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    Hugo Nicolaci • Not Stated in Transcript

    Hugo Nicolaci's questions to Newmont Corporation (NEM) leadership

    Hugo Nicolaci's questions to Newmont Corporation (NEM) leadership • Q2 2025

    Question

    Hugo Nicolaci of Goldman Sachs asked about the high costs at Nevada Gold Mines and inquired about the sustainability of productivity improvements at the Boddington mine, which ran above nameplate capacity.

    Answer

    While deferring the Nevada question to the operator, President and COO Natascha Viljoen addressed Boddington's success. She attributed the performance to a 10% productivity lift from the autonomous haul fleet in the mine and improved asset management and reliability in the plant, supported by better fragmentation. This performance is expected to continue as the mine works through its pushback campaign.

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    Hugo Nicolaci's questions to Newmont Corporation (NEM) leadership • Q1 2025

    Question

    Hugo Nicolaci asked for clarification on the timing of cost movements into the second quarter and whether any specific work completions or equipment deliveries would tangibly impact production. He also questioned the objective of repaying debt early given the company's growing liquidity and the compelling rates on existing notes.

    Answer

    Executive Tom Palmer described the Q2 outlook as 'pretty vanilla,' with production similar to Q1 but higher sustaining capital spend as planned, particularly at Cadia. CFO Karyn Ovelmen addressed the debt question by stating that while there's no specific intent at this time, the company will look for opportunities to 'buffer the balance sheet' in an uncertain economic environment, even as it continues its robust share buyback and dividend programs.

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    Hugo Nicolaci's questions to Newmont Corporation (NEM) leadership • Q4 2024

    Question

    Hugo Nicolaci inquired about Newmont's future debt targets and capital structure, suggesting a leverage ratio might be more appropriate given strong gold prices, and asked about the sequencing and timing for the next phase of growth projects like Red Chris and Yanacocha.

    Answer

    CFO Karyn Ovelmen stated that the capital allocation strategy remains unchanged, targeting under $8 billion in debt and over $3 billion in cash, while funding projects and shareholder returns. CEO Tom Palmer added that the immediate focus is on executing the three current projects, which earns the right to advance future projects like Red Chris, which is undergoing a feasibility study.

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