Newmont Corporation · NYSE:NEM
Newmont — Q2 2025 Earnings Presentation
25 slides from Newmont's earnings presentation, Jul 24, 2025
Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results July 24, 2025 SECOND QUARTER 2025 RESULTS NEWMONT CORPORATION 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements, Including Guidance Assumptions, and Notes
Cautionary Statement Regarding Forward Looking Statements, Including Guidance Assumptions, and Notes This presentation 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
Slide 3: Red Chris Update
Red Chris Update On July 22, 2025, two fall of ground incidents occurred in the underground work area of the non -producing Red Chris project in British Columbia, Canada Emergency response protocols were activated immediately, and operations at Red Chris have been suspended Assembled specialist team
Slide 4: Q2 2025 Highlights
Q2 2025 Highlights Remain on Track to Deliver on Full-Year Commitments SAFETY CULTURE STABLE OPERATIONS CAPITAL RETURNS Concentrating efforts on safe Delivered 1.5Moz of gold and Returned $1.0B to shareholders recovery of team members 36kt of copper* and retired $372M of debt*** Diligently respondin
Slide 5: Strong Q2 Operational Performance
Strong Q2 Operational Performance Driven by Core Managed Operations Core Managed Operations Core Non-Managed Operations Total Core Portfolio ATTRIBUTABLE GOLD PRODUCTION* 1,124Koz 340Koz 1,464Koz Higher-than-Expected Grades at Cadia and Peñasquito GOLD CAS Co-Product/By-Product $1,154/oz / $789/oz $
Slide 6: On Track to Meet 2025 Guidance
On Track to Meet 2025 Guidance* CORE PORTFOLIO (+/- 5%) GUIDANCE PERFORMANCE DRIVERS Gold Production** 5.6Moz Delivered stronger gold grades at Cadia and Peñasquito in H1 2025 Gold CAS $1,180/oz Remain focused on cost discipline and productivity enhancements Gold AISC* $1,620/oz CAS/oz, sustaining c
Slide 7: Q2 2025 Financial Performance
Q2 2025 Financial Performance Remain on Track to Deliver on Full-Year Commitments ADJUSTED GAAP ADJUSTED NET AVERAGE REALIZED EBITDA* NET INCOME INCOME* GOLD PRICE $3.0B $1.85/sh. $1.43/sh. $3,320/oz CASH FROM FREE CASH & CASH GOLD ALL-IN OPERATIONS CASH FLOW* EQUIVALENTS SUSTAINING COST* $2.4B $1.7
Slide 8: Shareholder-Focused Capital Allocation Strategy
Shareholder-Focused Capital Allocation Strategy H1 2025 TARGETS Cash $6.2B Maintaining financial flexibility with cash above $3.0B target Achieved target of up to $8.0B, with $1.4B of debt retired in 2025; STRONG & FLEXIBLE BALANCE SHEET Debt* $7.4B evaluating further reduction opportunities Sustain
Slide 9: Leveraging Portfolio Strength
Leveraging Portfolio Strength Remain on track to achieve 2025 guidance with second quarter results in line with indications Generated record free cash flow from stable operational performance Continued to reduce debt and returned capital to shareholders through a predictable dividend and ongoing sha
Slide 10: Appendix
Appendix
Slide 11: Second Quarter Portfolio Performance
Second Quarter Portfolio Performance Focused on Safe Operations and Meeting Guidance Commitments ▪ Strong H1 2025 production driven by ▪ Strong H1 2025 production driven by higher gold and copper grades from ▪ Delivered consistent ounces through H1 higher gold grades from the Peñasco underground 202
Slide 12: Non-Core Divestiture Program Complete
Non-Core Divestiture Program Complete Up to $3.8B in Total Gross Proceeds, Including >$3.0B in Cash* CASH PROCEEDS AT CLOSE* ADDITIONAL PROCEEDS TIMING OF CLOSE Greatland shares, valued at $168M upon transaction announcement TELFER** Western Australia $219M $241M in expected net cash proceeds from s
Slide 13: Direct Operating Costs by Category
Direct Operating Costs by Category* Newmont’s Core Portfolio 3% Other 8% 4% Chemicals, Other 25% 5% Reagents, & 7% Newmont Liners & Explosives Diesel Employees Wear Parts 50% 30% 15% Materials & Fuel & Energy Labor Costs Consumables Costs 25% 7% 7% Contracted Consumables Maintenance Services Parts 4
Slide 14: Basis for 2025 Guidance
Basis for 2025 Guidance PRICING ASSUMPTIONS AND SENSITIVITIES (as of February 20, 2025) ASSUMPTION CHANGE (-/+) REVENUE IMPACTS ($M)*** Gold ($/oz)* $2,500 $100 $517 Copper ($/tonne)** $9,370 $550 $65 Silver ($/oz) $30.00 $1.00 $25 Lead ($/tonne)** $2,094 $220 $20 Zinc ($/tonne)** $2,756 $220 $50 AS
Slide 15: Stable & Disciplined 2025 Guidance
Stable & Disciplined 2025 Guidance* Driving Safety, Cost, & Productivity Improvements MANAGED NON-MANAGED TOTAL CORE As of February 20, 2025 OPERATIONS OPERATIONS*** PORTFOLIO Gold Production** 4.2Moz 1.4Moz 5.6Moz Gold CAS $1,170/oz $1,240/oz $1,180/oz Gold AISC* $1,630/oz $1,555/oz $1,620/oz Susta
Slide 16: 2025 Consolidated Expense and Capital Guidance
2025 Consolidated Expense and Capital Guidance GUIDANCE METRIC (+/-5%) 2025E Sustaining Capital ($M) Managed Core Portfolio $1,530 Non-Managed Core Portfolio $270 Total Core Portfolio $1,800 Non-Core Assets* $66 Total Newmont Sustaining Capital* $1,866 Development Capital ($M) Managed Core Portfolio
Slide 17: Adjusted net income (loss)
Adjusted net income (loss) Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows: (1) Per share measures may not recalculate due to rounding. Three Months Ended Six Months Ended (2) Primarily consists of the gain on the divestments of certain n
Slide 18: EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows: Three Months Ended Six Months Ended June 30, June 30, (1) Primarily consists of the gain on the sales of certain non-core assets in 2025 and 2025 2024 2025 2024 t
Slide 19: Free cash flow
Free cash flow The following table sets forth a reconciliation of Free cash flow 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
Slide 20: Costs Applicable to Sales
Costs Applicable to Sales 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
Slide 21: All-in Sustaining Costs
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 e
Slide 22: All-in Sustaining Costs
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 e
Slide 23: Gold All-in Sustaining Costs - 2025 Guidance
Gold All-in Sustaining Costs - 2025 Guidance A reconciliation of the 2025 Gold AISC guidance to the 2025 Gold CAS guidance 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
Slide 24: Endnotes
Endnotes Investors are encouraged to read the information contained in this presentation in conjunction with Newmont’s Form 10-Q for the quarter ended June 30, 2025, filed on July 24, 2025. Investors are reminded that expectations regarding outlook and guidance, including future financial results, o
Slide 25: Endnotes
Endnotes All-in Sustaining Cost. AISC or All-in sustaining cost is a non-GAAP metric. AISC as used in the Company’s outlook is a forward-looking statement and is therefore subject to uncertainties. AISC a non-GAAP metric defined as the sum of cost applicable to sales (including all direct and indire