Mr. Tom Palmer reports

NEWMONT ANNOUNCES END OF STRIKE AT PENASQUITO MINE IN MEXICO

Newmont Corp. has reached a definitive agreement with the National Union of Mine, Metal, and Allied Workers of the Mexican Republic to end the strike initiated by the union on June 7, 2023, at the company's Penasquito mine located in the Mexican state of Zacatecas. On Oct. 13, 2023, Newmont and the union submitted the agreement to the Mexican Labor Court, which gave its approval, thus ending the strike.

The strike was initiated by the union demanding the company pay additional profit sharing, equivalent to double the amount agreed upon one year ago, along with other alleged violations of the collective bargaining agreement.

"This unnecessary strike has caused significant hardship for all of our employees, contractors, host communities, suppliers and customers," said Tom Palmer, Newmont's president and chief executive officer. "We will continue to honour our commitments, comply with the law and the collective bargaining agreement, and work to protect the long-term value of Penasquito."

Key terms of the agreement include:

• Newmont will not pay any additional incremental profit sharing for 2022. This was the basis for the strike, and the profit sharing paid by the company this year fully complied with Mexican law and the collective bargaining agreement.
• If, as a consequence of the strike, the Penasquito mine reports no profit in 2023, then Newmont agrees to pay an additional bonus in the second quarter next year, equivalent to two months wages as the company recognizes the hardship employees have experienced given the duration of the strike.
• Newmont will pay employees a fixed amount, roughly equivalent to 60 per cent of wages lost, since the strike began on June 7, 2023. This payment is intended to mitigate the financial impact that the strike, initiated by the union, has had on the company's work force.

In addition, as part of the separate, annual wage negotiations under the collective bargaining agreement, Newmont and the union have agreed to an 8-per-cent wage increase, in line with Mexican mining industry wage increases for 2023. These wage negotiations were not part of the union's claims as grounds for taking the strike action.

Newmont's priority is to safely return the work force to this Tier 1 operation while ensuring an orderly ramp-up in production. It is expected to take several weeks to achieve stable production levels, and a status update will be provided during the company's Q3 earnings call on Oct. 26, 2023.

In 2022, Penasquito contributed $1.9-billion (U.S.) in economic value to Mexico, including $643-million (U.S.) in employee wages and benefits, taxes, and royalty payments to federal, state and local governments, and investments in community infrastructure and water projects. Minera Penasquito is the second-largest employer in Zacatecas, Mexico, with a work force of more than 5,000 individuals. The mine supports another 28,000 people and their families, in neighbouring communities and across the country, who are part of the mine's local and national supply chain.

About Newmont Corp.

Newmont is the world's leading gold company and a producer of copper, silver, zinc and lead. The company's world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. 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. The company is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.

Newmont's purpose is to create value and improve lives through sustainable and responsible mining.

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