Newmont Reports 2024 Mineral Reserves of 134.1 Million Gold Ounces and 13.5 Million Tonnes of Copper
By:
Newmont via
Business Wire
February 20, 2025 at 16:08 PM EST
Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) reported gold Mineral Reserves ("reserves") of 134.1 million attributable ounces at the end of 2024 compared to the Company’s 135.9 million attributable ounces at the end of 2023, inclusive of assets held for divestment. Newmont's go-forward Tier 11 portfolio includes 125.5 million attributable gold ounces and significant Mineral Reserves from other metals, including more than 13.5 million attributable tonnes of copper reserves and 530 million attributable ounces of silver reserves. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250220938621/en/  Percentage of Gold Reserves by Jurisdiction (Graphic: Business Wire) "Newmont has solidified its position as the gold industry's leader with the highest concentration of Tier 1 assets, reserves and resources," said Tom Palmer, Newmont's President and Chief Executive Officer. "Supported by our industry-leading exploration program, we continue to focus on extending mine life, developing districts and discovering new opportunities in the most favorable mining jurisdictions. Newmont's extensive gold and copper reserve base represents the foundation for stable production and meaningful value creation for the next several decades." 2024 Reserves & Resources Highlights
Percentage of Gold Reserves by Jurisdiction3 Newmont’s reserve base is a key differentiator with an average reserve grade of 0.96 grams per tonne and an operating reserve life of more than ten years at seven managed sites and two non-managed joint ventures, with significant upside potential from a robust organic project pipeline. In addition, Newmont has substantial exposure to other metals, with 89.5 million gold equivalent ounces4 of attributable reserves from copper, silver, lead, zinc and molybdenum. PROVEN & PROBABLE GOLD RESERVES For 2024, Newmont reported 134.1 million attributable ounces of gold reserves, slightly lower than the prior year total of 135.9 million attributable ounces. Depletion of 7.8 million ounces and unfavorable net revisions of 3.9 million ounces were largely offset by the reserve increases from price related revisions (14.2 million ounces), net of cost escalation assumptions (7.2 million ounces), as well as the addition of 2.9 million ounces from exploration. Newmont's gold grade reserve remained substantially unchanged at 0.96 grams per tonne compared to 0.97 grams per tonne in the prior year. ASSET-LEVEL SUMMARY Managed Tier 1 Assets
Emerging Tier 1 Assets
Non-Managed Tier 1 Assets
Assets Held for Sale Reserves at the assets held for sale increased by 14 percent to 8.7 million ounces, primarily driven by net favorable price and cost escalation related revisions of 2.0 million ounces, in addition to 0.9 million ounces added through exploration. These favorable increases were partially offset by the depletion of 1.3 million ounces and net unfavorable revisions of 0.4 million ounces. GOLD RESOURCES5,6 At the end of 2024, Newmont reported Measured and Indicated Gold Mineral Resources of 99.4 million attributable ounces, a 5 percent decrease from the prior year total of 104.8 million attributable ounces. Inferred Gold Mineral Resources totaled 70.6 million attributable ounces, a 2 percent increase from the prior year total of 69.1 million attributable ounces. Exclusive of the assets divested in 2024, total mineral resources remained substantially unchanged as resource conversions to reserves and unfavorable net revisions were offset by the resource increases from price related revisions, net of cost escalation assumptions, as well as additions through exploration. Total Mineral Resources at Newmont's go-forward Tier 1 portfolio were largely unchanged from 2023. Net favorable resource increases from the price and cost escalation related revisions of 7.2 million ounces, as well as 3.2 million ounces added through exploration at Ahafo North (0.9 million ounces), Merian (0.8 million ounces), Brucejack (0.5 million ounces), Tanami (0.5 million ounces), Ahafo South (0.3 million ounces) and Cerro Negro (0.2 million ounces) were the primary drivers of the resource increases in 2024. This was offset by resource conversion of 5.9 million ounces and 4.6 million ounces from net unfavorable revisions. Total Mineral Resources from assets held for sale increased by 0.5 million ounces, primarily driven by Musselwhite, Porcupine and Éléonore, partially offset by a decrease of 0.2 million ounces at CC&V and Akyem. Newmont’s Measured and Indicated Gold Mineral Resource grade increased to 0.59 grams per tonne compared to 0.57 grams per tonne in the prior year. Inferred Gold Mineral Resource decreased to 0.55 grams per tonne compared to 0.57 grams per tonne in the prior year. OTHER METALS In 2024, copper reserves and resources were materially unchanged. Copper reserves decreased slightly to 13.5 million tonnes from 13.7 million tonnes in the prior year, primarily due to depletion. Measured and Indicated copper resources decreased to 14.1 million tonnes from 15.0 million tonnes. Inferred copper resources increased slightly to 11.0 million tonnes from 10.9 million tonnes. Silver reserves decreased to 530 million ounces compared to 596 million ounces in the prior year, primarily due to depletion. Silver resources increased during the year due to the impact of the net positive revisions and the downstream effect of increased gold price. Measured and Indicated silver resources increased to 469 million ounces from 457 million ounces in the prior year. Inferred silver resources increased to 113 million ounces from 108 million ounces in the prior year. Lead reserves decreased slightly to 0.8 million tonnes from 0.9 million tonnes primarily due to depletion. Measured and Indicated lead resources decreased to 0.5 million tonnes from 0.6 million tonnes, and Inferred lead resources remained unchanged at 0.1 million tonnes. Zinc reserves decreased to 1.7 million tonnes from 2.2 million tonnes primarily due to depletion and negative revisions at Peñasquito. Measured and Indicated zinc resources decreased to 1.2 million tonnes from 1.5 million tonnes, and Inferred zinc resources remained unchanged at 0.1 million tonnes. Molybdenum reserves were largely unchanged at 0.2 million tonnes. Measured and Indicated molybdenum resources remained unchanged at 0.1 million tonnes, with Inferred molybdenum resources of 0.1 million tonnes. EXPLORATION OUTLOOK Newmont’s attributable exploration expenditure for managed operations is expected to be approximately $250 million in 2025 with 75 percent of total exploration investment dedicated to near-mine expansion programs and brownfields with the remaining 25 percent allocated to the advancement of greenfield projects. Additionally, Newmont’s share of exploration investment for its non-managed operations is expected to be approximately $25 million, for a total consolidated exploration expense outlook of $275 million for 2025. Geographically, Newmont expects to invest approximately 37 percent in Latin America and the Caribbean, 20 percent in North America, 20 percent in Ghana, 16 percent in Australia and the remainder in Papua New Guinea and other locations. UPDATED GOLD PRICE FOR MINERAL RESERVES AND MINERAL RESOURCES As part of the annual Mineral Reserves and Mineral Resources update, Newmont assesses the metal price assumptions used for the calculation of end year reserves and resources. Since Newmont last updated its gold price assumptions at year end 2022, gold price has increased meaningfully to $2,629 per ounce as of December 31, 2024, representing a 44 percent increase from $1,820 per ounce as of December 31, 2022. In addition to the sustained increase in the spot gold price, long-term broker consensus estimates are currently substantially higher. In line with market conditions, Newmont has increased its reserves gold price assumption by 21 percent to $1,700 from $1,400 per ounce. Newmont's updated reserves gold price is approximately 17 percent lower than the three-year trailing gold price average of $2,050 per ounce, well below Newmont's historical average of approximately 13 percent over the last ten years (2014 - 2023). Consistent with Newmont's historical approach, the resources gold price has been calibrated higher than reserves, as this helps the Company's technical teams to identify the optimum areas to further expand the life of our assets and to target where additional drilling and study work is required at our operating mines. For 2024, mineral resources are based on a $2,000 per ounce, maintaining the historical level above reserve pricing of 15 to 20 percent. Newmont's robust internal processes and proven track record of responsibly and rigorously defining reserves and resources will continue to support the development of the go-forward operating Tier 1 portfolio and organic project pipeline. GOLD RESERVE SENSITIVITY A $100 increase in gold price would result in an approximate 6 percent increase in gold reserves while a $100 decrease in gold price would result in an approximate 6 percent decrease in gold reserves. These sensitivities assume an oil price of $75 per barrel (WTI), Australian dollar exchange rate of $0.70 and Canadian dollar exchange rate of $0.75. These sensitivities assume all other inputs remain equal, including all cost and capital assumptions, which may also have a material impact on these approximate estimates. KEY RESERVE AND RESOURCE ASSUMPTIONS7
For additional details on Newmont’s reported gold, copper, silver, lead, zinc, molybdenum and tungsten Mineral Reserves and Mineral Resources, please refer to the tables at the end of this release. _______________________________
RESERVE AND RESOURCE TABLES Proven and probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which Newmont determined economic feasibility. The reference point for mineral reserves is the point of delivery to the process plant. Metal price assumptions, adjusted for Newmont's exchange rate assumption, are based on considering such factors as market forecasts, industry consensus and management estimates. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used. The reserve tables below list the average metallurgical recovery rate for each deposit, which takes into account the relevant processing methods. The cut-off grade, or lowest grade of mineralization considered economic to process, varies between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold, copper, silver, lead, zinc or molybdenum extraction and type of milling or leaching facilities available. Reserve estimates may have non-material differences in comparison to our joint venture partners due to differences in classification and rounding methodology. The proven and probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold, copper, silver, lead, zinc and molybdenum will be realized. Ounces of gold or silver or tonnes of copper, lead, zinc or molybdenum included in the proven and probable reserves are those contained prior to losses during metallurgical treatment. Reserve estimates may require revision based on actual production. Market fluctuations in the price of gold, copper, silver, lead, zinc and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could render certain proven and probable reserves containing higher cost reserves uneconomic to exploit and might result in a reduction of reserves. The measured, indicated, and inferred resource figures presented herein are estimates based on information available at the time of calculation and are exclusive of reserves. A “mineral resource” is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade, or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. The reference point for mineral resources is in situ. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories. Ounces of gold and silver or tonnes of copper, zinc, lead, molybdenum and tungsten included in the measured, indicated and inferred resources are those contained prior to losses during metallurgical treatment. The terms "measured resource," "indicated resource," and "inferred resource" mean that part of a mineral resource for which quantity and grade or quality are estimated on the basis of geological evidence and sampling that is considered to be comprehensive, adequate, or limited, respectively. Market fluctuations in the price of gold, silver, copper, zinc, lead and molybdenum as well as increased production costs or reduced metallurgical recovery rates, could change future estimates of resources. Newmont publishes reserves annually, and will recalculate reserves at December 31, 2025, taking into account metal prices, changes, if any, to future production and capital costs, divestments and conversion to reserves, as well as any acquisitions and additions during 2025. Please refer to the reserves and resources cautionary statement at the end of the release.
Cautionary Statement Regarding Reserve and Resource Estimates: The reserves stated herein were prepared in compliance with Subpart 1300 of Regulation S-K adopted by the United States Securities and Exchanges Commission ("the SEC") and represent the amount of gold, copper, silver, lead, zinc, molybdenum and tungsten estimated, at December 31, 2024 or December 31, 2023, as applicable, could be economically and legally extracted or produced at the time of the reserve determination. The term “economically,” as used in this definition, means that profitable extraction or production has been established or analytically demonstrated in at a minimum, a pre-feasibility study to be viable and justifiable under reasonable investment and market assumptions. The term “legally,” as used in this definition, does not imply that all permits needed for mining and processing have been obtained or that other legal issues have been completely resolved. However, for a reserve to exist, Newmont (or our joint venture partners) must have a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with Newmont’s (or our joint venture partners') current mine plans. Reserves in this presentation are aggregated from the proven and probable classes. The term “Proven reserves” used in the tables of the appendix means reserves for which (a) quantity is estimated from dimensions revealed in outcrops, trenches, workings or drill holes; (b) grade and/or quality are estimated from the results of detailed sampling; and (c) the sites for inspection, sampling and measurements are spaced so closely and the geologic character is sufficiently defined that size, shape, depth and mineral content of reserves are well established. The term “Probable reserves” means reserves for which quantity and grade are estimated from information similar to that used for Proven reserves, but the sites for sampling are farther apart or are otherwise less closely spaced. The degree of assurance, although lower than that for Proven reserves, is high enough to assume continuity between points of observation. Newmont classifies all reserves as Probable on its development projects until a year of production has confirmed all assumptions made in the reserve estimates. Proven and Probable reserves include gold, copper, silver, zinc, lead, molybdenum or tungsten attributable to Newmont’s ownership or economic interest. Proven and Probable reserves were calculated using cut-off grades. The term “cutoff grade” means the lowest grade of mineralized material considered economic to process. Cut-off grades vary between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold, copper, silver, zinc, lead, molybdenum or tungsten extraction and type of milling or leaching facilities available. Estimates of Proven and Probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on the prices of gold, silver, copper, zinc, lead, molybdenum and tungsten and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. If our reserve estimations are required to be revised using significantly lower gold, silver, zinc, copper, lead, molybdenum and tungsten prices as a result of a decrease in commodity prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in material write-downs of our investment in mining properties, goodwill and increased amortization, reclamation and closure charges. Producers use pre-feasibility and feasibility studies for undeveloped ore bodies to derive estimates of capital and operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery rates of metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors. Actual operating and capital cost and economic returns on projects may differ significantly from original estimates. Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may change. Estimates of resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will eventually convert to future reserves. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. Investors are cautioned not to assume that any part of all of the Inferred resource exists or is economically or legally mineable. The Company cannot be certain that any part or parts of the resource will ever be converted into reserves. In addition, if the price of gold, silver, copper, zinc, lead, molybdenum or tungsten declines from recent levels, if production costs increase, grades decline, recovery rates decrease or if applicable laws and regulations are adversely changed, the indicated level of recovery may not be realized or mineral reserves or resources might not be mined or processed profitably. If we determine that certain of our mineral reserves or resources have become uneconomic, this may ultimately lead to a reduction in our aggregate reported mineral reserves and resources. Consequently, if our actual mineral reserves and resources are less than current estimates, our business, prospects, results of operations and financial position may be materially impaired. For additional information see the “Proven and Probable Reserve" and "Measured and Indicated and Inferred Resource" tables herein. Cautionary Statement Regarding Forward Looking Statements: This release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements may include, without limitation, estimates and expectations of future production, reserve estimates, exploration outlook and expected expenditure, and operational and financial performance. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed or implied by the “forward-looking statements”. Such assumptions, include, but are not limited to the key assumptions set forth on page 5 herein. Investors are also encouraged to refer to the Company’s Form 10-K for its fiscal year 2024, filed with the SEC on, or about, February 21, 2025, as well as Newmont's other SEC filings, under the headings “Risk Factors” and “Forward-Looking Statements” for additional information. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors' own risk. Note Regarding Go-Forward Tier 1 Portfolio: Newmont’s go-forward Tier 1 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. Tier 1 Assets are defined as having, on average over such asset’s mine life: (1) production of over 500,000 GEO’s/year on a consolidated basis, (2) average all-in sustaining cost ("AISC") / oz in the lower half of the industry cost curve, (3) an expected mine life of over 10 years, and (4) operations in countries that are classified in the A and B rating ranges for Moody’s, S&P and Fitch. For the definition of GEOs and AISC, see Newmont’s annual report on Form 10-K on file with the SEC. With respect to other assets in the industry, such terms and metrics are as published in public filings of the third party entities reporting with respect to those assets. Our methods of calculating operating metrics, such as AISC, and those of third parties may differ for similarly titled metrics published by other parties due to differences in methodology. Note that this classification is based on the reasonable good faith expectations of management as of the date hereof based on an assessment that considers past performance, as well as expectations over the remainder of the life of mine. As such, Tier 1 Asset classifications are forward-looking statement with respect to the average over the life of mine. For example, an asset may not fit one element of such definition due to a change over a select period, but continue to be designated as a Tier 1 Asset based on an aggregated assessment of the asset over the life of mine. Estimates or expectations of future production, AISC, mine life and country ratings are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of Newmont’s operations and projects being consistent with current expectations and mine plans; (iii) political developments being consistent with current expectations; (iv) certain price assumptions for gold, copper, silver, zinc, lead and oil; (v) prices for key supplies; (vi) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (vii) other planning assumptions. About Newmont Newmont is the world’s leading gold company and a producer of copper, zinc, lead, and silver. The company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925. View source version on businesswire.com: https://www.businesswire.com/news/home/20250220938621/en/ Contacts
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