Pinnacle Silver and Gold (TSXV:PINN) stands out as a promising precious metals explorer with its strategic focus on high-potential projects in North and South America. The company presents a compelling investment opportunity in the precious metals sector as it continues to advance its existing projects and pursue new opportunities, offering investors an attractive entry point into the dynamic world of silver and gold exploration.
The company is strategically positioned to capitalize on the growing demand for these valuable resources driven by several key factors including a robust pipeline of projects at various stages of exploration and development and effective capital management practices.
El Potrero lies within 35 km of four operating mines, including the 4,000 tons-per-day (tpd) Ciénega mine by Fresnillo, Luca Mining’s 1,000 tpd Tahuehueto mine, and the 250 tpd Topia mine owned by Guanajuato Silver. The El Potrero property had undergone small-scale production from 1989 to 1990 and contains a 100 tpd plant that can be refurbished/rebuilt at relatively low cost.
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Pinnacle Silver and Gold presents a compelling investment opportunity in the precious metals sector as it continues to advance its existing projects and pursue new opportunities, offering investors an attractive entry point into the dynamic world of silver and gold exploration.
Pinnacle Silver and Gold (TSXV:PINN) stands out as a promising player in the precious metals exploration sector. With its strategic focus on high-potential projects, commitment to responsible mining practices, and experienced leadership team, the company is well-positioned for growth.
As an exploration company focused on silver and gold projects in the Americas, Pinnacle is strategically positioned to capitalize on the growing demand for these valuable resources. The company's investment appeal stems from several key factors:
The company’s business strategy involves the acquisition of past-producing mines that can be put back into production quickly to generate cash flow. By focusing on high-grade, underground mines, Pinnacle can leverage low capex, a smaller operational footprint, easier and faster permitting process and protection against metal price volatility. At the same time, the company conducts brownfield exploration for resource expansion, increasing its potential for district-scale discovery.
Pinnacle's emphasis on creating shareholder value is evident in its approach to project selection and development. The company's portfolio is carefully curated to balance near-term production potential with long-term growth prospects, offering investors exposure to both immediate returns and future upside.
The 100 percent owned Argosy Gold Mine project is located in the northern part of the Birch-Uchi Greenstone Belt of the Superior Province of the Precambrian Shield, and just 10 km northwest of First Mining Gold’s Springpole deposit, which contains 4.7 million ounces of gold in the indicated category. The Birch-Uchi Belt lies between the prolific Red Lake and Pickle Lake Greenstone Belts and contains similar geology. Located 110 kilometres east-northeast of Red Lake, the property hosts the most significant past-producing gold mine in the Birch-Uchi Belt, with 101,875 oz of gold produced at 12.7 grams per ton (g/t) between 1931 and 1952.
Diamond drilling in October 2002 by a previous operator confirmed the extension of the gold mineralization below the old workings with intercepts of 11.75 g/t over 1.55 m and 14.39 g/t over 0.7 m on the Number 2 Vein, 100 m below the old mine development. Additional intercepts of 14.67 g/t over 1.7 m on the Number 3 Vein, and 12.02 g/t over 1.29 m on the Number 8 Vein highlight the potential to build resources on parallel, un-mined veins.
There is exceptional exploration potential on the property and the company is actively expanding its exploration efforts to delineate the full extent of the mineralization.
The 3,850 hectare, 100 percent owned North Birch gold project lies in the northwestern corner of the Birch-Uchi Greenstone Belt in the Red Lake mining division of northwestern Ontario, roughly 110 km northeast of the town of Red Lake. The Birch-Uchi Belt is considered to have similar geology to the Red Lake Belt but has seen less exploration and is about three times larger. The North Birch project covers a geological setting identified from airborne magnetic surveys and interpreted as a favorable environment for gold mineralization. The property covers an intensely folded and sheared iron formation similar in appearance to the one hosting Newmont Goldcorp’s Musselwhite Mine (past production, reserves and resources exceed 8 million ounces of gold), some 190 kilometers to the northeast. In addition, the stratigraphy underlying the bulk of both properties is interpreted as Cycle I volcanics, which are thought by some workers to be equivalent to the Balmer Assemblage, host of the prolific Campbell/Red Lake gold orebody (more than 20 million ounces of gold in past production and reserves) in the adjacent Red Lake Greenstone Belt.
Located about 4 km from the Argosy Gold Mine, North Birch has undergone minimal previous exploration, making it a largely grassroots prospect. The property covers an interpreted geological setting that is considered to be highly prospective for both iron formation hosted and high-grade quartz vein hosted gold mineralization.
In a strategic move to diversify its portfolio, Pinnacle has signed a letter of intent for an option to acquire a high-grade El Potrero gold-silver project in the Sierra Madre Trend of Mexico. This expansion underscores the company's commitment to growth and its ability to identify and secure promising opportunities in key mining jurisdictions.
El Potrero lies within 35 km of four operating mines, including the 4,000 tons-per-day (tpd) Ciénega mine by Fresnillo, Luca Mining’s 1,000 tpd Tahuehueto mine, and the 250 tpd Topia mine owned by Guanajuato Silver. The El Potrero property had undergone small-scale production from 1989 to 1990 and contains a 100 tpd plant that can be refurbished/rebuilt at relatively low cost.
The property hosts a 4 km strike length of a northwest-southeast trending epithermal vein system with high-grade gold and silver mineralization. The veins are brecciated and hosted in andesitic volcanics of the Tertiary Lower Volcanic Series near the contact with the overlying Upper Volcanic Series. Multiple small mines, accessible by adits into the side of the hill, exist along the system and some have been exploited in the 1980’s and possibly before. Vein widths are reported to be in the 0.5 to 10 meter range. Vein textures indicate the mines may be sitting fairly high in the epithermal system implying good potential to extend the mineralization to depth.
Under the terms of the agreement, Pinnacle will earn an initial 50 percent interest immediately upon commencing production. The goal would then be to generate sufficient cash flow with which to further develop the project and increase the company’s ownership to 100 percent subject to a 2 percent NSR. If successful, this approach would be less dilutive for shareholders than relying on the still challenging equity markets to finance the growth of the company.
Robert Archer has more than 40 years’ experience in the mining industry, working throughout the Americas. After spending more than 15 years with major mining companies, Archer held several senior management positions in the junior mining sector and co-founded Great Panther Mining, a mid-tier precious metals producer, where he served as president and CEO from 2004 to 2017 and director until 2020. He joined Pinnacle as a director in March 2018 followed by his appointment as CEO in January 2019 and president in October 2021. Archer is a professional geologist and holds an Honours BSc from Laurentian University in Sudbury, Ontario.
David Cross is a CPA and CGA with over 21 years’ experience in the junior sector with a focus on finance and corporate governance. He is currently a partner of Cross Davis and Company LLP Chartered Professional Accountant, which specializes in accounting and management services for private and publicly listed companies within the mining industry, and has recently been appointed CFO of Ashburton Ventures.
Colin Jones is principal consultant for Orimco Resource Investment Advisors in Perth, Australia. He has almost 40 years’ experience as a mining, exploration and consulting geologist in a number of different geological environments on all continents. He has managed large exploration and due diligence projects, and has undertaken numerous bankable technical audits, technical valuations, independent expert reports and due diligence studies worldwide, most of which were on behalf of major international resource financing institutions and banks. Jones holds a Bachelor of Science (Earth Sciences) degree from Massey University, NZ.
David Salari has worldwide experience in the design, construction and operation of extractive metallurgical plants. He is an engineer with more than 35 years of experience in the mining and mineral processing field. He is currently the president and CEO of DENM Engineering.
Ron Schmitz is the principal and president of ASI Accounting Services, providing administrative, accounting and office services to public and private companies since July 1995. Schmitz has served as a director and/or chief financial officer of various public companies since 1997, and currently holds these positions with various public and private companies.
District-scale silver-gold exploration and development in the Americas
(TheNewswire)
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VANCOUVER, BRITISH COLUMBIA TheNewswire - April 17, 2025 (TSXV: PINN, OTC: NRGOF, Frankfurt: X6C) Pinnacle Silver and Gold Corp. (" Pinnacle " or the " Company ") is pleased to provide an update on progress at the recently acquired high-grade gold-silver El Potrero property in Durango, Mexico (see Pinnacle news releases dated February 24 and 25, 2025 ).
Phase I field work commenced within a week of signing the Definitive Agreement and is progressing well. Surface mapping has extended the vein system along strike to the northwest for approximately 1,100 metres from the Dos de Mayo Mine and 46 samples have been taken for analyses. Cleaning of the underground workings at the historic Pinos Cuates, La Dura and Dos de Mayo Mines has been completed, and the Pinos Cuates Mine has been mapped and sampled, with 86 samples being taken of the vein system as it is exposed underground. All 132 samples have been submitted to the SGS lab in Durango City.
In addition, access roads to the project and up to the mine portals have been cleared. The plant has been almost completely cleaned up, and an inspection is being planned to assess the approximate cost and schedule to get it ready for production again.
"We are very pleased with the progress our team has been making on site in the short time we have been on the property," stated Robert Archer, Pinnacle's President & CEO. "Our geological crew has established themselves in the nearby village of Manzanillas, only three kilometres away and we are already providing much needed jobs for the local people. As such, community relations are starting out on a positive note. Having said that, the plant and mines sit on private property such that permitting should be easier when the time comes. Going forward, underground mapping and sampling at the historic La Dura and Dos de Mayo mines will continue and surface mapping will focus on the southeastern extension of the vein system and identifying parallel or splay veins along the entire strike length."
Surface mapping to date has identified the dominant lithologies as comprising an andesitic volcanic sequence with alternating flows and breccias. The units belong to the upper part of the Lower Volcanic Series, the preferred and most common host for gold and silver mineralization in the Sierra Madre Belt. There is a strong northwest-southeast structural trend hosting the vein system at El Potrero that parallels the regional trend of the Sierra Madre. To date, several sub-parallel veins have been identified on the southwest side of the Pinos Cuates mine, indicating that the vein system is at least 125 metres wide at this locality. Vein widths have been measured as ranging from 0.50 metres on surface up to 7 metres underground at Pinos Cuates.
Most of the samples taken at the historic Pinos Cuates Mine consist of vein breccia with angular clasts of variable composition, clasts of colloform quartz, chalcedonic quartz, and bands of opaque quartz with a black mineral, thought to be ginguro (very fine grained silver-gold mineralization). The footwall rocks are andesite with strong chlorite-pyrite alteration, whereas a felsic dike with porphyritic texture has been observed in the hanging wall of the veins both underground and on surface, implying a long and active period of hydrothermal activity.
Figure 1: Regional location map of the Potrero Project, Durango, Mexico
Click Image To View Full Size
Figure 2: Preliminary geology of the Potrero Project showing vein projections and historic mines
As reported in Pinnacle news release of March 18, 2025 , preliminary sampling of mineralized veins containing ginguro bands at Pinos Cuates returned an arithmetic average from four chip channel samples of 8.04 g/t gold (Au) and 146 g/t silver (Ag) ( chip samples, by their nature, are selected samples and may not represent a true reflection of actual grade) , consistent with the historic production grades reported by the vendors, and the historic resource estimate of 45,561 tonnes at 8.0 g/t Au and 186 g/t Ag . These resources are historical in nature and Pinnacle is not treating these estimates as current mineral resources as a qualified person on behalf of Pinnacle has not done sufficient work to classify them as current mineral resources.
Click Image To View Full Size
Figure 3: Longitudinal section, looking southwest, of underground workings at the Potrero Project.
Once assays are received (approximately 3 weeks), results will be interpreted in the context of the mapping in order to determine the structural controls on gold-silver mineralization, as the highest grades tend to occur in ‘shoots'. Once these are better defined, a diamond drilling program can be planned to systematically test these areas for continuity.
Preliminary discussions are underway with geophysical contractors regarding the flying of a LiDAR (Light Detection and Ranging) survey over the entire property. LiDAR is a remote-sensing and laser technology that ‘sees' through overburden and maps out the rock subsurface in a way that allows for the interpretation of structural features that can be important in controlling gold-silver mineralization. This interpretation will also be used in the planning of upcoming drill programs.
In due course, discussions will be held with the federal electrical commission to extend the power line to the plant site, a distance of only about three kilometres.
Pinnacle has granted an aggregate of 500,000 incentive stock options to certain consultants of the Company, pursuant to the Company's Stock Option Plan and subject to TSXV approval, at a price of $0.05 and expiring on April 17, 2030. The incentive stock options will vest 25% each quarter over a 12-month period.
QA/QC
The technical results contained in this news release have been reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Pinnacle has implemented industry standard practices for sample preparation, security and analysis given the stage of the Project. This has included common industry QA/QC procedures to monitor the quality of the assay database, including inserting certified reference material samples and blank samples into sample batches on a predetermined frequency basis.
The non-systematic chip channel sampling was completed across exposed mineralized structures using a hammer and maul. The protocol for sample lengths established that they were not longer than two metres or shorter than 0.3 metres. The veins tend to be steeply dipping to vertical, and so these samples are reasonably close to representing the true widths of the structures. Samples were collected along the structural strike or oblique to the main structural trend.
All samples were bagged in pre-numbered plastic bags; each bag had a numbered tag inside and were tied off with adhesive tape and then bulk bagged in rice bags in batches not to exceed 40 kg. They were then numbered, and batch bags were tied off with plastic ties and delivered directly to the SGS laboratory facility in Durango, Mexico for preparation and analysis. The lab is accredited to ISO/IEC 17025:2017. All Samples were delivered in person by the contract geologist who conducted the sampling under the supervision of the QP.
SGS sample preparation code G_PRP89 including weight determination, crushing, drying, splitting, and pulverizing was used following industry best practices where all samples were crushed to 75% less than 2 mm, riffle split off 250 g, pulverized split to >85% passing 75 microns (μm). All samples were analyzed for gold using code GA_FAA30V5 with a Fire Assay determination on 30g samples with an Atomic Absorption Spectography finish. An ICP-OES analysis package (Inductively Coupled Plasma - Optical Emission Spectrometry) including 33 elements and 4-acid digestion was performed (code GE_ICP40Q12) to determine Ag, Zn, Pb, Cu and other elements.
Qualified Person
Mr. Jorge Ortega, P. Geo, a Qualified Person, and independent from Pinnacle, as defined by National Instrument 43-101, and the author of the NI 43-101 Technical Report for the Potrero Project, has reviewed, verified and approved for disclosure the technical information contained in this news release.
About the Potrero Property
El Potrero is located in the prolific Sierra Madre Occidental of western Mexico and lies within 35 kilometres of four operating mines, including the 4,000 tonnes per day (tpd) Ciénega Mine (Fresnillo), the 1,000 tpd Tahuehueto Mine (Luca Mining) and the 250 tpd Topia Mine (Guanajuato Silver).
High-grade gold-silver mineralization occurs in a low sulphidation epithermal breccia vein system hosted within andesites of the Lower Volcanic Series and has three historic mines along a 500 metre strike length. A historic resource based upon underground sampling of those three mines is reported to consist of 45,561 tonnes at 8.0 g/t gold and 186 g/t silver. The property has been in private hands for almost 40 years and has never been drilled or explored by modern methods, leaving significant exploration potential.
A 100 tpd plant on site can be refurbished / rebuilt and historic underground mine workings rehabilitated at relatively low cost in order to achieve near-term production once permits are in place. The property is road accessible with a power line within three kilometres. Surface rights over the plant and mine area are privately owned (no community issues).
Pinnacle will earn an initial 50% interest immediately upon commencing production. The goal would then be to generate sufficient cash flow with which to further develop the project and increase the Company's ownership to 100% subject to a 2% NSR. If successful, this approach would be less dilutive for shareholders than relying on the still challenging equity markets to finance the growth of the Company.
About Pinnacle Silver and Gold Corp.
Pinnacle is focused on district-scale exploration for precious metals in the Americas. The addition of the high-grade Potrero gold-silver project in Mexico's Sierra Madre Belt complements the Company's project portfolio and provides the potential for near-term production . In the prolific Red Lake District of northwestern Ontario, the Company owns a 100% interest in the past-producing, high-grade Argosy Gold Mine and the adjacent North Birch Project with an eight-kilometre-long target horizon . With a seasoned, highly successful management team and quality projects, Pinnacle Silver and Gold is committed to building long -term , sustainable value for shareholders.
Signed: "Robert A. Archer"
President & CEO
For further information contact :
Email: info@pinnaclesilverandgold.com
Tel.: +1 (877) 271-5886 ext. 110
Website: www.pinnaclesilverandgold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Pinnacle Silver & Gold (TSXV: PINN) (OTC Pink: NRGOF Advancing high-grade gold and silver exploration in Mexico, Pinnacle Silver and Gold is focused on revitalizing a past-producing asset in a well-established mining district. With existing infrastructure in place and a strategic plan to restart production within the next few years, the company is positioned to generate near-term cash flow while expanding its resource base for long-term growth.
Pinnacle Silver & Gold (TSXV: PINN) (OTC Pink: NRGOF)
https://pinnaclesilverandgold.com/
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VANCOUVER, BRITISH COLUMBIA, March 18, 2025 TheNewswire - (TSXV: PINN, OTC: NRGOF, Frankfurt: X6C) Pinnacle Silver and Gold Corp. (" Pinnacle " or the " Company ") is pleased to provide further details on the preliminary underground sampling program that was conducted as part of the due diligence work on the recently acquired high-grade gold-silver El Potrero property in Durango, Mexico (see Pinnacle news releases dated February 24 and 25, 2025). The Company also announces that Phase I field work has commenced on the project.
Preliminary sampling of mineralized veins containing grey-black ginguro bands (very fine grained silver-gold mineralization) in the Pinos Cuates Mine returned an arithmetic average from four chip channel samples (see Table 1 below) of 8.04 g/t gold (Au) and 146 g/t silver (Ag) (9.70 g/t Au Equivalent or 853 g/t Ag Equivalent 1 ), consistent with the historic production grades reported verbally by the vendors, and the historic resource estimate of 45,561 tonnes at 8.0 g/t Au and 186 g/t Ag (10.1 g/t Au Eq or 890 g/t Ag Eq 1 ). These resources are historical in nature and Pinnacle is not treating these estimates as current mineral resources as a qualified person on behalf of Pinnacle has not done sufficient work to classify them as current mineral resources.
Table 1: Mineralized Samples from the Pinos Cuates Mine
Sample Length (metres) | Gold (g/t) | Silver (g/t) | Gold Equivalent (g/t) 1 | Silver Equivalent (g/t) 1 |
0.9 | 9.32 | 254 | 12.21 | 1,074 |
0.8 | 8.21 | 153 | 9.95 | 875 |
1.4 | 7.92 | 63 | 8.64 | 760 |
0.3 | 6.71 | 113 | 7.99 | 703 |
1 Gold and silver equivalents calculated using a gold:silver price ratio of 88 (i.e. 88 g/t silver = 1 g/t gold). The metal prices used to determine the 88:1 ratio are the closing spot prices in New York on March 14, 2025: US$2,983.30/oz gold and US$33.765/oz silver.
"Having just recently closed the acquisition of the staged option on the Potrero Property, we are wasting no time in ‘hitting the ground running' on this exciting project," stated Robert Archer, Pinnacle's President & CEO. "Not only did our due diligence sampling confirm the high-grade nature of the gold-silver mineralization, but the historic workings stretching over a 500 metre strike length and the absence of any drilling or other modern exploration implies significant potential for resource development on a strong epithermal vein system. Furthermore, we will immediately commence cleaning the processing plant in order to put together a budget and schedule to make it operational once again."
As part of Pinnacle's due diligence on the property, non-systematic sampling of the main exposed structures in underground workings at the Dos de Mayo, Pinos Cuates and La Dura historic mines was undertaken during two visits in October and December of 2024 (see Figure 1). The lack of any detailed surface or underground maps and the general inaccessibility of most of the old stopes containing the mineralization underground led to the non-systematic nature of the sampling. Vein exposures underground were typically less than two metres, thereby limiting the width of the veins that could be sampled. As such, professional mining contractors are being brought in to render these areas safe for a more systematic sampling program.
Click Image To View Full Size
Figure 1: Longitudinal section, looking southwest, of underground workings and vein projections at the Potrero Project.
Assays from the first visit indicated that the vein system is clearly gold- and silver-bearing, while the second visit allowed for the more precise identification of mineralized zones within the veins, particularly in the Pinos Cuates workings where an ‘upper' level, approximately 10 metres above the previous visit, was examined and sampled, yielding the results in Table 1 above. Values in the 35 underground samples ranged from 0.047 to 9.32 g/t Au and
Following the cleaning of the underground workings, the vein system will be surveyed, mapped and systematically sampled in order to determine the structural controls on gold-silver mineralization as the highest grades tend to occur in ‘shoots'. Once these are better defined, a diamond drilling program can be planned to systematically test these areas for continuity. As no drilling has been conducted previously, the vein system is open in all directions.
While the underground workings are being rehabilitated, surface mapping will get underway to trace out the vein system and gain a better understanding of the geological setting. Initially, this work will focus on the area above the historic mines then work out along strike to the northwest and southeast. From observations made during the due diligence period, the veins appear to splay along strike and several parallel veins exist both on the property and on neighbouring ground, suggesting that the system may be more extensive than initially realized.
Given the importance of structure in these types of vein systems, a LiDAR (Light Detection and Ranging) survey is being planned for the entire property. LiDAR is a remote-sensing and laser technology that ‘sees' through overburden and maps out the rock subsurface in a way that allows for the interpretation of structural features that can be important in controlling gold-silver mineralization. This interpretation will also be used in the planning of upcoming drill programs.
Roads on the property are being rehabilitated and the campsite will be cleaned and rebuilt. In due course, discussions will be held with the federal electrical commission to extend the power line to the plant site, a distance of only about three kilometres.
QA/QC
The assay results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Pinnacle has implemented industry standard practices for sample preparation, security and analysis given the stage of the Project. This has included common industry QA/QC procedures to monitor the quality of the assay database, including inserting certified reference material samples and blank samples into sample batches on a predetermined frequency basis.
Non-systematic chip channel sampling was completed across the exposed mineralized structures using a hammer and maul. The protocol for sample lengths established that they were not longer than two metres or shorter than 0.3 metres. The veins tend to be steeply dipping to vertical, and so these samples are reasonably close to representing the true widths of the structures. Samples were collected along the structural strike or oblique to the main structural trend.
All samples were bagged in pre-numbered plastic bags; each bag had a numbered tag inside and were tied off with adhesive tape and then bulk bagged in rice bags in batches not to exceed 40 kg. They were then numbered, and batch bags were tied off with plastic ties and delivered directly to the SGS laboratory facility in Durango, Mexico for preparation and analysis. The lab is accredited to ISO/IEC 17025:2017. All Samples were delivered in person by the contract geologist who conducted the sampling under the supervision of the QP.
SGS sample preparation code G_PRP89 including weight determination, crushing, drying, splitting, and pulverizing was used following industry best practices where all samples were crushed to 75% less than 2 mm, riffle split off 250 g, pulverized split to >85% passing 75 microns (μm). All samples were analyzed for gold using code GA_FAA30V5 with a Fire Assay determination on 30g samples with an Atomic Absorption Spectography finish. An ICP-OES analysis package (Inductively Coupled Plasma - Optical Emission Spectrometry) including 33 elements and 4-acid digestion was performed (code GE_ICP40Q12) to determine Ag, Zn, Pb, Cu and other elements.
Qualified Person
Mr. Jorge Ortega, P. Geo, a Qualified Person, and independent from Pinnacle, as defined by National Instrument 43-101, and the author of the NI 43-101 Technical Report for the Potrero Project, has reviewed, verified and approved for disclosure the technical information contained in this news release.
About the Potrero Property
El Potrero is located in the prolific Sierra Madre Occidental of western Mexico and lies within 35 kilometres of four operating mines, including the 4,000 tonnes per day (tpd) Ciénega Mine (Fresnillo), the 1,000 tpd Tahuehueto Mine (Luca Mining) and the 250 tpd Topia Mine (Guanajuato Silver).
High-grade gold-silver mineralization occurs in a low sulphidation epithermal breccia vein system hosted within andesites of the Lower Volcanic Series and has three historic mines along a 500 metre strike length. A historic resource based upon underground sampling of those three mines is reported to consist of 45,561 tonnes at 8.0 g/t gold and 186 g/t silver. The property has been in private hands for almost 40 years and has never been drilled or explored by modern methods, leaving significant exploration potential.
A 100 tpd plant on site can be refurbished / rebuilt and historic underground mine workings rehabilitated at relatively low cost in order to achieve near-term production once permits are in place. The property is road accessible with a power line within three kilometres. Surface rights over the plant and mine area are privately owned (no community issues).
Pinnacle will earn an initial 50% interest immediately upon commencing production. The goal would then be to generate sufficient cash flow with which to further develop the project and increase the Company's ownership to 100% subject to a 2% NSR. If successful, this approach would be less dilutive for shareholders than relying on the still challenging equity markets to finance the growth of the Company.
About Pinnacle Silver and Gold Corp.
Pinnacle is focused on district-scale exploration for precious metals in the Americas. The addition of the high-grade Potrero gold-silver project in Mexico's Sierra Madre Belt complements the Company's project portfolio and provides the potential for near-term production . In the prolific Red Lake District of northwestern Ontario, the Company owns a 100% interest in the past-producing, high-grade Argosy Gold Mine and the adjacent North Birch Project with an eight-kilometre-long target horizon . With a seasoned, highly successful management team and quality projects, Pinnacle Silver and Gold is committed to building long -term , sustainable value for shareholders.
Signed: "Robert A. Archer"
President & CEO
For further information contact :
Email: info@pinnaclesilverandgold.com
Tel.: +1 (877) 271-5886 ext. 110
Website: www.pinnaclesilverandgold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
News Provided by PR Newswire via QuoteMedia
(TheNewswire)
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VANCOUVER, BRITISH COLUMBIA, February 25, 2025 TheNewswire - (TSXV: PINN, OTC: NRGOF, Frankfurt: X6C) Pinnacle Silver and Gold Corp. (" Pinnacle " or the " Company ") announces that, further to the Company's news releases dated October 28, 2024, December 10, 2024, January 29, 2025 and February 24, 2025, it has closed its non-brokered private placement and the associated staged option to acquire up to a 100% interest in the Potrero property in Durango, Mexico (the "Acquisition"). For more information on the Acquisition, please refer to the Company's news release of February 24, 2025.
The Part-and-Parcel private placement was fully subscribed and raised gross proceeds of $800,000, subject to final TSXV approval. The placement consists of 20,000,000 units (the "Units") at a price of $0.04 per Unit, with each Unit comprising one common share ("Share") in the capital of the Company and one-half share purchase warrant ("Warrant"), whereby each whole Warrant shall be convertible into an additional Share at an exercise price of $0.06 for a period of 24 months from the date of issuance. No f inder's fees were paid.
The net proceeds raised from the Financing will be used for exploration and development of the Potrero Project, payment of the back-taxes, and for working capital.
All securities to be issued will be subject to a four-month hold period from the date of issuance and subject to TSX Venture Exchange approval. The securities offered have not been registered under the United States Securities Act of 1933 , as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
Insiders subscribed for an aggregate of 648,500 Units for a total of $25,940. As insiders of Pinnacle participated in the financing, it is deemed to be a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61- 101"). Pinnacle is relying on the exemptions from the formal valuation and minority approval requirements contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transaction does not exceed 25% of the Company's market capitalization. The Company will be filing a material change report in respect of the related party transaction on SEDAR.
Subject to final TSXV approval, it is anticipated that the Company's share will resume trading effective at the open on February 28, 2025.
About Pinnacle Silver and Gold Corp.
Pinnacle is focused on district-scale exploration for precious metals in the Americas. The addition of the high-grade Potrero gold-silver project in Mexico's Sierra Madre Belt will complement the Company's project portfolio and provide the potential for near-term production . In the prolific Red Lake District of northwestern Ontario, the Company owns a 100% interest in the past-producing, high-grade Argosy Gold Mine and the adjacent North Birch Project with an eight-kilometre-long target horizon . With a seasoned, highly successful management team and quality projects, Pinnacle Silver and Gold is committed to building long -term , sustainable value for shareholders.
Signed: "Robert A. Archer"
President & CEO
For further information contact :
Email: info@pinnaclesilverandgold.com
Tel.: +1 (877) 271-5886 ext. 110
Website: www.pinnaclesilverandgold.com
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Walker Lane Resources (TSXV:WLR) is executing an exploration strategy focused on advancing high-impact projects across premier North American mining jurisdictions. The company’s portfolio spans the prolific Walker Lane Gold Trend in Nevada, as well as key exploration assets in British Columbia, the Yukon, and Newfoundland.
Near-term efforts are centered on two high-priority, drill-ready targets — Tule Canyon in Nevada and Amy in British Columbia — supported by the continued advancement of Silver Hart, Walker Lane’s flagship silver-lead-zinc asset in the Yukon, toward a development decision. All projects are accessible by road, enabling cost-effective exploration and streamlined logistics.
With a lean capital structure, high-grade and scalable assets, and a clear path from discovery through to early-stage development, Walker Lane is well-positioned to unlock significant value and deliver strong returns for shareholders. The company represents a compelling growth opportunity in the junior mining sector.
This Walker Lane Resources profile is part of a paid investor education campaign.*
Click here to connect with Walker Lane Resources (TSXV:WLR) to receive an Investor Presentation
Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) today announced first quarter 2025 results and declared a dividend of $0.25 1 per share.
"Following on from a robust fourth quarter performance, Newmont has delivered 1.5 million attributable gold ounces and generated a record first quarter free cash flow of $1.2 billion, demonstrating the strength of our unrivaled Tier 1 Portfolio," said Tom Palmer, Newmont's President and Chief Executive Officer. "We also successfully completed our non-core divestiture program, generating up to $4.3 billion in total gross proceeds including over $2.5 billion of after-tax cash proceeds in the first half of 2025. With these significant achievements and a solid start to the year, we remain firmly on track to meet our 2025 guidance, continuing on our journey towards creating the world's leading gold and copper portfolio for the benefit of our shareholders."
Q1 2025 Results
| _____________________________ |
1 Newmont's Board of Directors declared a dividend of $0.25 per share of common stock for the first quarter of 2025, payable on June 20, 2025 to holders of record at the close of business on May 27, 2025. |
2 Non-GAAP metrics; see reconciliations at the end of this release. |
3 See discussion of guidance, including the definition of the Tier 1 Portfolio, and cautionary statement at the end of this release regarding forward-looking statements. |
4 All previously announced operating sites have been divested, with the Coffee development project remaining designated as held for sale. No agreement has been reached with respect to Coffee as of the date of this release. |
5 Total liquidity as of March 31, 2025 includes $0.1 billion in cash for assets held for sale and $4.0 billion available on a revolving credit facility |
6 Total debt purchases include $22 million in April 2025. |
Summary of First Quarter Results
2024 | 2025 | ||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY | Q1 | YTD | |||||||||||
Average realized gold price ($/oz) | $ | 2,090 | $ | 2,347 | $ | 2,518 | $ | 2,643 | $ | 2,408 | $ | 2,944 | $ | 2,944 | |||
Attributable gold production (Moz) 1 | 1.68 | 1.61 | 1.67 | 1.90 | 6.85 | 1.54 | 1.54 | ||||||||||
Gold CAS ($/oz) 2,3 | $ | 1,057 | $ | 1,152 | $ | 1,207 | $ | 1,096 | $ | 1,126 | $ | 1,227 | $ | 1,227 | |||
Gold AISC ($/oz) 3 | $ | 1,439 | $ | 1,562 | $ | 1,611 | $ | 1,463 | $ | 1,516 | $ | 1,651 | $ | 1,651 | |||
Net income (loss) attributable to Newmont stockholders ($M) | $ | 170 | $ | 853 | $ | 922 | $ | 1,403 | $ | 3,348 | $ | 1,891 | $ | 1,891 | |||
Adjusted net income ($M) 4 | $ | 630 | $ | 834 | $ | 936 | $ | 1,591 | $ | 3,991 | $ | 1,404 | $ | 1,404 | |||
Adjusted net income per share ($/diluted share) 4 | $ | 0.55 | $ | 0.72 | $ | 0.81 | $ | 1.40 | $ | 3.48 | $ | 1.25 | $ | 1.25 | |||
Adjusted EBITDA ($M) 4 | $ | 1,694 | $ | 1,966 | $ | 1,967 | $ | 3,048 | $ | 8,675 | $ | 2,629 | $ | 2,629 | |||
Cash from operations before working capital ($M) 5 | $ | 1,442 | $ | 1,657 | $ | 1,846 | $ | 2,398 | $ | 7,343 | $ | 2,172 | $ | 2,172 | |||
Net cash from operating activities of continuing operations ($M) | $ | 776 | $ | 1,394 | $ | 1,637 | $ | 2,511 | $ | 6,318 | $ | 2,031 | $ | 2,031 | |||
Capital expenditures ($M) 6 | $ | 850 | $ | 800 | $ | 877 | $ | 875 | $ | 3,402 | $ | 826 | $ | 826 | |||
Free cash flow ($M) 7 | $ | (74 | ) | $ | 594 | $ | 760 | $ | 1,636 | $ | 2,916 | $ | 1,205 | $ | 1,205 | ||
First Quarter 2025 Production and Financial Summary
Attributable gold production 1 decreased 19 percent to 1,537 thousand ounces from the prior quarter as expected, primarily due to reduced contributions from non-core operations, which included only two months of production from Musselwhite, Éléonore and CC&V. Additional impacts to production included lower production at the non-managed joint venture at Nevada Gold Mines, ongoing safety improvements at Cerro Negro and planned mine sequencing at Boddington and Tanami.
Average realized gold price was $2,944 per ounce, an increase of $301 per ounce over the prior quarter. Average realized gold price includes $2,890 per ounce of gross price received, a favorable impact of $64 per ounce mark-to-market on provisionally-priced sales and reductions of $10 per ounce for treatment and refining charges.
Gold CAS 2 totaled $1.8 billion for the quarter. Gold CAS per ounce 3 increased 12 percent to $1,227 per ounce compared to the prior quarter primarily due to lower gold production, higher royalty costs and greater allocation of cost to gold at co-product producing sites due to a previously announced reserve price update, partially offset by inventory changes and lower direct operating costs.
Gold AISC per ounce 3 increased 13 percent to $1,651 per ounce compared to the prior quarter primarily due to higher CAS per ounce as expected.
Net income attributable to Newmont stockholders was $1.9 billion or $1.68 per diluted share, an increase of $488 million from the prior quarter. This increase was primarily driven by a gain on the sale of assets held for sale of $276 million compared to a loss in the prior quarter, as well as lower costs applicable to sales, and an increase in the fair value of investments and options of $291 million. These changes largely offset lower sales volumes.
Adjusted net income 4 for the quarter was $1.4 billion or $1.25 per diluted share, compared to $1.6 billion or $1.40 per diluted share in the prior quarter. Primary adjustments to first quarter net income include a net increase in the fair value of investments and options of $291 million and a net gain on the sale of assets held for sale of $276 million primarily related to the mine sales that closed in the first quarter.
Adjusted EBITDA 4 decreased 14 percent to $2.6 billion, while EBITDA increased by $307 million. The increase in EBITDA was driven by mostly by higher net income. Adjusted EBITDA excludes one-time adjustments totaling $514 million, primarily due to a net increase in the value of investments and options, as well as the net gain on the sale of assets held for sale.
Consolidated cash from operations before working capital 5 decreased 9 percent from the prior quarter to $2.2 billion primarily due to lower sales partially offset by lower cash costs.
Consolidated net cash from operating activities decreased 19 percent from the prior quarter to $2.0 billion primarily due to lower cash from operations before working capital. Net working capital outflow in the first quarter of $141 million was primarily due to a build in inventory and stockpiles of $175 million and the continued cash spend for previously accrued reclamation activities of $95 million, primarily related to the ongoing construction of the Yanacocha water treatments plants. These unfavorable working capital changes were partially offset by favorable timing of cash collections from accounts receivable of $228 million and an accrual for taxes payable of $91 million.
Free Cash Flow 7 decreased 26 percent from the prior quarter to $1.2 billion primarily due to a decrease in consolidated net cash from operating activities, including negative working capital impacts.
Balance sheet and liquidity remained strong in the first quarter, ending with $4.7 billion of consolidated cash and $67 million of cash included in Assets held for sale , with approximately $8.8 billion of total liquidity; reported net debt to adjusted EBITDA of 0.3x 8 .
Non-Managed Joint Venture and Equity Method Investments 9
Nevada Gold Mines (NGM) attributable gold production decreased 23 percent to 216 thousand ounces, with a 21 percent increase in CAS per ounce to $1,426 per ounce. AISC per ounce increased 20 percent from the prior quarter to $1,789 per ounce 3 .
Pueblo Viejo (PV) attributable gold production decreased 21 percent to 49 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $64 million in the first quarter. Capital contributions of $20 million were made during the quarter related to the expansion project at Pueblo Viejo.
Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the first quarter of 2025 increased 10 percent to 43 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $23 million for the first quarter.
___________________________________ |
1 Attributable gold production includes ounces from the Company's equity method investment in Pueblo Viejo (40%) and in Lundin Gold (32%). |
2 Consolidated Costs applicable to sales (CAS) excludes Depreciation and amortization and Reclamation and remediation. |
3 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales. |
4 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders. |
5 Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled in the Condensed Consolidated Statements of Cash Flows. |
6 Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows. |
7 Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities. |
8 Non-GAAP measure. See end of this release for reconciliation. |
9 Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag. |
Newmont's 2025 Guidance
Newmont remains on track to meet its previously published 2025 guidance. For more details, refer to the Company's Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on www.newmont.com . Please see the cautionary statement and footnotes for additional information.
Guidance Metric (+/-5%) a | 2025E | ||
Attributable Gold Production (Moz) | |||
Managed Tier 1 Portfolio | 4.2 | ||
Non-Managed Tier 1 Portfolio b | 1.4 | ||
Total Tier 1 Portfolio | 5.6 | ||
Non-Core Assets c | 0.3 | ||
Total Newmont Attributable Gold Production (Moz) | 5.9 | ||
Gold CAS ($/oz) d | |||
Managed Tier 1 Portfolio | $ | 1,170 | |
Non-Managed Tier 1 Portfolio b | $ | 1,240 | |
Total Tier 1 Portfolio | $ | 1,180 | |
Non-Core Assets | $ | 1,450 | |
Total Newmont Gold CAS ($/oz) d | $ | 1,200 | |
Gold AISC ($/oz) d | |||
Managed Tier 1 Portfolio | $ | 1,630 | |
Non-Managed Tier 1 Portfolio b | $ | 1,555 | |
Total Tier 1 Portfolio | $ | 1,620 | |
Non-Core Assets c | $ | 1,830 | |
Total Newmont Gold AISC ($/oz) d | $ | 1,630 | |
Sustaining Capital ($M) | |||
Managed Tier 1 Portfolio | $ | 1,530 | |
Non-Managed Tier 1 Portfolio b | $ | 270 | |
Total Tier 1 Portfolio | $ | 1,800 | |
Non-Core Assets c | $ | 75 | |
Total Newmont Sustaining Capital c | $ | 1,875 | |
Development Capital ($M) | |||
Managed Tier 1 Portfolio | $ | 1,140 | |
Non-Managed Tier 1 Portfolio b | $ | 160 | |
Total Tier 1 Portfolio | $ | 1,300 | |
Non-Core Assets c | $ | 30 | |
Total Newmont Development Capital e | $ | 1,330 | |
Consolidated Expenses | |||
Exploration & Advanced Projects ($M) | $ | 525 | |
General & Administrative ($M) | $ | 475 | |
Interest Expense ($M) | $ | 300 | |
Depreciation & Amortization ($M) f | $ | 2,600 | |
Reclamation and Remediation Accretion ($M) g | $ | 475 | |
Adjusted Tax Rate h,i | 34 | % | |
2025 GOLD PRODUCTION AND CAPITAL SEASONALITY GUIDANCE AND SECOND QUARTER COMMENTARY
Total Tier 1 Portfolio j | H1 2025E | H2 2025E |
Attributable Production | 48% | 52% |
Sustaining Capital | 52% | 48% |
Development Capital | 57% | 43% |
H1/H2 Commentary: Attributable gold production for the Total Tier 1 Portfolio in 2025 is expected to be approximately 48 percent weighted to the first half of the year. The increase in production in the second half of the year is expected to be driven primarily by the non-managed Nevada Gold Mines and Pueblo Viejo operations and the addition of Ahafo North to commercial production. Gold production weighting excludes non-core assets.
Sustaining capital for the Total Tier 1 Portfolio remains weighted toward the first half of 2025, with scheduled work on pit design and access roads for Phase 14a at Lihir ongoing and the second quarter start of warmer weather surface work at Red Chris and Brucejack in Canada. Development capital for the Total Tier 1 Portfolio is heavily weighted to the first half of 2025 with spend at Ahafo North expected to peak in the second quarter before declining each quarter for the remainder of the year as the project moves toward commercial production.
Second Quarter Commentary: The second quarter of 2025 is expected to include 24 percent of Total Tier 1 Portfolio production in line with the first quarter. Second quarter attributable production from the Total Tier 1 portfolio is expected to be relatively in line with the previous quarter as expected production growth from the non-operated joint ventures, Cerro Negro, Brucejack and Boddington is offset by declines at Ahafo South and Cadia. Unit costs are expected to be similar to slightly higher than the first quarter due to higher sustaining capital spend. The second quarter will include limited high cost ounces from Porcupine and Akyem, reflecting production prior to the close of those transactions on April 15. Sustaining capital is expected to peak in the second quarter as planned investment ramps up. Compared to the previous quarter, second quarter free cash flow is expected to be adversely impacted by the divestment of the non-core assets, higher tax payments related to increased profitability in previous periods and taxes from the divestments, higher planned development capital at Ahafo North and Cadia, and the continued ramp-up of spending on construction of the Yanacocha water treatment facilities.
__________________________ |
a 2025 guidance projections are considered forward-looking statements and represent management's good faith estimates or expectations of future production results as of February 20, 2025. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2025 Guidance assumes $2,500/oz Au, $9,370/tonne Cu, $30/oz Ag, $2,756/tonne Zn, $2,094/tonne Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $90/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. See cautionary statement at the end of this release. |
b Guidance for Non-managed operations provided by joint venture or operating partners. |
c Guidance for non-core assets held for sale, Akyem, CC&V, Porcupine, Éléonore, and Musselwhite, reflects attributable gold production, Gold CAS, Gold AISC, sustaining capital, and development capital for the first quarter of 2025 only. The sale of CC&V, Éléonore, and Musselwhite closed on February 28, 2025 and the sale of Akyem and Porcupine closed April 15, 2025. See cautionary statement at the end of this release. |
d Presented on a consolidated basis and assuming a gold price of $2,500/oz. |
e Sustaining capital is presented on an attributable basis; Capital guidance excludes amounts attributable to the Pueblo Viejo joint venture. |
f Depreciation & Amortization includes Q1 2025 only for non-core assets. |
g Reclamation and Remediation Accretion represents a subset of expenses within Reclamation and Remediation expense and is exclusive of Reclamation and Remediation adjustments and other within that income statement expense line item. Reclamation and Remediation Accretion includes Q1 2025 only for non-core assets. |
h The adjusted tax rate excludes certain items such as tax valuation allowance adjustments. |
i Assuming average prices of $2,500 per ounce for gold, $9,370 per tonne for copper, $30 per ounce for silver, $2,094 per tonne for lead, and $2,756 per tonne for zinc and achievement of current production, sales and cost estimates, Newmont estimates its consolidated adjusted effective tax rate related to continuing operations for 2025 will be 34%. |
j Total Tier 1 Portfolio includes the Managed Tier 1 Portfolio and the Non-Managed Tier 1 Portfolio and does not include non-core assets held for sale. |
2025 Site Guidance a as of February 20, 2025
2025 Guidance | Consolidated Production (Koz) | Attributable Production (Koz) | Consolidated CAS ($/oz) | Consolidated All-In Sustaining Costs b ($/oz) | Attributable Sustaining Capital Expenditures ($M) | Attributable Development Capital Expenditures ($M) |
Managed Tier 1 Portfolio | ||||||
Boddington | 560 | 560 | 1,270 | 1,620 | 150 | — |
Tanami | 380 | 380 | 1,100 | 1,630 | 160 | 360 |
Cadia | 280 | 280 | 1,000 | 1,950 | 490 | 330 |
Lihir | 600 | 600 | 1,330 | 1,760 | 180 | — |
Ahafo | 670 | 670 | 1,120 | 1,400 | 130 | — |
Ahafo North | 50 | 50 | 350 | 480 | 5 | 290 |
Peñasquito | 390 | 390 | 930 | 1,210 | 110 | — |
Cerro Negro | 250 | 250 | 1,010 | 1,340 | 80 | 40 |
Yanacocha | 460 | 460 | 920 | 1,070 | 10 | — |
Merian c | 295 | 210 | 1,490 | 1,770 | 50 | — |
Brucejack | 255 | 255 | 1,400 | 1,920 | 80 | — |
Red Chris | 60 | 60 | 1,440 | 2,050 | 70 | 120 |
Non-Managed Tier 1 Portfolio | ||||||
Nevada Gold Mines d | 1,015 | 1,015 | 1,240 | 1,555 | 270 | 160 |
Pueblo Viejo e | — | 260 | — | — | — | — |
Fruta Del Norte f | — | 160 | — | — | — | — |
Non-Core Assets | 250 | 250 | 1,450 | 1,830 | 75 | 30 |
Co-Product Production | ||||||
Boddington - Copper (ktonne) | 23 | 23 | 5,330 | 6,830 | — | — |
Cadia - Copper (ktonne) | 67 | 67 | 4,600 | 8,780 | — | — |
Peñasquito - Silver (Moz) | 28 | 28 | 11.50 | 15.00 | — | — |
Peñasquito - Lead (ktonne) | 90 | 90 | 1,080 | 1,290 | — | — |
Peñasquito - Zinc (ktonne) | 236 | 236 | 1,430 | 1,890 | — | — |
Red Chris - Copper (ktonne) | 28 | 28 | 6,370 | 8,800 | — | — |
a 2025 guidance projections are considered forward-looking statements and represent management's good faith estimates or expectations of future production results as of February 20, 2025. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2025 Guidance assumes $2,500/oz Au, $9,370/tonne Cu, $30/oz Ag, $2,756/tonne Zn, $2,094/tonne Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $80/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Guidance may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. See cautionary statement at the end of this release. |
b All-in sustaining costs (AISC) as used in the Company's Guidance is a non-GAAP metric; see below for further information and reconciliation to consolidated 2025 CAS outlook. |
c Consolidated production for Merian is presented on a total production basis for the mine site; attributable production represents a 75% interest for Merian. |
d Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM. |
e Attributable production includes Newmont's 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. |
f Attributable production includes Newmont's 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag. |
Divestiture Program Update
In February 2024, Newmont announced the intent to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian and North American business units. To date, Newmont has completed the sales for all non-core operations and its 70 percent interest in the Havieron project.
Total gross proceeds from announced transactions are expected to be up to $4.3 billion including contingent payments and closing adjustments. This includes $3.8 billion from the divestment of six non-core operations, including up to $475 million from the sale of the Telfer mine, which closed in 2024, and $527 million from the sale of the Lundin Gold stream credit facility and offtake agreement, as well as the monetization of Newmont's Batu Hijau contingent payments. Details for transactions closed in 2025 are as follows:
Projects Update
For details on Newmont's key projects currently in execution, refer to the Company's Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on www.newmont.com . Additional project updates will be provided as they become available. Please refer to the cautionary statement and footnotes for further information.
Committed to Concurrent Reclamation
Since mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental, and regulatory impacts associated with the end of mining operations. Newmont's global Closure Strategy integrates closure planning throughout each operation's lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to accrue to reclamation and remediation spend through the year. In the first quarter of 2025, Newmont spent $95 million on reclamation activities, including $50 million on the construction of water treatment plants at Yanacocha which is expected to continue to increase each quarter through the year with the fourth quarter planned to be the highest of the year. The Company remains on track to spend $800 million on reclamation for the full year, inclusive of $600 million allocated to the Yanacocha water treatment plants. Additional updates on reclamation spend will be provided as available.
2024 | 2025 | |||||||||||||||||||||||||
Operating Results | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||
Attributable Sales (koz) | ||||||||||||||||||||||||||
Attributable gold ounces sold (1) | 1,581 | 1,528 | 1,551 | 1,811 | 6,471 | 1,430 | 1,430 | |||||||||||||||||||
Average Realized Price ($/oz, $/lb) | ||||||||||||||||||||||||||
Average realized gold price | $ | 2,090 | $ | 2,347 | $ | 2,518 | $ | 2,643 | $ | 2,408 | $ | 2,944 | $ | 2,944 | ||||||||||||
Average realized copper price | $ | 3.72 | $ | 4.47 | $ | 4.31 | $ | 3.57 | $ | 4.00 | $ | 4.65 | $ | 4.65 | ||||||||||||
Average realized silver price | $ | 20.41 | $ | 26.20 | $ | 25.98 | $ | 25.15 | $ | 24.13 | $ | 30.12 | $ | 30.12 | ||||||||||||
Average realized lead price | $ | 0.92 | $ | 1.05 | $ | 0.86 | $ | 0.86 | $ | 0.91 | $ | 0.89 | $ | 0.89 | ||||||||||||
Average realized zinc price | $ | 0.92 | $ | 1.31 | $ | 1.14 | $ | 1.21 | $ | 1.14 | $ | 1.13 | $ | 1.13 | ||||||||||||
Attributable Gold Production (koz) | ||||||||||||||||||||||||||
Boddington | 142 | 147 | 137 | 164 | 590 | 126 | 126 | |||||||||||||||||||
Tanami | 90 | 99 | 102 | 117 | 408 | 78 | 78 | |||||||||||||||||||
Cadia | 122 | 117 | 115 | 110 | 464 | 103 | 103 | |||||||||||||||||||
Lihir | 181 | 141 | 129 | 163 | 614 | 164 | 164 | |||||||||||||||||||
Ahafo | 190 | 184 | 213 | 211 | 798 | 205 | 205 | |||||||||||||||||||
Peñasquito | 45 | 64 | 63 | 127 | 299 | 123 | 123 | |||||||||||||||||||
Cerro Negro | 81 | 19 | 60 | 78 | 238 | 28 | 28 | |||||||||||||||||||
Yanacocha | 91 | 78 | 93 | 92 | 354 | 105 | 105 | |||||||||||||||||||
Merian (75%) | 57 | 46 | 43 | 59 | 205 | 47 | 47 | |||||||||||||||||||
Brucejack | 37 | 60 | 89 | 72 | 258 | 41 | 41 | |||||||||||||||||||
Red Chris (70%) | 6 | 9 | 9 | 16 | 40 | 14 | 14 | |||||||||||||||||||
Managed Tier 1 Portfolio | 1,042 | 964 | 1,053 | 1,209 | 4,268 | 1,034 | 1,034 | |||||||||||||||||||
Nevada Gold Mines (38.5%) | 264 | 253 | 242 | 280 | 1,039 | 216 | 216 | |||||||||||||||||||
Pueblo Viejo (40%) (2) | 54 | 53 | 66 | 62 | 235 | 49 | 49 | |||||||||||||||||||
Fruta Del Norte (32%) (3) | 21 | 35 | 43 | 39 | 138 | 43 | 43 | |||||||||||||||||||
Non-Managed Tier 1 Portfolio | 339 | 341 | 351 | 381 | 1,412 | 308 | 308 | |||||||||||||||||||
Total Tier 1 Portfolio | 1,381 | 1,305 | 1,404 | 1,590 | 5,680 | 1,342 | 1,342 | |||||||||||||||||||
Non-Core Assets (4) | 294 | 302 | 264 | 309 | 1,169 | 195 | 195 | |||||||||||||||||||
Total Attributable Gold Production | 1,675 | 1,607 | 1,668 | 1,899 | 6,849 | 1,537 | 1,537 | |||||||||||||||||||
Co-Product Production | ||||||||||||||||||||||||||
Red Chris copper tonnes (thousands) | 5 | 6 | 6 | 9 | 26 | 7 | 7 | |||||||||||||||||||
Boddington copper tonnes (thousands) | 9 | 10 | 9 | 9 | 37 | 7 | 7 | |||||||||||||||||||
Cadia copper tonnes (thousands) | 21 | 22 | 21 | 23 | 87 | 21 | 21 | |||||||||||||||||||
Telfer copper tonnes (thousands) (4) | 1 | — | 1 | 1 | 3 | — | — | |||||||||||||||||||
Total copper tonnes (thousands) | 36 | 38 | 37 | 42 | 153 | 35 | 35 | |||||||||||||||||||
Peñasquito silver ounces (millions) | 9 | 8 | 7 | 9 | 33 | 6 | 6 | |||||||||||||||||||
Peñasquito lead tonnes (thousands) | 28 | 20 | 19 | 29 | 96 | 22 | 22 | |||||||||||||||||||
Peñasquito zinc tonnes (thousands) | 58 | 65 | 58 | 77 | 258 | 59 | 59 | |||||||||||||||||||
Gold Co-Product CAS Consolidated ($/oz) | ||||||||||||||||||||||||||
Boddington | $ | 1,016 | $ | 1,022 | $ | 1,098 | $ | 1,084 | $ | 1,056 | $ | 1,239 | $ | 1,239 | ||||||||||||
Tanami | $ | 902 | $ | 1,018 | $ | 979 | $ | 898 | $ | 947 | $ | 1,087 | $ | 1,087 | ||||||||||||
Cadia | $ | 648 | $ | 624 | $ | 723 | $ | 616 | $ | 653 | $ | 794 | $ | 794 | ||||||||||||
Lihir | $ | 936 | $ | 1,101 | $ | 1,619 | $ | 1,523 | $ | 1,270 | $ | 1,009 | $ | 1,009 | ||||||||||||
Ahafo | $ | 865 | $ | 976 | $ | 867 | $ | 916 | $ | 904 | $ | 1,238 | $ | 1,238 | ||||||||||||
Peñasquito | $ | 853 | $ | 827 | $ | 985 | $ | 630 | $ | 776 | $ | 898 | $ | 898 | ||||||||||||
Cerro Negro | $ | 861 | $ | 2,506 | $ | 1,535 | $ | 1,177 | $ | 1,325 | $ | 2,063 | $ | 2,063 | ||||||||||||
Yanacocha | $ | 972 | $ | 1,000 | $ | 1,072 | $ | 970 | $ | 1,003 | $ | 961 | $ | 961 | ||||||||||||
Merian (75%) | $ | 1,221 | $ | 1,546 | $ | 1,795 | $ | 1,334 | $ | 1,457 | $ | 1,497 | $ | 1,497 | ||||||||||||
Brucejack | $ | 2,175 | $ | 1,390 | $ | 970 | $ | 1,126 | $ | 1,254 | $ | 1,800 | $ | 1,800 | ||||||||||||
Red Chris (70%) | $ | 940 | $ | 951 | $ | 2,228 | $ | 901 | $ | 1,225 | $ | 1,106 | $ | 1,106 | ||||||||||||
Managed Tier 1 Portfolio | $ | 955 | $ | 1,053 | $ | 1,117 | $ | 1,021 | $ | 1,036 | $ | 1,150 | $ | 1,150 | ||||||||||||
Nevada Gold Mines (38.5%) | $ | 1,177 | $ | 1,220 | $ | 1,311 | $ | 1,177 | $ | 1,219 | $ | 1,426 | $ | 1,426 | ||||||||||||
Non-Managed Tier 1 Portfolio | $ | 1,177 | $ | 1,220 | $ | 1,311 | $ | 1,177 | $ | 1,219 | $ | 1,426 | $ | 1,426 | ||||||||||||
Total Tier 1 Portfolio | $ | 1,000 | $ | 1,087 | $ | 1,153 | $ | 1,050 | $ | 1,071 | $ | 1,198 | $ | 1,198 | ||||||||||||
Non-Core Assets (4) | $ | 1,306 | $ | 1,398 | $ | 1,474 | $ | 1,316 | $ | 1,370 | $ | 1,410 | $ | 1,410 | ||||||||||||
Total Gold co-product CAS (5) | $ | 1,057 | $ | 1,152 | $ | 1,207 | $ | 1,096 | $ | 1,126 | $ | 1,227 | $ | 1,227 | ||||||||||||
Gold By-Product CAS ($/oz) | ||||||||||||||||||||||||||
Red Chris | $ | (1,143 | ) | $ | (2,556 | ) | $ | 5,125 | $ | (1,333 | ) | $ | (256 | ) | $ | (1,200 | ) | $ | (1,200 | ) | ||||||
Boddington | $ | 810 | $ | 750 | $ | 863 | $ | 916 | $ | 840 | $ | 970 | $ | 970 | ||||||||||||
Cadia | $ | (228 | ) | $ | (626 | ) | $ | (398 | ) | $ | (173 | ) | $ | (366 | ) | $ | (643 | ) | $ | (643 | ) | |||||
Peñasquito | $ | (2,091 | ) | $ | (2,047 | ) | $ | (1,036 | ) | $ | (1,587 | ) | $ | (1,659 | ) | $ | (949 | ) | $ | (949 | ) | |||||
Total Gold by-product CAS (5) | $ | 891 | $ | 892 | $ | 1,052 | $ | 862 | $ | 922 | $ | 930 | $ | 930 | ||||||||||||
2024 | 2025 | ||||||||||||||||||||||||
Operating Results (continued) | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | YTD | |||||||||||||||
Co-Product CAS ($/unit) | |||||||||||||||||||||||||
Red Chris - copper ($/tonne) | $ | 5,571 | $ | 5,043 | $ | 12,296 | $ | 4,645 | $ | 6,663 | $ | 4,991 | $ | 4,991 | |||||||||||
Boddington - copper ($/tonne) | $ | 5,192 | $ | 5,680 | $ | 5,605 | $ | 5,477 | $ | 5,480 | $ | 5,423 | $ | 5,423 | |||||||||||
Cadia - copper ($/tonne) | $ | 3,271 | $ | 3,044 | $ | 3,774 | $ | 3,209 | $ | 3,321 | $ | 3,468 | $ | 3,468 | |||||||||||
Telfer - copper ($/tonne) (4) | $ | 15,885 | $ | 10,692 | N.M. | $ | 8,582 | $ | 13,214 | $ | — | $ | — | ||||||||||||
Total - copper ($/tonne) | $ | 4,452 | $ | 4,184 | $ | 5,748 | $ | 4,247 | $ | 4,625 | $ | 4,182 | $ | 4,182 | |||||||||||
Peñasquito- silver ($/ounce) | $ | 11 | $ | 12 | $ | 13 | $ | 8 | $ | 11 | $ | 10 | $ | 10 | |||||||||||
Peñasquito - lead ($/tonne) | $ | 1,215 | $ | 1,355 | $ | 1,555 | $ | 904 | $ | 1,201 | $ | 997 | $ | 997 | |||||||||||
Peñasquito - zinc ($/tonne) | $ | 1,764 | $ | 1,867 | $ | 1,944 | $ | 1,429 | $ | 1,729 | $ | 1,499 | $ | 1,499 | |||||||||||
Gold Co-Product AISC Consolidated ($/oz) | |||||||||||||||||||||||||
Boddington | $ | 1,242 | $ | 1,237 | $ | 1,398 | $ | 1,286 | $ | 1,288 | $ | 1,544 | $ | 1,544 | |||||||||||
Tanami | $ | 1,149 | $ | 1,276 | $ | 1,334 | $ | 1,340 | $ | 1,281 | $ | 1,659 | $ | 1,659 | |||||||||||
Cadia | $ | 989 | $ | 1,064 | $ | 1,078 | $ | 1,061 | $ | 1,048 | $ | 1,184 | $ | 1,184 | |||||||||||
Lihir | $ | 1,256 | $ | 1,212 | $ | 1,883 | $ | 1,781 | $ | 1,512 | $ | 1,339 | $ | 1,339 | |||||||||||
Ahafo | $ | 1,010 | $ | 1,123 | $ | 1,043 | $ | 1,113 | $ | 1,072 | $ | 1,462 | $ | 1,462 | |||||||||||
Peñasquito | $ | 1,079 | $ | 1,038 | $ | 1,224 | $ | 818 | $ | 984 | $ | 1,091 | $ | 1,091 | |||||||||||
Cerro Negro | $ | 1,120 | $ | 3,010 | $ | 1,878 | $ | 1,430 | $ | 1,631 | $ | 2,857 | $ | 2,857 | |||||||||||
Yanacocha | $ | 1,123 | $ | 1,217 | $ | 1,285 | $ | 1,166 | $ | 1,196 | $ | 1,170 | $ | 1,170 | |||||||||||
Merian (75%) | $ | 1,530 | $ | 2,170 | $ | 2,153 | $ | 1,656 | $ | 1,852 | $ | 1,864 | $ | 1,864 | |||||||||||
Brucejack | $ | 2,580 | $ | 1,929 | $ | 1,197 | $ | 1,498 | $ | 1,603 | $ | 2,230 | $ | 2,230 | |||||||||||
Red Chris (70%) | $ | 1,277 | $ | 1,613 | $ | 2,633 | $ | 1,131 | $ | 1,607 | $ | 1,322 | $ | 1,322 | |||||||||||
Managed Tier 1 Portfolio | $ | 1,327 | $ | 1,461 | $ | 1,509 | $ | 1,411 | $ | 1,426 | $ | 1,596 | $ | 1,596 | |||||||||||
Nevada Gold Mines (38.5%) | $ | 1,576 | $ | 1,689 | $ | 1,675 | $ | 1,492 | $ | 1,605 | $ | 1,789 | $ | 1,789 | |||||||||||
Non-Managed Tier 1 Portfolio | $ | 1,576 | $ | 1,689 | $ | 1,675 | $ | 1,492 | $ | 1,605 | $ | 1,789 | $ | 1,789 | |||||||||||
Tier 1 Portfolio | $ | 1,378 | $ | 1,508 | $ | 1,540 | $ | 1,425 | $ | 1,461 | $ | 1,630 | $ | 1,630 | |||||||||||
Non-Core Assets (4) | $ | 1,712 | $ | 1,770 | $ | 1,967 | $ | 1,634 | $ | 1,762 | $ | 1,787 | $ | 1,787 | |||||||||||
Total Gold co-product AISC (5) | $ | 1,439 | $ | 1,562 | $ | 1,611 | $ | 1,463 | $ | 1,516 | $ | 1,651 | $ | 1,651 | |||||||||||
Gold By-Product AISC ($/oz) | |||||||||||||||||||||||||
Red Chris | $ | 857 | $ | 778 | $ | 7,250 | $ | (333 | ) | $ | 1,692 | $ | (467 | ) | $ | (467 | ) | ||||||||
Boddington | $ | 1,085 | $ | 1,044 | $ | 1,226 | $ | 1,179 | $ | 1,134 | $ | 1,348 | $ | 1,348 | |||||||||||
Cadia | $ | 535 | $ | 293 | $ | 159 | $ | 750 | $ | 425 | $ | 133 | $ | 133 | |||||||||||
Peñasquito | $ | (91 | ) | $ | (859 | ) | $ | 411 | $ | (810 | ) | $ | (476 | ) | $ | (254 | ) | $ | (254 | ) | |||||
Total Gold by-product AISC (5) | $ | 1,373 | $ | 1,412 | $ | 1,542 | $ | 1,319 | $ | 1,408 | $ | 1,447 | $ | 1,447 | |||||||||||
Co-Product AISC ($/unit) | |||||||||||||||||||||||||
Red Chris - copper ($/tonne) | $ | 7,718 | $ | 8,599 | $ | 14,960 | $ | 6,007 | $ | 9,037 | $ | 6,053 | $ | 6,053 | |||||||||||
Boddington - copper ($/tonne) | $ | 5,959 | $ | 6,914 | $ | 6,436 | $ | 6,545 | $ | 6,462 | $ | 6,760 | $ | 6,760 | |||||||||||
Cadia - copper ($/tonne) | $ | 5,659 | $ | 5,644 | $ | 4,849 | $ | 5,612 | $ | 5,442 | $ | 5,316 | $ | 5,316 | |||||||||||
Telfer - copper ($/tonne) (4) | $ | 20,643 | $ | 15,112 | N.M. | $ | 5,106 | $ | 15,903 | $ | — | $ | — | ||||||||||||
Total - copper ($/tonne) | $ | 6,392 | $ | 6,675 | $ | 7,423 | $ | 6,162 | $ | 6,638 | $ | 6,014 | $ | 6,014 | |||||||||||
Peñasquito - silver ($/ounce) | $ | 15 | $ | 15 | $ | 17 | $ | 11 | $ | 14 | $ | 13 | $ | 13 | |||||||||||
Peñasquito - lead ($/tonne) | $ | 1,500 | $ | 1,601 | $ | 1,879 | $ | 1,132 | $ | 1,467 | $ | 1,185 | $ | 1,185 | |||||||||||
Peñasquito - zinc ($/tonne) | $ | 2,368 | $ | 2,498 | $ | 2,614 | $ | 2,015 | $ | 2,350 | $ | 2,026 | $ | 2,026 | |||||||||||
(1) | Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment, and the Fruta del Norte mine, which is wholly owned by Lundin Gold, in which the Company holds a 32% interest and is accounted for as an equity method investment. | |
(2) | Represents attributable gold from Newmont's 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. Attributable gold ounces produced at Pueblo Viejo are not included in attributable gold ounces sold, as noted in footnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates . | |
(3) | Represents attributable gold from Newmont's 32% interest in Lundin Gold, which wholly owns and operates the Fruta del Norte mine and is accounted for on a quarterly lag as an equity method investment. Attributable gold ounces produced by Lundin Gold represent prior quarter production and are not included in attributable gold ounces sold, as noted in footnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates . | |
(4) | Non-core assets include the Akyem and Porcupine assets held for sale at March 31, 2025 and asset divestitures which closed prior to March 31, 2025 including: Telfer, CC&V, Musselwhite, and Éléonore. See Divestiture Program Update in this release for further details. | |
(5) | Non-GAAP measure. See end of this release for reconciliation. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions except per share) | |||||||||||||||||||||||||||||||||
2024 (1 ) | 2025 (1 ) | ||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||||||||||
Sales | $ | 4,023 | $ | 4,402 | $ | 4,605 | $ | 5,652 | $ | 18,682 | $ | 5,010 | $ | 5,010 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||
Costs applicable to sales (2) | 2,106 | 2,156 | 2,310 | 2,391 | 8,963 | 2,106 | 2,106 | ||||||||||||||||||||||||||
Depreciation and amortization | 654 | 602 | 631 | 689 | 2,576 | 593 | 593 | ||||||||||||||||||||||||||
Reclamation and remediation | 98 | 94 | 132 | 4 | 328 | 93 | 93 | ||||||||||||||||||||||||||
Exploration | 53 | 57 | 74 | 82 | 266 | 49 | 49 | ||||||||||||||||||||||||||
Advanced projects, research and development | 53 | 49 | 47 | 48 | 197 | 43 | 43 | ||||||||||||||||||||||||||
General and administrative | 101 | 100 | 113 | 128 | 442 | 110 | 110 | ||||||||||||||||||||||||||
(Gain) loss on sale of assets held for sale | 485 | 246 | 115 | 268 | 1,114 | (276 | ) | (276 | ) | ||||||||||||||||||||||||
Impairment charges | 12 | 9 | 18 | 39 | 78 | 15 | 15 | ||||||||||||||||||||||||||
Other expense, net | 61 | 50 | 37 | 43 | 191 | 28 | 28 | ||||||||||||||||||||||||||
3,623 | 3,363 | 3,477 | 3,692 | 14,155 | 2,761 | 2,761 | |||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||
Change in fair value of investments and options | 31 | (9 | ) | 17 | 23 | 62 | 291 | 291 | |||||||||||||||||||||||||
Other income (loss), net | 90 | 109 | — | 164 | 363 | 10 | 10 | ||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (93 | ) | (103 | ) | (86 | ) | (93 | ) | (375 | ) | (79 | ) | (79 | ) | |||||||||||||||||||
28 | (3 | ) | (69 | ) | 94 | 50 | 222 | 222 | |||||||||||||||||||||||||
Income (loss) before income and mining tax and other items | 428 | 1,036 | 1,059 | 2,054 | 4,577 | 2,471 | 2,471 | ||||||||||||||||||||||||||
Income and mining tax benefit (expense) | (260 | ) | (191 | ) | (244 | ) | (702 | ) | (1,397 | ) | (647 | ) | (647 | ) | |||||||||||||||||||
Equity income (loss) of affiliates | 7 | (3 | ) | 60 | 69 | 133 | 78 | 78 | |||||||||||||||||||||||||
Net income (loss) from continuing operations | 175 | 842 | 875 | 1,421 | 3,313 | 1,902 | 1,902 | ||||||||||||||||||||||||||
Net income (loss) from discontinued operations | 4 | 15 | 49 | — | 68 | — | — | ||||||||||||||||||||||||||
Net income (loss) | 179 | 857 | 924 | 1,421 | 3,381 | 1,902 | 1,902 | ||||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests (3) | (9 | ) | (4 | ) | (2 | ) | (18 | ) | (33 | ) | (11 | ) | (11 | ) | |||||||||||||||||||
Net income (loss) attributable to Newmont stockholders | $ | 170 | $ | 853 | $ | 922 | $ | 1,403 | $ | 3,348 | $ | 1,891 | $ | 1,891 | |||||||||||||||||||
Net income (loss) attributable to Newmont stockholders: | |||||||||||||||||||||||||||||||||
Continuing operations | $ | 166 | $ | 838 | $ | 873 | $ | 1,403 | $ | 3,280 | $ | 1,891 | $ | 1,891 | |||||||||||||||||||
Discontinued operations | 4 | 15 | 49 | — | 68 | — | — | ||||||||||||||||||||||||||
$ | 170 | $ | 853 | $ | 922 | $ | 1,403 | $ | 3,348 | $ | 1,891 | $ | 1,891 | ||||||||||||||||||||
Weighted average common shares (millions): | |||||||||||||||||||||||||||||||||
Basic | 1,153 | 1,153 | 1,147 | 1,133 | 1,146 | 1,126 | 1,126 | ||||||||||||||||||||||||||
Effect of employee stock-based awards | — | 2 | 2 | 2 | 2 | 1 | 1 | ||||||||||||||||||||||||||
Diluted | 1,153 | 1,155 | 1,149 | 1,135 | 1,148 | 1,127 | 1,127 | ||||||||||||||||||||||||||
Net income (loss) attributable to Newmont stockholders per common share: | |||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.15 | $ | 0.73 | $ | 0.76 | $ | 1.24 | $ | 2.86 | $ | 1.68 | $ | 1.68 | |||||||||||||||||||
Discontinued operations | — | 0.01 | 0.04 | — | 0.06 | — | — | ||||||||||||||||||||||||||
$ | 0.15 | $ | 0.74 | $ | 0.80 | $ | 1.24 | $ | 2.92 | $ | 1.68 | $ | 1.68 | ||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.15 | $ | 0.73 | $ | 0.76 | $ | 1.24 | $ | 2.86 | $ | 1.68 | $ | 1.68 | |||||||||||||||||||
Discontinued operations | — | 0.01 | 0.04 | — | 0.06 | — | — | ||||||||||||||||||||||||||
$ | 0.15 | $ | 0.74 | $ | 0.80 | $ | 1.24 | $ | 2.92 | $ | 1.68 | $ | 1.68 | ||||||||||||||||||||
(1) | Certain amounts have been reclassified to conform to the current presentation. | ||||||||||||||||||||||||||||||||||
(2) | Excludes Depreciation and amortization and Reclamation and remediation . | ||||||||||||||||||||||||||||||||||
(3) | Relates to the Suriname Gold project C.V. ("Merian") reportable segment. | ||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions) | ||||||||||||||||||||||||||
2024 (1) | 2025 (1) | |||||||||||||||||||||||||
MAR | JUN | SEP | DEC | MAR | JUN | SEP | DEC | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,336 | $ | 2,602 | $ | 3,016 | $ | 3,619 | $ | 4,698 | ||||||||||||||||
Trade receivables | 782 | 955 | 974 | 1,056 | 887 | |||||||||||||||||||||
Investments | 23 | 50 | 43 | 21 | 18 | |||||||||||||||||||||
Inventories | 1,385 | 1,467 | 1,487 | 1,423 | 1,493 | |||||||||||||||||||||
Stockpiles and ore on leach pads | 745 | 681 | 688 | 761 | 792 | |||||||||||||||||||||
Derivative assets | 114 | 71 | 42 | — | 20 | |||||||||||||||||||||
Other current assets | 765 | 874 | 753 | 786 | 633 | |||||||||||||||||||||
Assets held for sale | 5,656 | 5,370 | 5,574 | 4,609 | 2,199 | |||||||||||||||||||||
Current assets | 11,806 | 12,070 | 12,577 | 12,275 | 10,740 | |||||||||||||||||||||
Property, plant and mine development, net | 33,564 | 33,655 | 33,697 | 33,547 | 33,568 | |||||||||||||||||||||
Investments | 4,138 | 4,141 | 4,150 | 4,471 | 4,856 | |||||||||||||||||||||
Stockpiles and ore on leach pads | 1,837 | 2,002 | 2,114 | 2,266 | 2,409 | |||||||||||||||||||||
Deferred income tax assets | 210 | 273 | 229 | 124 | 59 | |||||||||||||||||||||
Goodwill | 2,792 | 2,792 | 2,721 | 2,658 | 2,658 | |||||||||||||||||||||
Derivative assets | 412 | 181 | 161 | 142 | 344 | |||||||||||||||||||||
Other non-current assets | 576 | 564 | 526 | 866 | 885 | |||||||||||||||||||||
Total assets | $ | 55,335 | $ | 55,678 | $ | 56,175 | $ | 56,349 | $ | 55,519 | ||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Accounts payable | $ | 698 | $ | 683 | $ | 772 | $ | 843 | $ | 771 | ||||||||||||||||
Employee-related benefits | 414 | 457 | 542 | 630 | 502 | |||||||||||||||||||||
Income and mining taxes payable | 136 | 264 | 317 | 381 | 378 | |||||||||||||||||||||
Lease and other financing obligations | 99 | 104 | 112 | 107 | 109 | |||||||||||||||||||||
Debt | — | — | — | 924 | — | |||||||||||||||||||||
Other current liabilities | 1,784 | 1,819 | 2,081 | 2,481 | 2,357 | |||||||||||||||||||||
Liabilities held for sale | 2,351 | 2,405 | 2,584 | 2,177 | 1,309 | |||||||||||||||||||||
Current liabilities | 5,482 | 5,732 | 6,408 | 7,543 | 5,426 | |||||||||||||||||||||
Debt | 8,933 | 8,692 | 8,550 | 7,552 | 7,507 | |||||||||||||||||||||
Lease and other financing obligations | 436 | 429 | 437 | 389 | 370 | |||||||||||||||||||||
Reclamation and remediation liabilities | 6,652 | 6,620 | 6,410 | 6,394 | 6,376 | |||||||||||||||||||||
Deferred income tax liabilities | 3,094 | 3,046 | 2,883 | 2,820 | 2,733 | |||||||||||||||||||||
Employee-related benefits | 610 | 616 | 632 | 555 | 575 | |||||||||||||||||||||
Silver streaming agreement | 753 | 733 | 721 | 699 | 671 | |||||||||||||||||||||
Other non-current liabilities | 300 | 247 | 238 | 288 | 430 | |||||||||||||||||||||
Total liabilities | 26,260 | 26,115 | 26,279 | 26,240 | 24,088 | |||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||||
Common stock | 1,855 | 1,851 | 1,840 | 1,813 | 1,803 | |||||||||||||||||||||
Treasury stock | (274 | ) | (274 | ) | (276 | ) | (278 | ) | (293 | ) | ||||||||||||||||
Additional paid-in capital | 30,436 | 30,394 | 30,228 | 29,808 | 29,624 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | (16 | ) | (7 | ) | 21 | (95 | ) | (39 | ) | |||||||||||||||||
Retained earnings (Accumulated deficit) | (3,111 | ) | (2,585 | ) | (2,101 | ) | (1,320 | ) | 153 | |||||||||||||||||
Newmont stockholders' equity | 28,890 | 29,379 | 29,712 | 29,928 | 31,248 | |||||||||||||||||||||
Noncontrolling interests | 185 | 184 | 184 | 181 | 183 | |||||||||||||||||||||
Total equity | 29,075 | 29,563 | 29,896 | 30,109 | 31,431 | |||||||||||||||||||||
Total liabilities and equity | $ | 55,335 | $ | 55,678 | $ | 56,175 | $ | 56,349 | $ | 55,519 | ||||||||||||||||
| (1) | Certain amounts have been reclassified to conform to the current presentation. | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions) | |||||||||||||||||||||||||||||||||
2024 (1) | 2025 (1) | ||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | YTD | ||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | 179 | $ | 857 | $ | 924 | $ | 1,421 | $ | 3,381 | $ | 1,902 | $ | 1,902 | |||||||||||||||||||
Non-cash adjustments: | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 654 | 602 | 631 | 689 | 2,576 | 593 | 593 | ||||||||||||||||||||||||||
(Gain) loss on sale of assets held for sale | 485 | 246 | 115 | 268 | 1,114 | (276 | ) | (276 | ) | ||||||||||||||||||||||||
Change in fair value of investments and options | (31 | ) | 9 | (17 | ) | (23 | ) | (62 | ) | (291 | ) | (291 | ) | ||||||||||||||||||||
Net loss (income) from discontinued operations | (4 | ) | (15 | ) | (49 | ) | — | (68 | ) | — | — | ||||||||||||||||||||||
Deferred income taxes | 53 | (95 | ) | 7 | 115 | 80 | 125 | 125 | |||||||||||||||||||||||||
Reclamation and remediation | 94 | 88 | 124 | (4 | ) | 302 | 89 | 89 | |||||||||||||||||||||||||
Stock-based compensation | 21 | 23 | 22 | 23 | 89 | 21 | 21 | ||||||||||||||||||||||||||
(Gain) loss on asset and investment sales | (9 | ) | (55 | ) | 28 | 1 | (35 | ) | 5 | 5 | |||||||||||||||||||||||
Impairment charges | 12 | 9 | 18 | 39 | 78 | 15 | 15 | ||||||||||||||||||||||||||
Other non-cash adjustments | (12 | ) | (12 | ) | 43 | (131 | ) | (112 | ) | (11 | ) | (11 | ) | ||||||||||||||||||||
Cash from operations before working capital (2) | 1,442 | 1,657 | 1,846 | 2,398 | 7,343 | 2,172 | 2,172 | ||||||||||||||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||||||||||||||||||
Accounts receivable | (84 | ) | (140 | ) | (83 | ) | (134 | ) | (441 | ) | 228 | 228 | |||||||||||||||||||||
Inventories, stockpiles and ore on leach pads | (193 | ) | (185 | ) | (202 | ) | 46 | (534 | ) | (175 | ) | (175 | ) | ||||||||||||||||||||
Other assets | (7 | ) | 63 | 7 | 1 | 64 | (9 | ) | (9 | ) | |||||||||||||||||||||||
Accounts payable | (91 | ) | (32 | ) | 69 | 52 | (2 | ) | (69 | ) | (69 | ) | |||||||||||||||||||||
Reclamation and remediation liabilities | (59 | ) | (107 | ) | (107 | ) | (160 | ) | (433 | ) | (95 | ) | (95 | ) | |||||||||||||||||||
Accrued tax liabilities (3) | 90 | 52 | (60 | ) | 153 | 235 | 91 | 91 | |||||||||||||||||||||||||
Other accrued liabilities | (322 | ) | 86 | 167 | 155 | 86 | (112 | ) | (112 | ) | |||||||||||||||||||||||
Net change in operating assets and liabilities | (666 | ) | (263 | ) | (209 | ) | 113 | (1,025 | ) | (141 | ) | (141 | ) | ||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | 776 | 1,394 | 1,637 | 2,511 | 6,318 | 2,031 | 2,031 | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities of discontinued operations | — | 34 | 11 | — | 45 | — | — | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 776 | 1,428 | 1,648 | 2,511 | 6,363 | 2,031 | 2,031 | ||||||||||||||||||||||||||
Investing activities: | | | |||||||||||||||||||||||||||||||
Proceeds from sales of mining operations and other assets, net | — | 180 | 150 | 230 | 560 | 1,684 | 1,684 | ||||||||||||||||||||||||||
Additions to property, plant and mine development | (850 | ) | (800 | ) | (877 | ) | (875 | ) | (3,402 | ) | (826 | ) | (826 | ) | |||||||||||||||||||
Contributions to equity method investees | (15 | ) | (5 | ) | (15 | ) | (61 | ) | (96 | ) | (31 | ) | (31 | ) | |||||||||||||||||||
Return of investment from equity method investees | 25 | 16 | 14 | 1 | 56 | 20 | 20 | ||||||||||||||||||||||||||
Proceeds from sales of investment | 3 | 9 | 3 | 6 | 21 | 7 | 7 | ||||||||||||||||||||||||||
Purchases of investments | — | (60 | ) | (2 | ) | (4 | ) | (66 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||
Maturities of investments | — | — | 28 | — | 28 | — | — | ||||||||||||||||||||||||||
Other | 39 | 19 | (16 | ) | 2 | 44 | (115 | ) | (115 | ) | |||||||||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | (798 | ) | (641 | ) | (715 | ) | (701 | ) | (2,855 | ) | 738 | 738 | |||||||||||||||||||||
Net cash provided by (used in) investing activities of discontinued operations | — | — | 153 | — | 153 | — | — | ||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (798 | ) | (641 | ) | (562 | ) | (701 | ) | (2,702 | ) | 738 | 738 | |||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||
Repayment of debt | (3,423 | ) | (227 | ) | (133 | ) | (77 | ) | (3,860 | ) | (985 | ) | (985 | ) | |||||||||||||||||||
Repurchases of common stock | — | (104 | ) | (344 | ) | (798 | ) | (1,246 | ) | (348 | ) | (348 | ) | ||||||||||||||||||||
Dividends paid to common stockholders | (288 | ) | (289 | ) | (286 | ) | (282 | ) | (1,145 | ) | (282 | ) | (282 | ) | |||||||||||||||||||
Distributions to noncontrolling interests | (41 | ) | (36 | ) | (36 | ) | (48 | ) | (161 | ) | (44 | ) | (44 | ) | |||||||||||||||||||
Funding from noncontrolling interests | 22 | 31 | 34 | 28 | 115 | 39 | 39 | ||||||||||||||||||||||||||
Payments on lease and other financing obligations | (18 | ) | (22 | ) | (22 | ) | (25 | ) | (87 | ) | (23 | ) | (23 | ) | |||||||||||||||||||
Payments for withholding of employee taxes related to stock-based compensation | (10 | ) | — | (2 | ) | (2 | ) | (14 | ) | (15 | ) | (15 | ) | ||||||||||||||||||||
Proceeds from issuance of debt, net | 3,476 | — | — | — | 3,476 | — | — | ||||||||||||||||||||||||||
Other | (17 | ) | (11 | ) | — | (3 | ) | (31 | ) | (4 | ) | (4 | ) | ||||||||||||||||||||
Net cash provided by (used in) financing activities | (299 | ) | (658 | ) | (789 | ) | (1,207 | ) | (2,953 | ) | (1,662 | ) | (1,662 | ) | |||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3 | ) | (11 | ) | (1 | ) | (5 | ) | (20 | ) | (5 | ) | (5 | ) | |||||||||||||||||||
Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale | (324 | ) | 118 | 296 | 598 | 688 | 1,102 | 1,102 | |||||||||||||||||||||||||
Less: change in cash and restricted cash reclassified to assets held for sale (4) | (395 | ) | 137 | 118 | 2 | (138 | ) | (22 | ) | (22 | ) | ||||||||||||||||||||||
Net change in cash, cash equivalents and restricted cash | (719 | ) | 255 | 414 | 600 | 550 | 1,080 | 1,080 | |||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 3,100 | 2,381 | 2,636 | 3,050 | 3,100 | 3,650 | 3,650 | ||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 2,381 | $ | 2,636 | $ | 3,050 | $ | 3,650 | $ | 3,650 | $ | 4,730 | $ | 4,730 | |||||||||||||||||||
Reconciliation of cash, cash equivalents and restricted cash: | | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,336 | $ | 2,602 | $ | 3,016 | $ | 3,619 | $ | 3,619 | $ | 4,698 | $ | 4,698 | |||||||||||||||||||
Restricted cash included in Other current assets | 6 | 6 | 3 | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||||
Restricted cash included in Other non-current assets | 39 | 28 | 31 | 30 | 30 | 31 | 31 | ||||||||||||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | 2,381 | $ | 2,636 | $ | 3,050 | $ | 3,650 | $ | 3,650 | $ | 4,730 | $ | 4,730 | |||||||||||||||||||
(1) | Certain amounts and disclosures in the prior year have been reclassified to conform to the current year presentation. | ||||||||||||||||||||||||||||||||||
(2) | Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled above. | ||||||||||||||||||||||||||||||||||
(3) | Cash payments for income and mining taxes, net of refunds, of $966 for the year ended December 31, 2024 is comprised of $96, $208, $254, and $408 for the first, second, third, and fourth quarter, respectively. Cash payments for income and mining taxes, net of refunds, for the three months ended March 31, 2025 is $465. | ||||||||||||||||||||||||||||||||||
(4) | During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets, including Cash and cash equivalents and restricted cash, included in Other current assets and Other non-current assets , were reclassified to Assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for additional information. | ||||||||||||||||||||||||||||||||||
Non-GAAP Financial Measures (dollars in millions, except per share, per ounce and per pound amounts, unless otherwise noted)
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to Non-GAAP Financial Measures within Part II, Item 7 within our Form 10-K for the year ended December 31, 2024, filed with the SEC on February 21, 2025 for further information on the non-GAAP financial measures presented below, including why management believes that its presentation of non-GAAP financial measures provides useful information to investors.
Adjusted net income (loss)
Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:
Three Months Ended March 31, 2025 | |||||||||||
per share data (1) | |||||||||||
basic | diluted | ||||||||||
Net income (loss) attributable to Newmont stockholders | $ | 1,891 | $ | 1.68 | $ | 1.68 | |||||
Adjustments: | |||||||||||
Change in fair value of investments and options (2) | (291 | ) | (0.25 | ) | (0.25 | ) | |||||
(Gain) loss on sale of assets held for sale (3) | (276 | ) | (0.25 | ) | (0.25 | ) | |||||
Impairment charges (4) | 15 | 0.01 | 0.01 | ||||||||
(Gain) loss on debt extinguishment (5) | 10 | 0.01 | 0.01 | ||||||||
Restructuring and severance (6) | 9 | 0.01 | 0.01 | ||||||||
(Gain) loss on asset and investment sales (7) | 5 | — | — | ||||||||
Newcrest transaction and integration costs (8) | 4 | — | — | ||||||||
Settlement costs (9) | 3 | — | — | ||||||||
Other (10) | 7 | — | — | ||||||||
Tax effect of adjustments (11) | 197 | 0.19 | 0.19 | ||||||||
Valuation allowance and other tax adjustments (12) | (170 | ) | (0.15 | ) | (0.15 | ) | |||||
Adjusted net income (loss) | $ | 1,404 | $ | 1.25 | $ | 1.25 | |||||
| |||||||||||
Weighted average common shares (millions): (13) | 1,126 | 1,127 | |||||||||
(1) | Per share measures may not recalculate due to rounding. | ||||||||||||
(2) | Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities; included in Other income (loss), net. | ||||||||||||
(3) | Primarily consists of the gain on the sales of the CC&V, Musselwhite, and Éléonore reportable segments; included in (Gain) loss on sale of assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | ||||||||||||
(4) | Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. | ||||||||||||
(5) | Represents the loss on the redemption of the 2026 Senior Notes partially offset by the gain on the partial redemption of certain senior notes; included in Other income (loss), net . Refer to Note 15 to the Condensed Consolidated Financial Statements for further information. | ||||||||||||
(6) | Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net . | ||||||||||||
(7) | Primarily represents gains and losses related to the sale of certain assets and investments; included in Other income (loss), net . | ||||||||||||
(8) | Represents costs incurred related to the Newcrest transaction; included in Other expense, net . | ||||||||||||
(9) | Primarily consists of litigation expenses and other settlements; included in Other expense, net . | ||||||||||||
(10) | Represents costs incurred related to transition service agreements for divested reportable segments; included in Other income (loss), net. | ||||||||||||
(11) | The tax effect of adjustments, included in Income and mining tax benefit (expense) , represents the tax effect of adjustments in footnotes (2) through (10), as described above, and are calculated using the applicable regional tax rate. | ||||||||||||
(12) | Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three months ended March 31, 2025 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $(197), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(8), net reductions to the reserve for uncertain tax positions of $(14), recording of a deferred tax liability for the outside basis difference at Akyem of $2 due to the status change to held for sale, and other tax adjustments of $47. For further information on reductions to the reserve for uncertain tax positions, refer to Note 9 to the Condensed Consolidated Financial Statements. | ||||||||||||
(13) | Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP. | ||||||||||||
Three Months Ended March 31, 2024 | |||||||||||
per share data (1) | |||||||||||
basic | diluted | ||||||||||
Net income (loss) attributable to Newmont stockholders | $ | 170 | $ | 0.15 | $ | 0.15 | |||||
Net loss (income) attributable to Newmont stockholders from discontinued operations | (4 | ) | — | — | |||||||
Net income (loss) attributable to Newmont stockholders from continuing operations | 166 | 0.15 | 0.15 | ||||||||
Adjustments: | |||||||||||
(Gain) loss on sale of assets held for sale (2) | 485 | 0.43 | 0.43 | ||||||||
Change in fair value of investments and options (3) | (31 | ) | (0.03 | ) | (0.03 | ) | |||||
Newcrest transaction-related costs (4) | 29 | 0.03 | 0.03 | ||||||||
Settlement costs (5) | 21 | 0.02 | 0.02 | ||||||||
Impairment charges (6) | 12 | 0.01 | 0.01 | ||||||||
(Gain) loss on asset and investment sales (7) | (9 | ) | (0.01 | ) | (0.01 | ) | |||||
Restructuring and severance (8) | 6 | — | — | ||||||||
Reclamation and remediation charges (9) | 6 | — | — | ||||||||
Tax effect of adjustments (10) | (147 | ) | (0.13 | ) | (0.13 | ) | |||||
Valuation allowance and other tax adjustments (11) | 92 | 0.08 | 0.08 | ||||||||
Adjusted net income (loss) | $ | 630 | $ | 0.55 | $ | 0.55 | |||||
| |||||||||||
Weighted average common shares (millions): (12) | 1,153 | 1,153 | |||||||||
(1) | Per share measures may not recalculate due to rounding. | ||||||||||||
(2) | Consists of the write-downs on assets held for sale; included in (Gain) loss on sale of assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | ||||||||||||
(3) | Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities; included in Other income (loss), net. | ||||||||||||
(4) | Represents costs incurred related to the Newcrest transaction; included in Other expense, net . | ||||||||||||
(5) | Primarily comprised of wind down and demobilization costs related to the French Guiana project; included in Other expense, net . | ||||||||||||
(6) | Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. | ||||||||||||
(7) | Primarily represents the gain recognized on the purchase and sale of foreign currency bonds; included in Other income (loss), net . | ||||||||||||
(8) | Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net . | ||||||||||||
(9) | Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 to the Condensed Consolidated Financial Statements for further information. | ||||||||||||
(10) | The tax effect of adjustments, included in Income and mining tax benefit (expense) , represents the tax effect of adjustments in footnotes (2) through (9), as described above, and are calculated using the applicable regional tax rate. | ||||||||||||
(11) | Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense) , is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three months ended March 31, 2024 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $(65), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $35, net reductions to the reserve for uncertain tax positions of $(2), recording of a deferred tax liability for the outside basis difference at Akyem of $117 due to the status change to held for sale, and other tax adjustments of $7. For further information on reductions to the reserve for uncertain tax positions, refer to Note 9 to the Condensed Consolidated Financial Statements. | ||||||||||||
(12) | Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP. | ||||||||||||
Earnings before interest, taxes, depreciation and amortization and Adjusted earnings before interest, taxes, depreciation and amortization
Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:
| Three Months Ended | ||||||
| 2025 | 2024 | |||||
Net income (loss) attributable to Newmont stockholders | $ | 1,891 | $ | 170 | |||
Net income (loss) attributable to noncontrolling interests | 11 | 9 | |||||
Net (income) loss from discontinued operations | — | (4 | ) | ||||
Equity loss (income) of affiliates | (78 | ) | (7 | ) | |||
Income and mining tax expense (benefit) | 647 | 260 | |||||
Depreciation and amortization | 593 | 654 | |||||
Interest expense, net of capitalized interest | 79 | 93 | |||||
EBITDA | 3,143 | 1,175 | |||||
Adjustments: | |||||||
Change in fair value of investments and options (1) | (291 | ) | (31 | ) | |||
(Gain) loss on assets held for sale (2) | (276 | ) | 485 | ||||
Impairment charges (3) | 15 | 12 | |||||
(Gain) loss on debt extinguishment (4) | 10 | — | |||||
Restructuring and severance (5) | 9 | 6 | |||||
(Gain) loss on asset and investment sales (6) | 5 | (9 | ) | ||||
Newcrest transaction and integration costs (7) | 4 | 29 | |||||
Settlement costs (8) | 3 | 21 | |||||
Reclamation and remediation charges (9) | — | 6 | |||||
Other (10) | 7 | — | |||||
Adjusted EBITDA | $ | 2,629 | $ | 1,694 | |||
(1) | Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities; included in Other income (loss), net. | ||||||||
(2) | Primarily consists of the gain on the sales of the CC&V, Musselwhite, and Éléonore reportable segments in 2025 and the write-downs on assets held for sale in 2024; included in (Gain) loss on sale of assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | ||||||||
(3) | Represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories; included in Other expense, net. | ||||||||
(4) | Represents the loss on the redemption of the 2026 Senior Notes partially offset by the gain on the partial redemption of certain senior notes in 2025; included in Other income (loss), net . Refer to Note 15 to the Condensed Consolidated Financial Statements for further information. | ||||||||
(5) | Primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented; included in Other expense, net . | ||||||||
(6) | Primarily represents gains and losses related to the sale of certain assets and investments in 2025 and the gain recognized on the purchase and sale of foreign currency bonds in 2024; included in Other income (loss), net . | ||||||||
(7) | Represents costs incurred related to the Newcrest transaction; included in Other expense, net . | ||||||||
(8) | Primarily consists of litigation expenses and other settlements in 2025 and wind-down and demobilization costs related to the French Guiana project in 2024; included in Other expense, net . | ||||||||
(9) | Represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value; included in Reclamation and remediation. Refer to Note 6 to the Condensed Consolidated Financial Statements for further information. | ||||||||
(10) | Represents costs incurred related to transition service agreements for divested reportable segments in 2025; included in Other income (loss), net. | ||||||||
Free Cash Flow
The following table sets forth a reconciliation of Free cash flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities , which the Company believes to be the GAAP financial measure most directly comparable to Free cash flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.
Three Months Ended March 31, | |||||||
2025 | 2024 | ||||||
Net cash provided by (used in) operating activities | $ | 2,031 | $ | 776 | |||
Less: Additions to property, plant and mine development | (826 | ) | (850 | ) | |||
Free cash flow | $ | 1,205 | $ | (74 | ) | ||
Net cash provided by (used in) investing activities (1) | $ | 738 | $ | (798 | ) | ||
Net cash provided by (used in) financing activities | $ | (1,662 | ) | $ | (299 | ) | |
| (1) | Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company's computation of Free cash flow. | ||||||||
Net Debt
Net debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents , as presented on the Condensed Consolidated Balance Sheets. Cash and cash equivalents are subtracted from Debt and Lease and other financing obligations as these could be used to reduce the Company's debt obligations.
The following table sets forth a reconciliation of Net debt, a non-GAAP financial measure, to Debt and Lease and other financing obligations , which the Company believes to be the GAAP financial measures most directly comparable to Net debt.
| At March 31, | At December 31, | |||||
Debt | $ | 7,507 | $ | 8,476 | |||
Lease and other financing obligations | 479 | 496 | |||||
Less: Cash and cash equivalents | (4,698 | ) | (3,619 | ) | |||
Less: Cash and cash equivalents included in assets held for sale (1) | (67 | ) | (45 | ) | |||
Net debt | $ | 3,221 | $ | 5,308 | |||
| (1) | During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related Cash and cash equivalents was reclassified to Assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for additional information. | ||||||||
Costs applicable to sales per ounce/gold equivalent ounce
Costs applicable to sales per ounce/gold equivalent ounce are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.
Costs applicable to sales per ounce
Three Months Ended March 31, | |||||
2025 | 2024 | ||||
Costs applicable to sales (1)(2) | $ | 1,769 | $ | 1,690 | |
Gold sold (thousand ounces) | 1,442 | 1,599 | |||
Costs applicable to sales per ounce (3) | $ | 1,227 | $ | 1,057 | |
(1) | Includes by-product credits of $47 and $39 during the three months ended March 31, 2025 and 2024, respectively. | ||||||
(2) | Excludes Depreciation and amortization and Reclamation and remediation . | ||||||
(3) | Per ounce measures may not recalculate due to rounding. | ||||||
Costs applicable to sales per gold equivalent ounce
Three Months Ended March 31, | |||||
2025 | 2024 | ||||
Costs applicable to sales (1)(2) | $ | 337 | $ | 416 | |
Gold equivalent ounces sold - other metals (thousand ounces) (3) | 368 | 502 | |||
Costs applicable to sales per gold equivalent ounce (4) | $ | 915 | $ | 829 | |
(1) | Includes by-product credits of $17 and $15 during the three months ended March 31, 2025 and 2024, respectively. | ||||||
(2) | Excludes Depreciation and amortization and Reclamation and remediation . | ||||||
(3) | Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($0.90/lb.) and Zinc ($1.20/lb.) pricing for 2025 and Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024. | ||||||
(4) | Per ounce measures may not recalculate due to rounding. | ||||||
All-In Sustaining Costs
All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold.
Three Months Ended March 31, 2025 | Costs Applicable to Sales (1)(2)(3) | Reclamation Costs (4) | Advanced Projects, Research and Development and Exploration (5) | General and Administrative | Other Expense, Net (6) | Treatment and Refining Costs | Sustaining Capital and Lease Related Costs (7)(8) | All-In Sustaining Costs | Ounces (000) Sold | All-In Sustaining Costs Per oz. (9) | ||||||||||||||||||
Gold | ||||||||||||||||||||||||||||
Ahafo | $ | 247 | $ | 4 | $ | 2 | $ | — | $ | — | $ | — | $ | 38 | $ | 291 | 199 | $ | 1,462 | |||||||||
Brucejack | 83 | 1 | 2 | — | — | 1 | 16 | 103 | 46 | $ | 2,230 | |||||||||||||||||
Red Chris | 16 | 1 | — | — | — | — | 2 | 19 | 15 | $ | 1,322 | |||||||||||||||||
Peñasquito | 106 | 4 | — | — | — | 8 | 11 | 129 | 118 | $ | 1,091 | |||||||||||||||||
Merian | 72 | 2 | — | — | — | — | 15 | 89 | 48 | $ | 1,864 | |||||||||||||||||
Cerro Negro (10) | 78 | 2 | 1 | — | 1 | — | 26 | 108 | 38 | $ | 2,857 | |||||||||||||||||
Yanacocha | 93 | 11 | — | — | 8 | — | 1 | 113 | 96 | $ | 1,170 | |||||||||||||||||
Boddington | 167 | 5 | 1 | — | — | 1 | 34 | 208 | 135 | $ | 1,544 | |||||||||||||||||
Tanami | 82 | 1 | 2 | — | — | — | 40 | 125 | 75 | $ | 1,659 | |||||||||||||||||
Cadia | 77 | 1 | — | — | — | 2 | 36 | 116 | 98 | $ | 1,184 | |||||||||||||||||
Lihir | 161 | 4 | 1 | — | — | — | 48 | 214 | 160 | $ | 1,339 | |||||||||||||||||
NGM | 308 | 4 | 1 | 3 | — | 2 | 70 | 388 | 216 | $ | 1,789 | |||||||||||||||||
Corporate and Other (11) | — | — | 29 | 92 | 3 | — | 2 | 126 | — | $ | — | |||||||||||||||||
Held for sale (12) | ||||||||||||||||||||||||||||
Porcupine | 63 | 2 | 1 | — | — | — | 21 | 87 | 51 | $ | 1,728 | |||||||||||||||||
Akyem | 90 | 4 | — | — | — | — | 8 | 102 | 39 | $ | 2,594 | |||||||||||||||||
Divested (13) | ||||||||||||||||||||||||||||
CC&V | 39 | 2 | — | — | — | — | 5 | 46 | 27 | $ | 1,708 | |||||||||||||||||
Musselwhite | 33 | 1 | — | — | — | — | 14 | 48 | 32 | $ | 1,530 | |||||||||||||||||
Éléonore | 54 | 1 | 2 | — | — | — | 12 | 69 | 49 | $ | 1,403 | |||||||||||||||||
Total Gold | 1,769 | 50 | 42 | 95 | 12 | 14 | 399 | 2,381 | 1,442 | $ | 1,651 | |||||||||||||||||
Gold equivalent ounces - other metals (14)(15) | ||||||||||||||||||||||||||||
Red Chris | 35 | 1 | — | — | — | 1 | 6 | 43 | 32 | $ | 1,334 | |||||||||||||||||
Peñasquito (16) | 193 | 6 | — | 1 | — | 28 | 24 | 252 | 212 | $ | 1,189 | |||||||||||||||||
Boddington | 38 | 1 | — | — | — | 1 | 8 | 48 | 32 | $ | 1,489 | |||||||||||||||||
Cadia | 71 | 1 | — | — | — | 2 | 34 | 108 | 92 | $ | 1,171 | |||||||||||||||||
Corporate and Other (11) | — | — | 5 | 14 | — | — | — | 19 | — | $ | — | |||||||||||||||||
Total Gold Equivalent Ounces | 337 | 9 | 5 | 15 | — | 32 | 72 | 470 | 368 | $ | 1,275 | |||||||||||||||||
Consolidated | $ | 2,106 | $ | 59 | $ | 47 | $ | 110 | $ | 12 | $ | 46 | $ | 471 | $ | 2,851 | ||||||||||||
(1) | Excludes Depreciation and amortization and Reclamation and remediation . | |||||||||||||||||||||||||||||
(2) | Includes by-product credits of $64. | |||||||||||||||||||||||||||||
(3) | Includes stockpile, leach pad, and product inventory adjustments of $3 at Cerro Negro and $15 at NGM. | |||||||||||||||||||||||||||||
(4) | Includes operating accretion of $38, included in Reclamation and remediation , and amortization of asset retirement costs of $21; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $51 and $4, respectively; included in Reclamation and remediation . | |||||||||||||||||||||||||||||
(5) | Excludes development expenditures of $8 at Ahafo, $2 at Red Chris, $4 at Peñasquito, $7 at Merian, $4 at Cerro Negro, $1 at Yanacocha, $2 at Boddington, $1 at NGM, $16 at Corporate and Other, totaling $45 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation. | |||||||||||||||||||||||||||||
(6) | Adjusted for restructuring and severance of $9, Newcrest transaction and integration costs of $4, impairment charges of $15, settlement costs of $3; included in Other expense, net . | |||||||||||||||||||||||||||||
(7) | Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment. | |||||||||||||||||||||||||||||
(8) | Includes finance lease payments and other costs for sustaining projects of $20. | |||||||||||||||||||||||||||||
(9) | Per ounce measures may not recalculate due to rounding. | |||||||||||||||||||||||||||||
(10) | During the first quarter of 2025, mining and processing operations at the site were temporarily suspended due to safety events. Full operations resumed in April 2025. | |||||||||||||||||||||||||||||
(11) | Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information. | |||||||||||||||||||||||||||||
(12) | Sites are classified as held for sale as of March 31, 2025. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | |||||||||||||||||||||||||||||
(13) | In the first quarter of 2025, the Company completed the sales of the CC&V, Musselwhite, and Éléonore reportable segments. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | |||||||||||||||||||||||||||||
(14) | Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,700/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($0.90/lb.) and Zinc ($1.20/lb.) pricing for 2025. | |||||||||||||||||||||||||||||
(15) | For the three months ended March 31, 2025, Red Chris sold 7 thousand tonnes of copper, Peñasquito sold 6 million ounces of silver, 21 thousand tonnes of lead and 73 thousand tonnes of zinc, Boddington sold 7 thousand tonnes of copper, and Cadia sold 21 thousand tonnes of copper. | |||||||||||||||||||||||||||||
(16) | All-in sustaining costs at Peñasquito is comprised of $79, $25, and $148 for silver, lead, and zinc, respectively. | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | Costs Applicable to Sales (1)(2)(3) | Reclamation Costs (4) | Advanced Projects, Research and Development and Exploration (5) | General and Administrative | Other Expense, Net (6) | Treatment and Refining Costs | Sustaining Capital and Lease Related Costs (7)(8) | All-In Sustaining Costs | Ounces (000) Sold | All-In Sustaining Costs Per oz. (9) | ||||||||||||||||||
Gold | ||||||||||||||||||||||||||||
Ahafo | $ | 159 | $ | 4 | $ | — | $ | — | $ | — | $ | 1 | $ | 22 | $ | 186 | 184 | $ | 1,010 | |||||||||
Brucejack | 74 | 1 | — | — | — | 1 | 12 | 88 | 34 | $ | 2,580 | |||||||||||||||||
Red Chris | 7 | — | — | — | — | 1 | 1 | 9 | 7 | $ | 1,277 | |||||||||||||||||
Peñasquito | 38 | 1 | — | — | — | 3 | 5 | 47 | 44 | $ | 1,079 | |||||||||||||||||
Merian | 90 | 2 | 2 | — | — | — | 19 | 113 | 74 | $ | 1,530 | |||||||||||||||||
Cerro Negro | 63 | 2 | 1 | — | 1 | — | 15 | 82 | 74 | $ | 1,120 | |||||||||||||||||
Yanacocha | 88 | 7 | 2 | — | — | — | 5 | 102 | 90 | $ | 1,123 | |||||||||||||||||
Boddington | 144 | 5 | — | — | — | 3 | 24 | 176 | 142 | $ | 1,242 | |||||||||||||||||
Tanami | 82 | 1 | — | — | — | — | 22 | 105 | 91 | $ | 1,149 | |||||||||||||||||
Cadia | 74 | — | 3 | — | — | 6 | 30 | 113 | 114 | $ | 989 | |||||||||||||||||
Lihir | 171 | 1 | 6 | — | — | — | 51 | 229 | 182 | $ | 1,256 | |||||||||||||||||
NGM | 314 | 4 | 2 | 2 | 1 | 2 | 95 | 420 | 267 | $ | 1,576 | |||||||||||||||||
Corporate and Other (10) | — | — | 30 | 90 | 1 | — | 4 | 125 | — | $ | — | |||||||||||||||||
Held for sale (11) | ||||||||||||||||||||||||||||
CC&V | 40 | 3 | 1 | — | 1 | — | 5 | 50 | 29 | $ | 1,735 | |||||||||||||||||
Musselwhite | 57 | 1 | 2 | — | 1 | — | 25 | 86 | 49 | $ | 1,766 | |||||||||||||||||
Porcupine | 63 | 5 | 2 | — | — | — | 19 | 89 | 61 | $ | 1,470 | |||||||||||||||||
Éléonore | 80 | 2 | 4 | — | — | — | 21 | 107 | 56 | $ | 1,920 | |||||||||||||||||
Telfer (12) | 70 | 2 | 3 | — | — | 1 | 3 | 79 | 26 | $ | 3,017 | |||||||||||||||||
Akyem | 76 | 11 | — | 1 | — | — | 8 | 96 | 75 | $ | 1,254 | |||||||||||||||||
Total Gold | 1,690 | 52 | 58 | 93 | 5 | 18 | 386 | 2,302 | 1,599 | $ | 1,439 | |||||||||||||||||
| ||||||||||||||||||||||||||||
Gold equivalent ounces - other metals (13)(14) | ||||||||||||||||||||||||||||
Red Chris | 31 | — | 2 | — | — | 4 | 6 | 43 | 31 | $ | 1,400 | |||||||||||||||||
Peñasquito (15) | 255 | 9 | 1 | — | — | 35 | 34 | 334 | 303 | $ | 1,102 | |||||||||||||||||
Boddington | 48 | 1 | — | — | — | 3 | 3 | 55 | 51 | $ | 1,081 | |||||||||||||||||
Cadia | 67 | — | 2 | — | — | 19 | 27 | 115 | 112 | $ | 1,027 | |||||||||||||||||
Corporate and Other (10) | — | — | 1 | 8 | — | — | — | 9 | — | $ | — | |||||||||||||||||
Held for sale (11) | ||||||||||||||||||||||||||||
Telfer (12) | 15 | 1 | 1 | — | — | 2 | 1 | 20 | 5 | $ | 3,745 | |||||||||||||||||
Total Gold Equivalent Ounces | 416 | 11 | 7 | 8 | — | 63 | 71 | 576 | 502 | $ | 1,148 | |||||||||||||||||
| ||||||||||||||||||||||||||||
Consolidated | $ | 2,106 | $ | 63 | $ | 65 | $ | 101 | $ | 5 | $ | 81 | $ | 457 | $ | 2,878 | ||||||||||||
(1) | Excludes Depreciation and amortization and Reclamation and remediation . | |||||||||||||||||||||||||||||
(2) | Includes by-product credits of $54. | |||||||||||||||||||||||||||||
(3) | Includes stockpile, leach pad, and product inventory adjustments of $2 at Brucejack, $1 at Peñasquito, $6 at NGM, and $15 at Telfer. | |||||||||||||||||||||||||||||
(4) | Include operating accretion of $33, included in Reclamation and remediation , and amortization of asset retirement costs of $30; excludes accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $54 and $11, respectively; included in Reclamation and remediation . | |||||||||||||||||||||||||||||
(5) | Excludes development expenditures of $5 at Ahafo, $1 at Peñasquito, $2 at Merian, $4 at Cerro Negro, $1 at Boddington, $8 at Tanami, $4 at Akyem, $3 at NGM, and $13 at Corporate and Other, totaling $41 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation. | |||||||||||||||||||||||||||||
(6) | Adjusted for Newcrest transaction-related costs of $29, settlement costs of $21, impairment charges of $12, and restructuring and severance of $6; included Other expense, net . | |||||||||||||||||||||||||||||
(7) | Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part I, Item 2, MD&A for capital expenditures by segment. | |||||||||||||||||||||||||||||
(8) | Includes finance lease payments and other costs for sustaining projects of $15. | |||||||||||||||||||||||||||||
(9) | Per ounce measures may not recalculate due to rounding. | |||||||||||||||||||||||||||||
(10) | Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Condensed Consolidated Financial Statements for further information. | |||||||||||||||||||||||||||||
(11) | Sites were classified as held for sale as of March 31, 2024. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | |||||||||||||||||||||||||||||
(12) | In the fourth quarter of 2024, the Company completed the sale of the assets of the Telfer reportable segment. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information. | |||||||||||||||||||||||||||||
(13) | Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024. | |||||||||||||||||||||||||||||
(14) | For the three months ended March 31, 2024, Red Chris sold 6 thousand tonnes of copper, Peñasquito sold 10 million ounces of silver, 29 thousand tonnes of lead and 61 thousand tonnes of zinc, Boddington sold 9 thousand tonnes of copper, Cadia sold 20 thousand tonnes of copper, and Telfer sold 1 thousand tonnes of copper. | |||||||||||||||||||||||||||||
(15) | All-in sustaining costs at Peñasquito is comprised of $145, $44, and $145 for silver, lead, and zinc, respectively. | |||||||||||||||||||||||||||||
A reconciliation of the 2025 Gold AISC outlook to the 2025 Gold CAS outlook is provided below. For more details, refer to the Company's Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on www.newmont.com . The estimates in the table below are considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws.
2025 Guidance Total Tier 1 Portfolio - Gold (1)(2) | ||
(in millions, except ounces and per ounce) | Guidance Estimate | |
Cost Applicable to Sales (3)(4) | $ | 6,100 |
Reclamation Costs (5) | 160 | |
Advanced Projects & Exploration (6) | 200 | |
General and Administrative (7) | 340 | |
Other Expense | 20 | |
Treatment and Refining Costs | 80 | |
Sustaining Capital (8) | 1,440 | |
Sustaining Finance Lease Payments | 60 | |
All-in Sustaining Costs | $ | 8,390 |
Ounces (000) Sold (9) | 5,175 | |
All-in Sustaining Costs per Ounce | $ | 1,620 |
(1) | The reconciliation is provided for illustrative purposes in order to better describe management's estimates of the components of the calculation. Estimates for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result, the total All-in sustaining costs and the All-in sustaining costs per ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for the 2025 AISC Gold Outlook on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts. 2025 guidance projections are considered forward-looking statements and represent management's good faith estimates or expectations of future production results as of February 20, 2025. Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. See cautionary statement at the end of this release. | |||
(2) | All values are presented on a consolidated basis for Newmont. | |||
(3) | Excludes Depreciation and amortization and Reclamation and remediation . | |||
(4) | Includes stockpile and leach pad inventory adjustments. | |||
(5) | Reclamation costs include operating accretion and amortization of asset retirement costs. | |||
(6) | Advanced Project and Exploration excludes non-sustaining advanced projects and exploration. | |||
(7) | Includes stock-based compensation. | |||
(8) | Excludes development capital expenditures, capitalized interest and change in accrued capital. | |||
(9) | Consolidated production for Merian is presented on a total production basis for the mine site and excludes production from Pueblo Viejo and Fruta del Norte. | |||
Net debt to Adjusted EBITDA ratio
Management uses net debt to Adjusted EBITDA as non-GAAP measures to evaluate the Company's operating performance, including our ability to generate earnings sufficient to service our debt. Net debt to Adjusted EBITDA represents the ratio of the Company's debt, net of cash and cash equivalents, to Adjusted EBITDA. Net debt to Adjusted EBITDA does not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Net debt to Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of net debt to Adjusted EBITDA measure is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that net debt to Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management's determination of the components of net debt to Adjusted EBITDA is evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted EBITDA as follows:
Three Months Ended | |||||||||||||||
March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | ||||||||||||
Net income (loss) attributable to Newmont stockholders | $ | 1,891 | $ | 1,403 | $ | 922 | $ | 853 | |||||||
Net income (loss) attributable to noncontrolling interests | 11 | 18 | 2 | 4 | |||||||||||
Net loss (income) from discontinued operations | — | — | (49 | ) | (15 | ) | |||||||||
Equity loss (income) of affiliates | (78 | ) | (69 | ) | (60 | ) | 3 | ||||||||
Income and mining tax expense (benefit) | 647 | 702 | 244 | 191 | |||||||||||
Depreciation and amortization | 593 | 689 | 631 | 602 | |||||||||||
Interest expense, net of capitalized interest | 79 | 93 | 86 | 103 | |||||||||||
EBITDA (1) | $ | 3,143 | $ | 2,836 | $ | 1,776 | $ | 1,741 | |||||||
Adjustments: | |||||||||||||||
Change in fair value of investments | $ | (291 | ) | $ | (23 | ) | $ | (17 | ) | $ | 9 | ||||
(Gain) loss on sale of assets held for sale | (276 | ) | 268 | 115 | 246 | ||||||||||
Impairment charges | 15 | 39 | 18 | 9 | |||||||||||
(Gain) loss on debt extinguishment | 10 | (3 | ) | (15 | ) | (14 | ) | ||||||||
Restructuring and severance | 9 | 18 | 5 | 9 | |||||||||||
(Gain) loss on asset and investment sales | 5 | 1 | 28 | (55 | ) | ||||||||||
Newcrest transaction and integration costs | 4 | 10 | 17 | 16 | |||||||||||
Settlement costs | 3 | 11 | 7 | 5 | |||||||||||
Reclamation and remediation charges | — | (110 | ) | 33 | — | ||||||||||
Pension settlements | — | 1 | — | — | |||||||||||
Other | 7 | — | — | — | |||||||||||
Adjusted EBITDA (1) | $ | 2,629 | $ | 3,048 | $ | 1,967 | $ | 1,966 | |||||||
12 month trailing Adjusted EBITDA | $ | 9,610 | |||||||||||||
Total Debt | $ | 7,507 | |||||||||||||
Lease and other financing obligations | 479 | ||||||||||||||
Less: Cash and cash equivalents | (4,698 | ) | |||||||||||||
Less: Cash and cash equivalents included in assets held for sale (2) | (67 | ) | |||||||||||||
Total Net debt | $ | 3,221 | |||||||||||||
Net debt to Adjusted EBITDA | 0.3 | ||||||||||||||
(1) | See EBITDA and Adjusted EBITDA reconciliation for more details on adjustments. | ||||||||||||||||
(2) | During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related Cash and cash equivalents was reclassified to Assets held for sale . Refer to Note 3 to the Condensed Consolidated Financial Statements for additional information. | ||||||||||||||||
Net average realized price per ounce/ pound
Average realized price per ounce/ pound are non-GAAP financial measures. The measures are calculated by dividing the net consolidated gold, copper, silver, lead, and zinc sales by the consolidated gold ounces, copper pounds, silver ounces, lead pounds and zinc pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on a consolidated basis. Average realized price per ounce/ pound statistics are intended to provide additional information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure:
Three Months Ended | Increase | Percent | ||||||||||
2025 | 2024 | |||||||||||
Consolidated gold sales, net | $ | 4,245 | $ | 3,341 | $ | 904 | 27 | % | ||||
Consolidated copper sales, net | 354 | 297 | 57 | 19 | ||||||||
Consolidated silver sales, net | 188 | 201 | (13 | ) | (6 | ) | ||||||
Consolidated lead sales, net | 42 | 60 | (18 | ) | (30 | ) | ||||||
Consolidated zinc sales, net | 181 | 124 | 57 | 46 | ||||||||
Total sales | $ | 5,010 | $ | 4,023 | $ | 987 | 25 | % | ||||
Three Months Ended March 31, 2025 | |||||||||||||||||||
Gold | Copper | Silver | Lead | Zinc | |||||||||||||||
(ounces) | (pounds) | (ounces) | (pounds) | (pounds) | |||||||||||||||
Consolidated sales: | |||||||||||||||||||
Gross before provisional pricing and streaming impact | $ | 4,167 | $ | 324 | $ | 157 | $ | 43 | $ | 207 | |||||||||
Provisional pricing mark-to-market | 92 | 34 | 19 | — | (6 | ) | |||||||||||||
Silver streaming amortization | — | — | 19 | — | — | ||||||||||||||
Gross after provisional pricing and streaming impact | 4,259 | 358 | 195 | 43 | 201 | ||||||||||||||
Treatment and refining charges | (14 | ) | (4 | ) | (7 | ) | (1 | ) | (20 | ) | |||||||||
Net | $ | 4,245 | $ | 354 | $ | 188 | $ | 42 | $ | 181 | |||||||||
Consolidated ounces/pounds sold (1)(2) | 1,442 | 76 | 6 | 47 | 161 | ||||||||||||||
Average realized price (per ounce/pound): (3) | |||||||||||||||||||
Gross before provisional pricing and streaming impact | $ | 2,890 | $ | 4.25 | $ | 25.23 | $ | 0.91 | $ | 1.28 | |||||||||
Provisional pricing mark-to-market | 64 | 0.45 | 3.03 | — | (0.03 | ) | |||||||||||||
Silver streaming amortization | — | — | 3.04 | — | — | ||||||||||||||
Gross after provisional pricing and streaming impact | 2,954 | 4.70 | 31.30 | 0.91 | 1.25 | ||||||||||||||
Treatment and refining charges | (10 | ) | (0.05 | ) | (1.18 | ) | (0.02 | ) | (0.12 | ) | |||||||||
Net | $ | 2,944 | $ | 4.65 | $ | 30.12 | $ | 0.89 | $ | 1.13 | |||||||||
(1) | Amounts reported in millions except gold ounces, which are reported in thousands. | ||||||||||||||||||||
(2) | For the three months ended March 31, 2025 the Company sold 35 thousand tonnes of copper, 21 thousand tonnes of lead, and 73 thousand tonnes of zinc. | ||||||||||||||||||||
(3) | Per ounce/pound measures may not recalculate due to rounding. | ||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||
Gold | Copper | Silver | Lead | Zinc | |||||||||||||||
(ounces) | (pounds) | (ounces) | (pounds) | (pounds) | |||||||||||||||
Consolidated sales: | |||||||||||||||||||
Gross before provisional pricing and streaming impact | $ | 3,329 | $ | 316 | $ | 182 | $ | 61 | $ | 149 | |||||||||
Provisional pricing mark-to-market | 30 | 9 | 4 | — | (3 | ) | |||||||||||||
Silver streaming amortization | — | — | 27 | — | — | ||||||||||||||
Gross after provisional pricing and streaming impact | 3,359 | 325 | 213 | 61 | 146 | ||||||||||||||
Treatment and refining charges | (18 | ) | (28 | ) | (12 | ) | (1 | ) | (22 | ) | |||||||||
Net | $ | 3,341 | $ | 297 | $ | 201 | $ | 60 | $ | 124 | |||||||||
Consolidated ounces/pounds sold (1)(2) | 1,599 | 80 | 10 | 65 | 135 | ||||||||||||||
Average realized price (per ounce/pound): (3) | |||||||||||||||||||
Gross before provisional pricing and streaming impact | $ | 2,082 | $ | 3.95 | $ | 18.50 | $ | 0.95 | $ | 1.10 | |||||||||
Provisional pricing mark-to-market | 19 | 0.12 | 0.39 | (0.01 | ) | (0.02 | ) | ||||||||||||
Silver streaming amortization | — | — | 2.78 | — | — | ||||||||||||||
Gross after provisional pricing and streaming impact | 2,101 | 4.07 | 21.67 | 0.94 | 1.08 | ||||||||||||||
Treatment and refining charges | (11 | ) | (0.35 | ) | (1.26 | ) | (0.02 | ) | (0.16 | ) | |||||||||
Net | $ | 2,090 | $ | 3.72 | $ | 20.41 | $ | 0.92 | $ | 0.92 | |||||||||
(1) | Amounts reported in millions except gold ounces, which are reported in thousands. | |
(2) | For the three months ended March 31, 2024 the Company sold 36 thousand tonnes of copper, 29 thousand tonnes of lead, and 61 thousand tonnes of zinc. | |
(3) | Per ounce/pound measures may not recalculate due to rounding. |
Gold by-product metrics
Copper, silver, lead, zinc, and molybdenum are by-products often obtained during the process of extracting and processing the primary ore-body. In our GAAP Consolidated Financial Statements, the value of these by-products is recorded as a credit to our CAS and the value of the primary ore is recorded as Sales . In certain instances, copper, silver, lead, and zinc are co-products, or a significant resource in the primary ore-body, and the revenue is recorded as Sales in our GAAP Consolidated Financial Statements.
Gold by-product metrics are non-GAAP financial measures that serve as a basis for comparing the Company's performance with certain competitors. As Newmont's operations are primarily focused on gold production, "Gold by-product metrics" were developed to allow investors to view Sales , CAS per ounce and AISC per ounce calculations that classify all copper, silver, lead, zinc, and molybdenum production as a by-product, even when copper, silver, lead or zinc is a significant resource in the primary ore-body. These metrics are calculated by subtracting copper, silver, lead, and zinc sales recognized from Sales and including these amounts as offsets to CAS.
Gold by-product metrics are calculated on a consistent basis for the periods presented on a consolidated basis. These metrics are intended to provide supplemental information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures:
Total Newmont Gold By-product Unit Costs | Three Months Ended March 31, | |||||||
2025 | 2024 | |||||||
Consolidated gold sales, net | $ | 4,245 | $ | 3,341 | ||||
Consolidated other metal sales, net | 765 | 682 | ||||||
Sales | $ | 5,010 | $ | 4,023 | ||||
Costs applicable to sales | $ | 2,106 | $ | 2,106 | ||||
Less: Consolidated other metal sales, net | (765 | ) | (682 | ) | ||||
By-product costs applicable to sales | $ | 1,341 | $ | 1,424 | ||||
Gold sold (thousand ounces) | 1,442 | 1,599 | ||||||
Total Gold CAS per ounce (by-product) (1) | $ | 930 | $ | 891 | ||||
Total AISC | $ | 2,851 | $ | 2,878 | ||||
Less: Consolidated other metal sales, net | (765 | ) | (682 | ) | ||||
By-product AISC | $ | 2,086 | $ | 2,196 | ||||
Gold sold (thousand ounces) | 1,442 | 1,599 | ||||||
Total Gold AISC per ounce (by-product) (1) | $ | 1,447 | $ | 1,373 | ||||
| (1) | Per ounce measures may not recalculate due to rounding. |
Conference Call Information
A conference call will be held on Wednesday, April 23, 2025 at 5:30 p.m. Eastern Standard Time (3:30 p.m. Mountain Standard Time), which is 7:30 a.m. Australian Eastern Standard Time on Thursday, April 24, 2025; it will also be available on the Company's website.
Conference Call Details
Dial-In Number | 833.470.1428 | |
Intl Dial-In Number | 404.975.4839 1 | |
Dial-In Access Code | 628388 | |
Conference Name | Newmont | |
Replay Number | 866.813.9403 | |
Intl Replay Number | 929.458.6194 | |
Replay Access Code | 307601 |
1 For toll-free phone numbers, refer to the following link: https://www.netroadshow.com/events/global-numbers?confId=49005
Webcast Details
Title: Newmont First Quarter 2025 Earnings Conference Call
URL: https://events.q4inc.com/attendee/ 482927766
The webcast materials will be available Wednesday, April 23, after North American markets close, under the "Investor Relations" section of the Company's website. Additionally, the conference call will be archived for a limited time on the Company's website.
About Newmont
Newmont is the world's leading gold Company and producer of copper, zinc, lead, and silver. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com .
Cautionary Statement Regarding Forward Looking Statements, Including Outlook Assumptions, and Notes:
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as "anticipate," "intend," "plan," "will," "would," "estimate," "expect," "believe," "pending" or "potential." Forward-looking statements in this news release may include, without limitation, (i) estimates of future production and sales, including production outlook, average future production; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures, including development and sustaining capital; (iv) expectations regarding the development of key projects, including with respect to production and capital cost estimates; (v) expectations regarding share and debt repurchases; (vi) estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, Full Potential and productivity improvements, and future cash flow enhancements through portfolio optimization, (vii) expectations regarding Newmont's go-forward portfolio is focused on Tier 1 assets; (viii) expectations regarding future investments or divestitures, including of non-core assets and assets designated as held for sale; (ix) expectations regarding free cash flow and returns to stockholders, including with respect to future dividends and future share repurchases; (x) estimates of expected reclamation and remediation costs, water treatment costs and other expenses, and (xi) other outlook, including, without limitation, outlook and other future operating, reclamation, remediation, and financial metrics. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to U.S. dollar and Canadian dollar to U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Such uncertainties could result in operating sites being placed into care and maintenance and impact estimates, costs and timing of projects. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities.
Investors are also reminded that expectations regarding receipt of deferred or contingent consideration in connection with recent asset sales are forward-looking statements. No assurance can be provided that conditions necessary for receipt of deferred consideration will be met in the future. For additional information regarding the terms and conditions for receipt of deferred consideration payments and total consideration estimates, refer to the press releases available on the Company's website at www.newmont.com (see the September 10, 2024 press release for further details regarding the agreement to divest Telfer and Havieron, the October 8, 2024 press release for further details regarding the agreement to divest Akyem, the November 18, 2024 press release for further details regarding the agreement to divest Musselwhite, the November 25, 2024 press release for further details regarding the agreement to divest Éléonore, the December 6, 2024 press release for further details regarding the agreement to divest CC&V, and the January 27, 2025 press release for further details regarding the agreement to divest Porcupine). No assurances can be provided with respect to the receipt of deferred consideration.
Future dividends beyond the dividend payable on June 20, 2025 to holders of record at the close of business on May 27, 2025 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. Management's expectations with respect to future dividends are "forward-looking statements" and are non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont's financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board.
Investors are also cautioned that the extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full $2.0 billion amount during the 24 month authorization period.
For a more detailed discussion of such risks and other factors that might impact future looking statements, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the "SEC") on February 21, 2025, under the heading "Risk Factors", and other factors identified in the Company's reports filed with the SEC, available on the SEC website or at www.newmont.com . The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk. Investors are also encouraged to review our Form 10-Q for the quarter ended March 31, 2025, expected to be filed on, or about April 23, 2025.
Notice Regarding Reserve and Resource:
Unless otherwise stated herein, the reserves stated in this release represent estimates at December 31, 2024, which could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on metal prices and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. Additionally, resource does not indicate proven and probable reserves as defined by the SEC or the Company's standards. Estimates of measured, indicated and inferred resource are subject to further exploration and development, and are, therefore, subject to considerable uncertainty. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. The Company cannot be certain that any part or parts of the resource will ever be converted into reserves. For additional information on our reserves and resources, please see Item 2 of the Company's Form 10-K, filed on or about February 21, 2025, with the SEC.
Note Regarding Tier 1 Portfolio:
Newmont's Tier 1 portfolio is focused on Tier 1 assets, consisting of (1) six managed Tier 1 assets (Boddington, Tanami, Cadia, Lihir, Peñasquito, and Ahafo), (2) assets owned through two non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo, including four Tier 1 assets (Carlin, Cortez, Turquoise Ridge, and Pueblo Viejo), (3) three emerging Tier 1 assets (Merian, Cerro Negro, and Yanacocha), which do not currently meet the criteria for Tier 1 Asset, and (4) an emerging Tier 1 district in the Golden Triangle in British Columbia (Red Chris and Brucejack), which does not currently meet the criteria for Tier 1 Asset. Newmont's Tier 1 portfolio also includes attributable production from the Company's equity interest in Lundin Gold (Fruta del Norte). Tier 1 Portfolio cost and capital metrics include the proportional share of the Company's interest in the Nevada Gold Mines joint venture.
Tier 1 Asset is defined as having, on average over such asset's mine life: (1) production of over 500,000 GEOs/year on a consolidated basis, (2) average all-in-sustaining cost ("AISC")/oz in the lower half of the industry cost curve, (3) an expected mine life of over 10 years, and (4) operations in countries that are classified in the A and B rating ranges for Moody's, S&P and Fitch. See below for a definition of GEO and See Item 7, MD&A, under the heading "Non-GAAP Financial Measures" of the most recent Form 10-K for the definition of AISC.
With respect to other assets in the industry, such terms and metrics are as published in public filings of the third-party entities reporting with respect to those assets. Newmont's methods of calculating operating metrics, such as AISC, and those of third parties may differ for similarly titled metrics published by other parties due to differences in methodology.
Note that this classification is based on the reasonable good faith expectations of management as of the date hereof based on an assessment that considers past performance, as well as expectations over the remainder of the life of mine. As such, Tier 1 Asset classifications are forward-looking statements with respect to the average over the life of mine. For example, an asset may not fit one element of such definition due to a change over a select period, but continue to be designated as a Tier 1 Asset based on an aggregated assessment of the asset over the life of mine. Estimates or expectations of future production, AISC, mine life and country ratings are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of Newmont's operations and projects being consistent with current expectations and mine plans; (iii) political developments being consistent with current expectations; (iv) certain price assumptions for gold, copper, silver, zinc, lead and oil; (v) prices for key supplies; (vi) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (vii) other planning assumptions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250423592153/en/
Investor Contact - Global
Neil Backhouse, investor.relations@newmont.com
Investor Contact - Asia Pacific
Natalie Worley, apac.investor.relations@newmont.com
Media Contact - Global
Shannon Lijek, globalcommunications@newmont.com
Media Contact - Asia Pacific
Rosalie Cobai, australiacommunications@newmont.com
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