Newmont Reports Second Quarter 2024 Results

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

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

Q2 2024 Results 1

  • Announced monetization of Batu Hijau contingent payments; expect to receive $153 million in cash proceeds in the third quarter, in addition to $44 million of cash associated with contingent payments
  • Expect to achieve at least $2 billion in gross divestiture proceeds from high-quality, non-core asset sales
  • Since our last earnings release, repurchased 5.7 million shares at an average price of $43.34 for a total cost of $250 million, of which $104 million was repurchased during the second quarter and $146 million was repurchased in July 2024
  • Reduced nominal debt by $250 million for a cash cost of $227 million
  • Delivered $539 million in total returns to shareholders through share repurchases and dividend payments in the second quarter 2 ; declared a dividend of $0.25 per share of common stock for the second quarter of 2024 3
  • Produced 1.6 million attributable gold ounces and 477 thousand gold equivalent ounces (GEOs) 4 from copper, silver, lead and zinc, including 38 thousand tonnes of copper; primarily driven by production of 1.3 million gold ounces from Newmont's Tier 1 Portfolio 5
  • Generated $1.4 billion of cash from operating activities, net of working capital changes of $(263) million; reported $594 million in Free Cash Flow 6
  • Reported Net Income of $857 million, Adjusted Net Income (ANI) of $0.72 per share and Adjusted EBITDA of $2.0 billion for the quarter 6
  • Achieved $100 million in synergies during the second quarter, for a total of $205 million to date from the Newcrest acquisition; on track to realize $500 million in annual synergies by the end of 2025 7
  • On track to deliver 2024 guidance for production, costs and capital spend; anticipating a sequential increase in production in the second half of the year, weighted towards the fourth quarter 8
  • Published Newmont's 2023 Climate Performance Update, summarizing the climate performance for Newmont's managed operating sites throughout 2023
____________________

1

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

2

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

3

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

4

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

5

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

6

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

7

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

8

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

Advancing Portfolio Optimization with Monetization of Batu Hijau Deferred Payment Rights

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

Summary of Second Quarter Results

2023

2024

Q1

Q2

Q3

Q4

FY

Q1

Q2

FY

Average realized gold price ($/oz)

$

1,906

$

1,965

$

1,920

$

2,004

$

1,954

$

2,090

$

2,347

$

2,216

Attributable gold production (Moz) 1

1.27

1.24

1.29

1.74

5.55

1.68

1.61

3.28

Gold CAS ($/oz) 2,3

$

1,025

$

1,054

$

1,019

$

1,086

$

1,050

$

1,057

$

1,152

$

1,103

Gold AISC ($ per ounce) 3

$

1,376

$

1,472

$

1,426

$

1,485

$

1,444

$

1,439

$

1,562

$

1,500

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

$

339

$

153

$

157

$

(3,170

)

$

(2,521

)

$

166

$

838

$

1,004

Adjusted net income ($M) 4

$

320

$

266

$

286

$

452

$

1,324

$

630

$

834

$

1,464

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

$

0.40

$

0.33

$

0.36

$

0.46

$

1.57

$

0.55

$

0.72

$

1.27

Adjusted EBITDA ($M) 4

$

990

$

910

$

933

$

1,382

$

4,215

$

1,694

$

1,966

$

3,660

Cash from operations before working capital ($M) 5

$

843

$

763

$

874

$

787

$

3,267

$

1,442

$

1,657

$

3,099

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

$

481

$

656

$

1,001

$

616

$

2,754

$

776

$

1,394

$

2,170

Capital expenditures ($M) 6

$

526

$

616

$

604

$

920

$

2,666

$

850

$

800

$

1,650

Free cash flow ($M) 7

$

(45

)

$

40

$

397

$

(304

)

$

88

$

(74

)

$

594

$

520

SECOND QUARTER 2024 PRODUCTION AND FINANCIAL SUMMARY

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

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

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

Gold CAS 2 totaled $1.8 billion for the quarter. Gold CAS per ounce 3 increased 9 percent to $1,152 per ounce compared to the prior quarter primarily due to lower sales volumes, processing of stockpiles at Porcupine and Tanami and higher third party royalties as a result of higher gold prices.

Gold AISC per ounce 3 increased 9 percent to $1,562 per ounce compared to the prior quarter primarily due to higher CAS and higher sustaining capital spend.

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

CAS from other metals 2 totaled $379 million for the quarter. CAS per GEO 3 was largely in line with the prior quarter at $836 per ounce.

AISC per GEO 3 increased 5 percent to $1,207 per ounce compared to the prior quarter primarily due to higher sustaining capital spend.

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

Adjusted net income 4 was $834 million or $0.72 per diluted share, compared to $630 million or $0.55 per diluted share in the prior quarter. Primary adjustments to second quarter net income include a loss on assets held for sale of $246 million, a gain on asset and investment sales of $55 million primarily related to the previously announced sale of the Lundin Stream Credit Facility Agreement and the purchase and sale of foreign currency bonds 8 , a gain of $14 million on the partial redemption of certain Senior notes, and Newcrest transaction and integration costs of $16 million.

Adjusted EBITDA 4 increased 16 percent to $2.0 billion for the quarter, compared to $1.7 billion for the prior quarter.

Consolidated cash from operations before working capital 5 increased 15 percent from the prior quarter to $1.7 billion primarily due to higher realized prices for all metals in the second quarter.

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

Free Cash Flow 7 was $594 million compared to $(74) million in the prior quarter primarily due to improvements in consolidated net cash from operating activities, partially offset by higher capital expenditures before capital accruals.

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

Balance sheet and liquidity remained strong in the second quarter, ending the quarter with $2.6 billion of consolidated cash, cash of $205 million included in Assets held for sale and time deposits of $28 million, with approximately $6.8 billion of total liquidity; reported net debt to pro forma adjusted EBITDA of 1.0x 9 .

NON-MANAGED JOINT VENTURE AND EQUITY METHOD INVESTMENTS 10

Nevada Gold Mines (NGM) attributable gold production decreased 4 percent to 253 thousand ounces, with a 4 percent increase in CAS to $1,220 per ounce 3 and a 7 percent increase in AISC to $1,689 per ounce 3 compared to the prior quarter.

Pueblo Viejo (PV) attributable gold production decreased 2 percent to 53 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $12 million in the second quarter. Capital contributions of $5 million were made during the quarter related to the expansion project at Pueblo Viejo.

Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the second quarter of 2024 increased 67 percent to 35 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $8 million for the second quarter.

____________________

1

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

2

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

3

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

4

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

5

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

6

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

7

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

8

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

9

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

10

Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 32.0% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag.

Committed to Concurrent Reclamation

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

Newmont's 2024 Outlook

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

Guidance Metric

2024E

Attributable Gold Production (Koz)

Managed Tier 1 Portfolio

4,100

Non-Managed Tier 1 Portfolio

1,530

Total Tier 1 Portfolio

5,630

Non-Core Assets

1,300

Total Newmont Attributable Gold Production (Koz)

6,930

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

Managed Tier 1 Portfolio

980

Non-Managed Tier 1 Portfolio

1,130

Total Tier 1 Portfolio

1,000

Non-Core Assets

1,400

Total Newmont Gold CAS ($/oz) a

1,050

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

Managed Tier 1 Portfolio

1,250

Non-Managed Tier 1 Portfolio

1,440

Total Tier 1 Portfolio

1,300

Non-Core Assets

1,750

Total Newmont Gold AISC ($/oz) a

1,400

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

Copper Production - Tier 1 Portfolio (ktonne)

144

Copper Production - Non-Core Assets (ktonne)

8

Total Newmont Copper Production (ktonne)

152

Copper CAS - Tier 1 Portfolio ($/tonne)

$5,050

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

$11,050

Total Newmont Copper CAS ($/tonne) b

$5,080

Copper AISC - Tier 1 Portfolio ($/tonne)

$7,350

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

$12,540

Total Newmont Copper AISC ($/tonne) b

$7,380

Silver ($23.00/oz price assumption)

Silver Production (Moz)

34

Silver CAS ($/oz) b

$11.00

Silver AISC ($/oz) b

$15.40

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

Lead Production (ktonne)

95

Lead CAS ($/tonne) b

$1,220

Lead AISC ($/tonne) b

$1,570

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

Zinc Production (ktonne)

245

Zinc CAS ($/tonne) b

$1,550

Zinc AISC ($/tonne) b

$2,300

Attributable Capital

Sustaining Capital ($M) a

$1,800

Development Capital ($M) a

$1,300

Consolidated Expenses

Exploration & Advanced Projects ($M)

$450

General & Administrative ($M)

$300

Interest Expense ($M)

$365

Depreciation & Amortization ($M)

$2,850

Adjusted Tax Rate c,d

34%

a

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

b

Consolidated basis

c

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

d

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

2023

2024

Operating Results

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Attributable Sales (koz)

Attributable gold ounces sold (1)

1,188

1,197

1,229

1,726

5,340

1,581

1,528

3,109

Attributable gold equivalent ounces sold

265

251

59

321

896

502

453

955

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

Average realized gold price

$

1,906

$

1,965

$

1,920

$

2,004

$

1,954

$

2,090

$

2,347

$

2,216

Average realized copper price

$

4.18

$

3.26

$

3.68

$

3.69

$

3.71

$

3.72

$

4.47

$

4.10

Average realized silver price (2)

$

19.17

$

20.56

N.M.

$

19.45

$

19.97

$

20.41

$

26.20

$

23.00

Average realized lead price (2)

$

0.86

$

0.92

N.M.

$

0.90

$

0.90

$

0.92

$

1.05

$

0.97

Average realized zinc price (2)

$

1.18

$

0.73

N.M.

$

3.71

$

0.96

$

0.92

$

1.31

$

1.10

Attributable Gold Production (koz)

Boddington

199

209

181

156

745

142

147

289

Tanami

63

126

123

136

448

90

99

189

Cadia

97

97

122

117

239

Lihir

134

134

181

141

322

Ahafo

128

137

133

183

581

190

184

374

Peñasquito (2)

85

38

20

143

45

64

109

Cerro Negro

67

48

71

83

269

81

19

100

Yanacocha

56

65

87

68

276

91

78

169

Merian (75%)

62

40

62

78

242

57

46

103

Brucejack

29

29

37

60

97

Red Chris (70%)

5

5

6

9

15

Managed Tier 1 Portfolio

660

663

657

989

2,969

1,042

964

2,006

Nevada Gold Mines (38.5%)

261

287

300

322

1,170

264

253

517

Pueblo Viejo (40%) (3)

60

51

52

61

224

54

53

107

Fruta Del Norte (32%) (4)

21

35

56

Non-Managed Tier 1 Portfolio

321

338

352

383

1,394

339

341

680

Total Tier 1 Portfolio

981

1,001

1,009

1,372

4,363

1,381

1,305

2,686

Telfer

43

43

31

14

45

Akyem

71

49

75

100

295

69

47

116

CC&V

48

41

45

38

172

28

35

63

Porcupine

66

60

64

70

260

61

91

152

Éléonore

66

48

50

68

232

56

61

117

Musselwhite

41

41

48

50

180

49

54

103

Non-Core Assets (5)

292

239

282

369

1,182

294

302

596

Total Attributable Gold Production

1,273

1,240

1,291

1,741

5,545

1,675

1,607

3,282

Attributable Co-Product GEO Production (kGEO)

Boddington

64

67

58

56

245

49

55

104

Cadia

90

90

118

117

235

Peñasquito (2)

224

189

116

529

288

268

556

Red Chris (70%)

20

20

28

35

63

Tier 1 Portfolio

288

256

58

282

884

483

475

958

Telfer

7

7

6

2

8

Non-Core Assets (5)

7

7

6

2

8

Total Attributable Co-Product GEO Production

288

256

58

289

891

489

477

966

Gold CAS Consolidated ($/oz)

Boddington

$

841

$

777

$

848

$

941

$

847

$

1,016

$

1,022

$

1,019

Tanami

$

936

$

829

$

655

$

702

$

759

$

902

$

1,018

$

962

Cadia

$

$

$

$

1,079

$

1,079

$

648

$

624

$

636

Lihir

$

$

$

$

1,117

$

1,117

$

936

$

1,101

$

1,010

Ahafo

$

992

$

910

$

969

$

924

$

947

$

865

$

976

$

920

Peñasquito (2)

$

1,199

$

831

N.M.

$

1,306

$

1,219

$

853

$

827

$

838

Cerro Negro

$

1,146

$

1,655

$

1,216

$

1,132

$

1,257

$

861

$

2,506

$

1,310

Yanacocha

$

1,067

$

1,187

$

1,057

$

975

$

1,069

$

972

$

1,000

$

985

Merian (75%)

$

1,028

$

1,501

$

1,261

$

1,155

$

1,207

$

1,221

$

1,546

$

1,368

Brucejack

$

$

$

$

1,898

$

1,898

$

2,175

$

1,390

$

1,723

Red Chris (70%)

$

$

$

$

905

$

905

$

940

$

951

$

945

Managed Tier 1 Portfolio

$

984

$

977

$

975

$

1,027

$

995

$

955

$

1,048

$

1,000

Nevada Gold Mines (38.5%)

$

1,109

$

1,055

$

992

$

1,125

$

1,070

$

1,177

$

1,220

$

1,198

Non-Managed Tier 1 Portfolio

$

1,109

$

1,055

$

992

$

1,125

$

1,070

$

1,177

$

1,220

$

1,198

Total Tier 1 Portfolio

$

1,019

$

1,001

$

980

$

1,050

$

1,016

$

1,000

$

1,083

$

1,040

Telfer

$

$

$

$

1,882

$

1,882

$

2,632

$

2,548

$

2,585

Akyem

$

810

$

1,087

$

1,032

$

877

$

931

$

1,006

$

1,716

$

1,280

CC&V

$

1,062

$

1,186

$

1,253

$

1,122

$

1,156

$

1,394

$

1,361

$

1,376

Porcupine

$

1,071

$

1,225

$

1,189

$

1,186

$

1,167

$

1,042

$

1,068

$

1,058

Éléonore

$

1,095

$

1,477

$

1,338

$

1,224

$

1,263

$

1,441

$

1,404

$

1,422

Musselwhite

$

1,313

$

1,356

$

1,045

$

1,068

$

1,186

$

1,175

$

993

$

1,077

Non-Core Assets (5)

$

1,043

$

1,264

$

1,159

$

1,214

$

1,169

$

1,306

$

1,398

$

1,354

Total Gold CAS (6)

$

1,025

$

1,054

$

1,019

$

1,086

$

1,050

$

1,057

$

1,152

$

1,103

Total Gold CAS (by-product) (6)

$

916

$

1,024

$

1,022

$

1,060

$

1,011

$

891

$

892

$

891

2023

2024

Operating Results (continued)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Co-Product CAS Consolidated ($/GEO)

Boddington

$

809

$

766

$

816

$

944

$

830

$

942

$

1,031

$

985

Cadia

$

$

$

$

1,017

$

1,017

$

594

$

552

$

572

Peñasquito (2)

$

954

$

1,162

N.M.

$

1,602

$

1,283

$

843

$

904

$

870

Red Chris (70%)

$

$

$

$

1,020

$

1,020

$

1,011

$

915

$

959

Tier 1 Portfolio

$

918

$

1,062

$

1,636

$

1,235

$

1,118

$

807

$

822

$

814

Telfer

$

$

$

$

1,703

$

1,703

$

2,882

$

1,940

$

2,387

Non-Core Assets (5)

$

$

$

$

1,703

$

1,703

$

2,882

$

1,940

$

2,387

Total Co-Product GEO CAS (6)

$

918

$

1,062

$

1,636

$

1,254

$

1,127

$

829

$

836

$

832

Gold AISC Consolidated ($/oz)

Boddington

$

1,035

$

966

$

1,123

$

1,172

$

1,067

$

1,242

$

1,237

$

1,240

Tanami

$

1,219

$

1,162

$

890

$

1,046

$

1,060

$

1,149

$

1,276

$

1,215

Cadia

$

$

$

$

1,271

$

1,271

$

989

$

1,064

$

1,028

Lihir

$

$

$

$

1,517

$

1,517

$

1,256

$

1,212

$

1,236

Ahafo

$

1,366

$

1,237

$

1,208

$

1,114

$

1,222

$

1,010

$

1,123

$

1,066

Peñasquito (2)

$

1,539

$

1,078

N.M.

$

1,670

$

1,590

$

1,079

$

1,038

$

1,055

Cerro Negro

$

1,379

$

1,924

$

1,438

$

1,412

$

1,509

$

1,120

$

3,010

$

1,635

Yanacocha

$

1,332

$

1,386

$

1,187

$

1,198

$

1,266

$

1,123

$

1,217

$

1,166

Merian (75%)

$

1,235

$

2,010

$

1,652

$

1,454

$

1,541

$

1,530

$

2,170

$

1,820

Brucejack

$

$

$

$

2,646

$

2,646

$

2,580

$

1,929

$

2,206

Red Chris (70%)

$

$

$

$

1,439

$

1,439

$

1,277

$

1,613

$

1,453

Managed Tier 1 Portfolio

$

1,372

$

1,386

$

1,376

$

1,433

$

1,397

$

1,327

$

1,455

$

1,389

Nevada Gold Mines (38.5%)

$

1,405

$

1,388

$

1,307

$

1,482

$

1,397

$

1,576

$

1,689

$

1,631

Non-Managed Tier 1 Portfolio

$

1,405

$

1,388

$

1,307

$

1,482

$

1,397

$

1,576

$

1,689

$

1,631

Tier 1 Portfolio

$

1,381

$

1,387

$

1,355

$

1,444

$

1,397

$

1,378

$

1,503

$

1,438

Telfer

$

$

$

$

1,988

$

1,988

$

3,017

$

3,053

$

3,037

Akyem

$

1,067

$

1,461

$

1,332

$

1,110

$

1,210

$

1,254

$

1,952

$

1,523

CC&V

$

1,375

$

1,631

$

1,819

$

1,793

$

1,644

$

1,735

$

1,700

$

1,716

Porcupine

$

1,412

$

1,587

$

1,644

$

1,665

$

1,577

$

1,470

$

1,366

$

1,408

Éléonore

$

1,420

$

2,213

$

2,107

$

1,796

$

1,838

$

1,920

$

1,900

$

1,910

Musselwhite

$

1,681

$

2,254

$

1,715

$

1,771

$

1,843

$

1,766

$

1,397

$

1,568

Non-Core Assets (5)

$

1,359

$

1,808

$

1,685

$

1,629

$

1,610

$

1,712

$

1,770

$

1,743

Total Gold AISC (6)

$

1,376

$

1,472

$

1,426

$

1,485

$

1,444

$

1,439

$

1,562

$

1,500

Total Gold AISC (by-product) (6)

$

1,354

$

1,531

$

1,467

$

1,540

$

1,480

$

1,373

$

1,412

$

1,392

Co-Product AISC Consolidated ($/GEO)

Boddington

$

1,019

$

977

$

1,108

$

1,181

$

1,067

$

1,081

$

1,254

$

1,165

Cadia

$

$

$

$

1,342

$

1,342

$

1,027

$

1,024

$

1,025

Peñasquito (2)

$

1,351

$

1,581

N.M.

$

2,098

$

1,756

$

1,102

$

1,164

$

1,130

Red Chris (70%)

$

$

$

$

1,660

$

1,660

$

1,400

$

1,560

$

1,486

Tier 1 Portfolio

$

1,322

$

1,492

$

2,422

$

1,666

$

1,565

$

1,120

$

1,189

$

1,153

Telfer

$

$

$

$

2,580

$

2,580

$

3,745

$

2,742

$

3,218

Non-Core Assets (5)

$

$

$

$

2,580

$

2,580

$

3,745

$

2,742

$

3,218

Total Co-Product GEO AISC (6)

$

1,322

$

1,492

$

2,422

$

1,703

$

1,579

$

1,148

$

1,207

$

1,176

(1)

Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment, and the Fruta del Norte mine, which is wholly owned by Lundin Gold whom the Company holds a 32.0% interest and is accounted for as an equity method investment.

(2)

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

(3)

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

(4)

Represents attributable gold from Newmont's 32.0% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for on a quarterly-lag as an equity method investment. Attributable gold ounces produced by Lundin Gold represent prior quarter production and are not included in attributable gold ounces sold, as noted in footnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates .

(5)

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

(6)

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

NEWMONT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions except per share)

2023 (1)

2024

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Sales

$

2,679

$

2,683

$

2,493

$

3,957

$

11,812

$

4,023

$

4,402

$

8,425

Costs and expenses:

Costs applicable to sales (2)

1,482

1,543

1,371

2,303

6,699

2,106

2,156

4,262

Depreciation and amortization

461

486

480

681

2,108

654

602

1,256

Reclamation and remediation

66

66

166

1,235

1,533

98

94

192

Exploration

48

66

78

73

265

53

57

110

Advanced projects, research and development

35

44

53

68

200

53

49

102

General and administrative

74

71

70

84

299

101

100

201

Loss on assets held for sale

485

246

731

Impairment charges

4

4

2

1,881

1,891

12

9

21

Other expense, net

4

37

35

441

517

61

50

111

2,174

2,317

2,255

6,766

13,512

3,623

3,363

6,986

Other income (expense):

Other income (loss), net

99

(17

)

42

(212

)

(88

)

121

100

221

Interest expense, net of capitalized interest

(65

)

(49

)

(48

)

(81

)

(243

)

(93

)

(103

)

(196

)

34

(66

)

(6

)

(293

)

(331

)

28

(3

)

25

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

539

300

232

(3,102

)

(2,031

)

428

1,036

1,464

Income and mining tax benefit (expense)

(213

)

(163

)

(73

)

(77

)

(526

)

(260

)

(191

)

(451

)

Equity income (loss) of affiliates

25

16

3

19

63

7

(3

)

4

Net income (loss) from continuing operations

351

153

162

(3,160

)

(2,494

)

175

842

1,017

Net income (loss) from discontinued operations

12

2

1

12

27

4

15

19

Net income (loss)

363

155

163

(3,148

)

(2,467

)

179

857

1,036

Net loss (income) attributable to noncontrolling interests

(12

)

(5

)

(10

)

(27

)

(9

)

(4

)

(13

)

Net income (loss) attributable to Newmont stockholders

$

351

$

155

$

158

$

(3,158

)

$

(2,494

)

$

170

$

853

$

1,023

Net income (loss) attributable to Newmont stockholders:

Continuing operations

$

339

$

153

$

157

$

(3,170

)

$

(2,521

)

$

166

$

838

$

1,004

Discontinued operations

12

2

1

12

27

4

15

19

$

351

$

155

$

158

$

(3,158

)

$

(2,494

)

$

170

$

853

$

1,023

Weighted average common shares (millions):

Basic

794

795

795

978

841

1,153

1,153

1,153

Effect of employee stock-based awards

1

1

1

2

1

Diluted

795

795

796

979

841

1,153

1,155

1,154

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

Basic:

Continuing operations

$

0.42

$

0.19

$

0.20

$

(3.24

)

$

(3.00

)

$

0.15

$

0.73

$

0.87

Discontinued operations

0.02

0.01

0.03

0.01

0.02

$

0.44

$

0.19

$

0.20

$

(3.23

)

$

(2.97

)

$

0.15

$

0.74

$

0.89

Diluted:

Continuing operations

$

0.42

$

0.19

$

0.20

$

(3.24

)

$

(3.00

)

$

0.15

$

0.73

$

0.87

Discontinued operations

0.02

0.01

0.03

0.01

0.02

$

0.44

$

0.19

$

0.20

$

(3.23

)

$

(2.97

)

$

0.15

$

0.74

$

0.89

(1)

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

(2)

Excludes Depreciation and amortization and Reclamation and remediation .

NEWMONT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

2023 (1)

2024

MAR

JUN

SEP

DEC

MAR

JUN

SEP

DEC

ASSETS

Cash and cash equivalents

$

2,657

$

2,829

$

3,190

$

3,002

$

2,336

$

2,602

Trade receivables

348

185

78

734

782

955

Investments

847

409

24

23

23

50

Inventories

1,067

1,111

1,127

1,663

1,385

1,467

Stockpiles and ore on leach pads

905

858

829

979

745

681

Derivative assets

198

114

71

Other current assets

735

742

707

913

765

874

Assets held for sale

5,656

5,370

Current assets

6,559

6,134

5,955

7,512

11,806

12,070

Property, plant and mine development, net

24,097

24,284

24,474

37,563

33,564

33,655

Investments

3,216

3,172

3,133

4,143

4,138

4,141

Stockpiles and ore on leach pads

1,691

1,737

1,740

1,935

1,837

2,002

Deferred income tax assets

170

166

138

268

210

273

Goodwill

1,971

1,971

1,971

3,001

2,792

2,792

Derivative assets

444

412

181

Other non-current assets

670

669

673

640

576

564

Total assets

$

38,374

$

38,133

$

38,084

$

55,506

$

55,335

$

55,678

LIABILITIES

Accounts payable

$

648

$

565

$

651

$

960

$

698

$

683

Employee-related benefits

302

313

345

551

414

457

Income and mining taxes payable

213

155

143

88

136

264

Lease and other financing obligations

96

96

94

114

99

104

Debt

1,923

Other current liabilities

1,493

1,564

1,575

2,362

1,784

1,819

Liabilities held for sale

2,351

2,405

Current liabilities

2,752

2,693

2,808

5,998

5,482

5,732

Debt

5,572

5,574

5,575

6,951

8,933

8,692

Lease and other financing obligations

451

441

418

448

436

429

Reclamation and remediation liabilities

6,603

6,604

6,714

8,167

6,652

6,620

Deferred income tax liabilities

1,800

1,795

1,696

2,987

3,094

3,046

Employee-related benefits

395

399

397

655

610

616

Silver streaming agreement

805

786

787

779

753

733

Other non-current liabilities

437

426

429

316

300

247

Total liabilities

18,815

18,718

18,824

26,301

26,260

26,115

Commitments and contingencies

EQUITY

Common stock

1,281

1,281

1,281

1,854

1,855

1,851

Treasury stock

(261

)

(261

)

(263

)

(264

)

(274

)

(274

)

Additional paid-in capital

17,386

17,407

17,425

30,419

30,436

30,394

Accumulated other comprehensive income (loss)

23

13

8

14

(16

)

(7

)

(Accumulated deficit) Retained earnings

948

785

623

(2,996

)

(3,111

)

(2,585

)

Newmont stockholders' equity

19,377

19,225

19,074

29,027

28,890

29,379

Noncontrolling interests

182

190

186

178

185

184

Total equity

19,559

19,415

19,260

29,205

29,075

29,563

Total liabilities and equity

$

38,374

$

38,133

$

38,084

$

55,506

$

55,335

$

55,678

(1)

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

NEWMONT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)

2023 (1)

2024

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Operating activities:

Net income (loss)

$

363

$

155

$

163

$

(3,148

)

$

(2,467

)

$

179

$

857

$

1,036

Non-cash adjustments:

Depreciation and amortization

461

486

480

681

2,108

654

602

1,256

Loss on assets held for sale

485

246

731

Net loss (income) from discontinued operations

(12

)

(2

)

(1

)

(12

)

(27

)

(4

)

(15

)

(19

)

Reclamation and remediation

61

59

167

1,219

1,506

94

88

182

(Gain) loss on asset and investment sales, net

(36

)

2

231

197

(9

)

(55

)

(64

)

Stock-based compensation

19

23

16

22

80

21

23

44

Deferred income taxes

15

6

(24

)

(101

)

(104

)

53

(95

)

(42

)

Change in fair value of investments

(41

)

42

41

5

47

(31

)

9

(22

)

Impairment charges

4

4

2

1,881

1,891

12

12

Other non-cash adjustments

9

(10

)

28

9

36

(12

)

(3

)

(15

)

Cash from operations before working capital (2)

843

763

874

787

3,267

1,442

1,657

3,099

Net change in operating assets and liabilities

(362

)

(107

)

127

(171

)

(513

)

(666

)

(263

)

(929

)

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

481

656

1,001

616

2,754

776

1,394

2,170

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

7

2

9

34

34

Net cash provided by (used in) operating activities

481

663

1,003

616

2,763

776

1,428

2,204

Investing activities:

Additions to property, plant and mine development

(526

)

(616

)

(604

)

(920

)

(2,666

)

(850

)

(800

)

(1,650

)

Proceeds from asset and investment sales

181

33

5

15

234

35

217

252

Purchases of investments

(525

)

(17

)

(3

)

(6

)

(551

)

(23

)

(83

)

(106

)

Return of investment from equity method investees

30

6

36

25

16

41

Contributions to equity method investees

(41

)

(23

)

(26

)

(18

)

(108

)

(15

)

(5

)

(20

)

Proceeds from maturities of investments

557

424

374

8

1,363

Acquisitions, net

668

668

Other

12

11

1

(2

)

22

30

14

44

Net cash provided by (used in) investing activities

(342

)

(158

)

(253

)

(249

)

(1,002

)

(798

)

(641

)

(1,439

)

Financing activities:

Repayment of debt

(3,423

)

(227

)

(3,650

)

Proceeds from issuance of debt, net

3,476

3,476

Dividends paid to common stockholders

(318

)

(318

)

(318

)

(461

)

(1,415

)

(288

)

(289

)

(577

)

Repurchases of common stock

(104

)

(104

)

Distributions to noncontrolling interests

(34

)

(32

)

(41

)

(43

)

(150

)

(41

)

(36

)

(77

)

Funding from noncontrolling interests

41

34

32

31

138

22

31

53

Payments on lease and other financing obligations

(16

)

(16

)

(16

)

(19

)

(67

)

(18

)

(22

)

(40

)

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

(22

)

(2

)

(1

)

(25

)

(10

)

(10

)

Other

(1

)

(2

)

(36

)

(45

)

(84

)

(17

)

(11

)

(28

)

Net cash provided by (used in) financing activities

(350

)

(334

)

(381

)

(538

)

(1,603

)

(299

)

(658

)

(957

)

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

(8

)

4

(5

)

7

(2

)

(3

)

(11

)

(14

)

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

(219

)

175

364

(164

)

156

(324

)

118

(206

)

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

(395

)

137

(258

)

Net change in cash, cash equivalents and restricted cash

(219

)

175

364

(164

)

156

(719

)

255

(464

)

Cash, cash equivalents and restricted cash at beginning of period

2,944

2,725

2,900

3,264

2,944

3,100

2,381

3,100

Cash, cash equivalents and restricted cash at end of period

$

2,725

$

2,900

$

3,264

$

3,100

$

3,100

$

2,381

$

2,636

$

2,636

Reconciliation of cash, cash equivalents and restricted cash:

Cash and cash equivalents

$

2,657

$

2,829

$

3,190

$

3,002

$

3,002

$

2,336

$

2,602

$

2,602

Restricted cash included in Other current assets

1

1

1

11

11

6

6

6

Restricted cash included in Other non-current assets

67

70

73

87

87

39

28

28

Total cash, cash equivalents and restricted cash

$

2,725

$

2,900

$

3,264

$

3,100

$

3,100

$

2,381

$

2,636

$

2,636

(1)

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

(2)

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

(3)

During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities, including $205 of Cash and cash equivalents and $53 of restricted cash, included in Other current assets and Other non-current assets , were reclassified to A ssets held for sale and Liabilities held for sale , respectively.

Non-GAAP Financial Measures

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

Adjusted net income (loss)

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

Three Months Ended
  June 30, 2024

Six Months Ended
  June 30, 2024

per share data (1)

per share data (1)

basic

diluted

basic

diluted

Net income (loss) attributable to Newmont stockholders

$

853

$

0.74

$

0.74

$

1,023

$

0.89

$

0.89

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

(15

)

(0.01

)

(0.01

)

(19

)

(0.02

)

(0.02

)

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

838

0.73

0.73

1,004

0.87

0.87

Loss on assets held for sale (2)

246

0.22

0.22

731

0.63

0.63

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

(55

)

(0.05

)

(0.05

)

(64

)

(0.06

)

(0.06

)

Newcrest transaction and integration costs (4)

16

0.01

0.01

45

0.04

0.04

Settlement costs (5)

5

26

0.03

0.03

Change in fair value of investments (6)

9

0.01

0.01

(22

)

(0.01

)

(0.01

)

Impairment charges (7)

9

0.01

0.01

21

0.02

0.02

Restructuring and severance (8)

9

0.01

0.01

15

0.01

0.01

Gain on debt extinguishment, net (9)

(14

)

(0.01

)

(0.01

)

(14

)

(0.01

)

(0.01

)

Reclamation and remediation charges (10)

6

Tax effect of adjustments (11)

(87

)

(0.07

)

(0.07

)

(234

)

(0.20

)

(0.20

)

Valuation allowance and other tax adjustments (12)

(142

)

(0.14

)

(0.14

)

(50

)

(0.05

)

(0.05

)

Adjusted net income (loss)

$

834

$

0.72

$

0.72

$

1,464

$

1.27

$

1.27

Weighted average common shares (millions): (13)

1,153

1,155

1,153

1,154

(1)

Per share measures may not recalculate due to rounding.

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

(10)

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

(11)

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

(12)

Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and six months ended June 30, 2024 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $20 and $(45), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(93) and $(58), net reductions to the reserve for uncertain tax positions of $(50) and $(52), recording of a deferred tax liability for the outside basis difference at Akyem of $(37) and $80 due to the status change to held-for-sale, and other tax adjustments of $18 and $25.

(13)

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

Three Months Ended
  June 30, 2023

Six Months Ended
  June 30, 2023

per share data (1)

per share data (1)

basic

diluted

basic

diluted

Net income (loss) attributable to Newmont stockholders

$

155

$

0.19

$

0.19

$

506

$

0.64

$

0.64

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

(2

)

(14

)

(0.02

)

(0.02

)

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

153

0.19

0.19

492

0.62

0.62

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

(36

)

(0.05

)

(0.05

)

Newcrest transaction-related costs (3)

21

0.03

0.03

21

0.03

0.03

Restructuring and severance (4)

10

0.01

0.01

12

0.02

0.02

Impairment charges (5)

4

8

0.01

0.01

Reclamation and remediation charges (6)

(2

)

(2

)

Change in fair value of investments (7)

42

0.05

0.05

1

Other (8)

(4

)

Tax effect of adjustments (9)

(17

)

(0.02

)

(0.02

)

(1

)

Valuation allowance and other tax adjustments (10)

55

0.07

0.07

95

0.11

0.11

Adjusted net income (loss)

$

266

$

0.33

$

0.33

$

586

$

0.74

$

0.74

Weighted average common shares (millions): (11)

795

795

794

795

(1)

Per share measures may not recalculate due to rounding.

(2)

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

(3)

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

(4)

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.

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

(10)

Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three and six months ended June 30, 2023 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $47 and $57, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $4 and $21, net reductions to the reserve for uncertain tax positions of $3 and $14, other tax adjustments of $1 and $3.

(11)

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

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

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

Three Months Ended  
June 30,

Six Months Ended  
June 30,

2024

2023

2024

2023

Net income (loss) attributable to Newmont stockholders

$

853

$

155

$

1,023

$

506

Net income (loss) attributable to noncontrolling interests

4

13

12

Net (income) loss from discontinued operations

(15

)

(2

)

(19

)

(14

)

Equity loss (income) of affiliates

3

(16

)

(4

)

(41

)

Income and mining tax expense (benefit)

191

163

451

376

Depreciation and amortization

602

486

1,256

947

Interest expense, net of capitalized interest

103

49

196

114

EBITDA

$

1,741

$

835

$

2,916

$

1,900

Adjustments:

Loss on assets held for sale (1)

$

246

$

$

731

$

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

(55

)

(64

)

(36

)

Newcrest transaction and integration costs (3)

16

21

45

21

Settlement costs (4)

5

26

Change in fair value of investments (5)

9

42

(22

)

1

Impairment charges (6)

9

4

21

8

Restructuring and severance (7)

9

10

15

12

Gain on debt extinguishment, net (8)

(14

)

(14

)

Reclamation and remediation charges (9)

(2

)

6

(2

)

Other (10)

(4

)

Adjusted EBITDA

$

1,966

$

910

$

3,660

$

1,900

(1)

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

(2)

(Gain) loss on asset and investment sales, net, included in Other income (loss), net, in 2024 primarily represents the gain recognized on the sale of the Stream Credit Facility Agreement ("SCFA") in the second quarter and the purchase and sale of foreign currency bonds. For 2023, primarily comprised of the net gain recognized on the exchange of the previously held Maverix investment for Triple Flag and the subsequent sale of the Triple Flag investment.

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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.

(8)

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

(9)

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

(10)

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

Free Cash Flow

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

Three Months Ended
  June 30,

Six Months Ended
  June 30,

2024

2023

2024

2023

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

$

1,428

$

663

$

2,204

$

1,144

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

(34

)

(7

)

(34

)

(7

)

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

1,394

656

2,170

1,137

Less: Additions to property, plant and mine development

(800

)

(616

)

(1,650

)

(1,142

)

Free Cash Flow

$

594

$

40

$

520

$

(5

)

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

$

(641

)

$

(158

)

$

(1,439

)

$

(500

)

Net cash provided by (used in) financing activities

$

(658

)

$

(334

)

$

(957

)

$

(684

)

(1)

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

(2)

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

Attributable Free Cash Flow

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

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

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

Three Months Ended
June 30, 2024

Six Months Ended
June 30, 2024

Consolidated

Attributable to noncontrolling interests (1)

Attributable to Newmont Stockholders

Consolidated

Attributable to noncontrolling interests (1)

Attributable to Newmont Stockholders

Net cash provided by (used in) operating activities

$

1,428

$

(10

)

$

1,418

$

2,204

$

(17

)

$

2,187

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

(34

)

(34

)

(34

)

(34

)

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

1,394

(10

)

1,384

2,170

(17

)

2,153

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

(800

)

8

(792

)

(1,650

)

12

(1,638

)

Free Cash Flow

$

594

$

(2

)

$

592

$

520

$

(5

)

$

515

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

$

(641

)

$

(1,439

)

Net cash provided by (used in) financing activities

$

(658

)

$

(957

)

(1)

Adjustment to eliminate a portion of Net cash provided by (used in) operating activities and Additions to property, plant and mine development attributable to noncontrolling interests, which relates to Merian (25%) for the three and six months ended June 30, 2024.

(2)

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

(3)

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

Three Months Ended
June 30, 2023

Six Months Ended
June 30, 2023

Consolidated

Attributable to noncontrolling interests (1)

Attributable to Newmont Stockholders

Consolidated

Attributable to noncontrolling interests (1)

Attributable to Newmont Stockholders

Net cash provided by (used in) operating activities

$

663

$

$

663

$

1,144

$

(12

)

$

1,132

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

(7

)

(7

)

(7

)

(7

)

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

656

656

1,137

(12

)

1,125

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

(616

)

6

(610

)

(1,142

)

9

(1,133

)

Free Cash Flow

$

40

$

6

$

46

$

(5

)

$

(3

)

$

(8

)

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

$

(158

)

$

(500

)

Net cash provided by (used in) financing activities

$

(334

)

$

(684

)

(1)

Adjustment to eliminate a portion of Net cash provided by (used in) operating activities and Additions to property, plant and mine development attributable to noncontrolling interests, which relates to Merian (25%) for the three and six months ended June 30, 2023.

(2)

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

(3)

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

Net Debt

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

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

At June 30,  
2024

At December 31,  
2023

Debt

$

8,692

$

8,874

Lease and other financing obligations

533

562

Less: Cash and cash equivalents

(2,602

)

(3,002

)

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

(205

)

Less: Time deposits (2)

(28

)

Net debt

$

6,390

$

6,434

(1)

During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities, including $205 of Cash and cash equivalents , were reclassified to Assets held for sale and Liabilities held for sale , respectively.

(2)

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

Costs applicable to sales per ounce/gold equivalent ounce

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

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

Costs applicable to sales per ounce

Three Months Ended
  June 30,

Six Months Ended
  June 30,

2024

2023

2024

2023

Costs applicable to sales (1)(2)

$

1,777

$

1,277

$

3,467

$

2,516

Gold sold (thousand ounces)

1,543

1,211

3,142

2,419

Costs applicable to sales per ounce (3)

$

1,152

$

1,054

$

1,103

$

1,040

(1)

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

(2)

Excludes Depreciation and amortization and Reclamation and remediation .

(3)

Per ounce measures may not recalculate due to rounding.

Costs applicable to sales per gold equivalent ounce

Three Months Ended
  June 30,

Six Months Ended
  June 30,

2024

2023

2024

2023

Costs applicable to sales (1)(2)

$

379

$

266

$

795

$

509

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

453

251

955

516

Costs applicable to sales per gold equivalent ounce (4)

$

836

$

1,062

$

832

$

988

(1)

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

(2)

Excludes Depreciation and amortization and Reclamation and remediation .

(3)

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

(4)

Per ounce measures may not recalculate due to rounding.​

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

Three Months Ended
  June 30,

Six Months Ended
  June 30,

2024

2023

2024

2023

Cost applicable to sales, NGM (1)

$

307

$

304

$

621

$

590

Gold sold (thousand ounces), NGM

252

288

519

546

Costs applicable to sales per ounce, NGM (2)

$

1,220

$

1,055

$

1,198

$

1,081

(1)

Excludes Depreciation and amortization and Reclamation and remediation .

(2)

Per ounce measures may not recalculate due to rounding.

All-In Sustaining Costs

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

Three Months Ended

June 30, 2024

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

Reclamation Costs (4)

Advanced Projects, Research and Development and Exploration (5)

General and Administrative

Other Expense, Net (6)

Treatment and Refining Costs

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

All-In Sustaining Costs

Ounces (000) Sold

All-In Sustaining Costs Per oz. (9)

Gold

Brucejack (10)

$

64

$

$

1

$

$

$

2

$

21

$

88

46

$

1,929

Red Chris (10)

7

1

1

5

14

9

$

1,613

Peñasquito

53

2

4

8

67

64

$

1,038

Merian

96

2

3

33

134

61

$

2,170

Cerro Negro

70

1

1

12

84

27

$

3,010

Yanacocha

77

7

4

1

5

94

78

$

1,217

Boddington

139

3

1

4

21

168

136

$

1,237

Tanami

101

2

23

126

99

$

1,276

Cadia (10)

77

1

2

1

6

44

131

123

$

1,064

Lihir (10)

162

1

4

5

7

179

148

$

1,212

Ahafo

176

5

3

1

17

202

180

$

1,123

Nevada Gold Mines

307

5

4

2

1

1

106

426

252

$

1,689

Corporate and Other (11)

29

92

5

4

130

$

Held for sale (12)

CC&V

45

3

1

8

57

33

$

1,700

Musselwhite

56

1

1

(1

)

21

78

56

$

1,397

Porcupine

94

2

24

120

87

$

1,366

Éléonore

89

1

1

29

120

63

$

1,900

Telfer (10) (15)

83

3

2

4

2

7

101

33

$

3,053

Akyem

81

3

7

91

48

$

1,952

Total Gold

1,777

40

60

94

17

20

402

2,410

1,543

$

1,562

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

Red Chris (10)

33

1

5

17

56

36

$

1,560

Peñasquito

218

7

2

24

29

280

241

$

1,164

Boddington

49

1

4

6

60

47

$

1,254

Cadia (10)

67

1

2

1

22

33

126

123

$

1,024

Corporate and Other (11)

3

6

9

$

Held for sale (12)

Telfer (10 )(15)

12

3

1

16

6

$

2,742

Total Gold Equivalent Ounces

379

9

6

6

3

58

86

547

453

$

1,207

Consolidated

$

2,156

$

49

$

66

$

100

$

20

$

78

$

488

$

2,957

(1)

Excludes Depreciation and amortization and Reclamation and remediation .

(2)

Includes by-product credits of $60.

(3)

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

(4)

Reclamation costs include operating accretion and amortization of asset retirement costs of $34 and $15, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $54 and $6, respectively.

(5)

Advanced projects, research and development and exploration excludes development expenditures of $3 at Peñasquito, $2 at Merian, $2 at Cerro Negro, $5 at Tanami, $9 at Ahafo, $3 at NGM, $14 at Corporate and Other, $1 at CC&V, and $1 at Porcupine, totaling $40 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)

Other expense, net is adjusted for Newcrest transaction and integration costs of $16, impairment charges of $9, restructuring and severance of $9, settlements costs of $5.

(7)

Excludes capitalized interest related to sustaining capital expenditures.

(8)

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

(9)

Per ounce measures may not recalculate due to rounding.

(10)

Sites acquired through the Newcrest transaction.

(11)

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

(12)

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

(13)

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

(14)

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

(15)

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

Three Months Ended

June 30, 2023

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

Reclamation Costs (5)

Advanced Projects, Research and Development and Exploration (6)

General and Administrative

Other Expense, Net (7)

Treatment and Refining Costs

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

All-In Sustaining Costs

Ounces (000) Sold

All-In Sustaining Costs Per oz. (10)

Gold

CC&V

$

49

$

3

$

2

$

$

1

$

$

12

$

67

41

$

1,631

Musselwhite

55

2

4

31

92

41

$

2,254

Porcupine

77

7

3

13

100

63

$

1,587

Éléonore

74

3

2

33

112

51

$

2,213

Peñasquito

40

1

1

3

7

52

48

$

1,078

Merian

80

1

3

22

106

53

$

2,010

Cerro Negro

83

2

1

1

10

97

50

$

1,924

Yanacocha

79

4

3

3

4

93

66

$

1,386

Boddington

159

5

1

5

27

197

204

$

966

Tanami

102

1

41

144

124

$

1,162

Ahafo

121

5

1

37

164

133

$

1,237

Akyem

54

6

1

11

72

49

$

1,461

Nevada Gold Mines

304

3

4

3

1

83

398

288

$

1,388

Corporate and Other (11)

13

58

1

16

88

$

Total Gold

1,277

42

40

61

6

9

347

1,782

1,211

$

1,472

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

Peñasquito

218

7

1

1

31

40

298

188

$

1,581

Boddington

48

1

4

9

62

63

$

977

Corporate and Other (11)

3

9

3

15

$

Total Gold Equivalent Ounces

266

8

4

10

35

52

375

251

$

1,492

Consolidated

$

1,543

$

50

$

44

$

71

$

6

$

44

$

399

$

2,157

(1)

Excludes Depreciation and amortization and Reclamation and remediation .

(2)

Includes by-product credits of $30.

(3)

Includes stockpile, leach pad, and product inventory adjustments of $2 at Porcupine, $5 at Éléonore, $17 at Peñasquito, $2 at Cerro Negro, $4 at Yanacocha, and $1 at NGM.

(4)

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

(5)

Reclamation costs include operating accretion and amortization of asset retirement costs of $25 and $25, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $36 and $5, respectively.

(6)

Advanced projects, research and development and exploration excludes development expenditures of $1 at CC&V, $3 at Porcupine $1 at Peñasquito, $2 at Merian, $3 at Yanacocha, $8 at Tanami, $9 at Ahafo, $4 at Akyem, $6 at NGM, and $29 at Corporate and Other, totaling $66 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(7)

Other expense, net is adjusted for impairment charges of $4, restructuring and severance of $10, and Newcrest transaction-related costs of $21.

(8)

Excludes capitalized interest related to sustaining capital expenditures.

(9)

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

(10)

Per ounce measures may not recalculate due to rounding.

(11)

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

(12)

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

(13)

For the three months ended June 30, 2023, Peñasquito sold 6 million ounces of silver, 16 thousand tonnes of lead and 41 thousand tonnes of zinc, and Boddington sold 11 thousand tonnes of copper.

Six Months Ended

June 30, 2024

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

Reclamation Costs (4)

Advanced Projects, Research and Development and Exploration (5)

General and Administrative

Other Expense, Net (6)

Treatment and Refining Costs

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

All-In Sustaining Costs

Ounces (000) Sold

All-In Sustaining Costs Per oz. (9)

Gold

Brucejack (10)

$

138

$

1

$

1

$

$

$

3

$

33

$

176

80

$

2,206

Red Chris (10)

14

1

2

6

23

16

$

1,453

Peñasquito

91

3

7

13

114

108

$

1,055

Merian

186

4

5

52

247

135

$

1,820

Cerro Negro

133

3

2

1

27

166

101

$

1,635

Yanacocha

165

14

6

1

10

196

168

$

1,166

Boddington

283

8

1

7

45

344

278

$

1,240

Tanami

183

1

2

45

231

190

$

1,215

Cadia (10)

151

1

5

1

12

74

244

237

$

1,028

Lihir (10)

333

2

10

5

58

408

330

$

1,236

Ahafo

335

9

3

1

1

39

388

364

$

1,066

Nevada Gold Mines

621

9

6

4

2

3

201

846

519

$

1,631

Corporate and Other (11)

59

182

6

8

255

$

Held for sale (12)

CC&V

85

6

2

1

13

107

62

$

1,716

Musselwhite

113

2

3

46

164

105

$

1,568

Porcupine

157

7

2

43

209

148

$

1,408

Éléonore

169

3

5

50

227

119

$

1,910

Telfer (10) (15)

153

5

5

4

3

10

180

59

$

3,037

Akyem

157

14

1

15

187

123

$

1,523

Total Gold

3,467

92

118

187

22

38

788

4,712

3,142

$

1,500

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

Red Chris (10)

64

3

9

23

99

67

$

1,486

Peñasquito

473

16

1

2

59

63

614

544

$

1,130

Boddington

97

2

7

9

115

98

$

1,165

Cadia (10)

134

1

4

1

41

60

241

235

$

1,025

Corporate and Other (11)

4

14

18

$

Held for sale (12)

Telfer (10)(15)

27

1

1

5

2

36

11

$

3,218

Total Gold Equivalent Ounces

795

20

13

14

3

121

157

1,123

955

$

1,176

Consolidated

$

4,262

$

112

$

131

$

201

$

25

$

159

$

945

$

5,835

(1)

Excludes Depreciation and amortization and Reclamation and remediation .

(2)

Includes by-product credits of $114.

(3)

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

(4)

Reclamation costs include operating accretion and amortization of asset retirement costs of $67 and $45, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $108 and $17, respectively.

(5)

Advanced projects, research and development and exploration excludes development expenditures of $4 at Peñasquito, $4 at Merian, $6 at Cerro Negro, $1 at Boddington, $13 at Tanami, $14 at Ahafo, $6 at NGM, $27 at Corporate and Other, $1 at CC&V, $1 at Porcupine, and $4 at Akyem, totaling $81 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(6)

Other expense, net is adjusted for Newcrest transaction and integration costs of $45, settlement costs of $26, impairment charges of $21, and restructuring and severance of $15.

(7)

Excludes capitalized interest related to sustaining capital expenditures.

(8)

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

(9)

Per ounce measures may not recalculate due to rounding.

(10)

Sites acquired through the Newcrest transaction.

(11)

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

(12)

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

(13)

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

(14)

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

(15)

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

Six Months Ended

June 30, 2023

Costs

Applicable

to

Sales (1)(2)(3)(4)

Reclamation

Costs (5)

Advanced

Projects,

Research and

Development

and

Exploration (6)

General

and

Administrative

Other Expense, Net (7)

Treatment and Refining Costs

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

All-In Sustaining Costs

Ounces (000) Sold

All-In Sustaining Costs Per oz. (10)

Gold

CC&V

$

100

$

5

$

5

$

$

1

$

$

22

$

133

89

$

1,494

Musselwhite

113

3

5

45

166

85

$

1,955

Porcupine

147

12

7

26

192

128

$

1,498

Éléonore

149

5

3

52

209

119

$

1,756

Peñasquito

107

4

1

7

19

138

104

$

1,325

Merian

165

3

5

36

209

136

$

1,537

Cerro Negro

153

3

2

1

22

181

111

$

1,625

Yanacocha

135

11

6

4

7

163

119

$

1,362

Boddington

326

9

2

10

55

402

402

$

1,000

Tanami

163

1

1

58

223

189

$

1,182

Ahafo

251

9

1

1

81

343

264

$

1,301

Akyem

117

16

1

21

155

127

$

1,220

Nevada Gold Mines

590

7

8

5

3

148

761

546

$

1,396

Corporate and Other (11)

32

119

1

18

170

$

Total Gold

2,516

88

79

124

8

20

610

3,445

2,419

$

1,424

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

Peñasquito

408

14

2

1

65

76

566

387

$

1,463

Boddington

101

2

1

8

17

129

129

$

998

Corporate and Other (11)

6

20

3

29

$

Total Gold Equivalent Ounces

509

16

9

21

73

96

724

516

$

1,405

Consolidated

$

3,025

$

104

$

88

$

145

$

8

$

93

$

706

$

4,169

(1)

Excludes Depreciation and amortization and Reclamation and remediation .

(2)

Includes by-product credits of $62.

(3)

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

(4)

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

(5)

Reclamation costs include operating accretion and amortization of asset retirement costs of $49 and $55, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $74 and $9, respectively.

(6)

Advanced projects, research and development and exploration excludes development expenditures of $1 at CC&V, $3 at Porcupine, $3 at Peñasquito, $3 at Merian, $1 at Cerro Negro, $3 at Yanacocha, $12 at Tanami, $15 at Ahafo, $7 at Akyem, $9 at NGM and $48 at Corporate and Other, totaling $105 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.

(7)

Other expense, net is adjusted for impairment charges of $8, restructuring and severance costs of $12, and Newcrest transaction-related costs of $21.

(8)

Excludes capitalized interest related to sustaining capital expenditures.

(9)

Includes finance lease payments for sustaining projects of $38.

(10)

Per ounce measures may not recalculate due to rounding.

(11)

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

(12)

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

(13)

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

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

2024 Outlook - Gold (1)(2)

(in millions, except ounces and per ounce)

Outlook Estimate

Cost Applicable to Sales (3)(4)

$

6,900

Reclamation Costs (5)

190

Advanced Projects & Exploration (6)

160

General and Administrative (7)

235

Other Expense

10

Treatment and Refining Costs

135

Sustaining Capital (8)

1,495

Sustaining Finance Lease Payments

25

All-in Sustaining Costs

$

9,150

Ounces (000) Sold (9)

6,555

All-in Sustaining Costs per Ounce

$

1,400

(1)

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

(2)

All values are presented on a consolidated basis for Newmont.

(3)

Excludes Depreciation and amortization and Reclamation and remediation .

(4)

Includes stockpile and leach pad inventory adjustments.

(5)

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

(6)

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

(7)

Includes stock-based compensation.

(8)

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

(9)

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

Net debt to Adjusted EBITDA ratio

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

Three Months Ended

June 30,
2024

March 31,
2024

December 31,
2023

September 30,
2023

Net income (loss) attributable to Newmont stockholders

$

853

$

170

$

(3,158

)

$

158

Net income (loss) attributable to noncontrolling interests

4

9

10

5

Net loss (income) from discontinued operations

(15

)

(4

)

(12

)

(1

)

Equity loss (income) of affiliates

3

(7

)

(19

)

(3

)

Income and mining tax expense (benefit)

191

260

77

73

Depreciation and amortization

602

654

681

480

Interest expense, net of capitalized interest

103

93

81

48

EBITDA

$

1,741

$

1,175

$

(2,340

)

$

760

Adjustments:

Loss on assets held for sale

$

246

$

485

$

$

(Gain) loss on asset and investment sales, net

(55

)

(9

)

231

2

Newcrest transaction and integration costs

16

29

427

16

Gain on debt extinguishment, net

(14

)

Change in fair value of investments

9

(31

)

5

41

Restructuring and severance

9

6

5

7

Impairment charges

9

12

1,881

2

Settlement costs

5

21

5

2

Reclamation and remediation charges

6

1,158

104

Pension settlements

9

COVID-19 specific costs

1

Other

(1

)

Adjusted EBITDA

$

1,966

$

1,694

$

1,382

$

933

12 month trailing Adjusted EBITDA

$

5,975

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

$

364

12 month trailing pro forma Adjusted EBITDA

$

6,339

Total Debt

$

8,692

Lease and other financing obligations

533

Less: Cash and cash equivalents

(2,602

)

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

(205

)

Less: Time deposits (3)

(28

)

Total net debt

$

6,390

Net debt to pro forma Adjusted EBITDA

1.0

(1)

Represents Newcrest's pre-acquisition Adjusted EBITDA on a US GAAP basis from January 1, 2023 through to the acquisition date, November 6, 2023. This amount is added to our adjusted EBITDA to include a full twelve months of Newcrest results on a pro forma basis for the rolling twelve months ended June 30, 2024. The pro forma adjusted EBITDA was derived from Newcrest unaudited financial information for the period July 1, 2023 through October 31, 2023 and November 1, 2023 through November 6, 2023, the acquisition date. Newcrest's pre-acquisition Adjusted EBITDA has been added to our adjusted EBITDA for the purposes of Net Debt to Pro Forma Adjusted EBITDA ratio only.

(2)

During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities, including $205 of Cash and cash equivalents , were reclassified to Assets held for sale and Liabilities held for sale , respectively.

(3)

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

Net average realized price per ounce/ pound

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

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

Three Months Ended  
June 30,

Increase  
(Decrease)

Percent  
Change

2024

2023

Gold

$

3,623

$

2,380

$

1,243

52

%

Copper

377

82

295

360

Silver

209

124

85

69

Lead

44

32

12

38

Zinc

149

65

84

129

$

4,402

$

2,683

$

1,719

64

%

Six Months Ended  
June 30,

Increase  
(Decrease)

Percent  
Change

2024

2023

Gold

$

6,964

$

4,683

$

2,281

49

%

Copper

674

192

482

251

Silver

410

241

169

70

Lead

104

64

40

63

Zinc

273

182

91

50

$

8,425

$

5,362

$

3,063

57

%

Three Months Ended June 30, 2024

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

$

3,617

$

386

$

176

$

41

$

146

Provisional pricing mark-to-market

26

25

19

3

18

Silver streaming amortization

23

Gross after provisional pricing and streaming impact

3,643

411

218

44

164

Treatment and refining charges

(20

)

(34

)

(9

)

(15

)

Net

$

3,623

$

377

$

209

$

44

$

149

Consolidated ounces / pounds sold (1)(2)

1,543

84

8

43

113

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

Gross before provisional pricing and streaming impact

$

2,344

$

4.57

$

22.17

$

0.97

$

1.29

Provisional pricing mark-to-market

17

0.29

2.37

0.08

0.15

Silver streaming amortization

2.79

Gross after provisional pricing and streaming impact

2,361

4.86

27.33

1.05

1.44

Treatment and refining charges

(14

)

(0.39

)

(1.13

)

(0.13

)

Net

$

2,347

$

4.47

$

26.20

$

1.05

$

1.31

(1)

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

(2)

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

(3)

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

Three Months Ended June 30, 2023

Gold

Copper

Silver

Lead

Zinc

(ounces)

(pounds)

(ounces)

(pounds)

(pounds)

Consolidated sales:

Gross before provisional pricing and streaming impact

$

2,390

$

95

$

115

$

34

$

100

Provisional pricing mark-to-market

(1

)

(9

)

2

(14

)

Silver streaming amortization

15

Gross after provisional pricing and streaming impact

2,389

86

132

34

86

Treatment and refining charges

(9

)

(4

)

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