DENVER, February 22, 2024 – Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced fourth quarter and full year 2023 results, as well as its 2024 outlook.

2023 Results1

▪Completed the acquisition of Newcrest Mining Limited on November 6, 2023, creating the world’s leading gold company with robust copper optionality

▪Delivered $1.4 billion in dividends to shareholders in 2023

▪Produced 5.5 million gold ounces and 891 thousand gold equivalent ounces (GEOs)2 from copper, silver, lead and zinc; in-line with revised guidance range and incorporating the legacy Newcrest assets from the acquisition close date

▪Reported gold Costs Applicable to Sales (CAS) per ounce3 of $1,050 and gold All-In Sustaining Costs (AISC) per ounce3 of $1,444; in-line with revised guidance range and incorporating higher sustaining capital spend for 2023

▪Generated $2.8 billion of cash from continuing operations and reported $88 million in Free Cash Flow3 after unfavorable working capital changes of $513 million and $2.7 billion of reinvestment to sustain current operations and advance near-term projects

▪Reported Net Loss of $2.5 billion driven by $1.9 billion in impairment charges, $1.5 billion in reclamation charges and $464 million in Newcrest transaction and integration costs; these items are excluded from adjusted earnings results

▪Adjusted Net Income (ANI)3of $1.61 per share and Adjusted EBITDA3 of $4.2 billion for the full year; fourth quarter ANI was $0.50 per share

▪Declared increased total Newmont reserves of 136 million gold ounces and resources of 174 million gold ounces4; significant upside to other metals, including copper, silver, lead and zinc

2024 Outlook5

▪Announced Newmont's go-forward Tier 1 Portfolio6, which is underpinned by eleven managed Tier 1 and Emerging Tier 1 assets and three non-managed operations; seeking to divest six non-core assets

▪2024 production guidance is expected to be approximately 6.9 million gold ounces for the Total Newmont portfolio; underpinned by 5.6 million gold ounces from the Tier 1 Portfolio6

▪Gold CAS is expected to be $1,050 per ounce3, with Gold AISC of $1,400 per ounce3 in 2024 for the Total Newmont portfolio

▪Sustaining capital spend of approximately $1.8 billion for the Total Newmont portfolio

▪Development capital spend of approximately $1.3 billion in 2024 for the Total Newmont portfolio

▪Progressing key near-term development projects of Tanami Expansion 2, Ahafo North, Cadia Block Caves and Cerro Negro Expansion 1

▪Updated Tanami Expansion 2 development capital estimate of $1.7 to $1.8 billion with commercial production expected in the second half of 2027

▪Remain on track to deliver an expected $500 million in synergies related to the Newcrest transaction by the end of 20257

1 Newmont’s actual consolidated financial results remain subject to completion of our annual audit procedures for the year ended December 31, 2023 and final review by management. See notes at the end of this release.

2 Gold equivalent ounces (GEOs) calculated using Gold ($1,400/oz.), Copper ($3.50/lb.), Silver ($20.00/oz.), Lead ($1.00/lb.) and Zinc ($1.20/lb.) pricing for 2023.

3 Non-GAAP metrics; see reconciliations at the end of this release.

4 Total resources presented includes Measured and Indicated resources of 104.8 million gold ounces and Inferred resources of 69.1 million gold ounces. See cautionary statement at the end of this release.

5 See discussion of outlook, including the definition of the Tier 1 Portfolio, and cautionary statement at the end of this release regarding forward-looking statements.

6 Newmont’s go-forward portfolio is focused on Tier 1 assets, consisting of (1) six managed Tier 1 assets (Boddington, Tanami, Cadia, Lihir, Peñasquito and Ahafo), (2) assets owned through two non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo, including four Tier 1 assets (Carlin, Cortez, Turquoise Ridge and Pueblo Viejo), (3) three emerging Tier 1 assets (Merian, Cerro Negro and Yanacocha), which do not currently meet the criteria for Tier 1 Asset, and (4) an emerging Tier 1 district in the Golden Triangle in British Columbia (Red Chris and Brucejack), which does not currently meet the criteria for Tier 1 Asset. Newmont’s Tier 1 portfolio also includes attributable production from the Company’s equity interest in Lundin Gold (Fruta del Norte). Tier 1 Portfolio cost and capital metrics include the proportional share of the Company’s interest in the Nevada Gold Mines joint venture.

7 Synergies are a management estimate provided for illustrative purposes and should not be considered a GAAP or non-GAAP financial measure. Synergies represent management’s combined estimate of pre-tax synergies, supply chain efficiencies and Full Potential improvements, as a result of the integration of Newmont’s and Newcrest’s businesses that have been monetized for the purposes of the estimation. Such estimates are necessarily imprecise and are based on numerous judgments and assumptions. See cautionary statement at the end of this release regarding forward-looking statements.

In the fourth quarter, Newmont delivered a sequential improvement in production compared to the third quarter, primarily driven by the inclusion of the sites acquired in the Newcrest transaction combined with higher production at all Newmont managed operations except for Boddington, Yanacocha and CC&V due to planned mine sequencing. In addition, Newmont's non-managed operations at Nevada Gold Mines and Pueblo Viejo delivered higher production during the quarter. Notably, Peñasquito safely ramped up operations after a resolution of the labor strike was reached with the National Union of Mine and Metal Workers of the Mexican Republic ("the Union") on October 13, 2023.

Excluding the impact from the acquisition of Newcrest, direct operating costs were largely consistent with the third quarter as inflationary pressures have continued to stabilize, with improvements to commodity input pricing, partially offset by higher third party royalties due to higher gold prices. AISC was higher due to increased sustaining capital during the fourth quarter compared to the third quarter.

Cash Flow from Continuing Operations and Free Cash Flow were both lower than the third quarter at $616 million and $(304) million, respectively. This was primarily driven by unfavorable working capital changes of $297 million compared to the third quarter, including an unfavorable build of accounts receivable and the timing of accounts payable, as well as higher current cash tax and timing of debt interest payments. In addition, Newmont invested $920 million in capital spend during the fourth quarter, including $377 million in development capital spend to continue to progress near-term projects and $543 million in sustaining capital to progress site improvement projects.

Newmont reported a GAAP Net Loss from Continuing Operations of $(3.2) billion. Adjusted Net Income increased to $486 million or $0.50 per share, primarily driven by higher sales volumes and higher realized gold prices compared to the third quarter. Adjusted Net Income excludes significant non-cash accounting charges, primarily related to impairment charges of $1.9 billion recorded at year end in conjunction with the Company's annual impairment review and reclamation charges of $1.2 billion. In addition, Newmont incurred $427 million of costs related to the acquisition and integration of Newcrest.

•$1.9 billion of impairment charges primarily due to the write-down of goodwill of $1.2 billion at Peñasquito, $293 million at Musselwhite and $246 million at Éléonore

◦The goodwill impairment at Peñasquito was driven by an update to the geological model that impacted expected metal grade and recoveries, resulting in lower underlying cash flows

◦The goodwill impairments at Musselwhite and Éléonore were driven by a deterioration in underlying cash flows as a result of higher costs due to inflationary pressures

◦The long-lived assets at all three sites were evaluated for impairment and no impairment was identified

◦The site-specific goodwill amounts originated from the Goldcorp purchase price allocation in 2019, which was based on best estimates of each site's value and country-risk assumptions at that time

•$1.2 billion reclamation adjustment charges primarily at Yanacocha due to increased estimated water management costs

•$427 million of Newcrest transaction and integration costs; primarily due to the accrual of $316 million in stamp duty tax incurred in connection with the transaction

Newmont intends to file its 2023 Form 10-K on or about the close of business on February 27, 2024.

Attributable gold production1 for the fourth quarter increased 7 percent to 1,741 thousand ounces compared to the prior year quarter, primarily due to the addition of the Newcrest operations in November 2023. This favorable impact was partially offset by lower production at Peñasquito, Boddington and Akyem. Gold sales were slightly higher than production for the quarter primarily due to the timing of shipments at Cadia and Telfer.

Gold CAS totaled $1.9 billion for the quarter. Gold CAS per ounce2 increased 16 percent to $1,086 per ounce compared to the prior year quarter, primarily due to higher direct operating costs incurred at the Newcrest sites after the acquisition, including at Brucejack and Telfer as operations at both sites were temporarily suspended for a portion of December, as well as higher costs incurred at Nevada Gold Mines due to leach pad write-downs and at Merian and Cerro Negro due to increased inflationary pressures on labor and consumables costs. These increases were partially offset by lower costs incurred at Peñasquito as the site ramped up to full productivity in the fourth quarter of 2023 after the resolution of the labor strike in October 2023.

Gold AISC per ounce2 increased 22 percent to $1,485 per ounce compared to the prior year quarter, primarily due to higher CAS per ounce and higher sustaining capital spend.

Attributable GEO production from other metals for the quarter remained largely flat at 289 thousand ounces from the prior year quarter, primarily due to the addition of copper production from Cadia, Red Chris and Telfer, partially offset by the ramp-up of production at Peñasquito after the resolution of the labor strike. Other metal GEO sales were slightly higher than production for the quarter, primarily due to the timing of shipments at Cadia and Telfer.

CAS from other metals totaled $403 million for the quarter. CAS per GEO2 increased 46 percent to $1,254 per ounce from the prior year quarter, primarily due to a higher allocation of costs to co-product metals with the addition of co-product production at Cadia, Red Chris and Telfer.

AISC per GEO2 for the quarter increased 46 percent to $1,697 per ounce from the prior year quarter, primarily due to higher CAS from other metals, higher sustaining capital spend and higher treatment and refining costs.

Average realized gold price for the quarter increased $246 per ounce to $2,004 per ounce compared to the prior year quarter, including $2,003 per ounce of gross price received, the favorable impact of $13 per ounce mark-to-market on provisionally-priced sales and $12 per ounce reductions for treatment and refining charges.

Revenue for the quarter increased 24 percent to $4.0 billion compared to the prior year quarter, primarily due to higher sales volumes and higher realized gold prices.

Net loss from continuing operations attributable to Newmont stockholders for the quarter was $(3.2) billion or $(3.22) per diluted share, a decrease of $1.7 billion from the prior year quarter, primarily due to higher impairment charges recognized primarily related to the write-off of goodwill at Peñasquito, Musselwhite and Éléonore, as well as higher reclamation and remediation expense resulting from adjustments mainly related to non-operating Yanacocha sites.

Adjusted net income3 for the quarter was $486 million or $0.50 per diluted share compared to $348 million or $0.44 per diluted share in the prior year quarter. Primary adjustments to fourth quarter net income include reclamation and remediation adjustments of $1.2 billion, total impairment charges of $1.9 billion, and Newcrest transaction and integration costs of $427 million.

Adjusted EBITDA3 for the quarter increased 19 percent to $1.4 billion for the quarter compared to $1.2 billion for the prior year quarter.

Capital expenditures4 increased 42 percent to $920 million for the quarter compared to prior year quarter, primarily due to higher sustaining capital spend as well as slightly higher development capital spend.

Consolidated operating cash flow from continuing operations decreased 39 percent to $616 million for the quarter compared to the prior year quarter, primarily due to the impact of the Peñasquito strike, which was partially offset by higher average realized gold prices.

Free Cash Flow5 decreased to $(304) million for the quarter compared to the prior year quarter, primarily due to lower operating cash flow and higher capital expenditures.

Nevada Gold Mines (NGM)6 attributable gold production for the quarter was 322 thousand ounces, with CAS of $1,125 per ounce2 and AISC of $1,482 per ounce2.

Pueblo Viejo (PV)7 attributable gold production was 61 thousand ounces for the quarter. Cash distributions received from the Company's equity method investment in Pueblo Viejo were $8 million for the fourth quarter. Capital contributions of $16 million for the quarter were made related to the expansion project at Pueblo Viejo.

Fruta del Norte8 attributable gold production is reported on a quarterly lag and will not be reported until the first quarter of 2024. Cash distributions received from the Company's equity method investment in Fruta del Norte were $6 million for the fourth quarter.

Attributable gold production1 for the year decreased 7 percent to 5,545 thousand ounces compared to the prior year, primarily due to lower production at Peñasquito, Akyem, Merian and Boddington. In addition, the non-managed joint venture at Pueblo Viejo delivered lower production than in the prior year. These unfavorable impacts were partially offset by the addition of the Newcrest operations in November 2023. Gold sales were largely in line with production for the year.

Gold CAS totaled $5.7 billion for the year. Gold CAS per ounce2 increased 13 percent to $1,050 per ounce compared to the prior year, primarily due to lower gold sales volumes, higher maintenance costs and higher materials, labor and contract services costs. These increases were partially offset by lower costs incurred at Peñasquito during the labor strike and lower profit-sharing in 2023 due to lower taxable income at the site.

Gold AISC per ounce2 increased 19 percent to $1,444 per ounce compared to the prior year, primarily due to higher CAS per ounce and higher sustaining capital spend.

Attributable GEO production from other metals for the year decreased 30 percent to 891 thousand ounces compared to the prior year, primarily due to the Peñasquito labor strike in 2023, partially offset by the addition of copper production from Cadia, Red Chris and Telfer. Other metal GEO sales were largely in line with production for the year.

CAS from other metals totaled $1.0 billion for the year. CAS per GEO2 increased 38 percent to $1,127 per ounce from the prior year, primarily due to lower sales volumes as a result of the Peñasquito labor strike in 2023.

AISC per GEO2 for the year increased 42 percent to $1,577 per ounce from the prior year, primarily due to lower sales volumes as a result of the Peñasquito labor strike in 2023 and higher sustaining capital spend.

Average realized gold price for the year increased $162 per ounce to $1,954 per ounce compared to the prior year, including $1,957 per ounce of gross price received, the favorable impact of $6 per ounce mark-to-market on provisionally-priced sales and $9 per ounce reductions for treatment and refining charges.

Revenue for the year remained largely flat at $11.8 billion compared to $11.9 billion for the prior year.

Net loss from continuing operations attributable to Newmont stockholders for the year was $(2.5) billion or $(2.97) per diluted share, a decrease of $2.0 billion from the prior year primarily due to higher impairment charges, higher reclamation and remediation expense resulting from adjustments, primarily related to non-operating Yanacocha sites, the impact of the Peñasquito labor strike, and the Newcrest transaction and integration costs, including the accrual of a stamp duty tax of $316 million. These decreases were partially offset by higher average realized prices for gold, silver and copper.

Adjusted net income3 for the year was $1.4 billion or $1.61 per diluted share compared to $1.5 billion or $1.85 per diluted share in the prior year. Primary adjustments to 2023 net income include total impairment charges of $1.9 billion, reclamation and remediation adjustments of $1.3 billion, and Newcrest transaction and integration costs of $464 million.

Adjusted EBITDA3 for the year decreased 7 percent to $4.2 billion, compared to $4.6 billion for the prior year.

Capital expenditures4 increased 25 percent to $2.7 billion for the full year compared to prior year, primarily due to higher sustaining capital spend as well as slightly higher development capital spend. Development capital expenditures in 2023 primarily related to Tanami Expansion 2, Yanacocha Sulfides, Ahafo North, Cerro Negro District Expansion 1, Pamour, Cadia Block Caves, and the TS Solar Plant and Goldrush Complex at Nevada Gold Mines.

Consolidated operating cash flow from continuing operations decreased 14 percent to $2.8 billion for the full year compared to the prior year, primarily due to the impact of the Peñasquito strike and lower sales volumes at Akyem. These impacts were partially offset by income provided by the newly acquired sites and higher average realized gold, silver and copper prices.

Free Cash Flow5 decreased to $88 million for the full year compared to $1.1 billion for the prior year, primarily due to lower operating cash flow and higher capital expenditures.

Balance sheet and liquidity remained strong in 2023, ending the year with $3.0 billion of consolidated cash, with approximately $6.1 billion of total liquidity; reported net debt to adjusted EBITDA of 1.1x9.

Nevada Gold Mines (NGM)7 attributable gold production for the year was 1,170 thousand ounces, with CAS of $1,070 per ounce2 and AISC of $1,397 per ounce2.

Pueblo Viejo (PV)8 attributable gold production was 224 thousand ounces for the year. Cash distributions received from the Company's equity method investment in Pueblo Viejo were $106 million for the year. Capital contributions of $97 million for the year were made related to the expansion project at Pueblo Viejo.

1 Attributable gold production includes 61 thousand ounces for the fourth quarter of 2023, 52 thousand ounces for the third quarter of 2023, 65 thousand ounces for the fourth quarter of 2022, 224 thousand ounces for the year ended December 31, 2023 and 285 thousand ounces for the year ended December 31, 2022 from the Company's equity method investment in Pueblo Viejo (40%).

2 Non-GAAP measure. See end of this release for reconciliation to Costs applicable to sales.

3 Non-GAAP measure. See end of this release for reconciliation to Net income (loss) attributable to Newmont stockholders.

4 Capital expenditures refers to Additions to property plant and mine development from the Consolidated Statements of Cash Flows.

5 Non-GAAP measure. See end of this release for reconciliation to Net cash provided by operating activities.

6 Newmont has a 38.5% interest in Nevada Gold Mines in the U.S., which is accounted for using the proportionate consolidation method.

7 Newmont has a 40% interest in Pueblo Viejo, which is accounted for as an equity method investment.

8 Newmont has a 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for on a quarterly-lag as an equity method investment.

9 Non-GAAP measure. See end of this release for reconciliation.

Newmont’s project pipeline supports stable production with improving margins and mine life1. Newmont's 2024 outlook includes current development capital costs and production related to Tanami Expansion 2, Ahafo North, Cadia Block Caves and Cerro Negro District Expansion 1.

•Ahafo North (Ghana) 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 (2026 - 2030). Ahafo North is the best unmined gold deposit in West Africa with approximately 4.1 million ounces of Reserves and 1.3 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 $375 million, of which $163 million related to 2023.

•Cadia Block Caves (Australia) includes two existing panel caves to recover approximately 5.9 million ounces of Gold Reserves as well as 1.3 million tonnes of Copper Reserves. First ore has been delivered from the first panel cave (PC2-3), and development is underway at the second panel cave (PC1-2). The newly-acquired project is currently under review, and a more fulsome update on the anticipated metrics is expected to be provided in the second half of 2024. Development capital costs (excluding capitalized interest) since approval were $36 million, of which all related to 2023.

•Cerro Negro District Expansion 1 (Argentina) 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.

•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 30 percent, bringing average all-in sustaining costs to $900 to $1,000 per ounce for Tanami (2028 - 2032). As a result of the identification of required overbreak and underbreak remediation, commercial production for the project is now expected in the second half of 2027. Total capital costs are now estimated to be between $1.7 and $1.8 billion, incorporating the required remediation work. Development costs (excluding capitalized interest) since approval were $752 million, of which $253 million related to 2023.

1 Project estimates remain subject to change based upon uncertainties, including future market conditions, macroeconomic and geopolitical conditions, changes in interest

2 Total resources presented for Ahafo North includes Measured and Indicated resources of 1 million gold ounces and Inferred resources of 300 thousand gold ounces. See cautionary statement at the end of this release.

Based on a comprehensive review undertaken following the Newcrest acquisition, Newmont’s Board of Directors and senior

leadership team have identified the Tier 1 Portfolio which is expected to generate the most value over the long-term. Newmont’s go-forward portfolio is focused on Tier 1 assets, consisting of (1) six managed Tier 1 assets (Boddington, Tanami, Cadia, Lihir, Peñasquito and Ahafo), (2) assets owned through two non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo, including four Tier 1 assets (Carlin, Cortez, Turquoise Ridge and Pueblo Viejo), (3) three emerging Tier 1 assets (Merian, Cerro Negro and Yanacocha), which do not currently meet the criteria for Tier 1 Asset, and (4) an emerging Tier 1 district in the Golden Triangle in British Columbia (Red Chris and Brucejack), which does not currently meet the criteria for Tier 1 Asset. Newmont’s Tier 1 portfolio also includes attributable production from the Company’s equity interest in Lundin Gold (Fruta del Norte). Tier 1 Portfolio cost and capital metrics include the proportional share of the Company’s interest in the Nevada Gold Mines Joint Venture. As part of Newmont’s portfolio optimization, the company is seeking to divest six non-core assets: Akyem, CC&V, Éléonore, Porcupine, Musselwhite, and Telfer. In addition, Newmont expects to divest the Coffee project in Canada and the Havieron project in Australia.

*Consolidated basis

Newmont's 2024 outlook is supported by steady production from Newmont's managed Tier 1 and Emerging Tier 1 assets, and is further enhanced by the Company’s ownership in the Nevada Gold Mines and Pueblo Viejo joint ventures. These assets form the core of Newmont's 2024 attributable production outlook for the Tier 1 Portfolio of approximately 5.6 million ounces. Total Newmont gold production is expected to be 6.9 million ounces, incorporating the incremental 1.3 million ounces from the six non-core assets.

Costs in 2024 are expected to remain in line with 2023, with CAS of approximately of $1,000 per ounce for the Tier 1 Portfolio. AISC for the Tier 1 Portfolio is expected to be approximately $1,300 per ounce in 2024, incorporating higher sustaining capital spend compared to the prior year.

Gold production for 2024 is expected to be approximately 47% weighted to the first half of the year. The increase in production in the second half of the year is expected to be driven by Ahafo and Tanami as well as the non-managed Nevada Gold Mines and Pueblo Viejo operations.

**Consolidated basis

In 2024, the addition of Cadia and Red Chris from the acquisition of Newcrest is expected to increase Newmont's Tier 1 Portfolio copper production. This will be partially offset by lower copper production expected from Boddington as the site progresses laybacks in 2024. In addition, Peñasquito is expected to deliver higher co-product production due to higher silver, lead and zinc content from the Chile Colorado pit.

Refer to the 2024 Production and Cost Outlook by Site below for additional details.

Sustaining capital is expected to be approximately $1.5 billion in 2024 for the Tier 1 Portfolio, covering key tailings management, water and infrastructure projects, equipment and ongoing mine development. Total Newmont sustaining capital is expected to be approximately $1.8 billion in 2024, incorporating incremental spend at the six non-core assets.

Development capital is expected to be approximately $1.2 billion in 2024 for the Tier 1 Portfolio, as the Company focuses on disciplined reinvestment in its most profitable near-term projects. 2024 outlook primarily includes spend for Tanami Expansion 2 in Australia, Ahafo North in Ghana, Cadia Block Caves in Australia and Cerro Negro District Expansion 1 in Argentina. In addition, development capital outlook includes spend related to the Company’s ownership interest in Nevada Gold Mines including Goldrush. Total Newmont development capital is expected to be approximately $1.3 billion in 2024, incorporating incremental spend for the Pamour project at Porcupine.

Development capital estimates exclude contributions to support Newmont’s 40% interest in the Pueblo Viejo expansion, which is accounted for as an equity method investment.

In 2024, investment in exploration and advanced projects is expected to decrease to approximately $450 million as Newmont focuses primarily on extending mine life at existing operations and continuing to build reserves. Newmont expects to invest approximately $300 million dollars in exploration expense to progress organic growth around existing operations and brownfields and greenfields exploration projects, including Apensu and Subika Underground (Ahafo South), East Ridge (Red Chris) and Oberon (Tanami). In addition, Newmont expects to invest approximately $150 million in advanced projects spend associated with advancing studies on its robust pipeline of projects, including Galore Creek.

a The adjusted tax rate excludes certain items such as tax valuation allowance adjustments.

b Assuming average prices of $1,900 per ounce for gold, $4.00 per pound for copper, $23.00 per ounce for silver, $1.00 per pound for lead, and $1.35 per pound for zinc and achievement of current production, sales and cost estimates, we estimate our consolidated adjusted effective tax rate related to continuing operations for 2024 will be 34%.

The 2024 outlook for general and administrative costs is expected to increase slightly to $300 million as Newmont continues integration work after the Newcrest transaction. Interest expense is expected to increase to approximately $365 million due to the debt assumed from the Newcrest transaction. Depreciation and amortization is expected to increase to approximately $2.9 billion for the combined portfolio. The adjusted tax rate is expected to remain stable at approximately 34 percent using a $1,900 per ounce gold price assumption.

** Impacts are presented on a pretax basis.

Assuming a 34 percent incremental tax rate, an $100 per ounce increase in gold price would deliver an expected $675 million improvement in revenue. Included within the sensitivity is a royalty and production tax impact of $5 per ounce for every $100 per ounce change in gold price.

Gold production at Boddington is expected to decrease in 2024 due to lower grade ore as the site progresses the current laybacks in the North and South pits, positioning the site to increase production in 2026 and beyond. Copper production will also be impacted in 2024 due to lower grade as a result of the increased stripping.

Gold and copper unit costs at Boddington are expected to increase in 2024 due to lower production volumes.

Tanami production is expected to decrease in 2024 due to lower grade from deeper in the underground mine as the site continues to progress the Tanami Expansion 2 project.

Tanami unit costs are expected to be impacted by lower production volumes and higher direct costs. In addition, AISC is expected to increase due to higher sustaining capital spend.

Cadia was acquired on November 6, 2023 through the Newcrest transaction. In 2024, the site is focused on integration, safe operations and Full Potential initiatives to deliver synergies. Underground development continues on the next block caves in the mine plan, along with a tailings expansion to set up the next decade of ore feed.

Lihir was acquired on November 6, 2023 through the Newcrest transaction. In 2024, the site is well-positioned to deliver Full Potential synergies and progress waste stripping to access high-grade material from the Kapit orebody.

Ahafo production is expected to increase in 2024 due to higher open pit grade and strong underground mining rates at Subika. The site remains on track to reach full processing rates by the end of the second quarter of 2024 after the planned delivery of the replacement girth gear.

Ahafo unit costs are expected to improve in 2024 due to higher production volumes.

Gold production at Peñasquito is expected to increase in 2024, as operations have fully ramped up following the successful resolution of the strike in October 2023. This increase is partially offset by a change in mine plan as the site continues to progress stripping in the Peñasco pit throughout 2024.

Co-product production at Peñasquito is expected to increase in 2024 due to higher silver, lead and zinc content delivered from the Chile Colorado pit as part of the planned sequence at this polymetallic mine.

Unit costs at Peñasquito are expected to improve due to higher production volumes for all metals from a full year of operations.

Cerro Negro production is expected to increase in 2024 due to higher grade ore and throughput as the site benefits from the continued Cerro Negro Expansion project.

Cerro Negro unit costs are expected to improve due to higher production volumes and lower direct costs. In addition, AISC is expected to benefit from lower sustaining capital spend.

Yanacocha continues to deliver leach-only production, with increased production expected in 2024 due to higher leach recoveries from the use of injection leaching.

Yanacocha unit costs are expected to be higher in 2024 due to higher direct costs and unfavorable inventory changes, with AISC also expected to be impacted by higher advanced projects spend.

Merian is expected to deliver lower production in 2024 due to lower mill head grade and throughput.

Merian unit costs are expected to be impacted by lower production volumes due to planned mine sequencing.

Brucejack was acquired on November 6, 2023 through the Newcrest transaction. Following a tragic fatality on December 20, 2023, Newmont suspended mining operations at the site to conduct a full investigation into the incident. The site ramped up to full operations by the end of January 2024. In 2024, the site is focused on the integration and implementation of Newmont's Fatality Risk Management program which are designed to ensure safe operations, as well as Newmont's Full Potential program to deliver synergies.

Red Chris was acquired on November 6, 2023 through the Newcrest transaction. In 2024, the site is focused on safe and efficient gold and copper production and embedding Full Potential initiatives to optimize the current operation.

Production, CAS and AISC for the Company’s 38.5 percent ownership interest in NGM as provided by Barrick Gold Corporation.

Attributable production reflects Newmont’s 40 percent interest in Pueblo Viejo, which is accounted for as an equity method investment.

Attributable production reflects Newmont's 32 percent interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for on a quarterly-lag as an equity method investment. As a result, results of operations will be not be reported until the first quarter of 2024.

2024 Site Outlooka

2024 Outlook			Consolidated Production (Koz)			Attributable Production (Koz)			Consolidated CAS ($/oz)			Consolidated All-In Sustaining Costs b ($/oz)			Attributable Sustaining Capital Expenditures ($M)			Attributable Development Capital Expenditures ($M)
Managed Tier 1 Portfolio
Boddington			575			575			1,150			1,420			145			—
Tanami			400			400			900			1,430			170			340
Cadia			370			370			620			1,150			305			260
Lihir			630			630			1,050			1,270			105			—
Ahafo			725			725			860			1,060			110			—
Ahafo North			—			—			—			—			—			290
Peñasquito			250			250			780			1,030			145			—
Cerro Negro			290			290			860			1,110			50			130
Yanacocha			290			290			1,180			1,370			25			50
Merianc			295			220			1,280			1,570			40			—
Brucejack			310			310			1,130			1,370			50			—
Red Chris			40			40			1,120			1,530			65			—
Non-Managed Tier 1 Portfolio
Nevada Gold Minesd			1,080			1,080			1,130			1,440			290			130
Pueblo Viejoe			—			300			—			—			—			—
Fruta Del Nortef			—			150			—			—			—			—
Non-Core Assets
Telfer			230			230			2,180			2,470			35			—
Akyem			170			170			1,780			2,100			15			—
CC&V			170			170			1,270			1,610			25			—
Porcupine			270			270			1,090			1,510			75			100
Éléonore			270			270			1,080			1,500			75			—
Musselwhite			190			190			1,060			1,620			75			—
Co-Product Production
Boddington - Copper (ktonne)			37			37			6,020			7,600			—			—
Cadia - Copper (ktonne)			80			80			3,600			6,580			—			—
Peñasquito - Silver (Moz)			34			34			11.00			15.40			—			—
Peñasquito - Lead (ktonne)			95			95			1,220			1,570			—			—
Peñasquito - Zinc (ktonne)			245			245			1,550			2,300			—			—
Red Chris - Copper (ktonne)			27			27			6,440			9,570			—			—
Telfer - Copper (ktonne)			8			8			11,050			12,540			—			—

a 2024 outlook projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results as of February 22, 2024. Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. For example, 2024 Outlook assumes $1,900/oz Au, $8,818/tonne Cu, $23.00/oz Ag, $2,976/tonne Zn, $2,205/tonne Pb, $0.70 AUD/USD exchange rate, $0.75 CAD/USD exchange rate and $90/barrel WTI. Production, CAS, AISC and capital estimates exclude projects that have not yet been approved, except for Cerro Negro District Expansion 1 which is included in Outlook. The potential impact on inventory valuation as a result of lower prices, input costs, and project decisions are not included as part of this Outlook. Assumptions used for purposes of Outlook may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range. Outlook cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Outlook and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Amounts may not recalculate to totals due to rounding. See cautionary at the end of this release.

b All-in sustaining costs (AISC) as used in the Company’s Outlook is a non-GAAP metric; see below for further information and reconciliation to consolidated 2024 CAS outlook.

c Consolidated production for Merian is presented on a total production basis for the mine site; attributable production represents a 75% interest for Merian.

d Represents the ownership interest in the Nevada Gold Mines (NGM) joint venture. NGM is owned 38.5% by Newmont and owned 61.5% and operated by Barrick. The Company accounts for its interest in NGM using the proportionate consolidation method, thereby recognizing its pro-rata share of the assets, liabilities and operations of NGM.

e Attributable production includes Newmont’s 40% interest in Pueblo Viejo, which is accounted for as an equity method investment.

f Attributable production includes Newmont’s 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for as an equity method investment on a quarterly-lag.

(1)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, and the Fruta del Norte mine, which is wholly owned by Lundin Gold whom the Company holds a 32% interest and is accounted for as an equity method investment.

(2)The Company recognized amounts attributable to noncontrolling interest for Yanacocha during the period prior to acquiring Sumitomo Corporation's 5% interest in the second quarter of 2022.

(3)Represents attributable gold from Pueblo Viejo, which is accounted for as an equity method investment. Attributable gold ounces produced at Pueblo Viejo are not included in attributable gold ounces sold, as noted in footnote (1). Income and expenses of equity method investments are included in Equity income (loss) of affiliates.

(4)Represents attributable gold from Newmont's 32% interest in Lundin Gold, who wholly owns and operates the Fruta del Norte mine, which is accounted for on a quarterly-lag as an equity method investment. As a result, results of operations will be not be reported until the first quarter of 2024.

(5)Non-GAAP measure. See end of this release for reconciliation.

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

(2)For the years and quarters ended December 31, 2023 and 2022, potentially dilutive shares were excluded in the computation of diluted loss per common share attributable to Newmont stockholders as they were antidilutive.

(1)     Acquisitions, net is primarily related to the cash acquired in the Newcrest transaction for the year and quarter ended December 31, 2023.

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Unless otherwise noted, we present the Non-GAAP financial measures of our continuing operations in the tables below.

Management uses Adjusted Net Income (Loss) to evaluate the Company’s operating performance and for planning and forecasting future business operations. The Company believes the use of Adjusted Net Income (Loss) allows investors and analysts to understand the results of the continuing operations of the Company and its direct and indirect subsidiaries relating to the sale of products, by excluding certain items that have a disproportionate impact on our results for a particular period. Adjustments to continuing operations are presented before tax and net of our partners’ noncontrolling interests, when applicable. The tax effect of adjustments is presented in the Tax effect of adjustments line and is calculated using the applicable tax rate. Management’s determination of the components of Adjusted Net Income (Loss) are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to Adjusted net income (loss) as follows:

(1)Per share measures may not recalculate due to rounding.

(2)Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP. For the year ended December 31, 2023, potentially dilutive shares, which were insignificant, were excluded from the computation of diluted loss per common share attributable to Newmont stockholders in the Consolidated Statement of Operations as they were antidilutive. These shares were included in the computation of adjusted net income per diluted share for the year ended December 31, 2023.

(3)Impairment charges, net, included in Impairment charges represents non-cash write-downs of long-lived assets and goodwill. Amount is presented net of pre-tax income (loss) attributable to noncontrolling interests of $(3) for the three months and year ended December 31, 2023.

(4)Reclamation and remediation charges, net, included in Reclamation and remediation, represent revisions to the reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value.

(5)Newcrest transaction and integration costs, included in Other expense, net, represents costs incurred related to Newmont's acquisition of Newcrest completed in 2023 as well as subsequent integration costs. These cost primarily include $316 in relation to the stamp duty tax incurred in connection with the transaction for the three months and year ended December 31, 2023.

(6)(Gain) loss on asset and investment sales, included in Gain on asset and investment sales, net, primarily represents the impairment loss on the abandonment of the pyrite leach plant at Peñasquito offset by the net gain recognized on the exchange of Maverix shares and warrants to Triple flag and the subsequent sale of Triple Flag shares.

(7)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investment in current and non-current marketable and other equity securities.

(8)Restructuring and severance, net, included in Other expense, net, primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company.

(9)Pension settlements, included in Other income (loss), net, primarily represents pension settlement charges related to lump sum payments to participants.

(10)Settlement costs, included in Other expense, net, primarily represents costs related to additional employee related accruals as a result of the Australian Fair Work legislation.

(11)COVID-19 specific costs, included in Other expense, net, represents amounts distributed from the Newmont Global Community Fund to help host communities, governments and employees combat the COVID-19 pandemic. Adjusted net income (loss) has not been adjusted for $1 of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites for the three months and year ended December 31, 2023.

(12)Other, included in Other income (loss), net, primarily represents income received during the first quarter of 2023 on the favorable settlement of certain matters that were outstanding at the time of sale of the related investment in 2022.

(13)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (4) through (12), as described above, and are calculated using the applicable tax rate.

(14)Valuation allowance and other tax adjustments, net, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three months and year ended December 31, 2023 reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $231 and $357, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $51 and $(1), net removal to the reserve for uncertain tax positions of $(46) and $(28), and other tax adjustments of $246 and $252.

(1)Per share measures may not recalculate due to rounding.

(2)Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP. For the year ended December 31, 2022, potentially dilutive shares of 1 million were excluded from the computation of diluted loss per common share attributable to Newmont stockholders in the Consolidated Statement of Operations as they were antidilutive. These shares were included in the computation of adjusted net income per diluted share for the year ended December 31, 2022.

(3)Impairment charges, included in Impairment charges represents non-cash write-downs of long-lived assets and goodwill.

(4)Reclamation and remediation charges, net, included in Reclamation and remediation, represent revisions to reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value.

(5)Pension settlements, included in Other income (loss), net, represents pension settlement charges related to the annuitization of certain defined benefit plans.

(6)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investment in current and non-current marketable and other equity securities.

(7)(Gain) loss on asset and investment sales, included in Other income (loss), net, primarily represents gains recognized on the sale of the investment in MARA, disposal of trucks at Boddington, and the sale of royalty interests at NGM, partially offset by the loss recognized on the sale of the La Zanja equity method investment.

(8)Settlement costs, included in Other expense, net, primarily represents a legal settlement and a voluntary contribution made to support humanitarian efforts in Ukraine.

(9)Restructuring and severance, net, included in Other expense, net, primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company.

(10)COVID-19 specific costs, included in Other expense, net, represents amounts distributed from the Newmont Global Community Fund to help host communities, governments and employees combat the COVID-19 pandemic. Adjusted net income (loss) has not been adjusted for $2 and $35, respectively, of incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational sites.

(11)Primarily represents for the year ended, an $11 reimbursement of certain historical Goldcorp operational expenses related to a legacy project that reached commercial production in the second quarter of 2022 and $7 of penalty income from an energy vendor early terminating a contract in 2022, included Other income (loss), net.

(12)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (3) through (11), as described above, and are calculated using the applicable tax rate.

(13)Valuation allowance and other tax adjustments, net, included in Income and mining tax benefit (expense), is recorded for items such as foreign tax credits, alternative minimum tax credits, capital losses, disallowed foreign losses, and the effects of changes in foreign currency exchange rates on deferred tax assets and deferred tax liabilities. The adjustment for the three months and the year ended December 31, 2022, reflects the net increase or (decrease) to net operating losses, capital losses, tax credit carryovers, and other deferred tax assets subject to valuation allowance of $178 and $246, respectively, the expiration of U.S. foreign tax credit carryovers of $31 and $31, respectively, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(38) and $(86), respectively, net removal to the reserve for uncertain tax positions of $5 and $(8), respectively, a tax settlement in Mexico of $- and $(125), respectively, and other tax adjustments of $23 and $24, respectively. Total amount is presented net of income (loss) attributable to noncontrolling interests of $199 and $82, respectively.

Management uses earnings before interest, taxes and depreciation and amortization (“EBITDA”) and EBITDA adjusted for non-core or certain items that have a disproportionate impact on our results for a particular period (“Adjusted EBITDA”) as non-GAAP measures to evaluate the Company’s operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be considered an alternative to, net income (loss), operating income (loss), or cash flow from operations as those terms are defined by GAAP, and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. Although Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements by other companies, our calculation of Adjusted EBITDA is not necessarily comparable to such other similarly titled captions of other companies. The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors. Management’s determination of the components of Adjusted EBITDA are evaluated periodically and based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net income (loss) attributable to Newmont stockholders is reconciled to EBITDA and Adjusted EBITDA as follows:

(1)Impairment charges, included in Impairment charges represents non-cash write-downs of long-lived assets and goodwill.

(2)Reclamation and remediation charges, included in Reclamation and remediation, represent revisions to the reclamation and remediation plans and cost estimates at the Company’s former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value.

(3)Newcrest transaction and integration costs, included in Other expense, net, represents costs incurred related to Newmont's acquisition of Newcrest completed in 2023 as well as subsequent integration costs. These cost primarily include $316 in relation to the stamp duty tax incurred in connection with the transaction for the three months and year ended December 31, 2023.

(4)(Gain) loss on asset and investment sales, included in Other income (loss), net, primarily represents the impairment loss on the abandonment of the pyrite leach plant at Peñasquito offset by the net gain recognized on the exchange of Maverix shares and warrants to Triple flag and the subsequent sale of Triple Flag shares in 2023; gains recognized on the sale of the investment in MARA, on disposal of trucks at Boddington, and the sale of royalty interests at NGM, partially offset by the loss recognized on the sale of the La Zanja equity method investment in 2022.

(5)Change in fair value of investments, included in Other income (loss), net, primarily represents unrealized gains and losses related to the Company's investments in current and non-current marketable and other equity securities.

(6)Restructuring and severance, included in Other expense, net, primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company for all periods presented.

(7)Pension settlements, included in Other income (loss), net, primarily represents pension settlement charges related to lump sum payments to participants in 2023 and the annuitization of certain defined benefit plans and lump sum payments to participants in 2022.

(8)Settlement costs, included in Other expense, net, primarily represents costs related to additional employee related accruals as a result of the Australian Fair Work legislation in 2023 and a legal settlement and a voluntary contribution made to support humanitarian efforts in Ukraine in 2022.

(9)COVID-19 specific costs, included in Other expense, net, primarily includes amounts distributed from Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic for all periods presented and includes incremental direct costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic.

(10)Other, included in Other income (loss), net, in 2023 represents income received during the first quarter of 2023 on the favorable settlement of certain matters that were outstanding at the time of sale of the related investment in 2022. Amounts related to 2022 are primarily comprised of a reimbursement of certain historical Goldcorp operational expenses related to a legacy project that reached commercial production in the second quarter of 2022 and penalty income from an energy vendor early terminating a contract in 2022.

Management uses Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations. Free Cash Flow is Net cash provided by (used in) operating activities less Net cash provided by (used in) operating activities of discontinued operations less Additions to property, plant and mine development as presented on the Consolidated Statements of Cash Flows. The Company believes Free Cash Flow is also useful as one of the bases for comparing the Company’s performance with its competitors. Although Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

The presentation of non-GAAP Free Cash Flow is not meant to be considered in isolation or as an alternative to net income as an indicator of the Company’s performance, or as an alternative to cash flows from operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company’s definition of Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Free Cash Flow as a measure that provides supplemental information to the Company’s Consolidated Statements of Cash Flows.

The following table sets forth a reconciliation of Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.

(1)Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow.

Management uses Attributable Free Cash Flow as a non-GAAP measure to analyze cash flows generated from operations that are attributable to the Company. Attributable Free Cash Flow is Net cash provided by (used in) operating activities after deducting net cash flows from operations attributable to noncontrolling interests less Net cash provided by (used in) operating activities of discontinued operations after deducting net cash flows from discontinued operations attributable to noncontrolling interests less Additions to property, plant and mine development after deducting property, plant and mine development attributable to noncontrolling interests. The Company believes that Attributable Free Cash Flow is useful as one of the bases for comparing the Company’s performance with its competitors. Although Attributable Free Cash Flow and similar measures are frequently used as measures of cash flows generated from operations by other companies, the Company’s calculation of Attributable Free Cash Flow is not necessarily comparable to such other similarly titled captions of other companies.

The presentation of non-GAAP Attributable Free Cash Flow is not meant to be considered in isolation or as an alternative to Net income attributable to Newmont stockholders as an indicator of the Company’s performance, or as an alternative to Net cash provided by (used in) operating activities as a measure of liquidity as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. The Company’s definition of Attributable Free Cash Flow is limited in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, the Company believes it is important to view Attributable Free Cash Flow as a measure that provides supplemental information to the Company’s Condensed Consolidated Statements of Cash Flows.

The following tables set forth a reconciliation of Attributable Free Cash Flow, a non-GAAP financial measure, to Net cash provided by (used in) operating activities, which the Company believes to be the GAAP financial measure most directly comparable to Attributable Free Cash Flow, as well as information regarding Net cash provided by (used in) investing activities and Net cash provided by (used in) financing activities.

(1)Adjustment to eliminate a portion of Net cash provided by (used in) operating activities, Net cash provided by (used in) operating activities of discontinued operations and Additions to property, plant and mine development attributable to noncontrolling interests, which primarily relates to Merian (25%) for the three months and year ended December 31, 2023.

(2)For the three months and year ended December 31, 2023, Merian had total consolidated Additions to property, plant and mine development of $51 and $85, respectively, on a cash basis.

(3)Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow.

(1)Adjustment to eliminate a portion of Net cash provided by (used in) operating activities, Net cash provided by (used in) operating activities of discontinued operations and Additions to property, plant and mine development attributable to noncontrolling interests, which primarily relates to Merian (25%) for the three months and year ended December 31, 2022. The Company acquired the remaining interest in Yanacocha in 2022, resulting in 100% ownership interest at December 31, 2022.

(2)For the three months and year ended December 31, 2022, Yanacocha had total consolidated Additions to property, plant and mine development of $166 and $403, respectively, on a cash basis. For the three months and year ended December 31, 2022, Merian had total consolidated Additions to property, plant and mine development of $19 and $56, respectively, on a cash basis.

(3)Net cash provided by (used in) investing activities includes Additions to property, plant and mine development, which is included in the Company’s computation of Free Cash Flow.

Management uses Net Debt to measure the Company’s liquidity and financial position. Net Debt is calculated as Debt and Lease and other financing obligations less Cash and cash equivalents and time deposits included in Time deposits and other investments, as presented on the Consolidated Balance Sheets. Cash and cash equivalents and time deposits are subtracted from Debt and Lease and other financing obligations as these are highly liquid, low-risk investments and could be used to reduce the Company's debt obligations. The Company believes the use of Net Debt allows investors and others to evaluate financial flexibility and strength of the Company's balance sheet. Net Debt is intended to provide additional information only and does not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of liquidity prepared in accordance with GAAP. Other companies may calculate this measure differently.

The following table sets forth a reconciliation of Net Debt, a non-GAAP financial measure, to Debt and Lease and other financing obligations, which the Company believes to be the GAAP financial measures most directly comparable to Net Debt.

Costs applicable to sales per ounce/gold equivalent ounce are non-GAAP financial measures. These measures are calculated by dividing the costs applicable to sales of gold and other metals by gold ounces or gold equivalent ounces sold, respectively. These measures are calculated for the periods presented on a consolidated basis. We believe that these measures provide additional information to management, investors and others that aids in the understanding of the economics of our operations and performance compared to other producers and provides investors visibility into the direct and indirect costs related to production, excluding depreciation and amortization, on a per ounce/gold equivalent ounce basis. Costs applicable to sales per ounce/gold equivalent ounce statistics are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Other companies may calculate these measures differently.

The following tables reconcile these non-GAAP measures to the most directly comparable GAAP measures.