Newmont Corporation · NYSE:NEM
Newmont — Q1 2025 Earnings Presentation
26 slides from Newmont's earnings presentation, Apr 23, 2025
Slide 1: First Quarter 2025 Results
First Quarter 2025 Results APRIL 23, 2025 FIRST 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: Q1 2025 Highlights
Q1 2025 Highlights Remain on Track to Deliver on Full-Year Commitments Strengthened Focused on Completed SAFETY CULTURE STABLE OPERATIONS DIVESTITURE PROGRAM Increased focus on visible Delivered 1.5Moz of gold and 35kt Exceeded target and generated leadership in the field of copper from full portfol
Slide 4: Operational Update
Operational Update
Slide 5: First Quarter Portfolio Momentum
First Quarter Portfolio Momentum CADIA TANAMI BODDINGTON ▪ Transitioning to next panel cave (PC2-3), resulting in ▪ Progressing second expansion and remain on track to ▪ Continuing stripping campaign in the North and lower grades in H2 2025 as planned access higher-grade stopes in H2 2025 as planned
Slide 6: Financial Performance
i / pinancial Performance
Slide 7: Q1 2025 Financial Performance
Q1 2025 Financial Performance Remain on Track to Deliver on Full-Year Commitments ADJUSTED GAAP ADJUSTED NET AVERAGE REALIZED EBITDA* NET INCOME INCOME* GOLD PRICE $2.6B $1.68/sh. $1.25/sh. $2,944/oz CASH FROM FREE CASH & CASH GOLD ALL-IN OPERATIONS CASH FLOW* EQUIVALENTS SUSTAINING COST* $2.0B $1.2
Slide 8: Shareholder-Focused Capital Allocation Strategy
Shareholder-Focused Capital Allocation Strategy Q1 2025 TARGETS Cash $4.7B Maintaining financial flexibility with cash above $3.0B target STRONG & FLEXIBLE BALANCE SHEET Debt* $7.8B Achieved target of up to $8.0B, assessing opportunities to reduce further Sustaining Capital ** $459M ~$1.8B in 2025,
Slide 9: Closing Remarks
Newmont. Closing Remarks
Slide 10: Leveraging Tier 1 Portfolio Strength
Leveraging Tier 1 Portfolio Strength Remain on track to achieve 2025 guidance with first quarter results in line with indications Completed divestiture program and finalized the sale of all six non -core operations announced in February 2024 * Generated strong free cash flow from stable operational
Slide 11: Appendix
Appendix
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 TELFER** $219M 2.7B Greatland Gold shares, valued at >$370M*** Closed on December 4, 2024 Western Australia After purchase price adjustment
Slide 13: Direct Operating Costs by Category
Direct Operating Costs by Category* Newmont’s Core Portfolio 3% Other 8% 4% Chemicals, Other 25% 5% Reagents, & 7% Newmont Liners & Explosives Diesel Employees Wear Parts 50% 30% 15% Materials & Fuel & Energy Labor Costs Consumables Costs 25% 7% 7% Contracted Consumables Maintenance Services Parts 4
Slide 14: Basis for 2025 Guidance
Basis for 2025 Guidance PRICING ASSUMPTIONS AND SENSITIVITIES (as of February 20, 2025) ASSUMPTION CHANGE (-/+) REVENUE IMPACTS ($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 TIER 1 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 $1,620/oz Sus
Slide 16: 2025 Site Guidance as of February 20, 2025
2025 Site Guidancea as of February 20, 2025 Consolidated Attributable Attributable Consolidated Attributable Consolidated CAS All-In Sustaining Sustaining Capital Development Capital 2025 Guidance Production (Koz) Production (Koz) ($/oz) Costsb ($/oz) Expenditures ($M) Expenditures ($M) a 2025 guida
Slide 17: 2025 Consolidated Expense and Capital Guidance
2025 Consolidated Expense and Capital Guidance GUIDANCE METRIC (+/-5%) 2025E Sustaining Capital ($M) Managed Tier 1 Portfolio $1,530 Non-Managed Tier 1 Portfolio $270 Total Tier 1 Portfolio $1,800 Non-Core Assets* $75 Total Newmont Sustaining Capital* $1,875 Development Capital ($M) Managed Tier 1 P
Slide 18: Adjusted net income (loss)
Adjusted net income (loss) Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows: Three Months Ended (1) Per share measures may not recalculate due to rounding. March 31, 2025 (2) Primarily represents unrealized gains and losses related to the
Slide 19: 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 (1) Primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equit
Slide 20: Free cash flow
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 regar
Slide 21: 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 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 outlook to the 2025 Gold CAS outlook is provided below. For more details, refer to the Company’s Fourth Quarter 2024 Earnings and 2025 Guidance press release, issued on February 20, 2025, and available on Newmont.com
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 March 31, 2025, expected to be filed on, or about, April 24, 2025. Investors are reminded that expectations regarding outlook and guidance, including
Slide 25: Endnotes
Endnotes Dividend. Our future dividends, beyond the dividend declared for the first quarter 2025, have not yet been approved or declared by the Board of Directors. An annualized dividend payout level has not been declared by the Board and is non-binding. The Company’s dividend framework and expected
Slide 26: Endnotes
Endnotes Cautionary Statement Regarding Mineral Reserve and Resource Estimates. The mineral reserve and resource estimates herein with respect to Newmont represent estimates at December 31, 2024, which could be economically and legally extracted or produced at the time of their determination. Estima