NEWMONT Corp DE

Previous wording

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(dollars in millions, except per share, per ounce and per pound amounts)

Current wording

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Previous wording

Newmont is the world’s leading gold company and is the only gold company included in the S&P 500 Index and the Fortune 500 list of companies. We have been included in the Dow Jones Sustainability Index-World since 2007 and have adopted the World Gold Council’s Conflict-Free Gold Policy. Since 2015, Newmont has been ranked as the mining and metal sector's top gold miner by the S&P Global Corporate Sustainability Assessment. Newmont was ranked the top miner in 3BL Media’s 100 Best Corporate Citizens list which ranks the 1,000 largest publicly traded U.S. companies on ESG transparency and performance since 2020. We are primarily engaged in the exploration for and acquisition of gold properties, some of which may contain copper, silver, lead, zinc or other metals. We have significant operations and/or assets in the U.S., Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana. Our goal is to create value and improve lives through sustainable and responsible mining.

Current wording

Newmont is the world’s leading gold company and is the only gold company included in the S&P 500 Index and the Fortune 500 list of companies. We have been included in the Dow Jones Sustainability Index-World since 2007 and have adopted the World Gold Council’s Conflict-Free Gold Policy. In June 2024, was named as the only miner in TIME’s top 100 green firms ranking. Since 2015, Newmont has been ranked as the mining and metal sector's top gold miner by the S&P Global Corporate Sustainability Assessment. Newmont was ranked the top miner in 3BL Media’s 100 Best Corporate Citizens list which ranks the 1,000 largest publicly traded U.S. companies on ESG transparency and performance since 2020. We are primarily engaged in the exploration for and acquisition of gold properties, some of which may contain copper, silver, lead, zinc or other metals. We have significant operations and/or assets in the U.S., Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana. Our goal is to create value and improve lives through sustainable and responsible mining.

Previous wording

In February 2024, based on a comprehensive review of the Company’s portfolio of assets, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project. The non-core assets to be divested include CC&V, Musselwhite, Porcupine, Éléonore, Telfer, Akyem, and a development project in Canada. In February 2024, the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as held for sale in the first quarter of 2024, based on progress made through our active sales program and management’s expectation that the sale is probable and will be completed within 12 months. These assets were recorded at the lower of the carrying value or fair value, less costs to sell, resulting in a write-down of $352. The write-down resulted in a tax impact of $133, resulting in a total loss of $485 recognized for the three months ended March 31, 2024 within Loss on assets held for sale. For further information, refer to Note 5 to the Condensed Consolidated Financial Statements.

Current wording

In February 2024, based on a comprehensive review of the Company’s portfolio of assets, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project. The non-core assets to be divested include CC&V, Musselwhite, Porcupine, Éléonore, Telfer, Akyem, and a development project in Canada. In February 2024, the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as held for sale in the first quarter of 2024, based on progress made through our active sales program and management’s expectation that the sale is probable and will be completed within 12 months. While the Company remains committed to a plan to sell these assets for a fair price, there is a possibility that the assets held for sale may exceed one year due to events or circumstances beyond the Company's control. Upon meeting the requirements to be presented as held for sale, the six non-core assets and the development project were recorded at the lower of the carrying value or fair value, less costs to sell, and will be periodically valued until sale occurs. As a result, a write-down of $157 and $509 was recognized for the three and six months ended June 30, 2024, respectively, within Loss on assets held for sale, resulting in an aggregate net book value of $2,965 at June 30, 2024. The write-down resulted in a tax impact of $89 and $222 for the three and six months ended June 30, 2024, respectively, resulting in a total loss of $246 and $731 recognized for the three and six months ended June 30, 2024, respectively, within Loss on assets held for sale. For further information, refer to Note 5 to the Condensed Consolidated Financial Statements.

Previous wording

Costs applicable to sales per gold ounce

Current wording

Excluding the impact of sites acquired in the Newcrest transaction, the increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the three months ended June 30, 2024, compared to the same period in 2023, at sites held in the prior period was primarily due to an increase in Sales, resulting from higher average realized prices for all metals, and lower Depreciation and amortization. This increase was partially offset by the Loss on assets held for sale of $246 and an increase in Costs applicable to sales.

Previous wording

The decrease in Net income (loss) from continuing operations attributable to Newmont stockholders for the three months ended March 31, 2024, compared to the same period in 2023, is primarily due to the Loss on assets held for sale of $485 and an increase in Costs applicable to sales in the current period (refer below for information on the change in Costs applicable to sales). This decrease was partially offset by (i) an increase in Sales resulting from higher sales volumes for all metals and a higher average realized price for gold (refer below for information on the change in Sales), (ii) an increase to attributable net income of $224 related to the acquired Newcrest sites, and (iii) higher production at Tanami as compared to the prior period due to significant rainfall and flooding in the Northern Territory and surrounding areas in early 2023 ("Tanami rainfall event").

Current wording

Excluding the impact of sites acquired in the Newcrest transaction, the increase in Net income (loss) from continuing operations attributable to Newmont stockholders for the six months ended June 30, 2024, compared to the same period in 2023, at sites held in the prior period was primarily due to an increase in Sales resulting from higher average realized prices for all metals and higher sales volumes for gold, silver, lead, and zinc, partially offset by the Loss on assets held for sale of $731 and an increase in Costs applicable to sales.

Previous wording

Sales increased during the three months ended March 31, 2024, compared to the same period in 2023, by $1,344. Of the $3,341 of gold sales and $297 of copper sales in 2024, $772 and $220, respectively, were attributable to sites acquired in the Newcrest transaction. Excluding the impact of these sites, gold sales increased $266 (12%) and copper sales decreased $33 (30%).

Current wording

Sales increased during the three months ended June 30, 2024, compared to the same period in 2023, by $1,719 primarily due to an increase in gold and copper sales of $1,243 and $295, respectively. Of the gold and copper sales increases, $849 and $291 were attributable to sites acquired in the Newcrest transaction, respectively.

Previous wording

The increase in Costs applicable to sales during the three months ended March 31, 2024, compared to the same period in 2023, is primarily due to the impact of sites acquired in the Newcrest transaction, which contributed $509 to Costs applicable to sales.

Current wording

The increase in Costs applicable to sales for the three and six months ended June 30, 2024, compared to the same periods in 2023, is primarily due to the impact of sites acquired in the Newcrest transaction, which contributed $505 and $1,014, respectively, to Costs applicable to sales.

Previous wording

The increase in Costs applicable to sales during the three months ended March 31, 2024, compared to the same period in 2023, was further impacted by (i) a drawdown of inventory at Peñasquito, Yanacocha, NGM, Akyem, and Ahafo, (ii) higher royalties at Ahafo, and (iii) higher direct operating costs at Tanami driven by higher production in the current year due to the Tanami rainfall event in 2023. These increases were partially offset by a decrease in Costs applicable to sales during the three months ended March 31, 2024, compared to the same period in 2023, primarily at Boddington due to lower production.

Current wording

The increase in Costs applicable to salesfor the three and six months ended June 30, 2024, compared to the same periods in 2023, was further impacted by a drawdown of inventory and higher royalties at Ahafo and Akyem and higher contracted services and labor costs at Ahafo, partially offset by a decrease in Costs applicable to sales at Boddington due to lower production and at Cerro Negro as a result of suspending mining at the site due to the tragic fatalities during the second quarter.

Previous wording

The increase in Depreciation and amortization during the three months ended March 31, 2024, compared to the same period in 2023, is primarily due to the impact of sites acquired in the Newcrest transaction, which contributed $145 to Depreciation and amortization.

Current wording

The increase in Depreciation and amortizationfor the three and six months ended June 30, 2024, compared to the same periods in 2023, is primarily due to the impact of sites acquired in the Newcrest transaction, which contributed $163 and $308, respectively, to Depreciation and amortization.

Previous wording

The increase in Depreciation and amortization during the three months ended March 31, 2024, compared to the same periods in 2023, is further impacted by (i) higher depreciation rates as a result of higher ounces mined at Peñasquito and Ahafo and (ii) inventory draw-downs at Yanacocha. These increases were partially offset by a decrease in Depreciation and amortization related to the cessation of depreciation in March 2024 for sites classified as held for sale. Refer to Note 5 of the Condensed Consolidated Financial Statements for further discussion of held for sale.

Current wording

The increase in Depreciation and amortizationfor the three and six months ended June 30, 2024, compared to the same periods in 2023, is further impacted by higher depreciation rates as a result of (i) higher ounces mined at Peñasquito in the current year due to the Peñasquito labor strike in 2023 and (ii) higher ounces mined and asset additions at Ahafo. For the six months ended June 30, 2024, Depreciation and amortization also increased as a result of a drawdown of inventory at Yanacocha. These increases were partially offset by a decrease in Depreciation and amortization related to the cessation of depreciation beginning in March 2024 for sites classified as held for sale and a decrease at Cerro Negro as a result of suspending operations. Refer to Note 5 of the Condensed Consolidated Financial Statements for further discussion of held for sale.

Previous wording

Advanced projects, research and development expense was $53 and $35 during the three months ended March 31, 2024 and 2023, respectively. The increase during the three months ended March 31, 2024, compared to the same period in 2023 is primarily due to full potential spend at the sites acquired through the Newcrest transaction.

Current wording

Advanced projects, research and development expense was $49 and $44 during the three months ended June 30, 2024 and 2023, respectively, and $102 and $79 during the six months ended June 30, 2024 and 2023, respectively. The increase during the three and six months ended June 30, 2024, compared to the same periods in 2023 is primarily due to full potential spend at the sites acquired through the Newcrest transaction.

Previous wording

General and administrative expense was $101 and $74 during the three months ended March 31, 2024, and 2023, respectively. The increase during the three months ended March 31, 2024, compared to the same period in 2023 is primarily due to consulting and other charges related to the Newcrest transaction.

Current wording

General and administrative expense was $100 and $71 during the three months ended June 30, 2024, and 2023, respectively, and $201 and $145 during the six months ended June 30, 2024 and 2023, respectively. The increase during the three and six months ended June 30, 2024, compared to the same periods in 2023 is primarily due to an increase in consulting and other charges resulting from the Newcrest transaction.

Previous wording

Interest expense, net was $93 and $65 during the three months ended March 31, 2024 and 2023, respectively. Interest expense, net increased during the three months ended March 31, 2024, compared to the same period in 2023 primarily as a result of the senior notes acquired through the Newcrest transaction.

Current wording

Interest expense, net was $103 and $49 during the three months ended June 30, 2024 and 2023, respectively, and $196 and $114 during the six months ended June 30, 2024 and 2023, respectively. Interest expense, net increased during the three and six months ended June 30, 2024, compared to the same periods in 2023 primarily as a result of the increase to Debt largely due to the $2,000 unsecured senior notes issued in March 2024 and the senior notes acquired through the Newcrest transaction.

Previous wording

Income and mining tax expense (benefit) was $260 and $213 during the three months ended March 31, 2024 and 2023, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the USD and foreign currencies; and (vii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 10 of the Condensed Consolidated Financial Statements for further discussion of income taxes.

Current wording

Income and mining tax expense (benefit) was $191 and $163 during the three months ended June 30, 2024 and 2023, respectively, and $451 and $376 during the six months ended June 30, 2024 and 2023, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the USD and foreign currencies; and (vii) the impact of specific transactions and assessments. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 10 of the Condensed Consolidated Financial Statements for further discussion of income taxes.

Previous wording

(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.

Current wording

(4)In the second quarter of 2024, the Company suspended operations at Cerro Negro to conduct a full investigation into the tragic fatalities of two members of the Newmont workforce on April 9, 2024. The site ramped up to full operations in June 2024.

Previous wording

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

Current wording

(8)For the three months ended June 30, 2024, Red Chris produced 14 million pounds of copper.

Previous wording

(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.

Current wording

(9)For the three months ended June 30, 2024, Peñasquito produced 8 million ounces of silver, 44 million pounds of lead and 144 million pounds of zinc. For the three months ended June 30, 2023, Peñasquito produced 6 million ounces of silver, 45 million pounds of lead and 78 million pounds of zinc.

Previous wording

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

Current wording

(10)For the three months ended June 30, 2024 and 2023, Boddington produced 22 million and 26 million pounds of copper, respectively.

Previous wording

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

Current wording

(12)For the three months ended June 30, 2024, Telfer produced — million pounds of copper.

Previous wording

(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.

Current wording

(14)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 32.0% interest as at June 30, 2024, and is accounted for as an equity method investment on a quarter lag.

Previous wording

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.

Current wording

Merian, Suriname. Gold production increased 13% primarily due to a drawdown of in-circuit inventory in the current year compared to a buildup in the prior year and higher mill throughput, partially offset by lower ore grade milled as a result of changes in mine sequencing. Costs applicable to sales per gold ounce were generally in line the with prior year. Depreciation and amortization per gold ounce increased 7% primarily due to drawdown of inventory, partially offset by higher ounces sold. All-in sustaining costs per gold ounce increased 8% primarily due to higher sustaining capital spend.

Previous wording

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.

Current wording

Yanacocha, Peru. Gold production increased 20% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce decreased 16% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 11% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce decreased 12% primarily due to lower Costs applicable to sales per gold ounce.

Previous wording

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.

Current wording

Ahafo, Ghana. Gold production increased 34% primarily due to higher ore grade milled and higher mill throughput. Costs applicable to sales per gold ounce increased 7% primarily due to a drawdown of stockpile inventory, higher third party royalties and higher contracted services and labor costs, partially offset by higher gold ounces sold. Depreciation and amortization per gold ounce were generally in line with the prior year. All-in sustaining costs per gold ounce decreased 9% primarily due to lower sustaining capital spend, partially offset by higher 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, and our final proceeds of $3 during the second quarter. 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 replaced the damaged gear during the second quarter of 2024.

Previous wording

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.

Current wording

Éléonore, Canada. Gold production increased 27% primarily due to higher mill throughput, partially offset by lower ore grade milled. Costs applicable to sales per gold ounce decreased 5% primarily due to higher gold ounces sold, and higher materials and contracted services costs. Depreciation and amortization per gold ounce decreased 93% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce decreased 14% primarily due to lower sustaining capital spend and lower Costs applicable to sales per gold ounce.

Previous wording

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.

Current wording

Akyem, Ghana. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 58% primarily due to higher third party royalties, drawdown of stockpile inventory and lower gold ounces sold, partially offset by lower contracted services cost. Depreciation and amortization per gold ounce decreased 56% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 34% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.

Previous wording

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.

Current wording

Pueblo Viejo, Dominican Republic. Attributable gold production was generally in line with the prior year. Refer to Note 13 of the Condensed Consolidated Financial Statements for further discussion of our equity method investments.

Previous wording

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.

Current wording

Peñasquito, Mexico. Gold production decreased 11% primarily due to lower mill recovery and lower ore grade milled, partially offset by higher mill throughput. Gold equivalent ounces - other metals production increased 35% primarily due to higher ore grade milled and higher mill throughput. Costs applicable to sales per gold ounce decreased 18% primarily due to lower materials costs, lower inventory write-downs in the current year and lower workers participation costs, partially offset by higher energy, labor and contracted services costs. Costs applicable to sales per gold equivalent ounce – other metals decreased 18% primarily due to higher gold equivalent ounces - other metals sold in the current year as a result of the Peñasquito labor strike in the prior year, lower inventory write-downs in the current year and lower workers participation costs, partially offset by higher energy, labor and contracted services costs, higher selling costs and higher third party royalties. Depreciation and amortization per gold ounce were generally in line with the prior year. Depreciation and amortization per gold equivalent ounces – other metals were generally in line with the prior year. All-in sustaining costs per gold ounce decreased 20% 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 23% primarily due to lower Costs applicable to sales per gold equivalent ounce - other metals and lower sustaining capital spend.

Previous wording

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.

Current wording

Yanacocha, Peru. Gold production increased 40% primarily due to higher leach pad production as a result of higher injection leaching and higher grade. Costs applicable to sales per gold ounce decreased 13% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce were generally in line with the prior year. All-in sustaining costs per gold ounce decreased 14% primarily due to lower Costs applicable to sales per gold ounce.

Previous wording

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.

Current wording

Boddington, Australia. Gold production decreased 29% primarily due to lower ore grade milled and lower mill throughput. Gold equivalent ounces – other metals production decreased 21% primarily due to lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 26% primarily due to lower gold ounces sold. Costs applicable to salesper gold equivalent ounce – other metals sold increased 25% primarily due to lower gold equivalent ounces - other metals sold. Depreciation and amortization per gold ounce increased 35% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 35% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 24% 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 17% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals, partially offset by lower sustaining capital spend.

Previous wording

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.

Current wording

NGM, U.S. Attributable gold production decreased 6% primarily due to lower ore grade milled and lower leach pad production at Cortez, and lower mill throughput at Turquoise Ridge, partially offset by higher mill throughput at Cortez. Costs applicable to sales per gold ounce increased 11% primarily due to lower gold ounces sold at Cortez and Turquoise Ridge, higher inventory write-downs at Cortez and a drawdown of inventory at Carlin in the current year compared to a build-up in the prior year. Depreciation and amortization per gold ounce increased 5% primarily due to lower gold ounces sold at Cortez and Turquoise Ridge. All-in sustaining costs per gold ounce increased 17% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend at Carlin.

Previous wording

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.

Current wording

CC&V, U.S. Gold production decreased 29% 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 23% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 29% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce increased 15% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.

Previous wording

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.

Current wording

Musselwhite, Canada. Gold production increased 26% primarily due to higher ore grade milled. Costs applicable to sales per gold ounce decreased 19% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 60% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce decreased 20% primarily due to lower Costs applicable to sales per gold ounce.

Previous wording

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.

Current wording

Porcupine, Canada. Gold production increased 21% primarily due to higher ore grade milled and higher mill throughput, partially offset by buildup of in-circuit inventory in the current year compared to a drawdown in the prior year. Costs applicable to sales per gold ounce decreased 8% primarily due to higher gold ounces sold, and higher materials and labor costs. Depreciation and amortization per gold ounce decreased 50% primarily due to cessation of depreciation and amortization as a result of classifying the asset as held for sale. All-in sustaining costs per gold ounce decreased 6% primarily due to lower Costs applicable to sales per gold ounce, partially offset by higher sustaining capital spend.

Previous wording

Foreign currency exchange rates can increase or decrease profits to the extent costs are paid in foreign currencies, including the Australian dollar, the Canadian dollar, the Mexican peso, the Argentine peso, the Peruvian sol, the Surinamese dollar, the Ghanaian cedi, and the Papua New Guinean kina. Approximately 58% of Costs applicable to sales were paid in currencies other than the USD during the three months ended March 31, 2024, as follows:

Current wording

Foreign currency exchange rates can increase or decrease profits to the extent costs are paid in foreign currencies, including the Australian dollar, the Canadian dollar, the Papua New Guinean kina, the Mexican peso, the Surinamese dollar, the Argentine peso, the Peruvian sol, and the Ghanaian cedi. Approximately 60% of Costs applicable to sales were paid in currencies other than the USD during both the three and six months ended June 30, 2024, as follows:

Previous wording

Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to sales by $137 per gold ounce during the three months ended March 31, 2024 compared to the same period in 2023. The decrease was primarily due to significant currency devaluation in Argentina that occurred in the first quarter of 2024. Excluding the impact of the Argentine peso devaluation, Costs applicable to sales decreased by $27 per gold ounce resulting from variations in the local currency exchange rates in relation to the USD at our other foreign mining operations.

Current wording

Variations in the local currency exchange rates in relation to the USD at our foreign mining operations decreased Costs applicable to sales at sites held prior to the Newcrest transaction by $129 and $135 per gold ounce during the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023. The decrease was primarily due to significant currency devaluation in Argentina that occurred starting in the fourth quarter of 2023. Excluding the impact of the Argentine peso devaluation, Costs applicable to sales at sites held prior to the Newcrest transaction decreased by $1 and $4 per gold ounce during the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023, resulting from variations in the local currency exchange rates in relation to the USD at our other foreign mining operations.

Previous wording

Variations in the local currency exchange rates in relation to the USD at our foreign mining operations increased Costs applicable to sales $9 per gold equivalent ounce, primarily in Mexico, during the three months ended March 31, 2024 compared to the same period in 2023.

Current wording

Variations in the local currency exchange rates in relation to the USD at our foreign mining operations increased Costs applicable to salesat sites held prior to the Newcrest transaction by $6 and $14 per gold equivalent ounce, primarily in Mexico, during the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023.

Previous wording

At March 31, 2024, the Company had $2,678 of cash and cash equivalents, of which $2,336 was included in Cash and cash equivalentsand $342 was included in Current assets held for sale related to certain non-core assets that were classified as held for sale in the first quarter of 2024. The majority of our cash and cash equivalents are invested in a variety of highly liquid investments with original maturities of three months or less. Our Cash and cash equivalents are highly liquid and low-risk investments that are available to fund our operations as necessary. We may have investments in prime money market funds that are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could have a net asset value of less than their par value. We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities.

Current wording

At June 30, 2024, the Company had $2,807 of cash and cash equivalents, of which $2,602 was included in Cash and cash equivalentsand $205 was included in Assets held for sale related to certain non-core assets that were classified as held for sale in the first quarter of 2024. The majority of our cash and cash equivalents are invested in a variety of highly liquid investments with original maturities of three months or less. Our Cash and cash equivalents are highly liquid and low-risk investments that are available to fund our operations as necessary. We may have investments in prime money market funds that are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could have a net asset value of less than their par value. We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities.

Previous wording

At March 31, 2024, $1,232 of Cash and cash equivalentswas held in foreign subsidiaries and is primarily held in USD denominated accounts with the remainder in foreign currencies readily convertible to USD. Cash and cash equivalents denominated in Argentine peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates above for further information. At March 31, 2024, $1,173 in consolidated cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with any potential withholding taxes.

Current wording

At June 30, 2024, $1,356 of Cash and cash equivalentswas held in foreign subsidiaries and is primarily held in USD denominated accounts with the remainder in foreign currencies readily convertible to USD. Cash and cash equivalents denominated in Argentine peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates above for further information. At June 30, 2024, $1,250 in consolidated cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with any potential withholding taxes.

Previous wording

We believe our existing consolidated Cash and cash equivalents, available capacity on our revolving credit facility, and cash generated from continuing operations will be adequate to satisfy working capital needs, fund future growth, meet debt obligations and meet other liquidity requirements for the foreseeable future. At March 31, 2024, our borrowing capacity on our revolving credit facility was $4,000 and we had no borrowings outstanding. We continue to remain compliant with covenants and do not currently anticipate any events or circumstances that would impact our ability to access funds available on this facility. Refer to Note 16 of the Condensed Consolidated Financial Statements for further information on our Debt.

Current wording

We believe our existing consolidated Cash and cash equivalents, time deposits, available capacity on our revolving credit facility, and cash generated from continuing operations will be adequate to satisfy working capital needs, fund future growth, meet debt obligations and meet other liquidity requirements for the foreseeable future. At June 30, 2024, our borrowing capacity on our revolving credit facility was $4,000 and we had no borrowings outstanding. We continue to remain compliant with covenants and do not currently anticipate any events or circumstances that would impact our ability to access funds available on this facility. Refer to Note 16 of the Condensed Consolidated Financial Statements for further information on our Debt.

Previous wording

(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities, including $342 of Cash and cash equivalents, were reclassified to Current assets held for sale and Current liabilities held for sale, respectively. Refer to Note 5 of the Condensed Consolidated Financial Statements for additional information.

Current wording

(1)During the first quarter of 2024, certain non-core assets were determined to meet the criteria for assets held for sale. As a result, the related assets and liabilities, including $205 of Cash and cash equivalents, were reclassified to Assets held for sale and Liabilities held for sale, respectively. Refer to Note 5 of the Condensed Consolidated Financial Statements for additional information.