Slide 1: Second Quarter 2023 Earnings
Second Quarter 2023 CREATING VALUE & IMPROVING LIVES Earnings THROUGH SUSTAINABLE, RESPONSIBLE MINING JULY 20, 2023 SECOND QUARTER 2023 EARNINGS NEWMONT CORPORATION 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements, Including Outlook
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS, INCLU DING OUTLOOK: 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, which are intended t
Slide 3: Tom Palmer, President & Chief Executive Officer
Tom Palmer CREATING VALUE & IMPROVING LIVES PRESIDENT & CHIEF EXECUTIVE OFFICER THROUGH SUSTAINABLE, RESPONSIBLE MINING SECOND QUARTER 2023 EARNINGS NEWMONT CORPORATION 3
Slide 4: Second Quarter 2023 Highlights
SECOND QUARTER 2023 HIGHLIGHTS Produced 1.2M attributable ounces of gold* and Entered into definitive agreement to acquire 256k GEOs from co-products**; prudent decisions Newcrest; transaction expected to close in the made to position for stronger production in H2 fourth quarter Generated $910M in a
Slide 5: Demonstrating Our Commitment to Responsible Gold Leadership
DEMONSTRATING OUR COMMITMENT TO RESPONSIBLE GOLD LEADERSHIP PROMOTED CHIEF SAFETY & SUSTAINABILITY OFFICER TO EXECUTIVE LEADERSHIP TEAM ▪ Increasing emphasis on Safety and Sustainability with a dedicated executive leader, reporting directly to the Chief Executive Officer ▪ Industry leader with more
Slide 6: Rob Atkinson, Chief Operating Officer
Rob Atkinson CREATING VALUE & IMPROVING LIVES CHIEF OPERATING OFFICER THROUGH SUSTAINABLE, RESPONSIBLE MINING SECOND QUARTER 2023 EARNINGS NEWMONT CORPORATION 6
Slide 7: Australia on Track to Deliver ~1.5 Million GEOs in 2023
AUSTRALIA ON TRACK TO DELIVER ~1.5 MILLION GEOs IN 2023** ▪ Boddington delivered higher gold and copper production from improved mill throughput; on track to achieve full-year production guidance ▪ Tanami delivered strong results following extreme rainfall in Q1, doubling production in Q2 ▪ Tanami e
Slide 8: Africa Well-Positioned to Deliver Higher Ounces in H2
AFRICA WELL-POSITIONED TO DELIVER HIGHER OUNCES IN H2 ▪ Akyem optimized mine plan and processed lower-grade stockpiles; positioned to reach ~35% higher grade in Q3 and safely deliver a strong H2 ▪ Ahafo South delivered higher production and accessed the third mining level and additional draw points
Slide 9: North America Building Momentum for a Strong H2
NORTH AMERICA BUILDING MOMENTUM FOR A STRONG H2 ▪ Proactively put Éléonore on care and maintenance in mid-June, protecting our workforce from unprecedented wildfires in Quebec; safely ramping up operations and monitoring closely ▪ Porcupine delivered a steady performance while advancing the Pamour p
Slide 10: South America Building a Strong and Sustainable Future
SOUTH AMERICA BUILDING A STRONG AND SUSTAINABLE FUTURE ▪ Yanacocha delivered higher production from injection leaching technology ▪ Merian continued planned waste stripping in the Merian pit; on track to deliver higher production and reach ~40% higher grade in Q3 ▪ Cerro Negro ramping up to full pro
Slide 11: Non-Managed Joint Ventures – Q2 Results
NON-MANAGED JOINT VENTURES – Q2 RESULTS Q2 2023 METRICS NEVADA GOLD MINES (38.5%) PUEBLO VIEJO (40%)** Attributable Gold Production (Koz) 287 51 Gold CAS ($/oz) $1,055 – Gold AISC ($/oz)* $1,388 – *AISC is a non-GAAP measure, see endnotes. **Attributable production includes Newmont’s 40% interest in
Slide 12: Karyn Ovelmen, Chief Financial Officer
Karyn Ovelmen CREATING VALUE & IMPROVING LIVES CHIEF FINANCIAL OFFICER THROUGH SUSTAINABLE, RESPONSIBLE MINING SECOND QUARTER 2023 EARNINGS NEWMONT CORPORATION 12
Slide 13: Second Quarter Financial Performance
SECOND QUARTER FINANCIAL PERFORMANCE ADJUSTED CASH FROM REVENUE EBITDA* CONTINUING OPS $2.7B $910M $656M GAAP CASH & CASH CAPITAL NET INCOME EQUIVALENTS** SPEND $0.19/share $3.2B $616M ADJUSTED NET DEBT TO FREE CASH NET INCOME* ADJUSTED EBITDA* FLOW* $0.33/share 0.7x $40M *See endnotes. **As of Q2 2
Slide 14: Q2 Adjusted Net Income of $0.33 per Share
Q2 ADJUSTED NET INCOME OF $0.33 PER SHARE GAAP TO ADJUSTED NET INCOME * LOWER Q2 PRODUCTION VOLUMES ($/Diluted Share) ▪ Delivered ~21% of total 2023 gold production $0.06 outlook ▪ Sales volumes largely in line with production $0.03 $0.05 MAINTAINED SOLID MARGINS ▪ $1,965/oz compared to $1,906/oz in
Slide 15: Declared Q2 Dividend of $0.40/Share
DECLARED Q2 DIVIDEND OF $0.40/SHARE ▪ Base dividend provides a $1.00/share payment at base gold 2023 DIVIDEND PAYOUT RANGE* price assumption $2.00 – 3.00 ▪ Incremental payment based on attributable FCF above base gold price assumption ▪ Reviewed and approved quarterly by Board of Directors $1.40 – 1
Slide 16: Tom Palmer, President & Chief Executive Officer
Tom Palmer CREATING VALUE & IMPROVING LIVES PRESIDENT & CHIEF EXECUTIVE OFFICER THROUGH SUSTAINABLE, RESPONSIBLE MINING SECOND QUARTER 2023 EARNINGS NEWMONT CORPORATION 16
Slide 17: Indicative Timeline to Close Newcrest Transaction
INDICATIVE TIMELINE TO CLOSE NEWCREST TRANSACTION MAY 2023 SEPTEMBER 2023 OCTOBER 2023 FEBRUARY 2024 Newmont enters into Definitive proxy statement Newcrest and Newmont Newmont to provide definitive agreement to to be filed with U.S. shareholder vote to take 2024 guidance for the acquire Newcrest Se
Slide 18: Strengthening Newmont's Clear and Consistent Strategy with the Proposed Acquisition of Newcrest
SUSTAINABLE BUSINESS. ENDURING VALUE. COMMITMENT TO INDUSTRY PROVEN DISCIPLINED CAPITAL LEADING ESG PRACTICES LEADING PORTFOLIO OPERATING MODEL ALLOCATION STRATEGY Creating value and improving lives World-class assets in Experienced leaders with strong Balanced approach to deliver for all stakeholde
Slide 19: Appendix
Appendix SECOND QUARTER 2023 EARNINGS NEWMONT CORPORATION 19
Slide 20: Five Year Outlook: Gold & Consolidated Metrics
Five Year Outlook: Gold & Consolidated Metrics GUIDANCE METRIC 2023E 2024E 2025E 2026E 2027E Gold ($1,700/oz price assumption) Attributable Gold Production (Moz) 5.7 – 6.3 5.9 – 6.5 5.9 – 6.5 6.1 – 6.7 6.1 – 6.7 Gold CAS ($/oz)* $870 – $970 $850 – $950 $780 – $880 $750 – $850 $750 – $850 Gold AISC (
Slide 21: Five Year Outlook: Copper, Silver, Lead & Zinc
Five Year Outlook: Copper, Silver, Lead & Zinc GUIDANCE METRIC 2023E 2024E 2025E 2026E 2027E Copper ($3.50/lb price assumption) Copper Production (Mlbs) 95 – 105 85 – 95 45 – 55 45 – 55 55 – 65 Copper CAS ($/lb)* $1.85 – $2.15 Copper AISC ($/lb)* $2.35 – $2.65 Silver ($20/oz price assumption) Silver
Slide 22: 2023 Outlook as of February 23, 2023
2023 Outlooka as of February 23, 2023 Consolidated Attributable Production Consolidated All-In Attributable Sustaining Attributable Development 2023 Outlook Production (Koz) (Koz) Consolidated CAS ($/oz) Sustaining Costsb ($/oz) Capital Expenditures ($M) Capital Expenditures ($M) CC&V 160 – 180 160
Slide 23: 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. (2) (Gain) loss on asset and investment sales, net, included in Other income (loss), net, primarily re
Slide 24: EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows: (1) (Gain) loss on asset and investment sales, net, included in Other income (loss), net, in 2023 is primarily comprised of the net gain recognized on the exchang
Slide 25: 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 26: Attributable Free Cash Flow
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 o
Slide 27: 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 28: 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 29: Gold All-In Sustaining Costs - 2023 Outlook
Gold All-In Sustaining Costs - 2023 Outlook A reconciliation of the 2023 Gold AISC outlook to the 2023 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 Sec
Slide 30: Net Debt to Adjusted EBITDA Ratio
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 o
Slide 31: Endnotes
Endnotes Investors are encouraged to read the information contained in this presentation in conjunction with the most recent Form 10-Q for the quarter ended June 30, 2023 filed with the SEC on July 20, 2023. Investors are reminded that expectations regarding outlook and guidance, including future fi
Slide 32: Endnotes
Endnotes Cautionary Statement Regarding Reserve and Resource Estimates: The reserves stated herein were prepared in compliance with Subpart 1300 of Regulation S-K adopted by the United States Securities and Exchanges Commission (the “SEC”) and represent the amount of gold, copper, silver, lead, zinc
Slide 33: Endnotes
Endnotes Reserve and Resource Estimates (cont.): Estimates of Proven and Probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on the prices of gold, silver, copper, zinc, lead and molybdenum and interpretations of geologic data obtained
Slide 34: Endnotes
Endnotes Full Potential. Full Potential improvement value creation is considered an operating measure provided for illustrative purposes, and should not be considered GAAP or non-GAAP financial measures. Full Potential amounts are estimates utilized by management that represent estimated cumulative