NEWMONT Corp DE

Newmont has developed gold equivalent ounces ("GEO") metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead and zinc. Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price, using the metal prices in the table below:

(2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures, below.

(3)Sites acquired through the Newcrest transaction during the fourth quarter of 2023, and as such, the comparative results of operations information is not meaningful. Additionally, the Company suspended mining operations at the Brucejack site to conduct a full investigation into the tragic fatality that occurred on December 20, 2023. The site ramped up to full operations by the end of January 2024. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Newcrest transaction.

(4)In the second quarter of 2024, operations at Cerro Negro are currently suspended as a full investigation is conducted following the tragic fatalities of two members of the Newmont workforce on April 9, 2024.

(5)Sites are classified as held for sale as of March 31, 2024, and as such, the Company ceased recording depreciation and amortization at these sites in March 2024. Refer to Note 5 of the Condensed Consolidated Financial Statements for further discussion of our assets and liabilities held for sale.

(6)Subsequent to quarter end, seepage points were detected on the outer wall and around the tailings storage facility at Telfer and we have temporarily ceased placing new tailings on the facility as the incident is currently under investigation.

(7)All-in sustaining costs and Depreciation and amortization include expenses for Corporate and Other.

(8)For the three months ended March 31, 2024, Red Chris produced 11 million pounds of copper.

(9)For the three months ended March 31, 2024, Peñasquito produced 9 million ounces of silver, 61 million pounds of lead and 127 million pounds of zinc. For the three months ended March 31, 2023, Peñasquito produced 7 million ounces of silver, 41 million pounds of lead and 102 million pounds of zinc.

(10)For the three months ended March 31, 2024 and 2023, Boddington produced 20 million and 26 million pounds of copper, respectively.

(11)For the three months ended March 31, 2024, Cadia produced 47 million pounds of copper.

(12)For the three months ended March 31, 2024, Telfer produced 3 million pounds of copper.

(13)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 13 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.

(14)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 31.9% interest as at March 31, 2024, and is accounted for as an equity method investment on a quarter lag.

Three Months Ended March 31, 2024 compared to 2023

Peñasquito, Mexico. Gold production decreased 47% primarily due to lower ore grade milled, lower mill recovery, and lower mill throughput. Gold equivalent ounces - other metals production increased 29% primarily due to higher ore grade milled, partially offset by lower mill throughput. Costs applicable to sales per gold ounce decreased 29% primarily due to lower workers participation costs and lower co-product allocation of direct costs to gold, partially offset by lower gold ounces sold. Costs applicable to sales per gold equivalent ounce – other metals decreased 12% primarily due to higher gold equivalent ounces - other metals sold and lower workers participation costs, partially offset by higher co-product allocation of costs to the gold equivalent ounces - other metals. Depreciation and amortization per gold ounce decreased 9% primarily due to lower depreciation rates as a result of lower gold ounces mined, partially offset by lower gold ounces sold. Depreciation and amortization per gold equivalent ounces – other metals increased 11% primarily due to higher depreciation rates as a result of higher gold equivalent ounces - other metals mined, partially offset by higher gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce decreased 30% primarily due to lower Costs applicable to sales per gold ounce and lower sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals decreased 18% primarily due to lower Costs applicable to sales per gold equivalent ounce and lower sustaining capital spend.

Merian, Suriname. Gold production decreased 7% primarily due to lower ore grade milled as a result of changes in mine sequencing, partially offset by higher mill throughput. Costs applicable to sales per gold ounce increased 19% primarily due to lower gold ounces sold and higher labor costs. Depreciation and amortization per gold ounce increased 24% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 24% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.

Cerro Negro, Argentina. Gold production increased 21% primarily due to higher ore grade milled, partially offset by lower mill throughput. Costs applicable to sales per gold ounce decreased 25% primarily due to higher gold ounces sold and lower export duties, partially offset by higher materials costs. Depreciation and amortization per gold ounce decreased 21% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 19% primarily due to lower Costs applicable to sales per gold ounce.

Yanacocha, Peru. Gold production increased 63% primarily due to higher leach pad production as a result of higher grade. Costs applicable to sales per gold ounce decreased 9% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce decreased 16% primarily due to higher gold ounces sold.

Boddington, Australia. Gold production decreased 29% primarily due to lower ore grade milled and lower mill throughput. Gold equivalent ounces – other metals production decreased 23% primarily due to lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 21% primarily due to lower gold ounces sold and higher materials and contracted services costs, partially offset by a favorable Australian dollar foreign currency exchange rate. Costs applicable to salesper gold equivalent ounce – other metals sold increased 16% primarily due to lower gold equivalent ounces - other metals sold and higher materials and contracted services costs, partially offset by a favorable Australian dollar foreign currency exchange rate. Depreciation and amortization per gold ounce increased 28% primarily due to lower gold ounces sold and higher depreciation rates. Depreciation and amortization per gold equivalent ounce – other metals increased 27% primarily due to lower gold equivalent ounces - other metals sold and higher depreciation rates. All-in sustaining costs per gold ounce increased 20% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend. All-in sustaining costs per gold equivalent ounce – other metals increased 6% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals sold, partially offset by lower sustaining capital spend.

Tanami, Australia. Gold production increased 43% primarily due to higher mill throughput in the current year as a result of the Tanami rainfall event in the prior year. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce decreased 6% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 6% primarily due to higher gold ounces sold.

Ahafo, Ghana. Gold production increased 48% primarily due to higher ore grade milled. Costs applicable to sales per gold ounce decreased 13% primarily due to higher gold ounces sold, partially offset by higher third party royalties and higher contracted services and labor costs. Depreciation and amortization per gold ounce decreased 8% primarily due to higher gold ounces sold, partially offset by higher depreciation rates as a result of higher gold ounces mined and asset additions. All-in sustaining costs per gold ounce decreased 26% primarily due to lower sustaining capital spend and lower Costs applicable to sales per gold ounce. In February 2023, there was a failure from one of the primary crusher conveyors that feed the mill stockpile. During the third quarter of 2023, the conveyor was rebuilt and fully commissioned. During 2023, we collected $11 in business interruption insurance proceeds as a result of the event. During 2024, we collected additional business interruption proceeds of $10 during the first quarter, with the remainder expected to be received in the second quarter of 2024. We expect additional insurance proceeds to be received during the second quarter of 2024. Additionally, in June 2023, damage was discovered in the SAG mill girth gear that has required the plant to operate at less than full capacity. The Company expects to replace the damaged gear in the second quarter of 2024.

NGM, U.S. Attributable gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 6% primarily due to lower gold ounces sold at Turquoise Ridge and Cortez and higher surface mining costs at Cortez. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce increased 12% primarily due to higher Costs applicable to sales per gold ounce and sustaining capital spend at Carlin.

CC&V, U.S. Gold production decreased 42% primarily due to lower leach pad production as a result of lower recoveries and lower ore tonnes mined. Costs applicable to sales per gold ounce increased 31% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 22% primarily due to cessation of depreciation and amortization in March 2024 as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 26% primarily due to higher Costs applicable to sales per gold ounce.

Musselwhite, Canada. Gold production increased 20% primarily due to higher ore grade milled. Costs applicable to sales per gold ounce decreased 11% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 14% primarily due to cessation of depreciation and amortization in March 2024 as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 5% primarily due to higher sustaining capital spend, partially offset by lower Costs applicable to sales per gold ounce.

Porcupine, Canada. Gold production decreased 8% primarily due to lower ore grade milled partially offset by higher mill throughput. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce decreased 17% primarily due to cessation of depreciation and amortization in March 2024 as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce were generally in line with the prior year.

Éléonore, Canada. Gold production decreased 15% primarily due to lower ore grade milled. Costs applicable to sales per gold ounce increased 32% primarily due to lower gold ounces sold and higher labor and contracted services costs. Depreciation and amortization per gold ounce decreased 11% primarily due to cessation of depreciation and amortization in March 2024 as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 35% primarily due to higher Costs applicable to sales per gold ounce.

Akyem, Ghana. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 24% primarily due to a drawdown of stockpile inventory and lower gold ounces sold. Depreciation and amortization per gold ounce increased 7% primarily due to higher depreciation from a drawdown of inventory and lower gold ounces sold, partially offset by cessation of depreciation and amortization in March 2024 as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 18% primarily due to higher Costs applicable to sales per gold ounce.

Pueblo Viejo, Dominican Republic. Attributable gold production decreased 10% primarily due lower mill recovery associated with the commissioning of the mill expansion, and a buildup of in-circuit inventory compared to a drawdown in the prior year, partially offset by higher ore grade milled. Refer to Note 13 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.