Mr. Tom Palmer reports

NEWMONT ANNOUNCES BALANCED CAPITAL ALLOCATION STRATEGY AND RETURN OF CAPITAL FRAMEWORK SUPPORTED BY PORTFOLIO OF TIER 1 OPERATIONS AND PROJECTS*

Newmont Corp. is talking about key actions that, together, will deliver on its clear and consistent strategy.

"Newmont's go-forward portfolio is the new standard for gold and copper mining," said Tom Palmer, Newmont's president and chief executive officer. "This portfolio provides our shareholders with exposure to the highest concentration of Tier 1 assets in the sector, each with the scale and mine life to generate strong free cash flows, and all located in the world's most-favourable mining jurisdictions. It is from this platform that Newmont has established a balanced shareholder return framework, designed to return capital to shareholders through a stable base dividend and share repurchase program. As we look forward to this very important year of integration and transformation, I am confident in the quality of our assets and the capability of our team to deliver on our commitments, return capital to shareholders and justify our position as the benchmark gold equity."

Announced a focused Tier 1 portfolio:

• Intend to divest six non-core assets, including Eleonore, Musselwhite, Porcupine, CC&V, Akyem and Telfer, as well as two non-core projects, including Havieron and Coffee;
• Focusing management efforts on portfolio of Tier 1 assets and emerging Tier 1 assets;
• Sequencing development projects to focus on enhancing project development capabilities to bring forward the gold industry's best pipeline of gold and copper projects;
• Identified an additional $500-million of cost and productivity improvements over and above initial synergy commitments.

Provided long-term outlook for the Tier 1 portfolio:

• 6.7 million ounces of gold production targeted by 2028; gold equivalent ounce (GEO) production of 8.3 million by 2028;
• Average annual sustaining capital spend of $1.5-billion expected over the next five years to support key tailings management, and water and infrastructure projects, as well as fixed and mobile equipment reliability;
• Average annual development capital spend of $1.3-billion expected over the next five years, focused on advancing the most-value-accretive opportunities at the right time and in the right order.

Established balanced capital allocation strategy and return of capital framework:

• Commitment to an investment-grade balance sheet, targeting approximately $7-billion in available liquidity, including $3-billion of cash with an increased $4-billion five-year corporate revolving credit facility;
• Near-term debt reduction of $1-billion to approximately $8-billion through free cash flow and divestment proceeds from sale of non-core assets;
• Disciplined development capital spend of approximately $1.3-billion per annum, with a focus on safely and efficiently bringing forward opportunities that are aligned with the company's strategy;
• Continued focus on return of capital to shareholders through a fixed dividend of $1 per share annualized and a $1-billion share repurchase program to be executed over the next 24 months, with excess free cash flow and proceeds from asset divestitures;
• Declared a dividend of 25 cents per share of common stock for the fourth quarter of 2023 payable on March 28, 2024, to holders of record at the close of business on March 5, 2024.

Tier 1 portfolio outlook focuses on growing margins and disciplined reinvestment

Production from Newmont's optimized portfolio is expected to increase over the next five years, while benefiting from cost reductions on a per-unit basis. The growth necessary to meet the company's production targets is expected to be driven by Newmont's 10 Tier 1 operations.

Two thousand twenty-five-plus outlook

Tier 1 portfolio gold production is expected to improve to 6.7 million ounces by 2028 with the completion of the Ahafo North project in Ghana, the expansion at Tanami and the completion of two block caves at Cadia in Australia. Boddington will emerge from the stripping campaign at the North and South pits in 2026 with improved gold and copper grades. Lihir is expected to improve production in 2025 with higher grades from phase 14a, with operating improvements to mine and mill performance benefiting production. Penasquito will deliver higher production in 2025 with the stripping campaign completed at Penasco pit.

Non-managed operations will also improve production levels through 2028, mainly driven by Nevada Gold Mines.

CAS (cash applicable to sales) and AISC (all-in sustaining costs) per ounce are also expected to improve through 2028, with higher production volumes and productivity improvements gained from delivering on synergy commitments.

Conference call information

A conference call will be held on Thursday, Feb. 22, 2024, at 10 a.m. ET and 4 p.m. ET -- it will also be available on the company's website.

10 a.m. ET conference call details

Dial-in number:  833-470-1428

International dial-in number:  404-975-4839

Dial-in access code:  960159

Conference name:  Newmont

Replay number:  866-813-9403

International replay number:  929-458-6194

Replay access code:  672728

4 p.m. ET conference call details

Dial-in number:  833-470-1428

International dial-in number:  404-975-4839

Dial-in access code:  431401

Conference name:  Newmont

Replay number:  866-813-9403

International replay number:  929-458-6194

Replay access code:  615787

Find toll-free phone numbers on-line.

Webcast details

Title:  Newmont fourth quarter 2023 results and 2024 guidance conference call

10 a.m. ET:  access on-line

4 p.m. ET:  access on-line

The fourth quarter 2023 results and 2024 guidance will be available before the market opens on Thursday, Feb. 22, 2024, on 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 Corp.

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 favourable mining jurisdictions in Africa, Australia, Latin America and 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.

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