• Newmont has an approved $1 billion share buyback program ready to execute once balance sheet targets are met, indicating management's confidence in the company's value. 
• The company is experiencing cost reductions in contractor costs, diesel, explosives, and energy, with labor costs staying flat, improving profitability. 
• There is a high level of interest in Newmont's six non-core assets being divested over the next 12 months, which could generate significant cash proceeds to support balance sheet strengthening and potential accelerated share buybacks. 

• Delays in Share Buybacks Due to Balance Sheet Priorities: Management emphasized that before considering share repurchases, the company needs to replenish cash on the balance sheet and reduce debt over the next 24 months, indicating that share buybacks may be delayed. ,
• Uncertainty in Asset Disposition Proceeds: The book value of assets held for sale is $5.7 billion, which is significantly higher than the $2 billion targeted from divestitures, suggesting potential difficulties in achieving expected valuations.
• Operational Challenges and Safety Concerns at Cerro Negro: The company reported a fatal incident at its Cerro Negro mine, where two employees lost their lives due to a procedural issue, highlighting potential operational risks.

1. Asset Sales and Use of Proceeds
   Q: When will cash from asset sales be received and how will it be used?
   A: The company will receive proceeds from the sale of the London transaction in two tranches: the first in the second quarter and the second in the third quarter. The proceeds will be used to replenish cash balances and may be applied to debt repayment, consistent with capital allocation priorities.

2. Buyback Policy and Timing
   Q: How flexible is the company's buyback policy, and could buybacks happen sooner?
   A: The company is considering share buybacks once cash balances are replenished and there is line of sight to debt reduction over the next 24 months. They have an approved $1 billion buyback ready to execute when conditions permit.

3. Yanacocha Closure Costs and Water Treatment Plants
   Q: What's driving the need for new water treatment plants at Yanacocha, and what are the costs?
   A: The company is constructing two large water treatment plants at Yanacocha to treat acidic water in perpetuity due to significant land disturbance and rainfall. These plants are designed to treat 8,000 cubic meters per hour, comparable to the water needs of a city like Seattle. The costs are included in the closure liability, with $600 million expected to be spent in 2024, $700 million in 2025, and the remainder in 2026.

4. Full Potential Program Progress at Lihir
   Q: How is the Full Potential Program progressing at Lihir?
   A: The company sees significant opportunities at Lihir, focusing on consistent feed to the plant, improving asset management and plant availability, and enhancing mine efficiency. Early quick wins have been identified, and they are confident in the potential upside beyond the initial $500 million target.

5. Inflationary Pressures and Cost Easing
   Q: Are there any easing inflationary pressures or benefits on costs?
   A: The company has seen easing in contractor costs, diesel, explosives, and energy in certain areas. However, there are increases in costs related to steel prices and cyanide. Labor costs, which make up about 50% of the cost base, have remained flat.

6. Integration Challenges with Newcrest
   Q: What's been the most challenging part of the integration with Newcrest?
   A: The most challenging aspect has been the tragic loss of a team member at Brucejack. Other challenges include safety, bringing tailings facilities up to Newmont standards, and improving ore body knowledge. Overall, the integration has gone well by applying lessons from previous acquisitions.

7. Gold Equivalent Ounce (GEO) Guidance at Penasquito
   Q: How will GEO production progress throughout the year, especially at Penasquito?
   A: GEO production is expected to be higher at Penasquito this year due to mining in the Chile Colorado pit, which has higher GEO content. The company anticipates approximately 9 million ounces of silver per quarter, with steady production of lead and zinc across the four quarters.

8. Asset Sale Preferences (Groups or Individual)
   Q: Is there a preference to sell assets in groups or individually?
   A: The company has initiated formal processes for all six non-core assets, running three separate processes due to different locations. There is a high level of interest, and they aim to optimize value and cash, with a preference for cash transactions.

9. Maintenance in Portfolio
   Q: Are there other significant maintenance activities we should be aware of?
   A: Beyond planned maintenance in Q3, the company will replace a gear at Ahafo in the second quarter. Production rates are expected to return to normal after this shutdown. No other significant maintenance activities were noted.

10. Working Capital Movements
    Q: What are the expected working capital movements in the coming quarters?
    A: An additional stamp duty of approximately $30 million is expected in the third quarter. Seasonal changes related to cash taxes and interest will impact the second quarter. Timing of sales, inventory changes, and pricing will affect working capital throughout the year.

11. Book Value of Assets Held for Sale
    Q: The book value of assets held for sale is $5.7 billion versus $2 billion targeted; any comments?
    A: The book value reflects accounting conventions under GAAP and may differ from the commercial value to potential buyers. The actual market value could be higher or lower than the book value after the commercial process.

12. Cost of Water Treatment Plants in Working Capital
    Q: How are the costs of the water treatment plants affecting working capital?
    A: The costs are accrued on the balance sheet as a liability and flow through working capital. The $600 million expected to be spent in 2024 and $700 million in 2025 are considered current liabilities impacting working capital.

13. Fatalities at Cerro Negro and Structural Concerns
    Q: Did the fatalities at Cerro Negro relate to structural support issues?
    A: The fatalities were procedural in nature and not linked to any long-term structural or geotechnical issues. The company emphasized that from a geotechnical standpoint, there are no material technical challenges at Cerro Negro.

Note: All citations refer to the document index numbers provided.