Newmont Reports First Quarter 2024 Results

____________________

¹ Newmont's actual condensed consolidated financial results remain subject to completion and final review by management and external auditors for the quarter ended March 31, 2024. Newmont intends to file its Q1 2024 Form 10-Q on or about the close of business on April 29, 2024. See notes at the end of this release.

² Newmont's Board of Directors declared a dividend of $0.25 per share of common stock for the first quarter of 2024, payable on June 27, 2024 to holders of record at the close of business on June 4, 2024.

³ 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.

⁴ 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.

⁵ Non-GAAP metrics; see reconciliations at the end of this release.

⁶ 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.

⁷ See discussion of outlook and cautionary statement at the end of this release regarding forward-looking statements.

2023

2024

Q1

Q2

Q3

Q4

FY

Q1

FY

Average realized gold price ($/oz)

$

1,906

$

1,965

$

1,920

$

2,004

$

1,954

$

2,090

$

2,090

Attributable gold production (Moz)¹

1.27

1.24

1.29

1.74

5.55

1.68

1.68

Gold CAS ($/oz)^2,3

$

1,025

$

1,054

$

1,019

$

1,086

$

1,050

$

1,057

$

1,057

Gold AISC ($ per ounce)³

$

1,376

$

1,472

$

1,426

$

1,485

$

1,444

$

1,439

$

1,439

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

$

339

$

153

$

157

$

(3,170

)

$

(2,521

)

$

166

$

166

Adjusted net income ($M)⁴

$

320

$

266

$

286

$

452

$

1,324

$

630

$

630

Adjusted net income per share ($/diluted share)⁴

$

0.40

$

0.33

$

0.36

$

0.46

$

1.57

$

0.55

$

0.55

Adjusted EBITDA ($M)⁴

$

990

$

910

$

933

$

1,382

$

4,215

$

1,694

$

1,694

Cash from operations before working capital ($M)⁵

$

843

$

763

$

874

$

777

$

3,257

$

1,442

$

1,442

Net cash from operating activities ($M)

$

481

$

656

$

1,001

$

616

$

2,754

$

776

$

776

Capital expenditures ($M)⁶

$

526

$

616

$

604

$

920

$

2,666

$

850

$

850

Free cash flow ($M)⁷

$

(45

)

$

40

$

397

$

(304

)

$

88

$

(74

)

$

(74

)

____________________

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. Excluding the stamp duty payment in connection with the Newcrest transaction, Newmont generated Free Cash Flow of $217 million.

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.

____________________

¹ 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. 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 1 million gold ounces and Inferred resources of 300 thousand gold ounces. See cautionary statement at the end of this release.

Guidance Metric

2024E

Attributable Gold Production (Koz)

Managed Tier 1 Portfolio

4,100

Non-Managed Tier 1 Portfolio

1,530

Total Tier 1 Portfolio

5,630

Non-Core Assets

1,300

Total Newmont Attributable Gold Production (Koz)

6,930

Attributable Gold CAS ($/oz) ($1,900/oz price assumption)

Managed Tier 1 Portfolio

980

Non-Managed Tier 1 Portfolio

1,130

Total Tier 1 Portfolio

1,000

Non-Core Assets

1,400

Total Newmont Gold CAS ($/oz)^a

1,050

Attributable Gold AISC ($/oz) ($1,900/oz price assumption)

Managed Tier 1 Portfolio

1,250

Non-Managed Tier 1 Portfolio

1,440

Total Tier 1 Portfolio

1,300

Non-Core Assets

1,750

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 current production, sales and cost estimates, we estimate our consolidated adjusted effective tax rate related to continuing operations for 2024 will be 34%.

2024 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)

Managed Tier 1 Portfolio

Boddington

575

575

1,150

1,420

145

-

Tanami

400

400

900

1,430

170

340

Cadia

370

370

620

1,150

305

260

Lihir

630

630

1,050

1,270

105

-

Ahafo

725

725

860

1,060

110

-

Ahafo North

-

-

-

-

-

290

Peñasquito

250

250

780

1,030

145

-

Cerro Negro

290

290

860

1,110

50

130

Yanacocha

290

290

1,180

1,370

25

50

Merian^c

295

220

1,280

1,570

40

-

Brucejack

310

310

1,130

1,370

50

-

Red Chris

40

40

1,120

1,530

65

-

Non-Managed Tier 1 Portfolio

Nevada Gold Mines^d

1,080

1,080

1,130

1,440

290

130

Pueblo Viejo^e

-

300

-

-

-

-

Fruta Del Norte^f

-

150

-

-

-

-

Non-Core Assets

Telfer

230

230

2,180

2,470

35

-

Akyem

170

170

1,780

2,100

15

-

CC&V

170

170

1,270

1,610

25

-

Porcupine

270

270

1,090

1,510

75

100

Éléonore

270

270

1,080

1,500

75

-

Musselwhite

190

190

1,060

1,620

75

-

Co-Product Production

Boddington - Copper (ktonne)

37

37

6,020

7,600

-

-

Cadia - Copper (ktonne)

80

80

3,600

6,580

-

-

Peñasquito - Silver (Moz)

34

34

11.00

15.40

-

-

Peñasquito - Lead (ktonne)

95

95

1,220

1,570

-

-

Peñasquito - Zinc (ktonne)

245

245

1,550

2,300

-

-

Red Chris - Copper (ktonne)

27

27

6,440

9,570

-

-

Telfer - Copper (ktonne)

8

8

11,050

12,540

-

-

^a 2024 outlook projections are considered forward-looking statements and represent management's good faith estimates or expectations of future production results as of February 22, 2024. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2024 Outlook assumes $1,900/oz Au, $8,818/tonne Cu, $23.00/oz Ag, $2,976/tonne Zn, $2,205/tonne Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $90/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved. 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 2024 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.

^f Attributable production includes Newmont's 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.

2023

2024

Operating Results

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Attributable Sales (koz)

Attributable gold ounces sold ⁽¹⁾

1,188

1,197

1,229

1,726

5,340

1,581

1,581

Attributable gold equivalent ounces sold

265

251

59

321

896

502

502

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

Average realized gold price

$

1,906

$

1,965

$

1,920

$

2,004

$

1,954

$

2,090

$

2,090

Average realized copper price

$

4.18

$

3.26

$

3.68

$

3.69

$

3.71

$

3.72

$

3.72

Average realized silver price ⁽²⁾

$

19.17

$

20.56

N.M.

$

19.45

$

19.97

$

20.41

$

20.41

Average realized lead price ⁽²⁾

$

0.86

$

0.92

N.M.

$

0.90

$

0.90

$

0.92

$

0.92

Average realized zinc price ⁽²⁾

$

1.18

$

0.73

N.M.

$

3.71

$

0.96

$

0.92

$

0.92

Attributable Gold Production (koz)

Boddington

199

209

181

156

745

142

142

Tanami

63

126

123

136

448

90

90

Cadia

-

-

-

97

97

122

122

Lihir

-

-

-

134

134

181

181

Ahafo

128

137

133

183

581

190

190

Peñasquito ⁽²⁾

85

38

-

20

143

45

45

Cerro Negro

67

48

71

83

269

81

81

Yanacocha

56

65

87

68

276

91

91

Merian (75%)

62

40

62

78

242

57

57

Brucejack

-

-

-

29

29

37

37

Red Chris

-

-

-

5

5

6

6

Managed Tier 1 Portfolio

660

663

657

989

2,969

1,042

1,042

Nevada Gold Mines

261

287

300

322

1,170

264

264

Pueblo Viejo (40%) ⁽³⁾

60

51

52

61

224

54

54

Fruta Del Norte (31.9%) ⁽⁴⁾

-

-

-

-

-

21

21

Non-Managed Tier 1 Portfolio

321

338

352

383

1,394

339

339

Total Tier 1 Portfolio

981

1,001

1,009

1,372

4,363

1,381

1,381

Telfer

-

-

-

43

43

31

31

Akyem

71

49

75

100

295

69

69

CC&V

48

41

45

38

172

28

28

Porcupine

66

60

64

70

260

61

61

Éléonore

66

48

50

68

232

56

56

Musselwhite

41

41

48

50

180

49

49

Non-Core Assets ⁽⁵⁾

292

239

282

369

1,182

294

294

Total Attributable Gold Production

1,273

1,240

1,291

1,741

5,545

1,675

1,675

Attributable Co-Product GEO Production (kGEO)

Boddington

64

67

58

56

245

49

49

Cadia

-

-

-

90

90

118

118

Peñasquito ⁽²⁾

224

189

-

116

529

288

288

Red Chris

-

-

-

20

20

28

28

Tier 1 Portfolio

288

256

58

282

884

483

483

Telfer

-

-

-

7

7

6

6

Non-Core Assets ⁽⁵⁾

-

-

-

7

7

6

6

Total Attributable Co-Product GEO Production

288

256

58

289

891

489

489

Gold CAS Consolidated ($/oz)

Boddington

$

841

$

777

$

848

$

941

$

847

$

1,016

$

1,016

Tanami

$

936

$

829

$

655

$

702

$

759

$

902

$

902

Cadia

$

-

$

-

$

-

$

1,079

$

1,079

$

648

$

648

Lihir

$

-

$

-

$

-

$

1,117

$

1,117

$

936

$

936

Ahafo

$

992

$

910

$

969

$

924

$

947

$

865

$

865

Peñasquito ⁽²⁾

$

1,199

$

831

N.M.

$

1,306

$

1,219

$

853

$

853

Cerro Negro

$

1,146

$

1,655

$

1,216

$

1,132

$

1,257

$

861

$

861

Yanacocha

$

1,067

$

1,187

$

1,057

$

975

$

1,069

$

972

$

972

Merian (75%)

$

1,028

$

1,501

$

1,261

$

1,155

$

1,207

$

1,221

$

1,221

Brucejack

$

-

$

-

$

-

$

1,898

$

1,898

$

2,175

$

2,175

Red Chris

$

-

$

-

$

-

$

905

$

905

$

940

$

940

Nevada Gold Mines

$

1,109

$

1,055

$

992

$

1,125

$

1,070

$

1,177

$

1,177

Tier 1 Portfolio

$

1,019

$

1,001

$

980

$

1,050

$

1,016

$

1,000

$

1,000

Telfer

$

-

$

-

$

-

$

1,882

$

1,882

$

2,632

$

2,632

Akyem

$

810

$

1,087

$

1,032

$

877

$

931

$

1,006

$

1,006

CC&V

$

1,062

$

1,186

$

1,253

$

1,122

$

1,156

$

1,394

$

1,394

Porcupine

$

1,071

$

1,225

$

1,189

$

1,186

$

1,167

$

1,042

$

1,042

Éléonore

$

1,095

$

1,477

$

1,338

$

1,224

$

1,263

$

1,441

$

1,441

Musselwhite

$

1,313

$

1,356

$

1,045

$

1,068

$

1,186

$

1,175

$

1,175

Non-Core Assets ⁽⁵⁾

$

1,043

$

1,264

$

1,159

$

1,214

$

1,169

$

1,306

$

1,306

Total Gold CAS ⁽⁶⁾

$

1,025

$

1,054

$

1,019

$

1,086

$

1,050

$

1,057

$

1,057

Total Gold CAS (by-product) ⁽⁶⁾

$

916

$

1,024

$

1,022

$

1,060

$

1,011

$

891

$

891

2023

2024

Operating Results (continued)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Co-Product CAS Consolidated ($/GEO)

Boddington

$

809

$

766

$

816

$

944

$

830

$

942

$

942

Cadia

$

-

$

-

$

-

$

1,017

$

1,017

$

594

$

594

Peñasquito ⁽²⁾

$

954

$

1,162

N.M.

$

1,602

$

1,283

$

843

$

843

Red Chris

$

-

$

-

$

-

$

1,020

$

1,020

$

1,011

$

1,011

Tier 1 Portfolio

$

918

$

1,062

$

1,636

$

1,235

$

1,118

$

807

$

807

Telfer

$

-

$

-

$

-

$

1,703

$

1,703

$

2,882

$

2,882

Non-Core Assets ⁽⁵⁾

$

-

$

-

$

-

$

1,703

$

1,703

$

2,882

$

2,882

Total Co-Product GEO CAS ⁽⁶⁾

$

918

$

1,062

$

1,636

$

1,254

$

1,127

$

829

$

829

Gold AISC Consolidated ($/oz)

Boddington

$

1,035

$

966

$

1,123

$

1,172

$

1,067

$

1,242

$

1,242

Tanami

$

1,219

$

1,162

$

890

$

1,046

$

1,060

$

1,149

$

1,149

Cadia

$

-

$

-

$

-

$

1,271

$

1,271

$

989

$

989

Lihir

$

-

$

-

$

-

$

1,517

$

1,517

$

1,256

$

1,256

Ahafo

$

1,366

$

1,237

$

1,208

$

1,114

$

1,222

$

1,010

$

1,010

Peñasquito ⁽²⁾

$

1,539

$

1,078

N.M.

$

1,670

$

1,590

$

1,079

$

1,079

Cerro Negro

$

1,379

$

1,924

$

1,438

$

1,412

$

1,509

$

1,120

$

1,120

Yanacocha

$

1,332

$

1,386

$

1,187

$

1,198

$

1,266

$

1,123

$

1,123

Merian (75%)

$

1,235

$

2,010

$

1,652

$

1,454

$

1,541

$

1,530

$

1,530

Brucejack

$

-

$

-

$

-

$

2,646

$

2,646

$

2,580

$

2,580

Red Chris

$

-

$

-

$

-

$

1,439

$

1,439

$

1,277

$

1,277

Nevada Gold Mines

$

1,405

$

1,388

$

1,307

$

1,482

$

1,397

$

1,576

$

1,576

Tier 1 Portfolio

$

1,381

$

1,387

$

1,355

$

1,444

$

1,397

$

1,378

$

1,378

Telfer

$

-

$

-

$

-

$

1,988

$

1,988

$

3,017

$

3,017

Akyem

$

1,067

$

1,461

$

1,332

$

1,110

$

1,210

$

1,254

$

1,254

CC&V

$

1,375

$

1,631

$

1,819

$

1,793

$

1,644

$

1,735

$

1,735

Porcupine

$

1,412

$

1,587

$

1,644

$

1,665

$

1,577

$

1,470

$

1,470

Éléonore

$

1,420

$

2,213

$

2,107

$

1,796

$

1,838

$

1,920

$

1,920

Musselwhite

$

1,681

$

2,254

$

1,715

$

1,771

$

1,843

$

1,766

$

1,766

Non-Core Assets ⁽⁵⁾

$

1,359

$

1,808

$

1,685

$

1,629

$

1,610

$

1,712

$

1,712

Total Gold AISC ⁽⁶⁾

$

1,376

$

1,472

$

1,426

$

1,485

$

1,444

$

1,439

$

1,439

Total Gold AISC (by-product) ⁽⁶⁾

$

1,354

$

1,531

$

1,467

$

1,540

$

1,480

$

1,373

$

1,373

Co-Product AISC Consolidated ($/GEO)

Boddington

$

1,019

$

977

$

1,108

$

1,181

$

1,067

$

1,081

$

1,081

Cadia

$

-

$

-

$

-

$

1,342

$

1,342

$

1,027

$

1,027

Peñasquito ⁽²⁾

$

1,351

$

1,581

N.M.

$

2,098

$

1,756

$

1,102

$

1,102

Red Chris

$

-

$

-

$

-

$

1,660

$

1,660

$

1,400

$

1,400