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Washington, D. C. 20549

Form 10-Q

☒     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-31240

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, par value $1.60 per share

NEM

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     ☒ Yes     ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     ☒ Yes     ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12-b2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).     ☐ Yes     ☒ No

There were 794,800,193 shares of common stock outstanding on October 19, 2023.

(1)Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.

(2)Refer to Results of Consolidated Operations within Part I, Item 2, MD&A.

(1)On June 7, 2023, the National Union of Mine and Metal Workers of the Mexican Republic (the "Union") notified the Company of a strike action related to the Company's Peñasquito operations. In response to the strike notice, the Company suspended operations at Peñasquito, resulting in no production during the third quarter of 2023. Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement.

(2)Excludes Depreciation and amortization and Reclamation and remediation.

(3)Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.

(1)Attributable gold ounces produced includes 52 and 81 thousand ounces for the three months ended September 30, 2023 and 2022, respectively, and 163 and 220 thousand ounces for the nine months ended September 30, 2023 and 2022, respectively, related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment.

(2)Attributable gold ounces sold excludes ounces related to the Pueblo Viejo mine, which is 40% owned by Newmont and accounted for as an equity method investment.

(3)Gold equivalent ounces are calculated as pounds or ounces produced or sold multiplied by the ratio of the other metals’ price to the gold price. In 2023, the Company updated the metal prices utilized for this calculation to align with reserve metal price assumptions; this resulted in fewer calculated gold equivalent ounces - other metals produced and sold of 5 thousand ounces and 5 thousand ounces, respectively, for the three months ended September 30, 2023, and 108 thousand ounces and 100 thousand ounces, respectively, for the nine months ended September 30, 2023, than would have been calculated based on the pricing used in 2022 for this calculation. Refer to Results of Consolidated Operations within Part I, Item 2, Management's Discussion and Analysis for further information.

(4)On June 7, 2023, the Company suspended its operations at Peñasquito due to the Union strike. As a result of the suspended operations, no production occurred during the third quarter of 2023. Sales activity recognized in the third quarter of 2023 is related to adjustments on provisionally priced concentrate sales subject to final settlement. Consequently, price per ounce/pound metrics are not meaningful ("N.M.").

(5)Excludes Depreciation and amortization and Reclamation and remediation.

(6)Refer to Non-GAAP Financial Measures within Part I, Item 2, MD&A.

Third Quarter 2023 Highlights (dollars in millions, except per share, per ounce and per pound amounts)

•Newcrest acquisition: On May 14, 2023 (May 15, 2023 Australian Eastern Daylight Time), the Company and Newmont Overseas Holding Pty Ltd, an Australian proprietary company listed by shares and an indirect wholly owned subsidiary of Newmont ("Newmont Sub"), entered into a binding Scheme Implementation Deed (as amended from time to time, the “Transaction Agreement”) with Newcrest Mining Limited ("Newcrest") to acquire all of the issued and outstanding ordinary shares of Newcrest in a stock transaction, by way of an Australian court-approved Scheme of Arrangement (the “Scheme”, and such acquisition, the “Newcrest Transaction”). Under the terms of the Transaction Agreement, Newcrest shareholders will receive 0.400 of a share of Newmont’s common stock (or 0.400 CHESS Depository Interests or 0.400 PETS depository interests, in each case, each one representing a unit of beneficial ownership in Newmont common stock) for each Newcrest common share and a special dividend of $1.10 per share, to be paid by Newcrest prior to the implementation of the Newcrest Transaction. On October 11, 2023 and October 12, 2023 (October 13, 2023 Australian Eastern Daylight Time), the Newmont and Newcrest shareholders approved the Newcrest Transaction, respectively, which was then subsequently approved by the Australian court on October 16, 2023 (October 17, 2023 Australian Eastern Daylight Time). As previously announced, the transaction has received all of the government and regulatory approvals necessary for the transaction to proceed and is expected to be implemented in November 2023.

•Net income: Reported Net income (loss) from continuing operations attributable to Newmont stockholders of $157 or $0.20 per diluted share, a decrease of $61 from the prior-year quarter primarily due to a decrease in Sales at Peñasquito as a result of the work stoppage due to a labor strike that began in June 2023, resulting in no sales at Peñasquito in the third quarter of 2023. The decrease is also the result of higher Reclamation and Remediation, partially offset by higher average realized prices for gold and copper and lower Costs applicable to sales.

•Adjusted net income: Reported Adjusted net income of $286 or $0.36 per diluted share, an increase of $0.09 per diluted share from the prior-year quarter (see Non-GAAP Financial Measures within Part I, Item 2, MD&A).

•Adjusted EBITDA: Reported $933 in Adjusted EBITDA, an increase of 10% from the prior-year quarter (see Non-GAAP Financial Measures within Part I, Item 2, MD&A).

•Cash flow: Reported Net cash provided by (used in) operating activities of continuing operations of $2,138, a decrease of 2% from the prior year, and free cash flow of $392 (see Non-GAAP Financial Measures within Part I, Item 2, MD&A).

•Portfolio updates: Declared commercial production at San Marcos, the first of six ore bodies in the Cerro Negro District Expansion 1 project.

•Attributable gold production: Produced 1.3 million attributable ounces of gold and 58 thousand attributable gold equivalent ounces from co-products.

•Financial strength: Ended the quarter with $3.2 billion of consolidated cash and $6.2 billion of total liquidity; declared a dividend of $0.40 per share in October 2023.

(1)Excludes Depreciation and amortization and Reclamation and remediation.