0001164727FALSE00011647272024-07-242024-07-24

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 24, 2024
Newmont-Color-RGB (1).jpg
Newmont Corporation
(Exact name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)

001-31240
(Commission File Number)

84-1611629
(I.R.S. Employer Identification No.)

6900 E. Layton Avenue, Denver, Colorado 80237
(Address of principal executive offices) (zip code)

(303) 863-7414
(Registrant's telephone number, including area code)

Not applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol
Name of each exchange on which registered
Common stock, par value $1.60 per shareNEMNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 24, 2024, Newmont Corporation, a Delaware corporation, issued a news release announcing its results and related information for its second quarter ended June 30, 2024. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated by reference in its entirety into this Item 2.02.

The information furnished in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit Number    Description of Exhibit


104    Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURE


Pursuant to the requirements of the Securities and Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NEWMONT CORPORATION
Date: July 24, 2024By: /s/ Karyn F. Ovelmen
Karyn F. Ovelmen
Executive Vice President and
Chief Financial Officer


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NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM
Exhibit 99.1
Newmont Reports Second Quarter 2024 Results
DENVER, July 24, 2024 – Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) today announced second quarter 2024 results and declared a second quarter dividend of $0.25 per share.
"Newmont delivered a solid second quarter, producing 2.1 million gold equivalent ounces and generating $594 million in free cash flow," said Tom Palmer, Newmont's President and Chief Executive Officer. "We continued to advance our divestiture program and, to date, have announced $527 million in proceeds this year. With this momentum, we completed $250 million in share repurchases and repaid $250 million in debt. As we head into the second half of the year, we remain confident in our ability to continue executing on shareholder returns, meet our full year guidance and deliver on our commitments."
Q2 2024 Results1
Announced monetization of Batu Hijau contingent payments; expect to receive $153 million in cash proceeds in the third quarter, in addition to $44 million of cash associated with contingent payments
Expect to achieve at least $2 billion in gross divestiture proceeds from high-quality, non-core asset sales
Since our last earnings release, repurchased 5.7 million shares at an average price of $43.34 for a total cost of $250 million, of which $104 million was repurchased during the second quarter and $146 million was repurchased in July 2024
Reduced nominal debt by $250 million for a cash cost of $227 million
Delivered $539 million in total returns to shareholders through share repurchases and dividend payments in the second quarter2; declared a dividend of $0.25 per share of common stock for the second quarter of 20243
Produced 1.6 million attributable gold ounces and 477 thousand gold equivalent ounces (GEOs)4 from copper, silver, lead and zinc, including 38 thousand tonnes of copper; primarily driven by production of 1.3 million gold ounces from Newmont's Tier 1 Portfolio5
Generated $1.4 billion of cash from operating activities, net of working capital changes of $(263) million; reported $594 million in Free Cash Flow6
Reported Net Income of $857 million, Adjusted Net Income (ANI) of $0.72 per share and Adjusted EBITDA of $2.0 billion for the quarter6
Achieved $100 million in synergies during the second quarter, for a total of $205 million to date from the Newcrest acquisition; on track to realize $500 million in annual synergies by the end of 20257
On track to deliver 2024 guidance for production, costs and capital spend; anticipating a sequential increase in production in the second half of the year, weighted towards the fourth quarter8
Published Newmont's 2023 Climate Performance Update, summarizing the climate performance for Newmont's managed operating sites throughout 2023

1 Newmont’s actual condensed consolidated financial results remain subject to completion and final review by management and external auditors for the quarter ended June 30, 2024. Newmont intends to file its Q2 2024 Form 10-Q on or about the close of business on July 25, 2024. See notes at the end of this release.
2 Total returns to shareholders includes $146 million of shares repurchased in July 2024.
3 Newmont's Board of Directors declared a dividend of $0.25 per share of common stock for the second quarter of 2024, payable on September 30, 2024 to holders of record at the close of business on September 5, 2024.
4 Gold equivalent ounces (GEOs) calculated using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2024.
5 Newmont’s go-forward portfolio is focused on Tier 1 assets, consisting of (1) six managed Tier 1 assets (Boddington, Tanami, Cadia, Lihir, Peñasquito and Ahafo), (2) assets owned through two non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo, including four Tier 1 assets (Carlin, Cortez, Turquoise Ridge and Pueblo Viejo), (3) three emerging Tier 1 assets (Merian, Cerro Negro and Yanacocha), which do not currently meet the criteria for Tier 1 Asset, and (4) an emerging Tier 1 district in the Golden Triangle in British Columbia (Red Chris and Brucejack), which does not currently meet the criteria for Tier 1 Asset. Newmont’s Tier 1 portfolio also includes attributable production from the Company’s equity interest in Lundin Gold (Fruta del Norte). Tier 1 Portfolio cost and capital metrics include the proportional share of the Company’s interest in the Nevada Gold Mines joint venture.
6 Non-GAAP metrics; see reconciliations at the end of this release.
7 Synergies are a management estimate provided for illustrative purposes and should not be considered a GAAP or non-GAAP financial measure. Synergies represent management’s combined estimate of pre-tax synergies, supply chain efficiencies and Full Potential improvements, as a result of the integration of Newmont’s and Newcrest’s businesses that have been monetized for the purposes of the estimation. Such estimates are necessarily imprecise and are based on numerous judgments and assumptions. See cautionary statement at the end of this release regarding forward-looking statements.
8 See discussion of outlook and cautionary statement at the end of this release regarding forward-looking statements.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         1    


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Advancing Portfolio Optimization with Monetization of Batu Hijau Deferred Payment Rights
Newmont today announced it has entered into an agreement to sell 100 percent of the entity holding Newmont's deferred payment rights associated with the Batu Hijau copper and gold mine in Indonesia for total consideration of $153 million in cash, with closing to occur no later than September 30, 2024. Furthermore, an additional $10 million cash payment associated with these deferred payment rights was received in July. During the second quarter of 2024, Newmont also received a $34 million cash payment, bringing total proceeds to $197 million for 2024.

Summary of Second Quarter Results
20232024
Q1Q2Q3Q4FYQ1Q2FY
Average realized gold price ($/oz)$1,906 $1,965 $1,920 $2,004 $1,954 $2,090 $2,347 $2,216 
Attributable gold production (Moz)1
1.27 1.24 1.29 1.74 5.55 1.68 1.61 3.28 
Gold CAS ($/oz)2,3
$1,025 $1,054 $1,019 $1,086 $1,050 $1,057 $1,152 $1,103 
Gold AISC ($ per ounce)3
$1,376 $1,472 $1,426 $1,485 $1,444 $1,439 $1,562 $1,500 
GAAP net income (loss) from continuing operations ($M)$339 $153 $157 $(3,170)$(2,521)$166 $838 $1,004 
Adjusted net income ($M)4
$320 $266 $286 $452 $1,324 $630 $834 $1,464 
Adjusted net income per share ($/diluted share)4
$0.40 $0.33 $0.36 $0.46 $1.57 $0.55 $0.72 $1.27 
Adjusted EBITDA ($M)4
$990 $910 $933 $1,382 $4,215 $1,694 $1,966 $3,660 
Cash from operations before working capital ($M)5
$843 $763 $874 $787 $3,267 $1,442 $1,657 $3,099 
Net cash from operating activities of continuing operations ($M)
$481 $656 $1,001 $616 $2,754 $776 $1,394 $2,170 
Capital expenditures ($M)6
$526 $616 $604 $920 $2,666 $850 $800 $1,650 
Free cash flow ($M)7
$(45)$40 $397 $(304)$88 $(74)$594 $520 
SECOND QUARTER 2024 PRODUCTION AND FINANCIAL SUMMARY
Attributable gold production1 decreased 4 percent to 1,607 thousand ounces from the prior quarter primarily due to lower production at Cerro Negro as a result of the suspension of operations during the quarter following the tragic fatalities of two members of the Newmont workforce on April 9, 2024. Operations at Cerro Negro safely resumed on May 24, 2024. In addition, operations were suspended as of April 14, 2024 at Telfer, one of Newmont's non-core assets, as further work is completed to remediate the safe operation of the tailings storage facility. Second quarter production was also impacted by lower production at Lihir due to heavy rainfall impacting mine sequencing, as well as lower production at Akyem due to lower grades as a result of the ongoing stripping campaign. These impacts were partially offset by higher production at Porcupine, Brucejack and Peñasquito.

Full year production for 2024 is expected to be second-half weighted as previously indicated, with a sequential increase weighted towards the fourth quarter. The second-half weighting is expected to be driven primarily by improved grades at Peñasquito, Ahafo and Tanami, improved throughput from Lihir and Boddington and sequential improvements delivered from our non-managed joint venture operations.
Average realized gold price was $2,347, an increase of $257 per ounce over the prior quarter. Average realized gold price includes $2,344 per ounce of gross price received, a favorable impact of $17 per ounce mark-to-market on provisionally-priced sales and reductions of $14 per ounce for treatment and refining charges.
Gold CAS2 totaled $1.8 billion for the quarter. Gold CAS per ounce3 increased 9 percent to $1,152 per ounce compared to the prior quarter primarily due to lower sales volumes, processing of stockpiles at Porcupine and Tanami and higher third party royalties as a result of higher gold prices.
Gold AISC per ounce3 increased 9 percent to $1,562 per ounce compared to the prior quarter primarily due to higher CAS and higher sustaining capital spend.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         2    


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Attributable gold equivalent ounce (GEO) production from other metals was largely in line with the prior quarter at 477 thousand ounces.
CAS from other metals2 totaled $379 million for the quarter. CAS per GEO3 was largely in line with the prior quarter at $836 per ounce.
AISC per GEO3 increased 5 percent to $1,207 per ounce compared to the prior quarter primarily due to higher sustaining capital spend.
Net income from continuing operations attributable to Newmont stockholders was $838 million or $0.73 per diluted share, an increase of $672 million from the prior quarter primarily due to the loss on assets held for sale of $485 million recognized during the first quarter of 2024, as well as higher average realized prices for all metals in the second quarter of 2024.
Adjusted net income4 was $834 million or $0.72 per diluted share, compared to $630 million or $0.55 per diluted share in the prior quarter. Primary adjustments to second quarter net income include a loss on assets held for sale of $246 million, a gain on asset and investment sales of $55 million primarily related to the previously announced sale of the Lundin Stream Credit Facility Agreement and the purchase and sale of foreign currency bonds8, a gain of $14 million on the partial redemption of certain Senior notes, and Newcrest transaction and integration costs of $16 million.
Adjusted EBITDA4 increased 16 percent to $2.0 billion for the quarter, compared to $1.7 billion for the prior quarter.
Consolidated cash from operations before working capital5 increased 15 percent from the prior quarter to $1.7 billion primarily due to higher realized prices for all metals in the second quarter.
Consolidated net cash from operating activities increased 80 percent from the prior quarter to $1.4 billion primarily due to the improvement in cash from operations. Net cash from operating activities in the second quarter was impacted by a $263 million reduction in operating cash flow due to changes in working capital, including a build in inventories, stockpiles and ore on leach pads of $185 million and reclamation spend of $107 million, primarily related to the construction of the Yanacocha water treatment facilities.
Free Cash Flow7 was $594 million compared to $(74) million in the prior quarter primarily due to improvements in consolidated net cash from operating activities, partially offset by higher capital expenditures before capital accruals.
Capital expenditures (net of capital accruals)6 decreased 6 percent from the prior quarter to $800 million primarily due to an increase of capital accruals offsetting higher sustaining and development capital expenditures. Sustaining capital spend increased from the first quarter due to the ramp-up of spend on the tailings project at Cadia and the purchase of updated fleet equipment at Merian. Development capital expenditures in 2024 primarily relate to Tanami Expansion 2, Ahafo North, Cadia Block Caves and Cerro Negro expansion projects.
Balance sheet and liquidity remained strong in the second quarter, ending the quarter with $2.6 billion of consolidated cash, cash of $205 million included in Assets held for sale and time deposits of $28 million, with approximately $6.8 billion of total liquidity; reported net debt to pro forma adjusted EBITDA of 1.0x9.
NON-MANAGED JOINT VENTURE AND EQUITY METHOD INVESTMENTS10
Nevada Gold Mines (NGM) attributable gold production decreased 4 percent to 253 thousand ounces, with a 4 percent increase in CAS to $1,220 per ounce3 and a 7 percent increase in AISC to $1,689 per ounce3 compared to the prior quarter.
Pueblo Viejo (PV) attributable gold production decreased 2 percent to 53 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $12 million in the second quarter. Capital contributions of $5 million were made during the quarter related to the expansion project at Pueblo Viejo.
Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the second quarter of 2024 increased 67 percent to 35 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $8 million for the second quarter.
1 Attributable gold production includes ounces from the Company's equity method investment in Pueblo Viejo (40%) and in Lundin Gold (32.0%).
2 Consolidated Costs applicable to sales (CAS) excludes Depreciation and amortization and Reclamation and remediation.
3 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.
4 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.
5 Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled in the Condensed Consolidated Statements of Cash Flows.
6 Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows.
7 Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities.
8 In June 2024, the Company entered into AUD and CAD denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to capital and operating expenditures for certain development projects and mines in Australia and Canada.
9 Non-GAAP measure. See end of this release for reconciliation.
10 Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 32.0% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarter lag.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         3    


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Committed to Concurrent Reclamation
Since mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental and regulatory impacts associated with the end of mining operations. Newmont’s global Closure Strategy integrates closure planning throughout each operation’s lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to accrue to reclamation and remediation spend through the year. Newmont expects to incur a cash outflow of approximately $600 million in 2024 and $700 million in 2025, primarily related to the construction of two new water treatment plants and post-closure management at Yanacocha. The operation’s ongoing closure planning study advanced to the feasibility state in December 2023 and continues to address several complex closure issues, including water management, social impacts and tailings. A long-term water management solution will replace five existing water treatment facilities with two, addressing the watersheds along the continental divide. Certain estimated costs remain subject to revision as ongoing study work and assessment of opportunities that incorporates the latest design considerations remain in progress.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         4    


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Newmont's 2024 Outlook
For a more detailed discussion, see the Company’s 2024 Outlook released on February 22, 2024, available on Newmont.com. Please see the cautionary statement and footnotes for additional information.
Guidance Metric2024E
Attributable Gold Production (Koz)
Managed Tier 1 Portfolio4,100
Non-Managed Tier 1 Portfolio1,530
Total Tier 1 Portfolio5,630
Non-Core Assets1,300
Total Newmont Attributable Gold Production (Koz)6,930
Attributable Gold CAS ($/oz) ($1,900/oz price assumption)
Managed Tier 1 Portfolio980
Non-Managed Tier 1 Portfolio1,130
Total Tier 1 Portfolio1,000
Non-Core Assets1,400
Total Newmont Gold CAS ($/oz)a
1,050
Attributable Gold AISC ($/oz) ($1,900/oz price assumption)
Managed Tier 1 Portfolio1,250
Non-Managed Tier 1 Portfolio1,440
Total Tier 1 Portfolio1,300
Non-Core Assets1,750
Total Newmont Gold AISC ($/oz)a
1,400
Copper ($8,818/tonne price assumption)a
Copper Production - Tier 1 Portfolio (ktonne)144
Copper Production - Non-Core Assets (ktonne)8
Total Newmont Copper Production (ktonne)152
Copper CAS - Tier 1 Portfolio ($/tonne)$5,050
Copper CAS - Non-Core Assets ($/tonne)$11,050
Total Newmont Copper CAS ($/tonne)b
$5,080
Copper AISC - Tier 1 Portfolio ($/tonne)$7,350
Copper AISC - Non-Core Assets ($/tonne)$12,540
Total Newmont Copper AISC ($/tonne)b
$7,380
Silver ($23.00/oz price assumption)
Silver Production (Moz)34
Silver CAS ($/oz)b
$11.00
Silver AISC ($/oz)b
$15.40
Lead ($2,205/tonne price assumption)a
Lead Production (ktonne)95
Lead CAS ($/tonne)b
$1,220
Lead AISC ($/tonne)b
$1,570
Zinc ($2,976/tonne price assumption)a
Zinc Production (ktonne)245
Zinc CAS ($/tonne)b
$1,550
Zinc AISC ($/tonne)b
$2,300
Attributable Capital
Sustaining Capital ($M)a
$1,800
Development Capital ($M)a
$1,300
Consolidated Expenses
Exploration & Advanced Projects ($M)$450
General & Administrative ($M)$300
Interest Expense ($M)$365
Depreciation & Amortization ($M)$2,850
Adjusted Tax Rate c,d
34%
aCo-product metal pricing assumptions in imperial units equate to Copper ($4.00/lb.), Lead ($1.00/lb.) and Zinc ($1.35/lb.).
bConsolidated basis
c The adjusted tax rate excludes certain items such as tax valuation allowance adjustments.
d Assuming average prices of $1,900 per ounce for gold, $4.00 per pound for copper, $23.00 per ounce for silver, $1.00 per pound for lead, and $1.35 per pound for zinc and achievement of production, sales and cost estimates, Newmont estimates its consolidated adjusted effective tax rate related to continuing operations for 2024 will be 34%.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         5    



20232024
Operating ResultsQ1Q2Q3Q4FYQ1Q2Q3Q4FY
Attributable Sales (koz)
Attributable gold ounces sold (1)
1,188 1,197 1,229 1,726 5,340 1,581 1,528 3,109 
Attributable gold equivalent ounces sold265 251 59 321 896 502 453 955 
Average Realized Price ($/oz, $/lb)
Average realized gold price$1,906 $1,965 $1,920 $2,004 $1,954 $2,090 $2,347 $2,216 
Average realized copper price$4.18 $3.26 $3.68 $3.69 $3.71 $3.72 $4.47 $4.10 
Average realized silver price (2)
$19.17 $20.56 N.M.$19.45 $19.97 $20.41 $26.20 $23.00 
Average realized lead price (2)
$0.86 $0.92 N.M.$0.90 $0.90 $0.92 $1.05 $0.97 
Average realized zinc price (2)
$1.18 $0.73 N.M.$3.71 $0.96 $0.92 $1.31 $1.10 
Attributable Gold Production (koz)
Boddington199 209 181 156 745 142 147 289 
Tanami63 126 123 136 448 90 99 189 
Cadia— — — 97 97 122 117 239 
Lihir— — — 134 134 181 141 322 
Ahafo128 137 133 183 581 190 184 374 
Peñasquito (2)
85 38 — 20 143 45 64 109 
Cerro Negro67 48 71 83 269 81 19 100 
Yanacocha56 65 87 68 276 91 78 169 
Merian (75%)62 40 62 78 242 57 46 103 
Brucejack— — — 29 29 37 60 97 
Red Chris (70%)
— — — 15 
Managed Tier 1 Portfolio
660 663 657 989 2,969 1,042 964 2,006 
Nevada Gold Mines (38.5%)
261 287 300 322 1,170 264 253 517 
Pueblo Viejo (40%) (3)
60 51 52 61 224 54 53 107 
Fruta Del Norte (32%) (4)
— — — — — 21 35 56 
Non-Managed Tier 1 Portfolio
321 338 352 383 1,394 339 341 680 
Total Tier 1 Portfolio
981 1,001 1,009 1,372 4,363 1,381 1,305 2,686 
Telfer
— — — 43 43 31 14 45 
Akyem71 49 75 100 295 69 47 116 
CC&V48 41 45 38 172 28 35 63 
Porcupine66 60 64 70 260 61 91 152 
Éléonore66 48 50 68 232 56 61 117 
Musselwhite41 41 48 50 180 49 54 103 
Non-Core Assets (5)
292 239 282 369 1,182 294 302 596 
Total Attributable Gold Production
1,273 1,240 1,291 1,741 5,545 1,675 1,607 3,282 
Attributable Co-Product GEO Production (kGEO)
Boddington64 67 58 56 245 49 55 104 
Cadia — — — 90 90 118 117 235 
Peñasquito (2)
224 189 — 116 529 288 268 556 
Red Chris (70%)
— — — 20 20 28 35 63 
Tier 1 Portfolio
288 256 58 282 884 483 475 958 
Telfer— — — 
Non-Core Assets (5)
   7 7 6 2 8 
Total Attributable Co-Product GEO Production
288 256 58 289 891 489 477 966 
Gold CAS Consolidated ($/oz)
Boddington$841 $777 $848 $941 $847 $1,016 $1,022 $1,019 
Tanami$936 $829 $655 $702 $759 $902 $1,018 $962 
Cadia$— $— $— $1,079 $1,079 $648 $624 $636 
Lihir$— $— $— $1,117 $1,117 $936 $1,101 $1,010 
Ahafo$992 $910 $969 $924 $947 $865 $976 $920 
Peñasquito (2)
$1,199 $831 N.M.$1,306 $1,219 $853 $827 $838 
Cerro Negro$1,146 $1,655 $1,216 $1,132 $1,257 $861 $2,506 $1,310 
Yanacocha$1,067 $1,187 $1,057 $975 $1,069 $972 $1,000 $985 
Merian (75%)$1,028 $1,501 $1,261 $1,155 $1,207 $1,221 $1,546 $1,368 
Brucejack$— $— $— $1,898 $1,898 $2,175 $1,390 $1,723 
Red Chris (70%)
$— $— $— $905 $905 $940 $951 $945 
Managed Tier 1 Portfolio$984 $977 $975 $1,027 $995 $955 $1,048 $1,000 
Nevada Gold Mines (38.5%)
$1,109 $1,055 $992 $1,125 $1,070 $1,177 $1,220 $1,198 
Non-Managed Tier 1 Portfolio$1,109 $1,055 $992 $1,125 $1,070 $1,177 $1,220 $1,198 
Total Tier 1 Portfolio$1,019 $1,001 $980 $1,050 $1,016 $1,000 $1,083 $1,040 
Telfer$— $— $— $1,882 $1,882 $2,632 $2,548 $2,585 
Akyem$810 $1,087 $1,032 $877 $931 $1,006 $1,716 $1,280 
CC&V$1,062 $1,186 $1,253 $1,122 $1,156 $1,394 $1,361 $1,376 
Porcupine$1,071 $1,225 $1,189 $1,186 $1,167 $1,042 $1,068 $1,058 
Éléonore$1,095 $1,477 $1,338 $1,224 $1,263 $1,441 $1,404 $1,422 
Musselwhite$1,313 $1,356 $1,045 $1,068 $1,186 $1,175 $993 $1,077 
Non-Core Assets (5)
$1,043 $1,264 $1,159 $1,214 $1,169 $1,306 $1,398 $1,354 
Total Gold CAS (6)
$1,025 $1,054 $1,019 $1,086 $1,050 $1,057 $1,152 $1,103 
Total Gold CAS (by-product) (6)
$916 $1,024 $1,022 $1,060 $1,011 $891 $892 $891 
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         6    



20232024
Operating Results (continued) Q1Q2Q3Q4FYQ1Q2Q3Q4FY
Co-Product CAS Consolidated ($/GEO)
Boddington$809 $766 $816 $944 $830 $942 $1,031 $985 
Cadia$— $— $— $1,017 $1,017 $594 $552 $572 
Peñasquito (2)
$954 $1,162 N.M.$1,602 $1,283 $843 $904 $870 
Red Chris (70%)
$— $— $— $1,020 $1,020 $1,011 $915 $959 
Tier 1 Portfolio$918 $1,062 $1,636 $1,235 $1,118 $807 $822 $814 
Telfer$— $— $— $1,703 $1,703 $2,882 $1,940 $2,387 
Non-Core Assets (5)
$ $ $ $1,703 $1,703 $2,882 $1,940 $2,387 
Total Co-Product GEO CAS (6)
$918 $1,062 $1,636 $1,254 $1,127 $829 $836 $832 
Gold AISC Consolidated ($/oz)
Boddington$1,035 $966 $1,123 $1,172 $1,067 $1,242 $1,237 $1,240 
Tanami$1,219 $1,162 $890 $1,046 $1,060 $1,149 $1,276 $1,215 
Cadia$— $— $— $1,271 $1,271 $989 $1,064 $1,028 
Lihir$— $— $— $1,517 $1,517 $1,256 $1,212 $1,236 
Ahafo$1,366 $1,237 $1,208 $1,114 $1,222 $1,010 $1,123 $1,066 
Peñasquito (2)
$1,539 $1,078 N.M.$1,670 $1,590 $1,079 $1,038 $1,055 
Cerro Negro$1,379 $1,924 $1,438 $1,412 $1,509 $1,120 $3,010 $1,635 
Yanacocha$1,332 $1,386 $1,187 $1,198 $1,266 $1,123 $1,217 $1,166 
Merian (75%)$1,235 $2,010 $1,652 $1,454 $1,541 $1,530 $2,170 $1,820 
Brucejack$— $— $— $2,646 $2,646 $2,580 $1,929 $2,206 
Red Chris (70%)
$— $— $— $1,439 $1,439 $1,277 $1,613 $1,453 
Managed Tier 1 Portfolio$1,372 $1,386 $1,376 $1,433 $1,397 $1,327 $1,455 $1,389 
Nevada Gold Mines (38.5%)
$1,405 $1,388 $1,307 $1,482 $1,397 $1,576 $1,689 $1,631 
Non-Managed Tier 1 Portfolio$1,405 $1,388 $1,307 $1,482 $1,397 $1,576 $1,689 $1,631 
Tier 1 Portfolio$1,381 $1,387 $1,355 $1,444 $1,397 $1,378 $1,503 $1,438 
Telfer$— $— $— $1,988 $1,988 $3,017 $3,053 $3,037 
Akyem$1,067 $1,461 $1,332 $1,110 $1,210 $1,254 $1,952 $1,523 
CC&V$1,375 $1,631 $1,819 $1,793 $1,644 $1,735 $1,700 $1,716 
Porcupine$1,412 $1,587 $1,644 $1,665 $1,577 $1,470 $1,366 $1,408 
Éléonore$1,420 $2,213 $2,107 $1,796 $1,838 $1,920 $1,900 $1,910 
Musselwhite$1,681 $2,254 $1,715 $1,771 $1,843 $1,766 $1,397 $1,568 
Non-Core Assets (5)
$1,359 $1,808 $1,685 $1,629 $1,610 $1,712 $1,770 $1,743 
Total Gold AISC (6)
$1,376 $1,472 $1,426 $1,485 $1,444 $1,439 $1,562 $1,500 
Total Gold AISC (by-product) (6)
$1,354 $1,531 $1,467 $1,540 $1,480 $1,373 $1,412 $1,392 
Co-Product AISC Consolidated ($/GEO)
Boddington$1,019 $977 $1,108 $1,181 $1,067 $1,081 $1,254 $1,165 
Cadia$— $— $— $1,342 $1,342 $1,027 $1,024 $1,025 
Peñasquito (2)
$1,351 $1,581 N.M.$2,098 $1,756 $1,102 $1,164 $1,130 
Red Chris (70%)
$— $— $— $1,660 $1,660 $1,400 $1,560 $1,486 
Tier 1 Portfolio$1,322 $1,492 $2,422 $1,666 $1,565 $1,120 $1,189 $1,153 
Telfer$— $— $— $2,580 $2,580 $3,745 $2,742 $3,218 
Non-Core Assets (5)
$ $ $ $2,580 $2,580 $3,745 $2,742 $3,218 
Total Co-Product GEO AISC (6)
$1,322 $1,492 $2,422 $1,703 $1,579 $1,148 $1,207 $1,176 
(1)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment, and the Fruta del Norte mine, which is wholly owned by Lundin Gold whom the Company holds a 32.0% interest and is accounted for as an equity method investment.
(2)For the three months ended June 30, 2023 and September 30, 2023, Peñasquito production was impacted due to the suspension of operations as a result of the Union labor strike. Sales activity recognized in the third quarter of 2023 was related to adjustments on provisionally price concentrate sales subject to final settlement. Consequently, price per ounce/pound metrics are not meaningful ("N.M").
(3)Represents attributable gold from Newmont's 40% interest in Pueblo Viejo, which is accounted for as an equity method investment. Attributable gold ounces produced at Pueblo Viejo are not included in attributable gold ounces sold, as noted in footnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.
(4)Represents attributable gold from Newmont's 32.0% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for on a quarterly-lag as an equity method investment. Attributable gold ounces produced by Lundin Gold represent prior quarter production and are not included in attributable gold ounces sold, as noted in footnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.
(5)Sites are classified as held for sale as of June 30, 2024.
(6)Non-GAAP measure. See end of this release for reconciliation.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         7    



NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions except per share)
2023 (1)
2024
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
Sales$2,679 $2,683 $2,493 $3,957 $11,812 $4,023 $4,402 $8,425 
Costs and expenses:
Costs applicable to sales (2)
1,482 1,543 1,371 2,303 6,699 2,106 2,156 4,262 
Depreciation and amortization461 486 480 681 2,108 654 602 1,256 
Reclamation and remediation66 66 166 1,235 1,533 98 94 192 
Exploration48 66 78 73 265 53 57 110 
Advanced projects, research and development35 44 53 68 200 53 49 102 
General and administrative74 71 70 84 299 101 100 201 
Loss on assets held for sale— — — — — 485 246 731 
Impairment charges
1,881 1,891 12 21 
Other expense, net37 35 441 517 61 50 111 
2,174 2,317 2,255 6,766 13,512 3,623 3,363 6,986 
Other income (expense):
Other income (loss), net99 (17)42 (212)(88)121 100 221 
Interest expense, net of capitalized interest(65)(49)(48)(81)(243)(93)(103)(196)
34 (66)(6)(293)(331)28 (3)25 
Income (loss) before income and mining tax and other items539 300 232 (3,102)(2,031)428 1,036 1,464 
Income and mining tax benefit (expense)(213)(163)(73)(77)(526)(260)(191)(451)
Equity income (loss) of affiliates25 16 19 63 (3)
Net income (loss) from continuing operations351 153 162 (3,160)(2,494)175 842 1,017 
Net income (loss) from discontinued operations12 12 27 15 19 
Net income (loss)363 155 163 (3,148)(2,467)179 857 1,036 
Net loss (income) attributable to noncontrolling interests(12)— (5)(10)(27)(9)(4)(13)
Net income (loss) attributable to Newmont stockholders$351 $155 $158 $(3,158)$(2,494)$170 $853 $1,023 
Net income (loss) attributable to Newmont stockholders:
Continuing operations$339 $153 $157 $(3,170)$(2,521)$166 $838 $1,004 
Discontinued operations12 12 27 15 19 
$351 $155 $158 $(3,158)$(2,494)$170 $853 $1,023 
Weighted average common shares (millions):
Basic7947957959788411,153 1,153 1,153 
Effect of employee stock-based awards— — — 
Diluted7957957969798411,153 1,155 1,154 
Net income (loss) attributable to Newmont stockholders per common share:
Basic:
Continuing operations$0.42 $0.19 $0.20 $(3.24)$(3.00)$0.15 $0.73 $0.87 
Discontinued operations0.02 — — 0.01 0.03 — 0.01 0.02 
$0.44 $0.19 $0.20 $(3.23)$(2.97)$0.15 $0.74 $0.89 
Diluted:
Continuing operations$0.42 $0.19 $0.20 $(3.24)$(3.00)$0.15 $0.73 $0.87 
Discontinued operations0.02 — — 0.01 0.03 — 0.01 0.02 
$0.44 $0.19 $0.20 $(3.23)$(2.97)$0.15 $0.74 $0.89 
(1)Certain amounts and disclosures in the prior year have been reclassified to conform to the current year presentation.
(2)Excludes Depreciation and amortization and Reclamation and remediation.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         8    



NEWMONT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)
2023 (1)
2024
MARJUNSEPDECMARJUNSEPDEC
ASSETS
Cash and cash equivalents$2,657 $2,829 $3,190 $3,002 $2,336 $2,602 
Trade receivables
348 185 78 734 782 955 
Investments
847 409 24 23 23 50 
Inventories1,067 1,111 1,127 1,663 1,385 1,467 
Stockpiles and ore on leach pads905 858 829 979 745 681 
Derivative assets— — — 198 114 71 
Other current assets735 742 707 913 765 874 
Assets held for sale
— — — — 5,656 5,370 
Current assets6,559 6,134 5,955 7,512 11,806 12,070 
Property, plant and mine development, net24,097 24,284 24,474 37,563 33,564 33,655 
Investments3,216 3,172 3,133 4,143 4,138 4,141 
Stockpiles and ore on leach pads1,691 1,737 1,740 1,935 1,837 2,002 
Deferred income tax assets170 166 138 268 210 273 
Goodwill1,971 1,971 1,971 3,001 2,792 2,792 
Derivative assets— — — 444 412 181 
Other non-current assets670 669 673 640 576 564 
Total assets$38,374 $38,133 $38,084 $55,506 $55,335 $55,678 
LIABILITIES
Accounts payable$648 $565 $651 $960 $698 $683 
Employee-related benefits302 313 345 551 414 457 
Income and mining taxes payable213 155 143 88 136 264 
Lease and other financing obligations96 96 94 114 99 104 
Debt— — — 1,923 — — 
Other current liabilities1,493 1,564 1,575 2,362 1,784 1,819 
Liabilities held for sale
— — — — 2,351 2,405 
Current liabilities2,752 2,693 2,808 5,998 5,482 5,732 
Debt5,572 5,574 5,575 6,951 8,933 8,692 
Lease and other financing obligations451 441 418 448 436 429 
Reclamation and remediation liabilities6,603 6,604 6,714 8,167 6,652 6,620 
Deferred income tax liabilities1,800 1,795 1,696 2,987 3,094 3,046 
Employee-related benefits395 399 397 655 610 616 
Silver streaming agreement805 786 787 779 753 733 
Other non-current liabilities437 426 429 316 300 247 
Total liabilities18,815 18,718 18,824 26,301 26,260 26,115 
Commitments and contingencies
EQUITY
Common stock1,281 1,281 1,281 1,854 1,855 1,851 
Treasury stock(261)(261)(263)(264)(274)(274)
Additional paid-in capital17,386 17,407 17,425 30,419 30,436 30,394 
Accumulated other comprehensive income (loss)23 13 14 (16)(7)
(Accumulated deficit) Retained earnings948 785 623 (2,996)(3,111)(2,585)
Newmont stockholders' equity19,377 19,225 19,074 29,027 28,890 29,379 
Noncontrolling interests182 190 186 178 185 184 
Total equity19,559 19,415 19,260 29,205 29,075 29,563 
Total liabilities and equity$38,374 $38,133 $38,084 $55,506 $55,335 $55,678 
(1)Certain amounts and disclosures in the prior year have been reclassified to conform to the current year presentation.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         9    



NEWMONT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
2023 (1)
2024
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
Operating activities:
Net income (loss)$363 $155 $163 $(3,148)$(2,467)$179 $857 $1,036 
Non-cash adjustments:
Depreciation and amortization461 486 480 681 2,108 654 602 1,256 
Loss on assets held for sale— — — — — 485 246 731 
Net loss (income) from discontinued operations(12)(2)(1)(12)(27)(4)(15)(19)
Reclamation and remediation61 59 167 1,219 1,506 94 88 182 
(Gain) loss on asset and investment sales, net(36)— 231 197 (9)(55)(64)
Stock-based compensation19 23 16 22 80 21 23 44 
Deferred income taxes15 (24)(101)(104)53 (95)(42)
Change in fair value of investments(41)42 41 47 (31)(22)
Impairment charges
1,881 1,891 12 — 12 
Other non-cash adjustments(10)28 36 (12)(3)(15)
Cash from operations before working capital (2)
843 763 874 787 3,267 1,442 1,657 3,099 
Net change in operating assets and liabilities(362)(107)127 (171)(513)(666)(263)(929)
Net cash provided by (used in) operating activities of continuing operations481 656 1,001 616 2,754 776 1,394 2,170 
Net cash provided by (used in) operating activities of discontinued operations— — — 34 34 
Net cash provided by (used in) operating activities481 663 1,003 616 2,763 776 1,428 2,204 
Investing activities:
Additions to property, plant and mine development(526)(616)(604)(920)(2,666)(850)(800)(1,650)
Proceeds from asset and investment sales181 33 15 234 35 217 252 
Purchases of investments(525)