With focused and strategic exploration plans for both its Lucero and Clover projects and the successful sale of its Maverick Springs asset, Element79 has demonstrated a commitment to increasing shareholder value and a compelling case for investors.
Element79 Gold (CSE:ELEM,OTCQB:ELMGF,FSE 7YS0) is an exploration and development mining company with several exciting opportunities for strategic growth. First, is the potential for near-term production through its Lucero project in Peru. The Lucero mine is one of the highest-grade underground mines in Peru’s history and is on the fast track for resource development and production. Additionally, Element79 owns the Clover project in Nevada, creating further opportunities for long-term resource development. Third, and the most exciting business opportunity for the company yet, is the immediate-term resource development and production of the Lucero tailings. This has been facilitated recently by Element79’s agreement, through a letter of intent, with S.M.R.L. PALAZA 16 to purchase and process approximately 1.3 million tons of tailings from previous mines within the current Lucero mine area.
A globally experienced management team with a proven track record of success in developing operational mines leads Element79 Gold toward fully executing these strategic business opportunities.
Lucero is a past-producing, high-grade gold mine ready to reach production quickly. The mine operated between 1989 to 2005. Historic reports between 1998 and 2004 indicate that the mine produced approximately 18,800 ounces of gold and 435,000 ounces of silver per year at a head grade of19 grams per ton (g/t) gold equivalent. An NI 43-101 report prepared by a third party indicates grades up to 116.8 g/t gold equivalent. In addition to the potential of generating cash flow in the near term, the 10,805-hectare Lucero project also has high upside potential for further greenfield exploration.
Peru is considered a relatively stable mining jurisdiction, especially for smaller-scale operations. As mining is an essential aspect of the country’s GDP, Peru has developed a favorable regulatory regime for its mining industry. Element79 Gold is poised to benefit from the pro- mining jurisdiction as it moves the Lucero asset toward production.
Element79 Gold has engaged a Peruvian technical mining service provider, Ore Discovery LLC, to work in conjunction with Element79’s operations team. The 2023 site work included above-ground and underground mapping, sampling, trenching, drill site targeting on both better-known and unexplored vein systems, for exploration and de-risked resource development on the path toward ore extraction and near-term cash flow generation.
Assays from the underground sampling include results of up to 98 g/t gold and 2,034 g/t silver. Moreover, assays from March 2023 yielded 21-ore grade and high yield up to 11.7 ounces per ton gold and 247 ounces per ton silver, further validating the potential for a significant high- grade future operation.
In June 2023, Element79 further strengthened its portfolio in Peru with the acquisition of the 1,200-hectare Lucero del Sur 28, located strategically just east of the high-grade Lucero gold- silver project. Lucero del Sur 28 is a coveted area covering the Roxana vein, a vein dominated by white to hyaline quartz and altered rock clasts, with lesser amounts of limonite patinas, hematite, pyrite and jarosite.
In September 2024, Element79 signed a letter of intent with S.M.R.L. PALAZA 16 to purchase and process approximately 1.3 million tons of tailings currently controlled by Palaza at the Lucero Mine. This agreement marks the launch of a tailings reprocessing venture for Element79 and represents a significant economic opportunity for the company.
Element79’s secondary asset, the 100 percent owned Clover project, is located in the historic Midas mining district and comprises 169 unpatented claims over 3,063 acres in Elko County, Nevada. A well-known gold and silver producer since the early 1900s, the Midas district has yielded more than 2 million ounces of gold between 1998 and 2013.
The company also previously held the Maverick Springs project in Nevada. Acquired by Element79 in December 2021 for an adjusted cost of C$3.34 million, the project was sold to Sun Silver Resources (ASX:SS1) in May 2024 for C$4.4 million cash and 3.5 million shares of SS1 priced at 0.20 AUD.
A powerhouse management team leads Element79 Gold with a track record of experience and success. Kim Kirkland, COO and former VP global exploration, has held executive and lead operations-focused engineering roles with some of the world's largest mining companies, including Barrick Gold, Rio Tinto Group, MMG, Amec Foster Wheeler PLC and McEwen Mining. Kirkland has served as project lead with extensive South American experience, who can proficiently lead exploration programs and mining operations through milling, extraction/concentration and optimization/beneficiation.
Antonio Maragakis, former COO and director, now advisor, has held director-level positions at miners with multi-billion dollar portfolios, including Barrick Gold Corporation and Koch Industries. He has also built a leading global mining engineering consultancy, Mine Plus Group, as well as a private mining fund focused on near-term production development projects, MFD Holdings SA.
Shane Williams, strategic advisor, brings a history of significant value creation in early-stage and operating companies and currently heads West Red Lake Gold (TSXV:WRLG) as president and CEO. Combined, Element79 Gold has the right experts to fully realize its assets' potential.
The 10,813-hectare project in southern Peru presents near-term cash flow potential as it moves toward production. Lucero operated as a high-grade gold mine between 1989 and 2005 and remains partially unexplored. As a result, the asset is in a unique position to start generating revenue while also providing future growth opportunities with additional exploration.
The Clover Property is located in the historic Midas mining district in Nevada, which has been producing gold and silver since the early 1900s, It is 16 kilometers west of Hecla Mining Company’s Midas Mine, the largest known gold-silver epithermal deposit along the Northern Nevada Rift. Mineralization at the property is classified as low-sulphidation, vein-hosted, epithermal gold mineralization similar to that found at the Midas deposit as it is found within a similar geologic setting. Gold and silver mineralization at the Midas Mine is hosted in several northwest-striking veins. Between 1998 and 2013, the main veins produced over 2 million ounces of gold.
A $6.7-million program is planned for the Clover Property focused on data compilation, construction of geologic and resource models, and a 10,000-meter drilling program followed by a mineral resource estimate and NI 43-101 compliant preliminary economic assessment.
James Tworek has held director, senior management, analytical and operations roles in both public and private companies. A quick study and entrepreneurial to the bone, his 25-year career started in banking in 1998 and has since garnered a wealth of experience across diverse industries between commercial banking, mining, project finance, mezzanine debt, oil and gas, clean water/envirotech and hemp/legal cannabis industries. He has investing experience in real estate, private equity, private mining, startup generation, tech and agricultural ventures. A team leader driven by results, Tworek has built his career on successfully executing development and corporate growth targets, exceeding sales objectives, and being mindful of ensuring open communication, honesty and integrity with investors and stakeholders.
Tammy Gillis is a CPA, CMA with over 20 years of experience in the public markets bringing a comprehensive background in finance, reporting and regulatory requirements for manufacturing, bio-technology, technology and junior exploration industries. Gillis has been part of teams that have completed several financings, grant applications and acquisition transactions. Ms. Gillis started her career working at a corporate and securities law firm. Gillis previously served as corporate accountant for an international manufacturing company that had revenue in excess of
$120 million and as chief financial officer for a technology company with patented cathode materials used in lithium-ion batteries that successfully built a pilot plant with the assistance of over $4 million in government grants. Ms. Gillis has served as an officer for several TSXV and CSE-listed issuers.
Kim Kirkland’s track record spans senior executive and lead engineering roles at some of the world's largest mining companies. Key highlights of Kirkland's work history include:
Neil Pettigrew is a professional geologist in good standing, registered in Ontario, with over 20 years of experience in the mineral exploration industry. He received his Honors B.Sc. from the University of New Brunswick and his M.Sc. from the University of Ottawa. Pettigrew has been employed as a senior precambrian geoscientist with the Ontario Geological Survey and has worked for several junior and major companies in gold and Cu-Ni-PGE exploration. He has held officer and director positions at several TSX and TSXV-listed junior companies and currently sits as vice-president of exploration and director of GT Resources (formerly, Palladium One Mining)
Zara Kanji is a founder of Zara Kanji & Associates (established in 2004). Kanji is experienced in financial reporting compliance for junior listed resource companies, personal and corporate taxation, general accounting, financial reporting and value-added operational consulting services for individuals, and private and public companies. Prior to starting her accounting practice, Kanji served as a controller for a marketing company, as an accountant in public practice for a CA firm, a CGA firm and as an analyst for a pension fund. In addition to providing accounting and financial compliance services to private and public entities, Kanji has served as director and officer for several listed issuers.
Warren Levy brings more than 23 years of experience developing major and private companies in resource development across the Americas. He has achieved significant milestones and successes centered around community engagement, sustainable development of infrastructure, energy and natural resource development. Levy is the current CEO of Frontier Advisory, an advisory firm providing energy policy advocacy, sustainability, market entry, capital raising and technical support to responsible natural resource and social development around Latin America. He is also former CEO of Jaguar E&P, as well as former CEO of Pentanova Petroleum.
Antonios Maragakis completed his PhD at the University of Delft, MSc at the University of Bath, his B.Sc and B.A. at the University of Nevada, and executive training at the London Business School. He brings with him more than 15 years of experience leading some of the largest mining megaprojects in the last decade. Maragakis holds a distinguished resume, including management and director-level positions overseeing multibillion-dollar project portfolios internationally at organizations, such as:
Shane Williams carries a history of significant value creation in both early-stage and operating companies, which includes senior executive and management roles overseeing and delivering world-class, multibillion-dollar projects at highly prominent companies, including: chief operation officer at Skeena Resources (NYSE Listed), Eskay Creek Project; former senior vice-president at Eldorado Gold (NYSE Listed), $2-billion global project portfolio; former general manager of expansion projects at Rio Tinto (NYSE Listed), $2.5-billion CAPEX; and former vice-president of projects at Kaunis Iron AB, $800-million flagship Kaunisvarra Iron Ore Project.
With over two decades of experience across industries such as mining, energy and corporate finance, Kevin Arias brings a wealth of knowledge and expertise to the company. His strong background in business development, investor relations, securities and corporate communications, combined with a proven track record in raising over C$100 million since 2008, positions him as a valuable addition to the Element79 team.
High-grade gold project with near-term cash flow potential
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Vancouver, British Columbia TheNewswire - April 17, 202 5 Element79 Gold Corp. (CSE: ELEM | FSE: 7YS0 | OTC: ELMGF ) ( the "Company") herein provides an update on the latest community engagement and ongoing development efforts in the Rural Community of Chachas ("Chachas") for its Minas Lucero Project in Arequipa, Peru.
Multi-Stakeholder Meeting in the Chachas on April 12th
As previously outlined in the Company's news release of March 28, 2025 , the Spring General Assembly Meeting took place on April 12, 2025, where Element79 Gold Corp's community relationship development team, GAE Peru, was able to present and discuss upcoming exploration, mill and tailings reprocessing plant development plans, which begin with the completion of long-term surface agreements and Formalization of existing REINFO small-scale mining permits with the Company's mineral leases. These surface rights access contracts, for the Company and all other mining groups working in the Chachas region negotiated and signed with the Chachas community.
Element79 Gold Corp's message and dialogue around collaborative work plans and win-win solutions with the community were once again reiterated and were generally well received; in many cases where there were inquiries or debates around the Company's involvement, it is reported that both the greater community and its leaders reinforced and defended the Company's platform and the benefit of developing a constructive and long-term working relationship together. Dissention against the Company and its plans came primarily from a radical faction of the local artisanal miner's group, Lomas Doradas, where emphatic conversations were drawn out for hours both during and after the General Assembly. Due to these disruptions, no formal agreement for either Element79 Gold Corp or Lomas Doradas was reached at the General Assembly.
The Chachas community leaders and JAL (Junta Administrativa Local, or local community administration board) have agreed to meet again outside of the General Assembly to formally during the week of April 21. The Company will provide further updates and action items in due course following these upcoming meetings.
Commitment to Responsible Mining
Element79 Gold Corp. remains dedicated to transparent dialogue, responsible community and resource development, and long-term profitable and mutually beneficial community partnerships . The Company will continue to provide updates as these initiatives progress.
Evaluating Options
The Company upholds that the Lucero project continues to host significant exploration and production merit as well as it continues to develop increasingly strong community relationships for long-term success.
Due to the ongoing difficulties and delays experienced over the past 15 months, the Company's management and Board of Directors has elected to put Lucero and adjacent projects into a period of review, where with its team and trusted consultants, will evaluate the best ways to proceed with the Lucero project in order to maximize shareholder value.
The Company continues to review near-term producing mining assets in Peru and South America for additional growth opportunities and will provide further guidance on these in due course.
About Element79 Gold Corp.
Element79 Gold Corp. is a mining company focused on exploring and developing its past-producing, high-grade gold and silver project, Lucero , located in Chachas, Arequipa, Peru. The Company is committed to advancing responsible mining practices and maintaining strong relationships with local communities to support sustainable development.
The Company also holds several exploration projects along Nevada's Battle Mountain trend, a region renowned for prolific gold production, and these assets are under contract for sale in the first half of 2025. Additionally, Element79 has recently transferred its Dale Property in Ontario to its subsidiary, Synergy Metals Corp., as part of a spin-out process.
For further information, please visit our website at www.element79.gold .
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
Email: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (403)850.8050
Email: investors@element79.gold
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company's performance or events as of the date hereof. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward-looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should conduct a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
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Vancouver, British Columbia TheNewswire - March 28, 2024 Element79 Gold Corp. (CSE: ELEM | FSE: 7YS0 | OTC: ELMGF) is pleased to provide an update on the latest Chachas community engagement and ongoing efforts for its Minas Lucero Project in Arequipa, Peru.
Ongoing Communication and Support with Chachas
As an update to the Company's news release on March 11, 2024, the Company continues to maintain positive and open lines of communication with key stakeholders in the Chachas community. Now that the rainy season weather conditions are lessening, the community, as well as Element79's community team have returned to Chachas, Arequipa, with renewed vigour for the new year. Some items to look forward to in the coming days and weeks:
Local Presence: The Company continues to maintain its office in Chachas, along with an on-the-ground community assistant in Chachas to monitor developments and maintain direct communication.
Community Interaction: Ongoing dialogue with local stakeholders, community leaders and working at responding to direct inquiries of the Company's intended work plans in 2025 and beyond.
Weather-Related Impact: Heavy rains and landslides common to this season have affected roads in and around Chachas, and working at clearing and repairing these are a priority for all community members, for safety and logistical purposes. This weather has suspended artisanal mining operations in the area into April, although they are anticipated to recommence shortly.
Upcoming Multi-Stakeholder Meetings in the Chachas region
As the communities of the general region get prepared for work post-rainy season, the Spring General Assembly Meeting has been set for April 12, 2025. As evidenced in the below community notice from the Chachas main town hall, Element79 Gold Corp is directly on the agenda for discussing upcoming exploration and development plans as well as pursuing the completion of long-term surface agreements and undergoing the process of Formalization of existing REINFO small-scale mining permits along with the Company's mineral leases.
Click Image To View Full Size
Image 1 – Photo taken by ELEM community team 03.27.2025 of the General Assembly Notice posted on the notice board of the Chachas Community Main Hall. Element79 Gold Corp's business is the second item on the agenda for the General Assembly meeting to be held on April 12, 2025.
The Company will provide further updates and action items in due course following the abovementioned meeting on April 12.
Commitment to Responsible Mining
Element79 Gold Corp. remains dedicated to transparent dialogue, responsible community and resource development, and long-term profitable and mutually beneficial community partnerships . The Company will continue to provide updates as these initiatives progress.
About Element79 Gold Corp.
Element79 Gold Corp. is a mining company focused on exploring and developing its past-producing, high-grade gold and silver project, Lucero , located in Chachas, Arequipa, Peru. The Company is committed to advancing responsible mining practices and maintaining strong relationships with local communities to support sustainable development.
The Company also holds several exploration projects along Nevada's Battle Mountain trend, a region renowned for prolific gold production, and these assets are under contract for sale in the first half of 2025. Additionally, Element79 has recently transferred its Dale Property in Ontario to its subsidiary, Synergy Metals Corp., as part of a spin-out process.
For further information, please visit our website at www.element79.gold .
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
Email: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (403)850.8050
Email: investors@element79.gold
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company's performance or events as of the date hereof. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward-looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should conduct a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
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Vancouver, British Columbia TheNewswire - March 11, 2024 Element79 Gold Corp. (CSE: ELEM | FSE: 7YS0 | OTC: ELMGF) is pleased to provide an update on the latest social management initiatives, community engagement and ongoing efforts for its Minas Lucero Project in the Arequipa region of Peru.
Strengthening Community Relations in Chachas
As part of its ongoing commitment to responsible mining and sustainable development, Element79 Gold's local team has been actively engaging with community leaders and stakeholders in Chachas and surrounding annexes. Key developments include:
Engagement with Local Authorities: Seven (7) formal letters were submitted to the JAL authorities of Chachas and its annexes to coordinate meetings in March. These discussions will facilitate agreements on land use, to be formalized in the upcoming Communal Assembly.
Coordination with Regional Energy and Mines Authority: The Company is working with the Regional Energy and Mines Management of Arequipa (GREM) to arrange an official briefing in Chachas. Through the GREM efforts have been made are being made to establish an institutional working group with representatives from the Chachas Community, the Lomas Doradas Association, and Minas Lucero del Sur to table requirements and commitments between the parties.
Ongoing Communication and Support with Chachas
Element79 Gold continues to maintain positive and open lines of communication with the Chachas community, despite challenges posed by seasonal weather conditions:
Community Interaction: Regular dialogue is ongoing with local stakeholders, and the Company has received direct inquiries and support from community allies.
Weather-Related Impact: Heavy rains and landslides common to this season have affected road access to Chachas, causing temporary disruptions. Artisanal mining operations in the area have also been suspended until April due to adverse conditions.
Local Presence: The Company continues to maintain its office in Chachas, along with an on-the-ground community assistant in Chachas to monitor developments and maintain direct communication. Local Starlink internet antennae for community use continue to be sponsored by the Company.
Advancing Strategic Community Initiatives
Deployment of Smart Multipurpose Screen Kits
Element79 Gold is preparing to introduce new technology to local communities as part of its engagement strategy:
Three (3) GAE Multipurpose System Kits are set to be delivered to communal facilities in Chachas, Nahuira, and Tolconi before mid-March.
The deployment will serve as a technology demonstration , showcasing the potential benefits of Starlink connectivity and smart panels for community development.
Official handover of the equipment will be contingent upon the signing of land-use agreements with the community, aligning with Element79 Gold's commitment to fostering mutual benefits through sustainable partnerships.
Click Image To View Full Size
Image 1 – GAE Multipurpose System Kit setup
Click Image To View Full Size
Image 2 – (Spanish) Chart of the of the features and benefits that the GAE Multipurpose System Kits have and provide to user communities
Upcoming Multi-Stakeholder Meeting in Chachas
A key meeting involving GREM, the Chachas Community Council (CC Chachas), the Lomas Doradas Association, and Minas Lucero representatives is being planned before the upcoming Communal Assembly. GREM-Arequipa has sent official invitations, and discussions are underway to determine the most suitable date and agenda. The Company has already submitted a formal letter to GREM to advance this process; due to ongoing heavy rains, the GREM has confirmed an approximate timeline for "end of March" and will continue to update both the Company and the CC Chachas in due course.
Commitment to Responsible Mining
Element79 Gold Corp. remains dedicated to transparent dialogue, responsible community and resource development, and long-term profitable and mutually beneficial community partnerships . The Company will continue to provide updates as these initiatives progress.
About Element79 Gold Corp. Element79 Gold is a mining company focused on exploring and developing its past-producing, high-grade gold and silver project, Lucero , located in Arequipa, Peru. The Company is committed to advancing responsible mining practices and maintaining strong relationships with local communities to support sustainable development.
The Company also holds several exploration projects along Nevada's Battle Mountain trend, a region renowned for prolific gold production, and these assets are under contract for sale in the first half of 2025. Additionally, Element79 has recently transferred its Dale Property in Ontario to its subsidiary, Synergy Metals Corp., as part of a spin-out process.
For further information, please visit our website at www.element79.gold .
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
Email: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (403)850.8050
Email: investors@element79.gold
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company's performance or events as of the date hereof. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward-looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should conduct a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
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Vancouver TheNewswire March 6, 2025 Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element79 Gold", the "Company") is pleased to announce that effective March 5, 2025, the British Columbia Securities Commission ("BCSC") has revoked the temporary management cease trade order (the "MCTO") which prevented the Company's Officers, Board and Insiders from trading in the Company's securities but did not affect the ability of other shareholders, including the public, to trade in the securities of the Company.
The Company confirms that on Feb 26, 2025, the filing of the audited annual financial statements for the year ended August 31, 2024, along with the management's discussion and analysis and related CEO and CFO certificates (the "2024 Filings") for the period, which were required to be filed on or before December 30, 2024, were filed. On March 3, 2025 the quarterly financial statements for the three months ended November 30, 2024, along with the management's discussion and analysis and related CEO and CFO certificates (the "2025 Q1 Filings") for the period, which were filed. Copies of the Required Filings are available under the Company's SEDAR+ profile at www.sedarplus.ca .
The Company is also no longer listed as being in default on the BCSC's reporting issuer list and on the reporting issuer list, or default list, of each jurisdiction of Canada in which it is a reporting issuer to the extent that such jurisdiction maintains a list and the Corporation's Officers, Board and Insiders are no longer prevented from trading in the Corporation's securities.
Clarification on Crescita Capital LLC Warrants
The Corporation wishes to clarify the number of securities issued to Crescita Capital LLC as disclosed in it Feb 28, 2025 news release, the number of Share purchase Warrants (the "Warrants") Issued to Crescita were 2,939,965. The Warrants were issued per the terms of the Crescita Equity Investment Facility Agreement, the Warrants are exercisable for a period of five years at a Price of $0.05 per share.
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
Email: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (403)850.8050
Email: investors@element79.gold
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company's performance or events as of the date hereof. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward-looking statements.
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
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Vancouver TheNewswire February 28, 2025 Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element79 Gold", the "Company") a mining company focused on gold and silver, announces that it has recently leveraged its Crescita Equity Investment Facility ("Crescita Capital"), details of the Facility Agreement can be found in out original announcement on February 12, 2022. The Company has recently drawn CA$185,000 from this new facility.
The Company has further issued an aggregate total of 10,062,500 shares to Crescita pursuant to the terms of the Facility Agreement (the "Agreement") , as well as a total of 13,002,465 Share purchase Warrants (the "Warrants") to Crescita per the terms of the Agreement, the Warrants are exercisable for a period of five years at an Price of $0.05 per share.
Proceeds from the above-mentioned draw from Crescita Capital will be used for operations including legal fees. accounting audits, annual project claim lease fees and the advancement of the social contract development in Peru to allow the Lucero work plan to unfold.
About Crescita Capital
Crescita Capital is an investment and consultancy group that provides alternative financing and corporate development services for seed to growth-stage companies in emerging markets around the world. www.Crescita.capital Between 2021 and 2023, the Company worked with Crescita, drawing $7,104,500 to support its operations and develop its portfolio of mining assets.
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
Email: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (403)850.8050
Email: investors@element79.gold
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company's performance or events as of the date hereof. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward-looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should conduct a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.
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Walker Lane Resources (TSXV:WLR) is executing an exploration strategy focused on advancing high-impact projects across premier North American mining jurisdictions. The company’s portfolio spans the prolific Walker Lane Gold Trend in Nevada, as well as key exploration assets in British Columbia, the Yukon, and Newfoundland.
Near-term efforts are centered on two high-priority, drill-ready targets — Tule Canyon in Nevada and Amy in British Columbia — supported by the continued advancement of Silver Hart, Walker Lane’s flagship silver-lead-zinc asset in the Yukon, toward a development decision. All projects are accessible by road, enabling cost-effective exploration and streamlined logistics.
With a lean capital structure, high-grade and scalable assets, and a clear path from discovery through to early-stage development, Walker Lane is well-positioned to unlock significant value and deliver strong returns for shareholders. The company represents a compelling growth opportunity in the junior mining sector.
This Walker Lane Resources profile is part of a paid investor education campaign.*
Click here to connect with Walker Lane Resources (TSXV:WLR) to receive an Investor Presentation
Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) today announced first quarter 2025 results and declared a dividend of $0.25 1 per share.
"Following on from a robust fourth quarter performance, Newmont has delivered 1.5 million attributable gold ounces and generated a record first quarter free cash flow of $1.2 billion, demonstrating the strength of our unrivaled Tier 1 Portfolio," said Tom Palmer, Newmont's President and Chief Executive Officer. "We also successfully completed our non-core divestiture program, generating up to $4.3 billion in total gross proceeds including over $2.5 billion of after-tax cash proceeds in the first half of 2025. With these significant achievements and a solid start to the year, we remain firmly on track to meet our 2025 guidance, continuing on our journey towards creating the world's leading gold and copper portfolio for the benefit of our shareholders."
Q1 2025 Results
| _____________________________ |
1 Newmont's Board of Directors declared a dividend of $0.25 per share of common stock for the first quarter of 2025, payable on June 20, 2025 to holders of record at the close of business on May 27, 2025. |
2 Non-GAAP metrics; see reconciliations at the end of this release. |
3 See discussion of guidance, including the definition of the Tier 1 Portfolio, and cautionary statement at the end of this release regarding forward-looking statements. |
4 All previously announced operating sites have been divested, with the Coffee development project remaining designated as held for sale. No agreement has been reached with respect to Coffee as of the date of this release. |
5 Total liquidity as of March 31, 2025 includes $0.1 billion in cash for assets held for sale and $4.0 billion available on a revolving credit facility |
6 Total debt purchases include $22 million in April 2025. |
Summary of First Quarter Results
2024 | 2025 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY | Q1 | YTD | |||||||||||
Average realized gold price ($/oz) | $ | 2,090 | $ | 2,347 | $ | 2,518 | $ | 2,643 | $ | 2,408 | $ | 2,944 | $ | 2,944 | |||
Attributable gold production (Moz) 1 | 1.68 | 1.61 | 1.67 | 1.90 | 6.85 | 1.54 | 1.54 | ||||||||||
Gold CAS ($/oz) 2,3 | $ | 1,057 | $ | 1,152 | $ | 1,207 | $ | 1,096 | $ | 1,126 | $ | 1,227 | $ | 1,227 | |||
Gold AISC ($/oz) 3 | $ | 1,439 | $ | 1,562 | $ | 1,611 | $ | 1,463 | $ | 1,516 | $ | 1,651 | $ | 1,651 | |||
Net income (loss) attributable to Newmont stockholders ($M) | $ | 170 | $ | 853 | $ | 922 | $ | 1,403 | $ | 3,348 | $ | 1,891 | $ | 1,891 | |||
Adjusted net income ($M) 4 | $ | 630 | $ | 834 | $ | 936 | $ | 1,591 | $ | 3,991 | $ | 1,404 | $ | 1,404 | |||
Adjusted net income per share ($/diluted share) 4 | $ | 0.55 | $ | 0.72 | $ | 0.81 | $ | 1.40 | $ | 3.48 | $ | 1.25 | $ | 1.25 | |||
Adjusted EBITDA ($M) 4 | $ | 1,694 | $ | 1,966 | $ | 1,967 | $ | 3,048 | $ | 8,675 | $ | 2,629 | $ | 2,629 | |||
Cash from operations before working capital ($M) 5 | $ | 1,442 | $ | 1,657 | $ | 1,846 | $ | 2,398 | $ | 7,343 | $ | 2,172 | $ | 2,172 | |||
Net cash from operating activities of continuing operations ($M) | $ | 776 | $ | 1,394 | $ | 1,637 | $ | 2,511 | $ | 6,318 | $ | 2,031 | $ | 2,031 | |||
Capital expenditures ($M) 6 | $ | 850 | $ | 800 | $ | 877 | $ | 875 | $ | 3,402 | $ | 826 | $ | 826 | |||
Free cash flow ($M) 7 | $ | (74 | ) | $ | 594 | $ | 760 | $ | 1,636 | $ | 2,916 | $ | 1,205 | $ | 1,205 | ||
First Quarter 2025 Production and Financial Summary
Attributable gold production 1 decreased 19 percent to 1,537 thousand ounces from the prior quarter as expected, primarily due to reduced contributions from non-core operations, which included only two months of production from Musselwhite, Éléonore and CC&V. Additional impacts to production included lower production at the non-managed joint venture at Nevada Gold Mines, ongoing safety improvements at Cerro Negro and planned mine sequencing at Boddington and Tanami.
Average realized gold price was $2,944 per ounce, an increase of $301 per ounce over the prior quarter. Average realized gold price includes $2,890 per ounce of gross price received, a favorable impact of $64 per ounce mark-to-market on provisionally-priced sales and reductions of $10 per ounce for treatment and refining charges.
Gold CAS 2 totaled $1.8 billion for the quarter. Gold CAS per ounce 3 increased 12 percent to $1,227 per ounce compared to the prior quarter primarily due to lower gold production, higher royalty costs and greater allocation of cost to gold at co-product producing sites due to a previously announced reserve price update, partially offset by inventory changes and lower direct operating costs.
Gold AISC per ounce 3 increased 13 percent to $1,651 per ounce compared to the prior quarter primarily due to higher CAS per ounce as expected.
Net income attributable to Newmont stockholders was $1.9 billion or $1.68 per diluted share, an increase of $488 million from the prior quarter. This increase was primarily driven by a gain on the sale of assets held for sale of $276 million compared to a loss in the prior quarter, as well as lower costs applicable to sales, and an increase in the fair value of investments and options of $291 million. These changes largely offset lower sales volumes.
Adjusted net income 4 for the quarter was $1.4 billion or $1.25 per diluted share, compared to $1.6 billion or $1.40 per diluted share in the prior quarter. Primary adjustments to first quarter net income include a net increase in the fair value of investments and options of $291 million and a net gain on the sale of assets held for sale of $276 million primarily related to the mine sales that closed in the first quarter.
Adjusted EBITDA 4 decreased 14 percent to $2.6 billion, while EBITDA increased by $307 million. The increase in EBITDA was driven by mostly by higher net income. Adjusted EBITDA excludes one-time adjustments totaling $514 million, primarily due to a net increase in the value of investments and options, as well as the net gain on the sale of assets held for sale.
Consolidated cash from operations before working capital 5 decreased 9 percent from the prior quarter to $2.2 billion primarily due to lower sales partially offset by lower cash costs.
Consolidated net cash from operating activities decreased 19 percent from the prior quarter to $2.0 billion primarily due to lower cash from operations before working capital. Net working capital outflow in the first quarter of $141 million was primarily due to a build in inventory and stockpiles of $175 million and the continued cash spend for previously accrued reclamation activities of $95 million, primarily related to the ongoing construction of the Yanacocha water treatments plants. These unfavorable working capital changes were partially offset by favorable timing of cash collections from accounts receivable of $228 million and an accrual for taxes payable of $91 million.
Free Cash Flow 7 decreased 26 percent from the prior quarter to $1.2 billion primarily due to a decrease in consolidated net cash from operating activities, including negative working capital impacts.
Balance sheet and liquidity remained strong in the first quarter, ending with $4.7 billion of consolidated cash and $67 million of cash included in Assets held for sale , with approximately $8.8 billion of total liquidity; reported net debt to adjusted EBITDA of 0.3x 8 .
Non-Managed Joint Venture and Equity Method Investments 9
Nevada Gold Mines (NGM) attributable gold production decreased 23 percent to 216 thousand ounces, with a 21 percent increase in CAS per ounce to $1,426 per ounce. AISC per ounce increased 20 percent from the prior quarter to $1,789 per ounce 3 .
Pueblo Viejo (PV) attributable gold production decreased 21 percent to 49 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $64 million in the first quarter. Capital contributions of $20 million were made during the quarter related to the expansion project at Pueblo Viejo.
Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the first quarter of 2025 increased 10 percent to 43 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $23 million for the first quarter.
___________________________________ |
1 Attributable gold production includes ounces from the Company's equity method investment in Pueblo Viejo (40%) and in Lundin Gold (32%). |
2 Consolidated Costs applicable to sales (CAS) excludes Depreciation and amortization and Reclamation and remediation. |
3 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales. |
4 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders. |
5 Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled in the Condensed Consolidated Statements of Cash Flows. |
6 Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows. |
7 Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities. |
8 Non-GAAP measure. See end of this release for reconciliation. |
9 Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 32% 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. |
Newmont's 2025 Guidance
Newmont remains on track to meet its previously published 2025 guidance. For more details, refer to the Company's Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on www.newmont.com . Please see the cautionary statement and footnotes for additional information.
Guidance Metric (+/-5%) a | 2025E | ||
Attributable Gold Production (Moz) | |||
Managed Tier 1 Portfolio | 4.2 | ||
Non-Managed Tier 1 Portfolio b | 1.4 | ||
Total Tier 1 Portfolio | 5.6 | ||
Non-Core Assets c | 0.3 | ||
Total Newmont Attributable Gold Production (Moz) | 5.9 | ||
Gold CAS ($/oz) d | |||
Managed Tier 1 Portfolio | $ | 1,170 | |
Non-Managed Tier 1 Portfolio b | $ | 1,240 | |
Total Tier 1 Portfolio | $ | 1,180 | |
Non-Core Assets | $ | 1,450 | |
Total Newmont Gold CAS ($/oz) d | $ | 1,200 | |
Gold AISC ($/oz) d | |||
Managed Tier 1 Portfolio | $ | 1,630 | |
Non-Managed Tier 1 Portfolio b | $ | 1,555 | |
Total Tier 1 Portfolio | $ | 1,620 | |
Non-Core Assets c | $ | 1,830 | |
Total Newmont Gold AISC ($/oz) d | $ | 1,630 | |
Sustaining Capital ($M) | |||
Managed Tier 1 Portfolio | $ | 1,530 | |
Non-Managed Tier 1 Portfolio b | $ | 270 | |
Total Tier 1 Portfolio | $ | 1,800 | |
Non-Core Assets c | $ | 75 | |
Total Newmont Sustaining Capital c | $ | 1,875 | |
Development Capital ($M) | |||
Managed Tier 1 Portfolio | $ | 1,140 | |
Non-Managed Tier 1 Portfolio b | $ | 160 | |
Total Tier 1 Portfolio | $ | 1,300 | |
Non-Core Assets c | $ | 30 | |
Total Newmont Development Capital e | $ | 1,330 | |
Consolidated Expenses | |||
Exploration & Advanced Projects ($M) | $ | 525 | |
General & Administrative ($M) | $ | 475 | |
Interest Expense ($M) | $ | 300 | |
Depreciation & Amortization ($M) f | $ | 2,600 | |
Reclamation and Remediation Accretion ($M) g | $ | 475 | |
Adjusted Tax Rate h,i | 34 | % | |
2025 GOLD PRODUCTION AND CAPITAL SEASONALITY GUIDANCE AND SECOND QUARTER COMMENTARY
Total Tier 1 Portfolio j | H1 2025E | H2 2025E |
Attributable Production | 48% | 52% |
Sustaining Capital | 52% | 48% |
Development Capital | 57% | 43% |
H1/H2 Commentary: Attributable gold production for the Total Tier 1 Portfolio in 2025 is expected to be approximately 48 percent weighted to the first half of the year. The increase in production in the second half of the year is expected to be driven primarily by the non-managed Nevada Gold Mines and Pueblo Viejo operations and the addition of Ahafo North to commercial production. Gold production weighting excludes non-core assets.
Sustaining capital for the Total Tier 1 Portfolio remains weighted toward the first half of 2025, with scheduled work on pit design and access roads for Phase 14a at Lihir ongoing and the second quarter start of warmer weather surface work at Red Chris and Brucejack in Canada. Development capital for the Total Tier 1 Portfolio is heavily weighted to the first half of 2025 with spend at Ahafo North expected to peak in the second quarter before declining each quarter for the remainder of the year as the project moves toward commercial production.
Second Quarter Commentary: The second quarter of 2025 is expected to include 24 percent of Total Tier 1 Portfolio production in line with the first quarter. Second quarter attributable production from the Total Tier 1 portfolio is expected to be relatively in line with the previous quarter as expected production growth from the non-operated joint ventures, Cerro Negro, Brucejack and Boddington is offset by declines at Ahafo South and Cadia. Unit costs are expected to be similar to slightly higher than the first quarter due to higher sustaining capital spend. The second quarter will include limited high cost ounces from Porcupine and Akyem, reflecting production prior to the close of those transactions on April 15. Sustaining capital is expected to peak in the second quarter as planned investment ramps up. Compared to the previous quarter, second quarter free cash flow is expected to be adversely impacted by the divestment of the non-core assets, higher tax payments related to increased profitability in previous periods and taxes from the divestments, higher planned development capital at Ahafo North and Cadia, and the continued ramp-up of spending on construction of the Yanacocha water treatment facilities.
__________________________ |
a 2025 guidance projections are considered forward-looking statements and represent management's good faith estimates or expectations of future production results as of February 20, 2025. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2025 Guidance assumes $2,500/oz Au, $9,370/tonne Cu, $30/oz Ag, $2,756/tonne Zn, $2,094/tonne Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $90/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. See cautionary statement at the end of this release. |
b Guidance for Non-managed operations provided by joint venture or operating partners. |
c Guidance for non-core assets held for sale, Akyem, CC&V, Porcupine, Éléonore, and Musselwhite, reflects attributable gold production, Gold CAS, Gold AISC, sustaining capital, and development capital for the first quarter of 2025 only. The sale of CC&V, Éléonore, and Musselwhite closed on February 28, 2025 and the sale of Akyem and Porcupine closed April 15, 2025. See cautionary statement at the end of this release. |
d Presented on a consolidated basis and assuming a gold price of $2,500/oz. |
e Sustaining capital is presented on an attributable basis; Capital guidance excludes amounts attributable to the Pueblo Viejo joint venture. |
f Depreciation & Amortization includes Q1 2025 only for non-core assets. |
g Reclamation and Remediation Accretion represents a subset of expenses within Reclamation and Remediation expense and is exclusive of Reclamation and Remediation adjustments and other within that income statement expense line item. Reclamation and Remediation Accretion includes Q1 2025 only for non-core assets. |
h The adjusted tax rate excludes certain items such as tax valuation allowance adjustments. |
i Assuming average prices of $2,500 per ounce for gold, $9,370 per tonne for copper, $30 per ounce for silver, $2,094 per tonne for lead, and $2,756 per tonne for zinc and achievement of current production, sales and cost estimates, Newmont estimates its consolidated adjusted effective tax rate related to continuing operations for 2025 will be 34%. |
j Total Tier 1 Portfolio includes the Managed Tier 1 Portfolio and the Non-Managed Tier 1 Portfolio and does not include non-core assets held for sale. |
2025 Site Guidance a as of February 20, 2025
2025 Guidance | Consolidated Production (Koz) | Attributable Production (Koz) | Consolidated CAS ($/oz) | Consolidated All-In Sustaining Costs b ($/oz) | Attributable Sustaining Capital Expenditures ($M) | Attributable Development Capital Expenditures ($M) |
Managed Tier 1 Portfolio | ||||||
Boddington | 560 | 560 | 1,270 | 1,620 | 150 | — |
Tanami | 380 | 380 | 1,100 | 1,630 | 160 | 360 |
Cadia | 280 | 280 | 1,000 | 1,950 | 490 | 330 |
Lihir | 600 | 600 | 1,330 | 1,760 | 180 | — |
Ahafo | 670 | 670 | 1,120 | 1,400 | 130 | — |
Ahafo North | 50 | 50 | 350 | 480 | 5 | 290 |
Peñasquito | 390 | 390 | 930 | 1,210 | 110 | — |
Cerro Negro | 250 | 250 | 1,010 | 1,340 | 80 | 40 |
Yanacocha | 460 | 460 | 920 | 1,070 | 10 | — |
Merian c | 295 | 210 | 1,490 | 1,770 | 50 | — |
Brucejack | 255 | 255 | 1,400 | 1,920 | 80 | — |
Red Chris | 60 | 60 | 1,440 | 2,050 | 70 | 120 |
Non-Managed Tier 1 Portfolio | ||||||
Nevada Gold Mines d | 1,015 | 1,015 | 1,240 | 1,555 | 270 | 160 |
Pueblo Viejo e | — | 260 | — | — | — | — |
Fruta Del Norte f | — | 160 | — | — | — | — |
Non-Core Assets | 250 | 250 | 1,450 | 1,830 | 75 | 30 |
Co-Product Production | ||||||
Boddington - Copper (ktonne) | 23 | 23 | 5,330 | 6,830 | — | — |
Cadia - Copper (ktonne) | 67 | 67 | 4,600 | 8,780 | — | — |
Peñasquito - Silver (Moz) | 28 | 28 | 11.50 | 15.00 | — | — |
Peñasquito - Lead (ktonne) | 90 | 90 | 1,080 | 1,290 | — | — |
Peñasquito - Zinc (ktonne) | 236 | 236 | 1,430 | 1,890 | — | — |
Red Chris - Copper (ktonne) | 28 | 28 | 6,370 | 8,800 | — | — |
a 2025 guidance projections are considered forward-looking statements and represent management's good faith estimates or expectations of future production results as of February 20, 2025. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2025 Guidance assumes $2,500/oz Au, $9,370/tonne Cu, $30/oz Ag, $2,756/tonne Zn, $2,094/tonne Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $80/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. See cautionary statement at the end of this release. |
b All-in sustaining costs (AISC) as used in the Company's Guidance is a non-GAAP metric; see below for further information and reconciliation to consolidated 2025 CAS outlook. |
c Consolidated production for Merian is presented on a total production basis for the mine site; attributable production represents a 75% interest for Merian. |
d Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM. |
e Attributable production includes Newmont's 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. |
f Attributable production includes Newmont's 32% 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. |
Divestiture Program Update
In February 2024, Newmont announced the intent to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian and North American business units. To date, Newmont has completed the sales for all non-core operations and its 70 percent interest in the Havieron project.
Total gross proceeds from announced transactions are expected to be up to $4.3 billion including contingent payments and closing adjustments. This includes $3.8 billion from the divestment of six non-core operations, including up to $475 million from the sale of the Telfer mine, which closed in 2024, and $527 million from the sale of the Lundin Gold stream credit facility and offtake agreement, as well as the monetization of Newmont's Batu Hijau contingent payments. Details for transactions closed in 2025 are as follows:
Projects Update
For details on Newmont's key projects currently in execution, refer to the Company's Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on www.newmont.com . Additional project updates will be provided as they become available. Please refer to the cautionary statement and footnotes for further information.
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. In the first quarter of 2025, Newmont spent $95 million on reclamation activities, including $50 million on the construction of water treatment plants at Yanacocha which is expected to continue to increase each quarter through the year with the fourth quarter planned to be the highest of the year. The Company remains on track to spend $800 million on reclamation for the full year, inclusive of $600 million allocated to the Yanacocha water treatment plants. Additional updates on reclamation spend will be provided as available.
2024 | 2025 | |||||||||||||||||||||||||
Operating Results | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||
Attributable Sales (koz) | ||||||||||||||||||||||||||
Attributable gold ounces sold (1) | 1,581 | 1,528 | 1,551 | 1,811 | 6,471 | 1,430 | 1,430 | |||||||||||||||||||
Average Realized Price ($/oz, $/lb) | ||||||||||||||||||||||||||
Average realized gold price | $ | 2,090 | $ | 2,347 | $ | 2,518 | $ | 2,643 | $ | 2,408 | $ | 2,944 | $ | 2,944 | ||||||||||||
Average realized copper price | $ | 3.72 | $ | 4.47 | $ | 4.31 | $ | 3.57 | $ | 4.00 | $ | 4.65 | $ | 4.65 | ||||||||||||
Average realized silver price | $ | 20.41 | $ | 26.20 | $ | 25.98 | $ | 25.15 | $ | 24.13 | $ | 30.12 | $ | 30.12 | ||||||||||||
Average realized lead price | $ | 0.92 | $ | 1.05 | $ | 0.86 | $ | 0.86 | $ | 0.91 | $ | 0.89 | $ | 0.89 | ||||||||||||
Average realized zinc price | $ | 0.92 | $ | 1.31 | $ | 1.14 | $ | 1.21 | $ | 1.14 | $ | 1.13 | $ | 1.13 | ||||||||||||
Attributable Gold Production (koz) | ||||||||||||||||||||||||||
Boddington | 142 | 147 | 137 | 164 | 590 | 126 | 126 | |||||||||||||||||||
Tanami | 90 | 99 | 102 | 117 | 408 | 78 | 78 | |||||||||||||||||||
Cadia | 122 | 117 | 115 | 110 | 464 | 103 | 103 | |||||||||||||||||||
Lihir | 181 | 141 | 129 | 163 | 614 | 164 | 164 | |||||||||||||||||||
Ahafo | 190 | 184 | 213 | 211 | 798 | 205 | 205 | |||||||||||||||||||
Peñasquito | 45 | 64 | 63 | 127 | 299 | 123 | 123 | |||||||||||||||||||
Cerro Negro | 81 | 19 | 60 | 78 | 238 | 28 | 28 | |||||||||||||||||||
Yanacocha | 91 | 78 | 93 | 92 | 354 | 105 | 105 | |||||||||||||||||||
Merian (75%) | 57 | 46 | 43 | 59 | 205 | 47 | 47 | |||||||||||||||||||
Brucejack | 37 | 60 | 89 | 72 | 258 | 41 | 41 | |||||||||||||||||||
Red Chris (70%) | 6 | 9 | 9 | 16 | 40 | 14 | 14 | |||||||||||||||||||
Managed Tier 1 Portfolio | 1,042 | 964 | 1,053 | 1,209 | 4,268 | 1,034 | 1,034 | |||||||||||||||||||
Nevada Gold Mines (38.5%) | 264 | 253 | 242 | 280 | 1,039 | 216 | 216 | |||||||||||||||||||
Pueblo Viejo (40%) (2) | 54 | 53 | 66 | 62 | 235 | 49 | 49 | |||||||||||||||||||
Fruta Del Norte (32%) (3) | 21 | 35 | 43 | 39 | 138 | 43 | 43 | |||||||||||||||||||
Non-Managed Tier 1 Portfolio | 339 | 341 | 351 | 381 | 1,412 | 308 | 308 | |||||||||||||||||||
Total Tier 1 Portfolio | 1,381 | 1,305 | 1,404 | 1,590 | 5,680 | 1,342 | 1,342 | |||||||||||||||||||
Non-Core Assets (4) | 294 | 302 | 264 | 309 | 1,169 | 195 | 195 | |||||||||||||||||||
Total Attributable Gold Production | 1,675 | 1,607 | 1,668 | 1,899 | 6,849 | 1,537 | 1,537 | |||||||||||||||||||
Co-Product Production | ||||||||||||||||||||||||||
Red Chris copper tonnes (thousands) | 5 | 6 | 6 | 9 | 26 | 7 | 7 | |||||||||||||||||||
Boddington copper tonnes (thousands) | 9 | 10 | 9 | 9 | 37 | 7 | 7 | |||||||||||||||||||
Cadia copper tonnes (thousands) | 21 | 22 | 21 | 23 | 87 | 21 | 21 | |||||||||||||||||||
Telfer copper tonnes (thousands) (4) | 1 | — | 1 | 1 | 3 | — | — | |||||||||||||||||||
Total copper tonnes (thousands) | 36 | 38 | 37 | 42 | 153 | 35 | 35 | |||||||||||||||||||
Peñasquito silver ounces (millions) | 9 | 8 | 7 | 9 | 33 | 6 | 6 | |||||||||||||||||||
Peñasquito lead tonnes (thousands) | 28 | 20 | 19 | 29 | 96 | 22 | 22 | |||||||||||||||||||
Peñasquito zinc tonnes (thousands) | 58 | 65 | 58 | 77 | 258 | 59 | 59 | |||||||||||||||||||
Gold Co-Product CAS Consolidated ($/oz) | ||||||||||||||||||||||||||
Boddington | $ | 1,016 | $ | 1,022 | $ | 1,098 | $ | 1,084 | $ | 1,056 | $ | 1,239 | $ | 1,239 | ||||||||||||
Tanami | $ | 902 | $ | 1,018 | $ | 979 | $ | 898 | $ | 947 | $ | 1,087 | $ | 1,087 | ||||||||||||
Cadia | $ | 648 | $ | 624 | $ | 723 | $ | 616 | $ | 653 | $ | 794 | $ | 794 | ||||||||||||
Lihir | $ | 936 | $ | 1,101 | $ | 1,619 | $ | 1,523 | $ | 1,270 | $ | 1,009 | $ | 1,009 | ||||||||||||
Ahafo | $ | 865 | $ | 976 | $ | 867 | $ | 916 | $ | 904 | $ | 1,238 | $ | 1,238 | ||||||||||||
Peñasquito | $ | 853 | $ | 827 | $ | 985 | $ | 630 | $ | 776 | $ | 898 | $ | 898 | ||||||||||||
Cerro Negro | $ | 861 | $ | 2,506 | $ | 1,535 | $ | 1,177 | $ | 1,325 | $ | 2,063 | $ | 2,063 | ||||||||||||
Yanacocha | $ | 972 | $ | 1,000 | $ | 1,072 | $ | 970 | $ | 1,003 | $ | 961 | $ | 961 | ||||||||||||
Merian (75%) | $ | 1,221 | $ | 1,546 | $ | 1,795 | $ | 1,334 | $ | 1,457 | $ | 1,497 | $ | 1,497 | ||||||||||||
Brucejack | $ | 2,175 | $ | 1,390 | $ | 970 | $ | 1,126 | $ | 1,254 | $ | 1,800 | $ | 1,800 | ||||||||||||
Red Chris (70%) | $ | 940 | $ | 951 | $ | 2,228 | $ | 901 | $ | 1,225 | $ | 1,106 | $ | 1,106 | ||||||||||||
Managed Tier 1 Portfolio | $ | 955 | $ | 1,053 | $ | 1,117 | $ | 1,021 | $ | 1,036 | $ | 1,150 | $ | 1,150 | ||||||||||||
Nevada Gold Mines (38.5%) | $ | 1,177 | $ | 1,220 | $ | 1,311 | $ | 1,177 | $ | 1,219 | $ | 1,426 | $ | 1,426 | ||||||||||||
Non-Managed Tier 1 Portfolio | $ | 1,177 | $ | 1,220 | $ | 1,311 | $ | 1,177 | $ | 1,219 | $ | 1,426 | $ | 1,426 | ||||||||||||
Total Tier 1 Portfolio | $ | 1,000 | $ | 1,087 | $ | 1,153 | $ | 1,050 | $ | 1,071 | $ | 1,198 | $ | 1,198 | ||||||||||||
Non-Core Assets (4) | $ | 1,306 | $ | 1,398 | $ | 1,474 | $ | 1,316 | $ | 1,370 | $ | 1,410 | $ | 1,410 | ||||||||||||
Total Gold co-product CAS (5) | $ | 1,057 | $ | 1,152 | $ | 1,207 | $ | 1,096 | $ | 1,126 | $ | 1,227 | $ | 1,227 | ||||||||||||
Gold By-Product CAS ($/oz) | ||||||||||||||||||||||||||
Red Chris | $ | (1,143 | ) | $ | (2,556 | ) | $ | 5,125 | $ | (1,333 | ) | $ | (256 | ) | $ | (1,200 | ) | $ | (1,200 | ) | ||||||
Boddington | $ | 810 | $ | 750 | $ | 863 | $ | 916 | $ | 840 | $ | 970 | $ | 970 | ||||||||||||
Cadia | $ | (228 | ) | $ | (626 | ) | $ | (398 | ) | $ | (173 | ) | $ | (366 | ) | $ | (643 | ) | $ | (643 | ) | |||||
Peñasquito | $ | (2,091 | ) | $ | (2,047 | ) | $ | (1,036 | ) | $ | (1,587 | ) | $ | (1,659 | ) | $ | (949 | ) | $ | (949 | ) | |||||
Total Gold by-product CAS (5) | $ | 891 | $ | 892 | $ | 1,052 | $ | 862 | $ | 922 | $ | 930 | $ | 930 | ||||||||||||
2024 | 2025 | ||||||||||||||||||||||||
Operating Results (continued) | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Co-Product CAS ($/unit) | |||||||||||||||||||||||||
Red Chris - copper ($/tonne) | $ | 5,571 | $ | 5,043 | $ | 12,296 | $ | 4,645 | $ | 6,663 | $ | 4,991 | $ | 4,991 | |||||||||||
Boddington - copper ($/tonne) | $ | 5,192 | $ | 5,680 | $ | 5,605 | $ | 5,477 | $ | 5,480 | $ | 5,423 | $ | 5,423 | |||||||||||
Cadia - copper ($/tonne) | $ | 3,271 | $ | 3,044 | $ | 3,774 | $ | 3,209 | $ | 3,321 | $ | 3,468 | $ | 3,468 | |||||||||||
Telfer - copper ($/tonne) (4) | $ | 15,885 | $ | 10,692 | N.M. | $ | 8,582 | $ | 13,214 | $ | — | $ | — | ||||||||||||
Total - copper ($/tonne) | $ | 4,452 | $ | 4,184 | $ | 5,748 | $ | 4,247 | $ | 4,625 | $ | 4,182 | $ | 4,182 | |||||||||||
Peñasquito- silver ($/ounce) | $ | 11 | $ | 12 | $ | 13 | $ | 8 | $ | 11 | $ | 10 | $ | 10 | |||||||||||
Peñasquito - lead ($/tonne) | $ | 1,215 | $ | 1,355 | $ | 1,555 | $ | 904 | $ | 1,201 | $ | 997 | $ | 997 | |||||||||||
Peñasquito - zinc ($/tonne) | $ | 1,764 | $ | 1,867 | $ | 1,944 | $ | 1,429 | $ | 1,729 | $ | 1,499 | $ | 1,499 | |||||||||||
Gold Co-Product AISC Consolidated ($/oz) | |||||||||||||||||||||||||
Boddington | $ | 1,242 | $ | 1,237 | $ | 1,398 | $ | 1,286 | $ | 1,288 | $ | 1,544 | $ | 1,544 | |||||||||||
Tanami | $ | 1,149 | $ | 1,276 | $ | 1,334 | $ | 1,340 | $ | 1,281 | $ | 1,659 | $ | 1,659 | |||||||||||
Cadia | $ | 989 | $ | 1,064 | $ | 1,078 | $ | 1,061 | $ | 1,048 | $ | 1,184 | $ | 1,184 | |||||||||||
Lihir | $ | 1,256 | $ | 1,212 | $ | 1,883 | $ | 1,781 | $ | 1,512 | $ | 1,339 | $ | 1,339 | |||||||||||
Ahafo | $ | 1,010 | $ | 1,123 | $ | 1,043 | $ | 1,113 | $ | 1,072 | $ | 1,462 | $ | 1,462 | |||||||||||
Peñasquito | $ | 1,079 | $ | 1,038 | $ | 1,224 | $ | 818 | $ | 984 | $ | 1,091 | $ | 1,091 | |||||||||||
Cerro Negro | $ | 1,120 | $ | 3,010 | $ | 1,878 | $ | 1,430 | $ | 1,631 | $ | 2,857 | $ | 2,857 | |||||||||||
Yanacocha | $ | 1,123 | $ | 1,217 | $ | 1,285 | $ | 1,166 | $ | 1,196 | $ | 1,170 | $ | 1,170 | |||||||||||
Merian (75%) | $ | 1,530 | $ | 2,170 | $ | 2,153 | $ | 1,656 | $ | 1,852 | $ | 1,864 | $ | 1,864 | |||||||||||
Brucejack | $ | 2,580 | $ | 1,929 | $ | 1,197 | $ | 1,498 | $ | 1,603 | $ | 2,230 | $ | 2,230 | |||||||||||
Red Chris (70%) | $ | 1,277 | $ | 1,613 | $ | 2,633 | $ | 1,131 | $ | 1,607 | $ | 1,322 | $ | 1,322 | |||||||||||
Managed Tier 1 Portfolio | $ | 1,327 | $ | 1,461 | $ | 1,509 | $ | 1,411 | $ | 1,426 | $ | 1,596 | $ | 1,596 | |||||||||||
Nevada Gold Mines (38.5%) | $ | 1,576 | $ | 1,689 | $ | 1,675 | $ | 1,492 | $ | 1,605 | $ | 1,789 | $ | 1,789 | |||||||||||
Non-Managed Tier 1 Portfolio | $ | 1,576 | $ | 1,689 | $ | 1,675 | $ | 1,492 | $ | 1,605 | $ | 1,789 | $ | 1,789 | |||||||||||
Tier 1 Portfolio | $ | 1,378 | $ | 1,508 | $ | 1,540 | $ | 1,425 | $ | 1,461 | $ | 1,630 | $ | 1,630 | |||||||||||
Non-Core Assets (4) | $ | 1,712 | $ | 1,770 | $ | 1,967 | $ | 1,634 | $ | 1,762 | $ | 1,787 | $ | 1,787 | |||||||||||
Total Gold co-product AISC (5) | $ | 1,439 | $ | 1,562 | $ | 1,611 | $ | 1,463 | $ | 1,516 | $ | 1,651 | $ | 1,651 | |||||||||||
Gold By-Product AISC ($/oz) | |||||||||||||||||||||||||
Red Chris | $ | 857 | $ | 778 | $ | 7,250 | $ | (333 | ) | $ | 1,692 | $ | (467 | ) | $ | (467 | ) | ||||||||
Boddington | $ | 1,085 | $ | 1,044 | $ | 1,226 | $ | 1,179 | $ | 1,134 | $ | 1,348 | $ | 1,348 | |||||||||||
Cadia | $ | 535 | $ | 293 | $ | 159 | $ | 750 | $ | 425 | $ | 133 | $ | 133 | |||||||||||
Peñasquito | $ | (91 | ) | $ | (859 | ) | $ | 411 | $ | (810 | ) | $ | (476 | ) | $ | (254 | ) | $ | (254 | ) | |||||
Total Gold by-product AISC (5) | $ | 1,373 | $ | 1,412 | $ | 1,542 | $ | 1,319 | $ | 1,408 | $ | 1,447 | $ | 1,447 | |||||||||||
Co-Product AISC ($/unit) | |||||||||||||||||||||||||
Red Chris - copper ($/tonne) | $ | 7,718 | $ | 8,599 | $ | 14,960 | $ | 6,007 | $ | 9,037 | $ | 6,053 | $ | 6,053 | |||||||||||
Boddington - copper ($/tonne) | $ | 5,959 | $ | 6,914 | $ | 6,436 | $ | 6,545 | $ | 6,462 | $ | 6,760 | $ | 6,760 | |||||||||||
Cadia - copper ($/tonne) | $ | 5,659 | $ | 5,644 | $ | 4,849 | $ | 5,612 | $ | 5,442 | $ | 5,316 | $ | 5,316 | |||||||||||
Telfer - copper ($/tonne) (4) | $ | 20,643 | $ | 15,112 | N.M. | $ | 5,106 | $ | 15,903 | $ | — | $ | — | ||||||||||||
Total - copper ($/tonne) | $ | 6,392 | $ | 6,675 | $ | 7,423 | $ | 6,162 | $ | 6,638 | $ | 6,014 | $ | 6,014 | |||||||||||
Peñasquito - silver ($/ounce) | $ | 15 | $ | 15 | $ | 17 | $ | 11 | $ | 14 | $ | 13 | $ | 13 | |||||||||||
Peñasquito - lead ($/tonne) | $ | 1,500 | $ | 1,601 | $ | 1,879 | $ | 1,132 | $ | 1,467 | $ | 1,185 | $ | 1,185 | |||||||||||
Peñasquito - zinc ($/tonne) | $ | 2,368 | $ | 2,498 | $ | 2,614 | $ | 2,015 | $ | 2,350 | $ | 2,026 | $ | 2,026 | |||||||||||
(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, in which the Company holds a 32% interest and is accounted for as an equity method investment. | |
(2) | 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 . | |
(3) | Represents attributable gold from Newmont's 32% interest in Lundin Gold, which wholly owns and operates the Fruta del Norte mine and 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 . | |
(4) | Non-core assets include the Akyem and Porcupine assets held for sale at March 31, 2025 and asset divestitures which closed prior to March 31, 2025 including: Telfer, CC&V, Musselwhite, and Éléonore. See Divestiture Program Update in this release for further details. | |
(5) | Non-GAAP measure. See end of this release for reconciliation. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions except per share) | |||||||||||||||||||||||||||||||||
2024 (1 ) | 2025 (1 ) | ||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||||||||||
Sales | $ | 4,023 | $ | 4,402 | $ | 4,605 | $ | 5,652 | $ | 18,682 | $ | 5,010 | $ | 5,010 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||
Costs applicable to sales (2) | 2,106 | 2,156 | 2,310 | 2,391 | 8,963 | 2,106 | 2,106 | ||||||||||||||||||||||||||
Depreciation and amortization | 654 | 602 | 631 | 689 | 2,576 | 593 | 593 | ||||||||||||||||||||||||||
Reclamation and remediation | 98 | 94 | 132 | 4 | 328 | 93 | 93 | ||||||||||||||||||||||||||
Exploration | 53 | 57 | 74 | 82 | 266 | 49 | 49 | ||||||||||||||||||||||||||
Advanced projects, research and development | 53 | 49 | 47 | 48 | 197 | 43 | 43 | ||||||||||||||||||||||||||
General and administrative | 101 | 100 | 113 | 128 | 442 | 110 | 110 | ||||||||||||||||||||||||||
(Gain) loss on sale of assets held for sale | 485 | 246 | 115 | 268 | 1,114 | (276 | ) | (276 | ) | ||||||||||||||||||||||||
Impairment charges | 12 | 9 | 18 | 39 | 78 | 15 | 15 | ||||||||||||||||||||||||||
Other expense, net | 61 | 50 | 37 | 43 | 191 | 28 | 28 | ||||||||||||||||||||||||||
3,623 | 3,363 | 3,477 | 3,692 | 14,155 | 2,761 | 2,761 | |||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||
Change in fair value of investments and options | 31 | (9 | ) | 17 | 23 | 62 | 291 | 291 | |||||||||||||||||||||||||
Other income (loss), net | 90 | 109 | — | 164 | 363 | 10 | 10 | ||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (93 | ) | (103 | ) | (86 | ) | (93 | ) | (375 | ) | (79 | ) | (79 | ) | |||||||||||||||||||
28 | (3 | ) | (69 | ) | 94 | 50 | 222 | 222 | |||||||||||||||||||||||||
Income (loss) before income and mining tax and other items | 428 | 1,036 | 1,059 | 2,054 | 4,577 | 2,471 | 2,471 | ||||||||||||||||||||||||||
Income and mining tax benefit (expense) | (260 | ) | (191 | ) | (244 | ) | (702 | ) | (1,397 | ) | (647 | ) | (647 | ) | |||||||||||||||||||
Equity income (loss) of affiliates | 7 | (3 | ) | 60 | 69 | 133 | 78 | 78 | |||||||||||||||||||||||||
Net income (loss) from continuing operations | 175 | 842 | 875 | 1,421 | 3,313 | 1,902 | 1,902 | ||||||||||||||||||||||||||
Net income (loss) from discontinued operations | 4 | 15 | 49 | — | 68 | — | — | ||||||||||||||||||||||||||
Net income (loss) | 179 | 857 | 924 | 1,421 | 3,381 | 1,902 | 1,902 | ||||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests (3) | (9 | ) | (4 | ) | (2 | ) | (18 | ) | (33 | ) | (11 | ) | (11 | ) | |||||||||||||||||||
Net income (loss) attributable to Newmont stockholders | $ | 170 | $ | 853 | $ | 922 | $ | 1,403 | $ | 3,348 | $ | 1,891 | $ | 1,891 | |||||||||||||||||||
Net income (loss) attributable to Newmont stockholders: | |||||||||||||||||||||||||||||||||
Continuing operations | $ | 166 | $ | 838 | $ | 873 | $ | 1,403 | $ | 3,280 | $ | 1,891 | $ | 1,891 | |||||||||||||||||||
Discontinued operations | 4 | 15 | 49 | — | 68 | — | — | ||||||||||||||||||||||||||
$ | 170 | $ | 853 | $ | 922 | $ | 1,403 | $ | 3,348 | $ | 1,891 | $ | 1,891 | ||||||||||||||||||||
Weighted average common shares (millions): | |||||||||||||||||||||||||||||||||
Basic | 1,153 | 1,153 | 1,147 | 1,133 | 1,146 | 1,126 | 1,126 | ||||||||||||||||||||||||||
Effect of employee stock-based awards | — | 2 | 2 | 2 | 2 | 1 | 1 | ||||||||||||||||||||||||||
Diluted | 1,153 | 1,155 | 1,149 | 1,135 | 1,148 | 1,127 | 1,127 | ||||||||||||||||||||||||||
Net income (loss) attributable to Newmont stockholders per common share: | |||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.15 | $ | 0.73 | $ | 0.76 | $ | 1.24 | $ | 2.86 | $ | 1.68 | $ | 1.68 | |||||||||||||||||||
Discontinued operations | — | 0.01 | 0.04 | — | 0.06 | — | — | ||||||||||||||||||||||||||
$ | 0.15 | $ | 0.74 | $ | 0.80 | $ | 1.24 | $ | 2.92 | $ | 1.68 | $ | 1.68 | ||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.15 | $ | 0.73 | $ | 0.76 | $ | 1.24 | $ | 2.86 | $ | 1.68 | $ | 1.68 | |||||||||||||||||||
Discontinued operations | — | 0.01 | 0.04 | — | 0.06 | — | — | ||||||||||||||||||||||||||
$ | 0.15 | $ | 0.74 | $ | 0.80 | $ | 1.24 | $ | 2.92 | $ | 1.68 | $ | 1.68 | ||||||||||||||||||||
(1) | Certain amounts have been reclassified to conform to the current presentation. | ||||||||||||||||||||||||||||||||||
(2) | Excludes Depreciation and amortization and Reclamation and remediation . | ||||||||||||||||||||||||||||||||||
(3) | Relates to the Suriname Gold project C.V. ("Merian") reportable segment. | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions) | ||||||||||||||||||||||||||
2024 (1) | 2025 (1) | |||||||||||||||||||||||||
MAR | JUN | SEP | DEC | MAR | JUN | SEP | DEC | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,336 | $ | 2,602 | $ | 3,016 | $ | 3,619 | $ | 4,698 | ||||||||||||||||
Trade receivables | 782 | 955 | 974 | 1,056 | 887 | |||||||||||||||||||||
Investments | 23 | 50 | 43 | 21 | 18 | |||||||||||||||||||||
Inventories | 1,385 | 1,467 | 1,487 | 1,423 | 1,493 | |||||||||||||||||||||
Stockpiles and ore on leach pads | 745 | 681 | 688 | 761 | 792 | |||||||||||||||||||||
Derivative assets | 114 | 71 | 42 | — | 20 | |||||||||||||||||||||
Other current assets | 765 | 874 | 753 | 786 | 633 | |||||||||||||||||||||
Assets held for sale | 5,656 | 5,370 | 5,574 | 4,609 | 2,199 | |||||||||||||||||||||
Current assets | 11,806 | 12,070 | 12,577 | 12,275 | 10,740 | |||||||||||||||||||||
Property, plant and mine development, net | 33,564 | 33,655 | 33,697 | 33,547 | 33,568 | |||||||||||||||||||||
Investments | 4,138 | 4,141 | 4,150 | 4,471 | 4,856 | |||||||||||||||||||||
Stockpiles and ore on leach pads | 1,837 | 2,002 | 2,114 | 2,266 | 2,409 | |||||||||||||||||||||
Deferred income tax assets | 210 | 273 | 229 | 124 | 59 | |||||||||||||||||||||
Goodwill | 2,792 | 2,792 | 2,721 | 2,658 | 2,658 | |||||||||||||||||||||
Derivative assets | 412 | 181 | 161 | 142 | 344 | |||||||||||||||||||||
Other non-current assets | 576 | 564 | 526 | 866 | 885 | |||||||||||||||||||||
Total assets | $ | 55,335 | $ | 55,678 | $ | 56,175 | $ | 56,349 | $ | 55,519 | ||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Accounts payable | $ | 698 | $ | 683 | $ | 772 | $ | 843 | $ | 771 | ||||||||||||||||
Employee-related benefits | 414 | 457 | 542 | 630 | 502 | |||||||||||||||||||||
Income and mining taxes payable | 136 | 264 | 317 | 381 | 378 | |||||||||||||||||||||
Lease and other financing obligations | 99 | 104 | 112 | 107 | 109 | |||||||||||||||||||||
Debt | — | — | — | 924 | — | |||||||||||||||||||||
Other current liabilities | 1,784 | 1,819 | 2,081 | 2,481 | 2,357 | |||||||||||||||||||||
Liabilities held for sale | 2,351 | 2,405 | 2,584 | 2,177 | 1,309 | |||||||||||||||||||||
Current liabilities | 5,482 | 5,732 | 6,408 | 7,543 | 5,426 | |||||||||||||||||||||
Debt | 8,933 | 8,692 | 8,550 | 7,552 | 7,507 | |||||||||||||||||||||
Lease and other financing obligations | 436 | 429 | 437 | 389 | 370 | |||||||||||||||||||||
Reclamation and remediation liabilities | 6,652 | 6,620 | 6,410 | 6,394 | 6,376 | |||||||||||||||||||||
Deferred income tax liabilities | 3,094 | 3,046 | 2,883 | 2,820 | 2,733 | |||||||||||||||||||||
Employee-related benefits | 610 | 616 | 632 | 555 | 575 | |||||||||||||||||||||
Silver streaming agreement | 753 | 733 | 721 | 699 | 671 | |||||||||||||||||||||
Other non-current liabilities | 300 | 247 | 238 | 288 | 430 | |||||||||||||||||||||
Total liabilities | 26,260 | 26,115 | 26,279 | 26,240 | 24,088 | |||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||||
Common stock | 1,855 | 1,851 | 1,840 | 1,813 | 1,803 | |||||||||||||||||||||
Treasury stock | (274 | ) | (274 | ) | (276 | ) | (278 | ) | (293 | ) | ||||||||||||||||
Additional paid-in capital | 30,436 | 30,394 | 30,228 | 29,808 | 29,624 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (16 | ) | (7 | ) | 21 | (95 | ) | (39 | ) | |||||||||||||||||
Retained earnings (Accumulated deficit) | (3,111 | ) | (2,585 | ) | (2,101 | ) | (1,320 | ) | 153 | |||||||||||||||||
Newmont stockholders' equity | 28,890 | 29,379 | 29,712 | 29,928 | 31,248 | |||||||||||||||||||||
Noncontrolling interests | 185 | 184 | 184 | 181 | 183 | |||||||||||||||||||||
Total equity | 29,075 | 29,563 | 29,896 | 30,109 | 31,431 | |||||||||||||||||||||
Total liabilities and equity | $ | 55,335 | $ | 55,678 | $ | 56,175 | $ | 56,349 | $ | 55,519 | ||||||||||||||||
| (1) | Certain amounts have been reclassified to conform to the current presentation. | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions) | |||||||||||||||||||||||||||||||||
2024 (1) | 2025 (1) | ||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 179 | $ | 857 | $ | 924 | $ | 1,421 | $ | 3,381 | $ | 1,902 | $ | 1,902 | |||||||||||||||||||
Non-cash adjustments: | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 654 | 602 | 631 | 689 | 2,576 | 593 | 593 | ||||||||||||||||||||||||||
(Gain) loss on sale of assets held for sale | 485 | 246 | 115 | 268 | 1,114 | (276 | ) | (276 | ) | ||||||||||||||||||||||||
Change in fair value of investments and options | (31 | ) | 9 | (17 | ) | (23 | ) | (62 | ) | (291 | ) | (291 | ) | ||||||||||||||||||||
Net loss (income) from discontinued operations | (4 | ) | (15 | ) | (49 | ) | — | (68 | ) | — | — | ||||||||||||||||||||||
Deferred income taxes | 53 | (95 | ) | 7 | 115 | 80 | 125 | 125 | |||||||||||||||||||||||||
Reclamation and remediation | 94 | 88 | 124 | (4 | ) | 302 | 89 | 89 | |||||||||||||||||||||||||
Stock-based compensation | 21 | 23 | 22 | 23 | 89 | 21 | 21 | ||||||||||||||||||||||||||
(Gain) loss on asset and investment sales | (9 | ) | (55 | ) | 28 | 1 | (35 | ) | 5 | 5 | |||||||||||||||||||||||
Impairment charges | 12 | 9 | 18 | 39 | 78 | 15 | 15 | ||||||||||||||||||||||||||
Other non-cash adjustments | (12 | ) | (12 | ) | 43 | (131 | ) | (112 | ) | (11 | ) | (11 | ) | ||||||||||||||||||||
Cash from operations before working capital (2) | 1,442 | 1,657 | 1,846 | 2,398 | 7,343 | 2,172 | 2,172 | ||||||||||||||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||||||||||||||||||
Accounts receivable | (84 | ) | (140 | ) | (83 | ) | (134 | ) | (441 | ) | 228 | 228 | |||||||||||||||||||||
Inventories, stockpiles and ore on leach pads | (193 | ) | (185 | ) | (202 | ) | 46 | (534 | ) | (175 | ) | (175 | ) | ||||||||||||||||||||
Other assets | (7 | ) | 63 | 7 | 1 | 64 | (9 | ) | (9 | ) | |||||||||||||||||||||||
Accounts payable | (91 | ) | (32 | ) | 69 | 52 | (2 | ) | (69 | ) | (69 | ) | |||||||||||||||||||||
Reclamation and remediation liabilities | (59 | ) | (107 | ) | (107 | ) | (160 | ) | (433 | ) | (95 | ) | (95 | ) | |||||||||||||||||||
Accrued tax liabilities (3) | 90 | 52 | (60 | ) | 153 | 235 | 91 | 91 | |||||||||||||||||||||||||
Other accrued liabilities | (322 | ) | 86 | 167 | 155 | 86 | (112 | ) | (112 | ) | |||||||||||||||||||||||
Net change in operating assets and liabilities | (666 | ) | (263 | ) | (209 | ) | 113 | (1,025 | ) | (141 | ) | (141 | ) | ||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | 776 | 1,394 | 1,637 | 2,511 | 6,318 | 2,031 | 2,031 | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities of discontinued operations | — | 34 | 11 | — | 45 | — | — | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 776 | 1,428 | 1,648 | 2,511 | 6,363 | 2,031 | 2,031 | ||||||||||||||||||||||||||
Investing activities: | | | |||||||||||||||||||||||||||||||
Proceeds from sales of mining operations and other assets, net | — | 180 | 150 | 230 | 560 | 1,684 | 1,684 | ||||||||||||||||||||||||||
Additions to property, plant and mine development | (850 | ) | (800 | ) | (877 | ) | (875 | ) | (3,402 | ) | (826 | ) | (826 | ) | |||||||||||||||||||
Contributions to equity method investees | (15 | ) | (5 | ) | (15 | ) | (61 | ) | (96 | ) | (31 | ) | (31 | ) | |||||||||||||||||||
Return of investment from equity method investees | 25 | 16 | 14 | 1 | 56 | 20 | 20 | ||||||||||||||||||||||||||
Proceeds from sales of investment | 3 | 9 | 3 | 6 | 21 | 7 | 7 | ||||||||||||||||||||||||||
Purchases of investments | — | (60 | ) | (2 | ) | (4 | ) | (66 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||
Maturities of investments | — | — | 28 | — | 28 | — | — | ||||||||||||||||||||||||||
Other | 39 | 19 | (16 | ) | 2 | 44 | (115 | ) | (115 | ) | |||||||||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | (798 | ) | (641 | ) | (715 | ) | (701 | ) | (2,855 | ) | 738 | 738 | |||||||||||||||||||||
Net cash provided by (used in) investing activities of discontinued operations | — | — | 153 | — | 153 | — | — | ||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (798 | ) | (641 | ) | (562 | ) | (701 | ) | (2,702 | ) | 738 | 738 | |||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||
Repayment of debt | (3,423 | ) | (227 | ) | (133 | ) | (77 | ) | (3,860 | ) | (985 | ) | (985 | ) | |||||||||||||||||||
Repurchases of common stock | — | (104 | ) | (344 | ) | (798 | ) | (1,246 | ) | (348 | ) | (348 | ) | ||||||||||||||||||||
Dividends paid to common stockholders | (288 | ) | (289 | ) | (286 | ) | (282 | ) | (1,145 | ) | (282 | ) | (282 | ) | |||||||||||||||||||
Distributions to noncontrolling interests | (41 | ) | (36 | ) | (36 | ) | (48 | ) | (161 | ) | (44 | ) | (44 | ) | |||||||||||||||||||
Funding from noncontrolling interests | 22 | 31 | 34 | 28 | 115 | 39 | 39 | ||||||||||||||||||||||||||
Payments on lease and other financing obligations | (18 | ) | (22 | ) | (22 | ) | (25 | ) | (87 | ) | (23 | ) | (23 | ) | |||||||||||||||||||
Payments for withholding of employee taxes related to stock-based compensation | (10 | ) | — | (2 | ) | (2 | ) | (14 | ) | (15 | ) | (15 | ) | ||||||||||||||||||||
Proceeds from issuance of debt, net | 3,476 | — | — | — | 3,476 | — | — | ||||||||||||||||||||||||||
Other | (17 | ) | (11 | ) | — | (3 | ) | (31 | ) | (4 | ) | (4 | ) | ||||||||||||||||||||
Net cash provided by (used in) financing activities | (299 | ) | (658 | ) | (789 | ) | (1,207 | ) | (2,953 | ) | (1,662 | ) | (1,662 | ) | |||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3 | ) | (11 | ) | (1 | ) | (5 | ) | (20 | ) | (5 | ) | (5 | ) | |||||||||||||||||||
Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale | (324 | ) | 118 | 296 | 598 | 688 | 1,102 | 1,102 | |||||||||||||||||||||||||
Less: change in cash and restricted cash reclassified to assets held for sale (4) | (395 | ) | 137 | 118 | 2 | (138 | ) | (22 | ) | (22 | ) | ||||||||||||||||||||||
Net change in cash, cash equivalents and restricted cash | (719 | ) | 255 | 414 | 600 | 550 | 1,080 | 1,080 | |||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 3,100 | 2,381 | 2,636 | 3,050 | 3,100 | 3,650 | 3,650 | ||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 2,381 | $ | 2,636 | $ | 3,050 | $ | 3,650 | $ | 3,650 | $ | 4,730 | $ | 4,730 | |||||||||||||||||||
Reconciliation of cash, cash equivalents and restricted cash: | | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,336 | $ | 2,602 | $ | 3,016 | $ | 3,619 | $ | 3,619 | $ | 4,698 | $ | 4,698 | |||||||||||||||||||
Restricted cash included in Other current assets | 6 | 6 | 3 | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||||
Restricted cash included in Other non-current assets | 39 | 28 | 31 | 30 | 30 | 31 | 31 | ||||||||||||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | 2,381 | $ | 2,636 | $ | 3,050 | $ | 3,650 | $ | 3,650 | $ | 4,730 | $ | 4,730 | |||||||||||||||||||
(1) | Certain amounts and disclosures in the prior year have been reclassified to conform to the current year presentation. | ||||||||||||||||||||||||||||||||||
(2) | Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled above. | ||||||||||||||||||||||||||||||||||
(3) | Cash payments for income and mining taxes, net of refunds, of $966 for the year ended December 31, 2024 is comprised of $96, $208, $254, and $408 for the first, second, third, and fourth quarter, respectively. Cash payments for income and mining taxes, net of refunds, for the three months ended March 31, 2025 is $465. | ||||||||||||||||||||||||||||||||||
(4) | 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, including Cash and cash equivalents and restricted cash, included in Other current assets and Other non-current assets , were reclassified to Assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for additional information. | ||||||||||||||||||||||||||||||||||
Non-GAAP Financial Measures (dollars in millions, except per share, per ounce and per pound amounts, unless otherwise noted)
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, 2024, filed with the SEC on February 21, 2025 for further information on the non-GAAP financial measures presented below, including why management believes that its presentation of non-GAAP financial measures provides useful information to investors.
Adjusted net income (loss)
Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:
Three Months Ended March 31, 2025 | |||||||||||
per share data (1) | |||||||||||
basic | diluted | ||||||||||
Net income (loss) attributable to Newmont stockholders | $ | 1,891 | $ | 1.68 | $ | 1.68 | |||||
Adjustments: | |||||||||||
Change in fair value of investments and options (2) | (291 | ) | (0.25 | ) | (0.25 | ) | |||||
(Gain) loss on sale of assets held for sale (3) | (276 | ) | (0.25 | ) | (0.25 | ) | |||||
Impairment charges (4) | 15 | 0.01 | 0.01 | ||||||||
(Gain) loss on debt extinguishment (5) | 10 | 0.01 | 0.01 | ||||||||
Restructuring and severance (6) | 9 | 0.01 | 0.01 | ||||||||
(Gain) loss on asset and investment sales (7) | 5 | — | — | ||||||||
Newcrest transaction and integration costs (8) | 4 | — | — | ||||||||
Settlement costs (9) | 3 | — | — | ||||||||
Other (10) | 7 | — | — | ||||||||
Tax effect of adjustments (11) | 197 | 0.19 | 0.19 | ||||||||
Valuation allowance and other tax adjustments (12) | (170 | ) | (0.15 | ) | (0.15 | ) | |||||
Adjusted net income (loss) | $ | 1,404 | $ | 1.25 | $ | 1.25 | |||||
| |||||||||||
Weighted average common shares (millions): (13) | 1,126 | 1,127 | |||||||||
(1) | Per share measures may not recalculate due to rounding. | ||||||||||||
(2) | Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities; included in Other income (loss), net. | ||||||||||||
(3) | Primarily consists of the gain on the sales of the CC&V, Musselwhite, and Éléonore reportable segments; included in (Gain) loss on sale of assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | ||||||||||||
(4) | Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. | ||||||||||||
(5) | Represents the loss on the redemption of the 2026 Senior Notes partially offset by the gain on the partial redemption of certain senior notes; included in Other income (loss), net . Refer to Note 15 to the Condensed Consolidated Financial Statements for further information. | ||||||||||||
(6) | Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net . | ||||||||||||
(7) | Primarily represents gains and losses related to the sale of certain assets and investments; included in Other income (loss), net . | ||||||||||||
(8) | Represents costs incurred related to the Newcrest transaction; included in Other expense, net . | ||||||||||||
(9) | Primarily consists of litigation expenses and other settlements; included in Other expense, net . | ||||||||||||
(10) | Represents costs incurred related to transition service agreements for divested reportable segments; included in Other income (loss), net. | ||||||||||||
(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 months ended March 31, 2025 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 $(197), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(8), net reductions to the reserve for uncertain tax positions of $(14), recording of a deferred tax liability for the outside basis difference at Akyem of $2 due to the status change to held for sale, and other tax adjustments of $47. For further information on reductions to the reserve for uncertain tax positions, refer to Note 9 to the Condensed Consolidated Financial Statements. | ||||||||||||
(13) | Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP. | ||||||||||||
Three Months Ended March 31, 2024 | |||||||||||
per share data (1) | |||||||||||
basic | diluted | ||||||||||
Net income (loss) attributable to Newmont stockholders | $ | 170 | $ | 0.15 | $ | 0.15 | |||||
Net loss (income) attributable to Newmont stockholders from discontinued operations | (4 | ) | — | — | |||||||
Net income (loss) attributable to Newmont stockholders from continuing operations | 166 | 0.15 | 0.15 | ||||||||
Adjustments: | |||||||||||
(Gain) loss on sale of assets held for sale (2) | 485 | 0.43 | 0.43 | ||||||||
Change in fair value of investments and options (3) | (31 | ) | (0.03 | ) | (0.03 | ) | |||||
Newcrest transaction-related costs (4) | 29 | 0.03 | 0.03 | ||||||||
Settlement costs (5) | 21 | 0.02 | 0.02 | ||||||||
Impairment charges (6) | 12 | 0.01 | 0.01 | ||||||||
(Gain) loss on asset and investment sales (7) | (9 | ) | (0.01 | ) | (0.01 | ) | |||||
Restructuring and severance (8) | 6 | — | — | ||||||||
Reclamation and remediation charges (9) | 6 | — | — | ||||||||
Tax effect of adjustments (10) | (147 | ) | (0.13 | ) | (0.13 | ) | |||||
Valuation allowance and other tax adjustments (11) | 92 | 0.08 | 0.08 | ||||||||
Adjusted net income (loss) | $ | 630 | $ | 0.55 | $ | 0.55 | |||||
| |||||||||||
Weighted average common shares (millions): (12) | 1,153 | 1,153 | |||||||||
(1) | Per share measures may not recalculate due to rounding. | ||||||||||||
(2) | Consists of the write-downs on assets held for sale; included in (Gain) loss on sale of assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | ||||||||||||
(3) | Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities; included in Other income (loss), net. | ||||||||||||
(4) | Represents costs incurred related to the Newcrest transaction; included in Other expense, net . | ||||||||||||
(5) | Primarily comprised of wind down and demobilization costs related to the French Guiana project; included in Other expense, net . | ||||||||||||
(6) | Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. | ||||||||||||
(7) | Primarily represents the gain recognized on the purchase and sale of foreign currency bonds; included in Other income (loss), net . | ||||||||||||
(8) | Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net . | ||||||||||||
(9) | 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; included in Reclamation and remediation. Refer to Note 6 to the Condensed Consolidated Financial Statements for further information. | ||||||||||||
(10) | The tax effect of adjustments, included in Income and mining tax benefit (expense) , represents the tax effect of adjustments in footnotes (2) through (9), as described above, and are calculated using the applicable regional tax rate. | ||||||||||||
(11) | Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three months ended March 31, 2024 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $(65), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $35, net reductions to the reserve for uncertain tax positions of $(2), recording of a deferred tax liability for the outside basis difference at Akyem of $117 due to the status change to held for sale, and other tax adjustments of $7. For further information on reductions to the reserve for uncertain tax positions, refer to Note 9 to the Condensed Consolidated Financial Statements. | ||||||||||||
(12) | 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 | ||||||
| 2025 | 2024 | |||||
Net income (loss) attributable to Newmont stockholders | $ | 1,891 | $ | 170 | |||
Net income (loss) attributable to noncontrolling interests | 11 | 9 | |||||
Net (income) loss from discontinued operations | — | (4 | ) | ||||
Equity loss (income) of affiliates | (78 | ) | (7 | ) | |||
Income and mining tax expense (benefit) | 647 | 260 | |||||
Depreciation and amortization | 593 | 654 | |||||
Interest expense, net of capitalized interest | 79 | 93 | |||||
EBITDA | 3,143 | 1,175 | |||||
Adjustments: | |||||||
Change in fair value of investments and options (1) | (291 | ) | (31 | ) | |||
(Gain) loss on assets held for sale (2) | (276 | ) | 485 | ||||
Impairment charges (3) | 15 | 12 | |||||
(Gain) loss on debt extinguishment (4) | 10 | — | |||||
Restructuring and severance (5) | 9 | 6 | |||||
(Gain) loss on asset and investment sales (6) | 5 | (9 | ) | ||||
Newcrest transaction and integration costs (7) | 4 | 29 | |||||
Settlement costs (8) | 3 | 21 | |||||
Reclamation and remediation charges (9) | — | 6 | |||||
Other (10) | 7 | — | |||||
Adjusted EBITDA | $ | 2,629 | $ | 1,694 | |||
(1) | Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities; included in Other income (loss), net. | ||||||||
(2) | Primarily consists of the gain on the sales of the CC&V, Musselwhite, and Éléonore reportable segments in 2025 and the write-downs on assets held for sale in 2024; included in (Gain) loss on sale of assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | ||||||||
(3) | Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. | ||||||||
(4) | Represents the loss on the redemption of the 2026 Senior Notes partially offset by the gain on the partial redemption of certain senior notes in 2025; included in Other income (loss), net . Refer to Note 15 to the Condensed Consolidated Financial Statements for further information. | ||||||||
(5) | Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net . | ||||||||
(6) | Primarily represents gains and losses related to the sale of certain assets and investments in 2025 and the gain recognized on the purchase and sale of foreign currency bonds in 2024; included in Other income (loss), net . | ||||||||
(7) | Represents costs incurred related to the Newcrest transaction; included in Other expense, net . | ||||||||
(8) | Primarily consists of litigation expenses and other settlements in 2025 and wind-down and demobilization costs related to the French Guiana project in 2024; included in Other expense, net . | ||||||||
(9) | 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; included in Reclamation and remediation. Refer to Note 6 to the Condensed Consolidated Financial Statements for further information. | ||||||||
(10) | Represents costs incurred related to transition service agreements for divested reportable segments in 2025; included in Other income (loss), net. | ||||||||
Free Cash Flow
The following table sets forth a reconciliation of Free cash flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities , which the Company believes to be the GAAP financial measure most directly comparable to Free cash flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.
Three Months Ended March 31, | |||||||
2025 | 2024 | ||||||
Net cash provided by (used in) operating activities | $ | 2,031 | $ | 776 | |||
Less: Additions to property, plant and mine development | (826 | ) | (850 | ) | |||
Free cash flow | $ | 1,205 | $ | (74 | ) | ||
Net cash provided by (used in) investing activities (1) | $ | 738 | $ | (798 | ) | ||
Net cash provided by (used in) financing activities | $ | (1,662 | ) | $ | (299 | ) | |
| (1) | 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 , as presented on the Condensed Consolidated Balance Sheets. Cash and cash equivalents are subtracted from Debt and Lease and other financing obligations as these could be used to reduce the Company's debt obligations.
The following table sets forth a reconciliation of Net debt, a non-GAAP financial measure, to Debt and Lease and other financing obligations , which the Company believes to be the GAAP financial measures most directly comparable to Net debt.
| At March 31, | At December 31, | |||||
Debt | $ | 7,507 | $ | 8,476 | |||
Lease and other financing obligations | 479 | 496 | |||||
Less: Cash and cash equivalents | (4,698 | ) | (3,619 | ) | |||
Less: Cash and cash equivalents included in assets held for sale (1) | (67 | ) | (45 | ) | |||
Net debt | $ | 3,221 | $ | 5,308 | |||
| (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 Cash and cash equivalents was reclassified to Assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for additional information. | ||||||||
Costs applicable to sales per ounce/gold equivalent ounce
Costs applicable to sales per ounce/gold equivalent ounce are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.
Costs applicable to sales per ounce
Three Months Ended March 31, | |||||
2025 | 2024 | ||||
Costs applicable to sales (1)(2) | $ | 1,769 | $ | 1,690 | |
Gold sold (thousand ounces) | 1,442 | 1,599 | |||
Costs applicable to sales per ounce (3) | $ | 1,227 | $ | 1,057 | |
(1) | Includes by-product credits of $47 and $39 during the three months ended March 31, 2025 and 2024, 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 March 31, | |||||
2025 | 2024 | ||||
Costs applicable to sales (1)(2) | $ | 337 | $ | 416 | |
Gold equivalent ounces sold - other metals (thousand ounces) (3) | 368 | 502 | |||
Costs applicable to sales per gold equivalent ounce (4) | $ | 915 | $ | 829 | |
(1) | Includes by-product credits of $17 and $15 during the three months ended March 31, 2025 and 2024, 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 ($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($0.90/lb.) and Zinc ($1.20/lb.) pricing for 2025 and Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024. | ||||||
(4) | Per ounce measures may not recalculate due to rounding. | ||||||
All-In Sustaining Costs
All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold.
Three Months Ended March 31, 2025 | 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 | ||||||||||||||||||||||||||||
Ahafo | $ | 247 | $ | 4 | $ | 2 | $ | — | $ | — | $ | — | $ | 38 | $ | 291 | 199 | $ | 1,462 | |||||||||
Brucejack | 83 | 1 | 2 | — | — | 1 | 16 | 103 | 46 | $ | 2,230 | |||||||||||||||||
Red Chris | 16 | 1 | — | — | — | — | 2 | 19 | 15 | $ | 1,322 | |||||||||||||||||
Peñasquito | 106 | 4 | — | — | — | 8 | 11 | 129 | 118 | $ | 1,091 | |||||||||||||||||
Merian | 72 | 2 | — | — | — | — | 15 | 89 | 48 | $ | 1,864 | |||||||||||||||||
Cerro Negro (10) | 78 | 2 | 1 | — | 1 | — | 26 | 108 | 38 | $ | 2,857 | |||||||||||||||||
Yanacocha | 93 | 11 | — | — | 8 | — | 1 | 113 | 96 | $ | 1,170 | |||||||||||||||||
Boddington | 167 | 5 | 1 | — | — | 1 | 34 | 208 | 135 | $ | 1,544 | |||||||||||||||||
Tanami | 82 | 1 | 2 | — | — | — | 40 | 125 | 75 | $ | 1,659 | |||||||||||||||||
Cadia | 77 | 1 | — | — | — | 2 | 36 | 116 | 98 | $ | 1,184 | |||||||||||||||||
Lihir | 161 | 4 | 1 | — | — | — | 48 | 214 | 160 | $ | 1,339 | |||||||||||||||||
NGM | 308 | 4 | 1 | 3 | — | 2 | 70 | 388 | 216 | $ | 1,789 | |||||||||||||||||
Corporate and Other (11) | — | — | 29 | 92 | 3 | — | 2 | 126 | — | $ | — | |||||||||||||||||
Held for sale (12) | ||||||||||||||||||||||||||||
Porcupine | 63 | 2 | 1 | — | — | — | 21 | 87 | 51 | $ | 1,728 | |||||||||||||||||
Akyem | 90 | 4 | — | — | — | — | 8 | 102 | 39 | $ | 2,594 | |||||||||||||||||
Divested (13) | ||||||||||||||||||||||||||||
CC&V | 39 | 2 | — | — | — | — | 5 | 46 | 27 | $ | 1,708 | |||||||||||||||||
Musselwhite | 33 | 1 | — | — | — | — | 14 | 48 | 32 | $ | 1,530 | |||||||||||||||||
Éléonore | 54 | 1 | 2 | — | — | — | 12 | 69 | 49 | $ | 1,403 | |||||||||||||||||
Total Gold | 1,769 | 50 | 42 | 95 | 12 | 14 | 399 | 2,381 | 1,442 | $ | 1,651 | |||||||||||||||||
Gold equivalent ounces - other metals (14)(15) | ||||||||||||||||||||||||||||
Red Chris | 35 | 1 | — | — | — | 1 | 6 | 43 | 32 | $ | 1,334 | |||||||||||||||||
Peñasquito (16) | 193 | 6 | — | 1 | — | 28 | 24 | 252 | 212 | $ | 1,189 | |||||||||||||||||
Boddington | 38 | 1 | — | — | — | 1 | 8 | 48 | 32 | $ | 1,489 | |||||||||||||||||
Cadia | 71 | 1 | — | — | — | 2 | 34 | 108 | 92 | $ | 1,171 | |||||||||||||||||
Corporate and Other (11) | — | — | 5 | 14 | — | — | — | 19 | — | $ | — | |||||||||||||||||
Total Gold Equivalent Ounces | 337 | 9 | 5 | 15 | — | 32 | 72 | 470 | 368 | $ | 1,275 | |||||||||||||||||
Consolidated | $ | 2,106 | $ | 59 | $ | 47 | $ | 110 | $ | 12 | $ | 46 | $ | 471 | $ | 2,851 | ||||||||||||
(1) | Excludes Depreciation and amortization and Reclamation and remediation . | |||||||||||||||||||||||||||||
(2) | Includes by-product credits of $64. | |||||||||||||||||||||||||||||
(3) | Includes stockpile, leach pad, and product inventory adjustments of $3 at Cerro Negro and $15 at NGM. | |||||||||||||||||||||||||||||
(4) | Includes operating accretion of $38, included in Reclamation and remediation , and amortization of asset retirement costs of $21; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $51 and $4, respectively; included in Reclamation and remediation . | |||||||||||||||||||||||||||||
(5) | Excludes development expenditures of $8 at Ahafo, $2 at Red Chris, $4 at Peñasquito, $7 at Merian, $4 at Cerro Negro, $1 at Yanacocha, $2 at Boddington, $1 at NGM, $16 at Corporate and Other, totaling $45 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation. | |||||||||||||||||||||||||||||
(6) | Adjusted for restructuring and severance of $9, Newcrest transaction and integration costs of $4, impairment charges of $15, settlement costs of $3; included in Other expense, net . | |||||||||||||||||||||||||||||
(7) | Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment. | |||||||||||||||||||||||||||||
(8) | Includes finance lease payments and other costs for sustaining projects of $20. | |||||||||||||||||||||||||||||
(9) | Per ounce measures may not recalculate due to rounding. | |||||||||||||||||||||||||||||
(10) | During the first quarter of 2025, mining and processing operations at the site were temporarily suspended due to safety events. Full operations resumed in April 2025. | |||||||||||||||||||||||||||||
(11) | Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information. | |||||||||||||||||||||||||||||
(12) | Sites are classified as held for sale as of March 31, 2025. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | |||||||||||||||||||||||||||||
(13) | In the first quarter of 2025, the Company completed the sales of the CC&V, Musselwhite, and Éléonore reportable segments. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | |||||||||||||||||||||||||||||
(14) | 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 ($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($0.90/lb.) and Zinc ($1.20/lb.) pricing for 2025. | |||||||||||||||||||||||||||||
(15) | For the three months ended March 31, 2025, Red Chris sold 7 thousand tonnes of copper, Peñasquito sold 6 million ounces of silver, 21 thousand tonnes of lead and 73 thousand tonnes of zinc, Boddington sold 7 thousand tonnes of copper, and Cadia sold 21 thousand tonnes of copper. | |||||||||||||||||||||||||||||
(16) | All-in sustaining costs at Peñasquito is comprised of $79, $25, and $148 for silver, lead, and zinc, respectively. | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | Costs Applicable to Sales (1)(2)(3) | Reclamation Costs (4) | Advanced Projects, Research and Development and Exploration (5) | General and Administrative | Other Expense, Net (6) | Treatment and Refining Costs | Sustaining Capital and Lease Related Costs (7)(8) | All-In Sustaining Costs | Ounces (000) Sold | All-In Sustaining Costs Per oz. (9) | ||||||||||||||||||
Gold | ||||||||||||||||||||||||||||
Ahafo | $ | 159 | $ | 4 | $ | — | $ | — | $ | — | $ | 1 | $ | 22 | $ | 186 | 184 | $ | 1,010 | |||||||||
Brucejack | 74 | 1 | — | — | — | 1 | 12 | 88 | 34 | $ | 2,580 | |||||||||||||||||
Red Chris | 7 | — | — | — | — | 1 | 1 | 9 | 7 | $ | 1,277 | |||||||||||||||||
Peñasquito | 38 | 1 | — | — | — | 3 | 5 | 47 | 44 | $ | 1,079 | |||||||||||||||||
Merian | 90 | 2 | 2 | — | — | — | 19 | 113 | 74 | $ | 1,530 | |||||||||||||||||
Cerro Negro | 63 | 2 | 1 | — | 1 | — | 15 | 82 | 74 | $ | 1,120 | |||||||||||||||||
Yanacocha | 88 | 7 | 2 | — | — | — | 5 | 102 | 90 | $ | 1,123 | |||||||||||||||||
Boddington | 144 | 5 | — | — | — | 3 | 24 | 176 | 142 | $ | 1,242 | |||||||||||||||||
Tanami | 82 | 1 | — | — | — | — | 22 | 105 | 91 | $ | 1,149 | |||||||||||||||||
Cadia | 74 | — | 3 | — | — | 6 | 30 | 113 | 114 | $ | 989 | |||||||||||||||||
Lihir | 171 | 1 | 6 | — | — | — | 51 | 229 | 182 | $ | 1,256 | |||||||||||||||||
NGM | 314 | 4 | 2 | 2 | 1 | 2 | 95 | 420 | 267 | $ | 1,576 | |||||||||||||||||
Corporate and Other (10) | — | — | 30 | 90 | 1 | — | 4 | 125 | — | $ | — | |||||||||||||||||
Held for sale (11) | ||||||||||||||||||||||||||||
CC&V | 40 | 3 | 1 | — | 1 | — | 5 | 50 | 29 | $ | 1,735 | |||||||||||||||||
Musselwhite | 57 | 1 | 2 | — | 1 | — | 25 | 86 | 49 | $ | 1,766 | |||||||||||||||||
Porcupine | 63 | 5 | 2 | — | — | — | 19 | 89 | 61 | $ | 1,470 | |||||||||||||||||
Éléonore | 80 | 2 | 4 | — | — | — | 21 | 107 | 56 | $ | 1,920 | |||||||||||||||||
Telfer (12) | 70 | 2 | 3 | — | — | 1 | 3 | 79 | 26 | $ | 3,017 | |||||||||||||||||
Akyem | 76 | 11 | — | 1 | — | — | 8 | 96 | 75 | $ | 1,254 | |||||||||||||||||
Total Gold | 1,690 | 52 | 58 | 93 | 5 | 18 | 386 | 2,302 | 1,599 | $ | 1,439 | |||||||||||||||||
| ||||||||||||||||||||||||||||
Gold equivalent ounces - other metals (13)(14) | ||||||||||||||||||||||||||||
Red Chris | 31 | — | 2 | — | — | 4 | 6 | 43 | 31 | $ | 1,400 | |||||||||||||||||
Peñasquito (15) | 255 | 9 | 1 | — | — | 35 | 34 | 334 | 303 | $ | 1,102 | |||||||||||||||||
Boddington | 48 | 1 | — | — | — | 3 | 3 | 55 | 51 | $ | 1,081 | |||||||||||||||||
Cadia | 67 | — | 2 | — | — | 19 | 27 | 115 | 112 | $ | 1,027 | |||||||||||||||||
Corporate and Other (10) | — | — | 1 | 8 | — | — | — | 9 | — | $ | — | |||||||||||||||||
Held for sale (11) | ||||||||||||||||||||||||||||
Telfer (12) | 15 | 1 | 1 | — | — | 2 | 1 | 20 | 5 | $ | 3,745 | |||||||||||||||||
Total Gold Equivalent Ounces | 416 | 11 | 7 | 8 | — | 63 | 71 | 576 | 502 | $ | 1,148 | |||||||||||||||||
| ||||||||||||||||||||||||||||
Consolidated | $ | 2,106 | $ | 63 | $ | 65 | $ | 101 | $ | 5 | $ | 81 | $ | 457 | $ | 2,878 | ||||||||||||
(1) | Excludes Depreciation and amortization and Reclamation and remediation . | |||||||||||||||||||||||||||||
(2) | Includes by-product credits of $54. | |||||||||||||||||||||||||||||
(3) | Includes stockpile, leach pad, and product inventory adjustments of $2 at Brucejack, $1 at Peñasquito, $6 at NGM, and $15 at Telfer. | |||||||||||||||||||||||||||||
(4) | Include operating accretion of $33, included in Reclamation and remediation , and amortization of asset retirement costs of $30; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $54 and $11, respectively; included in Reclamation and remediation . | |||||||||||||||||||||||||||||
(5) | Excludes development expenditures of $5 at Ahafo, $1 at Peñasquito, $2 at Merian, $4 at Cerro Negro, $1 at Boddington, $8 at Tanami, $4 at Akyem, $3 at NGM, and $13 at Corporate and Other, totaling $41 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation. | |||||||||||||||||||||||||||||
(6) | Adjusted for Newcrest transaction-related costs of $29, settlement costs of $21, impairment charges of $12, and restructuring and severance of $6; included Other expense, net . | |||||||||||||||||||||||||||||
(7) | Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment. | |||||||||||||||||||||||||||||
(8) | Includes finance lease payments and other costs for sustaining projects of $15. | |||||||||||||||||||||||||||||
(9) | Per ounce measures may not recalculate due to rounding. | |||||||||||||||||||||||||||||
(10) | Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information. | |||||||||||||||||||||||||||||
(11) | Sites were classified as held for sale as of March 31, 2024. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | |||||||||||||||||||||||||||||
(12) | In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | |||||||||||||||||||||||||||||
(13) | 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.) pricing for 2024. | |||||||||||||||||||||||||||||
(14) | For the three months ended March 31, 2024, Red Chris sold 6 thousand tonnes of copper, Peñasquito sold 10 million ounces of silver, 29 thousand tonnes of lead and 61 thousand tonnes of zinc, Boddington sold 9 thousand tonnes of copper, Cadia sold 20 thousand tonnes of copper, and Telfer sold 1 thousand tonnes of copper. | |||||||||||||||||||||||||||||
(15) | All-in sustaining costs at Peñasquito is comprised of $145, $44, and $145 for silver, lead, and zinc, respectively. | |||||||||||||||||||||||||||||
A reconciliation of the 2025 Gold AISC outlook to the 2025 Gold CAS outlook is provided below. For more details, refer to the Company's Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on www.newmont.com . 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.
2025 Guidance Total Tier 1 Portfolio - Gold (1)(2) | ||
(in millions, except ounces and per ounce) | Guidance Estimate | |
Cost Applicable to Sales (3)(4) | $ | 6,100 |
Reclamation Costs (5) | 160 | |
Advanced Projects & Exploration (6) | 200 | |
General and Administrative (7) | 340 | |
Other Expense | 20 | |
Treatment and Refining Costs | 80 | |
Sustaining Capital (8) | 1,440 | |
Sustaining Finance Lease Payments | 60 | |
All-in Sustaining Costs | $ | 8,390 |
Ounces (000) Sold (9) | 5,175 | |
All-in Sustaining Costs per Ounce | $ | 1,620 |
(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 2025 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. 2025 guidance projections are considered forward-looking statements and represent management's good faith estimates or expectations of future production results as of February 20, 2025. Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. See cautionary statement at the end of this release. | |||
(2) | All values are presented on a consolidated basis for Newmont. | |||
(3) | Excludes Depreciation and amortization and Reclamation and remediation . | |||
(4) | Includes stockpile and leach pad inventory adjustments. | |||
(5) | Reclamation costs include operating accretion and amortization of asset retirement costs. | |||
(6) | Advanced Project and Exploration excludes non-sustaining advanced projects and exploration. | |||
(7) | Includes stock-based compensation. | |||
(8) | Excludes development capital expenditures, capitalized interest and change in accrued capital. | |||
(9) | Consolidated production for Merian is presented on a total production basis for the mine site and excludes production from Pueblo Viejo and Fruta del Norte. | |||
Net debt to Adjusted EBITDA ratio
Management uses net debt to Adjusted EBITDA as non-GAAP measures to evaluate the Company's operating performance, including our ability to generate earnings sufficient to service our debt. Net debt to Adjusted EBITDA represents the ratio of the Company's debt, net of cash and cash equivalents, to Adjusted EBITDA. Net debt to Adjusted EBITDA does not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Net debt to Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of net debt to Adjusted EBITDA measure is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that net debt to Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management's determination of the components of net debt to Adjusted EBITDA is evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted EBITDA as follows:
Three Months Ended | |||||||||||||||
March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | ||||||||||||
Net income (loss) attributable to Newmont stockholders | $ | 1,891 | $ | 1,403 | $ | 922 | $ | 853 | |||||||
Net income (loss) attributable to noncontrolling interests | 11 | 18 | 2 | 4 | |||||||||||
Net loss (income) from discontinued operations | — | — | (49 | ) | (15 | ) | |||||||||
Equity loss (income) of affiliates | (78 | ) | (69 | ) | (60 | ) | 3 | ||||||||
Income and mining tax expense (benefit) | 647 | 702 | 244 | 191 | |||||||||||
Depreciation and amortization | 593 | 689 | 631 | 602 | |||||||||||
Interest expense, net of capitalized interest | 79 | 93 | 86 | 103 | |||||||||||
EBITDA (1) | $ | 3,143 | $ | 2,836 | $ | 1,776 | $ | 1,741 | |||||||
Adjustments: | |||||||||||||||
Change in fair value of investments | $ | (291 | ) | $ | (23 | ) | $ | (17 | ) | $ | 9 | ||||
(Gain) loss on sale of assets held for sale | (276 | ) | 268 | 115 | 246 | ||||||||||
Impairment charges | 15 | 39 | 18 | 9 | |||||||||||
(Gain) loss on debt extinguishment | 10 | (3 | ) | (15 | ) | (14 | ) | ||||||||
Restructuring and severance | 9 | 18 | 5 | 9 | |||||||||||
(Gain) loss on asset and investment sales | 5 | 1 | 28 | (55 | ) | ||||||||||
Newcrest transaction and integration costs | 4 | 10 | 17 | 16 | |||||||||||
Settlement costs | 3 | 11 | 7 | 5 | |||||||||||
Reclamation and remediation charges | — | (110 | ) | 33 | — | ||||||||||
Pension settlements | — | 1 | — | — | |||||||||||
Other | 7 | — | — | — | |||||||||||
Adjusted EBITDA (1) | $ | 2,629 | $ | 3,048 | $ | 1,967 | $ | 1,966 | |||||||
12 month trailing Adjusted EBITDA | $ | 9,610 | |||||||||||||
Total Debt | $ | 7,507 | |||||||||||||
Lease and other financing obligations | 479 | ||||||||||||||
Less: Cash and cash equivalents | (4,698 | ) | |||||||||||||
Less: Cash and cash equivalents included in assets held for sale (2) | (67 | ) | |||||||||||||
Total Net debt | $ | 3,221 | |||||||||||||
Net debt to Adjusted EBITDA | 0.3 | ||||||||||||||
(1) | See EBITDA and Adjusted EBITDA reconciliation for more details on adjustments. | ||||||||||||||||
(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 Cash and cash equivalents was reclassified to Assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for additional information. | ||||||||||||||||
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 | Increase | Percent | ||||||||||
2025 | 2024 | |||||||||||
Consolidated gold sales, net | $ | 4,245 | $ | 3,341 | $ | 904 | 27 | % | ||||
Consolidated copper sales, net | 354 | 297 | 57 | 19 | ||||||||
Consolidated silver sales, net | 188 | 201 | (13 | ) | (6 | ) | ||||||
Consolidated lead sales, net | 42 | 60 | (18 | ) | (30 | ) | ||||||
Consolidated zinc sales, net | 181 | 124 | 57 | 46 | ||||||||
Total sales | $ | 5,010 | $ | 4,023 | $ | 987 | 25 | % | ||||
Three Months Ended March 31, 2025 | |||||||||||||||||||
Gold | Copper | Silver | Lead | Zinc | |||||||||||||||
(ounces) | (pounds) | (ounces) | (pounds) | (pounds) | |||||||||||||||
Consolidated sales: | |||||||||||||||||||
Gross before provisional pricing and streaming impact | $ | 4,167 | $ | 324 | $ | 157 | $ | 43 | $ | 207 | |||||||||
Provisional pricing mark-to-market | 92 | 34 | 19 | — | (6 | ) | |||||||||||||
Silver streaming amortization | — | — | 19 | — | — | ||||||||||||||
Gross after provisional pricing and streaming impact | 4,259 | 358 | 195 | 43 | 201 | ||||||||||||||
Treatment and refining charges | (14 | ) | (4 | ) | (7 | ) | (1 | ) | (20 | ) | |||||||||
Net | $ | 4,245 | $ | 354 | $ | 188 | $ | 42 | $ | 181 | |||||||||
Consolidated ounces/pounds sold (1)(2) | 1,442 | 76 | 6 | 47 | 161 | ||||||||||||||
Average realized price (per ounce/pound): (3) | |||||||||||||||||||
Gross before provisional pricing and streaming impact | $ | 2,890 | $ | 4.25 | $ | 25.23 | $ | 0.91 | $ | 1.28 | |||||||||
Provisional pricing mark-to-market | 64 | 0.45 | 3.03 | — | (0.03 | ) | |||||||||||||
Silver streaming amortization | — | — | 3.04 | — | — | ||||||||||||||
Gross after provisional pricing and streaming impact | 2,954 | 4.70 | 31.30 | 0.91 | 1.25 | ||||||||||||||
Treatment and refining charges | (10 | ) | (0.05 | ) | (1.18 | ) | (0.02 | ) | (0.12 | ) | |||||||||
Net | $ | 2,944 | $ | 4.65 | $ | 30.12 | $ | 0.89 | $ | 1.13 | |||||||||
(1) | Amounts reported in millions except gold ounces, which are reported in thousands. | ||||||||||||||||||||
(2) | For the three months ended March 31, 2025 the Company sold 35 thousand tonnes of copper, 21 thousand tonnes of lead, and 73 thousand tonnes of zinc. | ||||||||||||||||||||
(3) | Per ounce/pound measures may not recalculate due to rounding. | ||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||
Gold | Copper | Silver | Lead | Zinc | |||||||||||||||
(ounces) | (pounds) | (ounces) | (pounds) | (pounds) | |||||||||||||||
Consolidated sales: | |||||||||||||||||||
Gross before provisional pricing and streaming impact | $ | 3,329 | $ | 316 | $ | 182 | $ | 61 | $ | 149 | |||||||||
Provisional pricing mark-to-market | 30 | 9 | 4 | — | (3 | ) | |||||||||||||
Silver streaming amortization | — | — | 27 | — | — | ||||||||||||||
Gross after provisional pricing and streaming impact | 3,359 | 325 | 213 | 61 | 146 | ||||||||||||||
Treatment and refining charges | (18 | ) | (28 | ) | (12 | ) | (1 | ) | (22 | ) | |||||||||
Net | $ | 3,341 | $ | 297 | $ | 201 | $ | 60 | $ | 124 | |||||||||
Consolidated ounces/pounds sold (1)(2) | 1,599 | 80 | 10 | 65 | 135 | ||||||||||||||
Average realized price (per ounce/pound): (3) | |||||||||||||||||||
Gross before provisional pricing and streaming impact | $ | 2,082 | $ | 3.95 | $ | 18.50 | $ | 0.95 | $ | 1.10 | |||||||||
Provisional pricing mark-to-market | 19 | 0.12 | 0.39 | (0.01 | ) | (0.02 | ) | ||||||||||||
Silver streaming amortization | — | — | 2.78 | — | — | ||||||||||||||
Gross after provisional pricing and streaming impact | 2,101 | 4.07 | 21.67 | 0.94 | 1.08 | ||||||||||||||
Treatment and refining charges | (11 | ) | (0.35 | ) | (1.26 | ) | (0.02 | ) | (0.16 | ) | |||||||||
Net | $ | 2,090 | $ | 3.72 | $ | 20.41 | $ | 0.92 | $ | 0.92 | |||||||||
(1) | Amounts reported in millions except gold ounces, which are reported in thousands. | |
(2) | For the three months ended March 31, 2024 the Company sold 36 thousand tonnes of copper, 29 thousand tonnes of lead, and 61 thousand tonnes of zinc. | |
(3) | Per ounce/pound measures may not recalculate due to rounding. |
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.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures:
Total Newmont Gold By-product Unit Costs | Three Months Ended March 31, | |||||||
2025 | 2024 | |||||||
Consolidated gold sales, net | $ | 4,245 | $ | 3,341 | ||||
Consolidated other metal sales, net | 765 | 682 | ||||||
Sales | $ | 5,010 | $ | 4,023 | ||||
Costs applicable to sales | $ | 2,106 | $ | 2,106 | ||||
Less: Consolidated other metal sales, net | (765 | ) | (682 | ) | ||||
By-product costs applicable to sales | $ | 1,341 | $ | 1,424 | ||||
Gold sold (thousand ounces) | 1,442 | 1,599 | ||||||
Total Gold CAS per ounce (by-product) (1) | $ | 930 | $ | 891 | ||||
Total AISC | $ | 2,851 | $ | 2,878 | ||||
Less: Consolidated other metal sales, net | (765 | ) | (682 | ) | ||||
By-product AISC | $ | 2,086 | $ | 2,196 | ||||
Gold sold (thousand ounces) | 1,442 | 1,599 | ||||||
Total Gold AISC per ounce (by-product) (1) | $ | 1,447 | $ | 1,373 | ||||
| (1) | Per ounce measures may not recalculate due to rounding. |
Conference Call Information
A conference call will be held on Wednesday, April 23, 2025 at 5:30 p.m. Eastern Standard Time (3:30 p.m. Mountain Standard Time), which is 7:30 a.m. Australian Eastern Standard Time on Thursday, April 24, 2025; it will also be available on the Company's website.
Conference Call Details
Dial-In Number | 833.470.1428 | |
Intl Dial-In Number | 404.975.4839 1 | |
Dial-In Access Code | 628388 | |
Conference Name | Newmont | |
Replay Number | 866.813.9403 | |
Intl Replay Number | 929.458.6194 | |
Replay Access Code | 307601 |
1 For toll-free phone numbers, refer to the following link: https://www.netroadshow.com/events/global-numbers?confId=49005
Webcast Details
Title: Newmont First Quarter 2025 Earnings Conference Call
URL: https://events.q4inc.com/attendee/ 482927766
The webcast materials will be available Wednesday, April 23, after North American markets close, under the "Investor Relations" section of the Company's website. 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 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.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com .
Cautionary Statement Regarding Forward Looking Statements, Including Outlook Assumptions, and Notes:
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; (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 development of key projects, including with respect to production and capital cost estimates; (v) expectations regarding 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 Newmont's go-forward portfolio is focused on Tier 1 assets; (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; (x) estimates of expected reclamation and remediation costs, water treatment costs and other expenses, and (xi) other outlook, including, without limitation, outlook and other future operating, reclamation, remediation, and financial metrics. 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.
Investors are also reminded that expectations regarding receipt of deferred or contingent consideration in connection with recent asset sales are forward-looking statements. No assurance can be provided that conditions necessary for receipt of deferred consideration will be met in the future. For additional information regarding the terms and conditions for receipt of deferred consideration payments and total consideration estimates, refer to the press releases available on the Company's website at www.newmont.com (see the September 10, 2024 press release for further details regarding the agreement to divest Telfer and Havieron, the October 8, 2024 press release for further details regarding the agreement to divest Akyem, the November 18, 2024 press release for further details regarding the agreement to divest Musselwhite, the November 25, 2024 press release for further details regarding the agreement to divest Éléonore, the December 6, 2024 press release for further details regarding the agreement to divest CC&V, and the January 27, 2025 press release for further details regarding the agreement to divest Porcupine). No assurances can be provided with respect to the receipt of deferred consideration.
Future dividends beyond the dividend payable on June 20, 2025 to holders of record at the close of business on May 27, 2025 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 are 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.
Investors are also cautioned that the extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full $2.0 billion amount during the 24 month authorization period.
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, 2024 filed with the U.S. Securities and Exchange Commission (the "SEC") on February 21, 2025, under the heading "Risk Factors", and other factors identified in the Company's reports filed with the SEC, available on the SEC website or at www.newmont.com . The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk. Investors are also encouraged to review our Form 10-Q for the quarter ended March 31, 2025, expected to be filed on, or about April 23, 2025.
Notice Regarding Reserve and Resource:
Unless otherwise stated herein, the reserves stated in this release represent estimates at December 31, 2024, 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 or about February 21, 2025, with the SEC.
Note Regarding Tier 1 Portfolio:
Newmont's Tier 1 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.
Tier 1 Asset is defined as having, on average over such asset's mine life: (1) production of over 500,000 GEOs/year on a consolidated basis, (2) average all-in-sustaining cost ("AISC")/oz in the lower half of the industry cost curve, (3) an expected mine life of over 10 years, and (4) operations in countries that are classified in the A and B rating ranges for Moody's, S&P and Fitch. See below for a definition of GEO and See Item 7, MD&A, under the heading "Non-GAAP Financial Measures" of the most recent Form 10-K for the definition of AISC.
With respect to other assets in the industry, such terms and metrics are as published in public filings of the third-party entities reporting with respect to those assets. Newmont's methods of calculating operating metrics, such as AISC, and those of third parties may differ for similarly titled metrics published by other parties due to differences in methodology.
Note that this classification is based on the reasonable good faith expectations of management as of the date hereof based on an assessment that considers past performance, as well as expectations over the remainder of the life of mine. As such, Tier 1 Asset classifications are forward-looking statements with respect to the average over the life of mine. For example, an asset may not fit one element of such definition due to a change over a select period, but continue to be designated as a Tier 1 Asset based on an aggregated assessment of the asset over the life of mine. Estimates or expectations of future production, AISC, mine life and country ratings 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 Newmont's operations and projects being consistent with current expectations and mine plans; (iii) political developments being consistent with current expectations; (iv) certain price assumptions for gold, copper, silver, zinc, lead and oil; (v) prices for key supplies; (vi) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (vii) other planning assumptions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250423592153/en/
Investor Contact - Global
Neil Backhouse, investor.relations@newmont.com
Investor Contact - Asia Pacific
Natalie Worley, apac.investor.relations@newmont.com
Media Contact - Global
Shannon Lijek, globalcommunications@newmont.com
Media Contact - Asia Pacific
Rosalie Cobai, australiacommunications@newmont.com
News Provided by Business Wire via QuoteMedia
Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) ("Maritime" or the "Company") is pleased to announce final drill results from a grade control drill program at the Hammerdown Gold Project. Hammerdown is located in the Baie Verte mining district of Newfoundland and Labrador, near the towns of King's Point and Springdale.
Highlights:
Garett Macdonald, President and CEO of Maritime comments, "The final set of drill results from the grade control drilling program cover the Rumbullion zone, an area of narrow high grade quartz veins approximately 300 m east of the core of the Hammerdown deposit. The grade control drilling program has demonstrated high grade gold mineralization at surface, the position of the historic mine workings, as well as the presence of gold mineralization within the backfilled stopes. Conclusion of the grade control program marks the successful achievement of another important de-risking step for the development of the Hammerdown Gold Project."
Discussion of Results
The Rumbullion zone, located approximately 300 m east of the core Hammerdown deposit, is interpreted as an eastern extension of the same mineralized system. It is characterized by a noticeable change in the orientation of the deposit to a SW-NE trend. Mineralization in the Rumbullion area is comprised of steeply dipping, shear-hosted quartz veins with associated sulfide and gold mineralization. While portions of the zone were historically mined by Richmont Mines between 2000-2004, significant areas remain underdeveloped. Recent drilling focused on this zone to improve definition and support future mine planning.
Notable assay results include drill hole HDGC-25-235 which returned 49.4 gpt Au over 2.6 m, including 153.9 gpt Au over 0.6 m, followed by a second lower vein and shear zone intersection returning 5.4 gpt Au over 1.2 m, including 23.2 gpt Au over 0.2 m. This drill hole is located in close proximity to the historic underground mine workings and is representative of the style and grade of mineralization that was historically mined in the area. Drill hole HDGC-25-235 is located 11 m west of previously reported hole HDGC-25-231 which returned 27.8 gpt Au over 0.9 m (Maritime press release dated March 14, 2025). The intersection in hole HDGC-25-231 was significantly narrower than that in hole HDGC-25-235, due to faulting observed along the vein contact.
Other notable results include 25.8 gpt Au over 0.8 m, including 90.5 gpt over 0.2 m in drill hole HDGC-25-251, 12.3 gpt Au over 1.0 m, including 38.3 gpt over 0.3 m in drill hole HDGC-25-244 and 14.0 gpt Au over 0.7 m, including 43.6 gpt over 0.2 m in drill hole HDGC-25-237. These three intersections are located approximately 20 m south of the historic mine development and are examples of the high-grade veins that were left unmined by previous operators due to the lower gold prices which resulted in higher historic mine cut-off grade at the time.
In addition, drill hole HDGC-25-241 intersected 5.1 gpt Au over 11.7 m within backfilled stope material. The presence of gold in this material highlights the potential for additional recoveries from historically mined areas and could enhance early-stage production plans. The potential quantity and grade are conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain whether further exploration would result in the backfill material being delineated as a mineral resource.
Grade Control Drilling
The grade control drill program completed 8,460 m of diamond drilling in 273 drill holes. The program was designed to intersect the sub vertical mineralization on a 10 m x 10 m staggered pattern to maximize future ore extraction while minimizing ore losses and dilution.
Figure 1. Plan View
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4548/249404_adae02a384bdda7d_001full.jpg
Figure 2. Hammerdown Deposit Cross Section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4548/249404_adae02a384bdda7d_002full.jpg
Figure 3. Oblique View of Historic Hammerdown Mine Workings Depicting the location of the Rumbullion Zone
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4548/249404_adae02a384bdda7d_003full.jpg
Table 1. Assay Results
| Hole | From | To | Length | Au gpt | Comments |
| HDGC-25-198 | 3.7 | 3.9 | 0.2 | 41.3 | |
| HDGC-25-198 | 11.0 | 11.5 | 0.6 | 20.5 | |
| HDGC-25-200 | 7.9 | 8.6 | 0.7 | 1.9 | |
| HDGC-25-200 | 20.9 | 23.3 | 2.4 | 1.9 | |
| HDGC-25-200 | 30.3 | 30.5 | 0.2 | 21.9 | |
| HDGC-25-202 | 9.5 | 10.0 | 0.5 | 7.4 | |
| HDGC-25-202 | 15.6 | 15.8 | 0.2 | 9.3 | |
| HDGC-25-204 | 1.4 | 1.6 | 0.2 | 9.5 | |
| HDGC-25-208 | 2.9 | 5.8 | 2.9 | 1.7 | |
| HDGC-25-211 | 2.4 | 2.6 | 0.2 | 10.2 | |
| HDGC-25-211 | 6.2 | 7.0 | 0.8 | 1.9 | |
| HDGC-25-217 | 5.5 | 5.8 | 0.3 | 25.5 | |
| HDGC-25-218 | 3.5 | 5.0 | 1.5 | 2.2 | |
| HDGC-25-219 | 12.0 | 12.3 | 0.3 | 5.8 | |
| HDGC-25-221 | 9.8 | 11.0 | 1.2 | 6.0 | |
| HDGC-25-222 | 13.0 | 22.1 | 9.1 | 0.8 | |
| HDGC-25-226 | 4.0 | 8.0 | 4.0 | 1.6 | |
| Including | 5.7 | 5.9 | 0.2 | 13.3 | |
| HDGC-25-227 | 13.2 | 13.4 | 0.2 | 39.8 | |
| HDGC-25-235 | 6.8 | 9.4 | 2.6 | 49.4 | |
| Including | 6.8 | 7.4 | 0.6 | 153.9 | |
| HDGC-25-235 | 12.4 | 12.6 | 0.2 | 3.8 | |
| HDGC-25-235 | 18.5 | 19.7 | 1.2 | 5.4 | |
| Including | 19.0 | 19.2 | 0.2 | 23.2 | |
| HDGC-25-237 | 12.3 | 13.0 | 0.7 | 14.0 | |
| HDGC-25-240 | 10.4 | 11.0 | 0.6 | 0.8 | |
| HDGC-25-241 | 12.3 | 12.5 | 0.2 | 9.7 | |
| HDGC-25-241 | 28.2 | 39.9 | 11.7 | 5.1 | Backfill |
| HDGC-25-242 | 14.8 | 15.1 | 0.3 | 54.8 | |
| HDGC-25-242 | 27.0 | 27.1 | 0.2 | 18.8 | |
| HDGC-25-243 | 12.3 | 13.0 | 0.7 | 4.6 | |
| HDGC-25-243 | 19.3 | 19.6 | 0.3 | 4.7 | |
| HDGC-25-244 | 10.0 | 11.0 | 1.0 | 12.3 | |
| Including | 10.4 | 10.7 | 0.3 | 38.3 | |
| HDGC-25-247 | 13.2 | 13.9 | 0.7 | 4.8 | |
| HDGC-25-247 | 16.5 | 16.8 | 0.2 | 5.3 | |
| HDGC-25-247 | 20.8 | 21.0 | 0.2 | 1.5 | |
| HDGC-25-249 | 11.2 | 11.9 | 0.7 | 22.5 | |
| HDGC-25-251 | 13.4 | 14.2 | 0.8 | 25.8 | |
| Including | 13.4 | 13.6 | 0.2 | 90.5 | |
| HDGC-25-253 | 4.7 | 6.0 | 1.3 | 5.4 | |
| Including | 5.2 | 5.7 | 0.5 | 12.8 | |
| HDGC-25-254 | 7.3 | 8.1 | 0.8 | 4.4 | |
| Including | 7.8 | 8.1 | 0.3 | 10.2 | |
| HDGC-25-259 | 4.5 | 5.4 | 0.9 | 9.3 | |
| HDGC-25-263 | 11.7 | 12.3 | 0.5 | 9.8 | |
| HDGC-25-264 | 5.8 | 7.3 | 1.5 | 1.0 | |
| HDGC-25-265 | 8.5 | 8.7 | 0.2 | 94.5 | |
| HDGC-25-266 | 4.6 | 4.8 | 0.2 | 17.6 |
Lengths reported relative to core access are estimated to be approximately 70% true thickness
Table 2. Drill Hole Data
| Drillhole ID | Easting | Northing | Elevation | Total Length | Azimuth | Dip |
| HDGC-25-198 | 554930.3 | 5489083.9 | 193.6 | 19.0 | 180.0 | -60 |
| HDGC-25-200 | 554940.5 | 5489081.3 | 194.7 | 34.0 | 180.0 | -60 |
| HDGC-25-202 | 554940.0 | 5489088.8 | 194.8 | 19.0 | 180.0 | -60 |
| HDGC-25-204 | 554930.5 | 5489075.7 | 193.9 | 22.0 | 180.0 | -45 |
| HDGC-25-208 | 554950.4 | 5489084.5 | 195.0 | 19.0 | 180.0 | -60 |
| HDGC-25-211 | 554920.4 | 5489069.2 | 195.5 | 13.0 | 180.0 | -60 |
| HDGC-25-217 | 554950.8 | 5489066.0 | 197.1 | 19.0 | 180.0 | -60 |
| HDGC-25-218 | 554960.3 | 5489060.9 | 197.1 | 7.0 | 180.0 | -60 |
| HDGC-25-219 | 554940.6 | 5489012.3 | 199.9 | 14.0 | 180.0 | -60 |
| HDGC-25-221 | 554930.0 | 5489006.7 | 198.5 | 14.0 | 180.0 | -60 |
| HDGC-25-222 | 554920.2 | 5489020.9 | 198.5 | 32.0 | 180.0 | -60 |
| HDGC-25-226 | 554920.5 | 5489011.1 | 198.7 | 16.0 | 180.0 | -60 |
| HDGC-25-227 | 554939.8 | 5489021.5 | 199.5 | 19.0 | 180.0 | -60 |
| HDGC-25-235 | 555130.3 | 5489037.0 | 199.9 | 26.0 | 180.0 | -60 |
| HDGC-25-237 | 555130.0 | 5489017.0 | 200.7 | 14.0 | 180.0 | -60 |
| HDGC-25-240 | 555109.4 | 5489067.2 | 198.6 | 29.0 | 180.0 | -60 |
| HDGC-25-241 | 555110.1 | 5489056.8 | 199.1 | 47.0 | 180.0 | -60 |
| HDGC-25-242 | 555110.0 | 5489037.3 | 199.8 | 29.0 | 180.0 | -60 |
| HDGC-25-243 | 555110.1 | 5489027.5 | 200.4 | 20.0 | 180.0 | -60 |
| HDGC-25-244 | 555110.2 | 5489017.7 | 200.9 | 20.0 | 180.0 | -60 |
| HDGC-25-247 | 555100.8 | 5489051.0 | 199.9 | 32.0 | 182.0 | -60 |
| HDGC-25-249 | 555100.8 | 5489031.5 | 200.7 | 17.0 | 180.0 | -60 |
| HDGC-25-251 | 555100.2 | 5489013.8 | 201.3 | 17.0 | 180.0 | -60 |
| HDGC-25-253 | 555090.0 | 5489048.2 | 201.3 | 17.0 | 180.0 | -60 |
| HDGC-25-254 | 555090.4 | 5489038.8 | 201.2 | 14.0 | 180.0 | -60 |
| HDGC-25-259 | 555080.2 | 5489091.8 | 197.8 | 17.0 | 180.0 | -60 |
| HDGC-25-263 | 554969.9 | 5489065.1 | 196.7 | 16.0 | 180.0 | -60 |
| HDGC-25-264 | 554980.5 | 5489062.5 | 196.8 | 10.0 | 180.0 | -60 |
| HDGC-25-265 | 554979.4 | 5489069.3 | 196.1 | 19.0 | 180.0 | -60 |
| HDGC-25-266 | 554989.3 | 5489066.0 | 197.9 | 10.0 | 180.0 | -60 |
Qualified Person
Exploration activities at the Hammerdown Gold Project are administered on site by the Company's Exploration Manager, Larry Pilgrim, P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Larry Pilgrim, P.Geo. Exploration Manager, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities on its exploration projects.
Analytical Procedures
All samples assayed and pertaining to this press release were completed by Eastern Analytical Limited (EAL) located at Springdale, Newfoundland and Labrador. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL has no relationship to Maritime Resources. Drill core samples are collected from NQ sized diamond drill core and sawn in half. The half core samples are delivered in sealed plastic bags to EAL by Maritime field crews where they are dried, crushed, and pulped. Samples are crushed to approximately 80% passing a minus 10 mesh and split using a riffle splitter to approximately 250 grams. A ring mill is used to pulverize the sample split to 95% passing a minus 150 mesh. Sample rejects are securely stored at the EAL site for future reference. A 30-gram representative sample is selected for analysis from the 250 grams after which EAL applies a fire assay fusion followed by acid digestion and analysis by atomic absorption for gold analysis. Other metals were analyzed by applying an acid digestion and 34 element ICP analysis finish. EAL runs a comprehensive QA/QC program of standards, duplicates and blanks within each sample stream.
About Maritime Resources Corp.
Maritime (TSXV: MAE) (OTC Pink: MRTMF) is a gold exploration and development company focused on advancing the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador, a top tier global mining jurisdiction. Maritime holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km2 of exploration land including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond gold circuit.
On Behalf of the Board:
Garett Macdonald, MBA, P.Eng.
President and CEO
Phone: (416) 365-5321
info@maritimegold.com
www.maritimeresourcescorp.com
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Caution Regarding Forward-Looking Statements:
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects", "intends", "indicates" "plans" and similar expressions. Forward-looking statements include, but are not limited to, statements concerning the Hammerdown mineralization, its' metallurgical response, precious metal extraction based on the ongoing metallurgical testwork, sampling programs, the grade control drilling program, location and grade of underground workings and backfill material, amongst other things, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company in good faith as at the date of such information. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, base metal concentrates, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the use of ore sorting technology will produce positive results, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the ability of the Company to continue to be able to access the capital markets for the funding necessary to acquire, maintain and advance exploration properties or business opportunities; global financial conditions, including competition within the industry to acquire properties of merit or new business opportunities, and competition from other companies possessing greater technical and financial resources; difficulties in advancing towards a development decision and executing exploration programs on the Company's proposed schedules and within its cost estimates, whether due to weather conditions, availability or interruption of power supply, mechanical equipment performance problems, natural disasters or pandemics in the areas where it operates; increasingly stringent environmental regulations and other permitting restrictions or maintaining title or other factors related to exploring of its properties, such as the availability of essential supplies and services; factors beyond the capacity of the Company to anticipate and control, such as the marketability of mineral products produced from the Company's properties; uncertainty as to whether mineral resources will ever be converted into mineral reserves once economic considerations are applied; uncertainty as to whether inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied; government regulations relating to health, safety and the environment, and the scale and scope of royalties and taxes on production; and the availability of experienced contractors and professional staff to perform work in a competitive environment and the resulting adverse impact on costs and performance and other risks and uncertainties, including those described in each MD&A of financial condition and results of operations. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Maritime undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange ("TSX-V") nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.