Newmont Reports First Quarter 2024 Results

Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced first quarter 2024 results and declared a first quarter dividend of $0.25 per share.

"Newmont delivered a strong first quarter operational performance, producing 2.2 million gold equivalent ounces and generating over $1.4 billion in cash from operations before working capital changes," said Tom Palmer, Newmont's President and Chief Executive Officer. "Underpinned by the gold industry's leading portfolio of Tier 1 gold and copper operations, we remain well-positioned to achieve our full-year guidance and deliver meaningful synergies and productivity improvements from the combined portfolio. We remain focused on delivering on the commitments we laid out at the beginning of this year, creating an attractive value proposition for new and existing investors during this unique time in the gold industry."

Q1 2024 Results1

Delivered $288 million in dividends to shareholders; declared a dividend of $0.25 per share of common stock for the first quarter of 20242
Announced sale of the Lundin Gold stream credit facility and offtake agreement ("Lundin Gold Financing Facilities") for $330 million, further monetizing Newmont’s non-core assets while maintaining its equity interest in Lundin Gold
Produced 1.7 million attributable gold ounces and 489 thousand gold equivalent ounces (GEOs)3 from copper, silver, lead and zinc; primarily driven by production of 1.4 million gold ounces from Newmont's Tier 1 Portfolio4
Reported gold Costs Applicable to Sales (CAS) per ounce of $1,057 and gold All-In Sustaining Costs (AISC) per ounce of $1,439; Newmont's Tier 1 Portfolio reported CAS of $1,000 per ounce and AISC of $1,378 per ounce5
Generated $776 million of cash from operating activities, net of working capital changes of $(666) million; reported $(74) million in Free Cash Flow net of working capital changes and $850 million of capital reinvestment to sustain current operations and advance high-return projects; excluding the stamp duty payment in connection with the Newcrest transaction, Newmont generated Free Cash Flow of $217 million5
Reported Net Income of $179 million, Adjusted Net Income (ANI) of $0.55 per share and Adjusted EBITDA of $1.7 billion for the quarter5
Delivered $105 million in synergies to date from the Newcrest acquisition; on track to realize $500 million in annual synergies by the end of 20256
Firmly on track to deliver 2024 guidance for production, costs and capital spend; full-year production expected to be second-half weighted as previously indicated7
Classified six non-core assets and one project as held for sale, resulting in a non-cash impairment of $485 million
Refinanced approximately $2 billion of debt acquired from the Newcrest acquisition; targeting a $1 billion debt reduction
Published 20th Annual Sustainability Report and 3rd Annual Taxes and Royalties Contribution Report, providing a transparent review of Newmont's ESG performance, tax strategy and economic contributions

____________________

1 Newmont’s actual condensed consolidated financial results remain subject to completion and final review by management and external auditors for the quarter ended March 31, 2024. Newmont intends to file its Q1 2024 Form 10-Q on or about the close of business on April 29, 2024. See notes at the end of this release.

2 Newmont's Board of Directors declared a dividend of $0.25 per share of common stock for the first quarter of 2024, payable on June 27, 2024 to holders of record at the close of business on June 4, 2024.

3 Gold equivalent ounces (GEOs) calculated using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024.

4 Newmont’s go-forward portfolio is focused on Tier 1 assets, consisting of (1) six managed Tier 1 assets (Boddington, Tanami, Cadia, Lihir, Peñasquito and Ahafo), (2) assets owned through two non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo, including four Tier 1 assets (Carlin, Cortez, Turquoise Ridge and Pueblo Viejo), (3) three emerging Tier 1 assets (Merian, Cerro Negro and Yanacocha), which do not currently meet the criteria for Tier 1 Asset, and (4) an emerging Tier 1 district in the Golden Triangle in British Columbia (Red Chris and Brucejack), which does not currently meet the criteria for Tier 1 Asset. Newmont’s Tier 1 portfolio also includes attributable production from the Company’s equity interest in Lundin Gold (Fruta del Norte). Tier 1 Portfolio cost and capital metrics include the proportional share of the Company’s interest in the Nevada Gold Mines joint venture.

5 Non-GAAP metrics; see reconciliations at the end of this release.

6 Synergies are a management estimate provided for illustrative purposes and should not be considered a GAAP or non-GAAP financial measure. Synergies represent management’s combined estimate of pre-tax synergies, supply chain efficiencies and Full Potential improvements, as a result of the integration of Newmont’s and Newcrest’s businesses that have been monetized for the purposes of the estimation. Such estimates are necessarily imprecise and are based on numerous judgments and assumptions. See cautionary statement at the end of this release regarding forward-looking statements.

7 See discussion of outlook and cautionary statement at the end of this release regarding forward-looking statements.

Advancing Portfolio Optimization with Sale of Lundin Gold Financing Facilities

Newmont announced today that Lundin Gold Inc. (Lundin Gold) has agreed to buy out 100 percent of the balance of the stream credit facility agreement and offtake agreement for the Fruta del Norte gold mine in Ecuador for total consideration of $330 million, payable in cash in two tranches: $180 million as of the expected closing date of June 28, 2024, and the remaining $150 million by September 30, 2024. Newmont has maintained its exposure to the Fruta del Norte operation through its equity interest in Lundin Gold.

In connection with the acquisition of Newcrest and the Company's strategy to create lasting value, Newmont committed to delivering at least $2 billion in near-term cash improvements through portfolio optimization within the first two years. The early repayment of the facilities is another step in delivering on this commitment as Newmont continues to build a more profitable and resilient future for the business.

Summary of First Quarter Results

2023

2024

Average realized gold price ($/oz)

1,906

1,965

1,920

2,004

1,954

2,090

Attributable gold production (Moz)1

1.27

1.24

1.29

1.74

5.55

1.68

Gold CAS ($/oz)2,3

1,025

1,054

1,019

1,086

1,050

1,057

Gold AISC ($ per ounce)3

1,376

1,472

1,426

1,485

1,444

1,439

GAAP net income (loss) from continuing operations ($M)

339

153

157

(3,170

)

(2,521

)

166

Adjusted net income ($M)4

320

266

286

452

1,324

630

Adjusted net income per share ($/diluted share)4

0.40

0.33

0.36

0.46

1.57

0.55

Adjusted EBITDA ($M)4

990

910

933

1,382

4,215

1,694

Cash from operations before working capital ($M)5

843

763

874

777

3,257

1,442

Net cash from operating activities ($M)

481

656

1,001

616

2,754

776

Capital expenditures ($M)6

526

616

604

920

2,666

850

Free cash flow ($M)7

(45

)

397

(304

)

(74

)

(74

)

FIRST QUARTER 2024 FINANCIAL AND PRODUCTION SUMMARY

Attributable gold production1 decreased 4 percent to 1,675 thousand ounces from the prior quarter primarily due to lower production at Tanami due to a planned mill shutdown and seasonal rainfall impacts, and the ongoing stripping campaigns at Boddington and Akyem. In addition, lower production was delivered from the non-managed joint venture at Nevada Gold Mines. This unfavorable impact was partially offset by higher production at Peñasquito and Yanacocha, as well as a full quarter of ownership of the sites acquired in the Newcrest transaction. Full year production for 2024 is expected to be second-half weighted as previously indicated.

Looking ahead, operations at Cerro Negro are currently suspended as a full investigation is conducted following the tragic fatalities of two members of the Newmont workforce on April 9, 2024. In addition, operations are temporarily suspended at Telfer, one of Newmont's non-core assets, as further work is completed to remediate the safe operation of the tailings storage facility.

Average realized gold price was $2,090, an increase of $86 per ounce over the prior quarter. Average realized gold price includes $2,082 per ounce of gross price received, a favorable impact of $19 per ounce mark-to-market on provisionally-priced sales and reductions of $11 per ounce for treatment and refining charges.

Gold CAS2 totaled $1.7 billion for the quarter. Gold CAS per ounce3 was largely in line with the prior quarter at $1,057 per ounce.

Gold AISC per ounce3 was largely in line with the prior quarter at $1,439 per ounce, with a slight improvement from lower sustaining capital spend.

Attributable gold equivalent ounce (GEO) production from other metals increased 69 percent to 489 thousand ounces from the prior quarter primarily due to the ramp-up of Peñasquito to full operations after the resolution of the labor strike in the fourth quarter of 2023, combined with higher co-product grades from the Chile Colorado pit. In addition, Cadia delivered higher copper production.

CAS from other metals2 totaled $416 million for the quarter. CAS per GEO3 decreased 34 percent to $829 per ounce from the prior quarter primarily due to higher other metal sales as a result of the increased volumes at Peñasquito.

AISC per GEO3 decreased 33 percent to $1,148 per ounce compared to the prior quarter primarily due to lower CAS per GEO as a result of the increased volumes at Peñasquito, as well as lower sustaining capital spend.

Net income from continuing operations attributable to Newmont stockholders was $166 million or $0.15 per diluted share, an increase of $3.3 billion from the prior quarter primarily due to the recognition of impairment charges and higher reclamation and remediation expense during the fourth quarter of 2023, as well as higher average realized gold prices and lower CAS in the first quarter of 2024.

Adjusted net income4 was $630 million or $0.55 per diluted share, compared to $452 million or $0.46 per diluted share in the prior quarter. Primary adjustments to first quarter net income include a loss on assets held for sale of $485 million, changes in the fair value of investments of $31 million, Newcrest transaction and integration costs of $29 million and settlement costs of $21 million.

Adjusted EBITDA4 increased 23 percent to $1,694 million for the quarter, compared to $1,382 million for the prior quarter.

Consolidated cash from operations before working capital5 increased 86 percent from the prior quarter to $1.4 billion primarily due to higher realized gold prices, lower CAS and lower Newcrest transaction and integration costs.

Consolidated net cash from operating activities increased 26 percent from the prior quarter to $776 million primarily due to the improvement in cash from operations described above, partially offset by a $666 million reduction in operating cash flow due to changes in working capital, including a $291 million stamp duty payment in connection with the Newcrest acquisition, a build in inventories, stockpiles and ore on leach pads of $193 million, a build in accounts receivable of $84 million and reclamation spend of $59 million, primarily related to the construction of the Yanacocha water treatment facilities.

Free Cash Flow7 was $(74) million compared to $(304) million in the prior quarter primarily due to lower sustaining and development capital expenditures.

Capital expenditures6 decreased 8 percent from the prior quarter to $850 million primarily due to lower sustaining and development capital spend. Development capital expenditures in 2024 primarily relate to Ahafo North, Tanami Expansion 2, Cadia Block Caves and Cerro Negro expansion projects.

Balance sheet and liquidity remained strong in the first quarter, ending the quarter with $2.3 billion of consolidated cash, cash of $342 million included in Current assets held for sale, with approximately $6.7 billion of total liquidity; reported net debt to adjusted EBITDA of 1.2x8.

NON-MANAGED JOINT VENTURE AND EQUITY METHOD INVESTMENTS9

Nevada Gold Mines (NGM) attributable gold production was 264 thousand ounces, with CAS of $1,177 per ounce3 and AISC of $1,576 per ounce3 for the first quarter.

Pueblo Viejo (PV) attributable gold production was 54 thousand ounces for the quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $45 million in the first quarter. Capital contributions of $9 million were made during the quarter related to the expansion project at Pueblo Viejo.

Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the first quarter of 2024 was 21 thousand ounces. Cash distributions received from the Company's equity method investment in Fruta del Norte were $8 million for the first quarter.

____________________

1 Attributable gold production includes ounces from the Company's equity method investment in Pueblo Viejo (40%) and in Lundin Gold (31.9%).

2 Consolidated Costs applicable to sales (CAS) excludes Depreciation and amortization and Reclamation and remediation.

3 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.

4 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.

5 Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled in the Condensed Consolidated Statements of Cash Flows.

6 Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows.

7 Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities. Excluding the stamp duty payment in connection with the Newcrest transaction, Newmont generated Free Cash Flow of $217 million.

8 Non-GAAP measure. See end of this release for reconciliation.

9 Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 31.9% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag.

Key Projects in Execution

Newmont’s project pipeline supports stable production with improving margins and mine life1. Newmont's 2024 outlook includes current development capital costs and production related to the key projects of Tanami Expansion 2, Ahafo North and Cadia Block Caves.

Tanami Expansion 2 (Australia) secures Tanami’s future as a long-life, low-cost producer by extending mine life beyond 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure to process 3.3 million tonnes per year and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150 to 200 thousand ounces per year for the first five years and reduce operating costs by approximately 30 percent, bringing average all-in sustaining costs to $900 to $1,000 per ounce for Tanami (2028 - 2032). As a result of the identification of required overbreak and underbreak remediation, commercial production for the project is now expected in the second half of 2027. Total capital costs are now estimated to be between $1.7 and $1.8 billion, incorporating the required remediation work. Development costs (excluding capitalized interest) since approval were $806 million, of which $54 million related to 2024.
Ahafo North (Ghana) expands our existing footprint in Ghana with four open pit mines and a stand-alone mill located approximately 30 kilometers from the Company’s Ahafo South operations. The project is expected to add between 275 and 325 thousand ounces per year with all-in sustaining costs of $800 to $900 per ounce for the first five full years of production (2026 - 2030). Ahafo North is the best unmined gold deposit in West Africa with approximately 4.1 million ounces of Reserves and 1.3 million ounces of Measured, Indicated and Inferred Resources2 and significant upside potential to extend beyond Ahafo North’s current 13-year mine life. Commercial production for the project is expected in the second half of 2025. Total capital costs are estimated to be between $950 and $1,050 million. Development costs (excluding capitalized interest) since approval were $434 million, of which $59 million related to 2024.
Cadia Block Caves (Australia) includes two existing panel caves to recover approximately 5.9 million ounces of Gold Reserves as well as 1.3 million tonnes of Copper Reserves. First ore has been delivered from the first panel cave (PC2-3), and development is underway at the second panel cave (PC1-2). The newly-acquired project is currently under review, and a more fulsome update on the anticipated metrics is expected to be provided in the second half of 2024. Development capital costs (excluding capitalized interest) since approval were $76 million, of which $40 million related to 2024.

Committed to Concurrent Reclamation

Since mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental and regulatory impacts associated with the end of mining operations. Newmont’s global Closure Strategy integrates closure planning throughout each operation’s lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to accrue to reclamation and remediation spend through the year. Newmont expects to incur a cash outflow of approximately $600 million in 2024 and $700 million in 2025, primarily related to the construction of two new water treatment plants and post-closure management at Yanacocha. The operation’s ongoing closure planning study advanced to the feasibility state in December 2023 and continues to address several complex closure issues, including water management, social impacts and tailings. A long-term water management solution will replace five existing water treatment facilities with two, addressing the watersheds along the continental divide. Certain estimated costs remain subject to revision as ongoing study work and assessment of opportunities that incorporates the latest design considerations remain in progress.

____________________

1 Project estimates remain subject to change based upon uncertainties, including future market conditions, macroeconomic and geopolitical conditions, changes in interest rates, inflation, commodities and raw materials prices, supply chain disruptions, labor markets, engineering and mine plan assumptions, future funding decisions, consideration of strategic capital allocation and other factors, which may impact estimated capital expenditures, AISC and timing of projects. See end of this release for cautionary statement regarding forward-looking statements.

2 Total resources presented for Ahafo North includes Measured and Indicated resources of 1 million gold ounces and Inferred resources of 300 thousand gold ounces. See cautionary statement at the end of this release.

Newmont's 2024 Outlook

For a more detailed discussion, see the Company’s 2024 Outlook released on February 22, 2024, available on Newmont.com. Please see the cautionary statement and footnotes for additional information.

Guidance Metric

2024E

Attributable Gold Production (Koz)

Managed Tier 1 Portfolio

4,100

Non-Managed Tier 1 Portfolio

1,530

Total Tier 1 Portfolio

5,630

Non-Core Assets

1,300

Total Newmont Attributable Gold Production (Koz)

6,930

Attributable Gold CAS ($/oz) ($1,900/oz price assumption)

Managed Tier 1 Portfolio

980

Non-Managed Tier 1 Portfolio

1,130

Total Tier 1 Portfolio

1,000

Non-Core Assets

1,400

Total Newmont Gold CAS ($/oz)a

1,050

Attributable Gold AISC ($/oz) ($1,900/oz price assumption)

Managed Tier 1 Portfolio

1,250

Non-Managed Tier 1 Portfolio

1,440

Total Tier 1 Portfolio

1,300

Non-Core Assets

1,750

Total Newmont Gold AISC ($/oz)a

1,400

Copper ($8,818/tonne price assumption)a

Copper Production - Tier 1 Portfolio (ktonne)

144

Copper Production - Non-Core Assets (ktonne)

Total Newmont Copper Production (ktonne)

152

Copper CAS - Tier 1 Portfolio ($/tonne)

$5,050

Copper CAS - Non-Core Assets ($/tonne)

$11,050

Total Newmont Copper CAS ($/tonne)b

$5,080

Copper AISC - Tier 1 Portfolio ($/tonne)

$7,350

Copper AISC - Non-Core Assets ($/tonne)

$12,540

Total Newmont Copper AISC ($/tonne)b

$7,380

Silver ($23.00/oz price assumption)

Silver Production (Moz)

Silver CAS ($/oz)b

$11.00

Silver AISC ($/oz)b

$15.40

Lead ($2,205/tonne price assumption)a

Lead Production (ktonne)

Lead CAS ($/tonne)b

$1,220

Lead AISC ($/tonne)b

$1,570

Zinc ($2,976/tonne price assumption)a

Zinc Production (ktonne)

245

Zinc CAS ($/tonne)b

$1,550

Zinc AISC ($/tonne)b

$2,300

Attributable Capital

Sustaining Capital ($M)a

$1,800

Development Capital ($M)a

$1,300

Consolidated Expenses

Exploration & Advanced Projects ($M)

$450

General & Administrative ($M)

$300

Interest Expense ($M)

$365

Depreciation & Amortization ($M)

$2,850

Adjusted Tax Rate c,d

34%

aCo-product metal pricing assumptions in imperial units equate to Copper ($4.00/lb.), Lead ($1.00/lb.) and Zinc ($1.35/lb.).

bConsolidated basis

c The adjusted tax rate excludes certain items such as tax valuation allowance adjustments.

d Assuming average prices of $1,900 per ounce for gold, $4.00 per pound for copper, $23.00 per ounce for silver, $1.00 per pound for lead, and $1.35 per pound for zinc and achievement of current production, sales and cost estimates, we estimate our consolidated adjusted effective tax rate related to continuing operations for 2024 will be 34%.

2024 Site Outlooka

2024 Outlook

Consolidated Production (Koz)

Attributable Production (Koz)

Consolidated CAS ($/oz)

Consolidated

All-In Sustaining Costs b ($/oz)

Attributable Sustaining Capital Expenditures ($M)

Attributable Development Capital Expenditures ($M)

Managed Tier 1 Portfolio

Boddington

575

1,150

1,420

145

—

Tanami

400

900

1,430

170

340

Cadia

370

620

1,150

305

260

Lihir

630

1,050

1,270

105

—

Ahafo

725

860

1,060

110

—

Ahafo North

—

290

Peñasquito

250

780

1,030

145

—

Cerro Negro

290

860

1,110

130

Yanacocha

290

1,180

1,370

Merianc

295

220

1,280

1,570

—

Brucejack

310

1,130

1,370

—

Red Chris

1,120

1,530

—

Non-Managed Tier 1 Portfolio

Nevada Gold Minesd

1,080

1,130

1,440

290

130

Pueblo Viejoe

—

300

—

Fruta Del Nortef

—

150

—

Non-Core Assets

Telfer

230

2,180

2,470

—

Akyem

170

1,780

2,100

—

CC&V

170

1,270

1,610

—

Porcupine

270

1,090

1,510

100

Éléonore

270

1,080

1,500

—

Musselwhite

190

1,060

1,620

—

Co-Product Production

Boddington - Copper (ktonne)

6,020

7,600

—

Cadia - Copper (ktonne)

3,600

6,580

—

Peñasquito - Silver (Moz)

11.00

15.40

—

Peñasquito - Lead (ktonne)

1,220

1,570

—

Peñasquito - Zinc (ktonne)

245

1,550

2,300

—

Red Chris - Copper (ktonne)

6,440

9,570

—

Telfer - Copper (ktonne)

11,050

12,540

—

a 2024 outlook projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 22, 2024. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2024 Outlook assumes $1,900/oz Au, $8,818/tonne Cu, $23.00/oz Ag, $2,976/tonne Zn, $2,205/tonne Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $90/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Outlook may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. See cautionary at the end of this release.

b All-in sustaining costs (AISC) as used in the Company’s Outlook is a non-GAAP metric; see below for further information and reconciliation to consolidated 2024 CAS outlook.

c Consolidated production for Merian is presented on a total production basis for the mine site; attributable production represents a 75% interest for Merian.

d Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM.

e Attributable production includes Newmont’s 40% interest in Pueblo Viejo, which is accounted for as an equity method investment.

f Attributable production includes Newmont’s 31.9% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag.

2023

2024

Operating Results

Attributable Sales (koz)

Attributable gold ounces sold (1)

1,188

1,197

1,229

1,726

5,340

1,581

Attributable gold equivalent ounces sold

265

251

321

896

502

Average Realized Price ($/oz, $/lb)

Average realized gold price

1,906

1,965

1,920

2,004

1,954

2,090

Average realized copper price

4.18

3.26

3.68

3.69

3.71

3.72

Average realized silver price (2)

19.17

20.56

N.M.

19.45

19.97

20.41

Average realized lead price (2)

0.86

0.92

N.M.

0.90

0.92

Average realized zinc price (2)

1.18

0.73

N.M.

3.71

0.96

0.92

Attributable Gold Production (koz)

Boddington

199

209

181

156

745

142

Tanami

126

123

136

448

Cadia

—

122

Lihir

—

134

181

Ahafo

128

137

133

183

581

190

Peñasquito (2)

—

143

Cerro Negro

269

Yanacocha

276

Merian (75%)

242

Brucejack

—

Red Chris

—

Managed Tier 1 Portfolio

660

663

657

989

2,969

1,042

Nevada Gold Mines

261

287

300

322

1,170

264

Pueblo Viejo (40%) (3)

224

Fruta Del Norte (31.9%) (4)

—

Non-Managed Tier 1 Portfolio

321

338

352

383

1,394

339

Total Tier 1 Portfolio

981

1,001

1,009

1,372

4,363

1,381

Telfer

—

Akyem

100

295

CC&V

172

Porcupine

260

Éléonore

232

Musselwhite

180

Non-Core Assets (5)

292

239

282

369

1,182

294

Total Attributable Gold Production

1,273

1,240

1,291

1,741

5,545

1,675

Attributable Co-Product GEO Production (kGEO)

Boddington

245

Cadia

—

118

Peñasquito (2)

224

189

—

116

529

288

Red Chris

—

Tier 1 Portfolio

288

256

282

884

483

Telfer

—

Non-Core Assets (5)

—

Total Attributable Co-Product GEO Production

288

256

289

891

489

Gold CAS Consolidated ($/oz)

Boddington

841

777

848

941

847

1,016

Tanami

936

829

655

702

759

902

Cadia

—

1,079

648

Lihir

—

1,117

936

Ahafo

992

910

969

924

947

865

Peñasquito (2)

1,199

831

N.M.

1,306

1,219

853

Cerro Negro

1,146

1,655

1,216

1,132

1,257

861

Yanacocha

1,067

1,187

1,057

975

1,069

972

Merian (75%)

1,028

1,501

1,261

1,155

1,207

1,221

Brucejack

—

1,898

2,175

Red Chris

—

905

940

Nevada Gold Mines

1,109

1,055

992

1,125

1,070

1,177

Tier 1 Portfolio

1,019

1,001

980

1,050

1,016

1,000

Telfer

—

1,882

2,632

Akyem

810

1,087

1,032

877

931

1,006

CC&V

1,062

1,186

1,253

1,122

1,156

1,394

Porcupine

1,071

1,225

1,189

1,186

1,167

1,042

Éléonore

1,095

1,477

1,338

1,224

1,263

1,441

Musselwhite

1,313

1,356

1,045

1,068

1,186

1,175

Non-Core Assets (5)

1,043

1,264

1,159

1,214

1,169

1,306

Total Gold CAS (6)

1,025

1,054

1,019

1,086

1,050

1,057

Total Gold CAS (by-product) (6)

916

1,024

1,022

1,060

1,011

891

2023

2024

Operating Results (continued)

Co-Product CAS Consolidated ($/GEO)

Boddington

809

766

816

944

830

942

Cadia

—

1,017

594

Peñasquito (2)

954

1,162

N.M.

1,602

1,283

843

Red Chris

—

1,020

1,011

Tier 1 Portfolio

918

1,062

1,636

1,235

1,118

807

Telfer

—

1,703

2,882

Non-Core Assets (5)

—

1,703

2,882

Total Co-Product GEO CAS (6)

918

1,062

1,636

1,254

1,127

829

Gold AISC Consolidated ($/oz)

Boddington

1,035

966

1,123

1,172

1,067

1,242

Tanami

1,219

1,162

890

1,046

1,060

1,149

Cadia

—

1,271

989

Lihir

—

1,517

1,256

Ahafo

1,366

1,237

1,208

1,114

1,222

1,010

Peñasquito (2)

1,539

1,078

N.M.

1,670

1,590

1,079

Cerro Negro

1,379

1,924

1,438

1,412

1,509

1,120

Yanacocha

1,332

1,386

1,187

1,198

1,266

1,123

Merian (75%)

1,235

2,010

1,652

1,454

1,541

1,530

Brucejack

—

2,646

2,580

Red Chris

—

1,439

1,277

Nevada Gold Mines

1,405

1,388

1,307

1,482

1,397

1,576

Tier 1 Portfolio

1,381

1,387

1,355

1,444

1,397

1,378

Telfer

—

1,988

3,017

Akyem

1,067

1,461

1,332

1,110

1,210

1,254

CC&V

1,375

1,631

1,819

1,793

1,644

1,735

Porcupine

1,412

1,587

1,644

1,665

1,577

1,470

Éléonore

1,420

2,213

2,107

1,796

1,838

1,920

Musselwhite

1,681

2,254

1,715

1,771

1,843

1,766

Non-Core Assets (5)

1,359

1,808

1,685

1,629

1,610

1,712

Total Gold AISC (6)

1,376

1,472

1,426

1,485

1,444

1,439

Total Gold AISC (by-product) (6)

1,354

1,531

1,467

1,540

1,480

1,373

Co-Product AISC Consolidated ($/GEO)

Boddington

1,019

977

1,108

1,181

1,067

1,081

Cadia

—

1,342

1,027

Peñasquito (2)

1,351

1,581

N.M.

2,098

1,756

1,102

Red Chris

—

1,660

1,400

Tier 1 Portfolio

1,322

1,492

2,422

1,666

1,565

1,120

Telfer

—

2,580

3,745

Non-Core Assets (5)

—

2,580

3,745

Total Co-Product GEO AISC (6)

1,322

1,492

2,422

1,703

1,579

1,148

(1)

Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment, and the Fruta del Norte mine, which is wholly owned by Lundin Gold whom the Company holds a 31.9% interest and is accounted for as an equity method investment.

(2)

For the three months ended June 30, 2023 and September 30, 2023, Peñasquito production was impacted due to the suspension of operations as a result of the Union labor strike. Sales activity recognized in the third quarter of 2023 was related to adjustments on provisionally price concentrate sales subject to final settlement. Consequently, price per ounce/pound metrics are not meaningful ("N.M").

(3)

Represents attributable gold from Newmont's 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. Attributable gold ounces produced at Pueblo Viejo are not included in attributable gold ounces sold, as noted in footnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.

(4)

Represents attributable gold from Newmont's 31.9% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for on a quarterly-lag as an equity method investment. Attributable gold ounces produced by Lundin Gold represent prior quarter production and are not included in attributable gold ounces sold, as noted in footnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.

(5)

Sites are classified as held for sale as of March 31, 2024.

(6)

Non-GAAP measure. See end of this release for reconciliation.

NEWMONT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions except per share)

2023 (1)

2024

Sales

2,679

2,683

2,493

3,957

11,812

4,023

Costs and expenses:

Costs applicable to sales (2)

1,482

1,543

1,371

2,303

6,699

2,106

Depreciation and amortization

461

486

480

681

2,108

654

Reclamation and remediation

166

1,235

1,533

Exploration

265

Advanced projects, research and development

200

General and administrative

299

101

Loss on assets held for sale

—

485

Impairment charges

1,881

1,891

Other expense, net

441

517

2,174

2,317

2,255

6,766

13,512

3,623

Other income (expense):

Other income (loss), net

(17

)

(212

)

(88

)

121

Interest expense, net of capitalized interest

(65

)

(49

)

(48

)

(81

)

(243

)

(93

)

(93

)

(66

)

(293

)

(331

)

Income (loss) before income and mining tax and other items

539

300

232

(3,102

)

(2,031

)

428

Income and mining tax benefit (expense)

(213

)

(163

)

(73

)

(77

)

(526

)

(260

)

(260

)

Equity income (loss) of affiliates

Net income (loss) from continuing operations

351

153

162

(3,160

)

(2,494

)

175

Net income (loss) from discontinued operations

Net income (loss)

363

155

163

(3,148

)

(2,467

)

179

Net loss (income) attributable to noncontrolling interests

(12

)

—

)

(10

)

(27

)

Net income (loss) attributable to Newmont stockholders

351

155

158

(3,158

)

(2,494

)

170

Net income (loss) attributable to Newmont stockholders:

Continuing operations

339

153

157

(3,170

)

(2,521

)

166

Discontinued operations

351

155

158

(3,158

)

(2,494

)

170

Weighted average common shares (millions):

Basic

794

795

978

841

1,153

Effect of employee stock-based awards

—

Diluted

795

796

979

841

1,153

Net income (loss) attributable to Newmont stockholders per common share:

Basic:

Continuing operations

0.42

0.19

0.20

(3.24

)

(3.00

)

0.15

Discontinued operations

0.02

—

0.01

0.03

—

0.44

0.19

0.20

(3.23

)

(2.97

)

0.15

Diluted:

Continuing operations

0.42

0.19

0.20

(3.24

)

(3.00

)

0.15

Discontinued operations

0.02

—

0.01

0.03

—

0.44

0.19

0.20

(3.23

)

(2.97

)

0.15

(1)

Certain amounts and disclosures in the prior year have been reclassified to conform to the current year presentation.

(2)

Excludes Depreciation and amortization and Reclamation and remediation.

NEWMONT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

2023 (1)

2024

MAR

JUN

SEP

DEC

MAR

JUN

SEP

DEC

ASSETS

Cash and cash equivalents

2,657

2,829

3,190

3,002

2,336

Trade receivables

348

185

734

782

Investments

847

409

Inventories

1,067

1,111

1,127

1,663

1,385

Stockpiles and ore on leach pads

905

858

829

979

745

Derivative assets

—

198

114

Other current assets

735

742

707

913

765

Current assets held for sale

—

5,656

Current assets

6,559

6,134

5,955

7,512

11,806

Property, plant and mine development, net

24,097

24,284

24,474

37,563

33,564

Investments

3,216

3,172

3,133

4,143

4,138

Stockpiles and ore on leach pads

1,691

1,737

1,740

1,935

1,837

Deferred income tax assets

170

166

138

268

210

Goodwill

1,971

3,001

2,792

Derivative assets

—

444

412

Other non-current assets

670

669

673

640

576

Total assets

38,374

38,133

38,084

55,506

55,335

LIABILITIES

Accounts payable

648

565

651

960

698

Employee-related benefits

302

313

345

551

414

Income and mining taxes payable

213

155

143

136

Lease and other financing obligations

114

Debt

—

1,923

—

Other current liabilities

1,493

1,564

1,575

2,362

1,784

Current liabilities held for sale

—

2,351

Current liabilities

2,752

2,693

2,808

5,998

5,482

Debt

5,572

5,574

5,575

6,951

8,933

Lease and other financing obligations

451

441

418

448

436

Reclamation and remediation liabilities

6,603

6,604

6,714

8,167

6,652

Deferred income tax liabilities

1,800

1,795

1,696

2,987

3,094

Employee-related benefits

395

399

397

655

610

Silver streaming agreement

805

786

787

779

753

Other non-current liabilities

437

426

429

316

300

Total liabilities

18,815

18,718

18,824

26,301

26,260

Commitments and contingencies

EQUITY

Common stock

1,281

1,854

1,855

Treasury stock

(261

)

(261

)

(263

)

(264

)

(274

)

Additional paid-in capital

17,386

17,407

17,425

30,419

30,436

Accumulated other comprehensive income (loss)

(16

)

(Accumulated deficit) Retained earnings

948

785

623

(2,996

)

(3,111

)

Newmont stockholders' equity

19,377

19,225

19,074

29,027

28,890

Noncontrolling interests

182

190

186

178

185

Total equity

19,559

19,415

19,260

29,205

29,075

Total liabilities and equity

38,374

38,133

38,084

55,506

55,335

(1)

Certain amounts and disclosures in the prior year have been reclassified to conform to the current year presentation.

NEWMONT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)

2023 (1)

2024

Operating activities:

Net income (loss)

363

155

163

(3,148

)

(2,467

)

179

Non-cash adjustments:

Depreciation and amortization

461

486

480

681

2,108

654

Loss on assets held for sale

—

485

Net loss (income) from discontinued operations

(12

)

(12

)

(27

)

Reclamation and remediation

167

1,219

1,506

Deferred income taxes

(24

)

(101

)

(104

)

Change in fair value of investments

(41

)

(31

)

(31

)

(Gain) loss on asset and investment sales, net

(36

)

—

231

197

)

Impairment charges

1,881

1,891

Other non-cash adjustments

106

Cash from operations before working capital (2)

843

763

874

777

3,257

1,442

Net change in operating assets and liabilities

(362

)

(107

)

127

(171

)

(513

)

(666

)

(666

)

Net cash provided by (used in) operating activities of continuing operations

481

656

1,001

616

2,754

776

Net cash provided by (used in) operating activities of discontinued operations

—

Net cash provided by (used in) operating activities

481

663

1,003

616

2,763

776

Investing activities:

Additions to property, plant and mine development

(526

)

(616

)

(604

)

(920

)

(2,666

)

(850

)

(850

)

Proceeds from asset and investment sales

181

234

Return of investment from equity method investees

—

Purchases of investments

(525

)

(17

)

(551

)

(23

)

(23

)

Contributions to equity method investees

(41

)

(23

)

(26

)

(18

)

(108

)

(15

)

(15

)

Proceeds from maturities of investments

557

424

374

1,363

—

Acquisitions, net

—

668

—

Other

)

Net cash provided by (used in) investing activities

(342

)

(158

)

(253

)

(249

)

(1,002

)

(798

)

(798

)

Net cash provided by (used in) investing activities of discontinued operations

—

Net cash provided by (used in) investing activities

(342

)

(158

)

(253

)

(249

)

(1,002

)

(798

)

(798

)

Financing activities:

Proceeds from issuance of debt, net

—

3,476

Repayment of debt

—

(3,423

)

(3,423

)

Dividends paid to common stockholders

(318

)

(318

)

(318

)

(461

)

(1,415

)

(288

)

(288

)

Distributions to noncontrolling interests

(34

)

(32

)

(41

)

(43

)

(150

)

(41

)

(41

)

Funding from noncontrolling interests

138

Payments on lease and other financing obligations

(16

)

(16

)

(16

)

(19

)

(67

)

(18

)

(18

)

Payments for withholding of employee taxes related to stock-based compensation

(22

)

—

)

(25

)

(10

)

(10

)

Other

)

(36

)

(45

)

(84

)

(17

)

(17

)

Net cash provided by (used in) financing activities

(350

)

(334

)

(381

)

(538

)

(1,603

)

(299

)

(299

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

)

Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale

(219

)

175

364

(164

)

156

(324

)

(324

)

Less: cash and restricted cash reclassified to assets held for sale (3)

—

(395

)

(395

)

Net change in cash, cash equivalents and restricted cash

(219

)

175

364

(164

)

156

(719

)

(719

)

Cash, cash equivalents and restricted cash at beginning of period

2,944

2,725

2,900

3,264

2,944

3,100

Cash, cash equivalents and restricted cash at end of period

2,725

2,900

3,264

3,100

2,381

Reconciliation of cash, cash equivalents and restricted cash:

Cash and cash equivalents

2,657

2,829

3,190

3,002

2,336

Restricted cash included in Other current assets

Restricted cash included in Other non-current assets

Total cash, cash equivalents and restricted cash

2,725

2,900

3,264

3,100

2,381

(1)

Certain amounts and disclosures in the prior year have been reclassified to conform to the current year presentation.

(2)

Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled above.

(3)

During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities, including $342 of Cash and cash equivalents and $53 of restricted cash, included in Other current assets and Other non-current assets, were reclassified to Current assets held for sale and Current liabilities held for sale, respectively.

Non-GAAP Financial Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to Non-GAAP Financial Measures within Part II, Item 7 within our Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 for further information on the non-GAAP financial measures presented below, including why management believes that its presentation of non-GAAP financial measures provides useful information to investors.

Adjusted net income (loss)

Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:

Three Months Ended March 31, 2024

per share data (1)

basic

diluted

Net income (loss) attributable to Newmont stockholders

170

0.15

Net loss (income) attributable to Newmont stockholders from discontinued operations

)

—

Net income (loss) attributable to Newmont stockholders from continuing operations

166

0.15

Loss on assets held for sale (2)

485

0.43

Change in fair value of investments (3)

(31

)

(0.03

)

(0.03

)

Newcrest transaction and integration costs (4)

0.03

Settlement costs (5)

0.02

Impairment charges (6)

0.01

(Gain) loss on asset and investment sales, net (7)

)

(0.01

)

(0.01

)

Restructuring and severance (8)

—

Reclamation and remediation charges (9)

—

Tax effect of adjustments (10)

(147

)

(0.13

)

(0.13

)

Valuation allowance and other tax adjustments (11)

0.08

Adjusted net income (loss)

630

0.55

Weighted average common shares (millions): (12)

1,153

(1)

Per share measures may not recalculate due to rounding.

(2)

Loss on assets held for sale, included in Loss on assets held for sale, represents the loss recorded for the six non-core assets and the development project that met the requirements to be presented as held for sale in 2024.

(3)

Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investment in current and non-current marketable equity securities.

(4)

Newcrest transaction and integration costs, included in Other expense, net, represents costs incurred related to Newmont's acquisition of Newcrest completed in 2023 as well as subsequent integration costs.

(5)

Settlement costs, included in Other expense, net, are primarily comprised of wind down and demobilization costs related to the French Guiana project.

(6)

Impairment charges, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.

(7)

(Gain) loss on asset and investment sales, net, included in Other income (loss), net, primarily represents the gain recognized on the purchase and sale of foreign currency bonds.

(8)

Restructuring and severance, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company.

(9)

Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value.

(10)

The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (9), as described above, and are calculated using the applicable regional tax rate.

(11)

Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three months ended March 31, 2024 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $(65), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $35, net reductions to the reserve for uncertain tax positions of $(2), recording of a deferred tax liability for the outside basis difference at Akyem of $117 due to the status change to held-for-sale, and other tax adjustments of $7.

(12)

Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.

Three Months Ended March 31, 2023

per share data (1)

basic

diluted

Net income (loss) attributable to Newmont stockholders

351

0.44

Net loss (income) attributable to Newmont stockholders from discontinued operations

(12

)

(0.02

)

(0.02

)

Net income (loss) attributable to Newmont stockholders from continuing operations

339

0.42

Change in fair value of investments (2)

(41

)

(0.05

)

(0.05

)

(Gain) loss on asset and investment sales, net (3)

(36

)

(0.05

)

(0.05

)

Impairment charges (4)

—

Restructuring and severance (5)

—

Other (6)

)

—

Tax effect of adjustments (7)

0.02

Valuation allowance and other tax adjustments (8)

0.06

Adjusted net income (loss)

320

0.40

Weighted average common shares (millions): (9)

794

795

(1)

Per share measures may not recalculate due to rounding.

(2)

(3)

(Gain) loss on asset and investment sales, net, included in Other income (loss), net, primarily represents the net gain recognized on the exchange of the previously held Maverix investment for Triple Flag and the subsequent sale of the Triple Flag investment.

(4)

Impairment charges, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.

(5)

(6)

Other, included in Other income (loss), net, primarily represents income received on the favorable settlement of certain matters that were outstanding at the time of sale of the related investment in 2022.

(7)

The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (6), as described above, and are calculated using the applicable regional tax rate.

(8)

Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three months ended March 31, 2023 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $10, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $17, net reductions to the reserve for uncertain tax positions of $11, other tax adjustments of $2.

(9)

Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.

Earnings before interest, taxes, depreciation and amortization and Adjusted earnings before interest, taxes, depreciation and amortization

Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:

Three Months Ended March 31,

2024

2023

Net income (loss) attributable to Newmont stockholders

170

351

Net income (loss) attributable to noncontrolling interests

Net (income) loss from discontinued operations

)

(12

)

Equity loss (income) of affiliates

)

(25

)

Income and mining tax expense (benefit)

260

213

Depreciation and amortization

654

461

Interest expense, net of capitalized interest

EBITDA

1,175

1,065

Adjustments:

Loss on assets held for sale (1)

485

—

Change in fair value of investments (2)

(31

)

(41

)

Newcrest transaction and integration costs (3)

—

Settlement costs (4)

—

Impairment charges (5)

(Gain) loss on asset and investment sales, net (6)

)

(36

)

Restructuring and severance (7)

Reclamation and remediation charges (8)

—

Other (9)

—

)

Adjusted EBITDA

1,694

990

(1)

(2)

Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable equity securities.

(3)

(4)

Settlement costs, included in Other expense, net, are primarily comprised of wind-down and demobilization costs related to the French Guiana project in 2024 and litigation expenses in 2023.

(5)

Impairment charges, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.

(6)

(Gain) loss on asset and investment sales, net, included in Other income (loss), net, in 2024 primarily represent the purchase and sale of foreign currency bonds. For 2023, primarily comprised of the net gain recognized on the exchange of the previously held Maverix investment for Triple Flag and the subsequent sale of the Triple Flag investment.

(7)

(8)

(9)

Other, included in Other income (loss), net, in 2023, represents income received during the first quarter of 2023, on the favorable settlement of certain matters that were outstanding at the time of sale of the related investment in 2022.

Free Cash Flow

The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.

Three Months Ended March 31,

2024

2023

Net cash provided by (used in) operating activities (1)

776

481

Less: Additions to property, plant and mine development

(850

)

(526

)

Free Cash Flow

(74

)

(45

)

Net cash provided by (used in) investing activities (2)

(798

)

(342

)

Net cash provided by (used in) financing activities

(299

)

(350

)

(1)

Includes payment of $291 for stamp duty tax, related to the Newcrest transaction, in the first quarter of 2024.

(2)

Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow.

Attributable Free Cash Flow

Management uses Attributable Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations that are attributable to the Company. Attributable Free Cash Flow is Net cash provided by (used in) operating activities after deducting net cash flows from operations attributable to noncontrolling interests less Net cash provided by (used in) operating activities of discontinued operations after deducting net cash flows from discontinued operations attributable to noncontrolling interests less Additions to property, plant and mine development after deducting property, plant and mine development attributable to noncontrolling interests. The Company believes that Attributable Free Cash Flow is useful as one of the bases for comparing the Company’s performance with its competitors. Although Attributable Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Attributable Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

The presentation of non-GAAP Attributable Free Cash Flow is not meant to be considered in isolation or as an alternative to Net income attributable to Newmont stockholders as an indicator of the Company’s performance, or as an alternative to Net cash provided by (used in) operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company’s definition of Attributable Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Attributable Free Cash Flow as a measure that provides supplemental information to the Company’s Condensed Consolidated Statements of Cash Flows.

The following tables set forth a reconciliation of Attributable Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Attributable Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.

Three Months Ended March 31, 2024

Consolidated

Attributable to noncontrolling interests (1)

Attributable to Newmont Stockholders

Net cash provided by (used in) operating activities

776

)

769

Less: Additions to property, plant and mine development (2)

(850

)

(846

)

Free Cash Flow

(74

)

(77

)

Net cash provided by (used in) investing activities (3)

(798

)

Net cash provided by (used in) financing activities

(299

)

(1)

Adjustment to eliminate a portion of Net cash provided by (used in) operating activities and Additions to property, plant and mine development attributable to noncontrolling interests, which primarily relates to Merian (25%) for the three months ended March 31, 2024.

(2)

For the three months ended March 31, 2024, Merian had total consolidated Additions to property, plant and mine development of $15, on a cash basis.

(3)

Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow.

Three Months Ended March 31, 2023

Consolidated

Attributable to noncontrolling interests (1)

Attributable to Newmont Stockholders

Net cash provided by (used in) operating activities

481

(12

)

469

Less: Additions to property, plant and mine development (2)

(526

)

(523

)

Free Cash Flow

(45

)

(54

)

Net cash provided by (used in) investing activities (3)

(342

)

Net cash provided by (used in) financing activities

(350

)

(1)

Adjustment to eliminate a portion of Net cash provided by (used in) operating activities and Additions to property, plant and mine development attributable to noncontrolling interests, which relates to Merian (25%) for the three months ended March 31, 2023.

(2)

For the three months ended March 31, 2023, Merian had total consolidated Additions to property, plant and mine development of $13 on a cash basis.

(3)

Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow.

Net Debt

Net Debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents and time deposits included in Time deposits and other investments, as presented on the Condensed Consolidated Balance Sheets. Cash and cash equivalents and time deposits are subtracted from Debt and Lease and other financing obligations as these are highly liquid, low-risk investments and could be used to reduce the Company's debt obligations.

The following table sets forth a reconciliation of Net Debt, a non-GAAP financial measure, to Debt and Lease and other financing obligations, which the Company believes to be the GAAP financial measures most directly comparable to Net Debt.

At March 31, 2024

At December 31, 2023

Debt

8,933

8,874

Lease and other financing obligations

535

562

Less: Cash and cash equivalents

(2,336

)

(3,002

)

Less: Cash and cash equivalents included in current assets held for sale (1)

(342

)

—

Net debt

6,790

6,434

(1)

During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities, including $342 of Cash and cash equivalents, were reclassified to Current assets held for sale and Current liabilities held for sale, respectively.

Costs applicable to sales per ounce/gold equivalent ounce

Costs applicable to sales per ounce/gold equivalent ounce are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.

Costs applicable to sales per ounce

Three Months Ended March 31,

2024

2023

Costs applicable to sales (1)(2)

1,690

1,239

Gold sold (thousand ounces)

1,599

1,208

Costs applicable to sales per ounce (3)

1,057

1,025

(1)

Includes by-product credits of $39 and $30 during the three months ended March 31, 2024 and 2023.

(2)

Excludes Depreciation and amortization and Reclamation and remediation.

(3)

Per ounce measures may not recalculate due to rounding.

Costs applicable to sales per gold equivalent ounce

Three Months Ended March 31,

2024

2023

Costs applicable to sales (1)(2)

416

243

Gold equivalent ounces sold - other metals (thousand ounces) (3)

502

265

Costs applicable to sales per gold equivalent ounce (4)

829

918

(1)

Includes by-product credits of $15 and $2 during the three months ended March 31, 2024 and 2023.

(2)

Excludes Depreciation and amortization and Reclamation and remediation.

(3)

Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) for each of 2024 and 2023.

(4)

Per ounce measures may not recalculate due to rounding.

Costs applicable to sales per gold ounce for Nevada Gold Mines (NGM)

Three Months Ended March 31,

2024

2023

Cost applicable to sales, NGM (1)

314

286

Gold sold (thousand ounces), NGM

267

258

Costs applicable to sales per ounce, NGM (2)

1,177

1,109

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Per ounce measures may not recalculate due to rounding.

All-In Sustaining Costs

All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold.

Three Months Ended March 31, 2024

Costs Applicable to Sales(1)(2)(3)

Reclamation Costs(4)

Advanced Projects, Research and Development and Exploration(5)

General and Administrative

Other Expense, Net(6)

Treatment and Refining Costs

Sustaining Capital and Lease Related Costs(7)(8)

All-In Sustaining Costs

Ounces (000) Sold

All-In Sustaining Costs Per oz.(9)

Gold

Brucejack (10)

—

2,580

Red Chris (10)

—

1,277

Peñasquito

—

1,079

Merian

—

113

1,530

Cerro Negro

—

1,120

Yanacocha

—

102

1,123

Boddington

144

—

176

142

1,242

Tanami

—

105

1,149

Cadia (10)

—

113

114

989

Lihir (10)

171

—

229

182

1,256

Ahafo

159

—

186

184

1,010

Nevada Gold Mines

314

420

267

1,576

Corporate and Other (11)

—

125

—

Held for sale (14)

CC&V

—

1,735

Musselwhite

—

1,766

Porcupine

—

1,470

Éléonore

—

107

1,920

Telfer (10)

—

3,017

Akyem

—

1,254

Total Gold

1,690

386

2,302

1,599

1,439

Gold equivalent ounces - other metals (12)(13)

Red Chris (10)

—

1,400

Peñasquito

255

—

334

303

1,102

Boddington

—

1,081

Cadia (10)

—

115

112

1,027

Corporate and Other (11)

—

Held for sale (14)

Telfer (10)

—

3,745

Total Gold Equivalent Ounces

416

—

576

502

1,148

Consolidated

2,106

101

457

2,878

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes by-product credits of $54.

(3)

Includes stockpile, leach pad, and product inventory adjustments of $2 at Brucejack, $1 at Peñasquito, $15 at Telfer, and $6 at NGM.

(4)

Reclamation costs include operating accretion and amortization of asset retirement costs of $33 and $30, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $54 and $11, respectively.

(5)

Advanced projects, research and development and exploration excludes development expenditures of $1 at Peñasquito, $2 at Merian, $4 at Cerro Negro, $1 at Boddington, $8 at Tanami, $5 at Ahafo, $4 at Akyem, $3 at NGM, and $13 at Corporate and Other, totaling $41 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)

Other expense, net is adjusted for Newcrest transaction and integration costs of $29, settlement costs of $21, impairment charges of $12, and restructuring and severance of $6.

(7)

Excludes capitalized interest related to sustaining capital expenditures.

(8)

Includes finance lease payments and other costs for sustaining projects of $15.

(9)

Per ounce measures may not recalculate due to rounding.

(10)

Sites acquired through the Newcrest transaction.

(11)

Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments.

(12)

(13)

For the three months ended March 31, 2024, Red Chris sold 6 thousand tonnes of copper, Peñasquito sold 10 million ounces of silver, 29 thousand tonnes of lead and 61 thousand tonnes of zinc, Boddington sold 9 thousand tonnes of copper, Cadia sold 20 thousand tonnes of copper, and Telfer sold 1 thousand tonnes of copper.

(14)

Sites are classified as held for sale as of March 31, 2024.

Three Months Ended March 31, 2023

Costs Applicable to Sales (1)(2)(3)(4)

Reclamation Costs (5)

Advanced Projects,

Research and Development and Exploration(6)

General and Administrative

Other Expense, Net(7)

Treatment and Refining Costs

Sustaining Capital and Lease Related Costs(8)(9)

All-In Sustaining Costs

Ounces (000) Sold

All-In Sustaining Costs Per oz.(10)

Gold

CC&V

—

1,375

Musselwhite

—

1,681

Porcupine

—

1,412

Éléonore

—

1,420

Peñasquito

—

1,539

Merian

—

103

1,235

Cerro Negro

—

1,379

Yanacocha

—

1,332

Boddington

167

—

205

198

1,035

Tanami

—

1,219

Ahafo

130

—

179

131

1,366

Akyem

—

1,067

Nevada Gold Mines

286

—

363

258

1,405

Corporate and Other (11)

—

Total Gold

1,239

263

1,663

1,208

1,376

Gold equivalent ounces - other metals (12)(13)

Peñasquito

190

—

268

199

1,351

Boddington

—

1,019

Corporate and Other (11)

—

Total Gold Equivalent Ounces

243

—

349

265

1,322

Consolidated

1,482

307

2,012

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes by-product credits of $32.

(3)

Includes stockpile and leach pad inventory adjustments of $1 at Akyem, and $1 at NGM.

(4)

Beginning January 1, 2023, COVID-19 specific costs incurred in the ordinary course of business are recognized in Costs applicable to sales.

(5)

Reclamation costs include operating accretion and amortization of asset retirement costs of $24 and $30, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $38 and $4, respectively.

(6)

Advanced projects, research and development and exploration excludes development expenditures of $2 at Peñasquito, $1 at Merian, $1 at Cerro Negro, $4 at Tanami, $6 at Ahafo, $3 at Akyem, $3 at NGM and $19 at Corporate and Other, totaling $39 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(7)

Other expense, net is adjusted for impairment charges of $4 and restructuring and severance costs of $2.

(8)

Excludes capitalized interest related to sustaining capital expenditures.

(9)

Includes finance lease payments for sustaining projects of $22.

(10)

Per ounce measures may not recalculate due to rounding.

(11)

Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments.

(12)

(13)

For the three months ended March 31, 2023, Peñasquito sold 6 million ounces of silver, 17 thousand tonnes of lead and 45 thousand tonnes of zinc, and Boddington sold 12 thousand tonnes of copper.

A reconciliation of the 2024 Gold AISC outlook to the 2024 Gold CAS outlook is provided below. The estimates in the table below are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws.

2024 Outlook - Gold (1)(2)

(in millions, except ounces and per ounce)

Outlook Estimate

Cost Applicable to Sales (3)(4)

6,900

Reclamation Costs (5)

190

Advanced Projects & Exploration (6)

160

General and Administrative (7)

235

Other Expense

Treatment and Refining Costs

135

Sustaining Capital (8)

1,495

Sustaining Finance Lease Payments

All-in Sustaining Costs

9,150

Ounces (000) Sold (9)

6,555

All-in Sustaining Costs per Ounce

1,400

(1)

The reconciliation is provided for illustrative purposes in order to better describe management’s estimates of the components of the calculation. Estimates for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result, the total All-in sustaining costs and the All-in sustaining costs per ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for the 2024 AISC Gold Outlook on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts.

(2)

All values are presented on a consolidated basis for Newmont.

(3)

Excludes Depreciation and amortization and Reclamation and remediation.

(4)

Includes stockpile and leach pad inventory adjustments.

(5)

Reclamation costs include operating accretion and amortization of asset retirement costs.

(6)

Advanced Project and Exploration excludes non-sustaining advanced projects and exploration.

(7)

Includes stock-based compensation.

(8)

Excludes development capital expenditures, capitalized interest and change in accrued capital.

(9)

Consolidated production for Merian is presented on a total production basis for the mine site and excludes production from Pueblo Viejo and Fruta del Norte.

Net debt to Adjusted EBITDA ratio

Management uses net debt to Adjusted EBITDA as non-GAAP measures to evaluate the Company’s operating performance, including our ability to generate earnings sufficient to service our debt. Net debt to Adjusted EBITDA represents the ratio of the Company’s debt, net of cash and cash equivalents, to Adjusted EBITDA. Net debt to Adjusted EBITDA does not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Net Debt to Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of net debt to Adjusted EBITDA measure is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that net debt to Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of net debt to Adjusted EBITDA is evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted EBITDA as follows:

Three Months Ended

March 31, 2024

December 31, 2023

September 30, 2023

June 30, 2023

Net income (loss) attributable to Newmont stockholders

170

(3,158

)

158

155

Net income (loss) attributable to noncontrolling interests

—

Net loss (income) from discontinued operations

)

(12

)

Equity loss (income) of affiliates

)

(19

)

(16

)

Income and mining tax expense (benefit)

260

163

Depreciation and amortization

654

681

480

486

Interest expense, net of capitalized interest

EBITDA

1,175

(2,340

)

760

835

Adjustments:

Loss on assets held for sale

485

—

Change in fair value of investments

(31

)

Newcrest transaction and integration costs

427

Settlement costs

—

Impairment charges

1,881

(Gain) loss on asset and investment sales, net

)

231

—

Restructuring and severance

Reclamation and remediation charges

1,158

104

)

Pension settlements

—

COVID-19 specific costs

—

Other

—

)

—

Adjusted EBITDA

1,694

1,382

933

910

12 month trailing Adjusted EBITDA

4,919

Newcrest pro forma adjusted EBITDA (pre-acquisition) (1)

883

12 month trailing pro forma Adjusted EBITDA

5,802

Total Debt

8,933

Lease and other financing obligations

535

Less: Cash and cash equivalents

(2,336

)

Less: Cash and cash equivalents reclassified to current assets held for sale (2)

(342

)

Total net debt

6,790

Net debt to pro forma Adjusted EBITDA

1.2

(1)

Represents Newcrest’s pre-acquisition Adjusted EBITDA on a US GAAP basis from January 1, 2023 through to the acquisition date, November 6, 2023. This amount is added to our adjusted EBITDA to include a full twelve months of Newcrest results on a pro forma basis for the rolling twelve months ended March 31, 2024. The pro forma adjusted EBITDA was derived from Newcrest unaudited financial information for the 10 months ended October 31, 2023 and November 1, 2023 through November 6, 2023, the acquisition date. Newcrest’s pre-acquisition Adjusted EBITDA has been added to our adjusted EBITDA for the purposes of Net Debt to Pro Forma Adjusted EBITDA ratio only.

(2)

During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, $342 of Cash and cash equivalents were reclassified to Current assets held for sale.

Net average realized price per ounce/ pound

Average realized price per ounce/ pound are non-GAAP financial measures. The measures are calculated by dividing the net consolidated gold, copper, silver, lead and zinc sales by the consolidated gold ounces, copper pounds, silver ounces, lead pounds and zinc pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on a consolidated basis. Average realized price per ounce/ pound statistics are intended to provide additional information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure:

Three Months Ended March 31,

2024

2023

Consolidated gold sales, net

3,341

2,303

Consolidated copper sales, net

297

110

Consolidated silver sales, net

201

117

Consolidated lead sales, net

Consolidated zinc sales, net

124

117

Total sales

4,023

2,679

Three Months Ended March 31, 2024

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

3,329

316

182

149

Provisional pricing mark-to-market

—

)

Silver streaming amortization

—

Gross after provisional pricing and streaming impact

3,359

325

213

146

Treatment and refining charges

(18

)

(28

)

(12

)

(22

)

Net

3,341

297

201

124

Consolidated ounces/pounds sold (1)(2)

1,599

135

Average realized price (per ounce/pound): (3)

Gross before provisional pricing and streaming impact

2,082

3.95

18.50

0.95

1.10

Provisional pricing mark-to-market

0.12

0.39

(0.01

)

(0.02

)

Silver streaming amortization

—

2.78

—

Gross after provisional pricing and streaming impact

2,101

4.07

21.67

0.94

1.08

Treatment and refining charges

(11

)

(0.35

)

(1.26

)

(0.02

)

(0.16

)

Net

2,090

3.72

20.41

0.92

(1)

Amounts reported in millions except gold ounces, which are reported in thousands.

(2)

For the three months ended March 31, 2024 the Company sold 36 thousand tonnes of copper, 29 thousand tonnes of lead, and 61 thousand tonnes of zinc.

(3)

Per ounce/pound measures may not recalculate due to rounding.

Three Months Ended March 31, 2023

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

2,297

105

110

143

Provisional pricing mark-to-market

)

Silver streaming amortization

—

Gross after provisional pricing and streaming impact

2,314

114

128

139

Treatment and refining charges

(11

)

(11

)

(22

)

Net

2,303

110

117

Consolidated ounces/pounds sold (1)(2)

1,208

Average realized price (per ounce/pound): (3)

Gross before provisional pricing and streaming impact

1,901

3.99

17.98

0.95

1.44

Provisional pricing mark-to-market

0.33

0.30

(0.06

)

(0.04

)

Silver streaming amortization

—

2.56

—

Gross after provisional pricing and streaming impact

1,915

4.32

20.84

0.89

1.40

Treatment and refining charges

)

(0.14

)

(1.67

)

(0.03

)

(0.22

)

Net

1,906

4.18

19.17

0.86

1.18

(1)

Amounts reported in millions except gold ounces, which are reported in thousands.

(2)

For the three months ended March 31, 2023 the Company sold 12 thousand tonnes of copper, 17 thousand tonnes of lead, and 45 thousand tonnes of zinc.

(3)

Per ounce/pound measures may not recalculate due to rounding.

Gold by-product metrics

Copper, silver, lead, zinc and molybdenum are by-products often obtained during the process of extracting and processing the primary ore-body. In our GAAP Consolidated Financial Statements, the value of these by-products is recorded as a credit to our CAS and the value of the primary ore is recorded as Sales. In certain instances, copper, silver, lead and zinc are co-products, or a significant resource in the primary ore-body, and the revenue is recorded as Sales in our GAAP Consolidated Financial Statements.

Gold by-product metrics are non-GAAP financial measures that serve as a basis for comparing the Company’s performance with certain competitors. As Newmont’s operations are primarily focused on gold production, “Gold by-product metrics” were developed to allow investors to view Sales, CAS per ounce and AISC per ounce calculations that classify all copper, silver, lead, zinc and molybdenum production as a by-product, even when copper, silver, lead or zinc is a significant resource in the primary ore-body. These metrics are calculated by subtracting copper, silver, lead and zinc sales recognized from Sales and including these amounts as offsets to CAS.

Gold by-product metrics are calculated on a consistent basis for the periods presented on a consolidated basis. These metrics are intended to provide supplemental information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks, such as in IFRS.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures:

Three Months Ended March 31,

2024

2023

Consolidated gold sales, net

3,341

2,303

Consolidated other metal sales, net

682

376

Sales

4,023

2,679

Costs applicable to sales

2,106

1,482

Less: Consolidated other metal sales, net

(682

)

(376

)

By-product costs applicable to sales

1,424

1,106

Gold sold (thousand ounces)

1,599

1,208

Total Gold CAS per ounce (by-product) (1)

891

916

Total AISC

2,878

2,012

Less: Consolidated other metal sales, net

(682

)

(376

)

By-product AISC

2,196

1,636

Gold sold (thousand ounces)

1,599

1,208

Total Gold AISC per ounce (by-product) (1)

1,373

1,354

(1)

Per ounce measures may not recalculate due to rounding.

Conference Call Information

A conference call will be held on Thursday, April 25, 2024 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time); it will also be available on the Company’s website.

Conference Call Details

Dial-In Number

833.470.1428

Intl Dial-In Number

404.975.48391

Dial-In Access Code

475768

Conference Name

Newmont

Replay Number

866.813.9403

Intl Replay Number

929.458.6194

Replay Access Code

418753

1For toll-free phone numbers, refer to the following link: https://www.netroadshow.com/events/global-numbers?confId=49005

Webcast Details

Title: Newmont First Quarter 2024 Earnings Conference Call

URL: https://events.q4inc.com/attendee/908608833

The first quarter 2024 results will be available before the market opens on Thursday, April 25, 2024, on the “Investor Relations” section of the Company’s website, Newmont.com. Additionally, the conference call will be archived for a limited time on the Company’s website.

About Newmont

Newmont is the world’s leading gold company and a producer of copper, zinc, lead, and silver. The company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925.

Cautionary Statement Regarding Forward Looking Statements, Including Outlook Assumptions:

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as “anticipate,” “intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,” "pending" or “potential.” Forward-looking statements in this news release may include, without limitation, (i) estimates of future production and sales, including production outlook, average future production and upside potential, including our Full Potential initiatives and synergies; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures, including development and sustaining capital; (iv) expectations regarding the Tanami Expansion 2, Ahafo North and Cadia Block Caves projects, including, without limitation, expectations for production, milling, costs applicable to sales and all-in sustaining costs, capital costs, mine life extension, construction completion commercial production, and other timelines; (v) any share repurchases; (vi) estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, Full Potential and productivity improvements, and future cash flow enhancements through portfolio optimization, (vii) expectations regarding future exploration and the development, growth and potential of Newmont Corporation's ("Newmont"), project pipeline and investments; (viii) expectations regarding future investments or divestitures, including of non-core assets; (ix) expectations regarding free cash flow and returns to stockholders, including with respect to future dividends and future share repurchases, the dividend framework and expected payout levels; (x) expectations regarding future mineralization, including, without limitation, expectations regarding reserves and recoveries; (xi) expectations regarding organic growth in our operations; and (xii) other outlook. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to U.S. dollar and Canadian dollar to U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Such uncertainties could result in operating sites being placed into care and maintenance and impact estimates, costs and timing of projects. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities.

Future dividends beyond the dividend payable on June 27, 2024 to holders of record at the close of business on June 4, 2024 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. Management’s expectations with respect to future dividends are “forward-looking statements” and the Company’s dividend policy is non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board.

For a more detailed discussion of such risks and other factors that might impact future looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 29, 2024, under the heading “Risk Factors", and other factors identified in the Company's reports filed with the SEC, available on the SEC website or at www.newmont.com. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk. Investors are also encouraged to review our Form 10-Q for the quarter ended March 31, 2024, expected to be filed on, or about April 29, 2024.

Notice Regarding Reserve and Resource:

Unless otherwise stated herein, the reserves stated in this release represent estimates at December 31, 2023, which could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on metal prices and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. Additionally, resource does not indicate proven and probable reserves as defined by the SEC or the Company’s standards. Estimates of measured, indicated and inferred resource are subject to further exploration and development, and are, therefore, subject to considerable uncertainty. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. The Company cannot be certain that any part or parts of the resource will ever be converted into reserves. For additional information on our reserves and resources, please see Item 2 of the Company’s Form 10-K, filed on February 29, 2024 with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240425686032/en/

Media Contact Jennifer Pakradooni globalcommunications@newmont.com

Investor Contact - Global Neil Backhouse investor.relations@newmont.com

Investor Contact - Asia Pacific Christopher Maitland apac.investor.relations@newmont.com

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