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. Refer to Note 3 to the Condensed Consolidated Financial Statements for further information on the Newcrest transaction.

(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.

(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)During the second quarter, 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. Remediation of the facility has commenced and we expect production to commence during the fourth quarter of 2024.

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

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

(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.

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

(11)For the three months ended June 30, 2024, Cadia produced 47 million pounds of copper.

(12)For the three months ended June 30, 2024, Telfer produced — 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 32.0% interest as at June 30, 2024, and is accounted for as an equity method investment on a quarter lag.

(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, 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.

(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)During the second quarter, 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. Remediation of the facility has commenced, and we expect production to commence during the fourth quarter of 2024.

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

(8)For the six months ended June 30, 2024, Red Chris produced 25 million pounds of copper.

(9)For the six months ended June 30, 2024, Peñasquito produced 17 million ounces of silver, 105 million pounds of lead and 271 million pounds of zinc. For the six months ended June 30, 2023, Peñasquito produced 14 million ounces of silver, 86 million pounds of lead and 180 million pounds of zinc.

(10)For the six months ended June 30, 2024 and 2023, Boddington produced 42 million and 52 million pounds of copper, respectively.

(11)For the six months ended June 30, 2024, Cadia produced 94 million pounds of copper.

(12)For the six months ended June 30, 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 32.0% interest as at June 30, 2024, and is accounted for as an equity method investment on a quarter lag.

Three Months Ended June 30, 2024 compared to 2023

Peñasquito, Mexico. Gold production increased 68% primarily due to higher ore grade milled, and higher mill throughput in the current year as a result of the Peñasquito labor strike in the prior year. Gold equivalent ounces - other metals production increased 42% primarily due to higher mill throughput in the current year as a result of the Peñasquito labor strike in the prior year and higher ore grade milled, partially offset by buildup of inventory. Costs applicable to sales per gold ounce were generally in line with the prior year. Costs applicable to sales per gold equivalent ounce – other metals decreased 22% primarily due to higher gold equivalent ounces - other metals sold in the current year due to the Peñasquito labor strike in the prior year. Depreciation and amortization per gold ounce increased 19% primarily due to higher depreciation rates as a result of higher gold ounces mined in the current year due to the Peñasquito labor strike in the prior year, partially offset by higher ounces sold in the current year due to the Peñasquito labor strike in the prior year. Depreciation and amortization per gold equivalent ounces – other metals decreased 10% primarily due to higher gold equivalent ounces - other metals sold in the current year due to the Peñasquito labor strike in the prior year. All-in sustaining costs per gold ounce were generally in line with the prior year. All-in sustaining costs per gold equivalent ounce – other metals decreased 26% primarily due to lower Costs applicable to sales per gold equivalent ounce, lower treatment and refining costs, and lower sustaining capital spend.

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.

Cerro Negro, Argentina. Gold production decreased 60% primarily due to lower mill throughput as a result of temporarily suspending mining at the site due to the tragic fatalities during the second quarter. Costs applicable to sales per gold ounce increased 51% primarily due to lower gold ounces sold, higher labor costs and higher inventory write-downs in the current year. Depreciation and amortization per gold ounce increased 19% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 56% primarily due to higher Costs applicable to sales per gold ounce.

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.

Boddington, Australia. Gold production decreased 30% primarily due to lower ore grade milled and lower mill throughput. Gold equivalent ounces – other metals production decreased 18% primarily due to lower mill throughput and lower ore grade milled. Costs applicable to sales per gold ounce increased 32% primarily due to lower gold ounces sold and higher materials costs. Costs applicable to salesper gold equivalent ounce – other metals sold increased 35% primarily due to lower gold equivalent ounces - other metals sold and higher materials costs. Depreciation and amortization per gold ounce increased 41% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 43% primarily due to lower gold equivalent ounces - other metals sold. All-in sustaining costs per gold ounce increased 28% primarily due to higher Costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 28% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals.

Tanami, Australia. Gold production decreased 21% primarily due to lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 23% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce increased 32% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 10% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend.

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.

NGM, U.S. Attributable gold production decreased 12% primarily due to lower ore grade milled at Carlin and lower leach pad production at Cortez, partially offset by higher mill throughput at Carlin. Costs applicable to sales per gold ounce increased 16% primarily due to lower gold ounces sold at Carlin and Cortez and inventory write-downs at Cortez. Depreciation and amortization per gold ounce increased 12% primarily due to lower gold ounces sold at Carlin and Cortez. All-in sustaining costs per gold ounce increased 22% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend at Carlin, partially offset by lower sustaining capital spend at Phoenix.

CC&V, U.S. Gold production decreased 15% 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 15% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 34% 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 were generally in line with the prior year.

Musselwhite, Canada. Gold production increased 32% primarily due to higher ore grade milled. Costs applicable to sales per gold ounce decreased 27% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 98% 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 38% primarily due to lower sustaining capital spend and lower Costs applicable to sales per gold ounce.

Porcupine, Canada. Gold production increased 52% 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 13% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 74% 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 Costs applicable to sales per gold ounce, partially offset by higher sustaining capital spend.

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.

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.

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.

Six Months Ended June 30, 2024 compared to 2023

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.

Merian, Suriname. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 13% primarily due to drawdown of in-circuit inventory and higher energy costs. Depreciation and amortization per gold ounce increased 17% primarily due to drawdown of inventory. All-in sustaining costs per gold ounce increased 18% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.

Cerro Negro, Argentina. Gold production decreased 13% primarily due to lower mill throughput as a result of temporarily suspending mining at the site due to the tragic fatalities during the second quarter of 2024, partially offset by higher ore grade milled. Costs applicable to sales per gold ounce decreased 5% primarily due to lower export duties and lower contracted services costs, partially offset by higher inventory write-downs in the current year, higher labor costs and lower gold ounces sold. Depreciation and amortization per gold ounce decreased 13% primarily due to lower depreciation rates as a result of lower gold ounces mined. All-in sustaining costs per gold ounce were generally in line with the prior year.

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.

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.

Tanami, Australia. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 11% primarily due to higher underground maintenance costs and higher contracted services costs. Depreciation and amortization per gold ounce increased 15% primarily due to asset additions. All-in sustaining costs were generally in line with the prior year.

Ahafo, Ghana. Gold production increased 41% primarily due to higher ore grade milled and 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 6% 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 18% primarily due to higher gold ounces sold and lower sustaining capital spend. 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.

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.

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.

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.

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.

Éléonore, Canada. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 13% primarily due to higher materials, contracted services and labor costs. Depreciation and amortization per gold ounce decreased 58% 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 9% 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 40% primarily due to a drawdown of stockpile inventory, higher third party royalties and lower gold ounces sold. Depreciation and amortization per gold ounce decreased 23% 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 25% primarily due to higher Costs applicable to sales per gold ounce.

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.