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

 
 

)

 
 

 

 
 

 

 
 

(8

 
 

)

 
 

 

 
 

 

 
 

(2

 
 

)

 
 

 

 
 

 

 
 

(21

 
 

)

 
 

Net

 
 

$

 
 

2,380

 
 

 

 
 

 

 
 

$

 
 

82

 
 

 

 
 

 

 
 

$

 
 

124

 
 

 

 
 

 

 
 

$

 
 

32

 
 

 

 
 

 

 
 

$

 
 

65

 
 

 

 
 

Consolidated ounces / pounds sold (1)(2)

 
 

 

 
 

1,211

 
 

 

 
 

 

 
 

 

 
 

25

 
 

 

 
 

 

 
 

 

 
 

6

 
 

 

 
 

 

 
 

 

 
 

36

 
 

 

 
 

 

 
 

 

 
 

90

 
 

 

 
 

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

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Gross before provisional pricing and streaming impact

 
 

$

 
 

1,974

 
 

 

 
 

 

 
 

$

 
 

3.75

 
 

 

 
 

 

 
 

$

 
 

19.17

 
 

 

 
 

 

 
 

$

 
 

0.96

 
 

 

 
 

 

 
 

$

 
 

1.12

 
 

 

 
 

Provisional pricing mark-to-market

 
 

 

 
 

(1

 
 

)

 
 

 

 
 

 

 
 

(0.34

 
 

)

 
 

 

 
 

 

 
 

0.34

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

(0.16

 
 

)

 
 

Silver streaming amortization

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

2.56

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

Gross after provisional pricing and streaming impact

 
 

 

 
 

1,973

 
 

 

 
 

 

 
 

 

 
 

3.41

 
 

 

 
 

 

 
 

 

 
 

22.07

 
 

 

 
 

 

 
 

 

 
 

0.96

 
 

 

 
 

 

 
 

 

 
 

0.96

 
 

 

 
 

Treatment and refining charges

 
 

 

 
 

(8

 
 

)

 
 

 

 
 

 

 
 

(0.15

 
 

)

 
 

 

 
 

 

 
 

(1.51

 
 

)

 
 

 

 
 

 

 
 

(0.04

 
 

)

 
 

 

 
 

 

 
 

(0.23

 
 

)

 
 

Net

 
 

$

 
 

1,965

 
 

 

 
 

 

 
 

$

 
 

3.26

 
 

 

 
 

 

 
 

$

 
 

20.56

 
 

 

 
 

 

 
 

$

 
 

0.92

 
 

 

 
 

 

 
 

$

 
 

0.73

 
 

 

 
 
         
 

  (1)

 
 

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

 
 

  (2)

 
 

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

 
 

  (3)

 
 

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

 
 
                                                                                                                                                                                                                                                                                                                                
 

 

 
 

  Six Months Ended June 30, 2024  

 
 

 

 
 

  Gold  

 
 

 

 
 

  Copper  

 
 

 

 
 

  Silver  

 
 

 

 
 

  Lead  

 
 

 

 
 

  Zinc  

 
 

 

 
 

(ounces)

 
 

 

 
 

(pounds)

 
 

 

 
 

(ounces)

 
 

 

 
 

(pounds)

 
 

 

 
 

(pounds)

 
 

Consolidated sales:

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Gross before provisional pricing and streaming impact

 
 

$

 
 

6,946

 
 

 

 
 

 

 
 

$

 
 

702

 
 

 

 
 

 

 
 

$

 
 

358

 
 

 

 
 

 

 
 

$

 
 

102

 
 

 

 
 

 

 
 

$

 
 

295

 
 

 

 
 

Provisional pricing mark-to-market

 
 

 

 
 

56

 
 

 

 
 

 

 
 

 

 
 

34

 
 

 

 
 

 

 
 

 

 
 

23

 
 

 

 
 

 

 
 

 

 
 

3

 
 

 

 
 

 

 
 

 

 
 

15

 
 

 

 
 

Silver streaming amortization

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

50

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

Gross after provisional pricing and streaming impact

 
 

 

 
 

7,002

 
 

 

 
 

 

 
 

 

 
 

736

 
 

 

 
 

 

 
 

 

 
 

431

 
 

 

 
 

 

 
 

 

 
 

105

 
 

 

 
 

 

 
 

 

 
 

310

 
 

 

 
 

Treatment and refining charges

 
 

 

 
 

(38

 
 

)

 
 

 

 
 

 

 
 

(62

 
 

)

 
 

 

 
 

 

 
 

(21

 
 

)

 
 

 

 
 

 

 
 

(1

 
 

)

 
 

 

 
 

 

 
 

(37

 
 

)

 
 

Net

 
 

$

 
 

6,964

 
 

 

 
 

 

 
 

$

 
 

674

 
 

 

 
 

 

 
 

$

 
 

410

 
 

 

 
 

 

 
 

$

 
 

104

 
 

 

 
 

 

 
 

$

 
 

273

 
 

 

 
 

Consolidated ounces/pounds sold (1)(2)

 
 

 

 
 

3,142

 
 

 

 
 

 

 
 

 

 
 

164

 
 

 

 
 

 

 
 

 

 
 

18

 
 

 

 
 

 

 
 

 

 
 

108

 
 

 

 
 

 

 
 

 

 
 

248

 
 

 

 
 

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

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Gross before provisional pricing and streaming impact

 
 

$

 
 

2,210

 
 

 

 
 

 

 
 

$

 
 

4.27

 
 

 

 
 

 

 
 

$

 
 

20.14

 
 

 

 
 

 

 
 

$

 
 

0.95

 
 

 

 
 

 

 
 

$

 
 

1.19

 
 

 

 
 

Provisional pricing mark-to-market

 
 

 

 
 

18

 
 

 

 
 

 

 
 

 

 
 

0.21

 
 

 

 
 

 

 
 

 

 
 

1.28

 
 

 

 
 

 

 
 

 

 
 

0.03

 
 

 

 
 

 

 
 

 

 
 

0.06

 
 

 

 
 

Silver streaming amortization

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

2.78

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

Gross after provisional pricing and streaming impact

 
 

 

 
 

2,228

 
 

 

 
 

 

 
 

 

 
 

4.48

 
 

 

 
 

 

 
 

 

 
 

24.20

 
 

 

 
 

 

 
 

 

 
 

0.98

 
 

 

 
 

 

 
 

 

 
 

1.25

 
 

 

 
 

Treatment and refining charges

 
 

 

 
 

(12

 
 

)

 
 

 

 
 

 

 
 

(0.38

 
 

)

 
 

 

 
 

 

 
 

(1.20

 
 

)

 
 

 

 
 

 

 
 

(0.01

 
 

)

 
 

 

 
 

 

 
 

(0.15

 
 

)

 
 

Net

 
 

$

 
 

2,216

 
 

 

 
 

 

 
 

$

 
 

4.10

 
 

 

 
 

 

 
 

$

 
 

23.00

 
 

 

 
 

 

 
 

$

 
 

0.97

 
 

 

 
 

 

 
 

$

 
 

1.10

 
 

 

 
 
         
 

  (1)

 
 

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

 
 

  (2)

 
 

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

 
 

  (3)

 
 

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

 
 
                                                                                                                                                                                                                                                                                                                                
 

 

 
 

  Six Months Ended June 30, 2023  

 
 

 

 
 

  Gold  

 
 

 

 
 

  Copper  

 
 

 

 
 

  Silver  

 
 

 

 
 

  Lead  

 
 

 

 
 

  Zinc  

 
 

 

 
 

(ounces)

 
 

 

 
 

(pounds)

 
 

 

 
 

(ounces)

 
 

 

 
 

(pounds)

 
 

 

 
 

(pounds)

 
 

Consolidated sales:

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Gross before provisional pricing and streaming impact

 
 

$

 
 

4,687

 
 

 

 
 

 

 
 

$

 
 

200

 
 

 

 
 

 

 
 

$

 
 

225

 
 

 

 
 

 

 
 

$

 
 

69

 
 

 

 
 

 

 
 

$

 
 

243

 
 

 

 
 

Provisional pricing mark-to-market

 
 

 

 
 

16

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

4

 
 

 

 
 

 

 
 

 

 
 

(2

 
 

)

 
 

 

 
 

 

 
 

(18

 
 

)

 
 

Silver streaming amortization

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

31

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

Gross after provisional pricing and streaming impact

 
 

 

 
 

4,703

 
 

 

 
 

 

 
 

 

 
 

200

 
 

 

 
 

 

 
 

 

 
 

260

 
 

 

 
 

 

 
 

 

 
 

67

 
 

 

 
 

 

 
 

 

 
 

225

 
 

 

 
 

Treatment and refining charges

 
 

 

 
 

(20

 
 

)

 
 

 

 
 

 

 
 

(8

 
 

)

 
 

 

 
 

 

 
 

(19

 
 

)

 
 

 

 
 

 

 
 

(3

 
 

)

 
 

 

 
 

 

 
 

(43

 
 

)

 
 

Net

 
 

$

 
 

4,683

 
 

 

 
 

 

 
 

$

 
 

192

 
 

 

 
 

 

 
 

$

 
 

241

 
 

 

 
 

 

 
 

$

 
 

64

 
 

 

 
 

 

 
 

$

 
 

182

 
 

 

 
 

Consolidated ounces/pounds sold (1)(2)

 
 

 

 
 

2,419

 
 

 

 
 

 

 
 

 

 
 

51

 
 

 

 
 

 

 
 

 

 
 

12

 
 

 

 
 

 

 
 

 

 
 

72

 
 

 

 
 

 

 
 

 

 
 

189

 
 

 

 
 

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

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Gross before provisional pricing and streaming impact

 
 

$

 
 

1,937

 
 

 

 
 

 

 
 

$

 
 

3.87

 
 

 

 
 

 

 
 

$

 
 

18.56

 
 

 

 
 

 

 
 

$

 
 

0.96

 
 

 

 
 

 

 
 

$

 
 

1.28

 
 

 

 
 

Provisional pricing mark-to-market

 
 

 

 
 

7

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

0.32

 
 

 

 
 

 

 
 

 

 
 

(0.03

 
 

)

 
 

 

 
 

 

 
 

(0.09

 
 

)

 
 

Silver streaming amortization

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

2.56

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

Gross after provisional pricing and streaming impact

 
 

 

 
 

1,944

 
 

 

 
 

 

 
 

 

 
 

3.87

 
 

 

 
 

 

 
 

 

 
 

21.44

 
 

 

 
 

 

 
 

 

 
 

0.93

 
 

 

 
 

 

 
 

 

 
 

1.19

 
 

 

 
 

Treatment and refining charges

 
 

 

 
 

(8

 
 

)

 
 

 

 
 

 

 
 

(0.14

 
 

)

 
 

 

 
 

 

 
 

(1.59

 
 

)

 
 

 

 
 

 

 
 

(0.04

 
 

)

 
 

 

 
 

 

 
 

(0.23

 
 

)

 
 

Net

 
 

$

 
 

1,936

 
 

 

 
 

 

 
 

$

 
 

3.73

 
 

 

 
 

 

 
 

$

 
 

19.85

 
 

 

 
 

 

 
 

$

 
 

0.89

 
 

 

 
 

 

 
 

$

 
 

0.96

 
 

 

 
 
         
 

  (1)

 
 

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

 
 

  (2)

 
 

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

 
 

  (3)

 
 

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

 
 

   Gold by-product metrics   

 

Copper, silver, lead, zinc and molybdenum are by-products often obtained during the process of extracting and processing the primary ore-body. In our GAAP Consolidated Financial Statements, the value of these by-products is recorded as a credit to our CAS and the value of the primary ore is recorded as Sales. In certain instances, copper, silver, lead and zinc are co-products, or a significant resource in the primary ore-body, and the revenue is recorded as Sales in our GAAP Consolidated Financial Statements.

 

Gold by-product metrics are non-GAAP financial measures that serve as a basis for comparing the Company's performance with certain competitors. As Newmont's operations are primarily focused on gold production, "Gold by-product metrics" were developed to allow investors to view Sales, CAS per ounce and AISC per ounce calculations that classify all copper, silver, lead, zinc and molybdenum production as a by-product, even when copper, silver, lead or zinc is a significant resource in the primary ore-body. These metrics are calculated by subtracting copper, silver, lead and zinc sales recognized from Sales and including these amounts as offsets to CAS.

 

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

 

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

 
                                                                                                                                                                                                                                                             
 

 

 
 

  Three Months Ended
  June 30,  

 
 

 

 
 

  Six Months Ended
  June 30,  

 
 

 

 
 

  2024  

 
 

 

 
 

  2023  

 
 

 

 
 

  2024  

 
 

 

 
 

  2023  

 
 

Consolidated gold sales, net

 
 

$

 
 

3,623

 
 

 

 
 

 

 
 

$

 
 

2,380

 
 

 

 
 

 

 
 

$

 
 

6,964

 
 

 

 
 

 

 
 

$

 
 

4,683

 
 

 

 
 

Consolidated other metal sales, net

 
 

 

 
 

779

 
 

 

 
 

 

 
 

 

 
 

303

 
 

 

 
 

 

 
 

 

 
 

1,461

 
 

 

 
 

 

 
 

 

 
 

679

 
 

 

 
 

Sales

 
 

$

 
 

4,402

 
 

 

 
 

 

 
 

$

 
 

2,683

 
 

 

 
 

 

 
 

$

 
 

8,425

 
 

 

 
 

 

 
 

$

 
 

5,362

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Costs applicable to sales

 
 

$

 
 

2,156

 
 

 

 
 

 

 
 

$

 
 

1,543

 
 

 

 
 

 

 
 

$

 
 

4,262

 
 

 

 
 

 

 
 

$

 
 

3,025

 
 

 

 
 

Less: Consolidated other metal sales, net

 
 

 

 
 

(779

 
 

)

 
 

 

 
 

 

 
 

(303

 
 

)

 
 

 

 
 

 

 
 

(1,461

 
 

)

 
 

 

 
 

 

 
 

(679

 
 

)

 
 

By-product costs applicable to sales

 
 

$

 
 

1,377

 
 

 

 
 

 

 
 

$

 
 

1,240

 
 

 

 
 

 

 
 

$

 
 

2,801

 
 

 

 
 

 

 
 

$

 
 

2,346

 
 

 

 
 

Gold sold (thousand ounces)

 
 

 

 
 

1,543

 
 

 

 
 

 

 
 

 

 
 

1,211

 
 

 

 
 

 

 
 

 

 
 

3,142

 
 

 

 
 

 

 
 

 

 
 

2,419

 
 

 

 
 

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

 
 

$

 
 

892

 
 

 

 
 

 

 
 

$

 
 

1,024

 
 

 

 
 

 

 
 

$

 
 

891

 
 

 

 
 

 

 
 

$

 
 

970

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Total AISC

 
 

$

 
 

2,957

 
 

 

 
 

 

 
 

$

 
 

2,157

 
 

 

 
 

 

 
 

$

 
 

5,835

 
 

 

 
 

 

 
 

$

 
 

4,169

 
 

 

 
 

Less: Consolidated other metal sales, net

 
 

 

 
 

(779

 
 

)

 
 

 

 
 

 

 
 

(303

 
 

)

 
 

 

 
 

 

 
 

(1,461

 
 

)

 
 

 

 
 

 

 
 

(679

 
 

)

 
 

By-product AISC

 
 

$

 
 

2,178

 
 

 

 
 

 

 
 

$

 
 

1,854

 
 

 

 
 

 

 
 

$

 
 

4,374

 
 

 

 
 

 

 
 

$

 
 

3,490

 
 

 

 
 

Gold sold (thousand ounces)

 
 

 

 
 

1,543

 
 

 

 
 

 

 
 

 

 
 

1,211

 
 

 

 
 

 

 
 

 

 
 

3,142

 
 

 

 
 

 

 
 

 

 
 

2,419

 
 

 

 
 

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

 
 

$

 
 

1,412

 
 

 

 
 

 

 
 

$

 
 

1,531

 
 

 

 
 

 

 
 

$

 
 

1,392

 
 

 

 
 

 

 
 

$

 
 

1,443

 
 

 

 
 
   
 

  (1)

 
 

Per ounce measures may not recalculate due to rounding.

 
 

  Conference Call Information  

 

A conference call will be held on Thursday, July 25, 2024 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time); it will also be available on the Company's website.

 
                                         
 

  Conference Call Details  

 
 
 

Dial-In Number

 
 

 

 
 

833.470.1428

 
 

Intl Dial-In Number

 
 

 

 
 

404.975.4839 1

 
 

Dial-In Access Code

 
 

 

 
 

688614

 
 

Conference Name

 
 

 

 
 

Newmont

 
 

Replay Number

 
 

 

 
 

866.813.9403

 
 

Intl Replay Number

 
 

 

 
 

929.458.6194

 
 

Replay Access Code

 
 

 

 
 

757808

 
 

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

 

  Webcast Details  

 

Title: Newmont Second Quarter 2024 Earnings Conference Call

 

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

 

The webcast materials will be available after market close on Wednesday, July 24, 2024, on the "Investor Relations" section of the Company's website, Newmont.com . Additionally, the conference call will be archived for a limited time on the Company's website.

 

  About Newmont  

 

Newmont is the world's leading gold company and a producer of copper, zinc, lead, and silver. The company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925.

 

   Cautionary Statement Regarding Forward Looking Statements, Including Outlook Assumptions:   

 

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as "anticipate," "intend," "plan," "will," "would," "estimate," "expect," "believe," "pending" or "potential." Forward-looking statements in this news release may include, without limitation, (i) estimates of future production and sales, including production outlook, average future production and upside potential, including our Full Potential initiatives and synergies; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures, including development and sustaining capital; (iv) expectations regarding the Tanami Expansion 2, Ahafo North and Cadia Block Caves projects, including, without limitation, expectations for production, milling, costs applicable to sales and all-in sustaining costs, capital costs, mine life extension, construction completion commercial production, and other timelines; (v) any share and debt repurchases; (vi) estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, Full Potential and productivity improvements, and future cash flow enhancements through portfolio optimization, (vii) expectations regarding future exploration and the development, growth and potential of Newmont Corporation's ("Newmont"), project pipeline and investments; (viii) expectations regarding future investments or divestitures, including of non-core assets and assets designated as held for sale; (ix) expectations regarding free cash flow and returns to stockholders, including with respect to future dividends and future share repurchases, the dividend framework and expected payout levels; (x) expectations regarding future mineralization, including, without limitation, expectations regarding reserves and recoveries; (xi) expectations regarding organic growth in our operations; and (xii) other outlook. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to U.S. dollar and Canadian dollar to U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Such uncertainties could result in operating sites being placed into care and maintenance and impact estimates, costs and timing of projects. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities.

 

Future dividends beyond the dividend payable on September 30, 2024 to holders of record at the close of business on September 5, 2024 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. Management's expectations with respect to future dividends are "forward-looking statements" and the Company's dividend policy is non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont's financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board.

 

For a more detailed discussion of such risks and other factors that might impact future looking statements, see the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the "SEC") on February 29, 2024, under the heading "Risk Factors", and other factors identified in the Company's reports filed with the SEC, available on the SEC website or at www.newmont.com . The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk. Investors are also encouraged to review our Form 10-Q for the quarter ended June 30, 2024, expected to be filed on, or about July 25, 2024.

 

   Notice Regarding Reserve and Resource:   

 

Unless otherwise stated herein, the reserves stated in this release represent estimates at December 31, 2023, which could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on metal prices and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. Additionally, resource does not indicate proven and probable reserves as defined by the SEC or the Company's standards. Estimates of measured, indicated and inferred resource are subject to further exploration and development, and are, therefore, subject to considerable uncertainty. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. The Company cannot be certain that any part or parts of the resource will ever be converted into reserves. For additional information on our reserves and resources, please see Item 2 of the Company's Form 10-K, filed on February 29, 2024 with the SEC.

 

  

  

 

  Investor Contact - Global  
Neil Backhouse
investor.relations@newmont.com  

Investor Contact - Asia Pacific  
Natalie Worley
apac.investor.relations@newmont.com  

Media Contact - Global  
Jennifer Pakradooni
globalcommunications@newmont.com  

Media Contact - Asia Pacific  
Rosalie Cobai
australiacommunications@newmont.com  

 

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