T. Rowe Price New Era Fund Inc.

02/23/2026 | Press release | Distributed by Public on 02/23/2026 10:26

Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-01710

T. Rowe Price New Era Fund, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

December 31, 2025

New Era Fund

Investor Class (PRNEX)

This annual shareholder report contains important information about New Era Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
New Era Fund - Investor Class
$86
0.79%

What drove fund performance during the past 12 months?

  • Natural resources equities advanced. While oil fell as output increased in an uncertain demand environment, base metals rose and precious metals surged, with gold and silver reaching record highs on safe-haven demand.

  • Relative to the MSCI World Select Natural Resources Index Net, stock selection and an overweight in coal and consumable fuels contributed most to relative performance. Uranium producers moved higher as nuclear energy demand grew to meet electricity needs for artificial intelligence data centers. Stock choices and an average overweight boosted relative returns in oil and gas refining and marketing, which benefited from strong refining margins and supply constraints.

  • An overweight allocation and stock choices in paper and forest products detracted most from relative performance due to slow consumer demand and persistent housing weakness. Stock choices in precious metals and minerals detracted as our high-quality, lower-beta holdings advanced but lagged speculative high-beta peers.

  • The fund seeks to provide long-term capital growth primarily through the common stocks of companies that own or develop natural resources and other basic commodities and also through the stocks of selected nonresource growth companies. The fund is actively managed and invests a minimum of two-thirds of its assets in the common stocks of natural resources companies whose earnings and tangible assets may benefit from rising inflation. We look for companies whose products can be produced and marketed profitably when both labor costs and prices are rising.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025

Investor Class
Regulatory Benchmark
Strategy Benchmark
2015
10,000
10,000
10,000
2016
10,847
9,965
10,482
2016
11,724
10,066
11,294
2016
12,164
10,555
11,917
2016
12,501
10,751
12,563
2017
12,412
11,437
12,537
2017
12,204
11,897
12,201
2017
12,965
12,473
13,201
2017
13,823
13,159
14,069
2018
13,213
12,991
13,357
2018
14,023
13,216
14,460
2018
14,308
13,874
14,521
2018
11,582
12,013
11,526
2019
13,045
13,512
13,133
2019
13,160
14,053
13,131
2019
12,522
14,128
12,509
2019
13,537
15,337
13,456
2020
8,693
12,108
8,151
2020
10,546
14,452
9,985
2020
10,944
15,598
9,616
2020
13,176
17,776
11,806
2021
14,556
18,651
13,700
2021
15,262
20,095
14,786
2021
15,206
20,094
14,687
2021
16,513
21,654
15,518
2022
17,853
20,538
18,477
2022
15,578
17,214
16,530
2022
15,285
16,149
15,983
2022
17,706
17,726
18,773
2023
17,516
19,096
18,790
2023
17,568
20,400
18,845
2023
18,119
19,694
19,822
2023
17,900
21,942
20,351
2024
19,568
23,891
21,852
2024
19,174
24,519
21,357
2024
19,602
26,080
21,914
2024
18,702
26,039
20,638
2025
19,608
25,572
21,878
2025
19,800
28,506
22,144
2025
21,551
30,578
23,856
2025
22,239
31,532
24,653

202501-4140694, 202601-5112784

F41-052 2/26

Average Annual Total Returns

1 Year
5 Years
10 Years
New Era Fund (Investor Class)
18.91%
11.04%
8.32%
MSCI World Index Net (Regulatory Benchmark)
21.09
12.15
12.17
MSCI World Select Natural Resources Index Net (Strategy Benchmark)
19.46
15.87
9.44

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

  • Total Net Assets (000s)$2,473,110
  • Number of Portfolio Holdings118
  • Investment Advisory Fees Paid (000s)$12,703
  • Portfolio Turnover Rate38.6%

What did the fund invest in?

Industry Allocation (as a % of Net Assets)

Integrated Oil & Gas
16.6%
Diversified Metals & Mining
10.7
Oil & Gas Storage & Transportation
8.6
Oil & Gas Equipment & Services
8.4
U.S. Oil Exploration & Production
6.6
Precious Metals & Minerals
6.4
OUS Oil & Gas Exploration & Production
5.7
Coal & Consumable Fuels
5.5
Paper & Forest Products
4.4
Other
27.1

Top Ten Holdings(as a % of Net Assets)

Shell
4.4%
Chevron
4.2
Exxon Mobil
4.1
ConocoPhillips
3.3
Linde
2.5
Williams
2.5
Enbridge
2.2
Canadian Natural Resources
2.0
Valero Energy
1.9
SLB
1.8

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

New Era Fund

Investor Class (PRNEX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Annual Shareholder Report

December 31, 2025

New Era Fund

I Class (TRNEX)

This annual shareholder report contains important information about New Era Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
New Era Fund - I Class
$62
0.57%

What drove fund performance during the past 12 months?

  • Natural resources equities advanced. While oil fell as output increased in an uncertain demand environment, base metals rose and precious metals surged, with gold and silver reaching record highs on safe-haven demand.

  • Relative to the MSCI World Select Natural Resources Index Net, stock selection and an overweight in coal and consumable fuels contributed most to relative performance. Uranium producers moved higher as nuclear energy demand grew to meet electricity needs for artificial intelligence data centers. Stock choices and an average overweight boosted relative returns in oil and gas refining and marketing, which benefited from strong refining margins and supply constraints.

  • An overweight allocation and stock choices in paper and forest products detracted most from relative performance due to slow consumer demand and persistent housing weakness. Stock choices in precious metals and minerals detracted as our high-quality, lower-beta holdings advanced but lagged speculative high-beta peers.

  • The fund seeks to provide long-term capital growth primarily through the common stocks of companies that own or develop natural resources and other basic commodities and also through the stocks of selected nonresource growth companies. The fund is actively managed and invests a minimum of two-thirds of its assets in the common stocks of natural resources companies whose earnings and tangible assets may benefit from rising inflation. We look for companies whose products can be produced and marketed profitably when both labor costs and prices are rising.

How has the fund performed?

Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2025

I Class
Regulatory Benchmark
Strategy Benchmark
2015
500,000
500,000
500,000
2016
542,737
498,252
524,110
2016
586,757
503,275
564,710
2016
608,767
527,762
595,848
2016
625,999
537,553
628,139
2017
621,535
571,827
626,830
2017
611,492
594,849
610,054
2017
649,804
623,633
660,033
2017
692,978
657,966
703,430
2018
662,601
649,537
667,848
2018
703,420
660,802
723,001
2018
718,039
693,714
726,040
2018
581,387
600,647
576,279
2019
655,220
675,607
656,646
2019
661,211
702,635
656,546
2019
629,320
706,392
625,450
2019
680,535
766,847
672,808
2020
437,204
605,413
407,553
2020
530,580
722,614
499,261
2020
550,758
779,908
480,791
2020
663,559
888,795
590,306
2021
733,247
932,538
685,015
2021
769,208
1,004,753
739,297
2021
766,567
1,004,684
734,368
2021
832,838
1,082,705
775,907
2022
900,579
1,026,913
923,826
2022
786,085
860,692
826,486
2022
771,955
807,435
799,148
2022
894,542
886,285
938,640
2023
885,403
954,802
939,508
2023
888,450
1,020,010
942,229
2023
916,520
984,699
991,093
2023
905,883
1,097,107
1,017,557
2024
990,894
1,194,537
1,092,623
2024
971,407
1,225,972
1,067,830
2024
993,817
1,304,003
1,095,692
2024
948,542
1,301,947
1,031,890
2025
994,806
1,278,613
1,093,894
2025
1,005,286
1,425,294
1,107,222
2025
1,094,491
1,528,916
1,192,778
2025
1,130,174
1,576,581
1,232,661

202501-4140694, 202601-5112784

F428-052 2/26

Average Annual Total Returns

1 Year
5 Years
10 Years
New Era Fund (I Class)
19.15%
11.24%
8.50%
MSCI World Index Net (Regulatory Benchmark)
21.09
12.15
12.17
MSCI World Select Natural Resources Index Net (Strategy Benchmark)
19.46
15.87
9.44

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund's past performance is not a good predictor of the fund's future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

  • Total Net Assets (000s)$2,473,110
  • Number of Portfolio Holdings118
  • Investment Advisory Fees Paid (000s)$12,703
  • Portfolio Turnover Rate38.6%

What did the fund invest in?

Industry Allocation (as a % of Net Assets)

Integrated Oil & Gas
16.6%
Diversified Metals & Mining
10.7
Oil & Gas Storage & Transportation
8.6
Oil & Gas Equipment & Services
8.4
U.S. Oil Exploration & Production
6.6
Precious Metals & Minerals
6.4
OUS Oil & Gas Exploration & Production
5.7
Coal & Consumable Fuels
5.5
Paper & Forest Products
4.4
Other
27.1

Top Ten Holdings(as a % of Net Assets)

Shell
4.4%
Chevron
4.2
Exxon Mobil
4.1
ConocoPhillips
3.3
Linde
2.5
Williams
2.5
Enbridge
2.2
Canadian Natural Resources
2.0
Valero Energy
1.9
SLB
1.8

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

MSCI does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

New Era Fund

I Class (TRNEX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR,applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR.Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) - (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

2025

2024

Audit Fees

$ 23,735 $ 23,525

Audit-Related Fees

- -

Tax Fees

9,125 9,200

All Other Fees

- -

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-ratashare of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-auditservices performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approvalin advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approvalmay be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approvalfor audit or non-auditservices requiring fees of a de minimis amount is not permitted.

(2) No services included in (b) - (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01of Regulation S-X.

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-auditservices rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,862,000 and $1,262,000, respectively.

(h) All non-auditservices rendered in (g) above were pre-approvedby the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.

(a - b) Report pursuant to Regulation S-X.

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
December
31,
2025
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRNEX
New
Era
Fund
TRNEX
New
Era
Fund-
.
I Class
T.
ROWE
PRICE
New
Era
Fund
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
37
.16‌
$
37
.24‌
$
41
.12‌
$
40
.07‌
$
32
.65‌
Investment
activities
Net
investment
income
(1)(2)
0
.86‌
0
.83‌
0
.97‌
1
.31‌
0
.73‌
Net
realized
and
unrealized
gain/loss
6
.16‌
0
.87‌
(
0
.58‌
)
1
.58‌
7
.52‌
Total
from
investment
activities
7
.02‌
1
.70‌
0
.39‌
2
.89‌
8
.25‌
Distributions
Net
investment
income
(
1
.08‌
)
(
0
.79‌
)
(
1
.19‌
)
(
1
.79‌
)
(
0
.83‌
)
Net
realized
gain
(
2
.58‌
)
(
0
.99‌
)
(
3
.08‌
)
(
0
.05‌
)
-‌
Total
distributions
(
3
.66‌
)
(
1
.78‌
)
(
4
.27‌
)
(
1
.84‌
)
(
0
.83‌
)
NET
ASSET
VALUE
End
of
period
$
40
.52‌
$
37
.16‌
$
37
.24‌
$
41
.12‌
$
40
.07‌
Ratios/Supplemental
Data
Total
return
(2)(3)
18
.91‌
%
4
.48‌
%
1
.10‌
%
7
.22‌
%
25
.33‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.79‌
%
0
.77‌
%
0
.75‌
%
0
.74‌
%
0
.70‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.79‌
%
0
.77‌
%
0
.75‌
%
0
.74‌
%
0
.70‌
%
Net
investment
income
2
.16‌
%
2
.08‌
%
2
.37‌
%
3
.18‌
%
1
.95‌
%
Portfolio
turnover
rate
38
.6‌
%
24
.3‌
%
82
.8‌
%
41
.5‌
%
33
.8‌
%
Net
assets,
end
of
period
(in
millions)
$951
$915
$1,036
$1,407
$1,664
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
New
Era
Fund
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/25
12/31/24
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
37
.11‌
$
37
.19‌
$
41
.11‌
$
40
.08‌
$
32
.66‌
Investment
activities
Net
investment
income
(1)(2)
0
.95‌
0
.91‌
1
.05‌
1
.43‌
0
.79‌
Net
realized
and
unrealized
gain/loss
6
.15‌
0
.88‌
(
0
.59‌
)
1
.53‌
7
.52‌
Total
from
investment
activities
7
.10‌
1
.79‌
0
.46‌
2
.96‌
8
.31‌
Distributions
Net
investment
income
(
1
.17‌
)
(
0
.88‌
)
(
1
.30‌
)
(
1
.88‌
)
(
0
.89‌
)
Net
realized
gain
(
2
.58‌
)
(
0
.99‌
)
(
3
.08‌
)
(
0
.05‌
)
-‌
Total
distributions
(
3
.75‌
)
(
1
.87‌
)
(
4
.38‌
)
(
1
.93‌
)
(
0
.89‌
)
NET
ASSET
VALUE
End
of
period
$
40
.46‌
$
37
.11‌
$
37
.19‌
$
41
.11‌
$
40
.08‌
Ratios/Supplemental
Data
Total
return
(2)(3)
19
.15‌
%
4
.71‌
%
1
.27‌
%
7
.41‌
%
25
.51‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/payments
by
Price
Associates
0
.57‌
%
0
.57‌
%
0
.57‌
%
0
.56‌
%
0
.55‌
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.57‌
%
0
.57‌
%
0
.57‌
%
0
.56‌
%
0
.55‌
%
Net
investment
income
2
.38‌
%
2
.28‌
%
2
.55‌
%
3
.47‌
%
2
.10‌
%
Portfolio
turnover
rate
38
.6‌
%
24
.3‌
%
82
.8‌
%
41
.5‌
%
33
.8‌
%
Net
assets,
end
of
period
(in
millions)
$1,522
$1,414
$1,513
$1,696
$1,407
0‌
%
0‌
%
0‌
%
0‌
%
0‌
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
New
Era
Fund
December
31,
2025
4
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
96.4%
AGRICULTURE
0.6%
Agricultural
Products
0.6%
Corteva
214,000‌
14,344‌
14,344‌
Fertilizers
&
Agricultural
Chemicals
0.0%
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $8,324 (1)(2)(3)
450,821‌
-‌
-‌
Total
Agriculture
14,344‌
CHEMICALS
6.1%
Industrial
Gases
4.0%
Air
Liquide
(EUR)
198,104‌
37,234‌
Linde
147,093‌
62,719‌
99,953‌
Specialty
Chemicals
2.1%
RPM
International
126,357‌
13,141‌
Sherwin-Williams
98,215‌
31,825‌
Syensqo
(EUR)
73,175‌
5,861‌
50,827‌
Total
Chemicals
150,780‌
COMMODITY
INDUSTRIALS
7.9%
Construction
&
Engineering
0.4%
SPIE
(EUR)
180,479‌
10,405‌
10,405‌
Construction
&
Farm
Machinery
&
Heavy
Trucks
2.4%
Caterpillar
58,700‌
33,627‌
KION
Group
(EUR)
232,058‌
18,337‌
Sany
Heavy
Industry,
Class
H
(HKD) (2)
2,621,600‌
7,613‌
59,577‌
Construction
Materials
2.1%
Heidelberg
Materials
(EUR)
85,225‌
22,095‌
Holcim
(CHF)
177,338‌
17,264‌
Knife
River (2)
184,900‌
13,008‌
52,367‌
Electrical
Components
&
Equipment
1.5%
Fujikura
(JPY)
108,700‌
12,054‌
Hubbell
29,020‌
12,888‌
T.
ROWE
PRICE
New
Era
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
nVent
Electric
124,700‌
12,716‌
37,658‌
Electronic
Components
0.3%
Bel
Fuse,
Class
B
40,337‌
6,842‌
6,842‌
Industrial
Machinery
1.2%
Interpump
Group
(EUR)
301,603‌
16,406‌
Mitsubishi
Heavy
Industries
(JPY)
587,300‌
14,338‌
30,744‌
Total
Commodity
Industrials
197,593‌
ENERGY
SERVICES
&
PROCESSORS
21.6%
Oil
&
Gas
Drilling
0.5%
Precision
Drilling
(CAD) (2)
180,200‌
12,931‌
12,931‌
Oil
&
Gas
Equipment
&
Services
8.4%
Baker
Hughes
853,069‌
38,849‌
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $10,109 (1)(2)(3)(4)
10,108,939‌
4,650‌
Expro
Group
Holdings (2)
1,171,078‌
15,634‌
Kodiak
Gas
Services
323,403‌
12,095‌
NOV
1,041,800‌
16,283‌
SLB
1,162,165‌
44,604‌
TechnipFMC
792,069‌
35,295‌
Tenaris,
ADR (5)
341,502‌
13,131‌
Weatherford
International
335,400‌
26,248‌
206,789‌
Oil
&
Gas
Refining
&
Marketing
3.1%
Phillips
66
231,665‌
29,894‌
Valero
Energy
282,296‌
45,955‌
75,849‌
Oil
&
Gas
Storage
&
Transportation
8.6%
Enbridge (5)
1,150,492‌
55,028‌
Kinder
Morgan
500,596‌
13,761‌
ONEOK
393,800‌
28,944‌
South
Bow
(CAD) (5)
622,500‌
17,121‌
Targa
Resources
202,149‌
37,297‌
Williams
1,025,600‌
61,649‌
213,800‌
Semiconductor
Equipment
1.0%
Qnity
Electronics
153,400‌
12,525‌
T.
ROWE
PRICE
New
Era
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Shoals
Technologies
Group,
Class
A (2)
1,311,200‌
11,145‌
23,670‌
Total
Energy
Services
&
Processors
533,039‌
EXPLORATION
&
PRODUCTION
16.0%
OUS
Oil
&
Gas
Exploration
&
Production
5.7%
Advantage
Energy
(CAD) (2)
1,014,500‌
8,677‌
ARC
Resources
(CAD) (5)
1,012,900‌
19,003‌
Canadian
Natural
Resources
(CAD)
1,464,066‌
49,590‌
Headwater
Exploration
(CAD) (5)
1,622,800‌
11,078‌
Kelt
Exploration
(CAD) (2)
2,169,891‌
12,126‌
Tamarack
Valley
Energy
(CAD) (5)
1,909,200‌
11,100‌
Tourmaline
Oil
(CAD) (5)
520,900‌
23,366‌
Var
Energi
(NOK)
1,907,897‌
6,238‌
141,178‌
U.S.
Mixed
Exploration
&
Production
3.7%
EQT
566,187‌
30,348‌
Expand
Energy
244,171‌
26,947‌
Range
Resources
478,252‌
16,863‌
Viper
Energy,
Class
A
416,203‌
16,078‌
90,236‌
U.S.
Oil
Exploration
&
Production
6.6%
ConocoPhillips
860,643‌
80,565‌
Diamondback
Energy
143,627‌
21,591‌
EOG
Resources
134,811‌
14,157‌
Ovintiv
498,200‌
19,524‌
Permian
Resources
1,223,631‌
17,168‌
Vista
Energy,
ADR (2)
199,300‌
9,698‌
162,703‌
Total
Exploration
&
Production
394,117‌
INTEGRATEDS
16.6%
Integrated
Oil
&
Gas
16.6%
BP
(GBP)
3,558,037‌
20,750‌
Chevron
679,031‌
103,491‌
Exxon
Mobil
831,876‌
100,108‌
Shell
(GBP)
2,938,114‌
108,276‌
Suncor
Energy
(CAD)
886,722‌
39,357‌
TotalEnergies
(EUR)
584,752‌
38,125‌
Total
Integrateds
410,107‌
T.
ROWE
PRICE
New
Era
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
METALS
&
MINING
19.9%
Coal
&
Consumable
Fuels
5.5%
Cameco
466,584‌
42,688‌
Centrus
Energy,
Class
A (2)(5)
43,960‌
10,672‌
Energy
Fuels (2)(5)
1,185,500‌
17,237‌
Uranium
Energy (2)
3,650,600‌
42,639‌
Warrior
Met
Coal
269,800‌
23,788‌
137,024‌
Diversified
Metals
&
Mining
8.0%
Alcoa
295,970‌
15,728‌
Carpenter
Technology
66,600‌
20,968‌
Champion
Iron
(AUD)
3,815,891‌
15,369‌
Firefly
Aerospace (2)
195,424‌
4,372‌
First
Quantum
Minerals
(CAD) (2)
934,073‌
25,044‌
Freeport-McMoRan
680,901‌
34,583‌
Iluka
Resources
(AUD)
3,222,617‌
12,389‌
Ivanhoe
Electric (2)
1,284,681‌
20,529‌
MP
Materials (2)(5)
208,983‌
10,558‌
NGEx
Minerals
(CAD) (2)
447,444‌
8,345‌
Southern
Copper
104,902‌
15,050‌
Teck
Resources,
Class
B
144,783‌
6,934‌
thyssenkrupp
(EUR)
688,544‌
7,402‌
197,271‌
Precious
Metals
&
Minerals
6.4%
Agnico
Eagle
Mines
141,620‌
24,009‌
Alamos
Gold,
Class
A
306,900‌
11,840‌
Americas
Gold
&
Silver (2)
2,428,960‌
11,791‌
Artemis
Gold
(CAD) (2)
673,600‌
18,006‌
Franco-Nevada
(CAD) (5)
117,445‌
24,345‌
LunR
Royalties
(CAD) (2)
49,309‌
469‌
OR
Royalties
(CAD) (5)
858,200‌
30,400‌
Skeena
Resources
(CAD) (2)
643,300‌
15,279‌
Snowline
Gold
(CAD) (2)
1,078,149‌
13,637‌
Zijin
Gold
International
(HKD) (2)
464,600‌
8,701‌
158,477‌
Total
Metals
&
Mining
492,772‌
OTHER
4.6%
Other
Diversified
Financial
Services
0.2%
Talon
Capital (2)
479,220‌
4,927‌
T.
ROWE
PRICE
New
Era
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Talon
Capital
Sponsor,
Class
A,
Acquisition
Date:
9/2/25,
Cost $447 (1)(2)(3)
178,821‌
447‌
5,374‌
Paper
&
Forest
Products
4.4%
International
Paper
562,489‌
22,156‌
Louisiana-Pacific
235,100‌
18,987‌
Packaging
Corp.
of
America
113,408‌
23,388‌
Stora
Enso,
Class
R
(EUR)
1,426,116‌
17,806‌
UPM-Kymmene
(EUR)
445,518‌
12,880‌
West
Fraser
Timber
(CAD)
223,299‌
13,661‌
108,878‌
Total
Other
114,252‌
UTILITIES
3.1%
Electric
Utilities
2.4%
NextEra
Energy
288,379‌
23,151‌
Orsted
(DKK) (2)
1,008,939‌
19,260‌
Southern
198,502‌
17,310‌
59,721‌
Independent
Power
Producers
&
Energy
Traders
0.4%
NRG
Energy
57,500‌
9,156‌
9,156‌
Multi-Utilities
0.3%
Alliant
Energy
125,600‌
8,165‌
8,165‌
Total
Utilities
77,042‌
Total
Common
Stocks
(Cost
$1,736,279)
2,384,046‌
CONVERTIBLE
PREFERRED
STOCKS
3.2%
AGRICULTURE
0.0%
Fertilizers
&
Agricultural
Chemicals
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $3,048 (1)(2)(3)
165,071‌
-‌
Total
Agriculture
-‌
COMMODITY
INDUSTRIALS
0.2%
Electrical
Components
&
Equipment
0.2%
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $1,716 (1)(2)(3)
1,796,201‌
2,551‌
T.
ROWE
PRICE
New
Era
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2,413 (1)(2)(3)
2,526,018‌
3,587‌
Total
Commodity
Industrials
6,138‌
ENERGY
SERVICES
&
PROCESSORS
0.3%
Renewable
Electricty
0.3%
Form
Energy,
Series
F,
Acquisition
Date:
10/4/24,
Cost $6,086 (1)(2)(3)
251,671‌
6,158‌
Total
Energy
Services
&
Processors
6,158‌
METALS
&
MINING
2.7%
Diversified
Metals
&
Mining
2.7%
Cyclic
Materials,
Series
C,
Acquisition
Date:
12/11/25,
Cost $5,356 (1)(2)(3)
650,849‌
5,356‌
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $4,843 (1)(2)(3)
83,662‌
5,559‌
Jetti
Holdings,
Series
D,
Acquisition
Date:
9/20/22,
Cost $11,506 (1)(2)(3)
86,580‌
11,506‌
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $7,697 (1)(2)(3)
280,805‌
31,622‌
Kobold
Metals,
Series
B-Prime,
Acquisition
Date:
3/21/23,
Cost $2,262 (1)(2)(3)
52,878‌
5,955‌
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $7,899 (1)(2)(3)
601,655‌
5,968‌
Total
Metals
&
Mining
65,966‌
Total
Convertible
Preferred
Stocks
(Cost
$52,826)
78,262‌
PREFERRED
STOCKS
0.0%
ENERGY
SERVICES
&
PROCESSORS
0.0%
Oil
&
Gas
Equipment
&
Services
0.0%
Energy
Reservoir
Holdings,
Class
A-3,
Acquisition
Date:
11/30/22,
Cost $234 (1)(2)(3)(4)
234,367‌
288‌
Total
Energy
Services
&
Processors
288‌
Total
Preferred
Stocks
(Cost
$234)
288‌
SHORT-TERM
INVESTMENTS
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
3.77% (6)(7)
4,150,702‌
4,151‌
Total
Short-Term
Investments
(Cost
$4,151)
4,151‌
T.
ROWE
PRICE
New
Era
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.8%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.5%
Money
Market
Funds 0.5%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75% (6)(7)
12,581,487‌
12,581‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
12,581‌
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.3%
Money
Market
Funds 0.3%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75% (6)(7)
7,904,976‌
7,905‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
7,905‌
Total
Securities
Lending
Collateral
(Cost
$20,486)
20,486‌
Total
Investments
in
Securities
100.6%
of
Net
Assets
(Cost
$1,813,976)
$
2,487,233‌
T.
ROWE
PRICE
New
Era
Fund
11
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(2)
Non-income
producing
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$83,647
and
represents
3.4%
of
net
assets.
(4)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
(5)
See
Note
3
.
All
or
a
portion
of
this
security
is
on
loan
at
December
31,
2025.
(6)
Seven-day
yield
(7)
Affiliated
Companies
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
NOK
Norwegian
Krone
T.
ROWE
PRICE
New
Era
Fund
12
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
year
ended
December
31,
2025.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
3.77%
$
-‌
$
-‌
$
320‌++
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75%
-‌
-‌
-‌++
Totals
$
-‌#
$
-‌
$
320‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/24
Purchase
Cost
Sales
Cost
Value
12/31/25
T.
Rowe
Price
Government
Reserve
Fund,
3.77%
$
65,857‌
¤
¤
$
4,151‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.75%
-‌
¤
¤
20,486‌
Total
$
24,637‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
3
.
+
Investment
income
comprised
$320
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$24,637.
T.
ROWE
PRICE
New
Era
Fund
December
31,
2025
Statement
of
Assets
and
Liabilities
13
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$1,813,976)
$
2,487,233‌
Foreign
currency
(cost
$2,975)
2,985‌
Dividends
receivable
2,067‌
Receivable
for
shares
sold
1,190‌
Other
assets
3,215‌
Total
assets
2,496,690‌
Liabilities
Obligation
to
return
securities
lending
collateral
20,486‌
Investment
management
fees
payable
1,129‌
Payable
for
investment
securities
purchased
1,021‌
Payable
for
shares
redeemed
565‌
Due
to
affiliates
161‌
Payable
to
directors
2‌
Other
liabilities
216‌
Total
liabilities
23,580‌
NET
ASSETS
$
2,473,110‌
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
677,358‌
Paid-in
capital
applicable
to
61,085,328
shares
of
$1.00
par
value
capital
stock
outstanding;
300,000,000
shares
authorized
1,795,752‌
NET
ASSETS
$
2,473,110‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$950,762;
Shares
outstanding:
23,463,354)
$
40.52‌
I
Class
(Net
assets:
$1,522,348;
Shares
outstanding:
37,621,974)
$
40.46‌
T.
ROWE
PRICE
New
Era
Fund
Statement
of
Operations
14
($000s)
Year
Ended
12/31/25
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$595)
$
65,812‌
Other,
non
cash
4,048‌
Securities
lending
345‌
Other
4‌
Total
income
70,209‌
Expenses
Investment
management
12,703‌
Shareholder
servicing
Investor
Class
$
2,100‌
I
Class
234‌
2,334‌
Prospectus
and
shareholder
reports
Investor
Class
40‌
I
Class
14‌
54‌
Custody
and
accounting
345‌
Registration
72‌
Legal
and
audit
69‌
Directors
7‌
Miscellaneous
49‌
Total
expenses
15,633‌
Net
investment
income
54,576‌
T.
ROWE
PRICE
New
Era
Fund
Statement
of
Operations
15
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/25
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
(loss)
Securities
189,860‌
Foreign
currency
transactions
198‌
Net
realized
gain
190,058‌
Change
in
net
unrealized
gain
/
loss
Securities
171,601‌
Other
assets
and
liabilities
denominated
in
foreign
currencies
419‌
Change
in
net
unrealized
gain
/
loss
172,020‌
Net
realized
and
unrealized
gain
/
loss
362,078‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
416,654‌
T.
ROWE
PRICE
New
Era
Fund
Statement
of
Changes
in
Net
Assets
16
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/25
12/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
54,576‌
$
55,864‌
Net
realized
gain
190,058‌
93,895‌
Change
in
net
unrealized
gain
/
loss
172,020‌
(
28,077‌
)
Increase
in
net
assets
from
operations
416,654‌
121,682‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(
79,952‌
)
(
42,509‌
)
I
Class
(
130,487‌
)
(
68,028‌
)
Decrease
in
net
assets
from
distributions
(
210,439‌
)
(
110,537‌
)
Capital
share
transactions
*
Shares
sold
Investor
Class
60,840‌
67,005‌
I
Class
102,061‌
222,086‌
Distributions
reinvested
Investor
Class
76,599‌
40,760‌
I
Class
124,222‌
64,865‌
Shares
redeemed
Investor
Class
(
182,250‌
)
(
234,700‌
)
I
Class
(
243,304‌
)
(
391,231‌
)
Decrease
in
net
assets
from
capital
share
transactions
(
61,832‌
)
(
231,215‌
)
Net
Assets
Increase
(decrease)
during
period
144,383‌
(
220,070‌
)
Beginning
of
period
2,328,727‌
2,548,797‌
End
of
period
$
2,473,110‌
$
2,328,727‌
*Share
information
(000s)
Shares
sold
Investor
Class
1,532‌
1,691‌
I
Class
2,574‌
5,658‌
Distributions
reinvested
Investor
Class
1,892‌
1,074‌
I
Class
3,073‌
1,712‌
Shares
redeemed
Investor
Class
(
4,583‌
)
(
5,956‌
)
I
Class
(
6,122‌
)
(
9,959‌
)
Decrease
in
shares
outstanding
(
1,634‌
)
(
5,780‌
)
T.
ROWE
PRICE
New
Era
Fund
NOTES
TO
FINANCIAL
STATEMENTS
17
T.
Rowe
Price
New
Era
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
New
Era
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks to
provide
long-term
capital
growth
primarily
through
the
common
stocks
of
companies
that
own
or
develop
natural
resources
and
other
basic
commodities,
and
also
through
the
stocks
of
selected
nonresource
growth
companies.
The
fund
has two classes
of
shares:
the
New
Era
Fund
(Investor
Class)
and
the
New
Era
Fund-I
Class
(I
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
both
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
class.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
T.
ROWE
PRICE
New
Era
Fund
18
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
T.
ROWE
PRICE
New
Era
Fund
19
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
-
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
-
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
-
unobservable
inputs
(including
the Valuation
Designee's assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
T.
ROWE
PRICE
New
Era
Fund
20
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
the
fund's portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decides whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
or how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund's
closing
NAV
per
share
on
the
day
of
valuation.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
T.
ROWE
PRICE
New
Era
Fund
21
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm's
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
December
31,
2025
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund's
Level
3
holdings
for
the
year ended
December
31,
2025.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any,
and
is
included
on
the
accompanying
Statement
of
Operations.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
December
31,
2025,
totaled $3,921,000 for
the
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
1,584,820‌
$
794,129‌
$
5,097‌
$
2,384,046‌
Convertible
Preferred
Stocks
-‌
-‌
78,262‌
78,262‌
Preferred
Stocks
-‌
-‌
288‌
288‌
Short-Term
Investments
4,151‌
-‌
-‌
4,151‌
Securities
Lending
Collateral
20,486‌
-‌
-‌
20,486‌
Total
$
1,609,457‌
$
794,129‌
$
83,647‌
$
2,487,233‌
T.
ROWE
PRICE
New
Era
Fund
22
year ended
December
31,
2025.
Additionally,
during
the
period,
transfers
into
and/or
out
of
Level
3
include
securities
acquired
or
exchanged
as
a
result
of
a
corporate
action.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund's
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Beginning
Balance
12/31/24
Gain
(Loss)
During
Period
Total
Purchases
Transfer
Into
Level 3
Transfer
Out
of
Level
3
Ending
Balance
12/31/25
Investment
in
Securities
Common
Stocks
$
7,609‌
$
58‌
$
447‌
$
-‌
$
(3,017‌)
$
5,097‌
Convertible
Preferred
Stocks
66,047‌
3,842‌
5,356‌
3,017‌
-‌
78,262‌
Preferred
Stocks
267‌
21‌
-‌
-‌
-‌
288‌
Total
$
73,923‌
$
3,921‌
$
5,803‌
$
3,017‌
$
(3,017‌)
$
83,647‌
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stocks
$
5,097
Recent
comparable
transaction
price(s)
-#
-#
-#
-#
Market
comparable
Enterprise
value
to
sales
multiple
1.2x
1.2x
Increase
T.
ROWE
PRICE
New
Era
Fund
23
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Enterprise
value
to
EBITDA
multiple
7.9x
7.9x
Increase
Discount
for
lack
of
recoverability
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
78,262
Recent
comparable
transaction
price(s)
-#
-#
-#
-#
Discount
for
uncertainity
10%
-
50%
29%
Decrease
Market
comparable
Enterprise
value
to
EBITDA
multiple
8.4x
-
23.9x
15.3x
Increase
EBITDA
growth
rate
124%
124%
Increase
Cost
of
Capital
25%
25%
Decrease
Discount
for
lack
of
recoverability
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
New
Era
Fund
24
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee's
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
NOTE
3
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Emerging
and
Frontier
Markets
The fund
invests,
either
directly
or
through
investments
in
other
T.
Rowe
Price
funds,
in
securities
of
companies
located
in,
issued
by
governments
of,
or
denominated
in
or
linked
to
the
currencies
of
emerging
and
frontier
market
countries.
Emerging
markets,
and
to
a
greater
extent
frontier
markets, tend
to
have
economic
structures
that
are
less
diverse
and
mature,
less
developed
legal
and
regulatory
regimes,
and
political
systems
that
are
less
stable,
than
those
of
developed
countries.
These
markets
may
be
subject
to
greater
political,
economic,
and
social
uncertainty
and
differing
accounting
standards
and
regulatory
environments
that
may
potentially
impact
the
fund's
ability
to
buy
or
sell
certain
securities
or
repatriate
proceeds
to
U.S.
dollars.
Emerging
markets
securities
exchanges
are
more
likely
to
experience
delays
with
the
clearing
and
settling
of
trades,
as
well
as
the
custody
of
holdings
by
local
banks,
agents,
and
depositories.
Such
securities
are
often
subject
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Preferred
Stocks
$
288
Recent
comparable
transaction
price(s)
Discount
for
uncertainty
5%
5%
Decrease
T.
ROWE
PRICE
New
Era
Fund
25
to
greater
price
volatility,
less
liquidity,
and
higher
rates
of
inflation
than
U.S.
securities.
Investing
in
frontier
markets
is
typically
significantly
riskier
than
investing
in
other
countries,
including
emerging
markets.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
fund,
except
in
the
event
of
borrower
default. Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
December
31,
2025,
the
value
of
loaned
securities
was
$120,431,000;
the
aggregate
value
of
collateral
was
$124,969,000
and
consisted
of
cash
collateral
and
related
investments
of
$20,486,000
and
U.S.
government
securities
of
$104,483,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $914,318,000 and
$1,129,568,000,
respectively,
for
the
year ended
December
31,
2025.
T.
ROWE
PRICE
New
Era
Fund
26
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund's
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
deemed
distributions
on
shareholder
redemptions.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
($000s)
December
31,
2025
December
31,
2024
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
64,282‌
$
50,886‌
Long-term
capital
gain
146,157‌
59,651‌
Total
distributions
$
210,439‌
$
110,537‌
T.
ROWE
PRICE
New
Era
Fund
27
At
December
31,
2025,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
December
31,
2025,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales,
the
realization
of
gains/losses
on
passive
foreign
investment
companies
and
the
recognition
of
income
on
contingent
debt
obligations.
NOTE
5
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/
loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
($000s)
Cost
of
investments
$
1,860,811‌
Unrealized
appreciation
$
757,504‌
Unrealized
depreciation
(130,940‌)
Net
unrealized
appreciation
(depreciation)
$
626,564‌
($000s)
Undistributed
ordinary
income
$
24,416‌
Undistributed
long-term
capital
gain
26,378‌
Net
unrealized
appreciation
(depreciation)
626,564‌
Total
distributable
earnings
(loss)
$
677,358‌
T.
ROWE
PRICE
New
Era
Fund
28
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.25%
of
the
fund's
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund's
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund's
average
daily
net
assets. At
December
31,
2025,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
T.
ROWE
PRICE
New
Era
Fund
29
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class's
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class's
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class.
For
the
year
ended
December
31,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$125,000
for
Price
Associates;
$1,600,000
for
T.
Rowe
Price
Services,
Inc.;
and
$47,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.89%
0.05%
Expense
limitation
date
02/29/28
02/29/28
(Waived)/repaid
during
the
period
($000s)
$-
$-
T.
ROWE
PRICE
New
Era
Fund
30
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
December
31,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
7
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
T.
ROWE
PRICE
New
Era
Fund
31
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
T.
ROWE
PRICE
New
Era
Fund
32
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
New
Era
Fund,
Inc.
and
Shareholders
of
T.
Rowe
Price
New
Era
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
New
Era
Fund
(constituting
T.
Rowe
Price
New
Era
Fund,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2025,
the
related
statement
of
operations
for
the
year
ended
December
31,
2025,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2025
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
New
Era
Fund
33
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2025
by
correspondence
with
the
custodians,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
18,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
New
Era
Fund
34
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/25
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund's
distributions
to
shareholders
included
$157,758,000
from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
taxable
non-corporate
shareholders,
$64,953,000
of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$32,487,000
of
the
fund's
income
qualifies
for
the
dividends-received
deduction.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F41-050
2/26

Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 16. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSRwas recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.

(2) Listing standards relating to recovery of erroneously awarded compensation: not applicable.

(3) Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price New Era Fund, Inc.
By

/s/ David Oestreicher

   
David Oestreicher
Principal Executive Officer
Date  February 18, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By

/s/ David Oestreicher

   
David Oestreicher
Principal Executive Officer
Date 

February 18, 2026

By

/s/ Alan S. Dupski

   
Alan S. Dupski
Principal Financial Officer
Date 

February 18, 2026

T. Rowe Price New Era Fund Inc. published this content on February 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 23, 2026 at 16:26 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]