Slide 1: Investor Presentation First Quarter 2024
Investor Presentation First Quarter 2024 INVESTOR PRESENTATION – Q1 2024 NEWMONT CORPORATION 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements, Including Outlook
Cautionary Statement Regarding Forward Looking Statements, Including 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 to
Slide 3: The Industry's Leading Gold and Copper Business
The Industry’s Leading Gold and Copper Business* 10 Tier 1 Operations ** $1,200 All-in Sustaining Costs ** 6 World-Class Copper-Gold Projects $1.3B Annual Development Capital ** $1/share Annualized Base Dividend ** $1B Share Repurchase Program ** *Referring to the gold industry, based on gold and co
Slide 4: Delivering on Our Clear and Consistent Strategy
Delivering on Our Clear and Consistent Strategy Transaction Commitments Today Current Focus The New SUSTAINABILITY STANDARD Newmont Leaders at Each Site Implementing Fatality Risk Management Program* 10 Tier 1 Operations* Delivering >$2B Cash from Portfolio Optimization World-Class PORTFOLIO 6 Antic
Slide 5: Go-Forward Portfolio Focused on Tier 1 Operations
Go-Forward Portfolio Focused on Tier 1 Operations TIER 1 OPERATIONS** NORTH AMERICA Carlin* Cortez* 10 Turquoise Ridge* Leading portfolio of Tier 1 assets to support decades Brucejack of profitable and responsible gold Red Chris AFRICA WORLD-CLASS COPPER-GOLD PROJECTS Ahafo South PAPUA NEW GUINEA LA
Slide 6: Underpinned By Industry-Leading Reserves & Resources
Underpinned By Industry-Leading Reserves & Resources Africa 6% South America 32% North America South America Papua New 15% Guinea 38% 19% Gold Australia Copper 22% 128 Moz RESERVES * 14 Mt RESERVES * + + 155 Moz RESOURCES ** 26 Mt RESOURCES ** Australia Papua New Guinea 21% 25% North America 22% *Fo
Slide 7: Six World Class Copper-Gold Projects
Six World Class Copper-Gold Projects RED CHRIS BLOCK CAVE WAFI-GOLPU BLOCK CAVE YANACOCHA SULFIDES British Columbia Papua New Guinea Peru 2.2Mtonnes Copper Reserves & Resources 4.0Mtonnes Copper Reserves & Resources 1.2Mtonnes Copper Reserves & Resources 7.8Moz Gold Reserves & Resources 12.6Moz Gold
Slide 8: Shareholder-Focused Capital Allocation Strategy
Shareholder-Focused Capital Allocation Strategy 1 Financial Flexibility ~$7.0B ~$3.0B ~$8.0B TARGET LIQUIDITY* TARGET CASH* TARGET DEBT BALANCE** 2 Sustainable Investment ~$1.3B ANNUAL DEVELOPMENT CAPITAL*** 3 Return of Capital $1/share $1.0B ANNUALIZED BASE DIVIDEND* SHARE-REPURCHASE PROGRAM** Subj
Slide 9: 2023 Results
Newmont 2023 RESULTS INVESTOR PRESENTATION – Q1 2024 NEWMONT CORPORATION 9
Slide 10: 2023 Summary
2023 Summary ATTRIBUTABLE GOLD GOLD ALL-IN FREE CASH FLOW ** PRODUCTION * SUSTAINING COSTS ** 5.5Moz $1,444/oz $88M Plus 891koz of Gold Equivalent Ounces from In line with updated full-year guidance, driven by Includes $513M negative working capital changes and copper, silver, lead and zinc** strong
Slide 11: 2024 and Long-Term Outlook
Newmont 2024 AND LONG-TERM OUTLOOK INVESTOR PRESENTATION – Q1 2024 NEWMONT CORPORATION 11
Slide 12: Integrate and Deliver in 2024
Integrate and Deliver in 2024 TANAMI BODDINGTON PEÑASQUITO Maximize Material Movement Progress Laybacks and Improve Progress Gold Layback and Deliver from Deeper Underground Truck Productivity Strong Silver, Lead and Zinc AHAFO CADIA LIHIR Replace Girth Gear and Increase Complete Next Block Cave and
Slide 13: Tier 1 Assets Realizing Full Potential
Tier 1 Assets Realizing Full Potential TANAMI BODDINGTON PEÑASQUITO Efficient Access to Prolific Ore Body at Higher Gold and Copper Grades Higher Proportion of Gold in the Depth from Tanami Expansion 2 from both the North and South Silver, Lead and Zinc Mix at this Production Shaft Pits at this full
Slide 14: Go-Forward Portfolio Delivers Solid 2024 Outlook
Go-Forward Portfolio Delivers Solid 2024 Outlook* Tier 1 Portfolio* Managed Non-Managed Portfolio Non-Core Operations Operations** Total Assets ATTRIBUTABLE GOLD PRODUCTION 4.1 1.5 5.6 1.3 (Moz) A T T RIB UT A B LE CO-PRODUCT GEO PRODUCTION 1.9 – 1.9 0.05 (Moz) GOLD ALL-IN SUSTAINING COST *** $1,250
Slide 15: Managed Tier 1 Portfolio Drives High Value Growth
Managed Tier 1 Portfolio Drives High Value Growth ATTRIBUTABLE GOLD EQUIVALENT (GEO) PRODUCTION * Moz 8.3M 10.0 Gold Equivalent Ounces in 2028E ** 6.7Moz z Gold 8.0 145kt z Copper 6.0 25Moz z Silver 4.0 85kt z Lead 2.0 165kt z Zinc - 2023 NEM + 2024E 2025E 2026E 2027E 2028E NCM**** 2kt z Molybdenum
Slide 16: Margin Expansion Drives Free Cash Flow Growth
Margin Expansion Drives Free Cash Flow Growth ALL-IN SUSTAINING COSTS* DEVELOPMENT CAPITAL $/oz $B $1,400 $1.5 $1,200 $1.0 $1,000 $0.5 $800 $- 2023 NEM + 2024E 2025E 2026E 2027E 2028E 2023 NEM + 2024E 2025E 2026E 2027E 2028E NCM** NCM** Reducing Costs and Maintaining Capital Discipline *All-In Susta
Slide 17: Basis For Disciplined 2024 Outlook
Basis For Disciplined 2024 Outlook PRICING ASSUMPTIONS AND SENSITIVITIES (as of February 22, 2024) ASSUMPTION CHANGE (-/+) REVENUE AND COST IMPACTS ($M)** Tier 1 Portfolio Total Newmont Gold ($/oz) $1,900 $100 $550 $675 Australian Dollar $0.70 $0.05 $150 $190 Canadian Dollar $0.75 $0.05 $40 $100 Oil
Slide 18: Delivering $500M of Synergies by End of 2025
Delivering $500M of Synergies by End of 2025* Realized Identified $200M $500M $200M $100M G&A SUPPLY CHAIN FULL POTENTIAL TOTAL SYNERGIES ▪ $42M of synergies realized in ▪ $7M in synergies realized ▪ Increasing mining and ▪ $49M in synergies realized Q4 2023 during Q4 2023 processing productivity du
Slide 19: Continuous Improvement
Newmont CONTINUOUS IMPROVEMENT INVESTOR PRESENTATION – Q1 2024 NEWMONT CORPORATION 19
Slide 20: Operating Model Drives Continuous Improvement
Operating Model Drives Continuous Improvement DIAGNOSE DESIGN DELIVER REFRESH Proven integrated operating model with deep bench of experienced leaders and technical experts Robust governance structure drives stable, predictable, and sustainable performance Full Potential program engrained in Newmont
Slide 21: Established Operations Support Networks (OSNS)
Established Operations Support Networks (OSNS) Monitor Coach Intervene Sustain Supporting operations through centralized network of world- class subject matter experts Providing expert data and analytics through a consistent ASSET platform to produce improved performance at operations MINING PROCESS
Slide 22: Projects in Execution
Newmont PROJECTS IN EXECUTION INVESTOR PRESENTATION – Q1 2024 NEWMONT CORPORATION 22
Slide 23: Ahafo North: Best Unmined Deposit in West Africa
Ahafo North: Best Unmined Deposit in West Africa ▪ Open pit mine, stand-alone mill for processing 4.1Mozs of Reserve and 1.3 Mozs of Resource ▪ 13-year mine life with ~300koz of average annual production over the first five years (2026 – 2030) ▪ First five-year CAS of $600-$700/oz and AISC of $800-
Slide 24: Cadia Block Caves: Two Panel Caves in Execution
Cadia Block Caves: Two Panel Caves in Execution ▪ Two caves to recover 5.9 Mozs of gold Reserves and 1.3 Mtonnes of copper Reserves ▪ First ore has been delivered from the first panel cave (PC2- 3), and development is underway at the second panel cave (PC1-2) ▪ The newly-acquired project is currentl
Slide 25: Tanami Expansion 2: Investing In Future Profitability
Tanami Expansion 2: Investing In Future Profitability ▪ Delivers a 1.5km deep production shaft, reducing operating costs by ~30% through efficiency improvements ▪ Enables future processing of ~3.3Mtonnes of ore per year ▪ Annual production increase of 150koz – 200koz for the first five full years, b
Slide 26: Expanding the Cerro Negro District in Argentina
Expanding the Cerro Negro District in Argentina ▪ The project is expected to improve annual production to ~350 Koz and extends mine life beyond 2030 ▪ The first expansion includes the development of Marianas and Eastern districts, unlocking value through shared resources ▪ Highly prospective and und
Slide 27: Sustainability
Newmont SUSTAINABILITY INVESTOR PRESENTATION – Q1 2024 NEWMONT CORPORATION 27
Slide 28: The Gold Sector's Recognized Sustainability Leader
The Gold Sector’s Recognized Sustainability Leader SAM S&P (DJSI) SUSTAINALYTICS TRANSPARENCY CLIMATE 100% 22 #1 A- Percentile ranking global ESG Risk Rating measures exposure and Most transparent company in CDP Climate Scores reflective of metals and mining sector management of material ESG risks*
Slide 29: Significant Milestones in Our Sustainability Journey
Significant Milestones in Our Sustainability Journey 2001 2004 2007 2013 2016 2020 Founding member Established Safety Appointed Adopted Conflict-Free Sustainability and Implementing Global of ICMM & Sustainability Company’s first Gold Standard safety targets Industry Standard on Board committee Chie
Slide 30: Committed to Leading ESG Practices
Committed to Leading ESG Practices DEMONSTRATING NEWMONT’S DEDICATION TO ACCOUNTABILITY AND TRANSPARENCY Launched 19th Annual Sustainability Report in April 2023, a transparent review of ESG performance and the issues and metrics that matter most to stakeholders Published 3rd Annual Climate Report i
Slide 31: Governance Underpins Sustainability Strategy
Governance Underpins Sustainability Strategy SUSTAINABILITY GOVERNANCE AT NEWMONT SHORT-TERM INCENTIVE PLAN Board of Directors ▪ Oversight, advice and counsel on key sustainability matters ▪ Dedicated Safety & Sustainability Committee 20% Health Environment, and Safety Sustainability & Governance Ex
Slide 32: Broad Management Experience
Broad Management Experience EXECUTIVE LEADERSHIP TEAM BOARD OF DIRECTORS Tom Palmer Natascha Viljoen Karyn Ovelmen Greg Boyce, Chair Bruce R. Brook Maura Clark René Médori Julio M. Quintana President and CEO Chief Operating Officer Chief Financial Officer Peter Toth Dean Gehring Suzy Retallack Susan
Slide 33: Appendix
Newmont APPENDIX INVESTOR PRESENTATION – Q1 2024 NEWMONT CORPORATION 33
Slide 34: Nevada Joint Venture Processes
Nevada Joint Venture Processes For contributing excluded assets Four Mile (Barrick), Fiberline (Newmont) and Mike (Newmont): ▪ Party that owns asset has obligation to contribute upon completion of successful Feasibility Study, which requires a project IRR of at least 15% ▪ Feasibility Study must be
Slide 35: 2024 Outlook by Site as of February 22, 2024
2024 Outlooka by Site as of February 22, 2024 Attributable Consolidated Attributable Development Consolidated Attributable Consolidated CAS All-In Sustaining Sustaining Capital Capital 2024 Outlook Production (Koz) Production (Koz) ($/oz) Costsb ($/oz) Expenditures ($M) Expenditures ($M) Managed Tie
Slide 36: 2024 Consolidated Expense and Capital Outlook
2024 Consolidated Expense and Capital Outlook GUIDANCE METRIC 2024E Sustaining Capital ($M) Managed Tier 1 Portfolio $1,210 Non-Managed Tier 1 Portfolio $290 Total Tier 1 Portfolio $1,500 Non-Core Assets $300 Total Newmont Sustaining Capital* $1,800 Development Capital ($M) Managed Tier 1 Portfolio
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 Projects, Sustaining Costs Research and Treatment Capital and All-In Applicable Development Other and Lease All-In Ounces Sustaining Three Months Ended to Reclamation and General and Expense, Refining Related Sustaining (000) Costs Per December 31, 2023 Sales(1)(2)(3
Slide 43: All-in Sustaining Costs
All-in Sustaining Costs Advanced Projects, Sustaining Costs Research and Treatment Capital and All-In Applicable Development and Lease All-In Ounces Sustaining Year Ended to Reclamation and General and Other Refining Related Sustaining (000) Costs Per December 31, 2023 Sales(1)(2)(3) Costs(4) Explor
Slide 44: Gold All-in Sustaining Costs - 2024 Outlook
Gold All-in Sustaining Costs - 2024 Outlook A reconciliation of the 2024 Gold AISC outlook to the 2024 Gold CAS outlook are 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 Se
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-Q for the quarter ended September 30, 2023 filed with the SEC on October 26, 2023. Investors are reminded that expectations regarding outlook and guidance, including f
Slide 47: Endnotes
Endnotes Full Potential. Full Potential improvement value creation is considered an operating measure provided for illustrative purposes, and should not be considered a GAAP or non-GAAP financial measures. Full Potential amounts are estimates utilized by management that represent estimated cumulativ
Slide 48: Endnotes
Endnotes EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are a non-GAAP financial measures. EBITDA is calculated as Earnings before interest, taxes and depreciation and amortization. For management’s EBITDA and Adjusted EBITDA calculations and reconciliation to the nearest GAAP metric, please