marketable equity and other securities	740		740		—		—
Restricted marketable debt and other securities (Note 6)	13		13		—		—
Derivative assets (Note 11)	262		—		60		202
	$	9,841	$	8,437	$	1,124	$	280
Liabilities:
Debt (Note 15) (2)	$	5,283	$	—	$	5,283	$	—
Derivative liabilities (Note 11)	1		—		1		—
Other liabilities	339		—		339		—
	$	5,623	$	—	$	5,623	$	—

____________________________

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

(2)Debt is carried at amortized cost. The outstanding carrying value was $5,083 and $5,115 at June 30, 2026 and December 31, 2025, respectively. The fair value measurement of debt was based on an independent third-party pricing source.

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, 2026 and December 31, 2025:

Description

At June 30, 2026

Valuation Technique

Significant Input

Range, Point Estimate or Average

Weighted Average Discount Rate

Derivative assets:

Hedging instruments (1)

107

Income approach

Forward power prices

A$34 - A$478

6.88%

Contingent consideration assets

Income approach

Forward gold prices

$4,370

—%

Derivative liabilities (1)

Income approach

Forward power prices

A$34 - A$478

6.88%

____________________________

(1)Consists of the Cadia power purchase agreement ("Cadia PPA") which was in a current liability and a non-current asset position at June 30, 2026; refer to Note 11 for further information.

Description

At December 31, 2025

Valuation Technique

Significant Input

Range, Point Estimate or Average

Weighted Average Discount Rate

Long-lived assets

Market-based approach

Various (1)

Derivative assets:

Hedging instruments

162

Income approach

Forward power prices

A$37 - A$703

7.00%

Contingent consideration assets

Income approach

Forward gold prices

$4,254

—%

____________________________

(1)Comprised of the nonrecurring impairment charge incurred on the Yanacocha Sulfides project equipment for the year ended December 31, 2025. The significant input to the fair value measurement included an estimated recoverability percentage of the original purchase order value of the equipment expected to be realized upon sale, which was based on completed sales up to December 31, 2025.

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, 2025	$	202	$	202	$	—	$	—

Fair value changes in Other comprehensive income (loss)	(55)		(55)		2		2
Settlements (1)	(20)		(20)		—		—

Fair value at June 30, 2026	$	127	$	127	$	2	$	2


	Derivative Assets		Total Assets		Derivative Liabilities		Total Liabilities
Fair value at December 31, 2024	$	142	$	142	$	6	$	6
Acquired through divestments (2)	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

____________________________

(1)In the first quarter of 2026, the Company received the first deferred payment of $20 related to the sale of the Musselwhite reportable segment. Refer to Note 3 for further information.

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

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details