Newmont Reports Second Quarter 2024 Results

By: Newmont Corporation via Business Wire

July 24, 2024 at 16:05 PM EDT

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

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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.

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

	2023													2024
	Q1			Q2		Q3		Q4			FY			Q1			Q2		FY
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.

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 Flow⁷was $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.

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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.

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'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 Metric	2024E
Attributable Gold Production (Koz)
Managed Tier 1 Portfolio	4,100
Non-Managed Tier 1 Portfolio	1,530
Total Tier 1 Portfolio	5,630
Non-Core Assets	1,300
Total Newmont Attributable Gold Production (Koz)	6,930
Attributable Gold CAS ($/oz) ($1,900/oz price assumption)
Managed Tier 1 Portfolio	980
Non-Managed Tier 1 Portfolio	1,130
Total Tier 1 Portfolio	1,000
Non-Core Assets	1,400
Total Newmont Gold CAS ($/oz)^a	1,050
Attributable Gold AISC ($/oz) ($1,900/oz price assumption)
Managed Tier 1 Portfolio	1,250
Non-Managed Tier 1 Portfolio	1,440
Total Tier 1 Portfolio	1,300
Non-Core Assets	1,750
Total Newmont Gold AISC ($/oz)^a	1,400
Copper ($8,818/tonne price assumption)^a
Copper Production - Tier 1 Portfolio (ktonne)	144
Copper Production - Non-Core Assets (ktonne)	8
Total Newmont Copper Production (ktonne)	152
Copper CAS - Tier 1 Portfolio ($/tonne)	$5,050
Copper CAS - Non-Core Assets ($/tonne)	$11,050
Total Newmont Copper CAS ($/tonne)^b	$5,080
Copper AISC - Tier 1 Portfolio ($/tonne)	$7,350
Copper AISC - Non-Core Assets ($/tonne)	$12,540
Total Newmont Copper AISC ($/tonne)^b	$7,380
Silver ($23.00/oz price assumption)
Silver Production (Moz)	34
Silver CAS ($/oz)^b	$11.00
Silver AISC ($/oz)^b	$15.40
Lead ($2,205/tonne price assumption)^a
Lead Production (ktonne)	95
Lead CAS ($/tonne)^b	$1,220
Lead AISC ($/tonne)^b	$1,570
Zinc ($2,976/tonne price assumption)^a
Zinc Production (ktonne)	245
Zinc CAS ($/tonne)^b	$1,550
Zinc AISC ($/tonne)^b	$2,300
Attributable Capital
Sustaining Capital($M)^a	$1,800
Development Capital($M)^a	$1,300
Consolidated Expenses
Exploration & Advanced Projects ($M)	$450
General & Administrative ($M)	$300
Interest Expense ($M)	$365
Depreciation & Amortization ($M)	$2,850
Adjusted Tax Rate ^c,d	34%

^a		Co-product metal pricing assumptions in imperial units equate to Copper ($4.00/lb.), Lead ($1.00/lb.) and Zinc ($1.35/lb.).
^b		Consolidated 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%.

	2023										2024
Operating Results	Q1		Q2		Q3		Q4		FY		Q1		Q2		Q3	Q4	FY
Attributable Sales (koz)
Attributable gold ounces sold⁽¹⁾		1,188		1,197		1,229		1,726		5,340		1,581		1,528				3,109
Attributable gold equivalent ounces sold		265		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)
Boddington		199		209		181		156		745		142		147				289
Tanami		63		126		123		136		448		90		99				189
Cadia		—		—		—		97		97		122		117				239
Lihir		—		—		—		134		134		181		141				322
Ahafo		128		137		133		183		581		190		184				374
Peñasquito ⁽²⁾		85		38		—		20		143		45		64				109
Cerro Negro		67		48		71		83		269		81		19				100
Yanacocha		56		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
Akyem		71		49		75		100		295		69		47				116
CC&V		48		41		45		38		172		28		35				63
Porcupine		66		60		64		70		260		61		91				152
Éléonore		66		48		50		68		232		56		61				117
Musselwhite		41		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)
Boddington		64		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

	2023										2024
Operating Results (continued)	Q1		Q2		Q3		Q4		FY		Q1		Q2		Q3	Q4	FY
Co-Product CAS Consolidated ($/GEO)
Boddington	$	809	$	766	$	816	$	944	$	830	$	942	$	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 CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions except per share)

	2023 ⁽¹⁾															2024
	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3	Q4	FY

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 amortization		461			486			480			681			2,108			654			602					1,256
Reclamation and remediation		66			66			166			1,235			1,533			98			94					192
Exploration		48			66			78			73			265			53			57					110
Advanced projects, research and development		35			44			53			68			200			53			49					102
General and administrative		74			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, net		4			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), net		99			(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 items		539			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 affiliates		25			16			3			19			63			7			(3	)				4
Net income (loss) from continuing operations		351			153			162			(3,160	)		(2,494	)		175			842					1,017
Net income (loss) from discontinued operations		12			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 operations		12			2			1			12			27			4			15					19
	$	351		$	155		$	158		$	(3,158	)	$	(2,494	)	$	170		$	853				$	1,023

Weighted average common shares (millions):
Basic		794			795			795			978			841			1,153			1,153					1,153
Effect of employee stock-based awards		1			—			1			1			—			—			2					1
Diluted		795			795			796			979			841			1,153			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 operations		0.02			—			—			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 operations		0.02			—			—			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 CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in millions)

	2023 ⁽¹⁾												2024
	MAR			JUN			SEP			DEC			MAR			JUN			SEP	DEC
ASSETS
Cash and cash equivalents	$	2,657		$	2,829		$	3,190		$	3,002		$	2,336		$	2,602
Trade receivables		348			185			78			734			782			955
Investments		847			409			24			23			23			50
Inventories		1,067			1,111			1,127			1,663			1,385			1,467
Stockpiles and ore on leach pads		905			858			829			979			745			681
Derivative assets		—			—			—			198			114			71
Other current assets		735			742			707			913			765			874
Assets held for sale		—			—			—			—			5,656			5,370
Current assets		6,559			6,134			5,955			7,512			11,806			12,070
Property, plant and mine development, net		24,097			24,284			24,474			37,563			33,564			33,655
Investments		3,216			3,172			3,133			4,143			4,138			4,141
Stockpiles and ore on leach pads		1,691			1,737			1,740			1,935			1,837			2,002
Deferred income tax assets		170			166			138			268			210			273
Goodwill		1,971			1,971			1,971			3,001			2,792			2,792
Derivative assets		—			—			—			444			412			181
Other non-current assets		670			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 benefits		302			313			345			551			414			457
Income and mining taxes payable		213			155			143			88			136			264
Lease and other financing obligations		96			96			94			114			99			104
Debt		—			—			—			1,923			—			—
Other current liabilities		1,493			1,564			1,575			2,362			1,784			1,819
Liabilities held for sale		—			—			—			—			2,351			2,405
Current liabilities		2,752			2,693			2,808			5,998			5,482			5,732
Debt		5,572			5,574			5,575			6,951			8,933			8,692
Lease and other financing obligations		451			441			418			448			436			429
Reclamation and remediation liabilities		6,603			6,604			6,714			8,167			6,652			6,620
Deferred income tax liabilities		1,800			1,795			1,696			2,987			3,094			3,046
Employee-related benefits		395			399			397			655			610			616
Silver streaming agreement		805			786			787			779			753			733
Other non-current liabilities		437			426			429			316			300			247
Total liabilities		18,815			18,718			18,824			26,301			26,260			26,115

Commitments and contingencies

EQUITY
Common stock		1,281			1,281			1,281			1,854			1,855			1,851
Treasury stock		(261	)		(261	)		(263	)		(264	)		(274	)		(274	)
Additional paid-in capital		17,386			17,407			17,425			30,419			30,436			30,394
Accumulated other comprehensive income (loss)		23			13			8			14			(16	)		(7	)
(Accumulated deficit) Retained earnings		948			785			623			(2,996	)		(3,111	)		(2,585	)
Newmont stockholders' equity		19,377			19,225			19,074			29,027			28,890			29,379
Noncontrolling interests		182			190			186			178			185			184
Total equity		19,559			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 CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)

	2023 ⁽¹⁾															2024
	Q1			Q2			Q3			Q4			FY			Q1			Q2			Q3	Q4	FY
Operating activities:
Net income (loss)	$	363		$	155		$	163		$	(3,148	)	$	(2,467	)	$	179		$	857				$	1,036
Non-cash adjustments:
Depreciation and amortization		461			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 remediation		61			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 compensation		19			23			16			22			80			21			23					44
Deferred income taxes		15			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 adjustments		9			(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 operations		481			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 activities		481			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 sales		181			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 investments		557			424			374			8			1,363			—			—					—
Acquisitions, net		—			—			—			668			668			—			—					—
Other		12			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 interests		41			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 period		2,944			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 assets		1			1			1			11			11			6			6					6
Restricted cash included in Other non-current assets		67			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.

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⁾
				basic			diluted						basic			diluted
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