NEWMONT Corp DE

Previous wording

This item should be read in conjunction with our interim unaudited Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations and the Consolidated Financial Statements included in Part II of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024.

Current wording

This item should be read in conjunction with our interim unaudited Condensed Consolidated Financial Statements and the notes thereto included in this quarterly report. Additionally, the following discussion and analysis should be read in conjunction with Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations and the Consolidated Financial Statements included in Part II, Item 7, of our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024.

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. 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.

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, Newmont 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. 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.

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 the Coffee 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 loss of $115 and $846 was recognized within Loss on assets held for salefor the three and nine months ended September 30, 2024, respectively. For further information, refer to Note 5 to the Condensed Consolidated Financial Statements.

Previous 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.

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 September 30, 2024, compared to the same period in 2023, at sites held in the prior period was primarily due to an increase in Sales at Peñasquito as a result of the work stoppage due to a labor strike that began in June 2023 ("Peñasquito labor strike"), resulting in no sales at Peñasquito in the third quarter of 2023. Additionally, Net income (loss) from continuing operations attributable to Newmont stockholders increased due to higher average realized prices primarily for gold. This increase was partially offset by the Loss on assets held for sale of $115 and higher Costs applicable to sales.

Previous 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.

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 nine months ended September 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 the Peñasquito labor strike in 2023, higher average realized prices for all metals, partially offset by the Loss on assets held for sale of $846 and higher Costs applicable to sales.

Previous wording

(2)For the three months ended June 30, 2023 the Company sold 11 thousand tonnes of copper, 16 thousand tonnes of lead, and 41 thousand tonnes of zinc.

Current wording

(2)For the three months ended September 30, 2023 the Company sold 11 thousand tonnes of copper, — thousand tonnes of lead, and (1) thousand tonnes of zinc.

Previous wording

(2)For the six months ended June 30, 2023 the Company sold 23 thousand tonnes of copper, 33 thousand tonnes of lead, and 86 thousand tonnes of zinc.

Current wording

(2)For the nine months ended September 30, 2023 the Company sold 34 thousand tonnes of copper, 33 thousand tonnes of lead, and 85 thousand tonnes of zinc.

Previous 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.

Current wording

Sales increased during the three months ended September 30, 2024, compared to the same period in 2023, by $2,112 primarily due to a net increase in gold and copper sales of $1,545 and $239, respectively. Of the gold and copper sales increases, $904 and $256 were attributable to sites acquired in the Newcrest transaction, respectively.

Previous wording

Sales increased during the six months ended June 30, 2024, compared to the same period in 2023, by $3,063 primarily due to an increase in gold and copper sales of $2,281 and $482, respectively. Of the gold and copper sales increases, $1,621 and $511 were attributable to sites acquired in the Newcrest transaction, respectively.

Current wording

Sales increased during the nine months ended September 30, 2024, compared to the same period in 2023, by $5,175 primarily due to a net increase in gold and copper sales of $3,826 and $721, respectively. Of the gold and copper sales increases, $2,525 and $767 were attributable to sites acquired in the Newcrest transaction, respectively.

Previous 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.

Current wording

The increase in Costs applicable to sales for the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to the impact of sites acquired in the Newcrest transaction, which contributed $599 and $1,613, respectively, to Costs applicable to sales.

Previous 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.

Current wording

The increase in Costs applicable to salesfor the three and nine months ended September 30, 2024, compared to the same periods in 2023, was further impacted by the Peñasquito labor strike in 2023, 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.

Previous 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.

Current wording

The increase in Depreciation and amortizationfor the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to the impact of sites acquired in the Newcrest transaction, which contributed $198 and $506, respectively, to Depreciation and amortization.

Previous 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.

Current wording

The increase in Depreciation and amortizationfor the three and nine months ended September 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. 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. For the nine months ended September 30, 2024, the increase in Depreciation and amortization was further offset by a decrease at Cerro Negro as a result of suspending mining at the site due to the tragic fatalities during the second quarter. 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 $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.

Current wording

Advanced projects, research and development expense was $47 and $53 during the three months ended September 30, 2024 and 2023, respectively, and $149 and $132 during the nine months ended September 30, 2024 and 2023, respectively. The increase during the three and nine months ended September 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 $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.

Current wording

General and administrative expense was $113 and $70 during the three months ended September 30, 2024, and 2023, respectively, and $314 and $215 during the nine months ended September 30, 2024 and 2023, respectively. The increase during the three and nine months ended September 30, 2024, compared to the same periods in 2023, is primarily due to higher salaries and benefits and non-integration related consulting and other charges resulting from the Newcrest transaction.

Previous 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.

Current wording

Interest expense, net was $86 and $48 during the three months ended September 30, 2024 and 2023, respectively, and $282 and $162 during the nine months ended September 30, 2024 and 2023, respectively. Interest expense, net increased during the three and nine months ended September 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 $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.

Current wording

Income and mining tax expense (benefit) was $244 and $73 during the three months ended September 30, 2024 and 2023, respectively, and $695 and $449 during the nine months ended September 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

(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.

Current wording

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

Previous wording

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

Current wording

(8)For the three months ended September 30, 2024, Red Chris produced 13 million pounds of copper.

Previous wording

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

Current wording

(10)For the three months ended September 30, 2024 and 2023, Boddington produced 19 million and 23 million pounds of copper, respectively.

Previous wording

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

Current wording

(11)For the three months ended September 30, 2024, Cadia produced 48 million pounds of copper.

Previous wording

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

Current wording

(12)For the three months ended September 30, 2024, Telfer produced 1 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 32.0% interest as at June 30, 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 31.9% interest as at September 30, 2024, and is accounted for as an equity method investment on a quarter lag.

Previous wording

(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.

Current wording

(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 Brucejack 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.

Previous wording

(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.

Current wording

(5)Sites were classified as held for sale beginning in the first quarter of 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.

Previous wording

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

Current wording

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

Previous wording

(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.

Current wording

(10)For the nine months ended September 30, 2024, Peñasquito produced 24 million ounces of silver, 148 million pounds of lead and 398 million pounds of zinc. For the nine months ended September 30, 2023, Peñasquito produced 14 million ounces of silver, 86 million pounds of lead and 180 million pounds of zinc. Production and cost metrics in 2023 were impacted by operations being shut down for the entirety of the third quarter of 2023 due to the Peñasquito labor strike.

Previous wording

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

Current wording

(11)For the nine months ended September 30, 2024 and 2023, Boddington produced 61 million and 75 million pounds of copper, respectively.

Previous wording

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

Current wording

(12)For the nine months ended September 30, 2024, Cadia produced 142 million pounds of copper.

Previous wording

(12)For the six months ended June 30, 2024, Telfer produced 3 million pounds of copper.

Current wording

(13)For the nine months ended September 30, 2024, Telfer produced 4 million pounds of copper.

Previous wording

(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.

Current wording

(14)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.

Previous 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.

Current wording

(15)The Fruta del Norte mine is wholly owned and operated by Lundin Gold, in which Newmont holds a 31.9% interest as at September 30, 2024, and is accounted for as an equity method investment on a quarter lag.

Previous 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.

Current wording

Merian, Suriname. Gold production decreased 30% primarily due to lower ore grade milled as a result of changes in mine sequencing and lower mill throughput. Costs applicable to sales per gold ounce increased 42% primarily due to lower gold ounces sold, a drawdown of in-circuit inventory in the current year compared to a buildup in the prior year, and higher labor costs. Depreciation and amortization per gold ounce increased 34% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 30% 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 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.

Current wording

Cerro Negro, Argentina. Gold production decreased 15% primarily due to lower ore grade milled and lower mill throughput. Costs applicable to sales per gold ounce increased 26% primarily due to higher material cost, higher labor cost, and lower gold ounces sold. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce increased 31% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.

Previous 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.

Current wording

Yanacocha, Peru. Gold production increased 7% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce decreased 19% primarily due to a higher buildup of inventory in the current year and higher gold ounces sold. All-in sustaining costs per gold ounce increased 8% primarily due to higher Costs applicable to sales per gold ounce.

Previous wording

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.

Current wording

Boddington, Australia. Gold production decreased 24% primarily due to lower ore grade milled and lower mill throughput. Gold equivalent ounces – other metals production decreased 17% primarily due to lower mill throughput and lower ore grade milled. Costs applicable to sales per gold ounce increased 29% primarily due to lower gold ounces sold, higher equipment maintenance costs, and an unfavorable Australian dollar foreign currency exchange rate. Costs applicable to salesper gold equivalent ounce – other metals sold increased 25% primarily due to lower gold equivalent ounces - other metals sold, higher equipment maintenance costs, and an unfavorable Australian dollar foreign currency exchange rate. Depreciation and amortization per gold ounce increased 38% primarily due to lower gold ounces sold and higher depreciation rates due to changes in mine life. Depreciation and amortization per gold equivalent ounce – other metals increased 37% primarily due to lower gold equivalent ounces - other metals sold and higher depreciation rates due to changes in mine life. 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 5% primarily due to higher Costs applicable to sales per gold equivalent ounce - other metals partially offset by lower sustaining capital spend.

Previous wording

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.

Current wording

Tanami, Australia. Gold production decreased 17% primarily due to lower mill throughput. Costs applicable to sales per gold ounce increased 49% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce increased 23% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 50% primarily due to higher Costs applicable to sales per gold ounce and higher sustaining capital spend.

Previous wording

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.

Current wording

NGM, U.S. Attributable gold production decreased 19% primarily due to lower mill throughput at all NGM sites, lower ore grade milled at Carlin and Cortez and lower leach pad production at Cortez and Carlin, partially offset by higher ore grade milled at Turquoise Ridge. Costs applicable to sales per gold ounce increased 32% primarily due to lower gold ounces sold at Carlin and Cortez, inventory write-downs at Cortez and higher contracted services and maintenance costs at Carlin, Cortez and Turquoise Ridge. Depreciation and amortization per gold ounce increased 13% primarily due to lower gold ounces sold at Carlin and Cortez. All-in sustaining costs per gold ounce increased 28% primarily due to higher Costs applicable to sales per gold ounce, partially offset by lower sustaining capital spend at Cortez.

Previous 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.

Current wording

CC&V, U.S. Gold production decreased 16% primarily due to lower leach pad production as a result of lower ore tonnes mined. Costs applicable to sales per gold ounce increased 13% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce decreased 33% 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 sustaining capital spend, partially offset by higher Costs applicable to sales per gold ounce.

Previous 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.

Current wording

Musselwhite, Canada. Gold production increased 8% primarily due to higher ore grade milled and higher mill throughput, partially offset by a 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 5% primarily due to higher gold ounces sold. Depreciation and amortization per gold ounce decreased 100% 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 8% primarily due to lower sustaining capital spend and lower Costs applicable to sales per gold ounce.