Newmont Reports Fourth Quarter and Full Year 2024 Results; Provides Full Year 2025 Guidance
By:
Newmont via
Business Wire
February 20, 2025 at 16:05 PM EST
Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) today announced its fourth quarter and full year 2024 results, declared a fourth quarter dividend of $0.251 and provided guidance for the full year of 2025. "2024 was a transformational year for Newmont, as we focused on the integration of the Newcrest portfolio, divestment of our non-core assets, and transitioning the business onto a stable operating and investment platform. We have deliberately streamlined Newmont into the world's best collection of Tier 1 gold assets, with a strong foundation of operational and financial performance. Our record fourth quarter gave a glimpse into the promising potential of the business and allowed Newmont to deliver record operating cash flows," said Tom Palmer, Newmont’s President and Chief Executive Officer. ”With the gold price predicted to remain strong and the proceeds from our divestiture program expected to materialize during the first half of 2025, we expect our balance sheet and liquidity remains robust. This year we are focused on continuing to improve the business across our safety, costs, and productivity performance. Looking to 2025 and beyond, our priorities are clear: maximize the potential of our Tier 1 portfolio, meet our commitments, return capital, and drive long-term value for our shareholders." 2024 Results
2025 Guidance3
Summary of Fourth Quarter and Full Year 2024 Results
Fourth Quarter 2024 Production and Financial Summary Attributable gold production1 increased 14 percent to 1,899 thousand ounces compared to the prior quarter primarily due to higher production at Peñasquito, Boddington, and Lihir and the non-managed joint venture at Nevada Gold Mines. Average realized gold price was $2,643 per ounce, an increase of $125 per ounce compared to the prior quarter. Average realized gold price includes $2,654 per ounce of gross price received, the unfavorable impact of $2 per ounce mark-to-market on provisionally-priced sales and reductions of $9 per ounce for treatment and refining charges. Gold CAS2 totaled $2.0 billion for the quarter. Gold CAS per ounce3 decreased 9 percent to $1,096 per ounce compared to the prior quarter, primarily due to an increase in production, partially offset by higher costs. Gold AISC per ounce3 decreased 9 percent to $1,463 per ounce compared to the prior quarter, primarily due to lower CAS per ounce. Net income attributable to Newmont stockholders was $1,403 million or $1.24 per diluted share, an increase of $481 million from the prior quarter primarily due to higher average realized gold prices and higher sales volumes, partially offset by a loss on assets held for sale of $268 million recognized in the fourth quarter. Adjusted net income4 for the quarter was $1,591 million or $1.40 per diluted share compared to $936 million or $0.81 per diluted share in the prior quarter. Net income attributable to Newmont stockholders has been adjusted to exclude a non-cash loss on assets held for sale and revisions to reclamation and remediation. Consolidated cash from operations before working capital5 increased 30 percent from the prior quarter to $2.4 billion, primarily due to higher realized gold prices and higher production. Consolidated net cash from operating activities increased 53 percent from the prior quarter to $2.5 billion, primarily due to higher consolidated cash from operations before working capital and changes in working capital. Net cash from operating activities in the fourth quarter benefited from a $115 million increase in operating cash flow due to changes in working capital from the prior quarter, primarily from a build in accounts payable for taxes and employee benefits due in 2025, partially offset by a $160 million higher outflow in reclamation liability, primarily related to cash spent for the construction of the Yanacocha water treatment facilities. Free Cash Flow7 increased 115 percent from the prior quarter to $1.6 billion, primarily due to higher consolidated net cash from operating activities and stable capital expenditures of $875 million. Balance sheet and liquidity remained strong in 2024, ending the year with $3.6 billion of consolidated cash and cash of $45 million included in Assets held for sale, with approximately $7.7 billion of total liquidity; reported net debt to adjusted EBITDA of 0.6x8. Fourth Quarter 2024 Non-Managed Joint Venture and Equity Method Investments9 Nevada Gold Mines (NGM) attributable gold production increased 16 percent from the prior quarter to 280 thousand ounces, with a 10 percent decrease in CAS to $1,177 per ounce3. AISC decreased 11 percent from the prior quarter to $1,492 per ounce3. Pueblo Viejo (PV) attributable gold production decreased 6 percent from the prior quarter to 62 thousand ounces. Cash distributions received from the Company's equity method investment in Pueblo Viejo totaled $56 million for the fourth quarter and $150 million for the full year. Capital contributions related to the expansion project at Pueblo Viejo were $58 million for the fourth quarter and $84 million for the full year. Fruta del Norte attributable gold production is reported on a quarter lag. Production reported in the fourth quarter of 2024 decreased 9 percent to 39 thousand ounces compared to the prior quarter. Cash distributions received from the Company's equity method investment in Fruta del Norte totaled $15 million for the fourth quarter and $46 million for the full year.
2025 Guidance Newmont's guidance for 2025 demonstrates the value derived from this world-class portfolio of eleven Tier 1 and emerging Tier 1 mines. Guidance for 2025 includes only first quarter expectations for the non-core assets held for sale. Newmont’s Tier 1 Portfolio also includes attributable production from the Company’s equity interest in Pueblo Viejo and 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. PRODUCTION AND COST GUIDANCE
Newmont's Managed Tier 1 Portfolio includes 11 managed operations. This portfolio is further enhanced by Non-Managed Tier 1 assets, including the Company’s ownership in the Nevada Gold Mines JV, Pueblo Viejo JV, and its equity interest in Lundin Gold. Together, these assets form the core of Newmont's Total Tier 1 Portfolio. The Total Portfolio is expected to produce 5.9 million ounces in 2025 from the Tier 1 Portfolio and first quarter production from the non-core assets held for sale. The Company expects attributable gold production from its Total Tier 1 Portfolio to remain largely consistent with 2024 at approximately 5.6 million ounces, with a gold CAS of $1,180 per ounce and a gold AISC of $1,620 per ounce. Unit costs in 2025 include the estimated impact from slightly lower sales volumes due to the planned mine sequencing at Newmont's Tier 1 operations, a higher proportion of costs being allocated to gold versus other metals produced, higher royalties and production taxes from a stronger gold price environment, approximately 3 percent cost escalation, and higher sustaining capital to advance critical tailings work. CAPITAL GUIDANCE
Sustaining capital is expected to be approximately $1.8 billion in 2025 for the Total Tier 1 Portfolio to support key tailings management initiatives, water and infrastructure projects, equipment, and ongoing mine development. Development capital is expected to be approximately $1.3 billion in 2025 for the Total Tier 1 Portfolio, as the Company focuses on disciplined reinvestment in its most profitable near-term projects. 2025 guidance primarily includes spend for Tanami Expansion 2, the Cadia Panel Caves in Australia, and Ahafo North in Ghana, as well as advancing the Red Chris Block cave project in Canada toward an investment decision. In addition, development capital guidance includes spend related to the Company’s ownership interest in Nevada Gold Mines. Development capital estimates exclude contributions to support Newmont’s 40 percent interest in the Pueblo Viejo expansion, which is accounted for as an equity method investment. 2025 GOLD PRODUCTION AND CAPITAL SEASONALITY GUIDANCE AND FIRST QUARTER COMMENTARY
H1/H2 Commentary: Attributable gold production for the Total Tier 1 Portfolio in 2025 is expected to be approximately 48 percent weighted to the first half of the year. The increase in production in the second half of the year is expected to be driven by the non-managed Nevada Gold Mines and Pueblo Viejo operations and the addition of Ahafo North to commercial production. Gold production weighting excludes non-core assets. Sustaining capital for the Total Tier 1 Portfolio is weighted toward the first half of 2025, primarily due to the timing of scheduled work on pit design and access roads for Phase 14a at Lihir in the first half and the Q2 start of warmer weather surface work at Red Chris and Brucejack in Northern Canada. Development capital for the Total Tier 1 Portfolio is heavily weighted to the first half of 2025 driven primarily by work at Ahafo North as the project moves toward commercial production. First Quarter Commentary: The first quarter of 2025 is expected to include 23 percent of Total Tier 1 Portfolio production and associated impacts on unit costs. The first quarter will also include 0.3 million ounces of non-core assets pending divestiture at a weighted average gold AISC of $1,830 per ounce. The weighting of Tier 1 production and the inclusion of non-core assets combined indicate that the first quarter of 2025 will have notably higher costs than subsequent quarters. First quarter free cash flow will be impacted by these dynamics as well as expected working capital changes for previously accrued tax and employee benefit payments during the quarter. CO-PRODUCT PRODUCTION AND COST GUIDANCE
In 2025, co-product production is expected to decline due to lower copper production as Cadia processes lower grade ore and Peñasquito produces less co-product from the Peñasco pit. Copper CAS per tonne is expected to rise in 2025 due to lower production at Cadia. Copper AISC per tonne is expected to rise in 2025 due to higher CAS per tonne and higher sustaining capital at Cadia. Refer to the 2025 Production and Cost Guidance by Site below for additional details. EXPLORATION AND ADVANCED PROJECTS GUIDANCE
In 2025, Newmont plans to increase its investment in exploration and advanced projects to approximately $525 million, focusing on extending mine life at existing operations while continuing to develop reserves and resources. This includes an estimated $275 million dollars in exploration expense to progress organic growth around existing operations, including the Apensu and Subika Underground at Ahafo South and pit extension at Merian, and advance greenfield projects. Additionally, Newmont expects to allocate approximately $250 million to advanced project spending to support studies on its organic project pipeline. CONSOLIDATED EXPENSE GUIDANCE
The 2025 guidance for general and administrative costs is expected to be $475 million as Newmont continues to manage a global business. Interest expense is expected to decrease to approximately $300 million due to the reduction in debt outstanding through early repayment and purchases along with higher capitalized interest. Reclamation and remediation expense is expected to increase to $475 million due to continued accretion of Newmont's closure liabilities. The adjusted tax rate is expected to remain stable at approximately 34 percent using a $2,500 per ounce gold price assumption. ASSUMPTIONS AND SENSITIVITIES
Excluded from the sensitivity is a royalty, production tax, and workers participation impact of approximately $10 per ounce for every $100 per ounce change in gold price. Divestiture Program Update In February 2024, Newmont announced the intent to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian and North American business units. To date, Newmont has announced sales agreements for all non-core operations and its 70 percent interest in the Havieron project in Western Australia. Newmont continues to advance the divestiture process for the Coffee Project in the Yukon, which may extend beyond the first quarter of 2025. The Company will provide an update once a sales agreement for that project has been agreed. Total gross proceeds from transactions announced in 2024 are expected to be up to $4.3 billion including contingent payments and prior to closing adjustments. This includes $3.8 billion from non-core divestitures and $527 million from the sale of other investments, detailed as follows:
Disciplined Reinvestment in Organic Project Pipeline Newmont's portfolio includes the deepest organic project pipeline in the sector, expected to add new, low-cost ounces and growing free cash flow on a per share basis. Newmont's 2025 guidance includes current development capital costs and production related to the key projects in execution at Tanami Expansion 2, Ahafo North and Cadia Panel Caves.
Newmont is carefully assessing its next wave of opportunities from its robust organic project pipeline, ensuring that the most promising projects are advanced at the right time and in the most capital-efficient manner. Red Chris is advancing the feasibility study, permitting activities and some underground development work to support the underground expansion project. As part of the process to prioritize the most promising projects, the Company has decided to reprioritize capital at Cerro Negro, shifting focus from ongoing underground mine life extension initiatives to surface infrastructure projects at Cerro Negro and other opportunities within its portfolio. This temporary pause in underground investment will allow Newmont to drive improvements in operational productivity and safety performance at Cerro Negro. Additionally, Newmont has chosen to continue deferring the investment decision for the Yanacocha Sulfides project. The Company remains committed to evaluating all opportunities in the surrounding regions of Peru, ensuring future investment decisions deliver the greatest value for shareholders. Committed to Concurrent Reclamation As mines operate for a finite period, careful closure planning is crucial to address the diverse social, economic, environmental and regulatory impacts associated with the end of mining operations. Newmont’s global Closure Strategy integrates closure planning throughout each operation’s lifespan, aiming to create enduring positive and sustainable legacies that last long after mining ceases. Newmont continues to execute concurrent and final reclamation and remediation at our operating and legacy sites. In 2024, the Company spent $433 million, which impacted working capital, primarily related to the construction of two new water treatment plants and post-closure management at Yanacocha. Newmont anticipates spending an average of $600 million annually over the next two years on the water treatment plants at Yanacocha, with expenditures expected to decline starting in 2027 upon project completion and in line with its regulatory compliance commitment. Yanacocha’s ongoing closure planning study continues to address several complex closure issues, including water management, social impacts and tailings. The long-term water management solution under construction at Yanacocha will replace five existing water treatment facilities with two, addressing the watersheds along the continental divide. 2025 Production and Cost Guidance by Site Managed Tier 1 Portfolio Boddington
Boddington gold production is expected to decrease slightly in 2025 due to lower grade ore as the site continues to progress the planned laybacks in the North and South pits, positioning the site for increased production in 2026 and beyond. Boddington gold CAS per ounce is expected to increase in 2025, primarily due to lower production volumes, increased government royalties driven by a higher gold price environment, and a greater proportion of costs being allocated to gold, driven by the reserve price change. Gold AISC per ounce is expected to increase as a result of higher gold CAS per ounce and higher sustaining capital. Boddington copper production is also expected to decrease in 2025 due to the ongoing stripping campaign. Boddington copper CAS per tonne is expected to increase in 2025 due to lower copper production, partially offset by lower CAS allocation to copper. Copper AISC per tonne is expected to increase due to higher copper CAS per tonne and higher sustaining capital costs. Tanami
Tanami production is expected to decrease slightly in 2025 due to mining sequence as the site continues to progress the Tanami Expansion 2 project. Production is weighted approximately 60 percent toward the second half of the year due to higher grade stopes from the Liberator and Auron ore bodies. Tanami gold CAS per ounce is expected to increase due to lower production volumes, higher underground mining costs and increased government royalties driven by a higher gold price environment. Gold AISC per ounce is expected to increase due to higher gold CAS per ounce and higher sustaining capital. Cadia
Cadia gold production is expected to decrease by approximately 40 percent in 2025 due to a decline in gold grades as the site transitions to Panel Cave 2-3. Production at Cadia is expected to begin growing again in 2027 as the mine ramps up to higher gold grades from the newly-established panel cave, driving sequential production growth through 2030. Cadia gold CAS per ounce is expected to increase due to lower gold production in 2025, increased government royalties driven by a higher gold price environment, and a greater proportion of costs being allocated to gold, driven by the reserve price change. Gold AISC per ounce is expected to increase due to higher CAS per ounce and higher capital for tailings expansion to progress tailings solutions that create safe and sufficient capacity for the current caves at Cadia. Cadia copper production will also decrease in 2025 as the site transitions to Panel Cave 2-3 and the ongoing work to access higher grades in the future. Cadia copper CAS per tonne is expected to increase due to lower production in 2025 for copper and less allocation of costs to copper due to reserve prices driving CAS cost allocation. Copper AISC per tonne is expected to increase due to higher CAS per tonne and higher spend year over year on sustaining capital. Lihir
Lihir gold production is expected to decrease slightly in 2025 driven by the open pit reconfiguration work being done to deliver a more sustainable long-term mine plan. This work is anticipated to stabilize production in 2026, with higher grades from Phase 14A expected in 2027. Lihir gold CAS per ounce is expected to be higher in 2025 due to higher operating costs, a slight decrease in production and higher government royalties and production taxes driven by the higher gold price environment. Gold AISC per ounce is expected to increase due to higher CAS per ounce, higher sustaining capital for fleet investment and stripping in Phase 14A. Ahafo
Ahafo production is expected to remain largely consistent through the first half of 2025 before beginning to decline in the second half of 2025 as mining activities in the Subika open pit are completed as planned. Ahafo gold CAS per ounce is expected to increase due to the decrease in production and higher government and third party royalties due to a higher gold price. Gold AISC per ounce is expected to increase due to higher CAS per ounce and higher sustaining capital. Ahafo North
Ahafo North is expected to pour first gold in the second half of 2025 and declare commercial production in the second half of 2025. Unit costs will not be reported until commercial production is declared. Peñasquito
Peñasquito gold production is expected to increase in 2025, as mining is expected to be from the higher gold content Peñasco pit for the first half of 2025. Gold production in 2025 is expected to be approximately 60 percent weighted to the first half of the year. Peñasquito gold CAS per ounce is expected to increase in 2025 due to higher direct costs, in addition to increased royalties and worker participation payments driven by a higher gold price environment. Additionally, a greater proportion of CAS is allocated to gold, driven by the reserve price change. Gold AISC per ounce is expected to increase due to higher gold CAS per ounce. Peñasquito co-product production of silver, lead and zinc is expected to decline from 2024 levels due to reduced mining in the Chile Colorado pit as this polymetallic mine progresses through its planned sequence. Peñasquito co-product CAS unit costs are expected to increase in 2025 due to lower allocations from higher gold production and updated reserve prices, partially offset by lower production of co-product metals. Co-product AISC unit costs are expected to increase due to higher co-product CAS unit costs. Cerro Negro
Cerro Negro production is expected to increase slightly in 2025 due to a full year of operations offset by lower tonnes of ore mined as a result of the decision to shift focus from underground mine life extension initiatives to surface work and other opportunities within the Company's portfolio. Cerro Negro gold CAS per ounce is expected to decrease in 2025 due to higher production from a full year of operations, offsetting increased royalties driven by a higher gold price environment. Gold AISC per ounce is expected to decrease as lower gold CAS per ounce offsets higher sustaining capital. Yanacocha
Yanacocha continues to deliver leach-only production, with production expected to increase in 2025 due to higher leach recoveries from injection leaching and higher grades placed from the final phase of Quecher Main. Fresh ore mining will cease in the fourth quarter of 2025, with residual leaching to continue beyond 2025. Yanacocha gold CAS per ounce is expected to be lower in 2025 due to higher sales and lower stripping as the operation concludes mining, largely offset by increased government royalties, production taxes, and worker participation payments driven by a higher gold price environment. Gold AISC per ounce is expected to decrease due to lower gold CAS per ounce and lower sustaining capital. Merian
Merian production is expected to be in line with 2024. Merian gold CAS per ounce is expected to increase due to higher government royalties and production taxes from a higher gold price. Gold AISC per ounce is expected to decrease due to lower sustaining capital as the site completes fleet replacement, offsetting higher CAS per ounce. Brucejack
Brucejack gold production is expected to be in line with 2024 as a slight increase in tonnes mined offsets a slight decline in grade due to planned stope sequence. Brucejack gold CAS per ounce is expected to increase in 2025 due to an increase in government royalties from a higher gold price environment and higher underground mining development cost. Gold AISC per ounce is expected to increase due higher gold CAS per ounce and higher sustaining capital for access roads and underground development. Red Chris
Red Chris gold production is expected to increase by approximately 50 percent in 2025 driven by the mining and processing of higher grade ore. Red Chris gold CAS per ounce is expected to increase as a result of higher operating costs allocated to gold, driven by the reserve price change, as well as increased royalties due to a higher gold price environment. Gold AISC per ounce is expected to increase due to higher CAS per ounce and higher sustaining capital for tailings work. Red Chris copper production is expected to be higher in 2025 due to mine sequencing. Red Chris copper CAS per tonne is expected to decrease slightly as greater allocation to gold, driven by the reserve price change, offsets higher operating costs. Copper AISC per tonne is expected to decrease slightly due to lower copper CAS per tonne. Non-Managed Tier 1 Portfolio
Non-GAAP Financial Measures Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Unless otherwise noted, we present the Non-GAAP financial measures of our continuing operations in the tables below. Adjusted Net Income (loss) Management uses Adjusted net income (loss) to evaluate the Company’s operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted net income (loss) allows investors and analysts to understand the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. Adjustments to continuing operations are presented before tax and net of our partners’ noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is calculated using the applicable tax rate. Management’s determination of the components of Adjusted net income (loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:
Earnings before interest, taxes and depreciation and amortization and Adjusted earnings before interest, taxes and depreciation and amortization Management uses earnings before interest, taxes and depreciation and amortization (“EBITDA”) and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period (“Adjusted EBITDA”) as non-GAAP measures to evaluate the Company’s operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of Adjusted EBITDA are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:
Free Cash Flow Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies. The presentation of non-GAAP Free Cash Flow is not meant to be considered in isolation or as an alternative to net income as an indicator of the Company’s performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company’s definition of Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Free Cash Flow as a measure that provides supplemental information to the Company’s Consolidated Statements of Cash Flows. The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.
Net Debt Management uses Net Debt to measure the Company’s liquidity and financial position. Net Debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents, as presented on the Consolidated Balance Sheets. Cash and cash equivalents are subtracted from Debt and Lease and other financing obligations as these could be used to reduce the Company's debt obligations. The Company believes the use of Net Debt allows investors and others to evaluate financial flexibility and strength of the Company's balance sheet. Net Debt is intended to provide additional information only and does not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of liquidity prepared in accordance with GAAP. Other companies may calculate this measure differently. The following table sets forth a reconciliation of Net Debt, a non-GAAP financial measure, to Debt and Lease and other financing obligations, which the Company believes to be the GAAP financial measures most directly comparable to Net Debt.
Costs applicable to sales per ounce/gold equivalent ounce Costs applicable to sales per ounce/gold equivalent ounce are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis. We believe that these measures provide additional information to management, investors and others that aids in the understanding of the economics of our operations and performance compared to other producers and provides investors visibility into the direct and indirect costs related to production, excluding depreciation and amortization, on a per ounce/gold equivalent ounce basis. Costs applicable to sales per ounce/gold equivalent ounce statistics are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently. The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.
All-In Sustaining Costs Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, Newmont calculates All-in sustaining costs (“AISC”) based on the definition published by the World Gold Council. The World Gold Council is a market development organization for the gold industry comprised of and funded by gold mining companies around the world and is a regulatory organization. AISC is a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as costs applicable to sales per ounce, to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations. We believe that AISC is a non-GAAP measure that provides additional information to management, investors and others that aids in the understanding of the economics of our operations and performance compared to other producers and provides investors visibility by better defining the total costs associated with production. AISC amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in IFRS, or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development (i.e. non-sustaining) activities based upon each company’s internal policies. The following disclosure provides information regarding the adjustments made in determining the AISC measure: Costs applicable to sales. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from CAS, such as significant revisions to recovery amounts. CAS includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation, which is consistent with our presentation of CAS on the Consolidated Statements of Operations. In determining AISC, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company’s Consolidated Statements of Operations less the amount of CAS attributable to the production of other metals. The other metals' CAS at those mine sites is disclosed in Note 4 to the Consolidated Financial Statements. The allocation of CAS between gold and other metals is based upon the relative sales value of gold and other metals produced during the period. Reclamation costs. Includes accretion expense related to reclamation liabilities and the amortization of the related ARC for the Company’s operating properties. Accretion related to the reclamation liabilities and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. Advanced projects, research and development and exploration. Includes incurred expenses related to projects that are designed to sustain current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves to sustain production at existing operations. As these costs relate to sustaining our production, and are considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Consolidated Statements of Operations less incurred expenses related to the development of new operations, or related to major projects at existing operations where these projects will materially benefit the operation in the future. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. We also allocate these costs incurred at Corporate and Other using the proportion of CAS between gold and other metals. General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to supporting our corporate structure and fulfilling our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis. We allocate these costs to gold and other metals at Corporate and Other using the proportion of CAS between gold and other metals. Other expense, net. Excludes certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company’s non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. Treatment and refining costs. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on the Consolidated Statements of Operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. Sustaining capital and finance lease payments. We determined sustaining capital and finance lease payments as those capital expenditures and finance lease payments that are necessary to maintain current production and execute the current mine plan. We determined development (i.e. non-sustaining) capital expenditures and finance lease payments to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation and are excluded from the calculation of AISC. The classification of sustaining and development capital projects and finance leases is based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital and finance lease payments are relevant to the AISC metric as these are needed to maintain the Company’s current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. We also allocate these costs incurred at Corporate and Other using the proportion of CAS between gold and other metals.
A reconciliation of the 2025 Gold AISC guidance to the 2025 Gold CAS guidance is provided below. The estimates in the table below are considered “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.
Net debt to Adjusted EBITDA ratio Management uses net debt to Adjusted EBITDA as non-GAAP measures to evaluate the Company’s operating performance, including our ability to generate earnings sufficient to service our debt. Net debt to Adjusted EBITDA represents the ratio of the Company’s debt, net of cash and cash equivalents, to Adjusted EBITDA. Net debt to Adjusted EBITDA does not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Net Debt to Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of net debt to Adjusted EBITDA measure is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that net debt to Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of net debt to Adjusted EBITDA is evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted EBITDA as follows:
Net average realized price per ounce/ pound Average realized price per ounce/ pound are non-GAAP financial measures. The measures are calculated by dividing the net consolidated gold, copper, silver, lead and zinc sales by the consolidated gold ounces, copper pounds, silver ounces, lead pounds, and zinc pounds sold, respectively. These measures are calculated on a consistent basis for the periods presented on a consolidated basis. Average realized price per ounce/ pound statistics are intended to provide additional information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently. The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measure:
Gold by-product metrics Copper and silver are by-products often obtained during the process of extracting and processing the primary ore-body. In our GAAP Consolidated Financial Statements, the value of these by-products is recorded as a credit to our CAS and the value of the primary ore is recorded as Sales. In certain instances, copper, silver, lead, and zinc are co-products, or a significant resource in the primary ore-body, and the revenue is recorded as Sales in our GAAP Consolidated Financial Statements. Gold by-product metrics are non-GAAP financial measures that serve as a basis for comparing the Company’s performance with certain competitors. As Newmont’s operations are primarily focused on gold production, “Gold by-product metrics” were developed to allow investors to view Sales, CAS per ounce, and AISC per ounce calculations that classify all copper, silver, lead, and zinc production as a by-product, even when copper, silver, lead, or zinc is a significant resource in the primary ore-body. These metrics are calculated by subtracting copper, silver, lead, and zinc sales recognized from Sales and including these amounts as offsets to CAS. Gold by-product metrics are calculated on a consistent basis for the periods presented on a consolidated basis. These metrics are intended to provide supplemental information only, do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks, such as in IFRS. The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures:
Conference Call Information A conference call will be held on Thursday, February 20, 2025 at 5:30 p.m. Eastern Standard Time (3:30 p.m. Mountain Standard Time), which is 9:30 a.m. Australian Eastern Daylight Time on Friday, February 21, 2025; it will also be available on the Company’s website. Conference Call Details
Webcast Details
Title: Newmont Fourth Quarter and Full Year 2024 Results Conference Call
The webcast materials will be available Thursday, February 20, after North American markets close, under the “Investor Relations” section of the Company’s website. Additionally, the conference call will be archived for a limited time on the Company’s website. 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. At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont’s sustainability strategy and initiatives, go to www.newmont.com. Cautionary Statement Regarding Forward Looking Statements, Including Guidance Assumptions, and Notes: This news release contains “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. Where a forward-looking statement 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 and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as “anticipate,” “intend,” “plan,” “will,” “would,” “estimate,” “expect,” “believe,” "pending" or “potential.” Forward-looking statements in this news release may include, without limitation, (i) estimates of future production and sales, including production outlook and average future production; (ii) estimates of future costs applicable to sales and all-in sustaining costs; (iii) estimates of future capital expenditures, including development and sustaining capital; (iv) expectations regarding the spend for Tanami Expansion 2 and the Cadia Panel Caves in Australia, the Ahafo North Project in Ghana, advancing the Red Chris Block Cave project in Canada, the Yanacocha Sulfides project in Peru or the Cerro Negro Expansion project in Argentina including with respect to timeline, production, and capital cost estimates; (v) expectations regarding share and debt repurchases; (vi) estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, Full Potential and productivity improvements, and future cash flow enhancements, (vii) expectations regarding Newmont’s go-forward portfolio including expectations regarding Tier 1 assets and emerging Tier 1 assets; (viii) expectations regarding future investments or divestitures, including of non-core assets and assets designated as held for sale; (ix) expectations regarding free cash flow and returns to stockholders, including with respect to future dividends and future share repurchases; (x) expectations regarding our divestiture program and the timing thereof; and (xi) other financial and operating outlook, including, without limitation, Q1 2025, 2025 Guidance and other future operating, reclamation, remediation and financial metrics. Estimates or expectations of future events or results 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 operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to U.S. dollar and Canadian dollar to U.S. dollar, as well as other exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Such uncertainties could result in operating sites being placed into care and maintenance and impact estimates, costs and timing of projects. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities. Future dividends beyond the dividend payable on March 27, 2025 to holders of record at the close of business on March 4, 2025 have not yet been approved or declared by the Board of Directors, and an annualized dividend payout or dividend yield has not been declared by the Board. Management’s expectations with respect to future dividends are “forward-looking statements” and are non-binding. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Newmont’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, gold and commodity prices, and other factors deemed relevant by the Board. Investors are also cautioned that the extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including trading volume, market conditions, legal requirements, business conditions and other factors. The repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full $2.0 billion amount during the 24 month authorization period. Expectations regarding the divestment of assets held of sale are subject to risks and uncertainties. Based on a comprehensive review of the Company’s portfolio of assets, the Company announced a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested include CC&V, Musselwhite, Porcupine, Éléonore, Telfer, and Akyem, and the Havieron and Coffee development projects. While the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as held for sale there is a possibility that the assets held for sale may exceed one year, or not occur at all, due to events or circumstances beyond the Company's control. As of the date of this release, no binding agreement has been entered into with respect to the sale of the Coffee development project. See the September 10, 2024 press release for details re the agreement to divest Telfer and Havieron, the October 8, 2024 press release for details re the agreement to divest Akyem, the November 18, 2024 press release for details re the agreement to divest Musselwhite, the November 25, 2024 press release for details re the agreement to divest Éléonore, the December 6, 2024 press release for details re the agreement to divest CC&V, and the January 27, 2025 press release for details regarding agreement to divest Porcupine. Each are available on Newmont’s website. Other than the sale of Telfer and Havieron, closing of such transactions remain subject to certain conditions as indicated in such releases and notes thereto. No assurances can be provided with respect to satisfaction of closing conditions, the timing of closing of the transaction or receipt of contingent consideration in the future. See Item 1A. Risk Factors of the Form 10-K under the heading "Assets held for sale may not ultimately be divested and we may not receive any or all deferred consideration" and "The Company’s asset divestitures place demands on the Company’s management and resources, the sale of divested assets may not occur as planned or at all, and the Company may not realize the anticipated benefits of such divestitures." For a more detailed discussion of such risks and other factors that might impact future looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”) on, or about, February 21, 2025, under the heading “Risk Factors", and other factors identified in the Company's reports filed with the SEC, available on the SEC website or at www.newmont.com. 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. Notice Regarding 2024 Results: Newmont’s actual consolidated financial results remain subject to completion of our annual audit procedures for the year ended December 31, 2024 and final review by management. Our actual audited consolidated financial results for the year ended December 31, 2024 are expected to be reported in connection with the filing of our Annual Report on Form 10-K for the year ended December 31, 2024, which is expected to be filed on or about February 21, 2025. Our actual consolidated financial results may differ from the results included in this release, including as a result of audit adjustments and other developments that may arise between now and when the Form 10-K is finalized and filed. This release should not be viewed as a substitute for audited consolidated financial statements and related notes as of and for the year ended December 31, 2024 prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). Accordingly, you should not place undue reliance on this release, which has been prepared by, and is the responsibility of, our management. Notice Regarding Reserve and Resource: The reserves stated herein were prepared in compliance with Subpart 1300 of Regulation S-K adopted by the SEC and represent the amount of gold, copper, silver, lead, zinc and molybdenum estimated, at December 31, 2024, 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 partner’s) 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 or molybdenum 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 or molybdenum 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 and molybdenum 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 and molybdenum 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 or molybdenum 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, Indicated, and Inferred Resource" tables, in the Company’s Form 10-K, filed on or about February 21, 2025, with the SEC. Note Regarding Tier 1 Portfolio: Newmont’s 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 Asset is 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. See below for a definition of GEO and See Item 7, MD&A, under the heading "Non-GAAP Financial Measures" of the most recent Form 10-K for the definition of AISC. 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. Newmont's 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 statements 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20250220738188/en/ Contacts
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