| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Gold Sales           | N/A     | **2,303**  **[0001164727-23-000021_nem-20230331.htm:3]**  | **2,380**  **[0001164727-23-000034_nem-20230630.htm:3]**  | **2,400**  **[0001164727-23-000039_nem-20230930.htm:3]**  | N/A     | **3,341**  **[0001164727-24-000031_nem-20240331.htm:3]**  | **3,623**  **[0001164727-24-000039_nem-20240630.htm:3]**  | **3,945**  **[0001164727-24-000061_nem-20240930.htm:24]**  |
| Copper Sales         | N/A     | **110**  **[0001164727-23-000021_nem-20230331.htm:3]**    | **82**  **[0001164727-23-000034_nem-20230630.htm:3]**     | **90**  **[0001164727-23-000039_nem-20230930.htm:3]**     | N/A     | **297**  **[0001164727-24-000031_nem-20240331.htm:3]**    | **377**  **[0001164727-24-000039_nem-20240630.htm:3]**    | **329**  **[0001164727-24-000061_nem-20240930.htm:24]**    |
| Silver Sales         | N/A     | **117**  **[0001164727-23-000021_nem-20230331.htm:3]**    | **124**  **[0001164727-23-000034_nem-20230630.htm:3]**    | **5**  **[0001164727-23-000039_nem-20230930.htm:3]**      | N/A     | **201**  **[0001164727-24-000031_nem-20240331.htm:3]**    | **209**  **[0001164727-24-000039_nem-20240630.htm:3]**    | **147**  **[0001164727-24-000061_nem-20240930.htm:24]**    |
| Lead Sales           | N/A     | **32**  **[0001164727-23-000021_nem-20230331.htm:3]**     | **32**  **[0001164727-23-000034_nem-20230630.htm:3]**     | **0**  **[0001164727-23-000039_nem-20230930.htm:3]**      | N/A     | **60**  **[0001164727-24-000031_nem-20240331.htm:3]**     | **44**  **[0001164727-24-000039_nem-20240630.htm:3]**     | **32**  **[0001164727-24-000061_nem-20240930.htm:24]**     |
| Zinc Sales           | N/A     | **117**  **[0001164727-23-000021_nem-20230331.htm:3]**    | **65**  **[0001164727-23-000034_nem-20230630.htm:3]**     | **(2)**  **[0001164727-23-000039_nem-20230930.htm:3]**    | N/A     | **124**  **[0001164727-24-000031_nem-20240331.htm:3]**    | **149**  **[0001164727-24-000039_nem-20240630.htm:3]**    | **152**  **[0001164727-24-000061_nem-20240930.htm:24]**    |
| Total Sales          | N/A     | **2,679**  **[0001164727-23-000021_nem-20230331.htm:3]**  | **2,683**  **[0001164727-23-000034_nem-20230630.htm:3]**  | **2,493**  **[0001164727-23-000039_nem-20230930.htm:3]**  | **3,957**  **[0001164727-24-000006_newmontq42023earningsand20.htm:20]**  | **4,023**  **[0001164727-24-000031_nem-20240331.htm:3]**  | **4,402**  **[0001164727-24-000039_nem-20240630.htm:3]**  | **4,605**  **[0001164727-24-000061_nem-20240930.htm:24]**  |

3097eda7ec0c3af7dc6f0d1947702a3fe47fcbd3e8bcf87b6802093ba8a82baa

e684ca1463b0916d8e81acd3672dcb7e765f99520d669503eb84e164af1bc739

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

ada46f9b5406dcc95d68f6220e5f63bf46f3ca954017b2fc56d0f0d7a6f3d1d8

| Metric (Unit) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Gold Equivalent Ounces Produced (thousand ounces) | N/A | 288 **[0001164727-23-000021_nem-20230331.htm:4]** | 256 **[0001164727-23-000034_nem-20230630.htm:4]** | 58 **[0001164727-23-000039_nem-20230930.htm:4]** | N/A | 489 **[0001164727-24-000031_nem-20240331.htm:4]** | 477 **[0001164727-24-000039_nem-20240630.htm:4]** | 430 **[0001164727-24-000061_nem-20240930.htm:4]** |
| Gold Equivalent Ounces Sold (thousand ounces) | 311 **[0001157523-23-000340_a53340839_ex991.htm:17]** | 265 **[0001164727-23-000021_nem-20230331.htm:4]** | 251 **[0001164727-23-000034_nem-20230630.htm:4]** | 59 **[0001164727-23-000039_nem-20230930.htm:4]** | 321 **[0001164727-24-000006_newmontq42023earningsand20.htm:18]** | 502 **[0001164727-24-000031_nem-20240331.htm:4]** | 453 **[0001164727-24-000039_nem-20240630.htm:4]** | 412 **[0001164727-24-000061_nem-20240930.htm:4]** |
| Silver Sold (million ounces) | 29.743 **[0001164727-23-000011_nem-20221231.htm:95]** | 6.124 **[0001164727-23-000021_nem-20230331.htm:4]** | 5.999 **[0001164727-23-000034_nem-20230630.htm:38]** | 0.055 **[0001164727-23-000039_nem-20230930.htm:4]** | 5 **[0001164727-24-000006_newmontq42023earningsand20.htm:45]** | 10 **[0001164727-24-000031_nem-20240331.htm:4]** | 10 **[0001164727-24-000031_nem-20240331.htm:4]** | 6 **[0001164727-24-000061_nem-20240930.htm:4]** |
| Consolidated Gold Ounces Produced (thousand ounces) | N/A | 1,233 **[0001164727-23-000021_nem-20230331.htm:4]** | 1,203 **[0001164727-23-000034_nem-20230630.htm:4]** | 1,260 **[0001164727-23-000039_nem-20230930.htm:4]** | 5,401 **[0001164727-24-000016_nem-20231231.htm:5]** | 1,619 **[0001164727-24-000031_nem-20240331.htm:4]** | 1,534 **[0001164727-24-000039_nem-20240630.htm:4]** | 1,574 **[0001164727-24-000061_nem-20240930.htm:4]** |
| Consolidated Gold Ounces Sold (thousand ounces) | 1,610 **[0001157523-23-000340_a53340839_ex991.htm:38]** | 1,208 **[0001164727-23-000021_nem-20230331.htm:4]** | 1,211 **[0001164727-23-000034_nem-20230630.htm:4]** | 1,250 **[0001164727-23-000039_nem-20230930.htm:4]** | 1,751 **[0001164727-24-000006_newmontq42023earningsand20.htm:18]** | 1,599 **[0001164727-24-000031_nem-20240331.htm:4]** | 1,543 **[0001164727-24-000039_nem-20240630.htm:4]** | 1,568 **[0001164727-24-000061_nem-20240930.htm:4]** |
| Attributable Gold Ounces Produced (thousand ounces) | 1,630 **[0001157523-23-000340_a53340839_ex991.htm:17]** | 1,273 **[0001157523-23-000631_a53388436ex99_1.htm:3]** | 1,240 **[0001164727-23-000034_nem-20230630.htm:4]** | 1,291 **[0001164727-23-000039_nem-20230930.htm:4]** | 1,741 **[0001164727-24-000006_newmontq42023earningsand20.htm:4]** | 1,675 **[0001164727-24-000031_nem-20240331.htm:4]** | 1,607 **[0001164727-24-000039_nem-20240630.htm:4]** | 1,668 **[0001164727-24-000061_nem-20240930.htm:4]** |
| Attributable Gold Ounces Sold (thousand ounces) | 1,581 **[0001157523-23-000340_a53340839_ex991.htm:17]** | 1,188 **[0001164727-23-000021_nem-20230331.htm:4]** | 1,197 **[0001164727-23-000034_nem-20230630.htm:4]** | 1,229 **[0001157523-23-001555_a53687147ex99_1.htm:8]** | 1,726 **[0001164727-24-000006_newmontq42023earningsand20.htm:18]** | 1,581 **[0001164727-24-000031_nem-20240331.htm:4]** | 1,528 **[0001164727-24-000039_nem-20240630.htm:4]** | 1,551 **[0001164727-24-000061_nem-20240930.htm:4]** |
| Produced Copper (million pounds) | N/A | 26 **[0001164727-23-000021_nem-20230331.htm:4]** | N/A | 23 **[0001164727-23-000039_nem-20230930.htm:4]** | 20 **[0001164727-24-000006_newmontq42023earningsand20.htm:18]** | 81 **[0001164727-24-000031_nem-20240331.htm:4]** | 83 **[0001164727-24-000039_nem-20240630.htm:4]** | 81 **[0001164727-24-000061_nem-20240930.htm:4]** |
| Produced Silver (million ounces) | N/A | 7.463 **[0001164727-23-000021_nem-20230331.htm:4]** | 6.323 **[0001164727-23-000034_nem-20230630.htm:4]** | 0 **[0001164727-23-000039_nem-20230930.htm:4]** | 20 **[0001164727-24-000006_newmontq42023earningsand20.htm:18]** | 9 **[0001164727-24-000031_nem-20240331.htm:4]** | 8 **[0001164727-24-000039_nem-20240630.htm:4]** | 7 **[0001164727-24-000061_nem-20240930.htm:4]** |
| Produced Lead (million pounds) | 41 **[0001164727-23-000021_nem-20230331.htm:4]** | 41 **[0001164727-23-000021_nem-20230331.htm:34]** | 45 **[0001164727-23-000034_nem-20230630.htm:4]** | 0 **[0001164727-23-000039_nem-20230930.htm:4]** | 113 **[0001164727-24-000016_nem-20231231.htm:5]** | 61 **[0001164727-24-000031_nem-20240331.htm:4]** | 44 **[0001164727-24-000039_nem-20240630.htm:4]** | 43 **[0001164727-24-000061_nem-20240930.htm:4]** |
| Sold Lead (million pounds) | 40 **[0001157523-23-000340_a53340839_ex991.htm:38]** | 36 **[0001164727-23-000021_nem-20230331.htm:4]** | 36 **[0001164727-23-000034_nem-20230630.htm:4]** | 0 **[0001164727-23-000039_nem-20230930.htm:4]** | 35 **[0001164727-24-000006_newmontq42023earningsand20.htm:45]** | 65 **[0001164727-24-000025_newmontq12024earningsrelea.htm:36]** | 43 **[0001164727-24-000039_nem-20240630.htm:4]** | 36 **[0001164727-24-000061_nem-20240930.htm:4]** |
| Produced Zinc (million pounds) | 377 **[0001164727-23-000011_nem-20221231.htm:5]** | 102 **[0001164727-23-000021_nem-20230331.htm:34]** | 78 **[0001164727-23-000034_nem-20230630.htm:4]** | 0 **[0001164727-23-000039_nem-20230930.htm:4]** | N/A | 127 **[0001164727-24-000031_nem-20240331.htm:49]** | 144 **[0001164727-24-000039_nem-20240630.htm:4]** | 127 **[0001164727-24-000061_nem-20240930.htm:4]** |
| Sold Zinc (million pounds) | 83 **[0001157523-23-000340_a53340839_ex991.htm:38]** | 99 **[0001164727-23-000021_nem-20230331.htm:4]** | 90 **[0001164727-23-000034_nem-20230630.htm:38]** | 2 **[0001157523-23-001555_a53687147ex99_1.htm:28]** | 35 **[0001164727-24-000006_newmontq42023earningsand20.htm:45]** | 135 **[0001164727-24-000025_newmontq12024earningsrelea.htm:36]** | 113 **[0001164727-24-000039_nem-20240630.htm:4]** | 134 **[0001164727-24-000061_nem-20240930.htm:4]** |
| All-In Sustaining Costs (USD) | 1,215 **[0001157523-23-000340_a53340839_ex991.htm:33]** | 1,376 **[0001164727-23-000021_nem-20230331.htm:54]** | 1,472 **[0001157523-23-001113_a53468942ex99_1.htm:25]** | 1,426 **[0001164727-23-000039_nem-20230930.htm:73]** | 1,485 **[0001164727-24-000006_newmontq42023earningsand20.htm:2]** | 1,439 **[0001164727-24-000025_newmontq12024earningsrelea.htm:29]** | 1,562 **[0001164727-24-000035_newmontq22024earningsrelea.htm:30]** | 1,611 **[0001164727-24-000057_newmontq32024earningsrelea.htm:31]** |

2997b15e558896d0674cb442a6c9a0617cb6fd4ee6db21d2d3238feabb25b334

3e9c358e333321d8aee1779a0c33065f9684bbad163f300a7beca16a40097f16

ac4ac0da7a7902ba2e477791d3a1ed2c87963160760ffd76e907523d7b497c07

Newmont Corporation (NEM) is a leading mining company primarily engaged in the production of gold, with additional operations in copper, silver, lead, and zinc mining **[0001164727-24-000039_nem-20240630.htm:16]** **[0001164727-24-000061_nem-20240930.htm:17]**. The company operates 17 mining sites, including significant interests in Red Chris and Nevada Gold Mines (NGM) **[0001164727-24-000039_nem-20240630.htm:16]** **[0001164727-24-000061_nem-20240930.htm:17]**. Gold is the primary product, and the company reports its production in gold equivalent ounces, reflecting contributions from other metals **[0001164727-24-000016_nem-20231231.htm:191]** **[0001164727-24-000016_nem-20231231.htm:189]** **[0001164727-24-000025_newmontq12024earningsrelea.htm:30]**. Newmont's financial performance is closely tied to the fluctuating prices of these metals, influenced by global economic factors **[0001164727-24-000016_nem-20231231.htm:27]**. The company is strategically focused on advancing projects, research and development, and exploration to enhance its operations and resource base **[0001104659-24-033021_tm242628d2_def14a.htm:179]** **[0001164727-24-000006_newmontq42023earningsand20.htm:40]**.

1. **Gold Production** - Engages in the extraction and processing of gold, which is the primary product and main revenue contributor.
2. **Copper Production** - Involves mining and processing copper, providing a significant additional revenue stream.
3. **Silver Production** - Extracts and processes silver, contributing to the company's diverse metal portfolio.
4. **Lead Production** - Engages in the mining of lead, adding to the company's range of metal products.
5. **Zinc Production** - Involves the extraction and processing of zinc, further diversifying the company's metal offerings.

a4364a64fc11fbe4a27408720c488b05ab2898bd9d7137d46f5c2341e569fd29

1. Given the anticipated lower production from Lihir and Brucejack in 2025, resulting in an estimated gold production of **5.6 million ounces** from the core portfolio  **[NEM_3403851_6]** **[NEM_3403851_8]** , how does the company plan to address this decline and what measures are being taken to improve production levels at these operations?

2. With the expected annual sustaining capital spend of around **$1.8 billion** over the next few years due to critical tailings work at Cadia  **[NEM_3403851_6]** **[NEM_3403851_1]** **[NEM_3403851_5]** , how will this significant expenditure impact the company's free cash flow and capital allocation priorities?

3. Considering the escalation in labor costs, particularly contracted labor, contributing to higher than expected direct costs and G&A spend  **[NEM_3403851_6]** **[NEM_3403851_1]** **[NEM_3403851_10]** **[NEM_3403851_22]** , what strategies are being implemented to manage these cost pressures and improve margins?

4. Given the focus on optimizing the go-forward portfolio of **11 managed operations** and **three projects in execution**  **[NEM_3403851_6]** **[NEM_3403851_1]** **[NEM_3403851_17]** , how does the company prioritize potential new projects like Wafi-Golpu, especially when the current projects are already consuming significant resources  **[NEM_3403851_6]** **[NEM_3403851_17]** **[NEM_3403851_0]** ?

5. Having achieved the initial synergy run rate target of **$500 million**  **[NEM_3403851_6]** **[NEM_3403851_1]** **[NEM_3403851_17]** **[NEM_3403851_0]** , are there additional synergies or cost-saving opportunities that the company is pursuing to enhance shareholder value, particularly in light of the higher than expected costs and production challenges?

d8497f438fd7c8db980fbeb78129cc7ee63e7400e1b6232d796134a05639277e

45b4e8dafc2196b1690bbf5a10bdc7b176f85f057fc35f1d96d39dc09b44697b

181f77adffc1aee409081727b497cef77fb6b79da34452789a65499bd71c1e0c

Gold Equivalent Ounces Produced (thousand ounces)

Gold Equivalent Ounces Sold (thousand ounces)

Silver Sold (million ounces)

Consolidated Gold Ounces Produced (thousand ounces)

Consolidated Gold Ounces Sold (thousand ounces)

Attributable Gold Ounces Produced (thousand ounces)

Attributable Gold Ounces Sold (thousand ounces)

Produced Copper (million pounds)

Produced Silver (million ounces)

Produced Lead (million pounds)

Sold Lead (million pounds)

Produced Zinc (million pounds)

Sold Zinc (million pounds)

All-In Sustaining Costs (USD)

7c1c27c3b7fde67c90fab895f7a8c174e7cc6d13f866fde5b69fa28c6e065c0b

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

f8cd656e76ec2bea4ec68bd0ad48e4b2bf312932a79e7e4db6b74a76a44fd265

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024 and FY 2025
- **Guidance**:
  1. **Gold Production**: 
     - Q4 2024: **1.8 million ounces** (8% increase over Q3 2024)  **[NEM_3403851_2]** **[NEM_3403851_4]** .
     - FY 2025: **5.6 million ounces**  **[NEM_3403851_8]** .
  2. **All-in Sustaining Costs**: 
     - Q4 2024: **$1,475 per ounce** (8% reduction compared to Q3 2024)  **[NEM_3403851_5]** .
  3. **Development Capital**: 
     - Q4 2024: **$320 million**  **[NEM_3403851_5]** .
  4. **Sustaining Capital**: 
     - Annual: **$1.8 billion**  **[NEM_3403851_6]** .
  5. **Free Cash Flow**: 
     - Strong expected in Q4 2024  **[NEM_3403851_4]** .
  6. **Divestments**: 
     - Up to **$1.5 billion** in gross proceeds  **[NEM_3403851_4]** .
  7. **Share Repurchase Program**: 
     - Additional **$2 billion** approved, total **$3 billion**  **[NEM_3403851_4]** .
  8. **Production from Specific Mines**: 
     - **Lihir**: 2025 production **250,000 ounces lower** than initial guidance  **[NEM_3403851_2]** .
     - **Brucejack**: 2025 production **100,000 ounces lower**  **[NEM_3403851_3]** .
     - **Cadia**: Decline expected  **[NEM_3403851_2]** **[NEM_3403851_23]** .
  9. **Cost Inflation**: 
     - Continued labor inflation into 2025  **[NEM_3403851_22]** **[NEM_3403851_18]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Production Guidance**: On track for full-year guidance, with increased production in Q3 and strongest in Q4  **[NEM_3394512_4]** **[NEM_3394512_2]** .
  2. **Cost Guidance**: On track for full-year guidance, with decreasing unit costs in Q3 and Q4  **[NEM_3394512_4]** **[NEM_3394512_2]** .
  3. **Capital Spend Guidance**: On track for full-year guidance  **[NEM_3394512_4]** .
  4. **Synergies**: Above initial commitment of **$500 million**, with a **$335 million** run rate by year-end  **[NEM_3394512_1]** .
  5. **Divestiture Program**: At least **$2 billion** from asset sales  **[NEM_3394512_18]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Gold Production**: 53% expected in the second half of the year  **[NEM_3380781_2]** .
  2. **Costs**: On track for full-year guidance, with improvements expected  **[NEM_3380781_1]** .
  3. **Capital Spend**: On track for full-year guidance  **[NEM_3380781_6]** .
  4. **Reclamation Spend**: **$600 million** in 2024, peaking at **$700 million** in 2025  **[NEM_3380781_6]** .
  5. **Synergies**: **$500 million** run rate by January 1, 2026, with **$335 million** by end of 2024  **[NEM_3380781_2]** .
  6. **Yanacocha Water Treatment Plants**: Construction impacting working capital  **[NEM_3380781_6]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Gold Production**: **5.6 million ounces**  **[NEM_3384588_5]** .
  2. **All-in Sustaining Costs (AISC)**: **$1,300 per ounce**  **[NEM_3384588_5]** .
  3. **Development Capital**: **$1.3 billion per year** over five years  **[NEM_3384588_16]** .
  4. **Cost and Productivity Improvements**: **$500 million** by end of 2025  **[NEM_3384588_2]** .
  5. **Shareholder Returns**: **$1 per share annualized base dividend** and **$1 billion share repurchase program**  **[NEM_3384588_2]** .
  6. **Copper Production**: Significant production from diversified portfolio  **[NEM_3384588_7]** .
  7. **Debt and Liquidity**: Gross debt up to **$8 billion** and liquidity of **$7 billion**  **[NEM_3384588_9]** .

43019e5277c38afc37df954a8286c3a2d0eae763cb182a06b7bd6884f77281b0

| Name                  | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                 |
|-----------------------|--------------------------------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Thomas R. Palmer      | President and Chief Executive Officer                                    | October 1, 2019  | Thomas R. Palmer joined Newmont's Board of Directors on October 1, 2019. He previously served as President and Chief Operating Officer and has a 20-year career with Rio Tinto  **[0001104659-24-033021_tm242628d2_def14a.htm:47]** **[0001164727-24-000016_nem-20231231.htm:331]** **[0001104659-24-033021_tm242628d2_def14a.htm:87]** .                                                      |
| Robert D. Atkinson    | Executive Vice President and Chief Operating Officer (until May 2, 2024) | June 2019        | Robert D. Atkinson joined Newmont in June 2019. He has over 30 years of mining industry experience and previously worked at Rio Tinto  **[0001164727-24-000016_nem-20231231.htm:331]** **[0001104659-23-030754_tm2231936d4_def14a.htm:84]** .                                                                                                   |
| Natascha Viljoen      | Executive Vice President and Chief Operating Officer                     | March 1, 2024    | Natascha Viljoen joined Newmont on October 2, 2023, and will assume full accountability for all business units on March 1, 2024. She was previously CEO of Anglo American's platinum business  **[0001164727-24-000016_nem-20231231.htm:332]** **[0001164727-24-000016_nem-20231231.htm:331]** **[0001104659-24-033021_tm242628d2_def14a.htm:89]** .                                       |
| Karyn F. Ovelmen      | Executive Vice President and Chief Financial Officer                      | May 30, 2023     | Karyn F. Ovelmen joined Newmont on May 30, 2023. She has over 30 years of experience in financial roles and has served as CFO at several companies  **[0001164727-24-000016_nem-20231231.htm:332]** **[0001104659-24-033021_tm242628d2_def14a.htm:87]** **[0001164727-24-000016_nem-20231231.htm:333]** .                                                                                   |
| Jennifer Cmil         | Executive Vice President and Chief People Officer                        | October 2019     | Jennifer Cmil has been with Newmont since October 2019. She joined Newmont in 2010 and has held various HR leadership positions  **[0001164727-24-000016_nem-20231231.htm:333]** **[0001164727-24-000016_nem-20231231.htm:331]** .                                                                                                         |
| Peter Toth            | Executive Vice President, Chief Strategy and Sustainability Officer      | July 2022        | Peter Toth joined Newmont in July 2022. His role expanded in September 2022 to include Sustainability. He has over 25 years of leadership experience in the resources industry  **[0001104659-23-030754_tm2231936d4_def14a.htm:85]** **[0001164727-23-000011_nem-20221231.htm:291]** .                                                          |
| Dean Gehring          | Executive Vice President, Chief Integration Officer, and Interim CTO     | May 2023         | Dean Gehring joined Newmont in 2017 and was appointed Executive Vice President and Chief Technology Officer in June 2019. He became Chief Integration Officer in May 2023 and Interim CTO in September 2023  **[0001164727-24-000016_nem-20231231.htm:333]** **[0001164727-24-000016_nem-20231231.htm:331]** .                             |
| Mark D. Ebel          | Interim Chief Legal Officer (until March 2024)                           | June 2023        | Mark D. Ebel was promoted to Interim Chief Legal Officer in June 2023. He joined Newmont in 2011 and has been responsible for M&A and compliance matters  **[0001164727-24-000016_nem-20231231.htm:334]** **[0001062993-23-014344_xslF345X02/form3.xml:0]** .                                                                               |
| Suzanne Retallack     | Executive Vice President, Chief Safety and Sustainability Officer        | June 2023        | Suzanne Retallack was promoted to Executive Vice President and Chief Safety and Sustainability Officer in June 2023. She joined Newmont in 2019 and has led improvements in health and safety systems  **[0001104659-24-033021_tm242628d2_def14a.htm:90]** **[0001164727-24-000016_nem-20231231.htm:334]** **[0001104659-23-105676_tm2327175d3_defa14a.htm:0]** .                              |
| Joshua L. Cage        | Chief Accounting Officer and Controller                                  | October 2022     | Joshua L. Cage has served as Chief Accounting Officer and Controller since October 2022. He has over 20 years of service with Newmont and previously worked at Ernst & Young and KPMG  **[0001164727-24-000016_nem-20231231.htm:334]** **[0001104659-24-120181_tm2428762d1_8k.htm:1]** .                                                 |

2bec6601037d5938a15927eaed2069f3aba649eec43b91d341d341818fbb7deb

| Program Details          | Program 1                  | Program 2                  |
|--------------------------|----------------------------|----------------------------|
| Approval Date            | February 2024  **[0001164727-24-000061_nem-20240930.htm:105]** **[0001164727-24-000061_nem-20240930.htm:75]**        | October 2024  **[0001164727-24-000061_nem-20240930.htm:105]** **[0001164727-24-000061_nem-20240930.htm:75]**         |
| End Date/Duration        | February 2026  **[0001164727-24-000061_nem-20240930.htm:105]** **[0001164727-24-000061_nem-20240930.htm:75]**        | October 2026  **[0001164727-24-000061_nem-20240930.htm:105]** **[0001164727-24-000061_nem-20240930.htm:75]**         |
| Total additional amount  | **$1 billion**  **[0001164727-24-000061_nem-20240930.htm:105]** **[0001164727-24-000061_nem-20240930.htm:75]**       | **$2 billion**  **[0001164727-24-000061_nem-20240930.htm:105]** **[0001164727-24-000061_nem-20240930.htm:75]**       |
| Remaining authorization  | **$552 million**  **[0001164727-24-000061_nem-20240930.htm:105]** **[0001164727-24-000061_nem-20240930.htm:75]**     | Not specified  **[0001164727-24-000061_nem-20240930.htm:105]** **[0001164727-24-000061_nem-20240930.htm:75]**        |
| Details                  | Offsets dilution from stock awards and provides shareholder returns  **[0001164727-24-000061_nem-20240930.htm:105]** **[0001164727-24-000039_nem-20240630.htm:105]** **[0001164727-24-000039_nem-20240630.htm:74]** **[0001164727-24-000061_nem-20240930.htm:75]**  | Executed at company's discretion  **[0001164727-24-000061_nem-20240930.htm:105]** **[0001164727-24-000061_nem-20240930.htm:75]**  |

2d6b6b920595a8d2937c15c99a845eafae27b2b589b6bf1bc3166fe0b2f360cd

**Quarterly guidance for Q4 2024:**
- **Gold Production**: 1.8 million ounces  **[NEM_3403851_2]** **[NEM_3403851_4]**  (no prior guidance)  
- **All-in Sustaining Costs**: $1,475 per ounce  **[NEM_3403851_5]**  (no prior guidance)  
- **Development Capital**: $320 million  **[NEM_3403851_5]**  (no prior guidance)  
- **Free Cash Flow**: Strong expected  **[NEM_3403851_4]**  (no prior guidance)  

**Annual guidance for FY 2025:**
- **Gold Production**: 5.6 million ounces  **[NEM_3403851_8]**  (no prior guidance)  
- **Sustaining Capital**: $1.8 billion  **[NEM_3403851_6]**  (no prior guidance)  
- **Lihir production**: 2025 production 250,000 ounces lower than initial guidance  **[NEM_3403851_2]**  (no prior guidance)  
- **Brucejack production**: 2025 production 100,000 ounces lower  **[NEM_3403851_3]**  (no prior guidance)  
- **Cadia production**: Decline expected  **[NEM_3403851_2]** **[NEM_3403851_23]**  (no prior guidance)  
- **Cost inflation**: Continued labor inflation into 2025  **[NEM_3403851_22]** **[NEM_3403851_18]**  (no prior guidance)  
- **Divestments**: Up to $1.5 billion  **[NEM_3403851_4]**  (lowered from at least $2 billion  **[NEM_3394512_18]** )  
- **Share Repurchase Program**: Additional $2 billion approved, total $3 billion  **[NEM_3403851_4]**  (no prior guidance)  

d0ce9fefe339215754d7c4f59a2c716b9f7aa6fa7b0e7128fa048f0ec3dd901b

| Name                     | Start Date       | End Date       | Reason for Change                                                                 |
|--------------------------|------------------|----------------|----------------------------------------------------------------------------------|
| Ernst & Young LLP (EY)   | September 3, 2014  **[0001193125-14-330738_d782672d8k.htm:1]**  | Present        | Current auditor.                                                                |
| PricewaterhouseCoopers LLP (PwC) | N/A              | December 31, 2014  **[0001193125-14-231069_d740361d8k.htm:1] [0001193125-14-330738_d782672d8k.htm:1]**  | Decision by the Audit Committee to rotate the independent registered public accounting firm.  **[0001193125-14-231069_d740361d8k.htm:1] [0001193125-14-330738_d782672d8k.htm:1]**  |

0f1f7c02b6be7586ad7c75eafddf6e39a57f5bd3ff913bc74fe1d15bd98742c3

- Total Revenue: $4,605 million (+85% YoY)  **[0001164727-23-000039_nem-20230930.htm:3]** **[0001164727-24-000061_nem-20240930.htm:3]**   
- Gold Sales: $3,945 million (+64% YoY)  **[0001164727-23-000039_nem-20230930.htm:3]** **[0001164727-24-000061_nem-20240930.htm:3]**   
- Copper Sales: $329 million (+266% YoY)  **[0001164727-23-000039_nem-20230930.htm:3]** **[0001164727-24-000061_nem-20240930.htm:3]**   
- **Silver Sales**: $147 million (+2,840% YoY)  **[0001164727-23-000039_nem-20230930.htm:3]** **[0001164727-24-000061_nem-20240930.htm:3]**   
- Net Income: $924 million (+>480% YoY)  **[0001164727-23-000039_nem-20230930.htm:6]** **[0001164727-24-000061_nem-20240930.htm:6]**   
- EPS (Diluted): $0.80 (+280% YoY)  **[0001164727-23-000039_nem-20230930.htm:6]** **[0001164727-24-000061_nem-20240930.htm:6]**   

d4574d73bee32c17ec0e301bfed4b625092157488b89009ed55d0504b1e6e04d

56928efc46e601d1c2205b619a49ee8de7a538fdcf15eecd75593cd780771bb9

400840e3a39047b2ecc8ef6f1953d27c73d50951ed393e1b7c1276c04bc52ec3

| Year  | Amount Due (Millions) | Debt Type         | Interest Rate (%) | % of Total Debt                     |
|-------|------------------------|-------------------|-------------------|--------------------------------------|
| 2026  | $1,000 **[0001164727-24-000061_nem-20240930.htm:39]**        | Senior Notes      | 5.30 **[0001164727-24-000061_nem-20240930.htm:39]**      | 11.7% = (1,000 / 8,550) * 100 **[0001164727-24-000061_nem-20240930.htm:7]** **[0001164727-24-000061_nem-20240930.htm:39]** |
| 2029  | $700 **[0001164727-24-000061_nem-20240930.htm:39]**          | Senior Notes      | 2.80 **[0001164727-24-000061_nem-20240930.htm:39]**      | 8.2% = (700 / 8,550) * 100 **[0001164727-24-000061_nem-20240930.htm:7]** **[0001164727-24-000061_nem-20240930.htm:39]**    |
| 2030  | $650 **[0001164727-24-000061_nem-20240930.htm:39]**          | Senior Notes      | 3.25 **[0001164727-24-000061_nem-20240930.htm:39]**      | 7.6% = (650 / 8,550) * 100 **[0001164727-24-000061_nem-20240930.htm:7]** **[0001164727-24-000061_nem-20240930.htm:39]**    |
| 2030  | $N/A                  | Senior Notes      | 2.25 **[0001164727-24-000061_nem-20240930.htm:39]**      | N/A                                  |
| 2032  | $N/A                  | Senior Notes      | 2.60 **[0001164727-24-000061_nem-20240930.htm:39]**      | N/A                                  |
| 2034  | $1,000 **[0001164727-24-000061_nem-20240930.htm:39]**        | Senior Notes      | 5.35 **[0001164727-24-000061_nem-20240930.htm:39]**      | 11.7% = (1,000 / 8,550) * 100 **[0001164727-24-000061_nem-20240930.htm:7]** **[0001164727-24-000061_nem-20240930.htm:39]** |
| 2042  | $1,000 **[0001164727-24-000061_nem-20240930.htm:39]**        | Senior Notes      | 4.875 **[0001164727-24-000061_nem-20240930.htm:39]**     | 11.7% = (1,000 / 8,550) * 100 **[0001164727-24-000061_nem-20240930.htm:7]** **[0001164727-24-000061_nem-20240930.htm:39]** |

5035fa5057b3bffd1c0606edd414ea2269efd48a0295c7ea61323d192b4f6caa

1f3bdd80161e3af836b9b7183c2c81bffd97cedba8cde8148bf27566d89fae4c

1. **Asset Divestitures Progress**  
   **Q:** What's the status of asset sales and timings?  
   **A:** Asset sales are progressing well, with multiple interested parties involved. For **Akyem**, they are at the end of Phase 2, evaluating bids from seven parties after receiving interest from 20 in Phase 1. The **North American assets** have concluded Phase 1 with around **24 bids** submitted, and are moving into Phase 2. **Telfer** is also progressing well, with confidence in the process. The goal is to complete the divestitures within **12 months**, by **March 2025**.  **[NEM_3394512_7]** **[NEM_3394512_8]** 

2. **Share Buyback Plans**  
   **Q:** How should we view the share buyback going forward?  
   **A:** The company initiated buybacks earlier due to the strong gold price environment, operational visibility for the second half, and confidence in proceeds from divestments. The pace of future buybacks will depend on free cash flow and divestiture proceeds. The initial **$1 billion** buyback is part of their commitment, and they may consider extending the program with the Board as they approach that mark.  **[NEM_3394512_9]** **[NEM_3394512_10]** **[NEM_3394512_14]** 

3. **Use of Divestiture Proceeds**  
   **Q:** Will divestiture proceeds include recent noncore sales?  
   **A:** The **$2 billion** target from divestments **excludes** proceeds from recent noncore equity sales like **Lundin Gold** and **Batu Hijau**. The commitment is to generate at least $2 billion from the sale of the seven noncore assets currently being divested.  **[NEM_3394512_18]** 

4. **$130 Million Synergies Breakdown**  
   **Q:** What's the breakdown of the $130 million in synergies?  
   **A:** The majority of the **$130 million** in synergies will come from supply chain optimizations and operational improvements, especially evident in **Q4** and into **2025**. There's minimal remaining in **G&A** savings. The operations will start contributing to synergies in Q4, but significant benefits will materialize in 2025.  **[NEM_3394512_12]** **[NEM_3394512_13]** 

5. **Penasquito Non-Gold Production**  
   **Q:** How will Penasquito's non-gold metals perform in H2?  
   **A:** Penasquito is mining in the **Chile Colorado** pit, which is richer in **zinc** and **lead**, for the first three quarters, leading to higher non-gold metal production. They expect to return to the **Penasco** pit in Q4, resulting in higher gold grades. Non-gold metals may continue to perform well if mill performance remains strong in Q3.  **[NEM_3394512_10]** **[NEM_3394512_11]** 

6. **Lihir Autoclave Shutdown Impact**  
   **Q:** How will Lihir shutdown affect production?  
   **A:** The largest autoclave at Lihir, representing **40%** of throughput, will be down for **120 days** starting **August 1**. The other three autoclaves will continue operating. This will impact production mainly in **Q3** and early **Q4**, with expectations of higher output in Q4 once the autoclave is back online. The production weighting for the year isn't far off being **50-50** between halves.  **[NEM_3394512_19]** **[NEM_3394512_22]** **[NEM_3394512_23]** 

7. **Reclamation Spending Outlook**  
   **Q:** Are there significant future reclamation spends?  
   **A:** Beyond **Yanacocha**, which has increased spending to about **$600 million** in **2024** and higher in **2025**, no other significant reclamation expenditures are expected. Annual reclamation outflows are anticipated to return to historical levels of **$200–300 million** starting from 2028–2029. Other mines have significantly lower reclamation liabilities compared to Yanacocha.  **[NEM_3394512_16]** **[NEM_3394512_20]** 

8. **Working Capital Changes**  
   **Q:** How will working capital evolve in H2?  
   **A:** Free cash flow is expected to improve in the second half. Yanacocha will have **$400–450 million** in reclamation spending in H2, more weighted towards **Q4**. Lihir experienced a **$75 million** working capital impact in Q2 due to stockpile adjustments related to purchase price accounting, which is expected to unwind as production ramps up in Q4.  **[NEM_3394512_16]** **[NEM_3394512_17]** **[NEM_3394512_19]** 

9. **Tax Payments and Higher Gold Prices**  
   **Q:** Will higher gold prices affect tax payments?  
   **A:** Tax payments will start accruing in arrears going forward. If higher gold prices sustain, there may be catch-up payments in future quarters to account for differences between budgeted and realized prices.  **[NEM_3394512_24]** 

10. **Depreciation Rates on Newcrest Assets**  
    **Q:** Are depreciation rates on Newcrest assets stable?  
    **A:** Depreciation rates are generally settled with only slight variability due to purchase price accounting adjustments. You can use **Q2** rates as a guideline moving forward.  **[NEM_3394512_23]** 

24992a8981086d0ca747d709a677e1ea0d45f910138b382db73a7159827d68a3

- **Successful ramp-up of PC2-3 at Cadia, replacing declining production from PC1 and PC2**  **[NEM_3403851_23]**
- **Disciplined capital allocation with focus on high-return projects**  **[NEM_3403851_17]** **[NEM_3403851_12]**
- **Maintaining stable production and cost discipline into 2025 despite challenges**  **[NEM_3403851_8]**

d46dca80e11c252a81b1a7ed61e898f48ec37116abf4b4099e4fe782e99bec6b

1. **Cost Outlook and Inflation**  
   **Q:** Will unit costs moderate over time given higher AISC?  
   **A:** Management acknowledges that all-in sustaining costs are **$100 higher** this year than expected and that previous forecasts did not include any escalation for inflation.  **[NEM_3403851_7]**  They expect current cost levels to trend into 2025 due to higher direct costs, especially from increased contracted labor costs, which make up **50%** of their cost structure.  **[NEM_3403851_7]** 

2. **2025 Production Guidance**  
   **Q:** Is 2025 gold production base now 5.6 million ounces?  
   **A:** Due to lower expected production at Lihir and Brucejack, management indicates that 2025 gold production from the core portfolio is projected to be around **5.6 million ounces**, down from the previously anticipated 6 million ounces.  **[NEM_3403851_8]** 

3. **Impact of Inflation and Integration Challenges**  
   **Q:** Is higher cost due to inflation or integration issues?  
   **A:** Management explains that higher costs stem from both industry-wide inflation, particularly in contracted labor, and integration challenges at operations like Lihir, Cadia, and Cerro Negro.  **[NEM_3403851_9]**  They also mention increased sustaining capital expenditures and efforts to reduce costs.  **[NEM_3403851_9]** 

4. **Future Production and Cost Expectations**  
   **Q:** Should we expect 5.5 million ounces at $1,500 AISC?  
   **A:** Management suggests that while costs may remain elevated due to inflation and sustaining capital needs, they anticipate new lower-cost ounces from projects coming online in the next few years. Over the long term, they expect to maintain an average production rate around **6 million ounces** of gold.  **[NEM_3403851_10]** 

5. **Multi-Year Guidance Timing**  
   **Q:** When will detailed multi-year guidance be provided?  
   **A:** Management plans to provide greater granularity on 2025 numbers in February next year, after completing the divestment program and focusing on their core operations and projects in execution.  **[NEM_3403851_10]** 

6. **Cadia Production Outlook**  
   **Q:** Will Cadia reach 35 Mtpa production target?  
   **A:** Management confirms ongoing work on tailings dam expansions and balancing permitting requirements to achieve optimal capital efficiency at Cadia. They are focused on repairing the southern wall of the northern dam and proceeding with further expansions.  **[NEM_3403851_11]** 

7. **Cerro Negro Production Target**  
   **Q:** When will Cerro Negro reach original production target?  
   **A:** Management is focusing on productivity improvements to bring Cerro Negro back to expected baseline operations. All mining areas and equipment are available; the emphasis is on enhancing productivity to meet targets.  **[NEM_3403851_12]** 

39a9914514e1ff00a2e9a45beb549dd60c013e9c8a16295c5955bf0900a04c28

- **Higher-than-expected cost inflation**, especially in labor and contracted services, is impacting Newmont's costs, with escalations beyond initial assumptions and expected to continue into **2025**, potentially reducing margins and profitability.  **[NEM_3403851_18]**
- **Production challenges at key operations** like Lihir and Cadia are leading to lower-than-anticipated gold output in **2025**, with Lihir expected to produce approximately **250,000 ounces less** than initially guided due to lower throughput and mining adjustments.  **[NEM_3403851_23]** ,  **[NEM_3403851_2]**
- **Elevated sustaining capital expenditures**, particularly for critical tailings work at Cadia, are expected over the next few years, resulting in higher costs and potential pressure on free cash flow, which may affect shareholder returns.  **[NEM_3403851_6]** ,  **[NEM_3403851_2]** ,  **[NEM_3403851_12]**

b0602260a180584550ba062087e0d6b315461cdfaf42496005f2e80a6f60d561

- **Newmont is exceeding its synergy targets from the Newcrest acquisition**, achieving **$205 million** in synergies so far and on track to reach a **$335 million** run rate by the end of the year, well ahead of the initial **$500 million** commitment.  **[NEM_3394512_1]**
- **The company is committed to returning capital to shareholders**, having already returned approximately **$540 million** through dividends and share repurchases, and plans to repurchase **$1 billion** in shares and reduce debt by **$1 billion** using proceeds from divestments of non-core assets.  **[NEM_3394512_14]** **[NEM_3394512_1]**
- **Newmont expects improved operational performance in the second half of the year**, with higher production volumes, lower unit costs, and increased free cash flow generation, positioning the company for strong financial results.  **[NEM_3394512_4]** **[NEM_3394512_12]** **[NEM_3394512_1]**

8eb219ce444e8d7682571404765654bc2765220251f09e95dd138f1a8caaa23d

- **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.  **[NEM_3380781_14]** ,  **[NEM_3380781_15]**
- **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.  **[NEM_3380781_16]**
- **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.  **[NEM_3380781_26]**

b0cdcf4fca52675301d3df2ed69770fc65f9bb9194e208eef16edd2382fd8600

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.  **[NEM_3380781_9]** 

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.  **[NEM_3380781_14]** **[NEM_3380781_15]** 

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.  **[NEM_3380781_19]** **[NEM_3380781_21]** **[NEM_3380781_22]** **[NEM_3380781_25]** 

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.  **[NEM_3380781_17]** 

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.  **[NEM_3380781_12]** **[NEM_3380781_13]** 

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.  **[NEM_3380781_24]** 

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.  **[NEM_3380781_10]** 

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.  **[NEM_3380781_18]** 

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.  **[NEM_3380781_11]** 

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.  **[NEM_3380781_23]** 

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.  **[NEM_3380781_16]** 

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.  **[NEM_3380781_20]** **[NEM_3380781_22]** **[NEM_3380781_25]** 

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.  **[NEM_3380781_26]** 

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

5960a238b0141254fc30db18ed47e3a3acd259721ee548aef31d7d54aa2ad77d

- **Operational issues from 2023 are largely behind Newmont**, positioning the company for improved performance in 2024 and beyond. The only remaining issue is the **defective girth gear at Ahafo**, which is being addressed in the first half of the year.  **[NEM_3384588_12]**
- **Growth in production is expected from Newmont's Tier 1 portfolio**, driven by investments in key projects like **block caves at Cadia, Tanami expansion, and Ahafo North**, with significant development capital allocated to these projects.  **[NEM_3384588_16]**
- **Proceeds from divestitures and free cash flow will be used to strengthen the balance sheet and return capital to shareholders**, prioritizing the maintenance of a **$3 billion cash balance**, reducing debt to **$8 billion**, and then funding a **$1 billion share repurchase program**.  **[NEM_3384588_15]**

4cd29272f765730db3ef4601cc3a6ab0a52c151485bbea592e3f3460c5861b7b

1. **Asset Divestments**  
   **Q:** What's the status of divesting the 6 identified assets?  
   **A:** The divestment process for the six high-quality assets in Canada, Ghana, and Australia is just starting.  **[NEM_3384588_14]**  We aim to focus on our Tier 1 portfolio and will manage the sale of these assets through three separate processes this year.  **[NEM_3384588_14]**  Proceeds will first maintain our **$3 billion** cash balance, then reduce debt to around **$8 billion**, and any excess will go toward share repurchases.  **[NEM_3384588_15]** 

2. **5-Year Guidance Clarity**  
   **Q:** What's included in the 5-year guidance and development capital?  
   **A:** Our 5-year outlook includes only our go-forward Tier 1 portfolio, excluding the six assets slated for sale.  **[NEM_3384588_16]**  It incorporates production from four approved projects: two block caves at Cadia, the shaft at Tanami, and Ahafo North.  **[NEM_3384588_16]**  These projects account for much of the average **$1.3 billion** in annual development capital.  **[NEM_3384588_16]**  Projects like Red Chris and Wafi-Golpu are not included, as we only guide to fully funded projects.  **[NEM_3384588_16]** 

3. **Confidence Post-Newcrest Integration**  
   **Q:** Why release the 5-year outlook earlier than planned?  
   **A:** Integration of the Newcrest assets has gone very well.  **[NEM_3384588_17]**  We installed Newmont general managers at each site from day one, which has enhanced our confidence.  **[NEM_3384588_17]**  This progress allowed us to provide not only 2024 numbers but also a 5-year view now.  **[NEM_3384588_17]** 

4. **Operational Issues Resolution**  
   **Q:** Are the operational issues from 2023 resolved?  
   **A:** Most operational issues from 2023 are behind us.  **[NEM_3384588_12]**  The defective girth gear at Ahafo will be replaced in the first half of this year.  **[NEM_3384588_12]**  In 2024, both Boddington and Peñasquito are in stripping campaigns, leading to lower grades, but higher grades are expected to return at Boddington in **2026**.  **[NEM_3384588_12]** 

5. **Downside Risks to Guidance**  
   **Q:** Any key downside risks to achieving guidance?  
   **A:** Nothing out of the ordinary.  **[NEM_3384588_13]**  Plans are built from the bottom up, incorporating past performance and some stretch targets.  **[NEM_3384588_13]**  We've accounted for unknowns post-acquisition to ensure our 2024 plans and budget are robust.  **[NEM_3384588_13]** 

5cd5e7890b59eb9c2d0ea5654bbdf6e57bfd513137b5f73cbc5cd6281c9b812f

- **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.  **[NEM_3380781_14]**
- The company is experiencing **cost reductions in contractor costs, diesel, explosives**, and energy, with labor costs staying flat, improving profitability.  **[NEM_3380781_13]**
- 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.  **[NEM_3380781_11]** **[NEM_3380781_15]**

1d5794e63310b448f34c498b1708f537f74784305944695cd87204f4f1dff2e3

- **Significant reclamation expenses and working capital outflows are expected in the second half of the year, totaling about $400-$450 million**, which may pressure cash flows.  **[NEM_3394512_16]**
- **Cost reduction and synergy targets heavily rely on higher production volumes in Q4 and synergies that may not fully materialize until 2025**, posing execution risks to meeting cost guidance.  **[NEM_3394512_12]** ,  **[NEM_3394512_13]**
- **The company's capital allocation strategy involves considerable share buybacks and debt reduction**, which, along with uncertain proceeds from planned asset sales, could strain financial flexibility amid substantial upcoming expenditures.  **[NEM_3394512_18]** ,  **[NEM_3394512_9]** ,  **[NEM_3394512_14]**

8686268be45f9dd3a2c1a75eb81ff2d8f3ee81d9ea698fbfedc9eb1fd88f7869

Newmont Corporation (NEM)

Financials