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 $1.10 
Attributable Gold Production (koz)
Boddington199 209 181 156 745 142 147 289 
Tanami63 126 123 136 448 90 99 189 
Cadia— — — 97 97 122 117 239 
Lihir— — — 134 134 181 141 322 
Ahafo128 137 133 183 581 190 184 374 
Peñasquito (2)
85 38 — 20 143 45 64 109 
Cerro Negro67 48 71 83 269 81 19 100 
Yanacocha56 65 87 68 276 91 78 169 
Merian (75%)62 40 62 78 242 57 46 103 
Brucejack— — — 29 29 37 60 97 
Red Chris (70%)
— — — 5 5 6 9 15 
Managed Tier 1 Portfolio
660 663 657 989 2,969 1,042 964 2,006 
Nevada Gold Mines (38.5%)
261 287 300 322 1,170 264 253 517 
Pueblo Viejo (40%) (3)
60 51 52 61 224 54 53 107 
Fruta Del Norte (32%) (4)
— — — — — 21 35 56 
Non-Managed Tier 1 Portfolio
321 338 352 383 1,394 339 341 680 
Total Tier 1 Portfolio
981 1,001 1,009 1,372 4,363 1,381 1,305 2,686 
Telfer
— — — 43 43 31 14 45 
Akyem71 49 75 100 295 69 47 116 
CC&V48 41 45 38 172 28 35 63 
Porcupine66 60 64 70 260 61 91 152 
Éléonore66 48 50 68 232 56 61 117 
Musselwhite41 41 48 50 180 49 54 103 
Non-Core Assets (5)
292 239 282 369 1,182 294 302 596 
Total Attributable Gold Production
1,273 1,240 1,291 1,741 5,545 1,675 1,607 3,282 
Attributable Co-Product GEO Production (kGEO)
Boddington64 67 58 56 245 49 55 104 
Cadia — — — 90 90 118 117 235 
Peñasquito (2)
224 189 — 116 529 288 268 556 
Red Chris (70%)
— — — 20 20 28 35 63 
Tier 1 Portfolio
288 256 58 282 884 483 475 958 
Telfer— — — 7 7 6 2 8 
Non-Core Assets (5)
— — — 7 7 6 2 8 
Total Attributable Co-Product GEO Production
288 256 58 289 891 489 477 966 
Gold CAS Consolidated ($/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
4 4 2 1,881 1,891 12 9 21 
Other expense, net4 37 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 3 19 63 7 (3)4 
Net income (loss) from continuing operations351 153 162 (3,160)(2,494)175 842 1,017 
Net income (loss) from discontinued operations12 2 1 12 27 4 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 2 1 12 27 4 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 awards1 — 1 1 — — 2 1 
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 8 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)— 2 231 197 (9)(55)(64)
Stock-based compensation19 23 16 22 80 21 23 44 
Deferred income taxes15 6 (24)(101)(104)53 (95)(42)
Change in fair value of investments(41)42 41 5 47 (31)9 (22)
Impairment charges
4 4 2 1,881 1,891 12 — 12 
Other non-cash adjustments9 (10)28 9 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— 7 2 — 9 — 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 5 15 234 35 217 252 
Purchases of investments(525)(17)(3)(6)(551)(23)(83)(106)
Return of investment from equity method investees— 30 — 6 36 25 16 41 
Contributions to equity method investees(41)(23)(26)(18)(108)(15)(5)(20)
Proceeds from maturities of investments557 424 374 8 1,363 — — — 
Acquisitions, net — — — 668 668 — — — 
Other12 11 1 (2)22 30 14 44 
Net cash provided by (used in) investing activities(342)(158)(253)(249)(1,002)(798)(641)(1,439)
Financing activities:
Repayment of debt— — — — — (3,423)(227)(3,650)
Proceeds from issuance of debt, net— — — — — 3,476 — 3,476 
Dividends paid to common stockholders(318)(318)(318)(461)(1,415)(288)(289)(577)
Repurchases of common stock— — — — — — (104)(104)
Distributions to noncontrolling interests(34)(32)(41)(43)(150)(41)(36)(77)
Funding from noncontrolling interests41 34 32 31 138 22 31 53 
Payments on lease and other financing obligations(16)(16)(16)(19)(67)(18)(22)(40)
Payments for withholding of employee taxes related to stock-based compensation(22)— (2)(1)(25)(10)— (10)
Other(1)(2)(36)(45)(84)(17)(11)(28)
Net cash provided by (used in) financing activities(350)(334)(381)(538)(1,603)(299)(658)(957)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(8)4 (5)7 (2)(3)(11)(14)
Net change in cash, cash equivalents and restricted cash, including cash and restricted cash reclassified to assets held for sale
(219)175 364 (164)156 (324)118 (206)
Less: cash and restricted cash reclassified to assets held for sale (3)
— — — — — (395)137 (258)
Net change in cash, cash equivalents and restricted cash(219)175 364 (164)156 (719)255 (464)
Cash, cash equivalents and restricted cash at beginning of period2,944 2,725 2,900 3,264 2,944 3,100 2,381 3,100 
Cash, cash equivalents and restricted cash at end of period$2,725 $2,900 $3,264 $3,100 $3,100 $2,381 $2,636 $2,636 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$2,657 $2,829 $3,190 $3,002 $3,002 $2,336 $2,602 $2,602 
Restricted cash included in Other current assets1 1 1 11 11 6 6 6 
Restricted cash included in Other non-current assets67 70 73 87 87 39 28 28 
Total cash, cash equivalents and restricted cash$2,725 $2,900 $3,264 $3,100 $3,100 $2,381 $2,636 $2,636 
(1)Certain amounts and disclosures in the prior year have been reclassified to conform to the current year presentation.
(2)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 above.
(3)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities, including $205 of Cash and cash equivalents and $53 of restricted cash, included in Other current assets and Other non-current assets, were reclassified to Assets held for sale and Liabilities held for sale, respectively.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         10    


Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to Non-GAAP Financial Measures within Part II, Item 7 within our Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 for further information on the non-GAAP financial measures presented below, including why management believes that its presentation of non-GAAP financial measures provides useful information to investors.
Adjusted net income (loss)
Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:
Three Months Ended
June 30, 2024		Six Months Ended
June 30, 2024
per share data (1)
per share data (1)
basicdilutedbasicdiluted
Net income (loss) attributable to Newmont stockholders$853 $0.74 $0.74 $1,023 $0.89 $0.89 
Net loss (income) attributable to Newmont stockholders from discontinued operations (15)(0.01)(0.01)(19)(0.02)(0.02)
Net income (loss) attributable to Newmont stockholders from continuing operations
838 0.73 0.73 1,004 0.87 0.87 
Loss on assets held for sale (2)
246 0.22 0.22 731 0.63 0.63 
(Gain) loss on asset and investment sales, net (3)
(55)(0.05)(0.05)(64)(0.06)(0.06)
Newcrest transaction and integration costs (4)
16 0.01 0.01 45 0.04 0.04 
Settlement costs (5)
5 — — 26 0.03 0.03 
Change in fair value of investments (6)
9 0.01 0.01 (22)(0.01)(0.01)
Impairment charges (7)
9 0.01 0.01 21 0.02 0.02 
Restructuring and severance (8)
9 0.01 0.01 15 0.01 0.01 
Gain on debt extinguishment, net (9)
(14)(0.01)(0.01)(14)(0.01)(0.01)
Reclamation and remediation charges (10)
— — — 6 — — 
Tax effect of adjustments (11)
(87)(0.07)(0.07)(234)(0.20)(0.20)
Valuation allowance and other tax adjustments (12)
(142)(0.14)(0.14)(50)(0.05)(0.05)
Adjusted net income (loss)$834 $0.72 $0.72 $1,464 $1.27 $1.27 
Weighted average common shares (millions): (13)
1,153 1,155 1,153 1,154 
(1)Per share measures may not recalculate due to rounding.
(2)Loss on assets held for sale, included in Loss on assets held for sale, represents the loss recorded for the six non-core assets and the development project that met the requirements to be presented as held for sale in 2024.
(3)(Gain) loss on asset and investment sales, net, included in Other income (loss), net, primarily represents the gain recognized on the sale of the Stream Credit Facility Agreement ("SCFA") in the second quarter and the purchase and sale of foreign currency bonds.
(4)Newcrest transaction and integration costs, included in Other expense, net, represents costs incurred related to Newmont's acquisition of Newcrest completed in 2023 as well as subsequent integration costs.
(5)Settlement costs, included in Other expense, net, are primarily comprised of wind down and demobilization costs related to the French Guiana project.
(6)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 equity securities.
(7)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.
(8)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.
(9)Gain on debt extinguishment, net, included in Other income (loss), net, primarily represents the net gain on the partial redemption of certain Senior Notes in the second quarter.
(10)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.
(11)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (10), as described above, and are calculated using the applicable regional tax rate.
(12)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 and six months ended June 30, 2024 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 $20 and $(45), the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(93) and $(58), net reductions to the reserve for uncertain tax positions of $(50) and $(52), recording of a deferred tax liability for the outside basis difference at Akyem of $(37) and $80 due to the status change to held-for-sale, and other tax adjustments of $18 and $25.
(13)Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         11    



Three Months Ended
June 30, 2023		Six Months Ended
June 30, 2023
per share data (1)
per share data (1)
basicdilutedbasicdiluted
Net income (loss) attributable to Newmont stockholders$155 $0.19 $0.19 $506 $0.64 $0.64 
Net loss (income) attributable to Newmont stockholders from discontinued operations(2)— — (14)(0.02)(0.02)
Net income (loss) attributable to Newmont stockholders from continuing operations153 0.19 0.19 492 0.62 0.62 
(Gain) loss on asset and investment sales, net (2)
— — — (36)(0.05)(0.05)
Newcrest transaction-related costs (3)
21 0.03 0.03 21 0.03 0.03 
Restructuring and severance (4)
10 0.01 0.01 12 0.02 0.02 
Impairment charges (5)
4 — — 8 0.01 0.01 
Reclamation and remediation charges (6)
(2)— — (2)— — 
Change in fair value of investments (7)
42 0.05 0.05 1 — — 
Other (8)
— — — (4)— — 
Tax effect of adjustments (9)
(17)(0.02)(0.02)(1)— — 
Valuation allowance and other tax adjustments (10)
55 0.07 0.07 95 0.11 0.11 
Adjusted net income (loss)$266 $0.33 $0.33 $586 $0.74 $0.74 
Weighted average common shares (millions): (11)
795 795 794 795 
(1)Per share measures may not recalculate due to rounding.
(2)(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.
(3)Newcrest transaction-related costs, included in Other expense, net, primarily represents costs incurred related to the Newcrest Transaction.
(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.
(5)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.
(6)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.
(7)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 equity securities.
(8)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.
(9)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (2) through (8), as described above, and are calculated using the applicable regional tax rate.
(10)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 and six months ended June 30, 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 $47 and $57, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $4 and $21, net reductions to the reserve for uncertain tax positions of $3 and $14, other tax adjustments of $1 and $3.
(11)Adjusted net income (loss) per diluted share is calculated using diluted common shares in accordance with GAAP.

NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         12    


Earnings before interest, taxes, depreciation and amortization and Adjusted earnings before interest, taxes, depreciation and amortization
Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Net income (loss) attributable to Newmont stockholders$853 $155 $1,023 $506 
Net income (loss) attributable to noncontrolling interests4 — 13 12 
Net (income) loss from discontinued operations
(15)(2)(19)(14)
Equity loss (income) of affiliates3 (16)(4)(41)
Income and mining tax expense (benefit)191 163 451 376 
Depreciation and amortization602 486 1,256 947 
Interest expense, net of capitalized interest
103 49 196 114 
EBITDA$1,741 $835 $2,916 $1,900 
Adjustments:
Loss on assets held for sale (1)
$246 $— $731 $— 
(Gain) loss on asset and investment sales, net (2)
(55)— (64)(36)
Newcrest transaction and integration costs (3)
16 21 45 21 
Settlement costs (4)
5 — 26 — 
Change in fair value of investments (5)
9 42 (22)1 
Impairment charges (6)
9 4 21 8 
Restructuring and severance (7)
9 10 15 12 
Gain on debt extinguishment, net (8)
(14)— (14)— 
Reclamation and remediation charges (9)
— (2)6 (2)
Other (10)
— — — (4)
Adjusted EBITDA$1,966 $910 $3,660 $1,900 
(1)Loss on assets held for sale, included in Loss on assets held for sale, represents the loss recorded for the six non-core assets and the development project that met the requirements to be presented as held for sale in 2024.
(2)(Gain) loss on asset and investment sales, net, included in Other income (loss), net, in 2024 primarily represents the gain recognized on the sale of the Stream Credit Facility Agreement ("SCFA") in the second quarter and the purchase and sale of foreign currency bonds. For 2023, 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.
(3)Newcrest transaction and integration costs, included in Other expense, net, represents costs incurred related to Newmont's acquisition of Newcrest completed in 2023 as well as subsequent integration costs.
(4)Settlement costs, included in Other expense, net, are primarily comprised of wind-down and demobilization costs related to the French Guiana project in 2024 and litigation expenses in 2023.
(5)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 equity securities.
(6)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.
(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 for all periods presented.
(8)Gain on debt extinguishment, net, included in Other income (loss), net, primarily represents the net gain on the partial redemption of certain Senior Notes in the second quarter.
(9)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.
(10)Other, included in Other income (loss), net, in 2023, 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.

NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         13    


Free Cash Flow
The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Net cash provided by (used in) operating activities (1)
$1,428 $663 $2,204 $1,144 
Less: Net cash used in (provided by) operating activities of discontinued operations(34)(7)(34)(7)
Net cash provided by (used in) operating activities of continuing operations1,394 656 2,170 1,137 
Less: Additions to property, plant and mine development(800)(616)(1,650)(1,142)
Free Cash Flow$594 $40 $520 $(5)
Net cash provided by (used in) investing activities (2)
$(641)$(158)$(1,439)$(500)
Net cash provided by (used in) financing activities$(658)$(334)$(957)$(684)
(1)Includes payment of $291 for stamp duty tax, related to the Newcrest transaction, in the first quarter of 2024.
(2)Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         14    


Attributable Free Cash Flow
Management uses Attributable Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations that are attributable to the Company. Attributable Free Cash Flow is Net cash provided by (used in) operating activities after deducting net cash flows from operations attributable to noncontrolling interests less Net cash provided by (used in) operating activities of discontinued operations after deducting net cash flows from discontinued operations attributable to noncontrolling interests less Additions to property, plant and mine development after deducting property, plant and mine development attributable to noncontrolling interests. The Company believes that Attributable Free Cash Flow is useful as one of the bases for comparing the Company’s performance with its competitors. Although Attributable Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Attributable Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.
The presentation of non-GAAP Attributable Free Cash Flow is not meant to be considered in isolation or as an alternative to Net income attributable to Newmont stockholders as an indicator of the Company’s performance, or as an alternative to Net cash provided by (used in) operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company’s definition of Attributable Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Attributable Free Cash Flow as a measure that provides supplemental information to the Company’s Condensed Consolidated Statements of Cash Flows.
The following tables set forth a reconciliation of Attributable Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Attributable Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Consolidated
Attributable to noncontrolling interests (1)
Attributable to Newmont StockholdersConsolidated
Attributable to noncontrolling interests (1)
Attributable to Newmont Stockholders
Net cash provided by (used in) operating activities$1,428 $(10)$1,418 $2,204 $(17)$2,187 
Less: Net cash used in (provided by) operating activities of discontinued operations(34)— (34)(34)— (34)
Net cash provided by (used in) operating activities of continuing operations1,394 (10)1,384 2,170 (17)2,153 
Less: Additions to property, plant and mine development (2)
(800)8 (792)(1,650)12 (1,638)
Free Cash Flow$594 $(2)$592 $520 $(5)$515 
Net cash provided by (used in) investing activities (3)
$(641)$(1,439)
Net cash provided by (used in) financing activities$(658)$(957)
(1)Adjustment to eliminate a portion of Net cash provided by (used in) operating activities and Additions to property, plant and mine development attributable to noncontrolling interests, which relates to Merian (25%) for the three and six months ended June 30, 2024.
(2)Merian had total consolidated Additions to property, plant and mine development of $34 and $49, on a cash basis for the three and six months ended June 30, 2024, respectively.
(3)Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         15    


Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Consolidated
Attributable to noncontrolling interests (1)
Attributable to Newmont StockholdersConsolidated
Attributable to noncontrolling interests (1)
Attributable to Newmont Stockholders
Net cash provided by (used in) operating activities$663 $— $663 $1,144 $(12)$1,132 
Less: Net cash used in (provided by) operating activities of discontinued operations(7)— (7)(7)— (7)
Net cash provided by (used in) operating activities of continuing operations656 — 656 1,137 (12)1,125 
Less: Additions to property, plant and mine development (2)
(616)6 (610)(1,142)9 (1,133)
Free Cash Flow$40 $6 $46 $(5)$(3)$(8)
Net cash provided by (used in) investing activities (3)
$(158)$(500)
Net cash provided by (used in) financing activities$(334)$(684)
(1)Adjustment to eliminate a portion of Net cash provided by (used in) operating activities and Additions to property, plant and mine development attributable to noncontrolling interests, which relates to Merian (25%) for the three and six months ended June 30, 2023.
(2)Merian had total consolidated Additions to property, plant and mine development of $24 and $34 on a cash basis for the three and six months ended June 30, 2023, respectively.
(3)Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow.
Net Debt
Net Debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents and time deposits, included in current Investments, as presented on the Condensed Consolidated Balance Sheets. Cash and cash equivalents and time deposits are subtracted from Debt and Lease and other financing obligations as these are highly liquid, low-risk investments and could be used to reduce the Company's debt obligations.
The following table sets forth a reconciliation of Net Debt, a non-GAAP financial measure, to Debt and Lease and other financing obligations, which the Company believes to be the GAAP financial measures most directly comparable to Net Debt.
At June 30,
2024		At December 31,
2023
Debt$8,692 $8,874 
Lease and other financing obligations533 562 
Less: Cash and cash equivalents(2,602)(3,002)
Less: Cash and cash equivalents included in assets held for sale (1)
(205)— 
Less: Time deposits (2)
(28)— 
Net debt$6,390 $6,434 

(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities, including $205 of Cash and cash equivalents, were reclassified to Assets held for sale and Liabilities held for sale, respectively.
(2)Time deposits are included in current Investments on the Condensed Consolidated Balance Sheets.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         16    


Costs applicable to sales per ounce/gold equivalent ounce
Costs applicable to sales per ounce/gold equivalent ounce are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.
Costs applicable to sales per ounce
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Costs applicable to sales (1)(2)
$1,777 $1,277 $3,467 $2,516 
Gold sold (thousand ounces)1,543 1,211 3,142 2,419 
Costs applicable to sales per ounce (3)
$1,152 $1,054 $1,103 $1,040 
(1)Includes by-product credits of $45 and $28 during the three months ended June 30, 2024 and 2023, respectively, and $84 and $58 during the six months ended June 30, 2024 and 2023, respectively.
(2)Excludes Depreciation and amortization and Reclamation and remediation.
(3)Per ounce measures may not recalculate due to rounding.
Costs applicable to sales per gold equivalent ounce
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Costs applicable to sales (1)(2)
$379 $266 $795 $509 
Gold equivalent ounces sold - other metals (thousand ounces) (3)
453 251 955 516 
Costs applicable to sales per gold equivalent ounce (4)
$836 $1,062 $832 $988 
(1)Includes by-product credits of $15 and $2 during the three months ended June 30, 2024 and 2023, respectively, and $30 and $4 during the six months ended June 30, 2024 and 2023, respectively.
(2)Excludes Depreciation and amortization and Reclamation and remediation.
(3)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) for each of 2024 and 2023.
(4)Per ounce measures may not recalculate due to rounding.
Costs applicable to sales per gold ounce for Nevada Gold Mines (NGM)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Cost applicable to sales, NGM (1)
$307 $304 $621 $590 
Gold sold (thousand ounces), NGM252 288 519 546 
Costs applicable to sales per ounce, NGM (2)
$1,220 $1,055 $1,198 $1,081 
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Per ounce measures may not recalculate due to rounding.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         17    


All-In Sustaining Costs
All-in sustaining costs represent the sum of certain costs, recognized as GAAP financial measures, that management considers to be associated with production. All-in sustaining costs per ounce amounts are calculated by dividing all-in sustaining costs by gold ounces or gold equivalent ounces sold.
Three Months Ended
June 30, 2024
Costs Applicable to Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research and Development and Exploration(5)
General and Administrative
Other Expense, Net(6)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs(7)(8)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs Per oz.(9)
Gold
Brucejack (10)
$64 $— $1 $— $— $2 $21 $88 46 $1,929 
Red Chris (10)
7 — 1 — — 1 5 14 9 $1,613 
Peñasquito53 2 — — — 4 8 67 64 $1,038 
Merian
96 2 3 — — — 33 134 61 $2,170 
Cerro Negro70 1 1 — — — 12 84 27 $3,010 
Yanacocha77 7 4 — 1 — 5 94 78 $1,217 
Boddington139 3 1 — — 4 21 168 136 $1,237 
Tanami101 — 2 — — — 23 126 99 $1,276 
Cadia (10)
77 1 2 — 1 6 44 131 123 $1,064 
Lihir (10)
162 1 4 — 5 — 7 179 148 $1,212 
Ahafo176 5 3 — 1 — 17 202 180 $1,123 
Nevada Gold Mines307 5 4 2 1 1 106 426 252 $1,689 
Corporate and Other (11)
— — 29 92 5 — 4 130 — $— 
Held for sale (12)
CC&V45 3 1 — — — 8 57 33 $1,700 
Musselwhite56 1 1 — (1)— 21 78 56 $1,397 
Porcupine94 2 — — — — 24 120 87 $1,366 
Éléonore89 1 1 — — — 29 120 63 $1,900 
Telfer (10) (15)
83 3 2 — 4 2 7 101 33 $3,053 
Akyem81 3 — — — — 7 91 48 $1,952 
Total Gold1,777 40 60 94 17 20 402 2,410 1,543 $1,562 
Gold equivalent ounces - other metals (13)(14)
Red Chris (10)
33 — 1 — — 5 17 56 36 $1,560 
Peñasquito218 7 — — 2 24 29 280 241 $1,164 
Boddington49 1 — — — 4 6 60 47 $1,254 
Cadia (10)
67 1 2 — 1 22 33 126 123 $1,024 
Corporate and Other (11)
— — 3 6 — — — 9 — $— 
Held for sale (12)
Telfer (10 )(15)
12 — — — — 3 1 16 6 $2,742 
Total Gold Equivalent Ounces379 9 6 6 3 58 86 547 453 $1,207 
Consolidated$2,156 $49 $66 $100 $20 $78 $488 $2,957 
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $60.
(3)Includes stockpile, leach pad, and product inventory adjustments of $9 at Cerro Negro and $11 at NGM.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $34 and $15, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $54 and $6, respectively.
(5)Advanced projects, research and development and exploration excludes development expenditures of $3 at Peñasquito, $2 at Merian, $2 at Cerro Negro, $5 at Tanami, $9 at Ahafo, $3 at NGM, $14 at Corporate and Other, $1 at CC&V, and $1 at Porcupine, totaling $40 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Other expense, net is adjusted for Newcrest transaction and integration costs of $16, impairment charges of $9, restructuring and severance of $9, settlements costs of $5.
(7)Excludes capitalized interest related to sustaining capital expenditures.
(8)Includes finance lease payments and other costs for sustaining projects of $15.
(9)Per ounce measures may not recalculate due to rounding.
(10)Sites acquired through the Newcrest transaction.
(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments.
(12)Sites are classified as held for sale as of June 30, 2024.
(13)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, 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.
(14)For the six months ended June 30, 2024, Red Chris sold 6 thousand tonnes of copper, Peñasquito sold 8 million ounces of silver, 20 thousand tonnes of lead and 52 thousand tonnes of zinc, Boddington sold 9 thousand tonnes of copper, Cadia sold 23 thousand tonnes of copper, and Telfer sold 1 thousand tonnes of copper.
(15)During the second quarter, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we have temporarily ceased placing new tailings on the facility. Remediation of the facility has commenced and we expect production to commence during the fourth quarter of 2024.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         18    


Three Months Ended
June 30, 2023
Costs Applicable to Sales(1)(2)(3)(4)
Reclamation Costs(5)
Advanced Projects, Research and Development and Exploration(6)
General and Administrative
Other Expense, Net(7)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs(8)(9)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs Per oz.(10)
Gold
CC&V$49 $3 $2 $— $1 $— $12 $67 41 $1,631 
Musselwhite55 2 4 — — — 31 92 41 $2,254 
Porcupine77 7 3 — — — 13 100 63 $1,587 
Éléonore74 3 2 — — — 33 112 51 $2,213 
Peñasquito40 1 1 — — 3 7 52 48 $1,078 
Merian
80 1 3 — — — 22 106 53 $2,010 
Cerro Negro83 2 1 — 1 — 10 97 50 $1,924 
Yanacocha79 4 3 — 3 — 4 93 66 $1,386 
Boddington159 5 1 — — 5 27 197 204 $966 
Tanami102 — 1 — — — 41 144 124 $1,162 
Ahafo121 5 1 — — — 37 164 133 $1,237 
Akyem54 6 1 — — — 11 72 49 $1,461 
Nevada Gold Mines304 3 4 3 — 1 83 398 288 $1,388 
Corporate and Other (11)
— — 13 58 1 — 16 88 — $— 
Total Gold1,277 42 40 61 6 9 347 1,782 1,211 $1,472 
Gold equivalent ounces - other metals (12)(13)
Peñasquito 218 7 1 1 — 31 40 298 188 $1,581 
Boddington48 1 — — — 4 9 62 63 $977 
Corporate and Other (11)
— — 3 9 — — 3 15 — $— 
Total Gold Equivalent Ounces266 8 4 10 — 35 52 375 251 $1,492 
Consolidated$1,543 $50 $44 $71 $6 $44 $399 $2,157 
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $30.
(3)Includes stockpile, leach pad, and product inventory adjustments of $2 at Porcupine, $5 at Éléonore, $17 at Peñasquito, $2 at Cerro Negro, $4 at Yanacocha, and $1 at NGM.
(4)Beginning January 1, 2023, COVID-19 specific costs incurred in the ordinary course of business are recognized in Costs applicable to sales.
(5)Reclamation costs include operating accretion and amortization of asset retirement costs of $25 and $25, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $36 and $5, respectively.
(6)Advanced projects, research and development and exploration excludes development expenditures of $1 at CC&V, $3 at Porcupine $1 at Peñasquito, $2 at Merian, $3 at Yanacocha, $8 at Tanami, $9 at Ahafo, $4 at Akyem, $6 at NGM, and $29 at Corporate and Other, totaling $66 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(7)Other expense, net is adjusted for impairment charges of $4, restructuring and severance of $10, and Newcrest transaction-related costs of $21.
(8)Excludes capitalized interest related to sustaining capital expenditures.
(9)Includes finance lease payments and other costs for sustaining projects of $16.
(10)Per ounce measures may not recalculate due to rounding.
(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments.
(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, 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.
(13)For the three months ended June 30, 2023, Peñasquito sold 6 million ounces of silver, 16 thousand tonnes of lead and 41 thousand tonnes of zinc, and Boddington sold 11 thousand tonnes of copper.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         19    


Six Months Ended
June 30, 2024
Costs Applicable to Sales(1)(2)(3)
Reclamation Costs(4)
Advanced Projects, Research and Development and Exploration(5)
General and Administrative
Other Expense, Net(6)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs(7)(8)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs Per oz.(9)
Gold
Brucejack (10)
$138 $1 $1 $— $— $3 $33 $176 80 $2,206 
Red Chris (10)
14 — 1 — — 2 6 23 16 $1,453 
Peñasquito91 3 — — — 7 13 114 108 $1,055 
Merian
186 4 5 — — — 52 247 135 $1,820 
Cerro Negro133 3 2 — 1 — 27 166 101 $1,635 
Yanacocha165 14 6 — 1 — 10 196 168 $1,166 
Boddington283 8 1 — — 7 45 344 278 $1,240 
Tanami183 1 2 — — — 45 231 190 $1,215 
Cadia (10)
151 1 5 — 1 12 74 244 237 $1,028 
Lihir (10)
333 2 10 — 5 — 58 408 330 $1,236 
Ahafo335 9 3 — 1 1 39 388 364 $1,066 
Nevada Gold Mines621 9 6 4 2 3 201 846 519 $1,631 
Corporate and Other (11)
— — 59 182 6 — 8 255 — $— 
Held for sale (12)
CC&V85 6 2 — 1 — 13 107 62 $1,716 
Musselwhite113 2 3 — — — 46 164 105 $1,568 
Porcupine157 7 2 — — — 43 209 148 $1,408 
Éléonore169 3 5 — — — 50 227 119 $1,910 
Telfer (10) (15)
153 5 5 — 4 3 10 180 59 $3,037 
Akyem157 14 — 1 — — 15 187 123 $1,523 
Total Gold3,467 92 118 187 22 38 788 4,712 3,142 $1,500 
Gold equivalent ounces - other metals (13)(14)
Red Chris (10)
64 — 3 — — 9 23 99 67 $1,486 
Peñasquito473 16 1 — 2 59 63 614 544 $1,130 
Boddington97 2 — — — 7 9 115 98 $1,165 
Cadia (10)
134 1 4 — 1 41 60 241 235 $1,025 
Corporate and Other (11)
— — 4 14 — — — 18 — $— 
Held for sale (12)
Telfer (10)(15)
27 1 1 — — 5 2 36 11 $3,218 
Total Gold Equivalent Ounces795 20 13 14 3 121 157 1,123 955 $1,176 
Consolidated$4,262 $112 $131 $201 $25 $159 $945 $5,835 
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $114.
(3)Includes stockpile, leach pad, and product inventory adjustments of $2 at Brucejack, $1 at Peñasquito, $9 at Cerro Negro, $15 at Telfer, and $17 at NGM.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $67 and $45, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $108 and $17, respectively.
(5)Advanced projects, research and development and exploration excludes development expenditures of $4 at Peñasquito, $4 at Merian, $6 at Cerro Negro, $1 at Boddington, $13 at Tanami, $14 at Ahafo, $6 at NGM, $27 at Corporate and Other, $1 at CC&V, $1 at Porcupine, and $4 at Akyem, totaling $81 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Other expense, net is adjusted for Newcrest transaction and integration costs of $45, settlement costs of $26, impairment charges of $21, and restructuring and severance of $15.
(7)Excludes capitalized interest related to sustaining capital expenditures.
(8)Includes finance lease payments and other costs for sustaining projects of $30.
(9)Per ounce measures may not recalculate due to rounding.
(10)Sites acquired through the Newcrest transaction.
(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments.
(12)Sites are classified as held for sale as of June 30, 2024.
(13)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, 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.
(14)For the six months ended June 30, 2024, Red Chris sold 12 thousand tonnes of copper, Peñasquito sold 18 million ounces of silver, 49 thousand tonnes of lead and 113 thousand tonnes of zinc, Boddington sold 18 thousand tonnes of copper, Cadia sold 43 thousand tonnes of copper, and Telfer sold 2 thousand tonnes of copper.
(15)During the second quarter, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we have temporarily ceased placing new tailings on the facility. Remediation of the facility has commenced and we expect production to commence during the fourth quarter of 2024.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         20    


Six Months Ended
June 30, 2023
Costs
Applicable
to
Sales (1)(2)(3)(4)
Reclamation
Costs (5)
Advanced
Projects,
Research and
Development
and
Exploration(6)
General
and
Administrative
Other Expense, Net(7)
Treatment and Refining Costs
Sustaining Capital and Lease Related Costs(8)(9)
All-In Sustaining CostsOunces (000) Sold
All-In Sustaining Costs Per oz.(10)
Gold
CC&V$100 $5 $5 $— $1 $— $22 $133 89 $1,494 
Musselwhite113 3 5 — — — 45 166 85 $1,955 
Porcupine147 12 7 — — — 26 192 128 $1,498 
Éléonore149 5 3 — — — 52 209 119 $1,756 
Peñasquito107 4 1 — — 7 19 138 104 $1,325 
Merian165 3 5 — — — 36 209 136 $1,537 
Cerro Negro153 3 2 — 1 — 22 181 111 $1,625 
Yanacocha135 11 6 — 4 — 7 163 119 $1,362 
Boddington326 9 2 — — 10 55 402 402 $1,000 
Tanami163 1 1 — — — 58 223 189 $1,182 
Ahafo251 9 1 — 1 — 81 343 264 $1,301 
Akyem117 16 1 — — — 21 155 127 $1,220 
Nevada Gold Mines590 7 8 5 — 3 148 761 546 $1,396 
Corporate and Other (11)
— — 32 119 1 — 18 170 — $— 
Total Gold2,516 88 79 124 8 20 610 3,445 2,419 $1,424 
Gold equivalent ounces - other metals (12)(13)
Peñasquito408 14 2 1 — 65 76 566 387 $1,463 
Boddington101 2 1 — — 8 17 129 129 $998 
Corporate and Other (11)
— — 6 20 — — 3 29 — $— 
Total Gold Equivalent Ounces509 16 9 21 — 73 96 724 516 $1,405 
Consolidated$3,025 $104 $88 $145 $8 $93 $706 $4,169 
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $62.
(3)Includes stockpile and leach pad inventory adjustments of $2 at Porcupine, $5 at Éléonore, $17 at Peñasquito, $2 at Cerro Negro, $4 at Yanacocha, $1 at Akyem, and $2 at NGM.
(4)Beginning January 1, 2023, COVID-19 specific costs incurred in the ordinary course of business are recognized in Costs applicable to sales.
(5)Reclamation costs include operating accretion and amortization of asset retirement costs of $49 and $55, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties that have entered the closure phase and have no substantive future economic value of $74 and $9, respectively.
(6)Advanced projects, research and development and exploration excludes development expenditures of $1 at CC&V, $3 at Porcupine, $3 at Peñasquito, $3 at Merian, $1 at Cerro Negro, $3 at Yanacocha, $12 at Tanami, $15 at Ahafo, $7 at Akyem, $9 at NGM and $48 at Corporate and Other, totaling $105 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(7)Other expense, net is adjusted for impairment charges of $8, restructuring and severance costs of $12, and Newcrest transaction-related costs of $21.
(8)Excludes capitalized interest related to sustaining capital expenditures.
(9)Includes finance lease payments for sustaining projects of $38.
(10)Per ounce measures may not recalculate due to rounding.
(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments.
(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, 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.
(13)For the six months ended June 30, 2023, Peñasquito sold 12 million ounces of silver, 33 thousand tonnes of lead and 86 thousand tonnes of zinc, and Boddington sold 23 thousand tonnes of copper.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         21    


A reconciliation of the 2024 Gold AISC outlook to the 2024 Gold CAS outlook is provided below. The estimates in the table below are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws.

2024 Outlook - Gold (1)(2)
(in millions, except ounces and per ounce)Outlook Estimate
Cost Applicable to Sales (3)(4)
$6,900 
Reclamation Costs (5)
190 
Advanced Projects & Exploration (6)
160 
General and Administrative (7)
235 
Other Expense10 
Treatment and Refining Costs135 
Sustaining Capital (8)
1,495 
Sustaining Finance Lease Payments 25 
All-in Sustaining Costs$9,150 
Ounces (000) Sold (9)
6,555 
All-in Sustaining Costs per Ounce$1,400 
(1)The reconciliation is provided for illustrative purposes in order to better describe management’s estimates of the components of the calculation. Estimates for each component of the forward-looking All-in sustaining costs per ounce are independently calculated and, as a result, the total All-in sustaining costs and the All-in sustaining costs per ounce may not sum to the component ranges. While a reconciliation to the most directly comparable GAAP measure has been provided for the 2024 AISC Gold Outlook on a consolidated basis, a reconciliation has not been provided on an individual site or project basis in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts.
(2)All values are presented on a consolidated basis for Newmont.
(3)Excludes Depreciation and amortization and Reclamation and remediation.
(4)Includes stockpile and leach pad inventory adjustments.
(5)Reclamation costs include operating accretion and amortization of asset retirement costs.
(6)Advanced Project and Exploration excludes non-sustaining advanced projects and exploration.
(7)Includes stock-based compensation.
(8)Excludes development capital expenditures, capitalized interest and change in accrued capital.
(9)Consolidated production for Merian is presented on a total production basis for the mine site and excludes production from Pueblo Viejo and Fruta del Norte.



NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         22    


Net debt to Adjusted EBITDA ratio
Management uses net debt to Adjusted EBITDA as non-GAAP measures to evaluate the Company’s operating performance, including our ability to generate earnings sufficient to service our debt. Net debt to Adjusted EBITDA represents the ratio of the Company’s debt, net of cash and cash equivalents, to Adjusted EBITDA. Net debt to Adjusted EBITDA does not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Net Debt to Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of net debt to Adjusted EBITDA measure is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that net debt to Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of net debt to Adjusted EBITDA is evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted EBITDA as follows:
Three Months Ended
June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Net income (loss) attributable to Newmont stockholders $853 $170 $(3,158)$158 
Net income (loss) attributable to noncontrolling interests4 9 10 5 
Net loss (income) from discontinued operations(15)(4)(12)(1)
Equity loss (income) of affiliates3 (7)(19)(3)
Income and mining tax expense (benefit)191 260 77 73 
Depreciation and amortization602 654 681 480 
Interest expense, net of capitalized interest
103 93 81 48 
EBITDA$1,741 $1,175 $(2,340)$760 
Adjustments:
Loss on assets held for sale
$246 $485 $— $— 
(Gain) loss on asset and investment sales, net(55)(9)231 2 
Newcrest transaction and integration costs16 29 427 16 
Gain on debt extinguishment, net(14)— — — 
Change in fair value of investments9 (31)5 41 
Restructuring and severance9 6 5 7 
Impairment charges9 12 1,881 2 
Settlement costs5 21 5 2 
Reclamation and remediation charges — 6 1,158 104 
Pension settlements— — 9 — 
COVID-19 specific costs— — 1 — 
Other— — — (1)
Adjusted EBITDA$1,966 $1,694 $1,382 $933 
12 month trailing Adjusted EBITDA$5,975 
Newcrest pro forma adjusted EBITDA (pre-acquisition) (1)
$364 
12 month trailing pro forma Adjusted EBITDA$6,339 
Total Debt$8,692 
Lease and other financing obligations533 
Less: Cash and cash equivalents(2,602)
Less: Cash and cash equivalents included in assets held for sale (2)
(205)
Less: Time deposits (3)
(28)
Total net debt$6,390 
Net debt to pro forma Adjusted EBITDA1.0 
(1)Represents Newcrest’s pre-acquisition Adjusted EBITDA on a US GAAP basis from January 1, 2023 through to the acquisition date, November 6, 2023. This amount is added to our adjusted EBITDA to include a full twelve months of Newcrest results on a pro forma basis for the rolling twelve months ended June 30, 2024. The pro forma adjusted EBITDA was derived from Newcrest unaudited financial information for the period July 1, 2023 through October 31, 2023 and November 1, 2023 through November 6, 2023, the acquisition date. Newcrest’s pre-acquisition Adjusted EBITDA has been added to our adjusted EBITDA for the purposes of Net Debt to Pro Forma Adjusted EBITDA ratio only.
(2)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities, including $205 of Cash and cash equivalents, were reclassified to Assets held for sale and Liabilities held for sale, respectively.
(3)Time deposits are included in current Investments on the Condensed Consolidated Balance Sheets.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         23    


Net average realized price per ounce/ pound
Average realized price per ounce/ pound are non-GAAP financial measures. The measures are calculated by dividing the net consolidated gold, copper, silver, lead and zinc sales by the consolidated gold ounces, copper pounds, silver ounces, lead pounds and zinc pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on a consolidated basis. Average realized price per ounce/ pound statistics are intended to provide additional information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure:
Three Months Ended
June 30,		Increase
(Decrease)		Percent
Change
20242023
Gold$3,623 $2,380 $1,243 52 %
Copper377 82 295 360 
Silver209 124 85 69 
Lead44 32 12 38 
Zinc149 65 84 129 
$4,402 $2,683 $1,719 64 %
Six Months Ended
June 30,		Increase
(Decrease)		Percent
Change
20242023
Gold$6,964 $4,683 $2,281 49 %
Copper674 192 482 251 
Silver410 241 169 70 
Lead104 64 40 63 
Zinc273 182 91 50 
$8,425 $5,362 $3,063 57 %
Three Months Ended June 30, 2024
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$3,617 $386 $176 $41 $146 
Provisional pricing mark-to-market26 25 19 3 18 
Silver streaming amortization— — 23 — — 
Gross after provisional pricing and streaming impact3,643 411 218 44 164 
Treatment and refining charges(20)(34)(9)— (15)
Net$3,623 $377 $209 $44 $149 
Consolidated ounces / pounds sold (1)(2)
1,543 84 8 43 113 
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact$2,344 $4.57 $22.17 $0.97 $1.29 
Provisional pricing mark-to-market17 0.29 2.37 0.08 0.15 
Silver streaming amortization— — 2.79 — — 
Gross after provisional pricing and streaming impact2,361 4.86 27.33 1.05 1.44 
Treatment and refining charges(14)(0.39)(1.13)— (0.13)
Net$2,347 $4.47 $26.20 $1.05 $1.31 
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the three months ended June 30, 2024 the Company sold 39 thousand tonnes of copper, 20 thousand tonnes of lead, and 52 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.

NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         24    


Three Months Ended June 30, 2023
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$2,390 $95 $115 $34 $100 
Provisional pricing mark-to-market(1)(9)2 — (14)
Silver streaming amortization— — 15 — — 
Gross after provisional pricing and streaming impact2,389 86 132 34 86 
Treatment and refining charges(9)(4)(8)(2)(21)
Net$2,380 $82 $124 $32 $65 
Consolidated ounces / pounds sold (1)(2)
1,211 25 6 36 90 
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact$1,974 $3.75 $19.17 $0.96 $1.12 
Provisional pricing mark-to-market(1)(0.34)0.34 — (0.16)
Silver streaming amortization— — 2.56 — — 
Gross after provisional pricing and streaming impact1,973 3.41 22.07 0.96 0.96 
Treatment and refining charges(8)(0.15)(1.51)(0.04)(0.23)
Net$1,965 $3.26 $20.56 $0.92 $0.73 
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the three months ended June 30, 2023 the Company sold 11 thousand tonnes of copper, 16 thousand tonnes of lead, and 41 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.

Six Months Ended June 30, 2024
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$6,946 $702 $358 $102 $295 
Provisional pricing mark-to-market56 34 23 3 15 
Silver streaming amortization— — 50 — — 
Gross after provisional pricing and streaming impact7,002 736 431 105 310 
Treatment and refining charges(38)(62)(21)(1)(37)
Net$6,964 $674 $410 $104 $273 
Consolidated ounces/pounds sold (1)(2)
3,142 164 18 108 248 
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact$2,210 $4.27 $20.14 $0.95 $1.19 
Provisional pricing mark-to-market18 0.21 1.28 0.03 0.06 
Silver streaming amortization— — 2.78 — — 
Gross after provisional pricing and streaming impact2,228 4.48 24.20 0.98 1.25 
Treatment and refining charges(12)(0.38)(1.20)(0.01)(0.15)
Net$2,216 $4.10 $23.00 $0.97 $1.10 
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the six months ended June 30, 2024 the Company sold 75 thousand tonnes of copper, 49 thousand tonnes of lead, and 113 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         25    


Six Months Ended June 30, 2023
GoldCopperSilverLeadZinc
(ounces)(pounds)(ounces)(pounds)(pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact$4,687 $200 $225 $69 $243 
Provisional pricing mark-to-market16 — 4 (2)(18)
Silver streaming amortization— — 31 — — 
Gross after provisional pricing and streaming impact4,703 200 260 67 225 
Treatment and refining charges(20)(8)(19)(3)(43)
Net$4,683 $192 $241 $64 $182 
Consolidated ounces/pounds sold (1)(2)
2,419 51 12 72 189 
Average realized price (per ounce/pound): (3)
Gross before provisional pricing and streaming impact$1,937 $3.87 $18.56 $0.96 $1.28 
Provisional pricing mark-to-market7 — 0.32 (0.03)(0.09)
Silver streaming amortization— — 2.56 — — 
Gross after provisional pricing and streaming impact1,944 3.87 21.44 0.93 1.19 
Treatment and refining charges(8)(0.14)(1.59)(0.04)(0.23)
Net$1,936 $3.73 $19.85 $0.89 $0.96 
(1)Amounts reported in millions except gold ounces, which are reported in thousands.
(2)For the six months ended June 30, 2023 the Company sold 23 thousand tonnes of copper, 33 thousand tonnes of lead, and 86 thousand tonnes of zinc.
(3)Per ounce/pound measures may not recalculate due to rounding.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         26    


Gold by-product metrics
Copper, silver, lead, zinc and molybdenum are by-products often obtained during the process of extracting and processing the primary ore-body. In our GAAP Consolidated Financial Statements, the value of these by-products is recorded as a credit to our CAS and the value of the primary ore is recorded as Sales. In certain instances, copper, silver, lead and zinc are co-products, or a significant resource in the primary ore-body, and the revenue is recorded as Sales in our GAAP Consolidated Financial Statements.
Gold by-product metrics are non-GAAP financial measures that serve as a basis for comparing the Company’s performance with certain competitors. As Newmont’s operations are primarily focused on gold production, “Gold by-product metrics” were developed to allow investors to view Sales, CAS per ounce and AISC per ounce calculations that classify all copper, silver, lead, zinc and molybdenum production as a by-product, even when copper, silver, lead or zinc is a significant resource in the primary ore-body. These metrics are calculated by subtracting copper, silver, lead and zinc sales recognized from Sales and including these amounts as offsets to CAS.
Gold by-product metrics are calculated on a consistent basis for the periods presented on a consolidated basis. These metrics are intended to provide supplemental information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks, such as in IFRS.
The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Consolidated gold sales, net$3,623 $2,380 $6,964 $4,683 
Consolidated other metal sales, net779 303 1,461 679 
Sales$4,402 $2,683 $8,425 $5,362 
Costs applicable to sales$2,156 $1,543 $4,262 $3,025 
Less: Consolidated other metal sales, net(779)(303)(1,461)(679)
By-product costs applicable to sales$1,377 $1,240 $2,801 $2,346 
Gold sold (thousand ounces)1,543 1,211 3,142 2,419 
Total Gold CAS per ounce (by-product) (1)
$892 $1,024 $891 $970 
Total AISC$2,957 $2,157 $5,835 $4,169 
Less: Consolidated other metal sales, net(779)(303)(1,461)(679)
By-product AISC$2,178 $1,854 $4,374 $3,490 
Gold sold (thousand ounces)1,543 1,211 3,142 2,419 
Total Gold AISC per ounce (by-product) (1)
$1,412 $1,531 $1,392 $1,443 
(1)Per ounce measures may not recalculate due to rounding.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         27    


Conference Call Information
A conference call will be held on Thursday, July 25, 2024 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time); it will also be available on the Company’s website.
Conference Call Details
Dial-In Number
833.470.1428
Intl Dial-In Number
404.975.48391
Dial-In Access Code688614
Conference NameNewmont
Replay Number866.813.9403
Intl Replay Number929.458.6194
Replay Access Code757808

1For toll-free phone numbers, refer to the following link: https://www.netroadshow.com/events/global-numbers?confId=49005
Webcast Details
Title: Newmont Second Quarter 2024 Earnings Conference Call
URL: https://events.q4inc.com/attendee/677311568

The webcast materials will be available after market close on Wednesday, July 24, 2024, on the “Investor Relations” section of the Company’s website, Newmont.com. Additionally, the conference call will be archived for a limited time on the Company’s website.
About Newmont
Newmont is the world’s leading gold company and a producer of copper, zinc, lead, and silver. The company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925.
Investor Contact - Global
Neil Backhouseinvestor.relations@newmont.com
Investor Contact - Asia Pacific
Natalie Worley
apac.investor.relations@newmont.com
Media Contact - Global
Jennifer Pakradooniglobalcommunications@newmont.com
Media Contact - Asia Pacific
Rosalie Cobai
australiacommunications@newmont.com

NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         28    


Cautionary Statement Regarding Forward Looking Statements, Including Outlook Assumptions:
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as “anticipate,” “intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,” "pending" or “potential.” Forward-looking statements in this news release may include, without limitation, (i) estimates of future production and sales, including production outlook, average future production and upside potential, including our Full Potential initiatives and synergies; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures, including development and sustaining capital; (iv) expectations regarding the Tanami Expansion 2, Ahafo North and Cadia Block Caves projects, including, without limitation, expectations for production, milling, costs applicable to sales and all-in sustaining costs, capital costs, mine life extension, construction completion commercial production, and other timelines; (v) any share and debt repurchases; (vi) estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, Full Potential and productivity improvements, and future cash flow enhancements through portfolio optimization, (vii) expectations regarding future exploration and the development, growth and potential of Newmont Corporation's ("Newmont"), project pipeline and investments; (viii) expectations regarding future investments or divestitures, including of non-core assets and assets designated as held for sale; (ix) expectations regarding free cash flow and returns to stockholders, including with respect to future dividends and future share repurchases, the dividend framework and expected payout levels; (x) expectations regarding future mineralization, including, without limitation, expectations regarding reserves and recoveries; (xi) expectations regarding organic growth in our operations; and (xii) other outlook. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to U.S. dollar and Canadian dollar to U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Such uncertainties could result in operating sites being placed into care and maintenance and impact estimates, costs and timing of projects. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities.

Future dividends beyond the dividend payable on September 30, 2024 to holders of record at the close of business on September 5, 2024 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. Management’s expectations with respect to future dividends are “forward-looking statements” and the Company’s dividend policy is non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board.

For a more detailed discussion of such risks and other factors that might impact future looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 29, 2024, under the heading “Risk Factors", and other factors identified in the Company's reports filed with the SEC, available on the SEC website or at www.newmont.com. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk. Investors are also encouraged to review our Form 10-Q for the quarter ended June 30, 2024, expected to be filed on, or about July 25, 2024.
Notice Regarding Reserve and Resource:
Unless otherwise stated herein, the reserves stated in this release represent estimates at December 31, 2023, which could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on metal prices and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. Additionally, resource does not indicate proven and probable reserves as defined by the SEC or the Company’s standards. Estimates of measured, indicated and inferred resource are subject to further exploration and development, and are, therefore, subject to considerable uncertainty. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. The Company cannot be certain that any part or parts of the resource will ever be converted into reserves. For additional information on our reserves and resources, please see Item 2 of the Company’s Form 10-K, filed on February 29, 2024 with the SEC.
NEWMONT SECOND QUARTER 2024 RESULTS | NEWS RELEASE         29    

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Document and Entity Information
Jul. 24, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 24, 2024
Entity File Number 001-31240
Entity Registrant Name Newmont Corporation
Entity Central Index Key 0001164727
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 84-1611629
Entity Address, Address Line One 6900 E. Layton Avenue
Entity Address, City or Town Denver
Entity Address, State or Province CO
Entity Address, Postal Zip Code 80237
City Area Code 303
Local Phone Number 863-7414
Title of 12(b) Security Common stock, par value $1.60 per share
Trading Symbol NEM
Security Exchange Name NYSE
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Newmont (NYSE:NEM)
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