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Newmont Reports Fourth Quarter and Full Year 2023 Results; Provides 2024 Outlook for Integrated Company

Press Release

DENVER– `Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced fourth quarter and full year 2023 results, as well as its 2024 outlook.

“2023 was a transformational year for Newmont, and for all of our stakeholders,” said Tom Palmer, Newmont’s President and Chief Executive Officer. “With the acquisition of Newcrest now complete, our principal focus for 2024 is to integrate and transform our leading portfolio of Tier 1 assets into a unique collection of the world’s best gold and copper operations and projects. With stable production and structured reinvestment throughout the year, we are strongly positioned to deliver on our commitments in 2024 and set the stage for meaningful growth in 2025 and beyond.”

2023 Results1

  • Completed the acquisition of Newcrest Mining Limited on November 6, 2023, creating the world’s leading gold company with robust copper optionality
  • Delivered $1.4 billion in dividends to shareholders in 2023
  • Produced 5.5 million gold ounces and 891 thousand gold equivalent ounces (GEOs)2 from copper, silver, lead and zinc; in-line with revised guidance range and incorporating the legacy Newcrest assets from the acquisition close date
  • Reported gold Costs Applicable to Sales (CAS) per ounce3 of $1,050 and gold All-In Sustaining Costs (AISC) per ounce3 of $1,444; in-line with revised guidance range and incorporating higher sustaining capital spend for 2023
  • Generated $2.8 billion of cash from continuing operations and reported $88 million in Free Cash Flow3 after unfavorable working capital changes of $513 million and $2.7 billion of reinvestment to sustain current operations and advance near-term projects
  • Reported Net Loss of $2.5 billion driven by $1.9 billion in impairment charges, $1.5 billion in reclamation charges and $464 million in Newcrest transaction and integration costs; these items are excluded from adjusted earnings results
  • Adjusted Net Income (ANI)3 of $1.61 per share and Adjusted EBITDA3 of $4.2 billion for the full year; fourth quarter ANI was $0.50 per share
  • Declared increased total Newmont reserves of 136 million gold ounces and resources of 174 million gold ounces4; significant upside to other metals, including copper, silver, lead and zinc

2024 Outlook5

  • Announced Newmont’s go-forward Tier 1 Portfolio6, which is underpinned by eleven managed Tier 1 and Emerging Tier 1 assets and three non-managed operations; seeking to divest six non-core assets
  • 2024 production guidance is expected to be approximately 6.9 million gold ounces for the Total Newmont portfolio; underpinned by 5.6 million gold ounces from the Tier 1 Portfolio6
  • Gold CAS is expected to be $1,050 per ounce3, with Gold AISC of $1,400 per ounce3 in 2024 for the Total Newmont portfolio
  • Sustaining capital spend of approximately $1.8 billion for the Total Newmont portfolio
  • Development capital spend of approximately $1.3 billion in 2024 for the Total Newmont portfolio
  • Progressing key near-term development projects of Tanami Expansion 2, Ahafo North, Cadia Block Caves and Cerro Negro Expansion 1
  • Updated Tanami Expansion 2 development capital estimate of $1.7 to $1.8 billion with commercial production expected in the second half of 2027
  • Remain on track to deliver an expected $500 million in synergies related to the Newcrest transaction by the end of 20257

1 Newmont’s actual consolidated financial results remain subject to completion of our annual audit procedures for the year ended December 31, 2023 and final review by management. See notes at the end of this release.
2 Gold equivalent ounces (GEOs) calculated using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2023.
3 Non-GAAP metrics; see reconciliations at the end of this release.
4 Total resources presented includes Measured and Indicated resources of 104.8 million gold ounces and Inferred resources of 69.1 million gold ounces. See cautionary statement at the end of this release.
5 See discussion of outlook, including the definition of the Tier 1 Portfolio, and cautionary statement at the end of this release regarding forward-looking statements.
6 Newmont’s go-forward portfolio is focused on Tier 1 assets, consisting of (1) six managed Tier 1 assets (Boddington, Tanami, Cadia, Lihir, Peñasquito and Ahafo), (2) assets owned through two non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo, including four Tier 1 assets (Carlin, Cortez, Turquoise Ridge and Pueblo Viejo), (3) three emerging Tier 1 assets (Merian, Cerro Negro and Yanacocha), which do not currently meet the criteria for Tier 1 Asset, and (4) an emerging Tier 1 district in the Golden Triangle in British Columbia (Red Chris and Brucejack), which does not currently meet the criteria for Tier 1 Asset. Newmont’s Tier 1 portfolio also includes attributable production from the Company’s equity interest in Lundin Gold (Fruta del Norte). Tier 1 Portfolio cost and capital metrics include the proportional share of the Company’s interest in the Nevada Gold Mines joint venture.
7 Synergies are a management estimate provided for illustrative purposes and should not be considered a GAAP or non-GAAP financial measure. Synergies represent management’s combined estimate of pre-tax synergies, supply chain efficiencies and Full Potential improvements, as a result of the integration of Newmont’s and Newcrest’s businesses that have been monetized for the purposes of the estimation. Such estimates are necessarily imprecise and are based on numerous judgments and assumptions. See cautionary statement at the end of this release regarding forward-looking statements.

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