Newmont Reports Second Quarter 2024 Results

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

"Newmont delivered a solid second quarter, producing 2.1 million gold equivalent ounces and generating $594 million in free cash flow," said Tom Palmer, Newmont's President and Chief Executive Officer. "We continued to advance our divestiture program and, to date, have announced $527 million in proceeds this year. With this momentum, we completed $250 million in share repurchases and repaid $250 million in debt. As we head into the second half of the year, we remain confident in our ability to continue executing on shareholder returns, meet our full year guidance and deliver on our commitments."

Q2 2024 Results1

Announced monetization of Batu Hijau contingent payments; expect to receive $153 million in cash proceeds in the third quarter, in addition to $44 million of cash associated with contingent payments

Expect to achieve at least $2 billion in gross divestiture proceeds from high-quality, non-core asset sales

Since our last earnings release, repurchased 5.7 million shares at an average price of $43.34 for a total cost of $250 million, of which $104 million was repurchased during the second quarter and $146 million was repurchased in July 2024

Reduced nominal debt by $250 million for a cash cost of $227 million

Delivered $539 million in total returns to shareholders through share repurchases and dividend payments in the second quarter2; declared a dividend of $0.25 per share of common stock for the second quarter of 20243

Produced 1.6 million attributable gold ounces and 477 thousand gold equivalent ounces (GEOs)4 from copper, silver, lead and zinc, including 38 thousand tonnes of copper; primarily driven by production of 1.3 million gold ounces from Newmont's Tier 1 Portfolio5

Generated $1.4 billion of cash from operating activities, net of working capital changes of $(263) million; reported $594 million in Free Cash Flow6

Reported Net Income of $857 million, Adjusted Net Income (ANI) of $0.72 per share and Adjusted EBITDA of $2.0 billion for the quarter6

Achieved $100 million in synergies during the second quarter, for a total of $205 million to date from the Newcrest acquisition; on track to realize $500 million in annual synergies by the end of 20257

On track to deliver 2024 guidance for production, costs and capital spend; anticipating a sequential increase in production in the second half of the year, weighted towards the fourth quarter8

Published Newmont's 2023 Climate Performance Update, summarizing the climate performance for Newmont's managed operating sites throughout 2023

____________________

Newmont’s actual condensed consolidated financial results remain subject to completion and final review by management and external auditors for the quarter ended June 30, 2024. Newmont intends to file its Q2 2024 Form 10-Q on or about the close of business on July 25, 2024. See notes at the end of this release.

Total returns to shareholders includes $146 million of shares repurchased in July 2024.

Newmont's Board of Directors declared a dividend of $0.25 per share of common stock for the second quarter of 2024, payable on September 30, 2024 to holders of record at the close of business on September 5, 2024.

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.

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.

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

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.

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

Advancing Portfolio Optimization with Monetization of Batu Hijau Deferred Payment Rights

Newmont today announced it has entered into an agreement to sell 100 percent of the entity holding Newmont's deferred payment rights associated with the Batu Hijau copper and gold mine in Indonesia for total consideration of $153 million in cash, with closing to occur no later than September 30, 2024. Furthermore, an additional $10 million cash payment associated with these deferred payment rights was received in July. During the second quarter of 2024, Newmont also received a $34 million cash payment, bringing total proceeds to $197 million for 2024.

Summary of Second Quarter Results

2023

2024

Average realized gold price ($/oz)

1,906

1,965

1,920

2,004

1,954

2,090

2,347

2,216

Attributable gold production (Moz)1

1.27

1.24

1.29

1.74

5.55

1.68

1.61

3.28

Gold CAS ($/oz)2,3

1,025

1,054

1,019

1,086

1,050

1,057

1,152

1,103

Gold AISC ($ per ounce)3

1,376

1,472

1,426

1,485

1,444

1,439

1,562

1,500

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

339

153

157

(3,170

)

(2,521

)

166

838

1,004

Adjusted net income ($M)4

320

266

286

452

1,324

630

834

1,464

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

0.40

0.33

0.36

0.46

1.57

0.55

0.72

1.27

Adjusted EBITDA ($M)4

990

910

933

1,382

4,215

1,694

1,966

3,660

Cash from operations before working capital ($M)5

843

763

874

787

3,267

1,442

1,657

3,099

Net cash from operating activities of continuing operations ($M)

481

656

1,001

616

2,754

776

1,394

2,170

Capital expenditures ($M)6

526

616

604

920

2,666

850

800

1,650

Free cash flow ($M)7

(45

)

397

(304

)

(74

)

594

520

SECOND QUARTER 2024 PRODUCTION AND FINANCIAL SUMMARY

Attributable gold production1 decreased 4 percent to 1,607 thousand ounces from the prior quarter primarily due to lower production at Cerro Negro as a result of the suspension of operations during the quarter following the tragic fatalities of two members of the Newmont workforce on April 9, 2024. Operations at Cerro Negro safely resumed on May 24, 2024. In addition, operations were suspended as of April 14, 2024 at Telfer, one of Newmont's non-core assets, as further work is completed to remediate the safe operation of the tailings storage facility. Second quarter production was also impacted by lower production at Lihir due to heavy rainfall impacting mine sequencing, as well as lower production at Akyem due to lower grades as a result of the ongoing stripping campaign. These impacts were partially offset by higher production at Porcupine, Brucejack and Peñasquito.

Full year production for 2024 is expected to be second-half weighted as previously indicated, with a sequential increase weighted towards the fourth quarter. The second-half weighting is expected to be driven primarily by improved grades at Peñasquito, Ahafo and Tanami, improved throughput from Lihir and Boddington and sequential improvements delivered from our non-managed joint venture operations.

Average realized gold price was $2,347, an increase of $257 per ounce over the prior quarter. Average realized gold price includes $2,344 per ounce of gross price received, a favorable impact of $17 per ounce mark-to-market on provisionally-priced sales and reductions of $14 per ounce for treatment and refining charges.

Gold CAS2 totaled $1.8 billion for the quarter. Gold CAS per ounce3 increased 9 percent to $1,152 per ounce compared to the prior quarter primarily due to lower sales volumes, processing of stockpiles at Porcupine and Tanami and higher third party royalties as a result of higher gold prices.

Gold AISC per ounce3 increased 9 percent to $1,562 per ounce compared to the prior quarter primarily due to higher CAS and higher sustaining capital spend.

Attributable gold equivalent ounce (GEO) production from other metals was largely in line with the prior quarter at 477 thousand ounces.

CAS from other metals2 totaled $379 million for the quarter. CAS per GEO3 was largely in line with the prior quarter at $836 per ounce.

AISC per GEO3 increased 5 percent to $1,207 per ounce compared to the prior quarter primarily due to higher sustaining capital spend.

Net income from continuing operations attributable to Newmont stockholders was $838 million or $0.73 per diluted share, an increase of $672 million from the prior quarter primarily due to the loss on assets held for sale of $485 million recognized during the first quarter of 2024, as well as higher average realized prices for all metals in the second quarter of 2024.

Adjusted net income4 was $834 million or $0.72 per diluted share, compared to $630 million or $0.55 per diluted share in the prior quarter. Primary adjustments to second quarter net income include a loss on assets held for sale of $246 million, a gain on asset and investment sales of $55 million primarily related to the previously announced sale of the Lundin Stream Credit Facility Agreement and the purchase and sale of foreign currency bonds8, a gain of $14 million on the partial redemption of certain Senior notes, and Newcrest transaction and integration costs of $16 million.

Adjusted EBITDA4 increased 16 percent to $2.0 billion for the quarter, compared to $1.7 billion for the prior quarter.

Consolidated cash from operations before working capital5 increased 15 percent from the prior quarter to $1.7 billion primarily due to higher realized prices for all metals in the second quarter.

Consolidated net cash from operating activities increased 80 percent from the prior quarter to $1.4 billion primarily due to the improvement in cash from operations. Net cash from operating activities in the second quarter was impacted by a $263 million reduction in operating cash flow due to changes in working capital, including a build in inventories, stockpiles and ore on leach pads of $185 million and reclamation spend of $107 million, primarily related to the construction of the Yanacocha water treatment facilities.

Free Cash Flow7 was $594 million compared to $(74) million in the prior quarter primarily due to improvements in consolidated net cash from operating activities, partially offset by higher capital expenditures before capital accruals.

Capital expenditures (net of capital accruals)6 decreased 6 percent from the prior quarter to $800 million primarily due to an increase of capital accruals offsetting higher sustaining and development capital expenditures. Sustaining capital spend increased from the first quarter due to the ramp-up of spend on the tailings project at Cadia and the purchase of updated fleet equipment at Merian. Development capital expenditures in 2024 primarily relate to Tanami Expansion 2, Ahafo North, Cadia Block Caves and Cerro Negro expansion projects.

Balance sheet and liquidity remained strong in the second quarter, ending the quarter with $2.6 billion of consolidated cash, cash of $205 million included in Assets held for sale and time deposits of $28 million, with approximately $6.8 billion of total liquidity; reported net debt to pro forma adjusted EBITDA of 1.0x9.

NON-MANAGED JOINT VENTURE AND EQUITY METHOD INVESTMENTS10

Nevada Gold Mines (NGM) attributable gold production decreased 4 percent to 253 thousand ounces, with a 4 percent increase in CAS to $1,220 per ounce3 and a 7 percent increase in AISC to $1,689 per ounce3 compared to the prior quarter.

Pueblo Viejo (PV) attributable gold production decreased 2 percent to 53 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $12 million in the second quarter. Capital contributions of $5 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 second quarter of 2024 increased 67 percent to 35 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $8 million for the second quarter.

____________________

Attributable gold production includes ounces from the Company's equity method investment in Pueblo Viejo (40%) and in Lundin Gold (32.0%).

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

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

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

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.

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

Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities.

In June 2024, the Company entered into AUD and CAD denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to capital and operating expenditures for certain development projects and mines in Australia and Canada.

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

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 32.0% 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.

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.

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%

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

Consolidated basis

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

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 production, sales and cost estimates, Newmont estimates its consolidated adjusted effective tax rate related to continuing operations for 2024 will be 34%.

2023

2024

Operating Results

Attributable Sales (koz)

Attributable gold ounces sold (1)

1,188

1,197

1,229

1,726

5,340

1,581

1,528

3,109

Attributable gold equivalent ounces sold

265

251

321

896

502

453

955

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

Average realized gold price

1,906

1,965

1,920

2,004

1,954

2,090

2,347

2,216

Average realized copper price

4.18

3.26

3.68

3.69

3.71

3.72

4.47

4.10

Average realized silver price (2)

19.17

20.56

N.M.

19.45

19.97

20.41

26.20

23.00

Average realized lead price (2)

0.86

0.92

N.M.

0.90

0.92

1.05

0.97

Average realized zinc price (2)

1.18

0.73

N.M.

3.71

0.96

0.92

1.31

1.10

Attributable Gold Production (koz)

Boddington

199

209

181

156

745

142

147

289

Tanami

126

123

136

448

189

Cadia

—

122

117

239

Lihir

—

134

181

141

322

Ahafo

128

137

133

183

581

190

184

374

Peñasquito (2)

—

143

109

Cerro Negro

269

100

Yanacocha

276

169

Merian (75%)

242

103

Brucejack

—

Red Chris (70%)

—

Managed Tier 1 Portfolio

660

663

657

989

2,969

1,042

964

2,006

Nevada Gold Mines (38.5%)

261

287

300

322

1,170

264

253

517

Pueblo Viejo (40%) (3)

224

107

Fruta Del Norte (32%) (4)

—

Non-Managed Tier 1 Portfolio

321

338

352

383

1,394

339

341

680

Total Tier 1 Portfolio

981

1,001

1,009

1,372

4,363

1,381

1,305

2,686

Telfer

—

Akyem

100

295

116

CC&V

172

Porcupine

260

152

Éléonore

232

117

Musselwhite

180

103

Non-Core Assets (5)

292

239

282

369

1,182

294

302

596

Total Attributable Gold Production

1,273

1,240

1,291

1,741

5,545

1,675

1,607

3,282

Attributable Co-Product GEO Production (kGEO)

Boddington

245

104

Cadia

—

118

117

235

Peñasquito (2)

224

189

—

116

529

288

268

556

Red Chris (70%)

—

Tier 1 Portfolio

288

256

282

884

483

475

958

Telfer

—

Non-Core Assets (5)

—

Total Attributable Co-Product GEO Production

288

256

289

891

489

477

966

Gold CAS Consolidated ($/oz)

Boddington

841

777

848

941

847

1,016

1,022

1,019

Tanami

936

829

655

702

759

902

1,018

962

Cadia

—

1,079

648

624

636

Lihir

—

1,117

936

1,101

1,010

Ahafo

992

910

969

924

947

865

976

920

Peñasquito (2)

1,199

831

N.M.

1,306

1,219

853

827

838

Cerro Negro

1,146

1,655

1,216

1,132

1,257

861

2,506

1,310

Yanacocha

1,067

1,187

1,057

975

1,069

972

1,000

985

Merian (75%)

1,028

1,501

1,261

1,155

1,207

1,221

1,546

1,368

Brucejack

—

1,898

2,175

1,390

1,723

Red Chris (70%)

—

905

940

951

945

Managed Tier 1 Portfolio

984

977

975

1,027

995

955

1,048

1,000

Nevada Gold Mines (38.5%)

1,109

1,055

992

1,125

1,070

1,177

1,220

1,198

Non-Managed Tier 1 Portfolio

1,109

1,055

992

1,125

1,070

1,177

1,220

1,198

Total Tier 1 Portfolio

1,019

1,001

980

1,050

1,016

1,000

1,083

1,040

Telfer

—

1,882

2,632

2,548

2,585

Akyem

810

1,087

1,032

877

931

1,006

1,716

1,280

CC&V

1,062

1,186

1,253

1,122

1,156

1,394

1,361

1,376

Porcupine

1,071

1,225

1,189

1,186

1,167

1,042

1,068

1,058

Éléonore

1,095

1,477

1,338

1,224

1,263

1,441

1,404

1,422

Musselwhite

1,313

1,356

1,045

1,068

1,186

1,175

993

1,077

Non-Core Assets (5)

1,043

1,264

1,159

1,214

1,169

1,306

1,398

1,354

Total Gold CAS (6)

1,025

1,054

1,019

1,086

1,050

1,057

1,152

1,103

Total Gold CAS (by-product) (6)

916

1,024

1,022

1,060

1,011

891

892

891

2023

2024

Operating Results (continued)

Co-Product CAS Consolidated ($/GEO)

Boddington

809

766

816

944

830

942

1,031

985

Cadia

—

1,017

594

552

572

Peñasquito (2)

954

1,162

N.M.

1,602

1,283

843

904

870

Red Chris (70%)

—

1,020

1,011

915

959

Tier 1 Portfolio

918

1,062

1,636

1,235

1,118

807

822

814

Telfer

—

1,703

2,882

1,940

2,387

Non-Core Assets (5)

—

1,703

2,882

1,940

2,387

Total Co-Product GEO CAS (6)

918

1,062

1,636

1,254

1,127

829

836

832

Gold AISC Consolidated ($/oz)

Boddington

1,035

966

1,123

1,172

1,067

1,242

1,237

1,240

Tanami

1,219

1,162

890

1,046

1,060

1,149

1,276

1,215

Cadia

—

1,271

989

1,064

1,028

Lihir

—

1,517

1,256

1,212

1,236

Ahafo

1,366

1,237

1,208

1,114

1,222

1,010

1,123

1,066

Peñasquito (2)

1,539

1,078

N.M.

1,670

1,590

1,079

1,038

1,055

Cerro Negro

1,379

1,924

1,438

1,412

1,509

1,120

3,010

1,635

Yanacocha

1,332

1,386

1,187

1,198

1,266

1,123

1,217

1,166

Merian (75%)

1,235

2,010

1,652

1,454

1,541

1,530

2,170

1,820

Brucejack

—

2,646

2,580

1,929

2,206

Red Chris (70%)

—

1,439

1,277

1,613

1,453

Managed Tier 1 Portfolio

1,372

1,386

1,376

1,433

1,397

1,327

1,455

1,389

Nevada Gold Mines (38.5%)

1,405

1,388

1,307

1,482

1,397

1,576

1,689

1,631

Non-Managed Tier 1 Portfolio

1,405

1,388

1,307

1,482

1,397

1,576

1,689

1,631

Tier 1 Portfolio

1,381

1,387

1,355

1,444

1,397

1,378

1,503

1,438

Telfer

—

1,988

3,017

3,053

3,037

Akyem

1,067

1,461

1,332

1,110

1,210

1,254

1,952

1,523

CC&V

1,375

1,631

1,819

1,793

1,644

1,735

1,700

1,716

Porcupine

1,412

1,587

1,644

1,665

1,577

1,470

1,366

1,408

Éléonore

1,420

2,213

2,107

1,796

1,838

1,920

1,900

1,910

Musselwhite

1,681

2,254

1,715

1,771

1,843

1,766

1,397

1,568

Non-Core Assets (5)

1,359

1,808

1,685

1,629

1,610

1,712

1,770

1,743

Total Gold AISC (6)

1,376

1,472

1,426

1,485

1,444

1,439

1,562

1,500

Total Gold AISC (by-product) (6)

1,354

1,531

1,467

1,540

1,480

1,373

1,412

1,392

Co-Product AISC Consolidated ($/GEO)

Boddington

1,019

977

1,108

1,181

1,067

1,081

1,254

1,165

Cadia

—

1,342

1,027

1,024

1,025

Peñasquito (2)

1,351

1,581

N.M.

2,098

1,756

1,102

1,164

1,130

Red Chris (70%)

—

1,660

1,400

1,560

1,486

Tier 1 Portfolio

1,322

1,492

2,422

1,666

1,565

1,120

1,189

1,153

Telfer

—

2,580

3,745

2,742

3,218

Non-Core Assets (5)

—

2,580

3,745

2,742

3,218

Total Co-Product GEO AISC (6)

1,322

1,492

2,422

1,703

1,579

1,148

1,207

1,176

(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 32.0% 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 32.0% 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 June 30, 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

4,402

8,425

Costs and expenses:

Costs applicable to sales (2)

1,482

1,543

1,371

2,303

6,699

2,106

2,156

4,262

Depreciation and amortization

461

486

480

681

2,108

654

602

1,256

Reclamation and remediation

166

1,235

1,533

192

Exploration

265

110

Advanced projects, research and development

200

102

General and administrative

299

101

100

201

Loss on assets held for sale

—

485

246

731

Impairment charges

1,881

1,891

Other expense, net

441

517

111

2,174

2,317

2,255

6,766

13,512

3,623

3,363

6,986

Other income (expense):

Other income (loss), net

(17

)

(212

)

(88

)

121

100

221

Interest expense, net of capitalized interest

(65

)

(49

)

(48

)

(81

)

(243

)

(93

)

(103

)

(196

)

(66

)

(293

)

(331

)

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

539

300

232

(3,102

)

(2,031

)

428

1,036

1,464

Income and mining tax benefit (expense)

(213

)

(163

)

(73

)

(77

)

(526

)

(260

)

(191

)

(451

)

Equity income (loss) of affiliates

)

Net income (loss) from continuing operations

351

153

162

(3,160

)

(2,494

)

175

842

1,017

Net income (loss) from discontinued operations

Net income (loss)

363

155

163

(3,148

)

(2,467

)

179

857

1,036

Net loss (income) attributable to noncontrolling interests

(12

)

—

)

(10

)

(27

)

(13

)

Net income (loss) attributable to Newmont stockholders

351

155

158

(3,158

)

(2,494

)

170

853

1,023

Net income (loss) attributable to Newmont stockholders:

Continuing operations

339

153

157

(3,170

)

(2,521

)

166

838

1,004

Discontinued operations

351

155

158

(3,158

)

(2,494

)

170

853

1,023

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

1,155

1,154

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

0.73

0.87

Discontinued operations

0.02

—

0.01

0.03

—

0.01

0.02

0.44

0.19

0.20

(3.23

)

(2.97

)

0.15

0.74

0.89

Diluted:

Continuing operations

0.42

0.19

0.20

(3.24

)

(3.00

)

0.15

0.73

0.87

Discontinued operations

0.02

—

0.01

0.03

—

0.01

0.02

0.44

0.19

0.20

(3.23

)

(2.97

)

0.15

0.74

0.89

(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

2,602

Trade receivables

348

185

734

782

955

Investments

847

409

Inventories

1,067

1,111

1,127

1,663

1,385

1,467

Stockpiles and ore on leach pads

905

858

829

979

745

681

Derivative assets

—

198

114

Other current assets

735

742

707

913

765

874

Assets held for sale

—

5,656

5,370

Current assets

6,559

6,134

5,955

7,512

11,806

12,070

Property, plant and mine development, net

24,097

24,284

24,474

37,563

33,564

33,655

Investments

3,216

3,172

3,133

4,143

4,138

4,141

Stockpiles and ore on leach pads

1,691

1,737

1,740

1,935

1,837

2,002

Deferred income tax assets

170

166

138

268

210

273

Goodwill

1,971

3,001

2,792

Derivative assets

—

444

412

181

Other non-current assets

670

669

673

640

576

564

Total assets

38,374

38,133

38,084

55,506

55,335

55,678

LIABILITIES

Accounts payable

648

565

651

960

698

683

Employee-related benefits

302

313

345

551

414

457

Income and mining taxes payable

213

155

143

136

264

Lease and other financing obligations

114

104

Debt

—

1,923

—

Other current liabilities

1,493

1,564

1,575

2,362

1,784

1,819

Liabilities held for sale

—

2,351

2,405

Current liabilities

2,752

2,693

2,808

5,998

5,482

5,732

Debt

5,572

5,574

5,575

6,951

8,933

8,692

Lease and other financing obligations

451

441

418

448

436

429

Reclamation and remediation liabilities

6,603

6,604

6,714

8,167

6,652

6,620

Deferred income tax liabilities

1,800

1,795

1,696

2,987

3,094

3,046

Employee-related benefits

395

399

397

655

610

616

Silver streaming agreement

805

786

787

779

753

733

Other non-current liabilities

437

426

429

316

300

247

Total liabilities

18,815

18,718

18,824

26,301

26,260

26,115

Commitments and contingencies

EQUITY

Common stock

1,281

1,854

1,855

1,851

Treasury stock

(261

)

(261

)

(263

)

(264

)

(274

)

(274

)

Additional paid-in capital

17,386

17,407

17,425

30,419

30,436

30,394

Accumulated other comprehensive income (loss)

(16

)

(Accumulated deficit) Retained earnings

948

785

623

(2,996

)

(3,111

)

(2,585

)

Newmont stockholders' equity

19,377

19,225

19,074

29,027

28,890

29,379

Noncontrolling interests

182

190

186

178

185

184

Total equity

19,559

19,415

19,260

29,205

29,075

29,563

Total liabilities and equity

38,374

38,133

38,084

55,506

55,335

55,678

(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

857

1,036

Non-cash adjustments:

Depreciation and amortization

461

486

480

681

2,108

654

602

1,256

Loss on assets held for sale

—

485

246

731

Net loss (income) from discontinued operations

(12

)

(12

)

(27

)

(15

)

(19

)

Reclamation and remediation

167

1,219

1,506

182

(Gain) loss on asset and investment sales, net

(36

)

—

231

197

)

(55

)

(64

)

Stock-based compensation

Deferred income taxes

(24

)

(101

)

(104

)

(95

)

(42

)

Change in fair value of investments

(41

)

(31

)

(22

)

Impairment charges

1,881

1,891

—

Other non-cash adjustments

(10

)

(12

)

(15

)

Cash from operations before working capital (2)

843

763

874

787

3,267

1,442

1,657

3,099

Net change in operating assets and liabilities

(362

)

(107

)

127

(171

)

(513

)

(666

)

(263

)

(929

)

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

481

656

1,001

616

2,754

776

1,394

2,170

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

1,428

2,204

Investing activities:

Additions to property, plant and mine development

(526

)

(616

)

(604

)

(920

)

(2,666

)

(850

)

(800

)

(1,650

)

Proceeds from asset and investment sales

181

234

217

252

Purchases of investments

(525

)

(17

)

(551

)

(23

)

(83

)

(106

)

Return of investment from equity method investees

—

Contributions to equity method investees

(41

)

(23

)

(26

)

(18

)

(108

)

(15

)

(20

)

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

)

(641

)

(1,439

)

Financing activities:

Repayment of debt

—

(3,423

)

(227

)

(3,650

)

Proceeds from issuance of debt, net

—

3,476

—

3,476

Dividends paid to common stockholders

(318

)

(318

)

(318

)

(461

)

(1,415

)

(288

)

(289

)

(577

)

Repurchases of common stock

—

(104

)

(104

)

Distributions to noncontrolling interests

(34

)

(32

)

(41

)

(43

)

(150

)

(41

)

(36

)

(77

)

Funding from noncontrolling interests

138

Payments on lease and other financing obligations

(16

)

(16

)

(16

)

(19

)

(67

)

(18

)

(22

)

(40

)

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

(22

)

—

)

(25

)

(10

)

—

(10

)

Other

)

(36

)

(45

)

(84

)

(17

)

(11

)

(28

)

Net cash provided by (used in) financing activities

(350

)

(334

)

(381

)

(538

)

(1,603

)

(299

)

(658

)

(957

)

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

)

(11

)

(14

)

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

)

118

(206

)

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

—

(395

)

137

(258

)

Net change in cash, cash equivalents and restricted cash

(219

)

175

364

(164

)

156

(719

)

255

(464

)

Cash, cash equivalents and restricted cash at beginning of period

2,944

2,725

2,900

3,264

2,944

3,100

2,381

3,100

Cash, cash equivalents and restricted cash at end of period

2,725

2,900

3,264

3,100

2,381

2,636

Reconciliation of cash, cash equivalents and restricted cash:

Cash and cash equivalents

2,657

2,829

3,190

3,002

2,336

2,602

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

2,636

(1)

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

(2)

(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 $205 of Cash and cash equivalents and $53 of restricted cash, included in Other current assets and Other non-current assets, were reclassified to Assets held for sale and 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 June 30, 2024

Six Months Ended June 30, 2024

per share data (1)

basic

diluted

basic

diluted

Net income (loss) attributable to Newmont stockholders

853

0.74

1,023

0.89

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

(15

)

(0.01

)

(0.01

)

(19

)

(0.02

)

(0.02

)

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

838

0.73

1,004

0.87

Loss on assets held for sale (2)

246

0.22

731

0.63

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

(55

)

(0.05

)

(0.05

)

(64

)

(0.06

)

(0.06

)

Newcrest transaction and integration costs (4)

0.01

0.04

Settlement costs (5)

—

0.03

Change in fair value of investments (6)

0.01

(22

)

(0.01

)

(0.01

)

Impairment charges (7)

0.01

0.02

Restructuring and severance (8)

0.01

Gain on debt extinguishment, net (9)

(14

)

(0.01

)

(0.01

)

(14

)

(0.01

)

(0.01

)

Reclamation and remediation charges (10)

—

Tax effect of adjustments (11)

(87

)

(0.07

)

(0.07

)

(234

)

(0.20

)

(0.20

)

Valuation allowance and other tax adjustments (12)

(142

)

(0.14

)

(0.14

)

(50

)

(0.05

)

(0.05

)

Adjusted net income (loss)

834

0.72

1,464

1.27

Weighted average common shares (millions): (13)

1,153

1,155

1,153

1,154

(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)

(Gain) loss on asset and investment sales, net, included in Other income (loss), net, primarily represents the gain recognized on the sale of the Stream Credit Facility Agreement ("SCFA") in the second quarter and the purchase and sale of foreign currency bonds.

(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)

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.

(7)

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.

(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)

Gain on debt extinguishment, net, included in Other income (loss), net, primarily represents the net gain on the partial redemption of certain Senior Notes in the second quarter.

(10)

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.

(11)

The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (10), as described above, and are calculated using the applicable regional tax rate.

(12)

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 and six months ended June 30, 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 $20 and $(45), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(93) and $(58), net reductions to the reserve for uncertain tax positions of $(50) and $(52), recording of a deferred tax liability for the outside basis difference at Akyem of $(37) and $80 due to the status change to held-for-sale, and other tax adjustments of $18 and $25.

(13)

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

Three Months Ended June 30, 2023

Six Months Ended June 30, 2023

per share data (1)

basic

diluted

basic

diluted

Net income (loss) attributable to Newmont stockholders

155

0.19

506

0.64

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

)

—

(14

)

(0.02

)

(0.02

)

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

153

0.19

492

0.62

(Gain) loss on asset and investment sales, net (2)

—

(36

)

(0.05

)

(0.05

)

Newcrest transaction-related costs (3)

0.03

Restructuring and severance (4)

0.01

0.02

Impairment charges (5)

—

0.01

Reclamation and remediation charges (6)

)

—

)

—

Change in fair value of investments (7)

0.05

—

Other (8)

—

)

—

Tax effect of adjustments (9)

(17

)

(0.02

)

(0.02

)

—

Valuation allowance and other tax adjustments (10)

0.07

0.11

Adjusted net income (loss)

266

0.33

586

0.74

Weighted average common shares (millions): (11)

795

794

795

(1)

Per share measures may not recalculate due to rounding.

(2)

(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.

(3)

Newcrest transaction-related costs, included in Other expense, net, primarily represents costs incurred related to the Newcrest Transaction.

(4)

(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)

(7)

(8)

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

(9)

The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (8), as described above, and are calculated using the applicable regional tax rate.

(10)

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 and six months ended June 30, 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 $47 and $57, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $4 and $21, net reductions to the reserve for uncertain tax positions of $3 and $14, other tax adjustments of $1 and $3.

(11)

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 June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Net income (loss) attributable to Newmont stockholders

853

155

1,023

506

Net income (loss) attributable to noncontrolling interests

—

Net (income) loss from discontinued operations

(15

)

(19

)

(14

)

Equity loss (income) of affiliates

(16

)

(41

)

Income and mining tax expense (benefit)

191

163

451

376

Depreciation and amortization

602

486

1,256

947

Interest expense, net of capitalized interest

103

196

114

EBITDA

1,741

835

2,916

1,900

Adjustments:

Loss on assets held for sale (1)

246

—

731

—

(Gain) loss on asset and investment sales, net (2)

(55

)

—

(64

)

(36

)

Newcrest transaction and integration costs (3)

Settlement costs (4)

—

Change in fair value of investments (5)

(22

)

Impairment charges (6)

Restructuring and severance (7)

Gain on debt extinguishment, net (8)

(14

)

—

(14

)

—

Reclamation and remediation charges (9)

—

)

Other (10)

—

)

Adjusted EBITDA

1,966

910

3,660

1,900

(1)

(2)

(Gain) loss on asset and investment sales, net, included in Other income (loss), net, in 2024 primarily represents the gain recognized on the sale of the Stream Credit Facility Agreement ("SCFA") in the second quarter and 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.

(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)

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.

(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)

(8)

Gain on debt extinguishment, net, included in Other income (loss), net, primarily represents the net gain on the partial redemption of certain Senior Notes in the second quarter.

(9)

(10)

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 June 30,

Six Months Ended June 30,

2024

2023

2024

2023

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

1,428

663

2,204

1,144

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

(34

)

(34

)

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

1,394

656

2,170

1,137

Less: Additions to property, plant and mine development

(800

)

(616

)

(1,650

)

(1,142

)

Free Cash Flow

594

520

)

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

(641

)

(158

)

(1,439

)

(500

)

Net cash provided by (used in) financing activities

(658

)

(334

)

(957

)

(684

)

(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 June 30, 2024

Six Months Ended June 30, 2024

Consolidated

Attributable to noncontrolling interests (1)

Attributable to Newmont Stockholders

Consolidated

Attributable to noncontrolling interests (1)

Attributable to Newmont Stockholders

Net cash provided by (used in) operating activities

1,428

(10

)

1,418

2,204

(17

)

2,187

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

(34

)

—

(34

)

(34

)

—

(34

)

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

1,394

(10

)

1,384

2,170

(17

)

2,153

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

(800

)

(792

)

(1,650

)

(1,638

)

Free Cash Flow

594

)

592

520

)

515

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

(641

)

(1,439

)

Net cash provided by (used in) financing activities

(658

)

(957

)

(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 and six months ended June 30, 2024.

(2)

Merian had total consolidated Additions to property, plant and mine development of $34 and $49, on a cash basis for the three and six months ended June 30, 2024, respectively.

(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 June 30, 2023

Six Months Ended June 30, 2023

Consolidated

Attributable to noncontrolling interests (1)

Attributable to Newmont Stockholders

Consolidated

Attributable to noncontrolling interests (1)

Attributable to Newmont Stockholders

Net cash provided by (used in) operating activities

663

—

663

1,144

(12

)

1,132

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

)

—

)

—

)

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

656

—

656

1,137

(12

)

1,125

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

(616

)

(610

)

(1,142

)

(1,133

)

Free Cash Flow

)

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

(158

)

(500

)

Net cash provided by (used in) financing activities

(334

)

(684

)

(1)

(2)

Merian had total consolidated Additions to property, plant and mine development of $24 and $34 on a cash basis for the three and six months ended June 30, 2023, respectively.

(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 current 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 June 30, 2024

At December 31, 2023

Debt

8,692

8,874

Lease and other financing obligations

533

562

Less: Cash and cash equivalents

(2,602

)

(3,002

)

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

(205

)

—

Less: Time deposits (2)

(28

)

—

Net debt

6,390

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 $205 of Cash and cash equivalents, were reclassified to Assets held for sale and Liabilities held for sale, respectively.

(2)

Time deposits are included in current Investments on the Condensed Consolidated Balance Sheets.

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 June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Costs applicable to sales (1)(2)

1,777

1,277

3,467

2,516

Gold sold (thousand ounces)

1,543

1,211

3,142

2,419

Costs applicable to sales per ounce (3)

1,152

1,054

1,103

1,040

(1)

Includes by-product credits of $45 and $28 during the three months ended June 30, 2024 and 2023, respectively, and $84 and $58 during the six months ended June 30, 2024 and 2023, respectively.

(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 June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Costs applicable to sales (1)(2)

379

266

795

509

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

453

251

955

516

Costs applicable to sales per gold equivalent ounce (4)

836

1,062

832

988

(1)

Includes by-product credits of $15 and $2 during the three months ended June 30, 2024 and 2023, respectively, and $30 and $4 during the six months ended June 30, 2024 and 2023, respectively.

(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 June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Cost applicable to sales, NGM (1)

307

304

621

590

Gold sold (thousand ounces), NGM

252

288

519

546

Costs applicable to sales per ounce, NGM (2)

1,220

1,055

1,198

1,081

(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

June 30, 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)

—

1,929

Red Chris (10)

—

1,613

Peñasquito

—

1,038

Merian

—

134

2,170

Cerro Negro

—

3,010

Yanacocha

—

1,217

Boddington

139

—

168

136

1,237

Tanami

101

—

126

1,276

Cadia (10)

—

131

123

1,064

Lihir (10)

162

—

179

148

1,212

Ahafo

176

—

202

180

1,123

Nevada Gold Mines

307

106

426

252

1,689

Corporate and Other (11)

—

130

—

Held for sale (12)

CC&V

—

1,700

Musselwhite

—

)

—

1,397

Porcupine

—

120

1,366

Éléonore

—

120

1,900

Telfer (10) (15)

—

101

3,053

Akyem

—

1,952

Total Gold

1,777

402

2,410

1,543

1,562

Gold equivalent ounces - other metals (13)(14)

Red Chris (10)

—

1,560

Peñasquito

218

—

280

241

1,164

Boddington

—

1,254

Cadia (10)

—

126

123

1,024

Corporate and Other (11)

—

Held for sale (12)

Telfer (10 )(15)

—

2,742

Total Gold Equivalent Ounces

379

547

453

1,207

Consolidated

2,156

100

488

2,957

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes by-product credits of $60.

(3)

Includes stockpile, leach pad, and product inventory adjustments of $9 at Cerro Negro and $11 at NGM.

(4)

Reclamation costs include operating accretion and amortization of asset retirement costs of $34 and $15, 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 $6, respectively.

(5)

Advanced projects, research and development and exploration excludes development expenditures of $3 at Peñasquito, $2 at Merian, $2 at Cerro Negro, $5 at Tanami, $9 at Ahafo, $3 at NGM, $14 at Corporate and Other, $1 at CC&V, and $1 at Porcupine, totaling $40 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 $16, impairment charges of $9, restructuring and severance of $9, settlements costs of $5.

(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)

Sites are classified as held for sale as of June 30, 2024.

(13)

(14)

For the six months ended June 30, 2024, Red Chris sold 6 thousand tonnes of copper, Peñasquito sold 8 million ounces of silver, 20 thousand tonnes of lead and 52 thousand tonnes of zinc, Boddington sold 9 thousand tonnes of copper, Cadia sold 23 thousand tonnes of copper, and Telfer sold 1 thousand tonnes of copper.

(15)

During the second quarter, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we have temporarily ceased placing new tailings on the facility. Remediation of the facility has commenced and we expect production to commence during the fourth quarter of 2024.

Three Months Ended

June 30, 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

—

1,631

Musselwhite

—

2,254

Porcupine

—

100

1,587

Éléonore

—

112

2,213

Peñasquito

—

1,078

Merian

—

106

2,010

Cerro Negro

—

1,924

Yanacocha

—

1,386

Boddington

159

—

197

204

966

Tanami

102

—

144

124

1,162

Ahafo

121

—

164

133

1,237

Akyem

—

1,461

Nevada Gold Mines

304

—

398

288

1,388

Corporate and Other (11)

—

Total Gold

1,277

347

1,782

1,211

1,472

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

Peñasquito

218

—

298

188

1,581

Boddington

—

977

Corporate and Other (11)

—

Total Gold Equivalent Ounces

266

—

375

251

1,492

Consolidated

1,543

399

2,157

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes by-product credits of $30.

(3)

Includes stockpile, leach pad, and product inventory adjustments of $2 at Porcupine, $5 at Éléonore, $17 at Peñasquito, $2 at Cerro Negro, $4 at Yanacocha, 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 $25 and $25, 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 $36 and $5, respectively.

(6)

Advanced projects, research and development and exploration excludes development expenditures of $1 at CC&V, $3 at Porcupine $1 at Peñasquito, $2 at Merian, $3 at Yanacocha, $8 at Tanami, $9 at Ahafo, $4 at Akyem, $6 at NGM, and $29 at Corporate and Other, totaling $66 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, restructuring and severance of $10, and Newcrest transaction-related costs of $21.

(8)

Excludes capitalized interest related to sustaining capital expenditures.

(9)

Includes finance lease payments and other costs for sustaining projects of $16.

(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 June 30, 2023, Peñasquito sold 6 million ounces of silver, 16 thousand tonnes of lead and 41 thousand tonnes of zinc, and Boddington sold 11 thousand tonnes of copper.

Six Months Ended

June 30, 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)

138

—

176

2,206

Red Chris (10)

—

1,453

Peñasquito

—

114

108

1,055

Merian

186

—

247

135

1,820

Cerro Negro

133

—

166

101

1,635

Yanacocha

165

—

196

168

1,166

Boddington

283

—

344

278

1,240

Tanami

183

—

231

190

1,215

Cadia (10)

151

—

244

237

1,028

Lihir (10)

333

—

408

330

1,236

Ahafo

335

—

388

364

1,066

Nevada Gold Mines

621

201

846

519

1,631

Corporate and Other (11)

—

182

—

255

—

Held for sale (12)

CC&V

—

107

1,716

Musselwhite

113

—

164

105

1,568

Porcupine

157

—

209

148

1,408

Éléonore

169

—

227

119

1,910

Telfer (10) (15)

153

—

180

3,037

Akyem

157

—

187

123

1,523

Total Gold

3,467

118

187

788

4,712

3,142

1,500

Gold equivalent ounces - other metals (13)(14)

Red Chris (10)

—

1,486

Peñasquito

473

—

614

544

1,130

Boddington

—

115

1,165

Cadia (10)

134

—

241

235

1,025

Corporate and Other (11)

—

Held for sale (12)

Telfer (10)(15)

—

3,218

Total Gold Equivalent Ounces

795

121

157

1,123

955

1,176

Consolidated

4,262

112

131

201

159

945

5,835

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes by-product credits of $114.

(3)

Includes stockpile, leach pad, and product inventory adjustments of $2 at Brucejack, $1 at Peñasquito, $9 at Cerro Negro, $15 at Telfer, and $17 at NGM.

(4)

Reclamation costs include operating accretion and amortization of asset retirement costs of $67 and $45, 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 $108 and $17, respectively.

(5)

Advanced projects, research and development and exploration excludes development expenditures of $4 at Peñasquito, $4 at Merian, $6 at Cerro Negro, $1 at Boddington, $13 at Tanami, $14 at Ahafo, $6 at NGM, $27 at Corporate and Other, $1 at CC&V, $1 at Porcupine, and $4 at Akyem, totaling $81 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 $45, settlement costs of $26, impairment charges of $21, and restructuring and severance of $15.

(7)

Excludes capitalized interest related to sustaining capital expenditures.

(8)

Includes finance lease payments and other costs for sustaining projects of $30.

(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)

Sites are classified as held for sale as of June 30, 2024.

(13)

(14)

For the six months ended June 30, 2024, Red Chris sold 12 thousand tonnes of copper, Peñasquito sold 18 million ounces of silver, 49 thousand tonnes of lead and 113 thousand tonnes of zinc, Boddington sold 18 thousand tonnes of copper, Cadia sold 43 thousand tonnes of copper, and Telfer sold 2 thousand tonnes of copper.

(15)

Six Months Ended

June 30, 2023

Costs

Applicable

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

100

—

133

1,494

Musselwhite

113

—

166

1,955

Porcupine

147

—

192

128

1,498

Éléonore

149

—

209

119

1,756

Peñasquito

107

—

138

104

1,325

Merian

165

—

209

136

1,537

Cerro Negro

153

—

181

111

1,625

Yanacocha

135

—

163

119

1,362

Boddington

326

—

402

1,000

Tanami

163

—

223

189

1,182

Ahafo

251

—

343

264

1,301

Akyem

117

—

155

127

1,220

Nevada Gold Mines

590

—

148

761

546

1,396

Corporate and Other (11)

—

119

—

170

—

Total Gold

2,516

124

610

3,445

2,419

1,424

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

Peñasquito

408

—

566

387

1,463

Boddington

101

—

129

998

Corporate and Other (11)

—

Total Gold Equivalent Ounces

509

—

724

516

1,405

Consolidated

3,025

104

145

706

4,169

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes by-product credits of $62.

(3)

Includes stockpile and leach pad inventory adjustments of $2 at Porcupine, $5 at Éléonore, $17 at Peñasquito, $2 at Cerro Negro, $4 at Yanacocha, $1 at Akyem, and $2 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 $49 and $55, 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 $74 and $9, respectively.

(6)

Advanced projects, research and development and exploration excludes development expenditures of $1 at CC&V, $3 at Porcupine, $3 at Peñasquito, $3 at Merian, $1 at Cerro Negro, $3 at Yanacocha, $12 at Tanami, $15 at Ahafo, $7 at Akyem, $9 at NGM and $48 at Corporate and Other, totaling $105 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 $8, restructuring and severance costs of $12, and Newcrest transaction-related costs of $21.

(8)

Excludes capitalized interest related to sustaining capital expenditures.

(9)

Includes finance lease payments for sustaining projects of $38.

(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 six months ended June 30, 2023, Peñasquito sold 12 million ounces of silver, 33 thousand tonnes of lead and 86 thousand tonnes of zinc, and Boddington sold 23 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

June 30, 2024

March 31, 2024

December 31, 2023

September 30, 2023

Net income (loss) attributable to Newmont stockholders

853

170

(3,158

)

158

Net income (loss) attributable to noncontrolling interests

Net loss (income) from discontinued operations

(15

)

(12

)

Equity loss (income) of affiliates

)

(19

)

Income and mining tax expense (benefit)

191

260

Depreciation and amortization

602

654

681

480

Interest expense, net of capitalized interest

103

EBITDA

1,741

1,175

(2,340

)

760

Adjustments:

Loss on assets held for sale

246

485

—

(Gain) loss on asset and investment sales, net

(55

)

231

Newcrest transaction and integration costs

427

Gain on debt extinguishment, net

(14

)

—

Change in fair value of investments

(31

)

Restructuring and severance

Impairment charges

1,881

Settlement costs

Reclamation and remediation charges

—

1,158

104

Pension settlements

—

COVID-19 specific costs

—

Other

—

)

Adjusted EBITDA

1,966

1,694

1,382

933

12 month trailing Adjusted EBITDA

5,975

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

364

12 month trailing pro forma Adjusted EBITDA

6,339

Total Debt

8,692

Lease and other financing obligations

533

Less: Cash and cash equivalents

(2,602

)

Less: Cash and cash equivalents included in assets held for sale (2)

(205

)

Less: Time deposits (3)

(28

)

Total net debt

6,390

Net debt to pro forma Adjusted EBITDA

1.0

(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 June 30, 2024. The pro forma adjusted EBITDA was derived from Newcrest unaudited financial information for the period July 1, 2023 through 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, the related assets and liabilities, including $205 of Cash and cash equivalents, were reclassified to Assets held for sale and Liabilities held for sale, respectively.

(3)

Time deposits are included in current Investments on the Condensed Consolidated Balance Sheets.

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 June 30,

Increase (Decrease)

Percent Change

2024

2023

Gold

3,623

2,380

1,243

Copper

377

295

360

Silver

209

124

Lead

Zinc

149

129

4,402

2,683

1,719

Six Months Ended June 30,

Increase (Decrease)

Percent Change

2024

2023

Gold

6,964

4,683

2,281

Copper

674

192

482

251

Silver

410

241

169

Lead

104

Zinc

273

182

8,425

5,362

3,063

Three Months Ended June 30, 2024

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

3,617

386

176

146

Provisional pricing mark-to-market

Silver streaming amortization

—

Gross after provisional pricing and streaming impact

3,643

411

218

164

Treatment and refining charges

(20

)

(34

)

—

(15

)

Net

3,623

377

209

149

Consolidated ounces / pounds sold (1)(2)

1,543

113

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

Gross before provisional pricing and streaming impact

2,344

4.57

22.17

0.97

1.29

Provisional pricing mark-to-market

0.29

2.37

0.08

0.15

Silver streaming amortization

—

2.79

—

Gross after provisional pricing and streaming impact

2,361

4.86

27.33

1.05

1.44

Treatment and refining charges

(14

)

(0.39

)

(1.13

)

—

(0.13

)

Net

2,347

4.47

26.20

1.05

1.31

(1)

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

(2)

For the three months ended June 30, 2024 the Company sold 39 thousand tonnes of copper, 20 thousand tonnes of lead, and 52 thousand tonnes of zinc.

(3)

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

Three Months Ended June 30, 2023

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

2,390

115

100

Provisional pricing mark-to-market

)

—

(14

)

Silver streaming amortization

—

Gross after provisional pricing and streaming impact

2,389

132

Treatment and refining charges

)

(21

)

Net

2,380

124

Consolidated ounces / pounds sold (1)(2)

1,211

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

Gross before provisional pricing and streaming impact

1,974

3.75

19.17

0.96

1.12

Provisional pricing mark-to-market

)

(0.34

)

0.34

—

(0.16

)

Silver streaming amortization

—

2.56

—

Gross after provisional pricing and streaming impact

1,973

3.41

22.07

0.96

Treatment and refining charges

)

(0.15

)

(1.51

)

(0.04

)

(0.23

)

Net

1,965

3.26

20.56

0.92

0.73

(1)

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

(2)

For the three months ended June 30, 2023 the Company sold 11 thousand tonnes of copper, 16 thousand tonnes of lead, and 41 thousand tonnes of zinc.

(3)

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

Six Months Ended June 30, 2024

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

6,946

702

358

102

295

Provisional pricing mark-to-market

Silver streaming amortization

—

Gross after provisional pricing and streaming impact

7,002

736

431

105

310

Treatment and refining charges

(38

)

(62

)

(21

)

(37

)

Net

6,964

674

410

104

273

Consolidated ounces/pounds sold (1)(2)

3,142

164

108

248

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

Gross before provisional pricing and streaming impact

2,210

4.27

20.14

0.95

1.19

Provisional pricing mark-to-market

0.21

1.28

0.03

0.06

Silver streaming amortization

—

2.78

—

Gross after provisional pricing and streaming impact

2,228

4.48

24.20

0.98

1.25

Treatment and refining charges

(12

)

(0.38

)

(1.20

)

(0.01

)

(0.15

)

Net

2,216

4.10

23.00

0.97

1.10

(1)

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

(2)

For the six months ended June 30, 2024 the Company sold 75 thousand tonnes of copper, 49 thousand tonnes of lead, and 113 thousand tonnes of zinc.

(3)

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

Six Months Ended June 30, 2023

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

4,687

200

225

243

Provisional pricing mark-to-market

—

)

(18

)

Silver streaming amortization

—

Gross after provisional pricing and streaming impact

4,703

200

260

225

Treatment and refining charges

(20

)

(19

)

(43

)

Net

4,683

192

241

182

Consolidated ounces/pounds sold (1)(2)

2,419

189

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

Gross before provisional pricing and streaming impact

1,937

3.87

18.56

0.96

1.28

Provisional pricing mark-to-market

—

0.32

(0.03

)

(0.09

)

Silver streaming amortization

—

2.56

—

Gross after provisional pricing and streaming impact

1,944

3.87

21.44

0.93

1.19

Treatment and refining charges

)

(0.14

)

(1.59

)

(0.04

)

(0.23

)

Net

1,936

3.73

19.85

0.89

0.96

(1)

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

(2)

For the six months ended June 30, 2023 the Company sold 23 thousand tonnes of copper, 33 thousand tonnes of lead, and 86 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 June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Consolidated gold sales, net

3,623

2,380

6,964

4,683

Consolidated other metal sales, net

779

303

1,461

679

Sales

4,402

2,683

8,425

5,362

Costs applicable to sales

2,156

1,543

4,262

3,025

Less: Consolidated other metal sales, net

(779

)

(303

)

(1,461

)

(679

)

By-product costs applicable to sales

1,377

1,240

2,801

2,346

Gold sold (thousand ounces)

1,543

1,211

3,142

2,419

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

892

1,024

891

970

Total AISC

2,957

2,157

5,835

4,169

Less: Consolidated other metal sales, net

(779

)

(303

)

(1,461

)

(679

)

By-product AISC

2,178

1,854

4,374

3,490

Gold sold (thousand ounces)

1,543

1,211

3,142

2,419

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

1,412

1,531

1,392

1,443

(1)

Per ounce measures may not recalculate due to rounding.

Conference Call Information

A conference call will be held on Thursday, July 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

688614

Conference Name

Newmont

Replay Number

866.813.9403

Intl Replay Number

929.458.6194

Replay Access Code

757808

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

Webcast Details

Title: Newmont Second Quarter 2024 Earnings Conference Call

URL: https://events.q4inc.com/attendee/677311568

The webcast materials will be available after market close on Wednesday, July 24, 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 and debt 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 and assets designated as held for sale; (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 September 30, 2024 to holders of record at the close of business on September 5, 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 June 30, 2024, expected to be filed on, or about July 25, 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/20240724119325/en/

Investor Contact - Global Neil Backhouse investor.relations@newmont.com Investor Contact - Asia Pacific Natalie Worley apac.investor.relations@newmont.com Media Contact - Global Jennifer Pakradooni globalcommunications@newmont.com Media Contact - Asia Pacific Rosalie Cobai australiacommunications@newmont.com

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