Mr. Tom Palmer reports

NEWMONT REPORTS THIRD QUARTER 2023 RESULTS AND DECLARES $0.40 DIVIDEND; REMAINS ON TRACK TO CLOSE THE PENDING ACQUISITION OF NEWCREST

Newmont Corp. has released third quarter 2023 results and declared a third quarter dividend of 40 cents per share.

Newmont delivered a stable Q3 performance:

• Produced 1.3 million attributable gold ounces and 58,000 co-product gold equivalent ounces (GEOs) from copper; building momentum for improved production in the fourth quarter;
• Reported gold costs applicable to sales (CAS) per ounce of $1,019 and gold all-in sustaining costs (AISC) per ounce of $1,426; improvement driven by higher sales volumes compared with the prior quarter;
• Revised 2023 outlook for the stand-alone Newmont portfolio to 5.3 million ounces of attributable production, CAS per ounce of $1,000 and AISC per ounce of $1,400; incorporates the impacts of the strike at Penasquito and lower production volumes from non-managed joint ventures (Nevada Gold Mines and Pueblo Viejo) and Ahafo;
• Generated $1-billion of cash from continuing operations and reported $397-million of free cash flow; driven by favourable working capital changes while continuing to reinvest in profitable projects;
• Reported net income of $163-million, with adjusted net income (ANI) of 36 cents per diluted share and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $933-million; driven by higher production volumes, strong gold prices and stable costs;
• Ended the quarter with $3.2-billion of consolidated cash and $6.2-billion of liquidity; reported net debt to adjusted EBITDA ratio of 0.7 times;
• Resolved the union labor strike at Penasquito; focused on the safe ramp-up of operations in the fourth quarter;
• Received full funds approval for the Pamour project at Porcupine; on track to deliver first ore in 2024;
• Declared commercial production at San Marcos, the first of six orebodies in Cerro Negro district expansion;
• Assigned an A-minus rating with a stable outlook from Fitch; reflects Newmont's ability to generate strong liquidity;
• On track to close the pending acquisition of Newcrest Mining Ltd. on Nov. 6, 2023; secured all government and regulatory approvals and shareholder votes;
• Announced the addition of two directors; welcoming Philip Aiken, AM, and Sally-Anne Layman from the Newcrest board, with appointment to the Newmont board of directors effective upon close of the pending Newcrest transaction.

Third quarter dividend declared within established framework:

• Board of directors declared a dividend of 40 cents per share of common stock for the third quarter of 2023; payable on Dec. 22, 2023, to holders of record at the close of business on Nov. 30, 2023;
• Annualized dividend payout range for 2023 of $1.40 to $1.80 per share; subject to quarterly approval by board of directors;
• Based on a sustainable base dividend of $1 per share payable at base reserve price and an incremental dividend payout of 60 cents per share; third quarter dividend payout calibrated at the midpoint of the $1,700-per-ounce annualized payout range.

"Newmont generated $1-billion of cash from continuing operations during the third quarter and continued to execute on our long-term strategic plan. As we look ahead to the closing of the Newcrest transaction, we are excited about the long-term value it will bring to both sets of stakeholders and our combined work force. This transaction strengthens our position as the world's leading gold company and sets the standard in safe, profitable and responsible mining. We look forward to closing the transaction on Nov. 6 and providing our first integration update on the combined business in the first quarter of 2024," stated Tom Palmer, president and chief executive officer of Newmont.

Improved production and cash flows delivered in the third quarter

In the third quarter, Newmont delivered improved production compared with the second quarter despite navigating challenges at the sites noted as follows. Further improvements to production are expected in the fourth quarter:

• Penasquito: Operations continued to be suspended at the site for the duration of the third quarter to focus on finding an appropriate and sustainable resolution to the dispute with the leadership of the National Union of Mine and Metal Workers of the Mexican Republic. On Oct. 13, 2023, Newmont reached a resolution with the Union and has since begun the safe ramp-up of operations. Newmont expects to reach full operating capacity by the end of the fourth quarter.
• Ahafo - During the third quarter, the replacement conveyor at Ahafo was commissioned as planned. However, mill throughput was impacted when routine condition monitoring by Newmont's Asset Management Team identified hairline fractures to one of the large grinding mill's girth gears. To reduce any further deterioration to the gear and to avoid a major unplanned failure, Newmont made the decision to operate at less than full capacity. In October, the team optimized the processing circuit, bringing throughput to approximately 80 percent. Full processing rates are expected to be reached in the second quarter of 2024 when the girth gear is replaced.
• Cerro Negro - The site delivered higher ounces in the third quarter due to improved productivity compared with the second quarter. This improvement was tempered by supply chain disruptions as a result of import restrictions which impacted the ability to deliver key supplies to the site. Newmont will continue to work closely with suppliers to mitigate disruption in Argentina.
• Nevada Gold Mines and Pueblo Viejo6 - Lower than planned production was delivered from Newmont's non-managed joint ventures.

Direct operating costs remained largely consistent with the second quarter as inflation pressures continued to stabilize, with improvements to pricing on commodities, as well lower direct costs as a result of the suspension of operations at Penasquito. AISC was lower due to lower sustaining capital during the third quarter compared with the second quarter. Penasquito incurred $78 million of operating costs and $53 million of depreciation and amortization while operations were suspended. These costs have not been adjusted from Newmont's Non-GAAP financial metrics for the third quarter.

Cash flow from continuing operations was $1,001 million, which was favourable compared with the second quarter, primarily driven by favourable working capital changes, including the timing of accounts payable, draw-downs of lower cost inventory and lower cash tax payments. During the quarter, Newmont reinvested $604 million in capital spend, including $264 million in development capital spend to continue to progress near-term projects and $340 million in sustaining capital to progress site improvement projects.

THIRD QUARTER 2023 FINANCIAL AND PRODUCTION SUMMARY

Attributable gold production1 decreased 13 percent to 1,291 thousand ounces from the prior year quarter primarily due to lower production at Penasquito, Akyem and Ahafo. In addition, lower than planned production was delivered from the non-managed joint venture at Pueblo Viejo. This unfavourable impact was partially offset by higher production at Yanacocha. Gold sales were largely in line with production for the quarter.

Gold CAS totaled $1.3 billion for the quarter. Gold CAS per ounce2 increased 5 percent to $1,019 per ounce from the prior year quarter primarily due to lower gold sales volumes as a result of the Penasquito labor strike for the duration of the third quarter of 2023. This unfavourable impact was partially offset by lower energy, materials and contracted services costs at Penasquito while operations were suspended.

Gold AISC per ounce2 increased 12 percent to $1,426 per ounce from the prior year quarter primarily due to higher CAS per gold ounce and higher sustaining capital spend.

Attributable gold equivalent ounce (GEO) production from other metals decreased 81 percent to 58 thousand ounces primarily due to the suspension of operations at Penasquito, which were partially offset by higher copper production at Boddington. GEO sales were largely in line with production for the quarter.

CAS from other metals totaled $98 million for the quarter. CAS per GEO2 increased 130 percent to $1,636 per ounce from the prior year quarter primarily due to lower other metal sales as a result of the Penasquito labor strike for the duration of the third quarter of 2023. This unfavourable impact was partially offset by lower energy, materials and contracted services costs at Penasquito while operations were suspended.

AISC per GEO2 increased 142 percent to $2,422 per ounce primarily due to higher CAS per GEO as a result of the Penasquito labor strike.

Average realized gold price was $1,920, an increase of $229 per ounce over the prior year quarter. Average realized gold price includes $1,929 per ounce of gross price received, an unfavourable impact of $4 per ounce mark-to-market on provisionally-priced sales and reductions of $5 per ounce for treatment and refining charges.

Revenue decreased 5 percent from the prior year quarter to $2.5 billion primarily due to lower sales volumes, partially offset by higher average realized gold and copper prices.

Net income from continuing operations attributable to Newmont stockholders was $157 million or $0.20 per diluted share, a decrease of $61 million from the prior year quarter primarily due to lower sales volumes as a result of the Penasquito labor strike, as well as higher reclamation and remediation charges. These decreases were partially offset by higher average realized prices for gold and copper and lower CAS.

Adjusted net income3 was $286 million or $0.36 per diluted share, compared with $212 million or $0.27 per diluted share in the prior year quarter. Primary adjustments to third quarter net income include reclamation and remediation charges of $104 million, changes in the fair value of investments of $41 million, Newcrest transaction-related costs of $16 million and restructuring and severance costs of $7 million.

Adjusted EBITDA3 increased 10 percent to $933 million for the quarter, compared with $850 million for the prior year quarter.

Capital expenditures4 increased 14 percent from the prior year quarter to $604 million primarily due to higher sustaining capital spend. Development capital expenditures in 2023 primarily relate to Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour and Cerro Negro District Expansion 1.

Consolidated operating cash flow from continuing operations increased 115 percent from the prior year quarter to $1,001 million primarily due to payments made in the third quarter of 2022 related to 2021 site performance for the Penasquito Profit-Sharing Agreement, as well as the timing of accounts payable and prepaid taxes at Penasquito, partially offset by a decrease in revenue due to lower sales volumes primarily as a result of the strike at Penasquito.

Free Cash Flow5 increased to $397 million from $(63) million in the prior year quarter primarily due to higher operating cash flow, partially offset by higher capital expenditures.

Balance sheet and liquidity remained strong in the third quarter, ending the quarter with $3.2 billion of consolidated cash, with approximately $6.2 billion of total liquidity; reported net debt to adjusted EBITDA of 0.7x7.

Nevada Gold Mines (NGM)6 attributable gold production was 300 thousand ounces, with CAS of $992 per ounce2 and AISC of $1,307 per ounce2 for the third quarter. NGM EBITDA7 was $263 million.

Pueblo Viejo (PV)6 attributable gold production was 52 thousand ounces for the quarter. Cash distributions received for the Company's equity method investment in Pueblo Viejo totaled $32 million in the third quarter. Capital contributions of $23 million were made during the quarter related to the expansion project at Pueblo Viejo.

Progressing Profitable Near-Term Projects from Unmatched Organic Pipeline

Newmont's project pipeline supports stable production with improving margins and mine lives1. Newmont's 2023 and longer-term outlook includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Pamour and Cerro Negro District Expansion 1. Development capital spend and all metal production for Yanacocha Sulfides has been excluded from longer-term outlook until an investment decision has been reached.

Additional projects not listed below represent incremental improvements to the Company's outlook.

• Tanami Expansion 2 (Australia) secures Tanami's future as a long-life, low-cost producer by extending mine life beyond 2040 through the addition of a 1,460 meter hoisting shaft and supporting infrastructure to process 3.3 million tonnes per year and provide a platform for future growth. The expansion is expected to increase average annual gold production by approximately 150,000 to 200,000 ounces per year for the first five years and reduce operating costs by approximately 10 percent, bringing average all-in sustaining costs to $900 to $1,000 per ounce for Tanami (2026-2030). Commercial production for the project is expected in the second half of 2025. Total capital costs are estimated to be between $1.2 and $1.3 billion. Development costs (excluding capitalized interest) since approval were $677 million, of which $178 million related to the nine months ended September 30, 2023.
• Ahafo North (Africa) expands our existing footprint in Ghana with four open pit mines and a stand-alone mill located approximately 30 kilometers from the Company's Ahafo South operations. The project is expected to add between 275,000 and 325,000 ounces per year with all-in sustaining costs of $800 to $900 per ounce for the first five full years of production. Ahafo North is the best unmined gold deposit in West Africa with approximately 3.8 million ounces of Reserves and 1.4 million ounces of Measured, Indicated and Inferred Resources2 and significant upside potential to extend beyond Ahafo North's current 13-year mine life. Commercial production for the project is expected in the second half of 2025. Total capital costs are estimated to be between $950 and $1,050 million. Development costs (excluding capitalized interest) since approval were $333 million, of which $121 million related to the nine months ended September 30, 2023.
• Pamour (North America) extends the life of Porcupine and maintains production beyond 2024. The project will optimize mill capacity, adding volume and supporting high grade ore from Borden and Hoyle Pond, while supporting further exploration in a highly prospective and proven mining district. An investment decision was reached in October of 2023, with first ore expected in 2024. Commercial production for the project is expected in the fourth quarter of 2025. Development capital costs are estimated to be between $350 and $450 million.
• Cerro Negro District Expansion 1 (South America) includes the simultaneous development of the Marianas and Eastern districts to extend the mine life of Cerro Negro beyond 2030. The project is expected to improve production and provides a platform for further exploration and future growth through additional expansions. Development capital costs for the project are estimated to be between $350 and $450 million. In the third quarter of 2023 Newmont declared commercial production for San Marcos, the first of six ore bodies associated with the expansion project.
• Yanacocha Sulfides (South America) has been deferred for at least two years from the previously planned investment decision date in 2024, representing the first step to Newmont delivering on its portfolio optimization strategy. Yanacocha Sulfides will develop the first phase of sulfide deposits and an integrated processing circuit, including an autoclave to produce 45% gold, 45% copper and 10% silver. The first phase focuses on developing the Yanacocha Verde and Chaquicocha deposits to extend Yanacocha's operations beyond 2040 with second and third phases having the potential to extend life for multiple decades.

Revised 2023 Outlook Incorporating the Resolution of the Penasquito Strike

Newmont is providing a revised 2023 outlook for the standalone Newmont portfolio of 5.3 million ounces of attributable production to incorporate the impacts of the Penasquito strike, lower production from the non-managed Nevada Gold Mines and Pueblo Viejo joint ventures, and lower production at Ahafo due to lower throughput following the decision to operate at less than full capacity to protect one of the grinding mill's girth gears until it is replaced. As a result of these volume impacts, 2023 CAS is expected to be approximately $1,000 per ounce, with AISC of $1,400 per ounce. In addition, as a result of the Penasquito strike, the outlook for silver, lead and zinc has been revised for the remainder of the year.

Sustaining capital is expected to be $1.4 billion for 2023, incorporating increased spend from the upgrading of camp conditions at Musselwhite, the addition of five new autonomous haulage trucks at Boddington to advance stripping in the North and South Pits and the replacement conveyor at Ahafo. Development capital is expected to be $1.1 billion for 2023, incorporating reduced spend at Yanacocha Sulfides and the timing of spend at Tanami Expansion 2 as a result of the rainfall event in the first quarter.

Copper guidance for Boddington remains unchanged for the year. In addition, consolidated expense guidance remains unchanged, with the exception of Depreciation and Amortization as a result of the lower production volumes for the year.

Please see the cautionary statement at the end of this release for additional information. For further discussion, investors are encouraged to attend Newmont's Third Quarter 2023 Earnings Conference Call.

Conference Call Information

A conference call will be held on Thursday, October 26, 2023 at 10:00 a.m. Eastern Time (8:00 a.m. Mountain Time); it will also be carried on the Company's website.

Conference Call Details

Dial-In Number  833.470.1428

Intl. Dial-In Number  404.975.4839

Dial-In Access Code  570192

Conference Name  Newmont

Replay Number  866.813.9403

Intl. Replay Number  929.458.6194

Replay Access Code  901520

Webcast Details

Title: Newmont Third Quarter 2023 Earnings Conference Call

The third quarter 2023 results will be available before the market opens on Thursday, October 26, 2023, on the "Investor Relations" section of the Company's website, www.newmont.com. 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, silver, lead and zinc. 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.

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