Newmont Reports Third Quarter 2024 Results

By: Newmont Corporation via Business Wire

October 23, 2024 at 16:05 PM EDT

Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) today announced third quarter 2024 results and declared a third quarter dividend of $0.25 per share.

“In the third quarter, Newmont delivered 2.1 million gold equivalent ounces and generated $760 million in free cash flow from our world-class portfolio,” said Tom Palmer, Newmont's President and Chief Executive Officer. “We continue to make meaningful progress on our non-core divestment program with the two transactions announced in the quarter, which are expected to deliver up to $1.5 billion in combined gross proceeds. Our divestiture progress and strong free cash flow generation have positioned us to continue reducing debt and repurchasing shares, creating significant and lasting value for our shareholders.”

Q3 2024 Results¹

Announced an agreement to sell the Akyem mine in Ghana for up to $1 billion in cash, as well as an agreement to divest the Telfer mine and 70 percent interest in the Havieron project in Western Australia for up to $475 million of gross proceeds
Continue to expect to receive at least $2 billion in gross divestiture proceeds from high-quality, non-core asset sales, in addition to the $527 million dollars in cash already received from other investment sales since the beginning of 2024
Since the last earnings release, repurchased 9.4 million shares at an average price of $53.16 for a total cost of $500 million, of which $198 million was repurchased during the third quarter²; $750 million of share repurchases completed since program announced in February 2024
Newmont's Board authorized an additional $2 billion share repurchase program to be executed at the Company’s discretion, utilizing open market repurchases to occur from time to time throughout the next 24 months³
Delivered $786 million in total returns to shareholders through share repurchases and dividend payments²; declared a dividend of $0.25 per share of common stock for the third quarter of 2024⁴
Since the last earnings release, reduced nominal debt by $233 million for a cash cost of $210 million, of which $150 million was purchased during the third quarter and $83 million was purchased in October 2024; $483 million of debt retired year-to-date in 2024
Produced 1.7 million attributable gold ounces, primarily driven by production of 1.4 million gold ounces from Newmont's Tier 1 Portfolio⁵, as well as 430 thousand gold equivalent ounces (GEOs)⁶ from copper, silver, zinc, and lead, including 37 thousand tonnes of copper
Generated $1.6 billion of cash from operating activities, net of working capital changes of $(209) million; reported $760 million in Free Cash Flow⁷
Reported Net Income of $924 million, Adjusted Net Income (ANI) of $0.81 per diluted share and Adjusted EBITDA of $2.0 billion⁷
Achieved $500 million annual synergy run-rate following the Newcrest acquisition, reaching Newmont's commitment more than a year ahead of schedule⁸
Positioned to meet Newmont's 2024 production guidance; expect to deliver attributable production of 1.8 million gold ounces at an All-In Sustaining Cost (AISC) of $1,475 per ounce in the fourth quarter⁹
Partnered with MKS PAMP to launch a traceable mine-to-market gold bar; for sale through the largest U.S. wholesaler, providing consumers direct access to Newmont's gold and demonstrating a commitment to transparent sourcing

¹Newmont’s actual condensed consolidated financial results remain subject to completion and final review by management and external auditors for the quarter ended September 30, 2024. Newmont intends to file its Q3 2024 Form 10-Q on or about the close of business on October 24, 2024. See notes at the end of this release and cautionary statement regarding forward-looking statements.

² Total returns to shareholders includes $302 million of shares repurchased in October 2024.

³ The share repurchase program will be executed at the Company’s discretion, utilizing open market repurchases to occur from time to time throughout authorization period, See cautionary statement regarding forward looking statements at end of this release.

⁴Newmont's Board of Directors declared a dividend of $0.25 per share of common stock for the third quarter of 2024, payable on December 23, 2024 to holders of record at the close of business on November 27, 2024.

⁵See cautionary statement and notes at the end of this release for definition of Tier 1 Portfolio.

⁶Gold 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.

⁷Non-GAAP metrics; see reconciliations at the end of this release.

⁸ 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.

⁹See discussion of outlook and cautionary statement at the end of this release regarding forward-looking statements.

Summary of Third Quarter Results

	2023													2024
	Q1			Q2		Q3		Q4			FY			Q1			Q2		Q3		YTD
Average realized gold price ($/oz)	$	1,906		$	1,965	$	1,920	$	2,004		$	1,954		$	2,090		$	2,347	$	2,518	$	2,316
Attributable gold production (Moz)¹		1.27			1.24		1.29		1.74			5.55			1.68			1.61		1.67		4.95
Gold CAS ($/oz)^2,3	$	1,025		$	1,054	$	1,019	$	1,086		$	1,050		$	1,057		$	1,152	$	1,207	$	1,138
Gold AISC ($ per ounce)³	$	1,376		$	1,472	$	1,426	$	1,485		$	1,444		$	1,439		$	1,562	$	1,611	$	1,537
Net income (loss) attributable to Newmont stockholders ($M)	$	351		$	155	$	158	$	(3,158	)	$	(2,494	)	$	170		$	853	$	922	$	1,945
Adjusted net income ($M)⁴	$	320		$	266	$	286	$	452		$	1,324		$	630		$	834	$	936	$	2,400
Adjusted net income per share ($/diluted share)⁴	$	0.40		$	0.33	$	0.36	$	0.46		$	1.57		$	0.55		$	0.72	$	0.81	$	2.08
Adjusted EBITDA ($M)⁴	$	990		$	910	$	933	$	1,382		$	4,215		$	1,694		$	1,966	$	1,967	$	5,627
Cash from operations before working capital ($M)⁵	$	843		$	763	$	874	$	787		$	3,267		$	1,442		$	1,657	$	1,846	$	4,945
Net cash from operating activities of continuing operations ($M)	$	481		$	656	$	1,001	$	616		$	2,754		$	776		$	1,394	$	1,637	$	3,807
Capital expenditures ($M)⁶	$	526		$	616	$	604	$	920		$	2,666		$	850		$	800	$	877	$	2,527
Free cash flow ($M)⁷	$	(45	)	$	40	$	397	$	(304	)	$	88		$	(74	)	$	594	$	760	$	1,280

Third Quarter 2024 Production and Financial Summary

Attributable gold production¹ increased 4 percent to 1,668 thousand ounces from the prior quarter primarily due to higher production at Cerro Negro from a full quarter of resumed operations following the completion of the investigation into the tragic fatalities of two members of the Newmont workforce in the second quarter. Third quarter production also benefited from higher throughput at Brucejack, higher mill utilization at Ahafo following the girth gear replacement during the second quarter and improved production at Yanacocha primarily driven by the benefits of injection leaching.

Fourth quarter production is expected to be the highest of the year driven primarily by improved grades at Peñasquito and Tanami, improved throughput at Lihir after the expected completion of the planned autoclave maintenance and sequential improvements delivered from our non-managed joint venture operation at Nevada Gold Mines.

Average realized gold price was $2,518, an increase of $171 per ounce over the prior quarter. Average realized gold price includes $2,488 per ounce of gross price received, a favorable impact of $34 per ounce mark-to-market on provisionally-priced sales and reductions of $4 per ounce for treatment and refining charges.

Gold CAS² totaled $1.9 billion for the quarter. Gold CAS per ounce³ increased 5 percent to $1,207 per ounce compared to the prior quarter primarily due to higher direct costs at Lihir, as a result of planned autoclave maintenance, as well as higher direct operating costs primarily due to increased contract services across the portfolio.

Gold AISC per ounce³ increased 3 percent to $1,611 per ounce compared to the prior quarter primarily due to higher CAS.

Attributable gold equivalent ounce (GEO) production from other metals decreased 10 percent to 430 thousand ounces from the prior quarter due to lower production at Peñasquito as a result of lower co-product grades.

CAS from other metals² totaled $418 million for the quarter. CAS per GEO³ increased 21 percent from the prior quarter to $1,015 per ounce due to higher costs allocated to co-products at Peñasquito, Cadia, and Red Chris, as well as the impact of the shutdown at Telfer due to the tailings remediation work.

AISC per GEO³ increased 11 percent to $1,338 per ounce compared to the prior quarter primarily due to higher CAS from other metals, partially offset by lower treatment and refining costs.

Net income attributable to Newmont stockholders was $922 million or $0.80 per diluted share, an increase of $69 million from the prior quarter primarily due to higher average realized gold prices and higher sales volumes, partially offset by higher unit costs of production, as well as a loss on assets held for sale of $115 million recognized in the third quarter compared to $246 million recognized in the second quarter of 2024.

Adjusted net income⁴ was $936 million or $0.81 per diluted share, compared to $834 million or $0.72 per diluted share in the prior quarter. Primary adjustments to third quarter net income include a loss on assets held for sale of $115 million primarily related to Telfer and Havieron, reclamation and remediation charges of $33 million, a gain on asset and investment sales of $28 million, Newcrest transaction and integration costs of $17 million, a loss on the fair value of investments of $17 million and a gain of $15 million on the partial redemption of certain Senior Notes.

Adjusted EBITDA⁴ remained in line with the prior quarter at $2.0 billion.

Consolidated cash from operations before working capital⁵ increased 11 percent from the prior quarter to $1.8 billion primarily due to higher realized gold prices in the third quarter.

Consolidated net cash from operating activities increased 17 percent from the prior quarter to $1.6 billion primarily due to the improvement in cash from operations. Net cash from operating activities in the third quarter was impacted by a $209 million reduction in operating cash flow due to changes in working capital, including a build in inventory of $202 million mainly due to Lihir and Telfer, and reclamation spend of $107 million, primarily related to the construction of the Yanacocha water treatment facilities. These unfavorable working capital changes were partially offset by favorable timing of accrued liability payments.

Free Cash Flow⁷increased 28 percent from the prior quarter to $760 million primarily due to improvements in consolidated net cash from operating activities including reduced working capital impacts, partially offset by higher capital expenditures.

Capital expenditures (net of capital accruals)⁶ increased 10 percent from the prior quarter to $877 million. Sustaining capital spend increased from the second quarter due to the timing of project spend at Ahafo, Tanami, Boddington, and Lihir. Development capital expenditures in 2024 primarily relate to Tanami Expansion 2, Ahafo North, Cadia Panel Caves, and Cerro Negro expansion projects.

Balance sheet and liquidity remained strong in the third quarter, ending with $3.0 billion of consolidated cash and cash of $86 million included in Assets held for sale, with approximately $7.1 billion of total liquidity; reported net debt to adjusted EBITDA of 0.9x⁸.

Non-Managed Joint Venture and Equity Method Investments⁹

Nevada Gold Mines (NGM) attributable gold production decreased 4 percent to 242 thousand ounces, with a 7 percent increase in CAS to $1,311 per ounce³. AISC was largely in line with the prior quarter at $1,675 per ounce³.

Pueblo Viejo (PV) attributable gold production increased 25 percent to 66 thousand ounces compared to the prior quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $37 million in the third quarter. Capital contributions of $12 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 third quarter of 2024 increased 23 percent to 43 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte were $15 million for the third quarter.

¹ Attributable gold production includes ounces from the Company's equity method investment in Pueblo Viejo (40%) and in Lundin Gold (31.9%).

² Consolidated Costs applicable to sales (CAS) excludes Depreciation and amortization and Reclamation and remediation.

³ Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.

⁴ Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.

⁵ Cash from operations before working capital is a non-GAAP metric with the most directly comparable GAAP financial metric being to Net cash provided by (used in) operating activities, as shown reconciled in the Condensed Consolidated Statements of Cash Flows.

⁶ Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows.

⁷ Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities.

⁸ Non-GAAP measure. See end of this release for reconciliation.

⁹ Newmont has a 38.5% interest in Nevada Gold Mines, which is accounted for using the proportionate consolidation method. In addition, Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment, as well as a 31.9% 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.

Projects Update: Cadia Panel Caves

Cadia Panel Caves (Australia) includes two panel caves expected to extract approximately 5.9 million ounces of gold reserves as well as 1.3 million tonnes of copper reserves¹.

Panel Cave 2-3 (PC2-3) is expected to produce 1.0 million ounces of gold and more than 400 thousand tonnes of copper over its ten-year cave life (2024 - 2034). During peak production (2027 - 2032), PC2-3 is expected to ramp up to deliver between 100 and 150 thousand ounces of gold per year, and between 40 and 60 thousand tonnes of copper per year. First ore was delivered during the fourth quarter of 2023 and cave establishment was achieved during the third quarter of 2024. Total capital cost for PC2-3 is estimated to be between $1.0 and $1.2 billion, which includes more than $900 million spent by Newcrest prior to the acquisition by Newmont in November 2023. Development capital spend by Newmont is estimated to be between $150 to $250 million and continue until the last drawbell is fired expected to be in the second half of 2026. Development capital invested (excluding capitalized interest) since acquisition is $49 million, of which $38 million related to 2024.

Panel Cave 1-2 (PC1-2) is expected to produce 4.0 million ounces of gold and more than 700 thousand tonnes of copper over its fifteen year cave life (2027 - 2042). During peak production (2030 - 2040), PC1-2 is expected to ramp up to deliver between 275 and 325 thousand ounces of gold per year, and between 35 and 55 thousand tonnes of copper per year. The PC1-2 project is currently under review and a more fulsome update on the project's opportunities and metrics is expected to be provided in 2025. Development capital invested (excluding capitalized interest) since acquisition is $148 million, of which $123 million related to 2024.

In line with the development of the Cadia Panel Caves, Newmont's current focus is on maximizing existing tailings capacity, repairing the south wall of the Northern Tailings Facility and delivering the Southern Tailings lift. Newmont is undertaking long-term planning and design of its facilities to ensure that the tailings storage facilities are able to support the long mine life of Cadia. This work is intended to create capacity for the development of PC2-3, PC1-2, and future caves, setting up the next several decades of ore feed at Cadia.

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. With $273 million in reclamation spent year to date, we anticipate an additional $225 million to be spent in the fourth quarter of 2024, 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.

¹ PC2-3 and PC1-2 are subsets of Cadia’s total Mineral Reserves, please refer to Newmont’s 10-K for the total Mineral Reserves and Mineral Resources at Cadia for the year ended December 31, 2023, filed with the SEC on February 29, 2024. Project estimates remain subject to change based upon uncertainties, including future market conditions, macroeconomic and geopolitical conditions, changes in interest rates, inflation, commodities and raw materials prices, supply chain disruptions, labor markets, engineering and mine plan assumptions, future funding decisions, consideration of strategic capital allocation, and other factors, which may impact estimated capital expenditures, AISC, and timing of projects. Please see the cautionary statement at the end of this release for additional information regarding forward-looking statements.

Newmont's Fourth Quarter 2024 Outlook

Please see the cautionary statement and footnotes for additional information.

Guidance Metric		Q4 2024
Gold ($2,500/oz price assumption)^a
Attributable Gold Production (Koz)		1,800
Gold CAS ($/oz)		$1,050
Gold AISC ($/oz)		$1,475
Copper ($8,818/tonne price assumption)^a
Copper Production (ktonne)^a		35
Copper CAS ($/tonne)^b		$4,900
Copper AISC ($/tonne)^b		$7,500
Silver ($28.00/oz price assumption)^a
Silver Production (Moz)		11
Silver CAS ($/oz)^b		$9.00
Silver AISC ($/oz)^b		$15.00
Lead ($2,094/tonne price assumption)^a
Lead Production (ktonne)		28
Lead CAS ($/tonne)^b		$970
Lead AISC ($/tonne)^b		$1,500
Zinc ($2,646/tonne price assumption)^a
Zinc Production (ktonne)		70
Zinc CAS ($/tonne)^b		$1,200
Zinc AISC ($/tonne)^b		$2,100
Attributable Capital
Sustaining Capital($M)^a		$550
Development Capital($M)^a		$320
Consolidated Expenses
Exploration & Advanced Projects ($M)		$115
General & Administrative ($M)		$110
Interest Expense ($M)		$80
Depreciation & Amortization ($M)		$700
Adjusted Tax Rate^c,d		34%

^aCo-product metal pricing assumptions in imperial units equate to Copper ($4.00/lb.), Lead ($0.95/lb.), and Zinc ($1.20/lb.).

^bConsolidated basis

^c The adjusted tax rate excludes certain items such as tax valuation allowance adjustments.

^d Assuming average prices of $2,500 per ounce for gold, $4.00 per pound for copper, $28.00 per ounce for silver, $0.95 per pound for lead, and $1.20 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 the fourth quarter of 2024 will be 34%.

	2023										2024
Operating Results	Q1		Q2		Q3		Q4		FY		Q1		Q2		Q3		Q4	YTD
Attributable Sales (koz)
Attributable gold ounces sold⁽¹⁾		1,188		1,197		1,229		1,726		5,340		1,581		1,528		1,551			4,660
Attributable gold equivalent ounces sold		265		251		59		321		896		502		453		412			1,367

Average Realized Price ($/oz, $/lb)
Average realized gold price	$	1,906	$	1,965	$	1,920	$	2,004	$	1,954	$	2,090	$	2,347	$	2,518		$	2,316
Average realized copper price	$	4.18	$	3.26	$	3.68	$	3.69	$	3.71	$	3.72	$	4.47	$	4.31		$	4.17
Average realized silver price ⁽²⁾	$	19.17	$	20.56	N.M.		$	19.45	$	19.97	$	20.41	$	26.20	$	25.98		$	23.72
Average realized lead price ⁽²⁾	$	0.86	$	0.92	N.M.		$	0.90	$	0.90	$	0.92	$	1.05	$	0.86		$	0.94
Average realized zinc price ⁽²⁾	$	1.18	$	0.73	N.M.		$	3.71	$	0.96	$	0.92	$	1.31	$	1.14		$	1.11

Attributable Gold Production (koz)
Boddington		199		209		181		156		745		142		147		137			426
Tanami		63		126		123		136		448		90		99		102			291
Cadia		—		—		—		97		97		122		117		115			354
Lihir		—		—		—		134		134		181		141		129			451
Ahafo		128		137		133		183		581		190		184		213			587
Peñasquito ⁽²⁾		85		38		—		20		143		45		64		63			172
Cerro Negro		67		48		71		83		269		81		19		60			160
Yanacocha		56		65		87		68		276		91		78		93			262
Merian (75%)		62		40		62		78		242		57		46		43			146
Brucejack		—		—		—		29		29		37		60		89			186
Red Chris (70%)		—		—		—		5		5		6		9		9			24
Managed Tier 1 Portfolio		660		663		657		989		2,969		1,042		964		1,053			3,059
Nevada Gold Mines (38.5%)		261		287		300		322		1,170		264		253		242			759
Pueblo Viejo (40%) ⁽³⁾		60		51		52		61		224		54		53		66			173
Fruta Del Norte (31.9%) ⁽⁴⁾		—		—		—		—		—		21		35		43			99
Non-Managed Tier 1 Portfolio		321		338		352		383		1,394		339		341		351			1,031
Total Tier 1 Portfolio		981		1,001		1,009		1,372		4,363		1,381		1,305		1,404			4,090
Telfer		—		—		—		43		43		31		14		6			51
Akyem		71		49		75		100		295		69		47		47			163
CC&V		48		41		45		38		172		28		35		38			101
Porcupine		66		60		64		70		260		61		91		67			219
Éléonore		66		48		50		68		232		56		61		54			171
Musselwhite		41		41		48		50		180		49		54		52			155
Non-Core Assets⁽⁵⁾		292		239		282		369		1,182		294		302		264			860
Total Attributable Gold Production		1,273		1,240		1,291		1,741		5,545		1,675		1,607		1,668			4,950

Attributable Co-Product GEO Production (kGEO)
Boddington		64		67		58		56		245		49		55		48			152
Cadia		—		—		—		90		90		118		117		120			355
Peñasquito⁽²⁾		224		189		—		116		529		288		268		229			785
Red Chris (70%)		—		—		—		20		20		28		35		32			95
Tier 1 Portfolio		288		256		58		282		884		483		475		429			1,387
Telfer		—		—		—		7		7		6		2		1			9
Non-Core Assets ⁽⁵⁾		—		—		—		7		7		6		2		1			9
Total Attributable Co-Product GEO Production		288		256		58		289		891		489		477		430			1,396

Gold CAS Consolidated ($/oz)
Boddington	$	841	$	777	$	848	$	941	$	847	$	1,016	$	1,022	$	1,098		$	1,043
Tanami	$	936	$	829	$	655	$	702	$	759	$	902	$	1,018	$	979		$	968
Cadia	$	—	$	—	$	—	$	1,079	$	1,079	$	648	$	624	$	723		$	664
Lihir	$	—	$	—	$	—	$	1,117	$	1,117	$	936	$	1,101	$	1,619		$	1,179
Ahafo	$	992	$	910	$	969	$	924	$	947	$	865	$	976	$	867		$	900
Peñasquito ⁽²⁾	$	1,199	$	831	N.M.		$	1,306	$	1,219	$	853	$	827	$	985		$	888
Cerro Negro	$	1,146	$	1,655	$	1,216	$	1,132	$	1,257	$	861	$	2,506	$	1,535		$	1,393
Yanacocha	$	1,067	$	1,187	$	1,057	$	975	$	1,069	$	972	$	1,000	$	1,072		$	1,015
Merian (75%)	$	1,028	$	1,501	$	1,261	$	1,155	$	1,207	$	1,221	$	1,546	$	1,795		$	1,504
Brucejack	$	—	$	—	$	—	$	1,898	$	1,898	$	2,175	$	1,390	$	970		$	1,302
Red Chris (70%)	$	—	$	—	$	—	$	905	$	905	$	940	$	951	$	2,228		$	1,411
Managed Tier 1 Portfolio	$	984	$	977	$	975	$	1,027	$	995	$	955	$	1,048	$	1,117		$	1,042
Nevada Gold Mines (38.5%)	$	1,109	$	1,055	$	992	$	1,125	$	1,070	$	1,177	$	1,220	$	1,311		$	1,234
Non-Managed Tier 1 Portfolio	$	1,109	$	1,055	$	992	$	1,125	$	1,070	$	1,177	$	1,220	$	1,311		$	1,234
Total Tier 1 Portfolio	$	1,019	$	1,001	$	980	$	1,050	$	1,016	$	1,000	$	1,083	$	1,153		$	1,080
Telfer⁽⁶⁾	$	—	$	—	$	—	$	1,882	$	1,882	$	2,632	$	2,548	N.M.			$	2,996
Akyem	$	810	$	1,087	$	1,032	$	877	$	931	$	1,006	$	1,716	$	2,051		$	1,491
CC&V	$	1,062	$	1,186	$	1,253	$	1,122	$	1,156	$	1,394	$	1,361	$	1,416		$	1,391
Porcupine	$	1,071	$	1,225	$	1,189	$	1,186	$	1,167	$	1,042	$	1,068	$	1,114		$	1,076
Éléonore	$	1,095	$	1,477	$	1,338	$	1,224	$	1,263	$	1,441	$	1,404	$	1,344		$	1,398
Musselwhite	$	1,313	$	1,356	$	1,045	$	1,068	$	1,186	$	1,175	$	993	$	993		$	1,050
Non-Core Assets ⁽⁵⁾	$	1,043	$	1,264	$	1,159	$	1,214	$	1,169	$	1,306	$	1,398	$	1,474		$	1,390
Total Gold CAS ⁽⁷⁾	$	1,025	$	1,054	$	1,019	$	1,086	$	1,050	$	1,057	$	1,152	$	1,207		$	1,138
Total Gold CAS (by-product) ⁽⁷⁾	$	916	$	1,024	$	1,022	$	1,060	$	1,011	$	891	$	892	$	1,052		$	945

	2023										2024
Operating Results (continued)	Q1		Q2		Q3		Q4		FY		Q1		Q2		Q3		Q4	YTD
Co-Product CAS Consolidated ($/GEO)
Boddington	$	809	$	766	$	816	$	944	$	830	$	942	$	1,031	$	1,017		$	994
Cadia	$	—	$	—	$	—	$	1,017	$	1,017	$	594	$	552	$	685		$	609
Peñasquito⁽²⁾	$	954	$	1,162	N.M.		$	1,602	$	1,283	$	843	$	904	$	990		$	905
Red Chris (70%)	$	—	$	—	$	—	$	1,020	$	1,020	$	1,011	$	915	$	2,231		$	1,372
Tier 1 Portfolio	$	918	$	1,062	$	1,636	$	1,235	$	1,118	$	807	$	822	$	1,004		$	872
Telfer⁽⁶⁾	$	—	$	—	$	—	$	1,703	$	1,703	$	2,882	$	1,940	N.M.			$	2,795
Non-Core Assets ⁽⁵⁾⁽⁶⁾	$	—	$	—	$	—	$	1,703	$	1,703	$	2,882	$	1,940	N.M.			$	2,795
Total Co-Product GEO CAS ⁽⁷⁾	$	918	$	1,062	$	1,636	$	1,254	$	1,127	$	829	$	836	$	1,015		$	887

Gold AISC Consolidated ($/oz)
Boddington	$	1,035	$	966	$	1,123	$	1,172	$	1,067	$	1,242	$	1,237	$	1,398		$	1,289
Tanami	$	1,219	$	1,162	$	890	$	1,046	$	1,060	$	1,149	$	1,276	$	1,334		$	1,256
Cadia	$	—	$	—	$	—	$	1,271	$	1,271	$	989	$	1,064	$	1,078		$	1,044
Lihir	$	—	$	—	$	—	$	1,517	$	1,517	$	1,256	$	1,212	$	1,883		$	1,416
Ahafo	$	1,366	$	1,237	$	1,208	$	1,114	$	1,222	$	1,010	$	1,123	$	1,043		$	1,057
Peñasquito ⁽²⁾	$	1,539	$	1,078	N.M.		$	1,670	$	1,590	$	1,079	$	1,038	$	1,224		$	1,112
Cerro Negro	$	1,379	$	1,924	$	1,438	$	1,412	$	1,509	$	1,120	$	3,010	$	1,878		$	1,725
Yanacocha	$	1,332	$	1,386	$	1,187	$	1,198	$	1,266	$	1,123	$	1,217	$	1,285		$	1,207
Merian (75%)	$	1,235	$	2,010	$	1,652	$	1,454	$	1,541	$	1,530	$	2,170	$	2,153		$	1,926
Brucejack	$	—	$	—	$	—	$	2,646	$	2,646	$	2,580	$	1,929	$	1,197		$	1,642
Red Chris (70%)	$	—	$	—	$	—	$	1,439	$	1,439	$	1,277	$	1,613	$	2,633		$	1,882
Managed Tier 1 Portfolio	$	1,372	$	1,386	$	1,376	$	1,433	$	1,397	$	1,327	$	1,455	$	1,509		$	1,432
Nevada Gold Mines (38.5%)	$	1,405	$	1,388	$	1,307	$	1,482	$	1,397	$	1,576	$	1,689	$	1,675		$	1,645
Non-Managed Tier 1 Portfolio	$	1,405	$	1,388	$	1,307	$	1,482	$	1,397	$	1,576	$	1,689	$	1,675		$	1,645
Tier 1 Portfolio	$	1,381	$	1,387	$	1,355	$	1,444	$	1,397	$	1,378	$	1,503	$	1,540		$	1,474
Telfer⁽⁶⁾	$	—	$	—	$	—	$	1,988	$	1,988	$	3,017	$	3,053	N.M.			$	3,823
Akyem	$	1,067	$	1,461	$	1,332	$	1,110	$	1,210	$	1,254	$	1,952	$	2,230		$	1,716
CC&V	$	1,375	$	1,631	$	1,819	$	1,793	$	1,644	$	1,735	$	1,700	$	1,712		$	1,715
Porcupine	$	1,412	$	1,587	$	1,644	$	1,665	$	1,577	$	1,470	$	1,366	$	1,451		$	1,422
Éléonore	$	1,420	$	2,213	$	2,107	$	1,796	$	1,838	$	1,920	$	1,900	$	1,924		$	1,914
Musselwhite	$	1,681	$	2,254	$	1,715	$	1,771	$	1,843	$	1,766	$	1,397	$	1,574		$	1,570
Non-Core Assets ⁽⁵⁾	$	1,359	$	1,808	$	1,685	$	1,629	$	1,610	$	1,712	$	1,770	$	1,967		$	1,809
Total Gold AISC ⁽⁷⁾	$	1,376	$	1,472	$	1,426	$	1,485	$	1,444	$	1,439	$	1,562	$	1,611		$	1,537
Total Gold AISC (by-product) ⁽⁷⁾	$	1,354	$	1,531	$	1,467	$	1,540	$	1,480	$	1,373	$	1,412	$	1,542		$	1,442

Co-Product AISC Consolidated ($/GEO)
Boddington	$	1,019	$	977	$	1,108	$	1,181	$	1,067	$	1,081	$	1,254	$	1,168		$	1,166
Cadia	$	—	$	—	$	—	$	1,342	$	1,342	$	1,027	$	1,024	$	880		$	977
Peñasquito ⁽²⁾	$	1,351	$	1,581	N.M.		$	2,098	$	1,756	$	1,102	$	1,164	$	1,286		$	1,175
Red Chris (70%)	$	—	$	—	$	—	$	1,660	$	1,660	$	1,400	$	1,560	$	2,714		$	1,885
Tier 1 Portfolio	$	1,322	$	1,492	$	2,422	$	1,666	$	1,565	$	1,120	$	1,189	$	1,322		$	1,203
Telfer⁽⁶⁾	$	—	$	—	$	—	$	2,580	$	2,580	$	3,745	$	2,742	N.M.			$	3,811
Non-Core Assets ⁽⁵⁾⁽⁶⁾	$	—	$	—	$	—	$	2,580	$	2,580	$	3,745	$	2,742	N.M.			$	3,811
Total Co-Product GEO AISC ⁽⁷⁾	$	1,322	$	1,492	$	2,422	$	1,703	$	1,579	$	1,148	$	1,207	$	1,338		$	1,225

⁽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 31.9% interest and is accounted for as an equity method investment.
⁽²⁾		For the three months ended September 30, 2023, Peñasquito had no production due to the Peñasquito labor strike. Sales activity recognized in the third quarter of 2023 at Peñasquito is related to adjustments on provisionally priced concentrate sales subject to final settlement. As such, the per ounce metrics are not meaningful ("N.M.") for the current quarter.
⁽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 31.9% 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 September 30, 2024.
⁽⁶⁾		For the three months ended September 30, 2024, Telfer production was impacted due to the suspension of operations as a result of remediation work on the tailings storage facility. Production resumed at the end of the third quarter. Consequently, unit cost metrics for gold and copper are not meaningful ("N.M").
⁽⁷⁾		Non-GAAP measure. See end of this release for reconciliation.

NEWMONT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions except per share)
	2023 ⁽¹⁾															2024
	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4	YTD

Sales	$	2,679		$	2,683		$	2,493		$	3,957		$	11,812		$	4,023		$	4,402		$	4,605			$	13,030

Costs and expenses:
Costs applicable to sales ⁽²⁾		1,482			1,543			1,371			2,303			6,699			2,106			2,156			2,310				6,572
Depreciation and amortization		461			486			480			681			2,108			654			602			631				1,887
Reclamation and remediation		66			66			166			1,235			1,533			98			94			132				324
Exploration		48			66			78			73			265			53			57			74				184
Advanced projects, research and development		35			44			53			68			200			53			49			47				149
General and administrative		74			71			70			84			299			101			100			113				314
Loss on assets held for sale		—			—			—			—			—			485			246			115				846
Impairment charges		4			4			2			1,881			1,891			12			9			18				39
Other expense, net		4			37			35			441			517			61			50			37				148
		2,174			2,317			2,255			6,766			13,512			3,623			3,363			3,477				10,463
Other income (expense):
Other income (loss), net		99			(17	)		42			(212	)		(88	)		121			100			17				238
Interest expense, net of capitalized interest		(65	)		(49	)		(48	)		(81	)		(243	)		(93	)		(103	)		(86	)			(282	)
		34			(66	)		(6	)		(293	)		(331	)		28			(3	)		(69	)			(44	)
Income (loss) before income and mining tax and other items		539			300			232			(3,102	)		(2,031	)		428			1,036			1,059				2,523
Income and mining tax benefit (expense)		(213	)		(163	)		(73	)		(77	)		(526	)		(260	)		(191	)		(244	)			(695	)
Equity income (loss) of affiliates		25			16			3			19			63			7			(3	)		60				64
Net income (loss) from continuing operations		351			153			162			(3,160	)		(2,494	)		175			842			875				1,892
Net income (loss) from discontinued operations		12			2			1			12			27			4			15			49				68
Net income (loss)		363			155			163			(3,148	)		(2,467	)		179			857			924				1,960
Net loss (income) attributable to noncontrolling interests		(12	)		—			(5	)		(10	)		(27	)		(9	)		(4	)		(2	)			(15	)
Net income (loss) attributable to Newmont stockholders	$	351		$	155		$	158		$	(3,158	)	$	(2,494	)	$	170		$	853		$	922			$	1,945

Net income (loss) attributable to Newmont stockholders:
Continuing operations	$	339		$	153		$	157		$	(3,170	)	$	(2,521	)	$	166		$	838		$	873			$	1,877
Discontinued operations		12			2			1			12			27			4			15			49				68
	$	351		$	155		$	158		$	(3,158	)	$	(2,494	)	$	170		$	853		$	922			$	1,945

Weighted average common shares (millions):
Basic		794			795			795			978			841			1,153			1,153			1,147				1,151
Effect of employee stock-based awards		1			—			1			1			—			—			2			2				1
Diluted		795			795			796			979			841			1,153			1,155			1,149				1,152

Net income (loss) attributable to Newmont stockholders per common share: ⁽³⁾
Basic:
Continuing operations	$	0.42		$	0.19		$	0.20		$	(3.24	)	$	(3.00	)	$	0.15		$	0.73		$	0.76			$	1.63
Discontinued operations		0.02			—			—			0.01			0.03			—			0.01			0.04				0.06
	$	0.44		$	0.19		$	0.20		$	(3.23	)	$	(2.97	)	$	0.15		$	0.74		$	0.80			$	1.69
Diluted:
Continuing operations	$	0.42		$	0.19		$	0.20		$	(3.24	)	$	(3.00	)	$	0.15		$	0.73		$	0.76			$	1.63
Discontinued operations		0.02			—			—			0.01			0.03			—			0.01			0.04				0.06
	$	0.44		$	0.19		$	0.20		$	(3.23	)	$	(2.97	)	$	0.15		$	0.74		$	0.80			$	1.69

⁽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.
⁽³⁾		For the three months and year ended December 31, 2023, potentially dilutive shares were excluded in the computation of diluted loss per common share attributable to Newmont stockholders as they were antidilutive.

NEWMONT CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions)
	2023 ⁽¹⁾												2024
	MAR			JUN			SEP			DEC			MAR			JUN			SEP			DEC
ASSETS
Cash and cash equivalents	$	2,657		$	2,829		$	3,190		$	3,002		$	2,336		$	2,602		$	3,016
Trade receivables		348			185			78			734			782			955			974
Investments		847			409			24			23			23			50			43
Inventories		1,067			1,111			1,127			1,663			1,385			1,467			1,487
Stockpiles and ore on leach pads		905			858			829			979			745			681			688
Derivative assets		—			—			—			198			114			71			42
Other current assets		735			742			707			913			765			874			753
Assets held for sale		—			—			—			—			5,656			5,370			5,574
Current assets		6,559			6,134			5,955			7,512			11,806			12,070			12,577
Property, plant and mine development, net		24,097			24,284			24,474			37,563			33,564			33,655			33,697
Investments		3,216			3,172			3,133			4,143			4,138			4,141			4,150
Stockpiles and ore on leach pads		1,691			1,737			1,740			1,935			1,837			2,002			2,114
Deferred income tax assets		170			166			138			268			210			273			229
Goodwill		1,971			1,971			1,971			3,001			2,792			2,792			2,721
Derivative assets		—			—			—			444			412			181			161
Other non-current assets		670			669			673			640			576			564			526
Total assets	$	38,374		$	38,133		$	38,084		$	55,506		$	55,335		$	55,678		$	56,175

LIABILITIES
Accounts payable	$	648		$	565		$	651		$	960		$	698		$	683		$	772
Employee-related benefits		302			313			345			551			414			457			542
Income and mining taxes payable		213			155			143			88			136			264			317
Lease and other financing obligations		96			96			94			114			99			104			112
Debt		—			—			—			1,923			—			—			—
Other current liabilities		1,493			1,564			1,575			2,362			1,784			1,819			2,081
Liabilities held for sale		—			—			—			—			2,351			2,405			2,584
Current liabilities		2,752			2,693			2,808			5,998			5,482			5,732			6,408
Debt		5,572			5,574			5,575			6,951			8,933			8,692			8,550
Lease and other financing obligations		451			441			418			448			436			429			437
Reclamation and remediation liabilities		6,603			6,604			6,714			8,167			6,652			6,620			6,410
Deferred income tax liabilities		1,800			1,795			1,696			2,987			3,094			3,046			2,883
Employee-related benefits		395			399			397			655			610			616			632
Silver streaming agreement		805			786			787			779			753			733			721
Other non-current liabilities		437			426			429			316			300			247			238
Total liabilities		18,815			18,718			18,824			26,301			26,260			26,115			26,279



EQUITY
Common stock		1,281			1,281			1,281			1,854			1,855			1,851			1,840
Treasury stock		(261	)		(261	)		(263	)		(264	)		(274	)		(274	)		(276	)
Additional paid-in capital		17,386			17,407			17,425			30,419			30,436			30,394			30,228
Accumulated other comprehensive income (loss)		23			13			8			14			(16	)		(7	)		21
(Accumulated deficit) Retained earnings		948			785			623			(2,996	)		(3,111	)		(2,585	)		(2,101	)
Newmont stockholders' equity		19,377			19,225			19,074			29,027			28,890			29,379			29,712
Noncontrolling interests		182			190			186			178			185			184			184
Total equity		19,559			19,415			19,260			29,205			29,075			29,563			29,896
Total liabilities and equity	$	38,374		$	38,133		$	38,084		$	55,506		$	55,335		$	55,678		$	56,175

⁽¹⁾

Certain amounts and disclosures in the prior year have been reclassified to conform to the current year presentation.

NEWMONT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions)
	2023 ⁽¹⁾															2024
	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3			Q4	YTD
Operating activities:
Net income (loss)	$	363		$	155		$	163		$	(3,148	)	$	(2,467	)	$	179		$	857		$	924			$	1,960
Non-cash adjustments:
Depreciation and amortization		461			486			480			681			2,108			654			602			631				1,887
Loss on assets held for sale		—			—			—			—			—			485			246			115				846
Net loss (income) from discontinued operations		(12	)		(2	)		(1	)		(12	)		(27	)		(4	)		(15	)		(49	)			(68	)
Reclamation and remediation		61			59			167			1,219			1,506			94			88			124				306
(Gain) loss on asset and investment sales, net		(36	)		—			2			231			197			(9	)		(55	)		28				(36	)
Stock-based compensation		19			23			16			22			80			21			23			22				66
Deferred income taxes		15			6			(24	)		(101	)		(104	)		53			(95	)		7				(35	)
Change in fair value of investments		(41	)		42			41			5			47			(31	)		9			(17	)			(39	)
Impairment charges ⁽¹⁾		4			4			2			1,881			1,891			12			9			18				39
Other non-cash adjustments ⁽¹⁾		9			(10	)		28			9			36			(12	)		(12	)		43				19
Cash from operations before working capital⁽²⁾		843			763			874			787			3,267			1,442			1,657			1,846				4,945
Net change in operating assets and liabilities		(362	)		(107	)		127			(171	)		(513	)		(666	)		(263	)		(209	)			(1,138	)
Net cash provided by (used in) operating activities of continuing operations		481			656			1,001			616			2,754			776			1,394			1,637				3,807
Net cash provided by (used in) operating activities of discontinued operations		—			7			2			—			9			—			34			11				45
Net cash provided by (used in) operating activities		481			663			1,003			616			2,763			776			1,428			1,648				3,852

Investing activities:
Additions to property, plant and mine development		(526	)		(616	)		(604	)		(920	)		(2,666	)		(850	)		(800	)		(877	)			(2,527	)
Proceeds from asset and investment sales		181			33			5			15			234			3			189			153				345
Purchases of investments		(525	)		(17	)		(3	)		(6	)		(551	)		—			(60	)		(2	)			(62	)
Return of investment from equity method investees		—			30			—			6			36			25			16			14				55
Contributions to equity method investees		(41	)		(23	)		(26	)		(18

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Newmont Reports Third Quarter 2024 Results