Slide 1: Q4 2022 Results & 2023 Guidance
Q4 2022 Results & CREATING VALUE & IMPROVING LIVES 2023 Guidance THROUGH SUSTAINABLE, RESPONSIBLE MINING FEBRUARY 23, 2023 FOURTH QUARTER 2022 RESULTS AND 2023 GUIDANCE NEWMONT CORPORATION 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS: 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 to be covered by the
Slide 3: Agenda
AGENDA ▪ 2022 HIGHLIGHTS: Tom Palmer, President & CEO ▪ 2022 FINANCIAL PERFORMANCE: Brian Tabolt, Interim CFO ▪ OPERATIONAL OVERVIEW: Rob Atkinson, COO ▪ 2023 AND LONG-TERM OUTLOOK: Tom Palmer, President & CEO ▪ CAPITAL ALLOCATION STRATEGY: Tom Palmer, President & CEO ▪ PROPOSAL TO COMBINE WITH NEWC
Slide 4: 2022 Highlights
2022 Highlights CREATING VALUE & IMPROVING LIVES Tom Palmer, President & CEO THROUGH SUSTAINABLE, RESPONSIBLE MINING FOURTH QUARTER 2022 RESULTS AND 2023 GUIDANCE NEWMONT CORPORATION 4
Slide 5: Driving a Fatality, Injury & Illness-Free Workplace
DRIVING A FATALITY, INJURY & ILLNESS-FREE WORKPLACE SAFETY PERFORMANCE IS THE KEY 2022 FATALITY RISK MANAGEMENT PROGRAM INDICATOR OF A WELL-RUN BUSINESS FOCUSED ON CRITICAL INCREASED CONTROL CONTROL VERIFICATIONS VERIFICATIONS ✓ Results in more reliable operations with 620,000 30% greater efficiency
Slide 6: Safely Delivered on Our Commitments – Achieved 2022 Guidance
SAFELY DELIVERED ON OUR COMMITMENTS – ACHIEVED 2022 GUIDANCE ATTRIBUTABLE GOLD GOLD COSTS GOLD ALL-IN GOLD RESERVES PRODUCTION* APPLICABLE TO SALES SUSTAINING COSTS** 6.0Moz Achieved original production guidance $933/oz Within updated full-year guidance range, $1,211/oz In line with updated guidance
Slide 7: 2022 Financial Performance
2022 Financial Performance CREATING VALUE & IMPROVING LIVES Brian Tabolt, Interim CFO THROUGH SUSTAINABLE, RESPONSIBLE MINING FOURTH QUARTER 2022 RESULTS AND 2023 GUIDANCE NEWMONT CORPORATION 7
Slide 8: Full-Year and Fourth Quarter Financial Performance
FULL-YEAR AND FOURTH QUARTER FINANCIAL PERFORMANCE METRICS Q4 2022 FY 2022 Revenue ($M) $3,200 $11,915 GAAP Net Loss from Continuing Operations ($M) $(1,488) $(459) Adjusted Net Income ($M)* $348 $1,468 Adjusted Net Income ($/diluted share)* $0.44 $1.85 Adjusted EBITDA ($M)* $1,161 $4,550 Cash from
Slide 9: Higher Sales Volumes Drive Strong Q4 Results
HIGHER SALES VOLUMES DRIVE STRONG Q4 RESULTS Strong Q4 production as planned ▪ 16% increase in gold sales over Q3 Higher average realized gold price ▪ $1,758/oz compared to $1,691/oz in Q3 Q4 Adjusted Net Income of $0.44 per share ▪ Up 17 cents from Q3 GAAP Net Income includes non-cash nonrecurring
Slide 10: Operational Overview
Operational Overview CREATING VALUE & IMPROVING LIVES Rob Atkinson, COO THROUGH SUSTAINABLE, RESPONSIBLE MINING FOURTH QUARTER 2022 RESULTS AND 2023 GUIDANCE NEWMONT CORPORATION 10
Slide 11: Peñasquito to Deliver ~1.3 Million Gold Equivalent Ounces in 2023
PEÑASQUITO TO DELIVER ~1.3 MILLION GOLD EQUIVALENT OUNCES IN 2023** BEAT FULL-YEAR 2022 PRODUCTION GUIDANCE ▪ Exceeded full-year gold production guidance for the third consecutive year under Newmont operating model ▪ Lower gold grade in Q4 due to planned mine sequence; Steady silver, lead and zinc p
Slide 12: South American Operations to Deliver ~850,000 Ounces in 2023
SOUTH AMERICAN OPERATIONS TO DELIVER ~850,000 OUNCES IN 2023 A STRONG FINISH TO 2022 FROM YANACOCHA, MERIAN AND CERRO NEGRO ▪ Merian achieved highest quarterly production since 2020 due to higher grades and record mill performance ▪ Cerro Negro progressing expansions from the Marianas and Eastern di
Slide 13: North American Operations to Deliver ~1 Million Ounces in 2023
NORTH AMERICAN OPERATIONS TO DELIVER ~1 MILLION OUNCES IN 2023 CONTINUED IMPROVEMENT TREND IN Q4 ▪ Musselwhite achieved best quarter for both development meters and gold production in 5 years ▪ CC&V achieved highest monthly production in December in 3 years ▪ Identified opportunities to extend produ
Slide 14: Boddington to Deliver ~1.0 Million Gold Equivalent Ounces in 2023
BODDINGTON TO DELIVER ~1.0 MILLION GOLD EQUIVALENT OUNCES IN 2023** SETTING NEW RECORDS AT CORNERSTONE OPERATION ▪ Achieved record monthly production for both gold and copper in December in 13-year mine life ▪ Best quarterly performance for the Autonomous Haul Truck fleet CONSISTENT PERFORMANCE EXPE
Slide 15: Tanami to Deliver ~440,000 Ounces in 2023
TANAMI TO DELIVER ~440,000 OUNCES IN 2023 ACHIEVED PRODUCTION GUIDANCE FOR 2022 ▪ Maintained strong production throughout the year; Solid Q4 production from higher ore tonnes and grade ▪ Extreme weather events in NW Australia beginning in December, impacting Tanami track and delivery of key consumab
Slide 16: Tanami Expansion 2 – Investing in Future Growth and Profitability
TANAMI EXPANSION 2 – INVESTING IN FUTURE GROWTH AND PROFITABILITY ▪ Delivering 1.5 km deep production shaft to support Tanami’s future as a long-life, low-cost producer through at least 2040 ▪ Overall progress: ~50% complete – Engineering: 99% – Procurement: 96% – Construction: 40% ▪ Key focus areas
Slide 17: Ghana Operations to Deliver ~1 Million Ounces in 2023
GHANA OPERATIONS TO DELIVER ~1 MILLION OUNCES IN 2023 DELIVERED STRONG Q4 PERFORMANCE ▪ Ahafo Mill achieved record throughput for the quarter ▪ Akyem delivered highest production month in 7 years STRONGLY POSITIONED FOR HIGHER OUNCES IN 2023 ▪ Ahafo’s Subika underground mining rates expected to cont
Slide 18: Ahafo North – Expanding Our Footprint in the Ahafo Complex
AHAFO NORTH – EXPANDING OUR FOOTPRINT IN THE AHAFO COMPLEX ▪ Delivering a greenfield mine with initial 13-year mine life, ~300koz average annual production and significant upside potential ▪ Overall progress: ~10% complete – Engineering: 95% – Procurement: 72% ▪ Gained land access in January 2023 ▪
Slide 19: Non-Managed Joint Ventures – 2022 Results & 2023 Outlook
NON-MANAGED JOINT VENTURES – 2022 RESULTS & 2023 OUTLOOK NEVADA GOLD MINES METRICS (38.5%) 2022A 2023E Gold Production (Koz) 1,169 1,190 – 1,310 Gold CAS ($/oz) $989 $850 – $950 Gold AISC ($/oz)* $1,220 $1,150 – $1,250 PUEBLO VIEJO METRICS (40%)** 2022A 2023E Gold Production (Koz) 285 315 – 345 *AIS
Slide 20: 2023 and Long-Term Outlook
2023 and CREATING VALUE & IMPROVING LIVES THROUGH SUSTAINABLE, Long-Term Outlook RESPONSIBLE MINING Tom Palmer, President & CEO FOURTH QUARTER 2022 RESULTS AND 2023 GUIDANCE NEWMONT CORPORATION 20
Slide 21: Strongly Positioned to Safely Deliver 2023
STRONGLY POSITIONED TO SAFELY DELIVER 2023 ATTRIBUTABLE GOLD GOLD COSTS GOLD ALL-IN PRODUCTION* APPLICABLE TO SALES SUSTAINING COSTS** 5.7 – 6.3Moz $870 – 970/oz $1,150 – 1,250/oz EXPLORATION & ADVANCED SUSTAINING CAPITAL DEVELOPMENT CAPITAL*** PROJECTS $475 – 525M $1.0 – 1.2B $1.2 – 1.4B Meaningful
Slide 22: Basis for Disciplined 2023 Outlook
BASIS FOR DISCIPLINED 2023 OUTLOOK PRICING ASSUMPTIONS AND SENSITIVITIES (as of February 23, 2023) PRICE CHANGE (-/+) FCF in $M (+/-) AISC in $/oz (-/+) Gold ($/oz) $1,700 $100 $400 $5 Australian Dollar $0.70 $0.05 $60 $15 Canadian Dollar $0.77 $0.05 $35 $10 Oil ($/bbl) $90 $10 $20 $5 Copper ($/lb)
Slide 23: Gold Production Expected to Be Naturally Weighted Toward H2
GOLD PRODUCTION EXPECTED TO BE NATURALLY WEIGHTED TOWARD H2 H1 2023 PROJECTED H2 2023 PROJECTED PRODUCTION PRODUCTION 45% 55% Q1 EXPECTATION – 21% OF 2023 GOLD PRODUCTION ▪ Strong H2 weighting at Ahafo and Cerro Negro due to mine sequence ▪ Closure of Tanami track expected to delay production from Q
Slide 24: Five-Year Outlook – Strong Gold Production & Improving Costs
FIVE-YEAR OUTLOOK – STRONG GOLD PRODUCTION & IMPROVING COSTS ATTRIBUTABLE GOLD PRODUCTION (Moz)* ALL-IN SUSTAINING COSTS ($/oz)** 7.0 $1,300 = Actual = Actual = Outlook (+/-5%) = Outlook (+/-5%) 6.5 $1,100 6.0 $900 5.5 $700 5.0 $500 4.5 4.0 $300 2022A 2023E 2024E 2025E 2026E 2027E 2022A 2023E 2024E
Slide 25: Capital Allocation Strategy
Capital Allocation Strategy CREATING VALUE & IMPROVING LIVES THROUGH SUSTAINABLE, Tom Palmer, President & CEO RESPONSIBLE MINING FOURTH QUARTER 2022 RESULTS AND 2023 GUIDANCE NEWMONT CORPORATION 25
Slide 26: Disciplined Capital Allocation Strategy
DISCIPLINED CAPITAL ALLOCATION STRATEGY MAINTAINING FINANCIAL FLEXIBILITY Sustain an Investment-Grade Balance Sheet with Strength & Flexibility BALANCED INVESTING IN SUSTAINABLE PRODUCTION CAPITAL ALLOCATION Reinvest in the Business to Improve Cash Margins Over the Long Term STRATEGY RETURNING CASH
Slide 27: The Industry's Strongest Balance Sheet
THE INDUSTRY’S STRONGEST BALANCE SHEET CASH AND SHORT-TERM NET DEBT TO TOTAL LIQUIDITY* BANK DEPOSITS* ADJUSTED EBITDA** $6.7B Cash Balance and Undrawn Revolving $3.7B Maintaining Strength During Time of 0.5x Substantially Below Target of Credit Facility Meaningful Reinvestment Less than 1.0x WEIGHT
Slide 28: Investing in Sustainable Production
INVESTING IN SUSTAINABLE PRODUCTION ANNUAL INVESTMENT ($B) AVERAGE ANNUAL INVESTMENT: ~$2.5B * $5.0 ▪ Sustaining capital: ~$1.0 – $1.2B per year Sustaining Capital (+/- 5%) Exploration and Advanced Projects (+/- 5%) ▪ Exploration & Advanced projects: ~$400 – $500M Development Capital (+/- 5%) Contri
Slide 29: Investment Delivers a Steady 10-Year Production Profile
INVESTMENT DELIVERS A STEADY 10-YEAR PRODUCTION PROFILE * INDICATIVE 10-YEAR PRODUCTION PROFILE (Attributable Moz per Year) 8 Total GEO Production** 7 Gold Production*** 6 5 4 3 2 1 - 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 ~6 Million Ounces of Gold per Year for the Next Decade with Upside
Slide 30: 2023 Dividend Payout Range Set Within Established Framework
2023 DIVIDEND PAYOUT RANGE SET WITHIN ESTABLISHED FRAMEWORK 2023 DIVIDEND PAYOUT RANGE* $2.00 – $3.00 $1.40 – $1.80 Q4 2022 Dividend $1.00 $1.00 $1.00 $1,400/oz $1,700/oz $2,000/oz Declared a Q4 Dividend of $0.40/share, Resulting in a Dividend Yield of ~3% *Investors are reminded that Newmont’s divi
Slide 31: Proposal to Combine with Newcrest
Proposal to Combine CREATING VALUE & IMPROVING LIVES THROUGH SUSTAINABLE, with Newcrest RESPONSIBLE MINING Tom Palmer, President & CEO FOURTH QUARTER 2022 RESULTS AND 2023 GUIDANCE NEWMONT CORPORATION 31
Slide 32: Newmont & Newcrest – A Powerful Value Proposition
NEWMONT & NEWCREST – A POWERFUL VALUE PROPOSITION The New World-Class Delivering Driving ESG STANDARD PORTFOLIO SYNERGIES CAPITAL ALLOCATION Annual Production of 8Moz of Gold & Proven Track Record of Newmont Newmont Returned $6.7B to Recognized Sustainability Leader 155ktonnes of Copper Team & Opera
Slide 33: Appendix
Appendix FOURTH QUARTER 2022 RESULTS AND 2023 GUIDANCE NEWMONT CORPORATION 33
Slide 34: 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 35: 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 ($20/oz price assumption) Silver
Slide 36: 2023 Outlook as of February 23, 2023
2023 Outlooka as of February 23, 2023 Consolidated Attributable Production Consolidated All-In Attributable Sustaining Attributable Development 2023 Outlook Production (Koz) (Koz) Consolidated CAS ($/oz) Sustaining Costsb ($/oz) Capital Expenditures ($M) Capital Expenditures ($M) CC&V 160 – 180 160
Slide 37: Adjusted Net Income (Loss)
Adjusted Net Income (Loss) Management uses Adjusted Net Income (Loss) to evaluate the Company’s operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted Net Income (Loss) allows investors and analysts to understand the results of the
Slide 38: EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA Management uses earnings before interest, taxes and depreciation and amortization (“EBITDA”) and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period (“Adjusted EBITDA”) as non-GAAP measures to evaluate th
Slide 39: Free Cash Flow
Free Cash Flow Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, p
Slide 40: 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 41: All-in Sustaining Costs
All-in Sustaining Costs Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, Newmont calculates All-In Sustaining Costs (“AISC”) based on the definition published by the
Slide 42: All-in Sustaining Costs
All-in Sustaining Costs Advanced Sustaining Projects, Capital and All-In Costs Research and Treatment Lease All-In Sustaining Three Months Ended Applicable to Reclamation Development and General and Other Expense, and Refining Related Sustaining Ounces Costs Per December 31, 2022 Sales(1)(2)(3) Cost
Slide 43: All-in Sustaining Costs
All-in Sustaining Costs Advanced Sustaining Projects, Capital and All-In Costs Research and Treatment Lease All-In Sustaining Year Ended Applicable to Reclamation Development and General and Other Expense, and Refining Related Sustaining Ounces Costs Per December 31, 2022 Sales(1)(2)(3) Costs(4) Exp
Slide 44: 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 45: 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 46: Endnotes
Endnotes Investors are encouraged to read the information contained in this presentation in conjunction with the most recent Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023. Investors are reminded that expectations regarding outlook and guidance, including futu
Slide 47: 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 48: 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 49: 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