Newmont Delivers on First Quarter 2023 Expectations, Remains on Track to Achieve Full Year Guidance

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

**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 2023.

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

****Expectations regarding 2023 dividend levels are forward-looking statements. The dividend framework is non-binding and an annualized dividend has not been declared by the Board. The declaration and payment of future quarterly dividends remains at the discretion of the Board of Directors and will depend on the Company's financial results, cash flow and cash requirements, future prospects, and other factors deemed relevant by the Board. See cautionary statement at the end of this release.

Q1'23

Q4'22

Q1'22

Average realized gold price ($ per ounce)

$

1,906

$

1,758

$

1,892

Attributable gold production (million ounces)¹

1.27

1.63

1.34

Gold costs applicable to sales (CAS) ($ per ounce)²

$

1,025

$

940

$

890

Gold all-in sustaining costs (AISC) ($ per ounce)²

$

1,376

$

1,215

$

1,156

GAAP net income (loss) from continuing operations ($ millions)

$

339

$

(1,488

)

$

432

Adjusted net income ($ millions)³

$

320

$

348

$

546

Adjusted net income per share ($/diluted share)³

$

0.40

$

0.44

$

0.69

Adjusted EBITDA ($ millions)³

$

990

$

1,161

$

1,390

Cash flow from continuing operations ($ millions)

$

481

$

1,010

$

689

Capital expenditures ($ millions)⁴

$

526

$

646

$

437

Free cash flow ($ millions)⁵

$

(45

)

$

364

$

252

_____________________________________

¹ Attributable gold production includes 60 thousand ounces for the first quarter of 2023, 65 thousand ounces for the fourth quarter of 2022 and 69 thousand ounces for the first quarter of 2022 from the Company's equity method investment in Pueblo Viejo (40%).

² Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.

³ Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.

⁴ Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows.

⁵ Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities.

⁶ Non-GAAP measure. See end of this release for reconciliation.

_____________________________________

¹ Project estimates remain subject to change based upon uncertainties, including future market conditions, continued impacts from the COVID-19 pandemic, the Russian invasion of Ukraine, 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. See end of this release for cautionary statement regarding forward-looking statements.

² Total resources presented for Ahafo North includes Measured and Indicated resources of 910 thousand gold ounces and Inferred resources of 490 thousand gold ounces. See cautionary statement at the end of this release.

Newmont Managed Operations
Attributable Gold Production (Koz)

FY 2023 Outlook

Q2 2023E
(% of Full Year)

Boddington

740 - 820

28%

Ahafo

675 - 745

23%

Tanami

420 - 460

30%

Peñasquito

330 - 370

18%

Cerro Negro

315 - 345

24%

Akyem

315 - 345

29%

Porcupine

285 - 315

21%

Éléonore

265 - 295

24%

Yanacocha

255 - 285

26%

Merian

235 - 265

23%

Musselwhite

200 - 220

23%

CC&V

160 - 180

21%

*Estimated 2023 seasonality remains subject to change and represents management's expectations of future production results as of April 27, 2023.

Guidance Metrics

2023E

2024E

2025E

2026E

2027E

Gold ($1,700/oz price assumption)

Attributable Gold Production (Moz)

5.7 - 6.3

5.9 - 6.5

5.9 - 6.5

6.1 - 6.7

6.1 - 6.7

Gold CAS ($/oz)^*

$870 - $970

$850 - $950

$780 - $880

$750 - $850

$750 - $850

Gold AISC ($/oz)^*

$1,150 - $1,250

$1,100 - $1,200

$1,000 - $1,100

$1,000 - $1,100

$1,000 - $1,100

Copper ($3.50/lb price assumption)

Copper Production (Mlb)

95 - 105

85 - 95

45 - 55

45 - 55

55 - 65

Copper CAS ($/lb)^*

$1.85 - $2.15

Copper AISC ($/lb)^*

$2.35 - $2.65

Silver ($20/oz price assumption)

Silver Production (Moz)

31 - 35

32 - 36

35 - 39

28 - 32

30 - 34

Silver CAS ($/oz)^*

$11.10 - $12.10

Silver AISC ($/oz)^*

$15.50 - $16.50

Lead ($0.90/lb price assumption)

Lead Production (Mlb)

170 - 190

190 - 210

210 - 230

160 - 180

250 - 270

Lead CAS ($/lb)^*

$0.55 - $0.65

Lead AISC ($/lb)^*

$0.70 - $0.80

Zinc ($1.35/lb price assumption)

Zinc Production (Mlb)

420 - 460

550 - 590

580 - 620

460 - 500

400 - 440

Zinc CAS ($/lb)^*

$0.65 - $0.75

Zinc AISC ($/lb)^*

$1.05 - $1.15

Capital

Sustaining Capital^**

$1,000 - $1,200

$1,000 - $1,200

$1,000 - $1,200

$1,000 - $1,200

$1,000 - $1,200

Development Capital^**

$1,200 - $1,400

$1,200 - $1,400

$800 - $1,000

$500 - $700

$300 - $500

^*Consolidated basis; ^**Attributable basis

Guidance Metric ($M)

2023E

Exploration & Advanced Projects

$475 - $525

General & Administrative

$260 - $290

Interest Expense

$200 - $220

Depreciation & Amortization

$2,200 - $2,400

Adjusted Tax Rate ^a,b

32% - 36%

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

^b Assuming average prices of $1,700 per ounce for gold, $3.50 per pound for copper, $20.00 per ounce for silver, $0.90 per pound for lead, and $1.35 per pound for zinc and achievement of current production, sales and cost estimates, we estimate our consolidated adjusted effective tax rate related to continuing operations for 2023 will be between 32%-36%.

Assumption

Change (-/+)

FCF Impact ($M)
(+/-)

AISC Impact ($/oz)
(-/+)

Gold ($/oz)

$1,700

$100

$400

$5

Australian Dollar

$0.70

$0.05

$60

$15

Canadian Dollar

$0.77

$0.05

$35

$10

Oil ($/bbl)

$90

$10

$20

$5

Copper ($/lb)

$3.50

$0.25

$15

$-

Silver ($/oz)

$20.00

$1.00

$15

$2

Lead ($/lb)

$0.90

$0.10

$10

$-

Zinc ($/lb)

$1.35

$0.10

$30

$-

Percent of Total^*

Change in Cost
(-/+)

FCF Impact ($M)
(+/-)

AISC Impact ($/oz)
(-/+)

Labor Costs

50%

5%

$90

$25

Materials & Consumables

30%

5%

$50

$15

Fuel & Energy

15%

5%

$30

$10

^*"Other" category of 5% primarily includes freight, technology-related costs, employee administrative costs, rents and operating leases.

2023 Outlook

Consolidated
Production (Koz)

Attributable
Production (Koz)

Consolidated CAS
($/oz)

Consolidated
All-In Sustaining
Costs ^b ($/oz)

Attributable
Sustaining Capital
Expenditures ($M)

Attributable
Development
Capital
Expenditures ($M)

CC&V

160 - 180

160 - 180

1,150 - 1,250

1,580 - 1,680

25 - 35

-

Musselwhite

200 - 220

200 - 220

860 - 960

1,290 - 1,390

65 - 75

-

Porcupine

285 - 315

285 - 315

950 - 1,050

1,250 - 1,350

45 - 55

100 - 120

Éléonore

265 - 295

265 - 295

960 - 1,060

1,300 - 1.400

55 - 65

-

Peñasquito

330 - 370

330 - 370

840 - 940

1,110 - 1,210

135 - 145

-

Merian^c

315 - 345

235 - 265

980 - 1,080

1,230 - 1,330

35 - 45

-

Cerro Negro

315 - 345

315 - 345

850 - 950

1,060 - 1,160

45 - 55

110 - 130

Yanacocha

255 - 285

255 - 285

1,370 - 1,470

1,620 - 1,720

25 - 35

320 - 360

Boddington

740 - 820

740 - 820

800 - 900

960 - 1,060

95 - 105

-

Tanami

420 - 460

420 - 460

770 - 870

1,130 - 1,230

115 - 125

340 - 380

Ahafo

675 - 745

675 - 745

850 - 950

1,010 - 1,110

75 - 85

5 - 15

Akyem

315 - 345

315 - 345

850 - 950

1,110 - 1,210

25 - 35

-

Ahafo North

-

-

-

-

-

245 - 275

Nevada Gold Mines^d

1,190 - 1,310

1,190 - 1,310

850 - 950

1,150 - 1,250

250 - 350

50 - 150

Pueblo Viejo^e

-

315 - 345

-

-

-

-

Peñasquito - Silver (Moz)

31 - 35

31 - 35

11.10 - 12.10

15.50 - 16.50

Peñasquito - Lead (Mlbs)

170 - 190

170 - 190

0.55 - 0.65

0.70 - 0.80

Peñasquito - Zinc (Mlbs)

420 - 460

420 - 460

0.65 - 0.75

1.05 - 1.15

Boddington - Copper (Mlbs)

95 - 105

95 - 105

1.85 - 2.15

2.35 - 2.65

^a 2023 outlook projections are considered forward-looking statements and represent management's good faith estimates or expectations of future production results as of February 23, 2023. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2023 Outlook assumes $1,700/oz Au, $3.50/lb Cu, $20.00/oz Ag, $1.35/lb Zn, $0.90/lb Pb, $0.70 USD/AUD exchange rate, $0.77 USD/CAD exchange rate and $90/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved, except for Yanacocha Sulfides, Pamour and Cerro Negro District Expansion 1 which are included in Outlook. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Outlook may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. See cautionary at the end of this release.

^b All-in sustaining costs (AISC) as used in the Company's Outlook is a non-GAAP metric; see below for further information and reconciliation to consolidated 2023 CAS outlook.

^c Consolidated production for Merian is presented on a total production basis for the mine site; attributable production represents a 75% interest for Merian.

^d Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM.

^e Attributable production includes Newmont's 40% interest in Pueblo Viejo, which is accounted for as an equity method investment.

Three Months Ended March 31,

Operating Results

2023

2022

% Change

Attributable Sales (koz)

Attributable gold ounces sold ⁽¹⁾

1,188

1,291

(8

)%

Attributable gold equivalent ounces sold

265

350

(24

)%

Average Realized Price ($/oz, $/lb)

Average realized gold price

$

1,906

$

1,892

1

%

Average realized copper price

$

4.18

$

4.84

(14

)%

Average realized silver price

$

19.17

$

20.36

(6

)%

Average realized lead price

$

0.86

$

1.06

(19

)%

Average realized zinc price

$

1.18

$

1.75

(33

)%

Attributable Production (koz)

CC&V

48

35

37

%

Musselwhite

41

32

28

%

Porcupine

66

59

12

%

Éléonore

66

46

43

%

Peñasquito

85

137

(38

)%

Merian (75%)

62

76

(18

)%

Cerro Negro

67

68

(1

)%

Yanacocha ⁽²⁾

56

54

4

%

Boddington

199

182

9

%

Tanami

63

100

(37

)%

Ahafo

128

107

20

%

Akyem

71

91

(22

)%

Nevada Gold Mines

261

288

(9

)%

Total Gold (excluding equity method investments)

1,213

1,275

(5

)%

Pueblo Viejo (40%) ⁽³⁾

60

69

(13

)%

Total Gold

1,273

1,344

(5

)%

Peñasquito

224

299

(25

)%

Boddington

64

51

25

%

Total Gold Equivalent Ounces

288

350

(18

)%

CAS Consolidated ($/oz, $/GEO)

CC&V

$

1,062

$

1,426

(26

)%

Musselwhite

$

1,313

$

1,355

(3

)%

Porcupine

$

1,071

$

1,095

(2

)%

Éléonore

$

1,095

$

1,249

(12

)%

Peñasquito

$

1,199

$

651

84

%

Merian (75%)

$

1,028

$

845

22

%

Cerro Negro

$

1,146

$

974

18

%

Yanacocha

$

1,067

$

985

8

%

Boddington

$

841

$

816

3

%

Tanami

$

936

$

661

42

%

Ahafo

$

992

$

985

1

%

Akyem

$

810

$

737

10

%

Nevada Gold Mines

$

1,109

$

899

23

%

Total Gold

$

1,025

$

890

15

%

Total Gold (by-product)

$

916

$

697

31

%

Peñasquito

$

954

$

695

37

%

Boddington

$

809

$

833

(3

)%

Total Gold Equivalent Ounces

$

918

$

717

28

%

⁽¹⁾ Attributable gold ounces from the Pueblo Viejo mine, an equity method investment, are not included in attributable gold ounces sold.

⁽²⁾ The Company recognized amounts attributable to noncontrolling interest for Yanacocha during the period prior to acquiring Sumitomo Corporation's 5% interest in the second quarter of 2022.

⁽³⁾ Represents attributable gold from Pueblo Viejo and does not include the Company's other equity method investments. 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.

Three Months Ended March 31,

Operating Results (continued)

2023

2022

% Change

AISC Consolidated ($/oz, $/GEO)

CC&V

$

1,375

$

1,676

(18

)%

Musselwhite

$

1,681

$

1,642

2

%

Porcupine

$

1,412

$

1,296

9

%

Éléonore

$

1,420

$

1,557

(9

)%

Peñasquito

$

1,539

$

843

83

%

Merian (75%)

$

1,235

$

991

25

%

Cerro Negro

$

1,379

$

1,252

10

%

Yanacocha

$

1,332

$

1,163

15

%

Boddington

$

1,035

$

931

11

%

Tanami

$

1,219

$

1,012

20

%

Ahafo

$

1,366

$

1,223

12

%

Akyem

$

1,067

$

942

13

%

Nevada Gold Mines

$

1,405

$

1,086

29

%

Total Gold

$

1,376

$

1,156

19

%

Total Gold (by-product)

$

1,354

$

1,036

31

%

Peñasquito

$

1,351

$

951

42

%

Boddington

$

1,019

$

959

6

%

Total Gold Equivalent Ounces

$

1,322

$

997

33

%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions except per share)

Three Months Ended
March 31,

2023

2022

Sales

$

2,679

$

3,023

Costs and expenses:

Costs applicable to sales ⁽¹⁾

1,482

1,435

Depreciation and amortization

461

547

Reclamation and remediation

66

61

Exploration

48

38

Advanced projects, research and development

35

44

General and administrative

74

64

Other expense, net

8

35

2,174

2,224

Other income (expense):

Other income (loss), net

99

(109

)

Interest expense, net of capitalized interest

(65

)

(62

)

34

(171

)

Income (loss) before income and mining tax and other items

539

628

Income and mining tax benefit (expense)

(213

)

(214

)

Equity income (loss) of affiliates

25

39

Net income (loss) from continuing operations

351

453

Net income (loss) from discontinued operations

12

16

Net income (loss)

363

469

Net loss (income) attributable to noncontrolling interests

(12

)

(21

)

Net income (loss) attributable to Newmont stockholders

$

351

$

448

Net income (loss) attributable to Newmont stockholders:

Continuing operations

$

339

$

432

Discontinued operations

12

16

$

351

$

448

Weighted average common shares (millions):

Basic

794

793

Effect of employee stock-based awards

1

1

Diluted

795

794

Net income (loss) attributable to Newmont stockholders per common share

Basic:

Continuing operations

$

0.42

$

0.54

Discontinued operations

0.02

0.02

$

0.44

$

0.56

Diluted:

Continuing operations

$

0.42

$

0.54

Discontinued operations

0.02

0.02

$

0.44

$

0.56

⁽¹⁾

Excludes Depreciation and amortization and Reclamation and remediation.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

At March 31,
2023

At December 31,
2022

ASSETS

Cash and cash equivalents

$

2,657

$

2,877

Time deposits and other investments

847

880

Trade receivables

348

366

Inventories

1,067

979

Stockpiles and ore on leach pads

905

774

Other current assets

735

639

Current assets

6,559

6,515

Property, plant and mine development, net

24,097

24,073

Investments

3,216

3,278

Stockpiles and ore on leach pads

1,691

1,716

Deferred income tax assets

170

173

Goodwill

1,971

1,971

Other non-current assets

670

756

Total assets

$

38,374

$

38,482

LIABILITIES

Accounts payable

$

648

$

633

Employee-related benefits

302

399

Income and mining taxes payable

213

199

Current lease and other financing obligations

96

96

Other current liabilities

1,493

1,599

Current liabilities

2,752

2,926

Debt

5,572

5,571

Lease and other financing obligations

451

465

Reclamation and remediation liabilities

6,603

6,578

Deferred income tax liabilities

1,800

1,809

Employee-related benefits

395

342

Silver streaming agreement

805

828

Other non-current liabilities

437

430

Total liabilities

18,815

18,949

Commitments and contingencies ⁽¹⁾

EQUITY

Common stock

1,281

1,279

Treasury stock

(261

)

(239

)

Additional paid-in capital

17,386

17,369

Accumulated other comprehensive income (loss)

23

29

Retained earnings

948

916

Newmont stockholders' equity

19,377

19,354

Noncontrolling interests

182

179

Total equity

19,559

19,533

Total liabilities and equity

$

38,374

$

38,482

⁽¹⁾

Refer to Note 17 of the Condensed Consolidated Financial Statements for additional information.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)

Three Months Ended
March 31,

2023

2022

Operating activities:

Net income (loss)

$

363

$

469

Non-cash adjustments:

Depreciation and amortization

461

547

Net loss (income) from discontinued operations

(12

)

(16

)

Reclamation and remediation

61

57

Change in fair value of investments

(41

)

(39

)

Gain on asset and investment sales, net

(36

)

35

Stock-based compensation

19

18

Deferred income taxes

15

(41

)

Charges from pension settlement

-

130

Other non-cash adjustments

13

(6

)

Net change in operating assets and liabilities

(362

)

(465

)

Net cash provided by (used in) operating activities of continuing operations

481

689

Net cash provided by (used in) operating activities of discontinued operations

-

5

Net cash provided by (used in) operating activities

481

694

Investing activities:

?

?

Proceeds from maturities of investments

557

-

Additions to property, plant and mine development

(526

)

(437

)

Purchases of investments

(525

)

(4

)

Proceeds from asset and investment sales

181

9

Contributions to equity method investees

(41

)

(52

)

Return of investment from equity method investees

-

13

Other

12

(48

)

Net cash provided by (used in) investing activities

(342

)

(519

)

Financing activities:

?

?

Dividends paid to common stockholders

(318

)

(436

)

Funding from noncontrolling interests

41

32

Distributions to noncontrolling interests

(34

)

(59

)

Payments for withholding of employee taxes related to stock-based compensation

(22

)

(36

)

Payments on lease and other financing obligations

(16

)

(19

)

Acquisition of noncontrolling interests

-

(300

)

Repayment of debt

-

(89

)

Other

(1

)

12

Net cash provided by (used in) financing activities

(350

)

(895

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(8

)

3

Net change in cash, cash equivalents and restricted cash

(219

)

(717

)

Cash, cash equivalents and restricted cash at beginning of period

2,944

5,093

Cash, cash equivalents and restricted cash at end of period

$

2,725

$

4,376

Reconciliation of cash, cash equivalents and restricted cash:

?

?

Cash and cash equivalents

$

2,657

$

4,272

Restricted cash included in Other current assets

1

50

Restricted cash included in Other non-current assets

67

54

Total cash, cash equivalents and restricted cash

$

2,725

$

4,376

Three Months Ended
March 31, 2023

per share data ⁽¹⁾

basic

diluted

Net income (loss) attributable to Newmont stockholders

$

351

$

0.44

$

0.44

Net loss (income) attributable to Newmont stockholders from discontinued operations

(12

)

(0.02

)

(0.02

)

Net income (loss) attributable to Newmont stockholders from continuing operations

339

0.42

0.42

Change in fair value of investments ⁽²⁾

(41

)

(0.05

)

(0.05

)

(Gain) loss on asset and investment sales, net ⁽³⁾

(36

)

(0.05

)

(0.05

)

Impairment charges ⁽⁴⁾

4

-

-

Restructuring and severance ⁽⁵⁾

2

-

-

Other ⁽⁶⁾

(4

)

-

-

Tax effect of adjustments ⁽⁷⁾

16

0.02

0.02

Valuation allowance and other tax adjustments ⁽⁸⁾

40

0.06

0.06

Adjusted net income (loss)

$

320

$

0.40

$

0.40

?

Weighted average common shares (millions): ⁽⁹⁾

794

795

⁽¹⁾

Per share measures may not recalculate due to rounding.

⁽²⁾

Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investment in current and non-current marketable and other equity securities.

⁽³⁾

(Gain) loss on asset and investment sales, net, included in Other income (loss), net, primarily represents the net gain recognized on the exchange of the previously held Maverix investment for Triple Flag and the subsequent sale of the Triple Flag investment. Refer to Note 10 of the Condensed Consolidated Financial Statements for further information.

⁽⁴⁾

Impairment charges, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.

⁽⁵⁾

Restructuring and severance, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company.

⁽⁶⁾

Other represents income received on the favorable settlement of certain matters that were outstanding at the time of sale of the related investment in 2022. Amounts included in Other income (loss), net.

⁽⁷⁾

The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (6), as described above, and are calculated using the applicable regional tax rate.

⁽⁸⁾

Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three months ended March 31, 2023 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $10, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $17, net reductions to the reserve for uncertain tax positions of $11, other tax adjustments of $2. For further information on reductions to the reserve for uncertain tax positions, refer to Note 8 of the Condensed Consolidated Financial Statements.

⁽⁹⁾

Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.

Three Months Ended
March 31, 2022

per share data ⁽¹⁾

basic

diluted

Net income (loss) attributable to Newmont stockholders

$

448

$

0.56

$

0.56

Net loss (income) attributable to Newmont stockholders from discontinued operations

(16

)

(0.02

)

(0.02

)

Net income (loss) attributable to Newmont stockholders from continuing operations

432

0.54

0.54

Pension settlements ⁽²⁾

130

0.16

0.16

Change in fair value of investments ⁽³⁾

(39

)

(0.05

)

(0.05

)

(Gain) loss on asset and investment sales, net ⁽⁴⁾

35

0.04

0.04

Reclamation and remediation charges ⁽⁵⁾

13

0.02

0.02

Settlement costs ⁽⁶⁾

13

0.02

0.02

Restructuring and severance, net ⁽⁷⁾

1

-

-

Tax effect of adjustments ⁽⁸⁾

(37

)

(0.05

)

(0.05

)

Valuation allowance and other tax adjustments, net ⁽⁹⁾

(2

)

0.01

0.01

Adjusted net income (loss)

$

546

$

0.69

$

0.69

?

Weighted average common shares (millions): ⁽¹⁰⁾

793

794

⁽¹⁾

Per share measures may not recalculate due to rounding.

⁽²⁾

Pension settlement, included in Other income (loss), net, represent pension settlement charges in 2022 related to the annuitization of certain defined benefit plans. For further information, refer to Note 7 of the Condensed Consolidated Financial Statements.

⁽³⁾

Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investment in current and non-current marketable and other equity securities.

⁽⁴⁾

(Gain) loss on asset and investment sales, net, included in Other income (loss), net, primarily represents the loss recognized on the sale of the La Zanja equity method investment. For further information, refer to Note 1 of the Condensed Consolidated Financial Statements.

⁽⁵⁾

Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. Refer to Note 5 of the Condensed Consolidated Financial Statement for further information.

⁽⁶⁾

Settlement costs, included in Other expense, net, primarily are comprised of legal settlement and a voluntary contribution made to support humanitarian efforts in Ukraine.

⁽⁷⁾

Restructuring and severance, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company.

⁽⁸⁾

The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (7), as described above, and are calculated using the applicable regional tax rate.

⁽⁹⁾

Valuation allowance and other tax adjustments, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three months ended March 31, 2022 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $12, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(3), net reductions to the reserve for uncertain tax positions of $(12), and other tax adjustments of $1.

⁽¹⁰⁾

Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.

?

Three Months Ended
March 31,

?

2023

2022

Net income (loss) attributable to Newmont stockholders

$

351

$

448

Net income (loss) attributable to noncontrolling interests

12

21

Net loss (Income) from discontinued operations

(12

)

(16

)

Equity loss (income) of affiliates

(25

)

(39

)

Income and mining tax expense (benefit)

213

214

Depreciation and amortization

461

547

Interest expense, net of capitalized interest

65

62

EBITDA

$

1,065

$

1,237

Adjustments:

Change in fair value of investments ⁽¹⁾

$

(41

)

$

(39

)

(Gain) loss on asset and investment sales, net ⁽²⁾

(36

)

35

Impairment charges ⁽³⁾

4

-

Restructuring and severance ⁽⁴⁾

2

1

Pension settlement ⁽⁵⁾

-

130

Settlement costs ⁽⁶⁾

-

13

Reclamation and remediation charges ⁽⁷⁾

-

13

Other ⁽⁸⁾

(4

)

-

Adjusted EBITDA

$

990

$

1,390

⁽¹⁾

Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities.

⁽²⁾

(Gain) loss on asset and investment sales, net, included in Other income (loss), net, in 2023 is primarily comprised of the net gain recognized on the exchange of the previously held Maverix investment for Triple Flag and the subsequent sale of the Triple Flag investment. Refer to Note 10 of the Condensed Consolidated Financial Statements for further information. For 2022, primarily comprised of the loss recognized on the sale of the La Zanja equity method investment. Refer to Note 1 of the Condensed Consolidated Financial Statements for further information.

⁽³⁾

Impairment charges, included in Other expense, net, represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories.

⁽⁴⁾

Restructuring and severance, included in Other expense, net, primarily represents severance and related costs associated with significant organizational or operating model changes implemented by the Company for all periods presented.

⁽⁵⁾

Pension settlement, included in Other income (loss), net, represents pension settlement charges in 2022 related to the annuitization of certain defined benefit plans. For further information, refer to Note 7 of the Condensed Consolidated Financial Statements.

⁽⁶⁾

Settlement costs, included in Other expense, net, are primarily comprised of a legal settlement and a voluntary contribution made to support humanitarian efforts in Ukraine in 2022.

⁽⁷⁾

Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to reclamation and remediation plans at the Company's former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value. For further information, refer to Note 5 of the Condensed Consolidated Financial Statements.

⁽⁸⁾

Other represents income received during the first quarter of 2023, on the favorable settlement of certain matters that were outstanding at the time of sale of the related investment in 2022. Amounts included in Other income (loss), net.

Three Months Ended
March 31,

2023

2022

Income (Loss) before Income and Mining Tax and other Items, NGM ⁽¹⁾

$

85

$

153

Depreciation and amortization ⁽¹⁾

106

125

NGM EBITDA

$

191

$

278

⁽¹⁾

Refer to Note 3 of the Condensed Consolidated Financial Statements.

Three Months Ended
March 31,

2023

2022

Net cash provided by (used in) operating activities

$

481

$

694

Less: Net cash used in (provided by) operating activities of discontinued operations

-

(5

)

Net cash provided by (used in) operating activities of continuing operations

481