Newmont Achieves 2022 Guidance; Provides Stable 2023 and Improving Longer-Term Outlook; Declares $0.40 Fourth Quarter Dividend

Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced fourth quarter and full year 2022 results, as well as its 2023 and longer-term outlook.

Achieved 2022 Guidance, Safely Delivered on our Commitments

• Produced 6.0 million gold ounces and 1.3 million gold equivalent ounces from copper, silver, lead and zinc; achieved original production guidance range set in December 2021
• Gold all-in sustaining costs ^* were $1,211 per ounce , in-line with updated guidance range despite global cost pressures throughout the year
• Generated $1.1 billion in free cash flow ^* after $2.7 billion of meaningful reinvestment into the business to advance our most profitable near-term projects
• Safely delivered on our commitments and remained focused on fatality risk management ; recognized as the Top Miner in the 2022 Dow Jones Sustainability Index for our unwavering commitment to leading ESG practices

Announced 2023 and Longer-Term Outlook; Underpinned by Strong Gold Production and Improving Costs ^**

• As previously signaled, 2023 production guidance is expected to be between 5.7 and 6.3 million gold ounces ; steadily improves longer-term, driven by strong production from world-class assets and an unmatched project pipeline
• Gold all-in sustaining costs ^* are expected to be between $1,150 and $1,250 per ounce in 2023 ; incorporates an additional 3% of cost inflation compared to 2022, which is expected to be largely offset by Full Potential cost efficiencies
• Sustaining capital spend of $1.0 to $1.2 billion in 2023 ; remaining steady across the five-year period
• Development capital spend of $1.2 to $1.4 billion in 2023; meaningful reinvestment to strengthen our global portfolio

2023 Dividend Payout Range Established Within Industry-Leading Framework ^***

• Provides a sustainable base dividend of $1.00 per share ; at base reserves price of $1,400 per ounce
• Incremental dividend payout of $0.40 to $0.80 per share ; calibrated at $1,700 per ounce and incorporating free cash flow impacts from industry-wide inflationary pressures and a period of meaningful reinvestment
• Annualized dividend payout range of $1.40 to $1.80 per share ^*** ; subject to quarterly approval by Board of Directors
• Declared fourth quarter 2022 dividend of $0.40 per share ^**** ; set at the midpoint of the 2023 dividend payout range

"Newmont safely delivered on our commitments in 2022 and finished the year from a position of strength, meeting our full year production guidance and generating $4.6 billion in adjusted EBITDA and $1.1 billion in free cash flow. As we look ahead to 2023 and beyond, we expect to steadily increase production and improve costs from our balanced, global portfolio of world-class assets and robust project pipeline. We remain committed to our disciplined and balanced approach to capital allocation, allowing us to maintain an investment-grade balance sheet while steadily reinvesting in the business and providing superior returns to shareholders through our industry-leading dividend framework. With more than 100 years of history and experience, Newmont is well-positioned to continue safely delivering industry-leading results, while remaining grounded in our values and driven by our purpose to create value and improve lives through sustainable and responsible mining."

- Tom Palmer, President and Chief Executive Officer

Newmont Delivers Strong Fourth Quarter Performance;   Achieves Full-Year 2022 Guidance

FOURTH QUARTER AND FULL YEAR 2022 HIGHLIGHTS

• Achieved original production guidance range set in December 2021; produced 1.63 million attributable gold ounces and 296 thousand attributable gold equivalent ounces (GEO) of co-products in the fourth quarter, for a total of 6.0 million attributable gold ounces and 1.3 million attributable co-product GEOs in 2022
• Reported fourth quarter gold Costs Applicable to Sales (CAS) ^* of $940 per ounce and All-In Sustaining Costs (AISC) ^* of $1,215; full year CAS of $933 per ounce and AISC of $1,211 per ounce are in line with updated guidance amidst industry-wide cost pressures
• Generated $1.0 billion of cash from continuing operations and $364 million of Free Cash Flow in the fourth quarter, for a full-year total of $3.2 billion and $1.1 billion, respectively ^*
• Ended the year with $2.9 billion of consolidated cash, $829 million of short-term time deposits and $6.7 billion of liquidity; reported net debt to adjusted EBITDA ratio of 0.5x ^*
• Reported Adjusted Net Income (ANI) ^* of $0.44 per share and Adjusted EBITDA ^* of $1.2 billion for the fourth quarter, for a full-year total of $1.85 per share and $4.6 billion, respectively
• Returned $1.7 billion to shareholders in 2022
• Reported increased reserves of 96 million gold ounces and resources of 111 million gold ounces ^** ; significant upside to other metals, including copper, silver, lead and zinc
• Advanced profitable near-term projects, including Tanami Expansion 2, Ahafo North, Pamour and Cerro Negro District Expansion 1
• Safely delivered on our commitments and remained focused on fatality risk management; recognized as the Top Miner in the 2022 Dow Jones Sustainability Index for our unwavering commitment to leading ESG practices

FOURTH QUARTER 2022 ADJUSTED NET INCOME

In the fourth quarter of 2022, Newmont reported Adjusted Net Income of $348 million or $0.44 per share due to higher sales volumes and higher realized gold prices compared to the third quarter. Significant non-cash accounting charges were adjusted out of the Company's earnings, compared to GAAP Net Loss from Continuing Operations of $(1.5) billion, primarily related to impairment charges of $1.3 billion and reclamation charges of $700 million recorded at year end in conjunction with the Company's annual review.

• $511 million impairment of long-lived assets at CC&V primarily due to the decision to transition to a leach-only operation, resulting in lower future production and reduced future cash flows from the site
• $459 million impairment of the full goodwill balance at Cerro Negro; primarily due to lower discounted cash flows from an increase in the country specific discount rate, reflective of current macroeconomic risk and uncertainty in Argentina
• $341 million impairment of the full goodwill balance at Porcupine; primarily due to lower discounted cash flows from higher costs driven by inflationary pressures and the expansion of the active tailings storage facility, ensuring compliance with the Global Industry Standard on Tailings Management (GISTM)
• $529 million reclamation adjustment at Yanacocha; primarily due to updated capital costs for construction of the two water treatment plants due to updated design considerations, recent inflation and supply chain disruption impacts on the estimated construction costs and higher post-closure management costs
• $91 million reclamation adjustment at Porcupine; primarily due to higher water management and other closure costs due to inflationary pressures

The site-specific goodwill amounts originated from the Goldcorp purchase price allocation four years ago, which was based on best estimates of each site's value and country-risk assumptions at that time. Non-cash accounting charges have been adjusted out of the Company's earnings metrics for the fourth quarter and full year.

FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL AND PRODUCTION SUMMARY

Attributable gold production ¹ for the year remained flat at 5,956 thousand ounces compared to the prior year.

Attributable gold production for the fourth quarter remained flat at 1,630 thousand ounces compared to the prior year quarter.

Gold CAS totaled $5.4 billion for the year. Gold CAS per ounce ² increased 19 percent to $933 per ounce compared to the prior year, primarily due to higher direct operating costs as a result of inflationary pressures, driven by higher labor costs and higher input commodity prices, notably fuel and energy costs. In addition, costs were impacted by inventory write-downs at Nevada Gold Mines, Yanacocha, CC&V and Akyem, lower by-product credits, the Peñasquito Profit-Sharing Agreement entered into in 2022 and lower gold sales volumes.

Gold CAS increased 17 percent to $1.5 billion from the prior year quarter. Gold CAS per ounce increased 17 percent to $940 per ounce compared to the prior year quarter, primarily due to higher direct operating costs as a result of inflationary pressures and higher third party royalties.

Gold AISC per ounce ³ increased 14 percent to $1,211 per ounce compared to the prior year, primarily due to higher CAS per ounce and higher sustaining capital spend.

Gold AISC per ounce increased 15 percent to $1,215 per ounce compared to the prior year quarter, primarily due to higher CAS per ounce and higher sustaining capital spend.

Attributable GEO production from other metals for the year remained largely flat at 1,275 thousand ounces compared to the prior year.

Attributable GEO production from other metals for the quarter decreased 7 percent to 296 thousand ounces from the prior year quarter primarily due to lower co-product grades mined at Peñasquito, partially offset by higher copper grade mined at Boddington.

CAS from other metals totaled $1.0 billion for the year. CAS per GEO ² increased 28 percent to $819 per ounce from the prior year, primarily due to higher direct operating costs as a result of inflationary pressures, as well as the Peñasquito Profit-Sharing Agreement entered into in 2022.

CAS from other metals totaled $267 million for the quarter. CAS per GEO increased 16 percent to $857 per ounce from the prior year quarter, primarily due to higher direct operating costs as a result of inflationary pressures and higher allocation of costs to co-product metals, partially offset by favorable inventory changes.

AISC per GEO ³ for the year increased 24 percent to $1,114 per ounce from the prior year primarily due to higher CAS from other metals, higher treatment and refining costs, and higher sustaining capital spend.

AISC per GEO for the quarter increased 16 percent to $1,166 per ounce from the prior year quarter primarily due to higher CAS from other metals, higher treatment and refining costs, and higher sustaining capital spend.

Average realized gold price for the year increased $4 per ounce to $1,792 per ounce compared to the prior year, including $1,800 per ounce of gross price received and $8 per ounce reductions for treatment and refining charges.

Average realized gold price for the quarter decreased $40 per ounce to $1,758 per ounce compared to the prior year quarter, including $1,751 per ounce of gross price received, the favorable impact of $12 per ounce mark-to-market on provisionally-priced sales and $5 per ounce reductions for treatment and refining charges.

Revenue for the year remained largely flat at $11.9 billion compared to the prior year.

Revenue for the quarter decreased 6 percent to $3.2 billion compared to the prior year quarter, primarily due to lower realized gold prices.

Net loss from continuing operations attributable to Newmont stockholders for the year was $(0.5) billion or $(0.58) per diluted share, a decrease of $1.6 billion from the prior year primarily due to the impairment of goodwill at Cerro Negro of $459 million and Porcupine of $341 million, impairment of long-lived assets at CC&V of $511 million, higher CAS predominately resulting from cost inflation impacts and lower sales volumes for all metals except copper. These decreases were partially offset by lower reclamation and remediation expense resulting from adjustments mainly related to non-operating Yanacocha sites, lower income tax expense and the loss on assets held for sale in 2021 related to the Conga mill assets.

Net loss from continuing operations attributable to Newmont stockholders for the quarter was $(1.5) billion or $(1.87) per diluted share, a decrease of $1.4 billion from the prior year quarter primarily due to the impairment charges recorded in the fourth quarter and higher CAS predominately resulting from cost inflation impacts. These decreases were partially offset by lower reclamation and remediation expense resulting from adjustments mainly related to non-operating Yanacocha sites, and lower income and mining tax expense.

Adjusted net income ⁴ for the year was $1.5 billion or $1.85 per diluted share, compared to $2.4 billion or $2.96 per diluted share in the prior year. Primary adjustments to 2022 net income include total impairment charges of $1.3 billion, reclamation and remediation adjustments primarily related to non-operating Yanacocha and Porcupine sites of $713 million and a pension settlement charge of $137 million.

Adjusted net income for the quarter was $348 million or $0.44 per diluted share, compared to $624 million or $0.78 per diluted share in the prior year quarter. Primary adjustments to fourth quarter net income include total impairment charges of $1.3 billion, reclamation and remediation adjustments of $700 million and a gain on asset and investment sales of $61 million primarily related to the sale of the investment in MARA.

Adjusted EBITDA ⁵ for the year decreased 24 percent to $4.6 billion, compared to $6.0 billion for the prior year.

Adjusted EBITDA for the quarter decreased 27 percent to $1.2 billion for the quarter, compared to $1.6 billion for the prior year quarter.

Capital expenditures ⁶ increased 29 percent to $2.1 billion for the full year and increased 46 percent to $646 million for the quarter, compared to prior year, primarily due to higher development capital spend during a period of meaningful reinvestment, as well as slightly higher sustaining capital. Development capital expenditures in 2022 primarily related to Tanami Expansion 2, Yanacocha Sulfides, Ahafo North, Pamour and Cerro Negro District Expansion 1.

Consolidated operating cash flow from continuing operations decreased 25 percent to $3.2 billion for the full year compared to the prior year, primarily due to an increase in operating cash expenditures resulting from the impacts of inflation on input costs and lower consolidated sales volumes, as well as several payments made during the year, including a $95 million payment related to the Peñasquito profit-sharing agreement related to 2021 results, an $83 million payment related to the Ghanaian employment model change and a $39 million payment related to our strategic alliance with Caterpillar Inc.

Consolidated operating cash flow from continuing operations decreased 22 percent to $1.0 billion for the quarter compared to the prior year quarter, primarily due to an increase in operating cash expenditures resulting from the impacts of inflation on input costs, lower consolidated sales volumes and lower average realized metal prices for all metals except silver.

Free Cash Flow ⁷ decreased to $1.1 billion for the full year and $0.4 billion for the quarter, compared to the prior year, primarily due to lower operating cash flow and higher capital expenditures.

Balance sheet and liquidity remained strong in 2022, ending the year with $2.9 billion of consolidated cash and $829 million of time deposits with a maturity of less than one year, with approximately $6.7 billion of total liquidity; reported net debt to adjusted EBITDA of 0.5x ⁸ .

Nevada Gold Mines (NGM) attributable gold production for the year was 1,169 thousand ounces, with CAS of $989 per ounce ² and AISC of $1,220 per ounce ³ . NGM attributable gold production for the quarter was 324 thousand ounces, with CAS of $934 per ounce and AISC of $1,186 per ounce. NGM EBITDA ⁹ was $0.9 billion for the full year and $251 million for the quarter.

Pueblo Viejo (PV) attributable gold production was 285 thousand ounces for the year and 65 thousand ounces for the quarter. Cash distributions received from the Company's equity method investment of $165 million for the year and $27 million for the fourth quarter.

Progressing Profitable Near-Tear Projects from Unmatched Organic Pipeline

Newmont's project pipeline supports stable production with improving margins and mine life ^* . Newmont's 2023 and longer-term outlook includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Pamour and Cerro Negro District Expansion 1. Development capital outlook for 2023 and 2024 includes spend related to the Yanacocha Sulfides project ahead of the investment decision planned for late 2024; additional development capital spend and all metal production for Yanacocha Sulfides has been excluded from longer-term outlook beginning in 2025.

Additional projects not listed below represent incremental improvements to the Company's outlook.

• Tanami Expansion 2 (Australia) secures Tanami's future as a long-life, low-cost producer by extending mine life beyond 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure to process 3.3 million tonnes per year and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years and reduce operating costs by approximately 10 percent, bringing average all-in sustaining costs to $900 to $1,000 per ounce for Tanami (2026-2030). Commercial production for the project is expected in the second half of 2025. As previously indicated in July 2022, total capital costs are estimated to be between $1.2 and $1.3 billion, incorporating the significant impacts from Covid-related restrictions and protocols and the current market conditions for labor and materials. Development costs (excluding capitalized interest) since approval were $499 million, of which $215 million related to 2022.
• Ahafo North (Africa) expands our existing footprint in Ghana with four open pit mines and a stand-alone mill located approximately 30 kilometers from the Company's Ahafo South operations. The project is expected to add between 275,000 and 325,000 ounces per year with all-in sustaining costs of $800 to $900 per ounce for the first five full years of production. Ahafo North is the best unmined gold deposit in West Africa with approximately 3.8 million ounces of Reserves and 1.4 million ounces of Measured, Indicated and Inferred Resources and significant upside potential to extend beyond Ahafo North's current 13-year mine life. Commercial production for the project is expected in the second half of 2025. As previously indicated in July 2022, total capital costs are estimated to be between $950 and $1,050 million, incorporating the cost associated with delayed land access. Development costs (excluding capitalized interest) since approval were $212 million, of which $145 million related to 2022.
• Yanacocha Sulfides (South America) will develop the first phase of sulfide deposits and an integrated processing circuit, including an autoclave to produce 45% gold, 45% copper and 10% silver. The first phase focuses on developing the Yanacocha Verde and Chaquicocha deposits to extend Yanacocha's operations beyond 2040 with second and third phases having the potential to extend life for multiple decades. In the third quarter of 2022, Newmont announced the decision to delay the project in order to manage project execution risk, move out of a period of significant inflation and to balance development capital cash flows. Management continues to assess the execution and project timeline, up to and including transitioning Yanacocha operations into full closure; the project remains subject to an investment decision. Development capital spend on the project is expected to be approximately $300 to $350 million per year in 2023 and 2024 related to advanced engineering, procurement and completing camp construction.
• Pamour (North America) extends the life of Porcupine and maintains production beyond 2024. The project will optimize mill capacity, adding volume and supporting high grade ore from Borden and Hoyle Pond, while supporting further exploration in a highly prospective and proven mining district. An investment decision is now expected in late 2023 as opportunities have been identified to extend production from current operations, allowing for a deferral of project spending. Formal updates to capital estimates and estimated project completion will be provided closer to the investment decision.
• Cerro Negro District Expansion 1 (South America) includes the simultaneous development of the Marianas and Eastern districts to extend the mine life of Cerro Negro beyond 2030. The project is expected to improve production to above 350,000 ounces beginning in 2024 and provides a platform for further exploration and future growth through additional expansions. Development capital costs for the project are now estimated to be between $350 and $450 million, incorporating inflationary pressures and supply chain impacts in Argentina.

2023 and Longer-Term Outlook Underpinned by Strong Production and Improving Costs

2023 AND LONGER-TERM OUTLOOK HIGHLIGHTS

• As previously signaled, 2023 production guidance is between 5.7 and 6.3 million gold ounces; steadily improves to between 6.1 and 6.7 million ounces in the longer-term, driven by strong production from world-class assets and an unmatched organic project pipeline; further enhanced by profitable production from other metals
• Gold CAS guidance is $870 to $970 per ounce and Gold AISC guidance is $1,150 to $1,250 per ounce for 2023, improving longer-term due to declining inflationary pressure assumptions and increased production levels
• Sustaining capital guidance is $1.0 to $1.2 billion for 2023, consistent with longer-term averages
• Development capital guidance is $1.2 to $1.4 billion for 2023 and 2024 during a period of meaningful reinvestment; longer-term development capital is expected to average between $0.8 to $1.0 billion per year

Newmont's outlook reflects increasing gold production and ongoing investment into its operating assets and most promising growth prospects. Newmont's reserves and mine planning gold price assumption has been set at $1,400 per ounce. 2023 outlook assumes a $1,700 per ounce revenue gold price for CAS and AISC to reflect current cost environment including royalties and production taxes. For 2023, Newmont has assumed normalizing levels of inflation, improving throughout the year, with a year-over-year average escalation rate of approximately 3%.

Outlook includes development capital, costs and production related to Tanami Expansion 2, Ahafo North, Pamour and Cerro Negro District Expansion 1. Development capital outlook for 2023 and 2024 includes spend related to the Yanacocha Sulfides project ahead of the investment decision planned for late 2024; additional development capital spend and all metal production for Yanacocha Sulfides has been excluded from longer-term outlook beginning in 2025. As previously signaled, Newmont is critically assessing options for the Yanacocha Sulfides project, up to and including transitioning Yanacocha operations into full closure, which may have an impact on expected capital spend included in outlook for 2023 and 2024.

Please see the cautionary statement and footnotes for additional information.

ASSUMPTIONS AND SENSITIVITIES

Assuming a 35% incremental tax rate, an $100 per ounce increase in gold price would deliver an expected $400 million improvement in attributable free cash flow. Included within the attributable free cash flow sensitivity is a royalty and production tax impact of $5 per ounce for every $100 per ounce change in gold price.

2023 OPERATING COSTS BY CATEGORY

PRODUCTION AND COST OUTLOOK

Attributable gold production is expected to be steadily improving at 5.7 to 6.7 million ounces across the five-year period. This is supported by a steady base from Newmont's world class assets and is further enhanced by the Company's other operating mines and ownership in the Nevada Gold Mines and Pueblo Viejo joint ventures. The 2023 outlook of 5.7 to 6.3 million ounces is expected to remain stable compared to 2022, driven by strong production at Ahafo and Boddington, partially offset by decreases at Peñasquito due to planned mine sequencing, the updated mine plan for a leach-only operation at CC&V and the previously signaled delay of commercial production at Ahafo North and Tanami Expansion 2 to 2025. Beginning in 2024, production is expected to increase to between 5.9 and 6.5 million ounces, increasing to between 6.1 to 6.7 million ounces longer-term in 2026, due to natural mine sequencing and the inclusion of profitable production from Ahafo North and Tanami Expansion 2, in addition to reaching higher gold grade at Peñasquito.

Costs are expected to improve throughout the five-year period, driven by declining inflationary pressure assumptions, increasing production levels and cost reduction initiatives. 2023 CAS is expected to be between $870 and $970 per ounce, with approximately 3% in cost escalation assumed as cost pressures are expected to persist from 2022. Longer-term, CAS is expected to improve to between $750 and $850 per ounce beginning in 2026 with the benefit of the near-term projects at Tanami and Ahafo North contributing profitable production, in addition to an improving cost and production profile at Nevada Gold Mines. AISC is expected to be between $1,150 and $1,250 per ounce in 2023, and improve to between $1,000 and $1,100 per ounce longer-term beginning in 2025.

CO-PRODUCT PRODUCTION AND COST OUTLOOK

In 2023, Boddington is expected to have the highest copper production during the five-year period due to higher grades as a result of mine sequencing. Beginning in 2023 and continuing through 2025, Peñasquito is expected to deliver higher co-product production due to higher silver, lead and zinc content delivered from the Chile Colorado pit.

CAPITAL OUTLOOK

Sustaining capital is expected to remain steady at $1 to $1.2 billion per year over the five year period, covering infrastructure, equipment and ongoing mine development. This incorporates slightly higher spend as compared to 2022 due to higher costs driven by inflationary pressures and increased projected spend on tailings facilities in compliance with the Global Industry Standard on Tailings Management (GISTM).

Development capital for the five-year outlook includes spend for Tanami Expansion 2 in Australia, Ahafo North in Ghana, Cerro Negro District Expansion 1 in Argentina, Pamour at Porcupine in Canada, as well as development capital related to the Company's ownership interest in Nevada Gold Mines including Goldrush. Outlook for 2023 and 2024 includes development capital spend of approximately $300 to $350 million per year related to the Yanacocha Sulfides project under the assumption that an investment decision would be made in late 2024; remaining development capital beyond 2024 has been excluded from longer-term outlook. As previously signaled, Newmont is critically assessing options for the Yanacocha Sulfides project, up to and including transitioning Yanacocha operations into full closure, which may have an impact on expected capital spend included in outlook for 2023 and 2024.

Development capital estimates exclude contributions to support Newmont's 40% interest in the Pueblo Viejo expansion, which is accounted for as an equity method investment.

EXPLORATION AND ADVANCED PROJECTS OUTLOOK

In 2023, investment in exploration and advanced projects is expected to increase slightly to between $475 and $525 million to advance greenfield exploration projects, extend mine life at existing operations and continue building reserves. We expect to invest approximately $225 million dollars in exploration expense to progress our most promising greenfield exploration projects including Esperance in French Guiana and the Coffee project in the Yukon. In addition, we expect to invest approximately $275 million in advanced projects spend, as we continue to advance studies associated with our robust pipeline of projects, including Galore Creek and Akyem Underground. Included in our expected advanced projects spend is approximately $40 million related to our strategic alliance with Caterpillar Inc.

CONSOLIDATED EXPENSE OUTLOOK

The 2023 outlook for general and administrative costs remains flat at $260 to $290 million. Interest expense is expected to decrease slightly to between $200 to $220 million from higher levels of capitalized interest on development capital spend in 2023. Depreciation and amortization remains flat at $2.2 to $2.4 billion, with steady production expected in 2023 compared to 2022. The adjusted tax rate is increasing to between 32% and 36% due to higher costs and a lower of $1,700 per ounce gold price assumption, as compared to the $1,800 per ounce gold price assumption used for 2022 Outlook.

2023 SEASONALITY ^*

In Q1 2023, we expect to produce approximately 21 percent of our full year gold guidance , driven by heavy weighting to the second half of the year at Ahafo and Cerro Negro due to planned mine sequence. In addition, first quarter production at Tanami was impacted by record rainfall, resulting in the ceasing of milling operations for a few weeks in February.

Refer to the 2023 Production and Cost Outlook by Site below for additional details.

2023 Dividend Payout Range Established Within Dividend Framework; Declares Fourth Quarter Dividend of $0.40 Per Share

Newmont today announced that its Board of Directors declared a dividend of $0.40 per share of common stock for the fourth quarter of 2022, payable on March 23, 2023 to holders of record at the close of business on March 9, 2023.

INDUSTRY-LEADING DIVIDEND FRAMEWORK

• Base dividend of $1.00 per share at gold reserve price assumption of $1,400 per ounce
• Variable component based on $40 million of incremental Free Cash Flow for every $100 per ounce increase above base gold price assumption; calibrated in increments of $300 per ounce
• Variable component is assessed annually in alignment with the business planning cycle, considering the current macroeconomic environment and the current level of reinvestment in the business
• Supported by strong and flexible investment grade balance sheet
• Dividend payouts are reviewed and approved quarterly by Newmont's Board of Directors

MAINTAINING PREDICTABILITY IN 2023

• Calibrating 2023 dividend at $1,700 per ounce, remaining conservative in a volatile macroeconomic environment
• In addition, Newmont expects elevated levels of development capital to advance key projects in 2023 of approximately $400 million above the average annual investment level of $2.5 billion
• As a result, incremental free cash flow at the $1,700 per ounce gold price assumption is expected to be approximately $800 million in 2023
• Therefore, Newmont has set the variable, incremental dividend payout range of $0.40 to $0.80 per share, resulting in a 2023 annualized dividend payout range of $1.40 to $1.80 per share ¹

"Newmont remains committed to our industry-leading dividend framework, providing a stable base dividend of $1.00 per share and the opportunity to return a variable component based on incremental free cash flow at higher gold prices to shareholders. For 2023, Newmont has calibrated our dividend payout range to $1.40 to $1.80 per share, with a fourth quarter dividend declared of $0.40 per share. Two and a half years ago, Newmont was the first in the gold industry to introduced a structured dividend framework, and with this dividend declared we will have since returned over $4 billion to shareholders through dividends, clearly demonstrating our commitment to providing strong shareholder returns."

- Tom Palmer, President and Chief Executive Officer

2023 Production and Cost Outlook by Site

Peñasquito is expected to deliver lower gold production in 2023 as planned due to lower grade, harder ore mined from the Chile Colorado pit and continued stripping of the next phases of the Peñasco and Chile Colorado pits. Due to this planned mine sequence, gold grade in 2023 is expected to decline approximately 25 percent from 2022. Notably, 2023 production is expected to be weighted in the first and third quarters of the year as the operation sequences processing of Chile Colorado ore. In 2024, gold production is expected to improve due to mine phasing leading to the processing of higher grade ore.

Increased co-product production at Peñasquito is expected in 2023 due to higher silver, lead and zinc content delivered from the Chile Colorado pit.

Gold unit costs at Peñasquito are expected to be impacted by lower production volumes in 2023, while co-product unit costs are expected to benefit from higher production volumes.

Gold production at Boddington is expected to remain relatively consistent in 2023 as compared to 2022. Based on mine sequencing, gold production is expected to decline in 2024 and 2025 due to lower grade ore and stripping in the South pit.

Increased copper production at Boddington is expected in 2023 due to higher grade and mill throughput.

Gold unit costs at Boddington are expected to remain relatively consistent in 2023 with 2022 levels, while copper unit costs are expected to increase slightly due to higher direct costs, with higher all-in sustaining costs due to higher sustaining capital spend.

Production at Ahafo is expected to increase in 2023, continuing through 2024, due to higher grade at the Subika open pit and increased underground tonnes mined due to the change in the mining method at Subika Underground. In 2023, gold production is expected to steadily increase each quarter due to the progression of work at Subika Underground, resulting in production that is expected to be approximately 60 percent weighted to the second half of the year.

Unit costs at Ahafo are expected to improve in 2023 due to higher production volumes.

Ahafo North will add profitable production beginning in 2025, with the first full year of production expected in 2026, improving margins through low-cost production.

Tanami production is expected to decrease slightly beginning in 2023 and continuing through 2024 due to lower ore grade from planned mine sequencing to allow for expansion construction underground, with higher production beginning in 2025 from the ramp-up of Tanami Expansion 2.

Notably, in the first quarter of 2023, record rainfall and associated flooding resulted in the closure of the main access route for supplies. As a result, milling operations were ceased for a few weeks in the first quarter. Incorporating the impact of this delay, production at Tanami is expected to be significantly weighted to the second half of the year.

Unit costs at Tanami are expected to be impacted by lower production volumes in 2023 and are expected to benefit from improved underground efficiencies as the second expansion comes online in 2025.

Cerro Negro production is expected to steadily increase compared to 2022 and continuing longer-term due to higher throughput and grade from productivity improvements, as well as added production from San Marcos in the Marianas district expansion in late 2023. These improvements are expected to steadily increase each quarter in 2023, resulting in production weighted approximately 55 percent to the second half of the year. The first expansion at Cerro Negro includes the development of the Marianas and Eastern districts, adding production beginning in 2023.

Cerro Negro unit costs are expected to steadily improve beginning in 2023 due to higher production volumes.

Akyem production is expected to decrease in 2023 as stripping begins for a new layback to extend mine life, with stripping expected to peak in 2024.

Akyem unit costs are expected to be impacted by lower production volumes due to mine sequencing in 2023.

Porcupine is expected to benefit from productivity improvements and slightly higher grades in 2023, as additional opportunities continue to be identified to extend production from current operations. The Pamour project is expected to maintain steady production at Porcupine beyond 2024, with an investment decision expected in late 2023.

Porcupine unit costs are expected to be impacted slightly by unfavorable inventory changes in 2023, with higher all-in sustaining costs due to higher sustaining capital spend.

Éléonore is expected to deliver higher production in 2023 due to higher underground tonnes and throughput from productivity improvements, with steadily improving production expected longer-term.

Éléonore unit costs are expected to benefit from higher production volumes in 2023.

Yanacocha continues to deliver leach-only production, with increased production expected in 2023 compared to 2022 due to higher leach recoveries from the use of injection leaching. Production is expected to remain relatively steady from 2023 through 2025, until production volumes begin to decline in 2026.

Costs are expected to be highest at Yanacocha in 2023 across the five-year period due to unfavorable write-downs and inventory changes.

Merian is expected to deliver slightly lower production beginning in 2023 and into 2025 due to mine sequencing as the next phase of stripping in the Merian pit begins and the site continues to mine harder, lower grade ore.

Merian unit costs are expected to be impacted by lower production volumes due to mine sequencing.

Musselwhite is expected to deliver steadily improving production in 2023 and longer-term, driven by productivity improvements and accessing higher grade in the PQ Deeps.

Musselwhite unit costs are expected to steadily improve in 2023 with higher production volumes.

CC&V is expected to deliver slightly lower production through 2024 due to stripping of a resource layback, resulting in lower ounces recovered from leach-only operations.

In 2023, CC&V unit costs are expected to remain largely in line with 2022.

Production, CAS and AISC for the Company's 38.5 percent ownership interest in NGM as provided by Barrick Gold Corporation.

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