Precious Metals

Newmont meets updated full-year guidance with attributable production of 6.0 million gold ounces and 1.3 million gold equivalent ounces; returned $2.3 billion to shareholders in 2021

Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or the Company) today announced full year and fourth quarter 2021 results.

2021 HIGHLIGHTS

  • Produced 6.0 million attributable ounces of gold and 1.3 million attributable gold equivalent ounces of co-products; reported gold CAS * of $785 per ounce and gold AISC * of $1,062 per ounce; met updated full-year 2021 guidance
  • Generated $4.3 billion of cash from continuing operations and $2.6 billion of Free Cash Flow (99.8% attributable to Newmont) *
  • Advanced profitable near-term projects, including Tanami Expansion 2, Ahafo North and Yanacocha Sulfides; $1.4 billion of development capital spend expected in 2022
  • Delivered the gold industry's first Autonomous Haulage System (AHS) fleet at Boddington and formed an industry-leading strategic alliance with Caterpillar to achieve zero emissions mining and support reaching greenhouse gas (GHG) emissions reduction targets
  • Declared fourth quarter dividend of $0.55 per share for a total declared dividend for 2021 of $2.20 per share; returned $1.8 billion in 2021 through industry-leading dividend framework **
  • Completed $525 million of share repurchases from $1 billion buyback program; extended buyback program through 2022 **
  • Ended the year with $5.0 billion of consolidated cash and $8.0 billion of liquidity with a net debt to adjusted EBITDA * ratio of 0.2x
  • Refinanced near-term debt with the industry's first $1 billion sustainability-linked bond; further aligning financing strategy with environmental, social and governance (ESG) commitments
  • Reported reserves of 93 million gold ounces and 65 million gold equivalent ounces, as well as resources of 101 million gold ounces and 104 million gold equivalent ounces ***
  • Announced 2022 attributable production outlook of 6.2 million gold ounces, improving to between 6.2 and 6.8 million gold ounces annually longer-term through 2026 ****
  • Announced the acquisition of Buenaventura's 43.65% interest in Minera Yanacocha in February 2022; further enhancing world-class asset ownership with a consistent district consolidation strategy

"Newmont has maintained its position as the world's leading gold company with the strongest portfolio of operations and projects in top-tier jurisdictions. In 2021, Newmont generated more than $2.6 billion in free cash flow and $6.0 billion in adjusted EBITDA while advancing our most profitable near-term projects and returning a record $2.3 billion to shareholders. As we move into our next 100 years of sustainable and responsible mining, Newmont will continue to create long-term value for all of our stakeholders through our clear strategic focus, superior operational performance and unwavering commitment to leading ESG practices."

- Tom Palmer, President and Chief Executive Officer

___________________________

*Non-GAAP metrics; see end of this release for reconciliations.

**The dividend framework is non-binding, and an annualized dividend has not been declared by the Board. See cautionary statement at the end of this release, including with respect to dividends and share buybacks. Note that in February 2022, the Board authorized the extension of the term of the buyback program to December 31, 2022.

***See cautionary statement at the end of this release. Total resources presented includes Measured and Indicated resources of 68.3 million gold ounces and Inferred resources of 33.2 million gold ounces. Unless otherwise stated, reserves and resources reflect Newmont's ownership as of December 31, 2021. In February 2022, Newmont acquired Buenaventura's 43.65% interest in Minera Yanacocha, further strengthening 2021 reserve and resources balances with 2.7Moz gold reserves and 11.0Moz gold resources, and 2.7Moz GEO reserves and 7.7Moz GEO resources.

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

FULL YEAR AND FOURTH QUARTER 2021 FINANCIAL AND PRODUCTION SUMMARY

Q4'21

Q3'21

Q4'20

FY'21

FY'20

Average realized gold price ($ per ounce)

$

1,798

$

1,778

$

1,852

$

1,788

$

1,775

Attributable gold production (million ounces)

1.62

1.45

1.63

5.97

5.91

Gold costs applicable to sales (CAS) ($ per ounce)

$

802

$

830

$

739

$

785

$

756

Gold all-in sustaining costs (AISC) ($ per ounce)

$

1,056

$

1,120

$

1,043

$

1,062

$

1,045

GAAP net income ($ millions)

$

(61

)

$

(8

)

$

806

$

1,109

$

2,666

Adjusted net income ($ millions)

$

624

$

483

$

856

$

2,371

$

2,140

Adjusted EBITDA ($ millions)

$

1,599

$

1,316

$

1,772

$

5,963

$

5,537

Cash flow from continuing operations ($ millions)

$

1,299

$

1,133

$

1,686

$

4,266

$

4,890

Capital expenditures ($ millions)

$

441

$

398

$

398

$

1,653

$

1,302

Free cash flow ($ millions)

$

858

$

735

$

1,288

$

2,613

$

3,588

Attributable gold production 1 for the year increased 1 percent to 5,971 thousand ounces compared to the prior year primarily due to higher mill recovery, a draw-down of in-circuit inventory and higher throughput in the current year, as several mines were placed under care and maintenance or experienced reduced operations in the prior year in response to the Covid pandemic.

Attributable gold production for the fourth quarter remained flat at 1,618 thousand ounces compared to the prior year quarter.

Gold CAS increased 5 percent to $4.6 billion from the prior year. Gold CAS per ounce 2 increased 4 percent to $785 per ounce primarily due to higher direct operating costs and contractor costs as a result of ongoing Covid impacts and higher third party royalties, partially offset by higher by-product credits at Yanacocha and Nevada Gold Mines.

Gold CAS increased 8 percent to $1.3 billion from the prior year quarter. Gold CAS per ounce increased 9 percent to $802 per ounce primarily due to higher direct operating costs, a draw-down of in-circuit inventory and lower by-product credits at Yanacocha, partially offset by lower third party royalties.

Gold AISC 3 increased 2 percent to $1,062 per ounce compared to the prior year primarily due to higher CAS per ounce and higher sustaining capital spend, as several mines were placed under care and maintenance or experienced reduced operations in the prior year in response to the Covid pandemic.

Gold AISC remained flat at $1,056 per ounce compared to the prior year quarter as higher CAS per ounce was largely offset by lower sustaining capital spend.

Attributable gold equivalent ounce (GEO) production from other metals for the year increased 23 percent to 1,252 thousand ounces from the prior year primarily due to higher throughput and higher mill recovery in the current year, as Peñasquito was placed under temporary care and maintenance in the prior year in response to the Covid pandemic.

Attributable GEO production from other metals for the quarter increased 17 percent to 317 thousand ounces from the prior year quarter primarily due to higher silver and zinc grades mined at Peñasquito and higher copper grade mined at Boddington.

CAS from other metals totaled $807 million for the year. CAS per GEO 2 for the year increased 12 percent to $640 per ounce from the prior year primarily due to higher direct operating costs as Peñasquito was placed under temporary care and maintenance in the prior year, partially offset by higher co-product sales volumes. AISC per GEO 3 for the year increased 5 percent to $900 per ounce from the prior year primarily due to higher CAS from other metals, partially offset by lower treatment and refining costs.

CAS from other metals totaled $243 million for the quarter. CAS per GEO for the quarter increased 32 percent to $739 per ounce from the prior year quarter primarily due to higher allocation of costs to co-product metals and a draw-down of inventory. AISC per GEO for the quarter increased 19 percent to $1,007 per ounce from the prior year quarter primarily due to higher CAS from other metals, partially offset by lower sustaining capital spend.

Net income from continuing operations attributable to Newmont stockholders for the year was $1.1 billion or $1.39 per diluted share, a decrease of $1.6 billion from the prior year primarily due to higher reclamation and remediation expense resulting from adjustments mainly related to non-operating Yanacocha sites of $1.6 billion, the loss recognized on the pending sale of the Conga mill assets, lower gain on asset and investment sales due to the sale of Kalgoorlie in the prior year and higher income tax expense. These decreases were partially offset by higher average realized metal prices and higher sales volumes, as well as lower care and maintenance expense from certain sites being placed into care and maintenance or experiencing reduced operations in response to the Covid pandemic in the prior year.

Net loss from continuing operations attributable to Newmont stockholders for the quarter was $(61) million or $(0.08) per diluted share, a decrease of $867 million from the prior year quarter primarily due to higher reclamation and remediation expense resulting from adjustments mainly related to non-operating Yanacocha sites of $1.6 billion, partially offset by the gain on the sale of the Kalgoorlie Power business and the gain from the NGM Lone Tree and South Arturo exchange transaction in the fourth quarter.

Adjusted net income 4 for the year was $2.4 billion or $2.96 per diluted share, compared to $2.1 billion or $2.66 per diluted share in the prior year.

Adjusted net income for the quarter was $624 million or $0.78 per diluted share, compared to $856 million or $1.06 per diluted share in the prior year quarter. Primary adjustments to fourth quarter net income include reclamation and remediation adjustments mainly related to non-operating Yanacocha sites, gains on asset and investment sales, changes in the fair value of investments, and valuation allowance and other tax adjustments.

Adjusted EBITDA 5 for the year increased 8 percent to $6.0 billion, compared to $5.5 billion for the prior year. Adjusted EBITDA for the quarter decreased 10 percent to $1.6 billion for the quarter, compared to $1.8 billion for the prior year quarter.

Revenue for the year increased 6 percent to $12.2 billion compared to the prior year primarily due to higher average realized gold prices and higher sales volumes. Revenue for the quarter of $3.4 billion increased slightly compared to the prior year quarter.

Average realized price 6 for gold increased $13 per ounce to $1,788 per ounce for the full year and decreased $54 per ounce to $1,798 per ounce for the quarter, compared to the prior year. For the full year, average realized gold price includes $1,794 per ounce of gross price received, the favorable impact of $2 per ounce mark-to-market on provisionally-priced sales and $8 per ounce reductions for treatment and refining charges. For the quarter, average realized gold price includes $1,794 per ounce of gross price received, the favorable impact of $11 per ounce mark-to-market on provisionally-priced sales and $7 per ounce reductions for treatment and refining charges.

Capital expenditures 7 increased 27 percent to $1.7 billion for the full year and increased 11 percent to $441 million for the quarter, compared to prior year, primarily due to higher sustaining capital spend at sites that were placed into care and maintenance or experiencing reduced operations in response to the Covid pandemic during 2020 and higher development capital spend. Development capital expenditures in 2021 primarily include advancing Tanami Expansion 2, Yanacocha Sulfides, Ahafo North, the Subika Mining Method Change, Cerro Negro expansion projects, the Power Generation Civil Upgrade, Pamour, Quecher Main, Goldrush Complex and Turquoise Ridge 3rd shaft.

Consolidated operating cash flow from continuing operations decreased 13 percent to $4.3 billion for the full year and decreased 23 percent to $1.3 billion for the quarter, compared to the prior year, primarily due to higher tax payments, partially offset by higher average realized metal prices. Free Cash Flow 8 decreased to $2.6 billion for the full year and $0.9 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 2021 ending the year with $5.0 billion of consolidated cash and approximately $8.0 billion of liquidity; reported net debt to adjusted EBITDA of 0.2x 9 .

Portfolio improvements achieved during the year: Acquired the remaining 85.1% ownership of GT Gold Corporation; announced the acquisition of Buenaventura's 43.65% ownership of Yanacocha; approved full funding of the Ahafo North project in July 2021; implemented Autonomous Haulage System at Boddington and a mining method change at Subika Underground in Ghana; progressed the Tanami Expansion 2, Yanacocha Sulfides, Cerro Negro District Expansion 1 and Pamour projects.

Nevada Gold Mines (NGM) attributable gold production for the year was 1,272 thousand ounces with CAS of $755 per ounce and AISC of $918 per ounce. NGM attributable gold production for the quarter was 377 thousand ounces with CAS of $753 per ounce and AISC of $887 per ounce. NGM EBITDA 10 was $1.4 billion for the full year and $483 million for the quarter.

Pueblo Viejo (PV) attributable gold production was 325 thousand ounces for the year and 71 thousand ounces for the quarter. Pueblo Viejo EBITDA 11 was $420 million for the year and $84 million for the fourth quarter with cash distributions received from the Company's equity method investment of $180 million for the year and $50 million for the fourth quarter.

COVID UPDATE

Newmont continues to maintain wide-ranging protective measures for its workforce and neighboring communities, including screening, physical distancing, deep cleaning and avoiding exposure for at-risk individuals. The Company incurred incremental Covid specific costs of $21 million during the quarter and $87 million during 2021 for activities such as additional health and safety procedures, increased transportation and distributions from the community support fund. During the second quarter of 2020, the Newmont Global Community Support Fund of $20 million was established to help host communities, governments and employees combat the Covid pandemic, of which $14 million has been distributed since establishment. Amounts distributed from this fund were $3 million during 2021, which have been adjusted from certain non-GAAP metrics. The majority of the additional incremental Covid specific costs have not been adjusted from our non-GAAP metrics.

PROJECTS UPDATE 12

Newmont's project pipeline supports stable production with improving margins and mine life. Newmont's 2022 and longer-term outlook includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour and Cerro Negro District Expansion 1. 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 with potential to extend 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 is expected to reduce operating costs by approximately 10 percent. Capital costs for the project are estimated to be between $850 and $950 million with a commercial production date in 2024.
  • 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 between $600 to $700 per ounce for the first five full years of production (2024-2028). Capital costs for the project are estimated to be between $750 and $850 million with a construction completion date in late 2023 and commercial production in 2024. Ahafo North is the best unmined gold deposit in West Africa with approximately 3.5 million ounces of Reserves and more than 1 million ounces of Measured, Indicated and Inferred Resources and significant upside potential to extend beyond Ahafo North's current 13-year mine life.
  • Yanacocha Sulfides (South America) 13 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 project is expected to add average annual production of 525,000 gold equivalent ounces per year with all-in sustaining costs between $700 and $800 per ounce for the first five full years of production (2027-2031). Total capital costs for the project are estimated at $2.5 billion, with an investment decision expected in late 2022 and a three year development period. 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.
  • Pamour (North America) extends the life of Porcupine and maintains production beginning in 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 expected in the second half of 2022 with estimated capital costs between $350 and $450 million.
  • 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, while improving all-in sustaining costs to between $800 and $900 per ounce. Capital costs for the project are estimated to be approximately $300 million. This project provides a platform for further exploration and future growth through additional expansions.

________________________________________________

1

Attributable gold production includes 325 thousand ounces and 71 thousand ounces from the Company's equity method investment in Pueblo Viejo (40%) in 2021 and the fourth quarter, respectively.

2

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

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

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

6

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

7

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

8

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

9

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

10

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

11

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

12

All-in sustaining costs are presented using a $1,200/oz gold price assumption.

13

Consolidated basis.

OUTLOOK

Newmont's outlook reflects increasing gold production and ongoing investment in its operating assets and most promising growth prospects. Outlook includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour at Porcupine and Cerro Negro District Expansion 1.

Newmont continues to develop our mine plan utilizing a $1,200 per ounce gold price assumption. However, due to sustained higher gold prices over the last two years, Newmont's 2022 outlook assumes an $1,800 per ounce revenue gold price for CAS and AISC to reflect higher costs from inflation, royalties and production taxes. In 2022, an additional 5% of cost escalation is incorporated into our direct operating costs related to labor, energy, and material and supplies. 2022 and longer-term outlook assumes a $30 per ounce impact from production taxes and royalties attributable to higher gold prices. Outlook assumes operations continue without major Covid-related interruptions. Newmont continues to maintain wide-ranging protective measures for its workforce and neighboring communities, including screening, physical distancing, deep cleaning and avoiding exposure for at-risk individuals, which are expected to impact AISC per gold equivalent ounce by approximately $10 per ounce. If at any point the Company determines that continuing operations poses an increased risk to our workforce or host communities, it will reduce operational activities up to, and including, care and maintenance and management of critical environmental systems. Please see the cautionary statement for additional information.

For a more detailed discussion and outlook presented at a $1,200 per ounce gold price assumption, see the Company's 2022 and Longer-Term Outlook released on December 2, 2021, available on www.newmont.com . The attributable site-level production for Yanacocha and attributable development capital guidance below accounts for the acquisition of Buenaventura's 43.65% interest in Yanacocha, as announced on February 8, 2022. All other guidance metrics remain unchanged from the Company's 2022 and Longer-Term Outlook as announced on December 2, 2021.

Five Year Outlook (+/- 5%): $1,800/oz Gold Price Assumption

Guidance Metric ($M) (+/- 5%)

2022E

2023E

2024E

2025E

2026E

Gold Production* (Moz)

6.2

6.0 - 6.6

6.2 - 6.8

6.2 - 6.8

6.2 - 6.8

Co-Product Production** (Mozs)

1.3

1.4 - 1.6

1.4 - 1.6

1.4 - 1.6

1.4 - 1.6

Total GEO Production (Mozs)

7.5

7.5 - 8.1

7.7 - 8.3

7.7 - 8.3

7.7 - 8.3

Gold CAS ($/oz)

820

740 - 840

700 - 800

700 - 800

700 - 800

Co-Product GEO CAS ($/oz)

675

600 - 700

500 - 600

500 - 600

500 - 600

Total GEO CAS ($/oz)

800

710 - 810

640 - 740

640 - 740

640 - 740

Gold AISC ($/oz)

1,050

980 - 1,080

920 - 1,020

920 - 1,020

920 - 1,020

Co-Product GEO AISC ($/oz)

975

900 - 1,000

800 - 900

800 - 900

800 - 900

Total GEO AISC ($/oz)

1,030

950 - 1,050

880 - 980

880 - 980

880 - 980

Sustaining Capital* ($M)

925

825 - 1,025

825 - 1,025

825 - 1,025

825 - 1,025

Development Capital* ($M)

1,400

1,300 - 1,500

1,100 - 1,300

400 - 600

100 - 300

Total Capital* ($M)

2,325

2,225 - 2,425

2,025 - 2,225

1,325 - 1,525

1,025 - 1,225

*Attributable basis; **Attributable co-product gold equivalent ounces; includes copper, zinc, silver and lead

Consolidated Expense Outlook

Guidance Metric ($M) (+/- 5%)

2022E

Exploration & Advanced Projects

450

General & Administrative

260

Interest Expense

225

Depreciation & Amortization

2,300

Adjusted Tax Rate a,b

30%-34%

a

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

b

Assuming average prices of $1,800 per ounce for gold, $3.25 per pound for copper, $23.00 per ounce for silver, $0.95 per pound for lead, and $1.15 per pound for zinc and achievement of current production and sales volumes and cost estimates, we estimate our consolidated adjusted effective tax rate related to continuing operations for 2022 will be between 30%-34%.

2022 Site Outlook a

Consolidated
Production (Koz)

Attributable
Production (Koz)

Consolidated CAS
($/oz)

Consolidated All-In
Sustaining Costs b
($/oz)

Consolidated
Sustaining Capital
Expenditures ($M)

Consolidated
Development
Capital
Expenditures ($M)

CC&V

210

210

975

1,200

35

Éléonore

275

275

975

1,150

30

Peñasquito

475

475

650

850

125

Porcupine

340

340

875

1,025

40

100

Musselwhite

200

200

875

1,150

50

Other North America

Cerro Negro

260

260

875

1,095

50

75

Yanacocha c

225

210

1,100

1,375

25

475

Merian c

465

350

750

860

50

Pueblo Viejo d

285

Other South America

Boddington

900

900

750

860

95

10

Tanami

500

500

625

960

125

275

Other Australia

15

Ahafo

650

650

875

1,000

85

30

Akyem

400

400

725

925

40

10

Ahafo North

340

Other Africa

Nevada Gold Mines e

1,250

1,250

825

1,050

245

70

Corporate/Other

Peñasquito - Co-products (GEO) f

1,000

1,000

670

940

Boddington - Co-products (GEO) f

300

300

740

890

Peñasquito - Silver (Moz)

29

29

Peñasquito - Lead (Mlbs)

150

150

Peñasquito - Zinc (Mlbs)

350

350

Boddington - Copper (Mlbs)

110

110

a

2022 outlook projections are considered forward-looking statements and represent management's good faith estimates or expectations of future production results as of December 2, 2021. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2022 Outlook assumes $1,800/oz Au, $3.25/lb Cu, $23.00/oz Ag, $1.15/lb Zn, $0.95/lb Pb, $0.75 USD/AUD exchange rate, $0.80 USD/CAD exchange rate and $60/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved, except for Yanacocha Sulfides, Pamour and Cerro Negro District Expansion 1 which are included in Outlook. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Outlook may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. The attributable production guidance accounts for the acquisition of Buenaventura's 43.65% interest in Yanacocha, as announced on February 8, 2022. All other guidance metrics remain unchanged from the Company's outlook as announced on December 2, 2021. See cautionary at the end of this release.

b

All-in sustaining costs (AISC) as used in the Company's Outlook is a non-GAAP metric; see below for further information and reconciliation to consolidated 2022 CAS outlook.

c

Consolidated production for Yanacocha and Merian is presented on a total production basis for the mine site; attributable production represents a 95% interest for Yanacocha and a 75% interest for Merian.

d

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

e

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.

f

Gold equivalent ounces (GEO) are calculated as pounds or ounces produced multiplied by the ratio of the other metal's price to the gold price, using Gold ($1,200/oz.), Copper ($3.25/lb.), Silver ($23.00/oz.), Lead ($0.95/lb.), and Zinc ($1.15/lb.) pricing.

Three Months Ended December 31,

Year Ended December 31,

Operating Results

2021

2020

% Change

2021

2020

% Change

Attributable Sales (koz)

Attributable gold ounces sold (1)

1,559

1,554

%

5,660

5,550

2

%

Attributable gold equivalent ounces sold

328

282

16

%

1,258

1,062

18

%

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

Average realized gold price

$

1,798

$

1,852

(3

)%

$

1,788

$

1,775

1

%

Average realized copper price

$

4.54

$

3.54

28

%

$

4.29

$

2.78

54

%

Average realized silver price

$

19.82

$

20.78

(5

)%

$

20.19

$

17.86

13

%

Average realized lead price

$

1.11

$

0.80

39

%

$

1.00

$

0.72

39

%

Average realized zinc price

$

1.54

$

1.16

33

%

$

1.30

$

0.86

51

%

Attributable Production (koz)

North America

404

435

(7

)%

1,598

1,457

10

%

South America

182

200

(9

)%

733

736

%

Australia

339

304

12

%

1,181

1,165

1

%

Africa

245

243

1

%

862

851

1

%

Nevada

377

342

10

%

1,272

1,334

(5

)%

Total Gold (excluding equity method investments)

1,547

1,524

2

%

5,646

5,543

2

%

Pueblo Viejo (40%) (2)

71

106

(33

)%

325

362

(10

)%

Total Gold

1,618

1,630

(1

)%

5,971

5,905

1

%

North America

269

237

14

%

1,089

893

22

%

Australia

48

34

41

%

163

128

27

%

Total Gold Equivalent Ounces

317

271

17

%

1,252

1,021

23

%

CAS Consolidated ($/oz, $/GEO)

North America

$

883

$

731

21

%

$

796

$

773

3

%

South America

$

860

$

776

11

%

$

832

$

811

3

%

Australia

$

724

$

725

%

$

755

$

715

6

%

Africa

$

786

$

729

8

%

$

799

$

713

12

%

Nevada

$

753

$

739

2

%

$

755

$

757

%

Total Gold

$

802

$

739

9

%

$

785

$

756

4

%

Total Gold (by-product)

$

657

$

603

9

%

$

637

$

663

(4

)%

North America

$

717

$

523

37

%

$

603

$

535

13

%

Australia

$

874

$

824

6

%

$

902

$

837

8

%

Total Gold Equivalent Ounces

$

739

$

561

32

%

$

640

$

571

12

%

AISC Consolidated ($/oz, $/GEO)

North America

$

1,100

$

1,012

9

%

$

1,016

$

1,049

(3

)%

South America

$

1,158

$

1,070

8

%

$

1,130

$

1,100

3

%

Australia

$

904

$

1,106

(18

)%

$

1,002

$

964

4

%

Africa

$

1,020

$

893

14

%

$

1,022

$

890

15

%

Nevada

$

887

$

872

2

%

$

918

$

920

%

Total Gold

$

1,056

$

1,043

1

%

$

1,062

$

1,045

2

%

Total Gold (by-product)

$

965

$

957

1

%

$

969

$

1,005

(4

) %

North America

$

955

$

795

20

%

$

826

$

828

%

Australia

$

1,009

$

1,205

(16

)%

$

1,112

$

1,080

3

%

Total Gold Equivalent Ounces

$

1,007

$

846

19

%

$

900

$

858

5

%

(1)

Attributable gold ounces from the Pueblo Viejo mine, an equity method investment, are not included in attributable gold ounces sold.

(2)

Represents attributable gold from Pueblo Viejo and does not include the Company's other equity method investments. 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.

NEWMONT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended
December 31,

Year Ended
December 31,

2021

2020

2021

2020

(in millions, except per share)

Sales

$

3,390

$

3,381

$

12,222

$

11,497

Costs and expenses

Costs applicable to sales (1)

1,540

1,355

5,435

5,014

Depreciation and amortization

639

615

2,323

2,300

Reclamation and remediation

1,626

250

1,846

366

Exploration

62

69

209

187

Advanced projects, research and development

46

30

154

122

General and administrative

69

64

259

269

Care and maintenance

7

8

178

Loss on assets held for sale

571

Other expense, net

34

71

160

255

4,016

2,461

10,965

8,691

Other income (expense):

Gain on asset and investment sales, net

166

84

212

677

Other income (loss), net

19

3

(87

)

(32

)

Interest expense, net of capitalized interest

(66

)

(73

)

(274

)

(308

)

119

14

(149

)

337

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

(507

)

934

1,108

3,143

Income and mining tax benefit (expense)

(300

)

(258

)

(1,098

)

(704

)

Equity income (loss) of affiliates

28

70

166

189

Net income (loss) from continuing operations

(779

)

746

176

2,628

Net income (loss) from discontinued operations

15

18

57

163

Net income (loss)

(764

)

764

233

2,791

Net loss (income) attributable to noncontrolling interests

718

60

933

38

Net income (loss) attributable to Newmont stockholders

$

(46

)

$

824

$

1,166

$

2,829

Net income (loss) attributable to Newmont stockholders:

Continuing operations

$

(61

)

$

806

$

1,109

$

2,666

Discontinued operations

15

18

57

163

$

(46

)

$

824

$

1,166

$

2,829

Weighted average common shares (millions):

Basic

795

802

799

804

Effect of employee stock-based awards

2

2

2

2

Diluted

797

804

801

806

Net income (loss) per common share

Basic:

Continuing operations

$

(0.08

)

$

1.01

$

1.39

$

3.32

Discontinued operations

0.02

0.02

0.07

0.20

$

(0.06

)

$

1.03

$

1.46

$

3.52

Diluted:

Continuing operations

$

(0.08

)

$

1.00

$

1.39

$

3.31

Discontinued operations

0.02

0.02

0.07

0.20

$

(0.06

)

$

1.02

$

1.46

$

3.51

(1)

Excludes Depreciation and amortization and Reclamation and remediation .

NEWMONT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended
December 31,

Year Ended
December 31,

2021

2020

2021

2020

(in millions)

Operating activities:

Net income (loss)

$

(764

)

$

764

$

233

$

2791

Adjustments:

Depreciation and amortization

639

615

2,323

2,300

Loss on assets held for sale

571

Gain on asset and investment sales, net

(166

)

(84

)

(212

)

(677

)

Net loss (income) from discontinued operations

(15

)

(18

)

(57

)

(163

)

Reclamation and remediation

1,619

246

1,827

353

Change in fair value of investments

(45

)

(61

)

135

(252

)

Stock-based compensation

17

17

72

72

Deferred income taxes

(99

)

(150

)

(109

)

(222

)

Other non-cash adjustments

76

112

24

393

Net change in operating assets and liabilities

37

245

(541

)

295

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

1,299

1,686

4,266

4,890

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

13

(8

)

Net cash provided by (used in) operating activities

1,299

1,686

4,279

4,882

Investing activities:

Additions to property, plant and mine development

(441

)

(398

)

(1,653

)

(1,302

)

Acquisitions, net (1)

(328

)

Proceeds from sales of investments

87

2

194

307

Contributions to equity method investees

(36

)

(44

)

(150

)

(60

)

Purchases of investments

(41

)

(4

)

(59

)

(37

)

Return of investment from equity method investees

15

18

58

Proceeds from sales of mining operations and other assets, net

80

19

84

1,156

Other

(1

)

26

44

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

(351

)

(411

)

(1,868

)

166

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

(75

)

Net cash provided by (used in) investing activities

(351

)

(411

)

(1,868

)

91

Financing activities:

Dividends paid to common stockholders

(436

)

(320

)

(1,757

)

(834

)

Repayment of debt

(832

)

(1,382

)

(1,160

)

Proceeds from issuance of debt, net

992

992

985

Repurchases of common stock

(277

)

(200

)

(525

)

(521

)

Distributions to noncontrolling interests

(45

)

(54

)

(200

)

(197

)

Funding from noncontrolling interests

27

30

100

112

Payments on lease and other financing obligations

(19

)

(17

)

(73

)

(66

)

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

(1

)

(3

)

(32

)

(48

)

Other

(4

)

3

(81

)

49

Net cash provided by (used in) financing activities

(595

)

(561

)

(2,958

)

(1,680

)

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

(5

)

2

(8

)

6

Net change in cash, cash equivalents and restricted cash

348

716

(555

)

3,299

Cash, cash equivalents and restricted cash at beginning of period

4,745

4,932

5,648

2,349

Cash, cash equivalents and restricted cash at end of period

$

5,093

$

5,648

$

5,093

$

5,648

Reconciliation of cash, cash equivalents and restricted cash:

Cash and cash equivalents

$

4,992

$

5,540

$

4,992

$

5,540

Restricted cash included in Other current assets

2

2

2

2

Restricted cash included in Other non-current assets

99

106

99

106

Total cash, cash equivalents and restricted cash

$

5,093

$

5,648

$

5,093

$

5,648

(1)

Acquisitions, net for the year ended December 31, 2021 is primarily related to the asset acquisition of the remaining 85.1% of GT Gold Corporation ("GT Gold"). Refer to Note 1 to the Consolidated Financial Statements for additional information.

NEWMONT CORPORATION

CONSOLIDATED BALANCE SHEETS

At December 31,
2021

At December 31,
2020

(in millions)

ASSETS

Cash and cash equivalents

$

4,992

$

5,540

Trade receivables

337

449

Investments

82

290

Inventories

930

963

Stockpiles and ore on leach pads

857

827

Other current assets

498

436

Current assets

7,696

8,505

Property, plant and mine development, net

24,124

24,281

Investments

3,243

3,197

Stockpiles and ore on leach pads

1,775

1,705

Deferred income tax assets

269

337

Goodwill

2,771

2,771

Other non-current assets

686

573

Total assets

$

40,564

$

41,369

LIABILITIES

Accounts payable

$

518

$

493

Employee-related benefits

386

380

Income and mining taxes

384

657

Current lease and other financing obligations

106

106

Debt

87

551

Other current liabilities

1,173

1,182

Current liabilities

2,654

3,369

Debt

5,565

5,480

Lease and other financing obligations

544

565

Reclamation and remediation liabilities

5,839

3,818

Deferred income tax liabilities

2,144

2,073

Employee-related benefits

439

493

Silver streaming agreement

910

993

Other non-current liabilities

608

699

Total liabilities

18,703

17,490

Contingently redeemable noncontrolling interest

48

34

EQUITY

Common stock

1,276

1,287

Treasury stock

(200

)

(168

)

Additional paid-in capital

17,981

18,103

Accumulated other comprehensive income (loss)

(133

)

(216

)

Retained earnings

3,098

4,002

Newmont stockholders' equity

22,022

23,008

Noncontrolling interests

(209

)

837

Total equity

21,813

23,845

Total liabilities and equity

$

40,564

$

41,369

Non-GAAP Financial Measures

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Unless otherwise noted, we present the Non-GAAP financial measures of our continuing operations in the tables below. For additional information regarding our discontinued operations, see Note 1 to the Consolidated Financial Statements.

Adjusted net income (loss)

Management uses Adjusted net income (loss) to evaluate the Company's operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analysts to understand the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. Adjustments to continuing operations are presented before tax and net of our partners' noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is calculated using the applicable regional tax rate. Management's determination of the components of Adjusted net income (loss) are 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 net income (loss) as follows:

Three Months Ended
December 31, 2021

Year Ended
December 31, 2021

per share data (1)

per share data (1)

basic

diluted

basic

diluted

Net income (loss) attributable to Newmont stockholders

$

(46

)

$

(0.06

)

$

(0.06

)

$

1,166

$

1.46

$

1.46

Net loss (income) attributable to Newmont stockholders from discontinued operations (2)

(15

)

(0.02

)

(0.02

)

(57

)

(0.07

)

(0.07

)

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

(61

)

(0.08

)

(0.08

)

1,109

1.39

1.39

Reclamation and remediation charges, net (3)

874

1.10

1.10

983

1.23

1.23

Loss on assets held for sale, net (4)

372

0.47

0.46

Gain on asset and investment sales (5)

(166

)

(0.21

)

(0.21

)

(212

)

(0.27

)

(0.27

)

Change in fair value of investments (6)

(45

)

(0.05

)

(0.05

)

135

0.17

0.17

Impairment of long-lived and other assets (7)

7

0.01

0.01

25

0.03

0.03

Loss on debt extinguishment (8)

11

0.01

0.01

11

0.01

0.01

Settlement costs (9)

11

0.01

0.01

Restructuring and severance, net (10)

9

0.01

0.01

COVID-19 specific costs (11)

2

5

Pension settlements (12)

4

4

Impairment of investments (13)

1

Tax effect of adjustments (14)

(216

)

(0.27

)

(0.27

)

(413

)

(0.51

)

(0.51

)

Valuation allowance and other tax adjustments, net (15)

214

0.27

0.27

331

0.43

0.43

Adjusted net income (loss) (16)

$

624

$

0.78

$

0.78

$

2,371

$

2.97

$

2.96

Weighted average common shares (millions): (17)

795

797

799

801

(1)

Per share measures may not recalculate due to rounding.

(2)

For additional information regarding our discontinued operations, see Note 1 to our Consolidated Financial Statements.

(3)

Reclamation and remediation charges, net, included in Reclamation and remediation , represent revisions to the reclamation and remediation plans and cost estimates at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Amounts are presented pre-tax net of income (loss) attributable to noncontrolling interests of $(713) and $(713), respectively.

(4)

Loss on assets held for sale, net, included in Loss on assets held for sale, represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during the third quarter of 2021. The assets were remeasured to fair value less costs to sell. Amounts are presented net of income (loss) attributable to noncontrolling interests of $— and $(199), respectively.

(5)

Gain on asset and investment sales, included in Gain on asset and investment sales, net , primarily represents the gain on the sale of the Kalgoorlie Power business, gain on the NGM Lone Tree and South Arturo exchange, and gain on the sale of TMAC.

(6)

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

(7)

Impairment of long-lived and other assets, included in Impairment of long-lived and other assets , represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.

(8)

Loss on debt extinguishment, included in Other income (loss), net , primarily represents losses on the debt tender offer and subsequent extinguishment of the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes.

(9)

Settlement costs, included in Other expense, net , primarily are comprised of a voluntary contribution made to the Republic of Suriname.

(10)

Restructuring and severance, net, included in Other expense, net , primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(1) and $(2), respectively.

(11)

COVID-19 specific costs, included in Other expense, net , represents incremental direct costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic and primarily include amounts distributed from the Newmont Global Community Fund to help host communities, governments and employees combat the COVID-19 pandemic. Adjusted net income (loss) has not been adjusted for $19 and $82 of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites.

(12)

Pension settlements, included in Other income (loss), net, represents pension settlement charges due to lump sum payments to participants.

(13)

Impairment of investments, included in Other income (loss), net , primarily represents other-than-temporary impairment of other investments.

(14)

The tax effect of adjustments, included in Income and mining tax benefit (expense) , represents the tax effect of adjustments in footnotes (3) through (13), as described above, and are calculated using the applicable regional tax rate.

(15)

Valuation allowance and other tax adjustments, net, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, alternative minimum 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 is due the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers and other deferred tax assets subject to valuation allowance of $204 and $419, respectively, the expiration of U.S. capital loss carryovers of $152 and $152, respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $10 and $(17), respectively, net reductions to the reserve for uncertain tax positions of $78 and $99, respectively and other tax adjustments of $23 and $5, respectively. Total amounts are presented net of income (loss) attributable to noncontrolling interests of $(253) and $(327), respectively.

(16)

Adjusted net income (loss) has not been adjusted for $— and $8 of cash and $— and $3 of non-cash care and maintenance costs, included in Care and maintenance and Depreciation and amortization , respectively, which primarily represent costs associated with certain sites being temporarily placed into care and maintenance in response to the COVID-19 pandemic during a portion of the three months and year ended December 31, 2021, respectively.

(17)

Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with U.S. GAAP.

Three Months Ended

December 31, 2020

Year Ended

December 31, 2020

per share data (1)

per share data (1)

basic

diluted

basic

diluted

Net income (loss) attributable to Newmont stockholders

$

824

$

1.03

$

1.02

$

2,829

$

3.52

$

3.51

Net loss (income) attributable to Newmont stockholders from discontinued operations (2)

(18

)

(0.02

)

(0.02

)

(163

)

(0.20

)

(0.20

)

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

806

1.01

1.00

2,666

3.32

3.31

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

(84

)

(0.10

)

(0.10

)

(677

)

(0.84

)

(0.84

)

Change in fair value of investments (4)

(61

)

(0.08

)

(0.08

)

(252

)

(0.31

)

(0.31

)

Reclamation and remediation charges, net (5)

160

0.20

0.20

160

0.20

0.20

Impairment of investments (6)

93

0.11

0.11

Pension settlement (7)

7

0.01

0.01

92

0.11

0.11

COVID-19 specific costs, net (8)

22

0.03

0.03

84

0.10

0.10

Loss on debt extinguishment (9)

77

0.09

0.09

Settlement costs, net (10)

24

0.03

0.03

55

0.07

0.07

Impairment of long-lived and other assets (11)

20

0.02

0.02

49

0.06

0.06

Goldcorp transaction and integration costs (12)

23

0.03

0.03

Restructuring and severance, net (13)

6

0.01

0.01

17

0.02

0.02

Tax effect of adjustments (14)

(31

)

(0.04

)

(0.04

)

62

0.08

0.08

Valuation allowance and other tax adjustments, net (15)

(13

)

(0.02

)

(0.02

)

(309

)

(0.38

)

(0.37

)

Adjusted net income (loss) (16)

$

856

$

1.07

$

1.06

$

2,140

$

2.66

$

2.66

Weighted average common shares (millions): (17)

802

804

804

806

(1)

Per share measures may not recalculate due to rounding.

(2)

For additional information regarding our discontinued operations, see Note 1 to our Consolidated Financial Statements.

(3)

(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net , primarily represents gains on the sale of Kalgoorlie and Continental and a gain on the sale of royalty interests to Maverix.

(4)

Change in fair value of investments, included in Other income, net , primarily represents unrealized holding gains and losses on marketable equity securities and our investment instruments.

(5)

Reclamation and remediation charges, net, included in Reclamation and remediation , represent revisions to 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, including adjustments related to increased lime consumption and water treatment costs at inactive Yanacocha sites and updated project cost estimates at inactive Porcupine sites, the Midnite mine site and Dawn mill site. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(53) and $(53), respectively.

(6)

Impairment of investments, included in Other income, net , primarily represents the other-than-temporary impairment of the TMAC investment.

(7)

Pension settlements, included in Other income, net, represents pension settlement charges due to lump sum payments to participants.

(8)

COVID-19 specific costs, net, included in Other expense, net , represents incremental direct costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic. Amount is presented net of income (loss) attributable to noncontrolling interests of $(3) and $(8), respectively.

(9)

Loss on debt extinguishment, included in Other income, net , primarily represents losses on the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes during 2020.

(10)

Settlement costs, net, included in Other expense, net , primarily represents costs related to the ecological tax obligation at Peñasquito in Mexico, mineral interest settlements at Ahafo and Akyem in Africa, the Cedros community agreement at Peñasquito in Mexico, a water related settlement at Yanacocha in Peru and other related costs. Amounts are presented net of income (loss) attributable to noncontrolling interests of $— and $(3), respectively.

(11)

Impairment of long-lived and other assets, included in Impairment of long-lived and other assets , represents non-cash write-downs of various assets that are no longer in use.

(12)

Goldcorp transaction and integration costs, included in Other expense, net , primarily represents costs incurred related to the Newmont Goldcorp transaction completed during 2019 as well as subsequent integration costs.

(13)

Restructuring and severance, net, included in Other expense, net , primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company. Amounts are presented net of income (loss) attributable to noncontrolling interests of $— and $(1), respectively.

(14)

The tax effect of adjustments, included in Income and mining tax benefit (expense) , represents the tax effect of adjustments in footnotes (3) through (13), as described above, and are calculated using the applicable regional tax rate.

(15)

Valuation allowance and other tax adjustments, net, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, alternative minimum 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 is due to the benefit recognized on the sale of Kalgoorlie and related tax capital loss of $— and $(353), respectively, net increase or (decrease) to net operating losses, tax credit carryovers and other deferred tax assets subject to valuation allowance of $(54) and $186, respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $75 and $(98), respectively, net reductions to the reserve for uncertain tax positions of $(2) and $(21), respectively and other tax adjustments of $4 and $39, respectively. Total amounts are presented net of income (loss) attributable to noncontrolling interests of $(36) and $(62), respectively.

(16)

Adjusted net income (loss) has not been adjusted for $7 and $165 of cash and $2 and $85 of non-cash care and maintenance costs, included in Care and maintenance and Depreciation and amortization , respectively, which primarily represent costs associated with our Musselwhite, Éléonore, Peñasquito, Yanacocha and Cerro Negro sites being temporarily placed into care and maintenance in response to the COVID-19 pandemic during a portion of the year ended December 31, 2020, respectively. Amounts are presented net of income (loss) attributable to noncontrolling interests of $—, $13, $— and $3, respectively.

(17)

Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with U.S. GAAP.

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

Management uses Earnings before interest, taxes and depreciation and amortization ("EBITDA") and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period ("Adjusted EBITDA") as non-GAAP measures to evaluate the Company's operating performance. EBITDA and Adjusted EBITDA do 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 do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although 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 Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that 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 Adjusted EBITDA are 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 EBITDA and Adjusted EBITDA as follows:

Three Months Ended
December 31,

Year Ended
December 31,

2021

2020

2021

2020

Net income (loss) attributable to Newmont stockholders

$

(46

)

$

824

$

1,166

$

2,829

Net income (loss) attributable to noncontrolling interests

(718

)

(60

)

(933

)

(38

)

Net (income) loss from discontinued operations (1)

(15

)

(18

)

(57

)

(163

)

Equity loss (income) of affiliates

(28

)

(70

)

(166

)

(189

)

Income and mining tax expense (benefit)

300

258

1,098

704

Depreciation and amortization

639

615

2,323

2,300

Interest expense, net

66

73

274

308

EBITDA

$

198

$

1,622

$

3,705

$

5,751

Adjustments:

Reclamation and remediation charges (2)

$

1,587

$

213

$

1,696

$

213

Loss on assets held for sale (3)

571

(Gain) loss on asset and investment sales (4)

(166

)

(84

)

(212

)

(677

)

Change in fair value of investments (5)

(45

)

(61

)

135

(252

)

Impairment of long-lived and other assets (6)

7

20

25

49

Loss on debt extinguishment (7)

11

11

77

Settlement costs (8)

24

11

58

Restructuring and severance (9)

1

6

11

18

COVID-19 specific costs (10)

2

25

5

92

Pension settlements and curtailments (11)

4

7

4

92

Impairment of investments (12)

1

93

Goldcorp transaction and integration costs (13)

23

Adjusted EBITDA (14)

$

1,599

$

1,772

$

5,963

$

5,537

(1)

For additional information regarding our discontinued operations, see Note 1 to our Consolidated Financial Statements.

(2)

Reclamation and remediation charges, included in Reclamation and remediation , represent revisions to the reclamation and remediation plans and cost estimates at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. For additional information, see Notes 6 and 26 to our Consolidated Financial Statements.

(3)

Loss on assets held for sale , included in Loss on assets held for sale , represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during the third quarter of 2021. The assets were remeasured to fair value less costs to sell. For additional information, see Note 8 to our Consolidated Financial Statements.

(4)

Gain on asset and investment sales, included in Gain on asset and investment sales, net , primarily represents the gain on the sale of the Kalgoorlie Power Plant, gain on the NGM Lone Tree and South Arturo exchange, and gain on the sale of TMAC in 2021; gains on the sale of Kalgoorlie and Continental and a gain on the sale of certain royalty interests to Maverix in 2020. For additional information, see Note 10 to our Consolidated Financial Statements.

(5)

Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities. For additional information regarding our investments, see Note 16 to our Consolidated Financial Statements.

(6)

Impairment of long-lived and other assets, included in Impairment of long-lived and other assets , represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.

(7)

Loss on debt extinguishment, included in Other income (loss), net, primarily represents losses on the debt tender offer and subsequent extinguishment of the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes during 2021 and the extinguishment of a portion of the 2022 Senior Notes and 2023 Senior Notes during 2020.

(8)

Settlement costs, included in Other expense, net , primarily represents a voluntary contribution made to the Republic of Suriname in 2021; and costs related to the ecological tax obligation at Peñasquito in Mexico, mineral interest settlements at Ahafo and Akyem in Africa, the Cedros community agreement at Peñasquito in Mexico, a water related settlement at Yanacocha in Peru and other related costs in 2020.

(9)

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

(10)

COVID-19 specific costs, included in Other expense, net , represents incremental direct costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic and, in 2021, primarily include amounts distributed from Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic.

(11)

Pension settlements and curtailments, included in Other income (loss), net, primarily represents pension settlement charges due to lump sum payments to participants in 2021 and 2020.

(12)

Impairment of investments, included in Other income (loss), net, primarily represents other-than-temporary impairment of other investments, including the impairment of the TMAC investment in 2020.

(13)

Goldcorp transaction and integration costs, included in Other expense, net , primarily represents costs incurred related to the Newmont Goldcorp transaction completed during 2019 as well as subsequent integration costs.

(14)

Adjusted EBITDA has not been adjusted for $—, $7, $8, and $178 of cash care and maintenance costs, respectively, included in Care and maintenance , which primarily represent costs incurred associated with certain mine sites being temporarily placed into care and maintenance in response to the COVID-19 pandemic during a portion of the three months and years ended December 31, 2021 and 2020, respectively.

Additionally, the Company uses Pueblo Viejo EBITDA as a non-GAAP measure to evaluate the operating performance of its investment in the Pueblo Viejo mine. Pueblo Viejo EBITDA does not represent, and should not be considered an alternative to, Equity income (loss) of affiliates , as defined by GAAP, and does not necessarily indicate whether cash distributions from Pueblo Viejo will match Pueblo Viejo EBITDA or earnings from affiliates. Although the Company has the ability to exert significant influence, it does not have direct control over the operations or resulting revenues and expenses, nor does it proportionately consolidate its investment in Pueblo Viejo. The Company believes that Pueblo Viejo EBITDA provides useful information to investors and others in understanding and evaluating the operating results of its investment in Pueblo Viejo, in the same manner as management and the Board of Directors. Equity income (loss) of affiliates is reconciled to Pueblo Viejo EBITDA as follows:​

Three Months Ended
December 31,

Year Ended
December 31,

2021

2020

2021

2020

Equity income (loss) of affiliates

$

28

$

70

$

166

$

189

Equity (income) loss of affiliates, excluding Pueblo Viejo (1)

1

(12

)

4

Equity income (loss) of affiliates, Pueblo Viejo (1)

29

58

166

193

Reconciliation of Pueblo Viejo on attributable basis:

Income and mining tax expense (benefit)

28

58

145

169

Depreciation and amortization

27

20

109

72

Pueblo Viejo EBITDA

$

84

$

136

$

420

$

434

(1)

See Note 16 to the Consolidated Financial Statements.​

The Company uses NGM EBITDA as a non-GAAP measure to evaluate the operating performance of its investment in Nevada Gold Mines (NGM). NGM EBITDA does not represent, and should not be considered an alternative to, Income (loss) before income and mining tax and other items, as defined by GAAP, and does not necessarily indicate whether cash distributions from NGM will match NGM EBITDA. Although the Company has the ability to exert significant influence and proportionally consolidates its 38.5% interest in NGM, it does not have direct control over the operations or resulting revenues and expenses of its investment in NGM. The Company believes that NGM EBITDA provides useful information to investors and others in understanding and evaluating the operating results of its investment in NGM, in the same manner as management and the Board of Directors. Income (loss) before income and mining tax and other items is reconciled to NGM EBITDA as follows:

Three Months Ended
December 31,

Year Ended
December 31,

2021

2020

2021

2020

Income (Loss) before Income and Mining Tax and other Items, NGM (1)

$

319

$

214

$

818

$

700

Depreciation and amortization, NGM (1)

164

150

550

579

NGM EBITDA

$

483

$

364

$

1,368

$

1,279

(1)

See Note 4 to the Consolidated Financial Statements.

Free Cash Flow

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

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

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
December 31,

Year Ended
December 31,

2021

2020

2021

2020

Net cash provided by (used in) operating activities

$

1,299

$

1,686

$

4,279

$

4,882

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

(13

)

8

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

1,299

1,686

4,266

4,890

Less: Additions to property, plant and mine development

(441

)

(398

)

(1,653

)

(1,302

)

Free Cash Flow

$

858

$

1,288

$

2,613

$

3,588

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

$

(351

)

$

(411

)

$

(1,868

)

$

91

Net cash provided by (used in) financing activities

$

(595

)

$

(561

)

$

(2,958

)

$

(1,680

)

(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.​

Attributable Free Cash Flow

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

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

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

Three Months Ended December 31, 2021

Year Ended December 31, 2021

Consolidated

Attributable to
noncontrolling
interests (1)

Attributable to
Newmont
Stockholders

Consolidated

Attributable to
noncontrolling
interests (1)

Attributable to
Newmont
Stockholders

Net cash provided by (used in) operating activities

$

1,299

$

1

$

1,300

$

4,279

$

(91

)

$

4,188

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

(13

)

(13

)

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

1,299

1

1,300

4,266

(91

)

4,175

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

(441

)

36

(405

)

(1,653

)

86

(1,567

)

Free Cash Flow

$

858

$

37

$

895

$

2,613

$

(5

)

$

2,608

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

$

(351

)

$

(1,868

)

Net cash provided by (used in) financing activities

$

(595

)

$

(2,958

)

(1)

Adjustment to eliminate a portion of Net cash provided by (used in) operating activities , Net cash provided by (used in) operating activities of discontinued operations and Additions to property, plant and mine development attributable to noncontrolling interests, which relate to Yanacocha (48.65%) and Merian (25%).

(2)

For the three months and year ended December 31, 2021, Yanacocha had total consolidated Additions to property, plant and mine development of $66 and $155, respectively, on a cash basis. For the three months and year ended December 31, 2021, Merian had total consolidated Additions to property, plant and mine development of $17 and $48, respectively, on a cash basis.

(3)

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

Three Months Ended December 31, 2020

Year Ended December 31, 2020

Consolidated

Attributable to
noncontrolling
interests (1)

Attributable to
Newmont
Stockholders

Consolidated

Attributable to
noncontrolling
interests (1)

Attributable to
Newmont
Stockholders

Net cash provided by (used in) operating activities

$

1,686

$

(48

)

$

1,638

$

4,882

$

(180

)

$

4,702

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

8

8

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

1,686

(48

)

1,638

4,890

(180

)

4,710

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

(398

)

20

(378

)

(1,302

)

57

(1,245

)

Free Cash Flow

$

1,288

$

(28

)

$

1,260

$

3,588

$

(123

)

$

3,465

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

$

(411

)

$

91

Net cash provided by (used in) financing activities

$

(561

)

$

(1,680

)

(1)

Adjustment to eliminate a portion of Net cash provided by (used in) operating activities , Net cash provided by (used in) operating activities of discontinued operations and Additions to property, plant and mine development attributable to noncontrolling interests, which relate to Yanacocha (48.65%) and Merian (25%).

(2)

For the three months and year ended December 31, 2020, Yanacocha had total consolidated Additions to property, plant and mine development of $33 and $99, respectively, on a cash basis. For the three months and year ended December 31, 2020, Merian had total consolidated Additions to property, plant and mine development of $15 and $41, respectively, on a cash basis.

(3)

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

Costs applicable to sales per ounce/gold equivalent ounce

Costs applicable to sales per ounce/gold equivalent ounce are non-GAAP financial measures. These measures 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. Costs applicable to sales per ounce/gold equivalent ounce statistics are intended to provide additional information only and 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 measures.

Costs applicable to sales per ounce

Three Months Ended
December 31,

Year Ended
December 31,

2021

2020

2021

2020

Costs applicable to sales (1)(2)

$

1,297

$

1,198

$

4,628

$

4,408

Gold sold (thousand ounces)

1,620

1,621

5,897

5,831

Costs applicable to sales per ounce (3)

$

802

$

739

$

785

$

756

(1)

Includes by-product credits of $33 and $187 during the three months and year ended December 31, 2021, respectively, and $50 and $128 during the three months and year ended December 31, 2020, 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
December 31,

Year Ended
December 31,

2021

2020

2021

2020

Costs applicable to sales (1)(2)

$

243

$

157

$

807

$

606

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

328

282

1,258

1,062

Costs applicable to sales per ounce (4)

$

739

$

561

$

640

$

571

(1)

Includes by-product credits of $2 and $7 during the three months and year ended December 31, 2021, respectively, and $— and $2 during the three months and year ended December 31, 2020, 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 ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021 and Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.

(4)

Per ounce measures may not recalculate due to rounding.​

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

Three Months Ended
December 31,

Year Ended
December 31,

2021

2020

2021

2020

Cost applicable to sales, NGM (1)(2)

$

286

$

251

$

960

$

1,012

Gold sold (thousand ounces), NGM

381

339

1,274

1,336

Costs applicable to sales per ounce, NGM (3)

$

753

$

739

$

755

$

757

(1)

See Note 4 to the Consolidated Financial Statements.

(2)

Excludes Depreciation and amortization and Reclamation and remediation .

(3)

Per ounce measures may not recalculate due to rounding.

All-In Sustaining Costs

Newmont has developed a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as costs applicable to sales per ounce, to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations.

Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, we believe that all-in sustaining costs is a non-GAAP measure that provides additional information to management, investors and analysts that aid in the understanding of the economics of our operations and performance compared to other producers and provides investors visibility by better defining the total costs associated with production.

All-in sustaining cost ("AISC") amounts are intended to provide additional information only and 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 as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in International Financial Reporting Standards ("IFRS"), or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development (i.e. non-sustaining) activities based upon each company's internal policies.

The following disclosure provides information regarding the adjustments made in determining the all-in sustaining costs measure:

Costs applicable to sales . Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from Costs applicable to sales ("CAS"), such as significant revisions to recovery amounts. CAS includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation , which is consistent with our presentation of CAS on the Consolidated Statements of Operations. In determining AISC, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company's Consolidated Statements of Operations less the amount of CAS attributable to the production of other metals. The other metals' CAS at those mine sites is disclosed in Note 4 to the Consolidated Financial Statements. The allocation of CAS between gold and other metals is based upon the relative sales value of gold and other metals produced during the period.

Reclamation costs . Includes accretion expense related to reclamation liabilities and the amortization of the related Asset Retirement Cost ("ARC") for the Company's operating properties. Accretion related to the reclamation liabilities and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals.

Advanced projects, research and development and exploration . Includes incurred expenses related to projects that are designed to sustain current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves to sustain production at existing operations. As these costs relate to sustaining our production, and are considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Consolidated Statements of Operations less incurred expenses related to the development of new operations, or related to major projects at existing operations where these projects will materially benefit the operation in the future. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. We also allocate these costs incurred at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.

General and administrative . Includes costs related to administrative tasks not directly related to current production, but rather related to support our corporate structure and fulfill our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis. We allocate these costs to gold and other metals at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.

Care and maintenance and Other expense, net . Care and maintenance primarily includes direct operating costs incurred at the mine sites during the period that these sites were temporarily placed into care and maintenance in response to the COVID-19 pandemic. For Other expense, net we exclude certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company's non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals.

Treatment and refining costs . Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on our Consolidated Statements of Operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals.

Sustaining capital and finance lease payments . We determined sustaining capital and finance lease payments as those capital expenditures and finance lease payments that are necessary to maintain current production and execute the current mine plan. We determined development (i.e. non-sustaining) capital expenditures and finance lease payments to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation and are excluded from the calculation of AISC. The classification of sustaining and development capital projects and finance leases is based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital and finance lease payments are relevant to the AISC metric as these are needed to maintain the Company's current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. We also allocate these costs incurred at the Other North America, Other Australia and Corporate and Other locations using the proportion of CAS between gold and other metals.

Three Months Ended
December 31, 2021

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)(7)

Treatment
and
Refining
Costs

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

All-In
Sustaining
Costs

Ounces
(000)
Sold

All-In
Sustaining
Costs Per
oz. (10)

Gold

CC&V

$

71

$

2

$

2

$

$

$

$

6

$

81

52

$

1,553

Musselwhite

43

1

2

11

57

45

1,260

Porcupine

73

1

2

12

88

75

1,175

Éléonore

59

1

1

16

77

61

1,265

Peñasquito

117

1

2

7

19

146

179

821

Other North America

2

2

4

North America

363

6

6

2

5

7

64

453

412

1,100

Yanacocha

58

10

3

5

8

84

67

1,268

Merian

82

1

1

18

102

112

920

Cerro Negro

80

2

(2

)

7

19

106

78

1,365

Other South America

1

3

4

South America

220

13

2

3

13

45

296

257

1,158

Boddington

163

3

2

3

9

180

183

998

Tanami

74

1

2

2

32

111

146

757

Other Australia

2

2

4

Australia

237

4

4

2

2

3

43

295

329

904

Ahafo

129

2

1

24

156

149

1,038

Akyem

62

9

2

15

88

92

950

Other Africa

1

2

1

4

Africa

191

11

4

2

1

39

248

241

1,020

Nevada Gold Mines

286

1

3

3

44

337

381

887

Nevada

286

1

3

3

44

337

381

887

Corporate and Other

24

47

1

8

80

Total Gold

$

1,297

$

35

$

43

$

59

$

22

$

10

$

243

$

1,709

1,620

$

1,056

Gold equivalent ounces - other metals (11)

Peñasquito

$

202

$

2

$

1

$

1

$

3

$

31

$

32

$

272

281

$

956

Other North America

(1

)

(1

)

North America

202

2

1

1

2

31

32

271

281

955

Boddington

41

1

2

1

45

47

993

Other Australia

$

Australia

41

1

2

1

45

47

1,009

Corporate and Other

4

9

1

14

$

Total Gold Equivalent Ounces

$

243

$

3

$

5

$

10

$

2

$

33

$

34

$

330

328

$

1,007

Consolidated

$

1,540

$

38

$

48

$

69

$

24

$

43

$

277

$

2,039

(1)

Excludes Depreciation and amortization and Reclamation and remediation.

(2)

Includes by-product credits of $35 and excludes co-product revenues of $475.

(3)

Includes stockpile and leach pad inventory adjustments of $7 at CC&V and $1 at NGM.

(4)

Reclamation costs include operating accretion and amortization of asset retirement costs of $19 and $19, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value of $13 and $1,594, respectively.

(5)

Advanced projects, research and development and Exploration excludes development expenditures of $3 at CC&V, $1 at Porcupine, $3 at Peñasquito, $2 at Other North America, $4 at Yanacocha, $3 at Merian, $7 at Cerro Negro, $10 at Other South America, $4 at Tanami, $6 at Other Australia, $7 at Ahafo, $2 at Akyem, $5 at NGM and $3 at Corporate and Other, totaling $60 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)

Other expense, net includes incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites of $4 for North America, $12 for South America, $2 for Australia and $1 for Africa, totaling $19.

(7)

Other expense, net is adjusted for impairment of long-lived and other assets of $7, distributions from the Newmont Global Community Support Fund of $2 and restructuring and severance costs of $1.

(8)

Includes sustaining capital expenditures of $86 for North America, $45 for South America, $40 for Australia, $38 for Africa, $43 for Nevada, and $9 for Corporate and Other, totaling $261 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $180. The following are major development projects: Pamour, Yanacocha Sulfides, Quecher Main, Cerro Negro expansion projects, Tanami Expansion 2, Power Generation Civil Upgrade, Subika Mining Method Change, Ahafo North, Goldrush Complex and Turquoise Ridge 3rd shaft.

(9)

Includes finance lease payments for sustaining projects of $16.

(10)

Per ounce measures may not recalculate due to rounding.

(11)

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 ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021.

Three Months Ended
December 31, 2020

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

Reclamation
Costs (4)

Advanced
Projects,
Research and
Development
and
Exploration (5)

General
and
Administrative

Care and
Maintenance
and Other
Expense,
Net (6)(7)

Treatment
and
Refining
Costs

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

All-In
Sustaining
Costs

Ounces
(000)
Sold

All-In
Sustaining
Costs Per
oz. (10)

Gold

CC&V

$

65

$

2

$

6

$

$

1

$

$

14

$

88

70

$

1,239

Musselwhite

44

2

1

11

58

35

1,651

Porcupine

70

7

14

91

78

1,162

Éléonore

54

1

18

73

71

1,059

Peñasquito

98

1

21

29

149

201

746

Other North America

1

1

North America

331

2

16

1

3

21

86

460

455

1,012

Yanacocha

75

15

4

23

117

73

1,618

Merian

89

1

1

14

105

127

819

Cerro Negro

51

1

1

6

9

68

77

899

Other South America

2

3

1

6

South America

215

17

8

3

7

46

296

277

1,070

Boddington

158

4

3

61

226

186

1,219

Tanami

62

3

36

101

117

864

Other Australia

1

3

4

8

Australia

220

4

4

3

3

101

335

303

1,106

Ahafo

111

2

22

135

138

973

Akyem

70

7

8

85

109

772

Other Africa

2

2

Africa

181

9

2

30

222

247

893

Nevada Gold Mines

251

1

7

2

(4

)

2

36

295

339

872

Nevada

251

1

7

2

(4

)

2

36

295

339

872

Corporate and Other

22

53

(3

)

11

83

Total Gold

$

1,198

$

33

$

57

$

64

$

3

$

26

$

310

$

1,691

1,621

$

1,043

Gold equivalent ounces - other metals (11)

Peñasquito

$

128

$

1

$

$

$

$

28

$

39

$

196

246

$

795

Boddington

29

1

2

11

43

36

1,205

Total Gold Equivalent Ounces

$

157

$

2

$

$

$

$

30

$

50

$

239

282

$

846

Consolidated

$

1,355

$

35

$

57

$

64

$

3

$

56

$

360

$

1,930

(1)

Excludes Depreciation and amortization and Reclamation and remediation .

(2)

Includes by-product credits of $50 and excludes co-product revenues of $378.

(3)

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

(4)

Reclamation costs include operating accretion and amortization of asset retirement costs of $19 and $16, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value of $14 and $217, respectively.

(5)

Advanced projects, research and development and Exploration excludes development expenditures of $2 at Porcupine, $3 at Other North America, $1 at Yanacocha, $1 at Merian, $2 at Cerro Negro, $9 at Other South America, $2 at Tanami, $4 at Other Australia, $8 at Ahafo, $4 at Akyem, $5 at NGM and $1 at Corporate and Other, totaling $42 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)

Care and maintenance includes $6 at Cerro Negro and $1 at Other South America of cash care and maintenance costs associated with the sites temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended December 31, 2020 that we would have continued to incur if the site were not temporarily placed into care and maintenance.

(7)

Other expense, net is adjusted for incremental costs of responding to the COVID-19 pandemic of $25, settlement costs of $24 and restructuring and severance of $6.

(8)

Includes sustaining capital expenditures of $113 for North America, $46 for South America, $109 for Australia, $30 for Africa, $36 for Nevada, and $11 for Corporate and Other, totaling $345 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $53. The following are major development projects: Musselwhite Materials Handling, Pamour, Éléonore Lower Mine Material Handling System, Quecher Main, Yanacocha Sulfides, Emilia, Tanami Expansion 2, Subika Mining Method Change, Ahafo North, Goldrush Complex, Turquoise Ridge 3 rd shaft and Range Front Declines at Cortez.

(9)

Includes finance lease payments for sustaining projects of $15.

(10)

Per ounce measures may not recalculate due to rounding.

(11)

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 ($1,200/oz.), Copper ($2.75/lb.), Silver ($16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.

Year Ended
December 31, 2021

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

Reclamation
Costs (4)

Advanced
Projects,
Research and
Development
and
Exploration (5)

General and
Administrative

Care and
Maintenance
and Other
Expense,
Net (6)(7)(8)

Treatment
and
Refining
Costs

Sustaining
Capital
and Lease
Related
Costs (9)(10)

All-In
Sustaining
Costs

Ounces
(000)
Sold

All-In
Sustaining
Costs Per
oz. (11)

Gold

CC&V

$

238

$

7

$

9

$

$

$

$

41

$

295

220

$

1,338

Musselwhite

157

2

7

1

39

206

154

1,335

Porcupine

269

5

13

43

330

287

1,152

Éléonore

237

3

2

5

63

310

247

1,256

Peñasquito

395

6

1

7

31

65

505

720

702

Other North America

5

3

8

North America

1,296

23

32

5

16

31

251

1,654

1,628

1,016

Yanacocha

232

66

6

30

1

20

355

263

1,355

Merian

326

5

5

5

47

388

434

895

Cerro Negro

243

6

23

60

332

267

1,247

Other South America

1

10

2

13

South America

801

77

12

10

60

1

127

1,088

964

1,130

Boddington

607

11

7

13

102

740

685

1,083

Tanami

278

2

5

17

116

418

488

855

Other Australia

9

1

6

16

Australia

885

13

12

9

18

13

224

1,174

1,173

1,002

Ahafo

425

8

5

5

79

522

480

1,084

Akyem

261

30

4

1

49

345

378

913

Other Africa

2

8

1

11

Africa

686

38

11

8

7

128

878

858

1,022

Nevada Gold Mines

960

8

13

10

3

2

172

1,168

1,274

918

Nevada

960

8

13

10

3

2

172

1,168

1,274

918

Corporate and Other

94

181

1

22

298

Total Gold

$

4,628

$

159

$

174

$

223

$

105

$

47

$

924

$

6,260

5,897

$

1,062

Gold equivalent ounces - other metals (12)

Peñasquito

$

664

$

9

$

2

$

1

$

11

$

115

$

106

$

908

1,100

$

824

Other North America

2

2

North America

664

9

2

3

11

115

106

910

1,100

826

Boddington

143

2

1

7

19

172

158

1,098

Other Australia

1

1

2

Australia

143

2

1

1

7

20

174

158

1,112

Corporate and Other

14

32

3

49

Total Gold Equivalent Ounces

$

807

$

11

$

17

$

36

$

11

$

122

$

129

$

1,133

1,258

$

900

Consolidated

$

5,435

$

170

$

191

$

259

$

116

$

169

$

1,053

$

7,393

(1)

Excludes Depreciation and amortization and Reclamation and remediation .

(2)

Includes by-product credits of $194 and excludes co-product revenues of $1,679.

(3)

Includes stockpile and leach pad inventory adjustments of $16 at CC&V, $18 at Yanacocha and $11 at NGM.

(4)

Reclamation costs include operating accretion and amortization of asset retirement costs of $79 and $91, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value of $52 and $1,715, respectively.

(5)

Advanced projects, research and development and Exploration excludes development expenditures of $9 at CC&V, $4 at Porcupine, $3 at Éléonore, $5 at Peñasquito, $5 at Other North America, $12 at Yanacocha, $6 at Merian, $9 at Cerro Negro, $34 at Other South America, $19 at Tanami, $16 at Other Australia, $17 at Ahafo, $6 at Akyem, $17 at NGM and $10 at Corporate and Other, totaling $172 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)

Care and maintenance includes $8 at Tanami of cash care and maintenance costs associated with the site temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended December 31, 2021 that we would have continued to incur if the site was not temporarily placed into care and maintenance.

(7)

Other expense, net includes incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites of $23 for North America, $46 for South America, $8 for Australia and $5 for Africa, totaling $82.

(8)

Other expense, net is adjusted for impairment of long-lived and other assets of $25, settlement costs of $11, restructuring and severance costs of $11 and incremental costs incurred relating to the COVID-19 pandemic of $5.

(9)

Includes sustaining capital expenditures of $309 for North America, $127 for South America, $228 for Australia, $125 for Africa, $171 for Nevada, and $25 for Corporate and Other, totaling $985 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $668. The following are major development projects: Pamour, Yanacocha Sulfides, Quecher Main, Cerro Negro expansion projects, Tanami Expansion 2, Power Generation Civil Upgrade, Subika Mining Method Change, Ahafo North, Goldrush Complex and Turquoise Ridge 3rd shaft.

(10)

Includes finance lease payments for sustaining projects of $68 and excludes finance lease payments for development projects of $41.

(11)

Per ounce measures may not recalculate due to rounding.

(12)

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 ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021.

Year Ended
December 31, 2020

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

Reclamation
Costs (4)

Advanced
Projects,
Research and
Development
and
Exploration (5)

General and
Administrative

Care and
Maintenance
and Other
Expense,
Net (6)(7)

Treatment
and
Refining
Costs

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

All-In
Sustaining
Costs

Ounces
(000)
Sold

All-In
Sustaining
Costs
Per oz. (10)

Gold

CC&V

$

245

$

6

$

11

$

$

1

$

$

41

$

304

270

$

1,125

Red Lake

45

1

4

50

42

1,182

Musselwhite

117

2

7

25

27

178

97

1,838

Porcupine

244

2

14

39

299

319

935

Éléonore

181

2

4

26

45

258

208

1,248

Peñasquito

286

4

20

48

53

411

512

806

Other North America

4

10

3

1

18

North America

1,118

16

41

10

75

48

210

1,518

1,448

1,049

Yanacocha

345

57

9

1

30

37

479

339

1,414

Merian

328

4

4

1

41

378

464

813

Cerro Negro

166

3

2

60

33

264

231

1,147

Other South America

3

10

3

16

South America

839

64

18

12

93

111

1,137

1,034

1,100

Boddington

579

13

3

11

125

731

668

1,094

Tanami

251

1

10

104

366

492

745

Other Australia

1

12

1

7

21

Australia

830

14

14

12

1

11

236

1,118

1,160

964

Ahafo

375

9

2

1

2

78

467

476

980

Akyem

234

24

1

1

26

286

377

757

Other Africa

7

7

Africa

609

33

3

8

3

104

760

853

890

Nevada Gold Mines

1,012

12

23

10

2

10

160

1,229

1,336

920

Nevada

1,012

12

23

10

2

10

160

1,229

1,336

920

Corporate and Other

75

217

42

334

Total Gold

$

4,408

$

139

$

174

$

269

$

174

$

69

$

863

$

6,096

5,831

$

1,045

Gold equivalent ounces - other metals (11)

Peñasquito

$

499

$

7

$

1

$

$

19

$

142

$

106

$

774

934

$

828

Boddington

107

2

6

23

138

128

1,080

Total Gold Equivalent Ounces

$

606

$

9

$

1

$

$

19

$

148

$

129

$

912

1,062

$

858

Consolidated

$

5,014

$

148

$

175

$

269

$

193

$

217

$

992

$

7,008

(1)

Excludes Depreciation and amortization and Reclamation and remediation .

(2)

Includes by-product credits of $130 and excludes co-product revenues of $1,147.

(3)

Includes stockpile and leach pad inventory adjustments of $18 at Yanacocha and $24 at NGM.

(4)

Reclamation costs include operating accretion and amortization of asset retirement costs of $88 and $60, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value of $52 and $226, respectively.

(5)

Advanced projects, research and development and Exploration excludes development expenditures of $4 at CC&V, $3 at Porcupine, $1 at Éléonore, $2 at Peñasquito, $4 at Other North America, $3 at Yanacocha, $7 at Merian, $2 at Cerro Negro, $28 at Other South America, $6 at Tanami, $15 at Other Australia, $20 at Ahafo, $8 at Akyem, $3 at Other Africa, $19 at NGM and $9 at Corporate and Other, totaling $134 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)

Care and maintenance includes $28 at Musselwhite, $26 at Éléonore, $38 at Peñasquito, $27 at Yanacocha, $56 at Cerro Negro and $3 at Other South America of cash care and maintenance costs associated with the sites temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended December 31, 2020 that we would have continued to incur if the sites were not temporarily placed into care and maintenance.

(7)

Other expense, net is adjusted for incremental costs of responding to the COVID-19 pandemic of $92, settlement costs of $58, impairment of long-lived and other assets of $49, Goldcorp transaction and integration costs of $23 and restructuring and severance of $18.

(8)

Includes sustaining capital expenditures of $269 for North America, $111 for South America, $248 for Australia, $103 for Africa, $160 for Nevada, and $42 for Corporate and Other, totaling $933 and excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $369. The following are major development projects: Musselwhite Materials Handling, Pamour, Éléonore Lower Mine Material Handling System, Quecher Main, Yanacocha Sulfides, Emilia, Tanami Expansion 2, Subika Mining Method Change, Ahafo North, Goldrush Complex, Turquoise Ridge 3rd shaft and Range Front Declines at Cortez.

(9)

Includes finance lease payments for sustaining projects of $59 and excludes finance lease payments for development projects of $38.

(10)

Per ounce measures may not recalculate due to rounding.

(11)

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 ($1,200/oz.), Copper ($2.75/lb.), Silver ($16.00/oz.), Lead ($0.95/lb.) and Zinc ($1.20/lb.) pricing for 2020.

A reconciliation of the 2022 Gold AISC outlook to the 2022 Gold CAS outlook, the 2022 Co-product AISC outlook to the 2022 Co-product CAS outlook and the 2022 Total GEO AISC outlook to the 2022 Total GEO CAS outlook are provided below. The estimates in the table below are considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws.

2022 Outlook - Gold (1)(2)

(in millions, except ounces and per ounce)

Outlook Estimate

Cost Applicable to Sales (3)(4)

$

5,000

Reclamation Costs (5)

150

Advanced Projects and Exploration (6)

150

General and Administrative (7)

225

Other Expense

50

Treatment and Refining Costs

60

Sustaining Capital (8)

875

Sustaining Finance Lease Payments

40

All-in Sustaining Costs

$

6,550

Ounces (000) Sold (9)

6,200

All-in Sustaining Costs per Oz

$

1,050

(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 2022 AISC Gold, Co-Product and Total GEO Outlook on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts.

(2)

All values are presented on a consolidated basis for Newmont.

(3)

Excludes Depreciation and amortization and Reclamation and remediation .

(4)

Includes stockpile and leach pad inventory adjustments.

(5)

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

(6)

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

(7)

Includes stock based compensation.

(8)

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

(9)

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

2022 Outlook - Co-Product (1)(2)

(in millions, except GEO and per GEO)

Outlook Estimate

Cost Applicable to Sales (3)(4)

$

900

Reclamation Costs (5)

20

Advanced Projects and Exploration (6)

20

General and Administrative (7)

35

Other Expense

20

Treatment and Refining Costs

160

Sustaining Capital (8)

125

Sustaining Finance Lease Payments

20

All-in Sustaining Costs

$

1,300

Co-Product GEO (000) Sold (9)

1,350

All-in Sustaining Costs per Co-Product GEO

$

975

(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 2022 AISC Gold, Co-Product and Total GEO Outlook on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts.

(2)

All values are presented on a consolidated basis for Newmont.

(3)

Excludes Depreciation and amortization and Reclamation and remediation .

(4)

Includes stockpile and leach pad inventory adjustments.

(5)

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

(6)

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

(7)

Includes stock based compensation.

(8)

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

(9)

Co-Product GEO are all non-gold co-products (Peñasquito silver, zinc, lead, Boddington copper).

2022 Outlook - Total GEO (1)(2)

(in millions, except GEO and per GEO)

Outlook Estimate

Cost Applicable to Sales (3)(4)

$

5,900

Reclamation Costs (5)

170

Advanced Projects and Exploration (6)

170

General and Administrative (7)

260

Other Expense

70

Treatment and Refining Costs

220

Sustaining Capital (8)

1,000

Sustaining Finance Lease Payments

60

All-in Sustaining Costs

$

7,850

Total GEO (000) Sold (9)

7,550

All-in Sustaining Costs per Total GEO

$

1,030

(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 2022 AISC Gold, Co-Product and Total GEO Outlook on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts.

(2)

All values are presented on a consolidated basis for Newmont.

(3)

Excludes Depreciation and amortization and Reclamation and remediation .

(4)

Includes stockpile and leach pad inventory adjustments.

(5)

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

(6)

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

(7)

Includes stock based compensation.

(8)

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

(9)

Consolidated production for Yanacocha and Merian is presented on a total production basis for the mine site and excludes production from Pueblo Viejo. Total GEO represents gold and non-gold co-products (Peñasquito silver, zinc, lead, Boddington copper).

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

December 31, 2021

September 30, 2021

June 30, 2021

March 31, 2021

Net income (loss) attributable to Newmont stockholders

$

(46

)

$

3

$

650

$

559

Net income (loss) attributable to noncontrolling interests

(718

)

(246

)

11

20

Net loss (income) from discontinued operations

(15

)

(11

)

(10

)

(21

)

Equity loss (income) of affiliates

(28

)

(39

)

(49

)

50

Income and mining tax expense (benefit)

300

222

341

235

Depreciation and amortization

639

570

561

553

Interest expense, net

66

66

68

74

EBITDA

198

565

1,572

1,370

EBITDA Adjustments:

Reclamation and remediation charges

1,587

79

20

10

Loss (gain) on asset and investment sales

(166

)

(3

)

(43

)

Change in fair value of investments

(45

)

96

(26

)

110

Impairment of long-lived and other assets

7

6

11

1

Loss on debt extinguishment

11

Pension settlements

4

COVID-19 specific costs

2

1

1

1

Restructuring and severance

1

5

5

Loss on assets held for sale

571

Impairment of investments

1

Settlement costs

8

3

Adjusted EBITDA

1,599

1,316

1,591

1,457

12 month trailing Adjusted EBITDA

$

5,963

Total Debt

$

5,652

Lease and other financing obligations

650

Less: Cash and cash equivalents

4,992

Total net debt

$

1,310

Net debt to adjusted EBITDA

0.2

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
December 31,

Year Ended
December 31,

2021

2020

2021

2020

Consolidated gold sales, net

$

2,915

$

3,003

$

10,543

$

10,350

Consolidated copper sales, net

91

54

295

155

Consolidated silver sales, net

165

173

651

510

Consolidated lead sales, net

43

42

172

134

Consolidated zinc sales, net

176

109

561

348

Total sales

$

3,390

$

3,381

$

12,222

$

11,497

Three Months Ended December 31, 2021

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

$

2,906

$

88

$

151

$

43

$

174

Provisional pricing mark-to-market

19

5

8

2

16

Silver streaming amortization

21

Gross after provisional pricing and streaming impact

2,925

93

180

45

190

Treatment and refining charges

(10

)

(2

)

(15

)

(2

)

(14

)

Net

$

2,915

$

91

$

165

$

43

$

176

Consolidated ounces (thousands)/ pounds (millions) sold

1,620

20

8,299

39

114

Average realized price (per ounce/pound): (1)

Gross before provisional pricing and streaming impact

$

1,794

$

4.35

$

18.24

$

1.07

$

1.53

Provisional pricing mark-to-market

11

0.30

0.92

0.06

0.14

Silver streaming amortization

2.44

Gross after provisional pricing and streaming impact

1,805

4.65

21.60

1.13

1.67

Treatment and refining charges

(7

)

(0.11

)

(1.78

)

(0.02

)

(0.13

)

Net

$

1,798

$

4.54

$

19.82

$

1.11

$

1.54

Year Ended December 31, 2021

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

$

10,581

$

292

$

641

$

173

$

593

Provisional pricing mark-to-market

9

10

(12

)

4

21

Silver streaming amortization

79

Gross after provisional pricing and streaming impact

10,590

302

708

177

614

Treatment and refining charges

(47

)

(7

)

(57

)

(5

)

(53

)

Net

$

10,543

$

295

$

651

$

172

$

561

Consolidated ounces (thousands)/ pounds (millions) sold

5,897

69

32,237

173

433

Average realized price (per ounce/pound): (1)

Gross before provisional pricing and streaming impact

$

1,794

$

4.24

$

19.92

$

1.00

$

1.37

Provisional pricing mark-to-market

2

0.15

(0.40

)

0.02

0.05

Silver streaming amortization

2.44

Gross after provisional pricing and streaming impact

1,796

4.39

21.96

1.02

1.42

Treatment and refining charges

(8

)

(0.10

)

(1.77

)

(0.02

)

(0.12

)

Net

$

1,788

$

4.29

$

20.19

$

1.00

$

1.30

(1)

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

Three Months Ended December 31, 2020

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

$

3,023

$

52

$

162

$

46

$

120

Provisional pricing mark-to-market

6

4

3

1

1

Silver streaming amortization

19

Gross after provisional pricing and streaming impact

3,029

56

184

47

121

Treatment and refining charges

(26

)

(2

)

(11

)

(5

)

(12

)

Net

$

3,003

$

54

$

173

$

42

$

109

Consolidated ounces (thousands)/ pounds (millions) sold

1,621

16

8,336

52

94

Average realized price (per ounce/pound): (1)

Gross before provisional pricing and streaming impact

$

1,865

$

3.40

$

19.49

$

0.88

$

1.27

Provisional pricing mark-to-market

4

0.24

0.36

0.02

0.01

Silver streaming amortization

2.31

Gross after provisional pricing and streaming impact

1,869

3.64

22.16

0.90

1.28

Treatment and refining charges

(17

)

(0.10

)

(1.38

)

(0.10

)

(0.12

)

Net

$

1,852

$

3.54

$

20.78

$

0.80

$

1.16

Year Ended December 31, 2020

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

$

10,365

$

160

$

468

$

155

$

419

Provisional pricing mark-to-market

54

1

21

(2

)

6

Silver streaming amortization

67

Gross after provisional pricing and streaming impact

10,419

161

556

153

425

Treatment and refining charges

(69

)

(6

)

(46

)

(19

)

(77

)

Net

$

10,350

$

155

$

510

$

134

$

348

Consolidated ounces (thousands)/ pounds (millions) sold

5,831

56

28,596

185

407

Average realized price (per ounce/pound): (1)

Gross before provisional pricing and streaming impact

$

1,778

$

2.88

$

16.37

$

0.84

$

1.03

Provisional pricing mark-to-market

9

0.01

0.74

(0.01

)

0.01

Silver streaming amortization

2.34

Gross after provisional pricing and streaming impact

1,787

2.89

19.45

0.83

1.04

Treatment and refining charges

(12

)

(0.11

)

(1.59

)

(0.11

)

(0.18

)

Net

$

1,775

$

2.78

$

17.86

$

0.72

$

0.86

(1)

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

Gold by-product metrics

Copper, silver, lead and zinc 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 and zinc production as a by-product, even when copper, silver, lead or zinc is a significant resource in the primary ore-body. These metrics are calculated by subtracting copper, silver, lead and zinc sales recognized from Sales and including these amounts as offsets to CAS.

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

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

Three Months Ended
December 31,

Year Ended
December 31,

2021

2020

2021

2020

Consolidated gold sales, net

$

2,915

$

3,003

$

10,543

$

10,350

Consolidated other metal sales, net

475

378

1,679

1,147

Sales

$

3,390

$

3,381

$

12,222

$

11,497

Costs applicable to sales

$

1,540

$

1,355

$

5,435

$

5,014

Less: Consolidated other metal sales, net

(475

)

(378

)

(1,679

)

(1,147

)

By-Product costs applicable to sales

$

1,065

$

977

$

3,756

$

3,867

Gold sold (thousand ounces)

1,620

1,621

5,897

5,831

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

$

657

$

603

$

637

$

663

Total AISC

$

2,039

$

1,930

$

7,393

$

7,008

Less: Consolidated other metal sales, net

(475

)

(378

)

(1,679

)

(1,147

)

By-Product AISC

$

1,564

$

1,552

$

5,714

$

5,861

Gold sold (thousand ounces)

1,620

1,621

5,897

5,831

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

$

965

$

957

$

969

$

1,005

(1)

Per ounce measures may not recalculate due to rounding.

Conference Call Information

A conference call will be held on Thursday, February 24, 2022 at 10:00 a.m. Eastern Time (8:00 a.m. Mountain Time); it will also be carried on the Company's website.

Conference Call Details

Dial-In Number

855.209.8210

Intl Dial-In Number

412.317.5213

Conference Name

Newmont

Replay Number

877.344.7529

Intl Replay Number

412.317.0088

Replay Access Code

10150853

Webcast Details

Title: Newmont Full Year and Fourth Quarter 2021 Earnings Conference Call

URL: https://event.on24.com/wcc/r/3577767/87F416C052E4EBBCAC0D3EB736A052E1

The full year and fourth quarter 2021 results will be available before the market opens on Thursday, February 24, 2022 on the "Investor Relations" section of the Company's website, www.newmont.com . Additionally, the conference call will be archived for a limited time on the Company's website.

About Newmont

Newmont is the world's leading gold company and a producer of copper, silver, zinc and lead. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. 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. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.

Cautionary Statement Regarding Forward Looking Statements, Including Outlook:

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," "target," "indicative," "preliminary," 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, upside potential and indicative production profiles; (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) estimates of future cost reductions, full potential savings, value creation, improvements, synergies and efficiencies; (v) expectations regarding the Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour and Cerro Negro District Expansion 1 projects, as well as the development, growth and exploration potential of the Company's other operations, projects and investments, including, without limitation, returns, IRR, schedule, approval and decision dates, mine life and mine life extensions, commercial start, first production, average production, average costs, impacts of improvement or expansion projects and upside potential; (vi) expectations regarding future investments or divestitures; (vii) expectations regarding free cash flow, and returns to stockholders, including with respect to future dividends and future share repurchases; (viii) expectations regarding future mineralization, including, without limitation, expectations regarding reserves and recoveries; (ix) estimates of future closure costs and liabilities, including, without limitation, expectations with respect to water treatment and other costs; (x) expectations regarding the timing and/or likelihood of future borrowing, future debt repayment, financial flexibility and cash flow; (xi) expectations regarding the impact of the Covid-19 and variants thereof; and (xii) expectations related to energy and climate investments and achievement of targets. 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 being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of current mineral reserve and mineralized material estimates; and (viii) other planning assumptions. Uncertainties relating to the impacts of Covid-19, include, without limitation, general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, the ability to operate following changing governmental restrictions on travel and operations (including, without limitation, the duration of restrictions, including access to sites, ability to transport and ship doré, access to processing and refinery facilities, impacts to international trade, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, impacts to productivity and operations in connection with decisions intended to protect the health and safety of the workforce, their families and neighboring communities), the impact of additional waves or variations of Covid, and the availability and impact of Covid vaccinations in the areas and countries in which we operate. Investors are reminded that future dividends beyond the dividend payable on March 24, 2022 to holders of record at the close of business on March 10, 2022 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. Management's expectations with respect to future dividends are "forward-looking statements" and the Company's dividend framework is non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont's financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board. 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 authorized amount during the authorization period. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future. For a more detailed discussion of 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, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC"), under the heading "Risk Factors", available on the SEC website or 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.

Notice Regarding Reserve and Resource:

Unless otherwise stated herein, the reserves stated in this release represent estimates at December 31, 2021, which could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on metal prices and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. Additionally, resource does not indicate proven and probable reserves as defined by the SEC or the Company's standards. Estimates of measured, indicated and inferred resource are subject to further exploration and development, and are, therefore, subject to considerable uncertainty. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. The Company cannot be certain that any part or parts of the resource will ever be converted into reserves. For additional information on our reserves and resources, please see Item 2 of the Company's Form 10-K, filed on February 24, 2022 with the SEC.

Media Contact
Courtney Boone
303.837.5159
courtney.boone@newmont.com

Investor Contact
Daniel Horton
303.837.5468
daniel.horton@newmont.com

News Provided by Business Wire via QuoteMedia

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"Gold has hung in there pretty well relative to other investments — other commodities, currencies. I think it's held its own," he said at the Prospectors & Developers Association of Canada (PDAC) convention.

Salamis, who is the president and CEO of Integra Resources (TSXV:ITR,NYSEAMERICAN:ITRG), explained that he also sees gold miners doing well, but thinks volatility is stopping them from making moves.

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Breaker Resources

Breaker Resources


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NOVAGOLD Reports Second Quarter 2022 Financial Results

Donlin Gold's Largest Drill Program in Over 10 Years Advancing in Preparation for Feasibility Work

Strong Treasury of $142 Million in Cash and Term Deposits; $25 Million of Receivables in 2023

News Provided by GlobeNewswire via QuoteMedia

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WHEATON PRECIOUS METALS RECOGNIZED IN CORPORATE KNIGHTS' 2022 LIST OF THE BEST 50 CORPORATE CITIZENS IN CANADA

TSX | NYSE | LSE: WPM

Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that it has been named to the Corporate Knights' 2022 list of the Best 50 Corporate Citizens in Canada .

News Provided by Canada Newswire via QuoteMedia

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Yamana Gold Provides Notice of Second Quarter 2022 Results

YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:AUY) ("Yamana" or "the Company") will release its second quarter 2022 operational and financial results after the market closes on Thursday, July 28, 2022, Eastern Daylight Time ("EDT"). The Company will then host a conference call and webcast to review the results on Friday, July 29, 2022 at 9:00 a.m. EDT.

The Company also plans to provide a pre-release of production for the second quarter with a further update on certain optimizations and project advancements on or around Thursday, July 7, 2022.

News Provided by GlobeNewswire via QuoteMedia

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