Mr. Tom Palmer reports

NEWMONT ANNOUNCES 2023 MINERAL RESERVES FOR INTEGRATED COMPANY OF 136 MILLION GOLD OUNCES WITH ROBUST COPPER OPTIONALITY OF 30 BILLION POUNDS

Newmont Corp. had higher gold mineral reserves of 135.9 million attributable ounces for 2023 compared with the company's 96.1 million ounces at the end of 2022. Newmont has significant upside to other metals, including more than 30 billion pounds of copper reserves and nearly 600 million ounces of silver reserves.

"Newmont has strengthened its position as the responsible gold leader with the industry's highest concentration of quality operations, reserves and resources," said Tom Palmer, Newmont's president and chief executive officer. "In 2023, we added more than 47 million ounces of gold reserves and 14 billion pounds of copper reserves through the acquisition of Newcrest and the continuation of our industry-leading exploration program. With the largest gold and copper reserve base in the industry, Newmont is well positioned to deliver stable production and meaningful value to stakeholders today and in the future."

2023 reserves and resources highlights:

• Robust gold reserves of 135.9 million ounces;
• Newcrest acquisition accounted for net addition of 44 million ounces of gold reserves in 2023 (net of revisions);
• Nearly all gold and copper reserves and resources are attributable to the Newmont Tier 1 portfolio;
• Underpinned by a strong base of operating sites with gold reserve life of 10 years or more, including Boddington, Lihir, Cadia, Tanami, Ahafo, Merian, Pueblo Viejo and Nevada Gold Mines (NGM), and further enhanced by Newmont's broader portfolio and organic project pipeline;
• Measured and indicated gold mineral resources of 104.8 million ounces and inferred resources of 69.1 million ounces;
• Significant exposure to copper with 30.1 billion pounds in reserves, 33.1 billion pounds in measured and indicated resources, and 24 billion pounds in inferred resources; nearly all copper reserves and resources are attributable to the Newmont Tier 1 portfolio;
• Additional exposure to other metals including silver, lead, zinc and molybdenum.

Percentage of gold reserves by jurisdiction

Newmont's reserve base is a key differentiator with an average reserve grade of 0.97 gram per tonne and an operating reserve life of more than 10 years at six managed sites and two non-managed joint ventures, with significant upside potential from a robust organic project pipeline. In addition, Newmont has substantial exposure to other metals, with 112 million gold equivalent ounces of reserves from copper, silver, lead, zinc and molybdenum.

For 2023, Newmont reported 135.9 million ounces of gold mineral reserves, a 41-per-cent increase from the prior-year total of 96.1 million ounces. The acquisition of Newcrest drove the increase by adding a net 44.3 million ounces after revisions, primarily due to changes in regulatory requirements and technical assumptions.

The gold reserve increases were primarily driven by Lihir and Cadia acquired in the Newcrest transaction, notably:

• Lihir added 17.5 million ounces of reserves, with a projected mine life of 16 years;
• Cadia added 14.7 million ounces of reserves, with a projected mine life of 34 years.

These increases were supported by over three million ounces at the Brucejack mine, over five million ounces at the Wafi-Golpu project and nearly four million ounces the Red Chris project.

Newmont's legacy sites had additions through drilling of 2.2 million ounces, which were offset by net negative revisions of 1.8 million ounces driven by Penasquito, Tanami, Musselwhite and Ahafo. Penasquito site had net negative revisions of 600,000 ounces, before depletion, primarily due to an updated resource model that will further support future production planning. Sites including Eleonore, Porcupine, Cerro Negro and Merian substantially replaced depletion.

Newmont's 38.5-per-cent interest in NGM represented 18.3 million attributable ounces of gold reserves at year-end, compared with 18.6 million ounces at the end of 2022. Newmont's 40-per-cent interest in Pueblo Viejo represented eight million attributable ounces of gold reserves at year-end, compared with 8.2 million ounces at the end of 2022.

Gold reserve grade decreased 10 per cent to 0.97 gram per tonne compared with 1.09 grams per tonne in the prior year, primarily due to the lower grade of the acquired Newcrest assets.

In 2023, Newmont reported measured and indicated gold mineral resources of 104.8 million ounces, a 39-per-cent increase from the prior-year total of 75.3 million ounces. Inferred gold mineral resources totalled 69.1 million ounces, a 91-per-cent increase from the prior-year total of 36.1 million ounces. The Newcrest acquisition added a total of 66.1 million ounces of resource growth to the Newmont portfolio, with reported measured and indicated gold mineral resources of 32.3 million ounces and inferred gold mineral resources of 33.8 million ounces.

Total mineral resources at Newmont's legacy sites were largely unchanged from 2022, with 90.4 million ounces in 2023 compared with 92.3 million ounces in 2022. Significant growth in resources was supported by the acquisition of the Tier 1 assets at Cadia and Lihir, with the addition of 20.6 million and 20.2 million ounces, respectively. The newly acquired projects of Wafi-Golpu, Namosi and Red Chris contributed nearly 17 million ounces of total resources.

Total mineral resources at Tanami increased by approximately one million ounces due to the addition of the Oberon underground project. Total mineral resources at Penasquito decreased by 2.2 million ounces due to the updated resource model and technical assumptions that resulted in the removal of a resource layback at the Penasco pit. The layback could come back into mineral resources pending additional optimization work, including cost reductions, metallurgical recovery enhancements and metal price increases.

Newmont's measured and indicated gold mineral resource grade decreased to 0.57 gram per tonne compared with 0.67 gram per tonne in the prior year. Inferred gold mineral resource grade of 0.6 gram per tonne decreased compared with 0.7 gram per tonne in the prior year.

Other metals

In 2023, copper reserves and resources increased significantly, primarily due to the addition of the assets acquired in the Newcrest transaction, particularly Cadia, Wafi-Golpu and Red Chris. Copper reserves increased to 30.1 billion pounds from 15.7 billion pounds in the prior year, with a 20-per-cent increase in reserve grade from 0.29 per cent in 2022 to 0.35 per cent in 2023. Measured and indicated copper resources increased to 33.1 billion pounds from 17.9 billion pounds. Inferred copper resources increased to 24 billion pounds from 8.6 billion pounds.

Silver reserves were largely stable at 596 million ounces compared with 593 million ounces in the prior year, primarily due to the addition of the assets acquired in the Newcrest transaction, specifically Brucejack and Cadia, which offset depletion and negative revisions at Penasquito as a result of the updated resource model. Silver resources decreased during the year due to the impact of the negative revisions at Penasquito, which were partially offset by the Newcrest asset additions. Measured and indicated silver resources decreased to 457 million ounces from 500 million ounces in the prior year. Inferred silver resources decreased to 108 million ounces from 152 million ounces in the prior year.

Lead and zinc reserves and resources were impacted by the updated resource model at Penasquito. Lead reserves decreased to 2.1 billion pounds from 2.3 billion pounds, measured and indicated lead resources decreased to 1.4 billion pounds from 1.6 billion pounds, and inferred lead resources decreased to 100 million pounds from 440 million pounds in the prior year. Zinc reserves decreased to 4.9 billion pounds from 5.5 billion pounds, measured and indicated zinc resources decreased to 3.3 billion pounds from 3.7 billion pounds, and inferred zinc resources decreased to 300 million pounds from one billion pounds in the prior year.

Molybdenum reserves of 500 million pounds were declared in the current year due to the addition of the operating site at Cadia. Measured and indicated molybdenum resources increased to 200 million pounds, with inferred molybdenum resources of 100 million pounds.

Notes on Newmont's declaration

Newmont has reported the assets acquired in the Newcrest transaction in accordance with the Securities and Exchange Commission's (SEC's) rule S-K 1300 which has different requirements than those in the Joint Ore Reserves Committee (JORC) 2012 guidance, which was the ruling the assets were previously declared under. These differences include a requirement to report only the attributable portion of the company's mineral reserves and mineral resources and to report mineral resources as exclusive of reserves, whereas the previous declaration of mineral resources was at 100 per cent and included the metal also declared as mineral reserves.

Exploration outlook

Newmont's attributable exploration expenditure for managed operations is expected to be approximately $270-million in 2024 with 70 per cent of total exploration investment dedicated to near-mine expansion programs and brownfields and the remaining 30 per cent allocated to the advancement of greenfield projects.

Additionally, Newmont's share of exploration investment for its non-managed operations is expected to be approximately $30-million, for a total consolidated exploration expense outlook of $300-million for 2024.

Geographically, the company expects to invest approximately 27 per cent in North America, 22 per cent in Australia, 21 per cent in South America, and the remainder in Papua New Guinea, Africa and other locations.

Gold reserve sensitivity

A $100 increase in gold price would result in an approximate 5-per-cent increase in gold reserves while a $100 decrease in gold price would result in an approximate 6-per-cent decrease in gold reserves. These sensitivities assume an oil price of $75 per barrel (West Texas Intermediate), Australian-dollar exchange rate of 70 cents and Canadian-dollar exchange rate of 75 cents. These sensitivities assume all other inputs remain equal, including all cost and capital assumptions, which may also have a material impact on these approximate estimates.

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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