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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 10-K
(Mark One)
☒     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2023
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________to__________
Commission File Number: 001-31240
Newmont-Color-RGB.jpg
NEWMONT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 84-1611629
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
6900 E Layton Ave
Denver, Colorado
 80237
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (303) 863-7414
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 if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     ☒ Yes     ☐ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.     ☐ Yes     ☒ No
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.
Large accelerated filer
☒
 Accelerated filer
☐
Non-accelerated filer
☐
 Smaller reporting company
☐
Emerging growth company
☐
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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.     ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.     ☒
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).     ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).     ☐ Yes     ☒ No
At June 30, 2023, the aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates of the registrant was $33,878,942,644 based on the closing sale price as reported on the New York Stock Exchange. There were 1,152,551,607 shares of common stock outstanding on February 15, 2024.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of Registrant’s definitive Proxy Statement for the Registrant’s 2024 Annual Stockholders Meeting will be filed no later than 120 days after the close of the Registrant's fiscal year ended December 31, 2023, are incorporated by reference into Part III of this report.


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GLOSSARY: UNITS OF MEASURE AND ABBREVIATIONS
Unit Unit of Measure
$ United States Dollar
% Percent
A$ Australian Dollar
C$ Canadian Dollar
gram Metric Gram
ounce Troy Ounce
pound United States Pound
tonne Metric Ton
Abbreviation
Description
AISC (1)
All-In Sustaining Costs
ARC Asset Retirement Cost
ARS
 Argentine Peso
ASC FASB Accounting Standard Codification
ASU FASB Accounting Standard Update
AUD Australian Dollar
CAD
Canadian Dollar
CAS Costs Applicable to Sales
EBITDA (1)
Earnings Before Interest, Taxes, Depreciation and Amortization
EIA Environmental Impact Assessment
EPA U.S. Environmental Protection Agency
ESG Environmental, Social and Governance
Exchange Act U.S. Securities Exchange Act of 1934
FASB Financial Accounting Standards Board
GAAP
U.S. Generally Accepted Accounting Principles
GEO (2)
 Gold Equivalent Ounces
GHG
Greenhouse Gases, which are defined by the EPA as gases that trap heat in the atmosphere
GISTM
Global Industry Standard on Tailings Management
IFRS International Financial Reporting Standards
LIBOR
London Interbank Offered Rate
LBMA
London Bullion Market Association
LME
London Metal Exchange
MD&A
 Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations
MINAM Ministry of the Environment of Peru
Mine Act U.S. Federal Mine Safety and Health Act of 1977
MINEM Ministry of Energy and Mines of Peru
MSHA Federal Mine Safety and Health Administration
MXN
Mexican Peso
NPDES National Pollutant Discharge Elimination System
PGK
Papua New Guinea Kina
PNG
Papua New Guinea
PSU
Performance Leverage Stock Unit
RSU
Restricted Stock Unit
SAG
Semi-Autogenous Grinding
SEC U.S. Securities and Exchange Commission
Securities Act U.S. Securities Act of 1933
SOFR
Secured Overnight Financing Rate
UN
The United Nations
UOP
Units of Production
U.S.
The United States of America
USD
 United States Dollar
WTP Water Treatment Plant
____________________________
(1)Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
(2)Refer to Results of Consolidated Operations within Part II, Item 7, MD&A.
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NEWMONT CORPORATION
2023 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)
Year Ended December 31,
2023 2022 2021
Financial Results:
Sales $ 11,812  $ 11,915  $ 12,222 
Gold $ 10,593  $ 10,416  $ 10,543 
Copper $ 575  $ 316  $ 295 
Silver $ 335  $ 549  $ 651 
Lead $ 96  $ 133  $ 172 
Zinc $ 213  $ 501  $ 561 
Costs applicable to sales (1)
 $ 6,699  $ 6,468  $ 5,435 
Gold $ 5,689  $ 5,423  $ 4,628 
Copper $ 359  $ 181  $ 143 
Silver $ 300  $ 454  $ 332 
Lead $ 98  $ 94  $ 76 
Zinc $ 253  $ 316  $ 256 
Net income (loss) from continuing operations  $ (2,494) $ (399) $ 176 
Net income (loss)  $ (2,467) $ (369) $ 233 
Net income (loss) from continuing operations attributable to Newmont stockholders
 $ (2,521) $ (459) $ 1,109 
Per common share, diluted:
Net income (loss) from continuing operations attributable to Newmont stockholders $ (3.00) $ (0.58) $ 1.39 
Net income (loss) attributable to Newmont stockholders $ (2.97) $ (0.54) $ 1.46 
Adjusted net income (loss) (2)
 $ 1,324  $ 1,468  $ 2,371 
Adjusted net income (loss) per share, diluted (2)
 $ 1.57  $ 1.85  $ 2.96 
Earnings before interest, taxes and depreciation and amortization (2)
 $ 320  $ 2,361  $ 3,705 
Adjusted earnings before interest, taxes and depreciation and amortization (2)
 $ 4,215  $ 4,550  $ 5,963 
Net cash provided by (used in) operating activities of continuing operations
 $ 2,754  $ 3,198  $ 4,266 
Free cash flow (2)
 $ 88  $ 1,067  $ 2,613 
Regular cash dividends paid per common share $ 1.60  $ 2.20  $ 2.20 
Regular cash dividends declared per common share $ 1.45  $ 2.05  $ 2.20 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
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NEWMONT CORPORATION
2023 RESULTS AND HIGHLIGHTS
(unaudited, in millions, except per share, per ounce and per pound)
Year Ended December 31,
2023 2022 2021
Operating Results:
Consolidated gold ounces (thousands):
Produced 5,401  5,786  5,884 
Sold 5,420  5,812  5,897 
Attributable gold ounces (thousands): 
Produced (1)
 5,545  5,956  5,971 
Sold (2)
 5,340  5,696  5,660 
Consolidated and attributable gold equivalent ounces - other metals (thousands): (3)
Produced 891  1,275  1,252 
Sold 896  1,275  1,258 
Consolidated and attributable - other metals:
Produced copper (million pounds) 145  84  71 
Sold copper (million pounds) 155  85  69 
Produced silver (million ounces)
 18  30  31 
Sold silver (million ounces)
 17  30  32 
Produced lead (million pounds) 113  149  177 
Sold lead (million pounds) 107  147  173 
Produced zinc (million pounds) 230  377  435 
Sold zinc (million pounds) 222  373  433 
Average realized price:
Gold (per ounce)  $ 1,954  $ 1,792  $ 1,788 
Copper (per pound)  $ 3.71  $ 3.69  $ 4.29 
Silver (per ounce) $ 19.97  $ 18.45  $ 20.19 
Lead (per pound) $ 0.90  $ 0.91  $ 1.00 
Zinc (per pound) $ 0.96  $ 1.34  $ 1.30 
Consolidated costs applicable to sales: (4)(5)
Gold (per ounce)  $ 1,050  $ 933  $ 785 
Gold equivalent ounces - other metals (per ounce) (3)
 $ 1,127  $ 819  $ 640 
All-in sustaining costs: (5)
Gold (per ounce)  $ 1,444  $ 1,211  $ 1,062 
Gold equivalent ounces - other metals (per ounce) (3)
 $ 1,579  $ 1,114  $ 900 
____________________________
(1)Attributable gold ounces produced includes 224, 285 and 325 ounces for the years ended December 31, 2023, 2022 and 2021, 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, 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.
(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 148 thousand ounces and 145 thousand ounces, respectively, for the year ended December 31, 2023, than would have been calculated based on the pricing used in 2022 for this calculation. Refer to Results of Consolidated Operations within Part II, Item 7, MD&A for further information.
(4)Excludes Depreciation and amortization and Reclamation and remediation.
(5)Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
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Highlights (dollars in millions, except per share, per ounce and per pound amounts)
•Newcrest Transaction: On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549. Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont. The combined company continues to be traded on the New York Stock Exchange under the ticker NEM. The combined company is also listed on the Toronto Stock Exchange under the ticker NGT, on the Australian Securities Exchange under the ticker NEM, and on the Papua New Guinea Securities Exchange under the ticker NEM.
•Net income: Delivered Net income (loss) from continuing operations attributable to Newmont stockholders of $(2,521) or $(3.00) per diluted share, a decrease of $2,062 from the prior year primarily due to higher Reclamation and Remediation, higher Impairment charges, the Peñasquito labor strike, Newcrest transaction and integration costs, a loss on abandonment of the Peñasquito pyrite leach plant, higher income tax expense, and lower production at Akyem, partially offset by higher average realized prices for gold, silver and copper.
•Adjusted net income: Reported Adjusted Net Income of $1,324 or $1.57 per diluted share, a decrease of $0.28 per diluted share from the prior year (refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A).
•Adjusted EBITDA: Reported $4,215 in Adjusted EBITDA, a decrease of 7% from the prior year (refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A).
•Cash Flow: Reported Net cash provided by (used in) operating activities of continuing operations of $2,754 for the year ended December 31, 2023, a decrease of 14% from the prior year, and free cash flow of $88 (refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A).
•ESG: Published annual sustainability report providing a transparent view of ESG performance; published third annual climate report providing a view on how the Company understands and is addressing climate change; contributed $56, of which $17 was contributed in 2023 as part of the Company's strategic alliance with Caterpillar Inc. to develop and deliver electric autonomous mining systems to make our mines safer and more productive while also supporting Newmont in reaching our greenhouse gas reduction 2030 and 2050 targets; published second Taxes and Royalties Contribution Report, providing an overview of the Company's tax strategy and economic contributions as part of its commitment to shared value creation; ranked Top Miner in 2023 Dow Jones Sustainability World Index.
•Attributable gold production: Produced approximately 6 million ounces of gold, in line with prior year.
•Financial strength: Ended the year with $3.0 billion of consolidated cash and approximately $6.1 billion of liquidity; declared a total dividend of $1.45 per share for the year.
Our global project pipeline
Newmont’s project pipeline supports stable production with improving margins and mine life. Near-term development capital projects are presented below. Additional projects represent incremental improvements to production and cost guidance. We manage our wider project portfolio to maintain flexibility to address the development risks associated with our projects including permitting, local community and government support, engineering and procurement availability, technical issues, escalating costs and other associated risks that could adversely impact the timing and costs of certain opportunities.
Ahafo North, Ahafo. This project 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 and will deliver value through the open pit mining and processing of over three million ounces of gold over a 13-year mine life. The project is expected to add between 275,000 and 325,000 ounces per year for the first five full years of production beginning in 2026. Capital costs for the project are estimated to be between $950 and $1,050 with an expected commercial production date in late 2025. Development capital costs (excluding capitalized interest) since approval were $375, of which $163 related to 2023.
Tanami Expansion 2, Tanami. This project secures Tanami’s future as a long-life, low-cost producer with potential to extend mine life to 2040 through the addition of a 1,460-meter hoisting shaft and supporting infrastructure to achieve higher production 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 is expected to reduce operating costs by approximately 30 percent. Capital costs for the project are estimated to be between $1,700 and $1,800 with an expected commercial production date in the second half of 2027. Development capital costs (excluding capitalized interest) since approval were $752, of which $253 related to 2023.
Cadia Block Caves, Cadia. This project includes two panel caves to recover approximately 5.9 million ounces of gold reserves and 2.9 billion pounds 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 mid 2024. Development capital costs (excluding capitalized interest) since approval were $36, of which all related to 2023.
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PART I
ITEM 1.       BUSINESS (dollars in millions, except per share, per ounce and per pound amounts)
Introduction
Newmont Corporation was incorporated in 1921 and is primarily a gold producer with significant operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji and Ghana. At December 31, 2023, Newmont had attributable proven and probable gold reserves of 135.9 million ounces, attributable measured and indicated gold resources of 104.8 million ounces, attributable inferred gold resources of 69.1 million ounces, and an aggregate land position of approximately 24,900 square miles (64,400 square kilometers). Newmont is also engaged in the production of copper, silver, lead, and zinc. As the world’s leading gold company, Newmont remains committed to creating value and improving lives through sustainable and responsible mining.
Newmont’s corporate headquarters are in Denver, Colorado, U.S. In this report, “Newmont,” the “Company,” “our” and “we” refer to Newmont Corporation together with our affiliates and subsidiaries, unless the context otherwise requires.
On November 6, 2023, we completed the acquisition of Newcrest Mining Limited ("Newcrest") (“the Newcrest transaction”). Results of Newcrest for the period November 6 to December 31, 2023 are included in this report. For further information, refer to Note 3 to the Consolidated Financial Statements.
Segment Information
In January 2023, Newmont reassessed and revised its operating strategies and the accountabilities of the senior leadership team in light of the continuing volatile and uncertain market conditions and in November 2023, the Company completed the Newcrest transaction (refer to Note 3 to the Consolidated Financial Statements for further information). Following these changes, the Company reevaluated its segments to reflect the mining operations acquired and certain changes in the financial information regularly reviewed by Newmont's Chief Operating Decision Maker ("CODM"). As a result, the Company determined that its reportable segments were each of its 17 mining operations that it manages, which includes its 70.0% proportionate interest in Red Chris, and its 38.5% proportionate interest in Nevada Gold Mines ("NGM") which it does not directly manage.
For information on acquisitions and asset sales impacting the comparability of our results, refer to Notes 1 and 9 to the Consolidated Financial Statements, respectively.
Refer to Item 1A, Risk Factors, below, and Note 4 to the Consolidated Financial Statements for further information relating to our reportable segments. Refer to Note 5 to the Consolidated Financial Statements for information relating to domestic and export sales and lack of dependence on a limited number of customers.
Products
References in this report to “attributable” means that portion of gold, copper, silver, lead, zinc or molybdenum produced, sold or included in proven and probable reserves and measured, indicated and inferred resources based on our proportionate ownership, unless otherwise noted.
Gold
General. The details of our consolidated and attributable gold production from continuing operations are set forth below:
Year Ended December 31,
2023 2022 2021
Consolidated gold ounces produced (thousands) 5,401  5,786  5,884 
Attributable gold ounces produced (thousands) 5,545  5,956  5,971 
Attributable gold ounces produced from equity method investments (thousands):
Pueblo Viejo (40%)
 224  285  325 
Fruta del Norte (1)
 —  —  — 
224  285  325 
____________________________
(1)The Fruta del Norte mine is wholly owned and operated by Lundin Gold Inc. ("Lundin Gold"). The Company acquired a 32% interest in Lundin Gold through the Newcrest transaction. The 32% interest is accounted for as an equity method investment with results reported on a quarter lag. As a result, results of operations will not be reported until the first quarter of 2024. Refer to Notes 3 and 15 to the Consolidated Financial Statements for additional information.
For the years ended December 31, 2023, 2022 and 2021, 89%, 87% and 86%, respectively, of our Sales were attributable to gold. Most of our Sales come from the sale of refined gold. The end product at our gold operations, however, is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold.
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Under the terms of our refining agreements, the doré bars are refined for a fee, and our share of the refined gold and the separately-recovered silver is credited to our account or delivered to buyers. Additionally, a portion of gold is sold in concentrate containing other metals such as copper, silver, lead, zinc and/or molybdenum.
Gold Uses. Gold generally is used for fabrication or investment. Fabricated gold has a variety of end uses, including jewelry, electronics, dentistry, industrial and decorative uses, medals, medallions and official coins. Gold investors buy gold bullion, official coins and jewelry.
Gold Supply. A combination of mine production, recycling and draw-down of existing gold stocks held by governments, financial institutions, industrial organizations and private individuals make up the annual gold supply. Based on public information available, for the years ended December 31, 2021 through 2023, mine production has averaged approximately 75% of the annual gold supply with the remainder primarily sourced from recycled gold.
Gold Price. The following table presents the annual high, low and average daily afternoon LBMA Gold Price over the past ten years on the London Bullion Market ($/ounce):
Year High Low Average
2024 (through February 15, 2024)
 $ 2,068  $ 1,985  $ 2,029 
2023 $ 2,078  $ 1,811  $ 1,941 
2022 $ 2,039  $ 1,629  $ 1,800 
2021 $ 1,943  $ 1,684  $ 1,799 
2020 $ 2,067  $ 1,474  $ 1,770 
2019 $ 1,546  $ 1,270  $ 1,393 
2018 $ 1,355  $ 1,178  $ 1,268 
2017 $ 1,346  $ 1,151  $ 1,257 
2016 $ 1,366  $ 1,077  $ 1,251 
2015 $ 1,296  $ 1,049  $ 1,160 
2014 $ 1,385  $ 1,142  $ 1,266 
On February 15, 2024, the afternoon LBMA gold price was $2,004 per ounce.
Refer to Note 2 to the Consolidated Financial Statements for information on how we recognize revenue for gold sales from doré production.
Other Co-product Metals
Generally, if a metal expected to be mined represents more than 10% to 20% of the life of mine sales value of all the metal expected to be mined, the metal is considered a co-product and recognized as Sales in the Consolidated Financial Statements.
Copper production at Boddington, Red Chris, Cadia, and Telfer and silver, lead and zinc production at Peñasquito are considered co-products. Copper, silver, lead, and zinc sales are generally in the form of concentrate that is sold to smelters for further treatment and refining.
The following table details consolidated co-product production and the percentage of Sales that was attributable to copper, silver, lead, and zinc for the years ended December 31, 2023, 2022, and 2021:
2023 2022 2021
Co-product Production Sales as % of Total Sales Co-product Production Sales as % of Total Sales Co-product Production Sales as % of Total Sales
Copper (pounds/millions) (1)
 145 5  % 84 3  % 71 2  %
Silver (ounces/millions) (2)
 18 3  % 30 5  % 31 5  %
Lead (pounds/millions) (2)
 113 1  % 149 1  % 177 2  %
Zinc (pounds/millions) (2)
 230 2  % 377 4  % 435 5  %
____________________________
(1)For the year ended December 31, 2023, copper co-product production came from Red Chris, Boddington, Cadia, and Telfer. All of our copper co-product production came from Boddington for the years ended December 31, 2022 and 2021.
(2)All of our silver, lead and zinc co-product production came from Peñasquito.
By-product Metals
If a metal expected to be mined falls below the co-product sales value percentages, the metal is considered a by-product. Revenues from by-product sales are credited to Costs applicable to sales in the Consolidated Financial Statements.
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Aside from the co-product sales at Red Chris, Peñasquito, Boddington, Cadia, and Telfer, copper, silver, and molybdenum produced at other Newmont sites are by-product metals.
Gold and Other Metals Processing Methods
Doré. Gold is extracted from naturally-oxidized ores by either milling or heap leaching, depending on the amount of gold contained in the ore, the amenability of the ore to treatment and related capital and operating costs. Higher grade oxide ores are generally processed through mills, where the ore is ground into a fine powder and mixed with water into a slurry, which then passes through a carbon-in-leach circuit to recover the gold. Lower grade oxide ores are generally processed using heap leaching. Heap leaching consists of stacking crushed or run-of-mine ore on impermeable, synthetically lined pads where a weak cyanide solution is applied to the surface of the heap to dissolve the gold contained within the ore. In both cases, the gold-bearing solution is then collected and pumped to process facilities to remove the gold by collection on carbon or by zinc precipitation.
Gold contained in ores that are not naturally-oxidized can be directly milled if the gold is liberated and amenable to cyanidation, generally known as free milling ores. Ores that are not amenable to cyanidation, known as refractory ores, require more costly and complex processing techniques than oxide or free milling ore. Higher grade refractory ores are processed through either roasters or autoclaves. Roasters heat finely ground ore to a high temperature, burn off the carbon and oxidize the sulfide minerals that prevent efficient leaching. Autoclaves use heat, oxygen and pressure to oxidize sulfide ores.
Some gold sulfide ores may be processed through a flotation plant. In flotation, ore is finely ground, turned into slurry, then placed in a tank known as a flotation cell. Chemicals are added to the slurry causing the gold-containing sulfides to attach to air bubbles and float to the top of the tank. The sulfides are removed from the cell and converted into a concentrate that can then be processed in an autoclave, roaster, or fine grinding circuit to recover the gold through leaching. Gold-bearing solution is then plated onto cathodes in an electrowinning process or precipitated using zinc powder. In both cases, the precipitate is melted with fluxes in a furnace to produce doré.
Concentrate. Sulfide ore is delivered to a crushing and grinding plant which feeds a sulfide processing plant. The sulfide processing plant primarily comprises lead and zinc flotation stages. In the lead and zinc flotation, the slurry is conditioned with reagents to activate the desired minerals and produce lead and zinc concentrate. The lead concentrate is highly enriched in gold and silver, with a smaller fraction of the precious metal recovered in the zinc concentrate. The resulting concentrate is sold to smelters or traders for further processing.
Ore containing copper and gold is crushed to a coarse size at the mine and then transported via conveyor to a process plant, where it is further crushed and then finely ground as a slurry. The ore is initially treated by successive stages of flotation resulting in a gold/copper concentrate containing approximately 10% to 26% copper. The flotation tailings have a residual gold content that is recovered in either a carbon-in-leach circuit or is dewatered and loaded onto trucks for transportation off-site.
Ore containing silver and gold is crushed to a coarse size at the mine and then transported via conveyor to a process plant, where it is further crushed and then finely ground as a slurry. The ore is initially treated by successive stages of flotation resulting in a gold-silver concentrate. The flotation tailings have a residual gold content that is recovered in either a carbon-in leach circuit or is dewatered and loaded onto trucks for transportation off-site. The gold-silver concentrate is further refined in the gold room to produce gold-silver doré.
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See table below for summary of product and form by segment.
Segment
Products (1)
 Form
CC&V, U.S. Gold Doré
Musselwhite, Canada Gold Doré
Porcupine, Canada Gold Doré
Éléonore, Canada Gold Doré
Red Chris, Canada Gold, Copper Concentrate
Brucejack, Canada Gold Doré, Concentrate
Peñasquito, Mexico Gold, Silver, Lead, Zinc Doré, Concentrate
Merian, Suriname Gold Doré
Cerro Negro, Argentina Gold Doré
Yanacocha, Peru Gold Doré
Boddington, Australia Gold, Copper Doré, Concentrate
Tanami, Australia Gold Doré
Cadia, Australia Gold, Copper Doré, Concentrate
Telfer, Australia Gold, Copper Doré, Concentrate
Lihir, Papua New Guinea Gold Doré
Ahafo, Ghana Gold Doré
Akyem, Ghana Gold Doré
NGM, U.S. Gold Doré, Concentrate
____________________________
(1)Products listed are only for gold and co-product metals. See above for further information on co-product classification.
Competition
The top 10 producers of gold comprise approximately twenty-five percent of total worldwide mined gold production. We currently rank as the top gold producer with approximately five percent of estimated total worldwide mined gold production. Our competitive position is based on the size and grade of our ore bodies anchored in a large portfolio of Tier 1 assets located in favorable mining jurisdictions. A Tier 1 asset is defined as having, on average over such asset’s mine life: (1) production of over 500,000 GEO’s/year on a consolidated basis, (2) average AISC/oz in the lower half of the industry cost curve, (3) an expected mine life of over 10 years, and (4) operations in countries that are classified in the A and B rating ranges for Moody’s, S&P and Fitch.
We have a diverse portfolio of mining operations with varying ore grades and cost structures. Our costs are driven by the location, grade and nature of our ore bodies, and the level of input costs, including energy, labor and equipment. The metals markets are cyclical, and our ability to maintain our competitive position over the long term is based on our ability to acquire and develop quality deposits, hire and retain a skilled workforce, and to manage our costs.
Licenses and Concessions
Other than operating licenses for our mining and processing facilities, there are no third-party patents, operating licenses or franchises material to our business. In many countries, however, we conduct our mining and exploration activities pursuant to land-related licenses which include leases, concessions, claims, or prospecting licenses granted by the host government. These countries include, among others, the United States, Canada, Mexico, Peru, Suriname, Chile, Argentina, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana. Refer to Item 2, Properties, below for further information on land-related licenses and concessions by property. The concessions and contracts are subject to the political risks associated with the host country. Refer to Item 1A, Risk Factors, below for further information.
Condition of Physical Assets and Insurance
Our business is capital intensive and requires ongoing capital investment for the replacement, modernization or expansion of equipment and facilities. Refer to Results of Consolidated Operations and Liquidity and Capital Resources within Part II, Item 7, MD&A, for further information.
We maintain insurance policies against property loss and business interruption and insure against risks that are typical in the operation of our business, in amounts that we believe to be reasonable. Such insurance, however, contains exclusions and limitations on coverage, particularly with respect to environmental liability and political risk. There can be no assurance that claims would be paid under such insurance policies in connection with a particular event. Refer to Item 1A, Risk Factors, below for further information.
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Environmental, Social and Governance
Overview. Focusing on leading environmental, social and governance ("ESG") practices are a core part of Newmont’s business. Widely recognized for our principled ESG practices, we have been consistently ranked as a leader in the mining and metal sector S&P Global, and we have been listed on the Dow Jones Sustainability World Index (“DJSI World”) since 2007.
ESG is a key part of how we make investment decisions and central to our culture and purpose to create value and improve lives through sustainable and responsible mining. Sustainability and safety are integrated into the business at all levels of the organization through our global policies, standards, strategies, business plans and remuneration plans. Our global strategies, notably those related to Sustainability and Health, Safety, and Security, aim to showcase leadership in environmental stewardship, safety, social responsibility and good governance. With clear targets, open communication and transparent reporting, we strive for continuous improvement to meet the evolving expectations of investors, governments, communities and other key stakeholders, and to contribute to a sustainable future for all.
Stakeholder Engagement. We engage regularly with relevant stakeholders, who we consider to be any person or organization potentially impacted by our activities or influential to our success, which allows us to gain a greater understanding of their needs, interests and perspectives while, at the same time, encouraging shared decision making to promote mutually beneficial outcomes. These engagements also inform what information is most useful for stakeholders for the purposes of our non-financial reporting. Newmont also engages with a variety of organizations at a global, regional, national and local level to adhere to high standards of governance, social and environmental policies and performance. These memberships and voluntary commitments reflect our values, support our approach to working collaboratively on best practices across several key matters and allow external stakeholders to hold us accountable. Our participation in industry initiatives, wherein we often take a leadership role, allows us to inform and influence global standards and practices, as well as gain insight into emerging expectations and issues.
Reporting. We believe that transparency and accountability are key attributes of governance. Since 2003, Newmont has been reporting on how we manage the sustainability issues of relevance to stakeholders around the globe. Our sustainability report provides an annual review of non-financial performance updates on governance, strategy and management approach, risk management, and performance and targets in key areas that include health, safety and security, workforce, the environment, supply chain, social acceptance, business integrity and compliance, value sharing, and equity, inclusion and diversity domains. Our sustainability report is compiled in accordance with the Global Reporting Initiative ("GRI") 2021 Universal Standards Core option, the GRI Mining and Metals Sector Supplement, and the SASB Metals & Mining standards, is subject to an external limited assurance review, and reflects Newmont’s commitment to transparency and reporting obligations as a founding member of the International Council on Mining and Metals ("ICMM") and as an early adopter of the United Nations ("UN") Guiding Principles Reporting Framework. Additionally, our sustainability report aligns with the ICMM's Mining Principles' Performance Expectations, GISTM and the World Gold Council's Responsible Gold Mining Principles.
Newmont’s sustainability reporting suite also includes our climate report, sustainability-linked bond framework, ESG data tables, conflict-free gold report, modern slavery statement, policy influence disclosures, political spending disclosures, taxes and royalties contributions report, CDP (formerly, “Carbon Disclosure Project”) responses, and other reports and responses, which can be found on our website at www.newmont.com/sustainability. The information on our website, including, without limitation, in the annual sustainability report and climate report, should not be deemed incorporated by reference into this annual report or otherwise “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
Environmental Practices
Climate Change. We accept the Intergovernmental Panel on Climate Change’s ("IPCC") assessment of climate science, and we acknowledge that human activities contribute to climate change and business has an important role in addressing this global challenge. It is our firm belief that climate change is one of the greatest global challenges of our time. For a discussion of climate-related risks, refer to Item 1A, Risk Factors.
Climate Targets and Initiatives to Achieve. As the world’s leading gold mining company, we believe that value-creation industries like mining have a responsibility to drive bold actions and innovation to transition us to a low-carbon economy. In an effort to play our part in addressing climate change, in 2020 we announced science-based, GHG emissions reduction targets of 32% for Scope 1 and Scope 2 and 30% for Scope 3 by 2030 ("2030 climate targets"), with an ultimate goal of being carbon neutral by 2050. Our 2030 targets have been approved and validated by the Science-Based Targets initiative, which ensures that our targets support the Paris Agreement’s goal of limiting global warming to well below 2 degrees Celsius compared to pre-industrial levels. As a result of the Newcrest transaction, we are evaluating potential changes to our baseline to reflect our current portfolio. Our evaluations will be in line with GHG Protocol requirements.
Our most significant opportunities to reduce emissions exist in building or deploying cleaner energy solutions at the mine sites, as well as the greening of the electrical grid that supplies energy to our operations. Since announcing our 2030 climate targets, we have taken steps to invest in climate change initiatives in support of our goal. As part of these initiatives, in November 2021, Newmont announced a strategic alliance with Caterpillar Inc. (“CAT”) with the aim to develop and implement a comprehensive all-electric autonomous mining system to achieve safer and more productive operations while also supporting Newmont in achieving our climate targets. Newmont pledged an investment of $100 to CAT, of which $56 has been paid as of December 31, 2023. These dollars fund collaborative work to develop and deploy electric equipment for surface and underground mining at Newmont’s operations.
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Other investments supporting our climate change initiatives are expected to include emissions reduction projects and renewable energy opportunities as we seek to achieve these climate targets.
We also see sustainable finance as a way to further demonstrate Newmont's commitment to achieving our 2030 climate targets. In December 2021, Newmont became the first in the mining industry to issue a sustainability-linked bond, with the registered public offering of $1 billion aggregate principal amount of 2.6% Sustainability-Linked Senior Notes due 2032 (the "Notes"), with the coupon linked to Newmont’s performance against key ESG commitments regarding 2030 climate targets and the representation of women in senior leadership roles target. In connection with the issuance of the Notes, Newmont published a Sustainability-Linked Bond Framework and obtained a second party opinion on the framework from Institutional Shareholder Services group of companies ("ISS") ESG. The Notes align Newmont’s business and financing with its commitments and values by creating a direct link between its sustainability performance and funding strategies.
In addition to our focus on reducing carbon emissions, we believe that access to clean, safe water is a human right, and reliable water supplies are vital for hygiene, sanitation, livelihoods and the health of the environment. Because water is also critical to our business, we recognize the need to use water efficiently, protect water resources, and collaborate with the stakeholders within the watersheds where we operate to effectively manage this shared resource. We operate in water-stressed areas with limited supply and increasing population and water demand. Increasing pressure on water use may occur due to increased populations in and around communities in proximity to our operations.
Biodiversity. Our operations span four continents in a range of ecosystems that include tropical, desert and arctic climates. We understand the impact our activities can have on the environment and are committed to protect and prevent – or otherwise minimize, mitigate and remediate – those impacts in the areas where we operate through responsible management during all aspects of the mine lifecycle and collaboration with stakeholders to develop integrated approaches to land use.
Our Environmental Impact. We conduct our operations so as to protect public health and the environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our mining and exploration activities are subject to various laws and regulations in multiple jurisdictions governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive.
Our Environmental Reclamation and Remediation Commitments. Each operating mine has a reclamation plan in place that meets, in all material respects, applicable legal and regulatory requirements. We are also involved in several matters concerning environmental obligations associated with former, primarily historical, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites. The reclamation and remediation stage is a multifaceted process with complex risks. Successfully closing and reclaiming mines is crucial for gaining stakeholder trust and maintaining social acceptance. Notably, Newmont is committed to the implementation of the GISTM for tailing storage facilities by 2025. Compliance with GISTM remains ongoing and has and may continue to result in further increases to our sustaining costs and estimated closure costs. Additionally, laws, regulations and permit requirements focused on water management and discharge requirements for operations and water treatment in connection with closure are becoming increasingly stringent. Compliance with water management and discharge quality remains dynamic and has and may continue to result in further increases to our estimated closure costs. For a discussion of the most significant reclamation and remediation activities, refer to Note 6 and Note 25 to the Consolidated Financial Statements. For discussion of regulatory, tailings storage facilities, water, climate and other environmental risks, refer to Item 1A, Risk Factors, for additional information.
Social Practices
Our People. At Newmont, one of the strategic pillars is people.
The success of our business comes from the accomplishments and well-being of our employees and contractors. That is why we strive to build a workplace culture that fosters leaders where everyone belongs, thrives, and is valued.
At December 31, 2023, approximately 21,700 people were employed by Newmont and Newmont subsidiaries and approximately 18,500 people were working as contractors in support of Newmont’s operations and attainment of our objectives. Additionally, at December 31, 2023, approximately 31% of our workforce were members of a union or participated in collective bargaining. We are committed to fostering solid relationships with all members of our workforce based on trust, treating workers fairly and providing them with safe and healthy working conditions. For a discussion of related risks, refer to Item 1A, Risk Factors.
In 2022, the full Board reviewed and approved our refreshed global people strategy. Our people strategy represents a multi-year journey, and its three pillars and respective aspirations include: (i) leadership – grow and attract exceptional leaders for our Company, the industry and beyond; (ii) inclusion, diversity and equity - through bold actions cultivate an inclusive, diverse and engaged workforce; and (iii) people experiences - foster a meaningful work experience that enables our culture and strategy to flourish. The Board of Directors’ Leadership Development and Compensation Committee holds reviews with management every quarter and on an ad hoc basis as needed to ensure appropriate management of human capital and progress against our stated goals.
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The people who work on our behalf give us a competitive advantage. Through our global people strategy, we align our talent management efforts with the overall business strategy. The strategy’s focus areas include enhancing the employee experience and evolving for future workforce needs; building our bench strength and leadership capabilities; developing effective labor relations that align stakeholders with a shared future; and improving inclusion, including reaching gender parity.
Inclusion and Diversity. We believe that progressing an inclusive workplace culture is a critical part of tackling the challenge of attracting and retaining diverse employees. We are also active participants in the Paradigm for Parity framework, a coalition of business leaders committed to a workplace where women and men have equal power, status and opportunity in senior leadership, and we are committed to advancing the UN Sustainable Development Goal to achieve gender equality. Newmont has committed to increasing women in senior leadership roles to 50% by 2030 in line with Paradigm for Parity objectives.
Enterprise-wide female representation at the end of 2023 increased from 15 percent in 2022 to 16 percent. Mine sites continued to progress in implementing their action plans, leading to an overall increase in the representation of females in operations (General Manager downlines) from 9% to 11% in 2023. Female representation in senior leadership roles also increased from 30% to 33% in 2023. Female representation at the Board level in 2023 was 46% of independent directors with 69% of independent directors being either gender or ethnically diverse.
In our annual sustainability report, Newmont voluntarily reports workforce and labor information in accordance with GRI Standards, including data on workforce demographics, compensation and equal remuneration, gender diversity, union representation, labor relations, employee turnover, hiring representation, and training and development. Newmont also reports employment data in U.S. Equal Employment Opportunity Commission EEO-1 reports which can be found on our website. The information in our sustainability report and on our website is not incorporated by reference in this annual report.
ESG Performance-based Compensation. The importance of ESG performance is emphasized with our workforce through our training and development programs and our compensation design. Employees eligible for our short-term incentive plan are held accountable for the Company’s health, safety and sustainability performance through Newmont’s performance-based compensation structure. ESG will comprise 30% of the Company’s Short-term Incentive Plan payout for 2023, with 20% allocated to health & safety metrics and 10% to sustainability performance based upon key public indices. In 2023, Newmont generated strong above target results in our health and safety and our sustainability measures with all sites having performed above target for manager/supervisor critical control verifications and manager coaching to support fatality risk management, and strong recognition by external rating agencies in connection with sustainability, including with S&P Global CSA (DJSI) ranking Newmont as the leader in the Mining & Metals sector.
Additional information regarding the Company’s compensation programs and performance will be provided in the 2023 Proxy Statement.
Health and Safety. We believe that our operations are in compliance with applicable laws and regulations in all material respects. We continue to sustain robust controls at our operations and offices around the globe. The quality of our Health & Safety Management System is audited regularly as part of our assurance and governance process.
The quality and quantity of critical control verifications ("CCVs") in the field are important leading indicators for preventing fatalities and significant potential events ("SPEs"). In 2023, we completed over 650,000 CCVs in the field (a 5% increase compared to 2022). More than 86,000 controls were identified as absent or failed, which means we were able to implement the control in the field and prevent a serious event. SPEs were up 2% compared to 2022. Newcrest data has been excluded from the 2023 values due to the timing of the acquisition.
Commitments to Communities. Newmont aims to better understand both the positive and negative impacts that our activities have on host communities, and to engage impacted communities and groups to mitigate or optimize these impacts in a manner that is culturally appropriate and with the consent of those impacted. We strive to build meaningful relationships with stakeholders and recognize the need to understand, minimize and mitigate our impacts and to build long-term, positive partnerships. We also recognize our responsibility to respect and promote human rights.
Governance Practices
Board of Directors Oversight. Newmont believes that strong corporate governance, with management accountability and active oversight from an experienced Board of Directors, is essential for mitigating risk, serving in the best interests of all stakeholders and creating long-term value. The highest level of oversight at Newmont resides with Newmont’s Board of Directors (the “Board”). The Board plays a critical role, overseeing the Company’s business strategy and the overall goal of delivering long-term value creation for shareholders and other stakeholders. The members of Newmont’s Board bring a broad range of backgrounds, experiences and talents, along with ethnic, racial and gender diversity, to our governance process. As of December 31, 2023, the Board was comprised of 14 directors (13 independent non-executive directors and one executive director) with more than 65% of the independent directors with a form of ethnic, racial or gender diversity to the Board, with 46% female representation among independent directors.
Four core Board committees, Audit, Corporate Governance and Nominating, Leadership Development and Compensation, and Safety and Sustainability, provide oversight and guidance in key areas. Each committee assists the Board in carrying out responsibilities such as assessing major risks, ensuring high standards of ethical business conduct, succession planning and talent management, and approving and providing oversight of the sustainability strategy, which includes commitments to adoption of best practices in promotion of a healthy and safe work environment, and environmentally sound and socially responsible mining and resource development.
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All members of these four core Committees are independent, as defined in the listing standards of the New York Stock Exchange and Newmont’s Corporate Governance Guidelines. More information on Newmont’s Board, governance practices and risk oversight can be found in our annual Proxy Statement.
Code of Conduct. Our global Code of Conduct (the “Code”), which was adopted and approved by Newmont’s Board, forms the foundation for our integrity expectations, and six overarching policies, along with our standards on Anti-Corruption, Conflicts of Interest, Gifts and Entertainment and U.S. Export Compliance, state the minimum requirements for conducting business honestly, ethically and in the best interests of Newmont. Our Code reflects our belief that as important as what we do is how we do it. It requires all representatives of Newmont to demonstrate our values – safety, integrity, sustainability, inclusion and responsibility – in every aspect of our professional lives and ultimately, to live up to our purpose, which is to create value and improve lives through sustainable and responsible mining.
Governance Materials. Our Corporate Governance Guidelines, Proxy Statement, policies, and the charters for the Committees of Board of Directors are available on our website, www.newmont.com, and are available free of charge upon request to Investor Relations at our principal executive office. We also file with the New York Stock Exchange an annual certification that our Chief Executive Officer is unaware of any violation of the NYSE’s corporate governance standards. We make available free of charge through our website this annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. The information on our website is not incorporated by reference in this report.
Risk Factor Summary
We are subject to a variety of risks and uncertainties, including risks related to our operations and business, financial risks, risks related to our industry, environmental and climate risks, risks related to the jurisdictions in which we operate, risks related to our workforce, legal risks and risks related to our common stock, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. Risks that we deem material are described in Item 1A, Risk Factors of this report. These risks include, but are not limited to, the following:
•A substantial or extended decline in gold, copper, silver, lead or zinc prices would have a material adverse effect on us.
•We may be unable to replace gold, copper, silver, lead or zinc reserves as they become depleted.
•Estimates of proven and probable reserves and measured, indicated and inferred resources are uncertain and actual recoveries may vary from our estimates.
•Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated.
•Increased operating and capital costs could affect our profitability.
•Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made.
•Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects.
•We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure and risks associated with implementation, upgrade, operation and integration.
•To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures, our interests in these properties is subject to risks normally associated with the conduct of joint ventures.
•Our operations and business have in the past been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics and other health emergencies.
•Increased exposure to foreign exchange fluctuations and capital controls may adversely affect Newmont’s costs, earnings and the value of some of our assets.
•Future funding requirements may affect our business, our ability to pursue new business opportunities, invest in existing and new projects, pay cash dividends or engage in share repurchase transactions.
•Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations.
•Our ability to recognize the benefits of deferred tax assets is dependent on future cash flows and taxable income.
•Any downgrade in the credit ratings assigned to our debt securities could increase our future borrowing costs and adversely affect the availability of new financing.
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•Returns for investments in pension plans are uncertain.
•We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining.
•Mining operations involve a high degree of risk, including hazards related to the use of explosives and hazardous chemicals and critical equipment failure.
•We rely on our supply chain operations to procure goods and services to conduct aspects of our operations and projects, and competition with other natural resource companies, and shortage of critical parts and equipment may adversely affect our operations and development projects.
•We may be unable to obtain or retain necessary permits, leases, or other types of land tenure which could adversely affect our operations.
•Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations.
•Illegal mining and artisanal mining occurs on or adjacent to certain of our properties exposing such sites to security risks.
•Civil disturbances and criminal activities can disrupt business and expose the Company to liability.
•Our operations face substantial regulation of health and safety.
•Our operations are subject to extensive environmental laws and regulations.
•Our operations are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy.
•Our operations are subject to a range of transitional and physical risks related to climate change.
•Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability.
•Our operations may be adversely affected by rising energy prices or energy shortages.
•Our operations are dependent on the availability of sufficient water supplies and subject to water-related risks.
•Our operations and projects are subject to risks related to our relationships and/or agreements with local communities and laws for the protection of cultural heritage.
•Our operations are subject to risks of doing business in multiple jurisdictions.
•New or changing legislation and tax risks in certain operating jurisdictions could negatively affect us.
•Changes in mining or investment policies or shifts in political and social attitudes in the jurisdictions in which we operate may adversely affect our operations or profitability.
•Our operations at Yanacocha and the development of the Conga project in Peru are subject to political and social unrest risks.
•Our Merian operation in Suriname is subject to political and economic risks.
•Our operations at Ahafo and Akyem in Ghana are subject to political, economic and other risks.
•Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina and labor unrest.
•Our operations at Lihir and Wafi-Golpu in Papua New Guinea are subject to political and regulatory risks and other uncertainties.
•Our operations in Canada are subject to political and regulatory risks and other uncertainties.
•Our business depends on good relations with our employees.
•Our Peñasquito operation in Mexico is subject to social, political, regulatory, and economic risks.
•We may not be able to operate successfully if we are unable to recruit, hire, retain and develop key personnel and a qualified and diverse workforce. In addition, we are dependent upon our employees being able to perform their jobs in a safe and respectful work environment.
•We rely on contractors to conduct a significant portion of our operations and construction projects.
•Our business is subject to the U.S. Foreign Corrupt Practices Act and other extraterritorial and national anti-bribery laws and regulations, a breach or violation of which could lead to substantial sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of licenses or permits and other collateral consequences and reputational harm.
•Title to some of our properties may be insufficient, defective, or subject to legal challenge in the future.
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•The price of our common stock may be volatile, which may make it difficult for you to resell the common stock when you want or at prices you find attractive.
•Holders of our common stock may not receive dividends.
•Significant demands will be placed on the combined company as a result of the combination.
•We may not realize the anticipated benefits of the Newcrest transaction and the integration of Newcrest and Newmont may not occur as planned.
•Newcrest’s public filings were subject to Australian disclosure standards, which differ from SEC disclosure requirements.
Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business, financial condition, results of operations and cash flows.
Forward-Looking Statements
Certain statements contained in this report (including information incorporated by reference herein) are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provided for under these sections. Words such as “expect(s),” “feel(s),” “believe(s),” “will,” “may,” “anticipate(s),” “estimate(s),” “should,” “intend(s),” "target(s)," "plan(s)," "potential," and similar expressions are intended to identify forward-looking statements. Our forward-looking statements may include, without limitation:
•estimates regarding future earnings and the sensitivity of earnings to gold, copper, silver, lead, zinc and other metal prices;
•estimates of future mineral production and sales;
•estimates of future production costs, other expenses and taxes for specific operations and on a consolidated basis, including estimates of future costs applicable to sales and all-in sustaining costs;
•estimates of future cash flows and the sensitivity of cash flows to gold, copper, silver, lead, zinc and other metal prices;
•estimates of future capital expenditures, including development and sustaining capital, as well as construction or closure activities and other cash needs, for specific operations and on a consolidated basis, and expectations as to the funding or timing thereof;
•estimates as to the projected development of certain ore deposits or projects, such as the Tanami Expansion 2, Ahafo North, Yanacocha Sulfides, Pamour, Cerro Negro District Expansion 1, Cadia Block Cave, Red Chris Block Cave and Wafi-Golpu, including without limitation expectations for the production, milling, costs applicable to sales, all-in sustaining costs, mine-life extension, the costs of such development and other capital costs, financing plans for these deposits and expected production commencement dates, construction completion dates and other timelines;
•estimates of reserves and resources statements regarding future exploration results and reserve and resource replacement and the sensitivity of reserves to metal price changes;
•statements regarding the availability of, and terms and costs related to, future borrowing or financing and expectations regarding future share repurchase transactions, debt repayments or debt tender transactions;
•statements regarding future cash flows and returns to shareholders, including with respect to future dividends, the dividend framework and expected payout levels;
•estimates regarding future exploration expenditures and discoveries;
•statements regarding fluctuations in financial and currency markets;
•estimates regarding potential cost savings, productivity, operating performance and ownership and cost structures;
•expectations regarding statements regarding future or recently completed transactions, including, without limitation, statements related to future acquisitions and projected benefits, synergies and costs associated with acquisitions and related matters, and expectations from the integration of Newcrest, including the combined company’s production capacity, asset quality and geographic spread;
•estimates of future cost reductions, synergies, including pre-tax synergies, savings and efficiencies, and future cash flow enhancements through portfolio optimization;
•expectations of future equity and enterprise value;
•expectations regarding the start-up time, design, mine life, production and costs applicable to sales and exploration potential of our projects;
•statements regarding future hedge and derivative positions or modifications thereto;
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•statements regarding local, community, political, economic or governmental conditions and environments;
•statements and expectations regarding the impacts of COVID-19 and variants thereof and other health and safety conditions;
•statements regarding the impacts of changes in the legal and regulatory environment in which we operate, including, without limitation, relating to regional, national, domestic and foreign laws;
•statements regarding climate strategy and expectations regarding greenhouse gas emission targets and related operating costs and capital expenditures;
•statements regarding expected changes in the tax regimes in which we operate, including, without limitation, estimates of future tax rates and estimates of the impacts to income tax expense, valuation of deferred tax assets and liabilities, and other financial impacts;
•estimates of income taxes and expectations relating to tax contingencies or tax audits;
•estimates of future costs, accruals for reclamation costs and other liabilities for certain environmental matters, including without limitation, in connection with water treatment, such as the Yanacocha water treatment plants, and tailings management;
•statements relating to potential impairments, revisions or write-offs, including without limitation, the result of fluctuation in metal prices, unexpected production or capital costs, or unrealized reserve potential;
•estimates of pension and other post-retirement costs;
•statements regarding estimates of timing of adoption of recent accounting pronouncements and expectations regarding future impacts to the financial statements resulting from accounting pronouncements; and
•estimates of future cost reductions, synergies, savings and efficiencies in connection with full potential programs and initiatives.
Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Such risks include, but are not limited to:
•there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions;
•the price of gold, copper, silver, lead, zinc and other metal prices and commodities;
•the cost of operations and prices for key supplies;
•currency fluctuations, including exchange rate assumptions;
•other macroeconomic events impacting inflation, interest rates, supply chain, and capital markets;
•operating performance of equipment, processes and facilities;
•environmental impacts and geotechnical challenges including in connection with climate-related and other catastrophic events;
•labor relations;
•healthy and safety impacts including in connection with global events, pandemics, and epidemics;
•timing of receipt of necessary governmental permits or approvals;
•domestic and foreign laws or regulations, particularly relating to the environment, mining and processing;
•changes in tax laws;
•political developments in any jurisdiction in which Newmont operates being consistent with its current expectations;
•our ability to obtain or maintain necessary financing; and
•other risks and hazards associated with mining operations.
More detailed information regarding these factors is included in Item 1A, Risk Factors and elsewhere throughout this report. Many of these factors are beyond our ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements.
All subsequent written and oral forward-looking statements attributable to Newmont or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We disclaim any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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Available Information
Newmont maintains a website at www.newmont.com and makes available, through the Investor Relations section of the website, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Section 16 filings and all amendments to those reports, as soon as reasonably practicable after such material is electronically filed with the SEC. Certain other information, including Newmont’s Corporate Governance Guidelines, the charters of key committees of its Board of Directors and its Code of Conduct are also available on the website.
ITEM 1A.       RISK FACTORS (dollars in millions, except per share, per ounce and per pound amounts)
Our business activities are subject to significant risks, including those described below. You should carefully consider these risks. If any of the described risks actually occurs, our business, financial position and results of operations could be materially adversely affected. Such risks are not the only ones we face and additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business. This report contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described below. See “Forward-Looking Statements.”
Risks Related to Our Operations and Business
A substantial or extended decline in gold, copper, silver, lead or zinc prices would have a material adverse effect on us.
Our business is dependent on the prices of gold, copper, silver, lead and zinc, which fluctuate on a daily basis and are affected by numerous factors beyond our control. Factors tending to influence prices include:
•Gold sales, purchases or leasing by governments and central banks;
•Speculative short positions taken by significant investors or traders in gold, copper, silver, lead, zinc or other metals;
•The relative strength of the U.S. dollar;
•The monetary policies employed by the world’s major Central Banks;
•The fiscal policies employed by the world’s major industrialized economies;
•Expectations of the future rate of inflation;
•Interest rates;
•Recession or reduced economic activity in the United States, Australia, China, India and other industrialized or developing countries;
•Decreased industrial, jewelry, base metal or investment demand;
•Increased import and export taxes;
•Increased supply from production, disinvestment and scrap;
•Forward sales by producers in hedging or similar transactions;
•Availability of cheaper substitute materials; and
•Changing investor or consumer sentiment, including in connection with transition to a low-carbon economy, investor interest in crypto currencies and other investment alternatives and other factors.
Average gold prices for 2023 were $1,941 per ounce (2022: $1,800; 2021: $1,799), average copper prices for 2023 were $3.85 per pound (2022: $3.99; 2021: $4.23), average silver prices for 2023 were $23.35 per ounce (2022: $21.73; 2021: $25.12), average lead prices for 2023 were $0.97 per pound (2022: $0.98; 2021: $1.00), and average zinc prices for 2023 were $1.20 per pound (2022: $1.58; 2021: $1.36). Any decline in our realized prices adversely impacts our revenues, net income and operating cash flows, particularly in light of our strategy of not engaging in hedging transactions with respect to sales of gold, copper, silver, lead or zinc. We have recorded impairments in the current year and may experience additional impairments in future years as a result of lower gold, copper, silver, lead or zinc prices.
In addition, sustained lower gold, silver, copper, zinc or lead prices can:
•Reduce revenues further through production declines due to cessation of the mining of deposits, or portions of deposits, that become uneconomic at sustained lower metal prices;
•Reduce or eliminate the profit that we currently expect from ore stockpiles and ore on leach pads and increase the likelihood and amount that the Company might be required to record write downs related to the carrying value of its stockpiles and ore on leach pads;
•Halt or delay the development of new projects;
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•Reduce funds available for exploration and advanced projects with the result that depleted reserves may not be replaced; and
•Reduce existing reserves by removing ores from reserves that can no longer be economically processed at prevailing prices.
We may be unable to replace gold, copper, silver, lead or zinc reserves as they become depleted.
Mining companies must continually replace reserves depleted by production to maintain production levels over the long term and provide a return on invested capital. Depleted reserves can be replaced in several ways, including expanding known ore bodies, by locating new deposits or acquiring interests in reserves from third parties. Exploration is highly speculative in nature, involves many risks and uncertainties and is frequently unsuccessful in discovering significant mineralization. Accordingly, our current or future exploration programs may not result in new mineral producing operations. Even if significant mineralization is discovered, it will likely take many years from the initial phases of exploration until commencement of production, during which time the economic feasibility of production may change.
We may consider, from time to time, the acquisition of ore reserves from others related to development properties and operating mines. Such acquisitions are typically based on an analysis of a variety of factors including historical operating results, estimates of and assumptions regarding the extent of ore reserves, the timing of production from such reserves and cash and other operating costs. Other factors that affect our decision to make any such acquisitions may also include our assumptions for future gold, copper, silver, lead or zinc prices or other mineral prices and the projected economic returns and evaluations of existing or potential liabilities associated with the property and its operations and projections of how these may change in the future. In addition, in connection with any acquisitions we may rely on data and reports prepared by third parties (including ability to permit and compliance with existing regulations) and which may contain information or data that we are unable to independently verify or confirm. Other than historical operating results, all these factors are uncertain and may have an impact on our revenue, our cash flow and other operating issues, as well as contributing to the uncertainties related to the process used to estimate reserves and resources. In addition, there may be intense competition for the acquisition of attractive mining properties.
As a result of these uncertainties, our exploration programs and any acquisitions which we may pursue may not result in the expansion or replacement of our current production with new ore reserves or operations, which could have a material adverse effect on our business, prospects, results of operations and financial position.
Estimates of proven and probable reserves and measured, indicated and inferred resources are uncertain and the volume and grade of ore actually recovered may vary from our estimates.
The reserves stated in this report represent the amount of gold, copper, silver, lead, zinc and molybdenum that we estimated, at December 31, 2023, could be economically and legally extracted or produced at the time of the reserve determination. Estimates of proven and probable reserves are subject to considerable uncertainty. Such estimates are, or will be, to a large extent, based on the prices of gold, copper, silver, lead, zinc, and molybdenum and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. If our reserve estimations are required to be revised due to significantly lower gold, copper, silver, lead, zinc, and molybdenum prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in material write-downs of our investment in mining properties, goodwill and increased amortization, reclamation and closure charges.
Producers use pre-feasibility or feasibility studies for undeveloped ore bodies to derive estimates of capital and operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery rates of metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors. Actual operating and capital cost and economic returns on projects may differ significantly from original estimates. Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may change.
Additionally, resources do not indicate proven and probable reserves as defined by the SEC or the Company’s standards. Estimates of measured, indicated and inferred resources are subject to further exploration and development, and are, therefore, subject to considerable uncertainty. Inferred resources, in particular, have a great amount of uncertainty as to their existence and their economic and legal feasibility. The Company cannot be certain that any part or parts of the resource will ever be converted into reserves.
In addition, if the price of gold, copper, silver, lead, zinc, or molybdenum declines from recent levels, if production costs increase, grades decline, recovery rates decrease or if applicable laws and regulations are adversely changed, the indicated level of recovery may not be realized or mineral reserves or resources might not be mined or processed profitably. Similarly, mineral reserves may be impacted if assumptions relating to mine planning change or are not achieved, for example if planned improvements from our Full Potential programs are not realized. If we determine that certain of our mineral reserves have become uneconomic, this may ultimately lead to a reduction in our aggregate reported reserves and resources. Consequently, if our actual mineral reserves and resources are less than current estimates, our business, prospects, results of operations and financial position may be materially impaired.
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Reserves and resources disclosed in this Form 10-K have been prepared in accordance with the Regulation S-K 1300. In 2021, the Company transitioned its approach to reporting and internal methodologies to take into account the required change from the SEC’s Industry Guide 7 to Regulation S-K 1300. To the extent that regulators adopt new requirements and issue or modify related guidance and interpretations in the future, it could result in changes to mineral reserve and mineral resource information.
Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated.
Mine development and expansion projects typically require a number of years and significant expenditures during the development phase before production is possible. Such projects could experience unexpected problems and delays during permitting, development, construction and mine start-up. Our decision to develop a project is typically based on the results of studies, which estimate the anticipated economic returns of a project. The actual project profitability or economic feasibility may differ from such estimates as a result of any of the following factors, among others:
•Changes in tonnage, grades and metallurgical characteristics of ore to be mined and processed;
•Changes in input commodity and labor costs;
•The quality of the data on which engineering assumptions were made;
•Increases in development capital and investment costs;
•Adverse geotechnical, geothermal and hydrogeological conditions;
•Availability of adequate and skilled labor force;
•Availability, supply and cost including: critical assets, water, reagents, and power;
•Costs related to environmental management and sales including waste management, monitoring and transport and storage of product sales;
•Fluctuations in inflation and currency exchange rates;
•Availability and terms of financing;
•Delays in obtaining environmental or other government permits or approvals or changes in the laws and regulations related to our operations or project development;
•Changes in tax laws, the laws and/or regulations around royalties and other taxes due to the regional and national governments and royalty agreements;
•Government instability, including but not limited to decreased support for development of mining projects;
•Weather or severe climate impacts, including, without limitation, prolonged or unexpected precipitation, drought and/or sub-zero temperatures;
•Potential delays and restrictions in connection with health and safety issues, including pandemics (such as COVID-19 and related variants) and other infectious diseases, such as malaria or the zika virus;
•Potential delays relating to social and community issues, including, without limitation, issues resulting in protests, road blockages or work stoppages; and
•Potential challenges to mining activities or to permits or other approvals or delays in development and construction of projects based on claims of disturbance of cultural resources or the inability to secure consent generally from Indigenous groups.
New projects require, among other things, the successful completion of feasibility studies, attention to various fiscal, tax and royalty matters, obtainment of, and compliance with, required governmental permits and arrangements for necessary surface and other land rights. We may also have to identify adequate sources of water and power for new projects, ensure that appropriate community infrastructure (for example, reliable rail, ports, roads, and bridges) is developed to support the project and secure appropriate financing to fund a new project. These infrastructures and services are often provided by third parties whose operational activities are outside of our control. Establishing infrastructure for our development projects requires significant resources, identification of adequate sources of raw materials and supplies, and the cooperation of national and regional governments, none of which can be assured. In addition, new projects have no operating history upon which to base estimates of future financial and operating performance, including future cash flow. Thus, it is possible that actual costs may increase significantly and economic returns may differ materially from our estimates. Consequently, our future development activities may not result in the expansion or replacement of current production with new production, or one or more of these new production sites or facilities may be less profitable than currently anticipated or may not be profitable at all, any of which could have a material adverse effect on our results of operations and financial position.
For our existing operations, we base our mine plans on geological and metallurgical assumptions, financial projections and commodity price estimates. These estimates are periodically updated to reflect changes in our operations, including modifications to our proven and probable reserves, revisions to environmental obligations, changes in legislation and/or our political or economic environment, and other significant events associated with or impacting mining operations.
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Further, future positive revisions, if any, remain subject to improvements in costs, recovery, commodity price or a combination of these and other factors. Additionally, we review our operations for events and circumstances that could indicate that the carrying value of our long-lived assets may not be recoverable. If indicators of impairment are determined to exist at our mine operations, and an impairment charge is incurred, such charges are not reversible at a later date even when favorable modifications to our proven and probable reserves and measured, indicated and inferred resources, favorable revisions to environmental obligations, favorable changes in legislation and/or our political or economic environment, and other favorable events occur. As a result of these uncertainties, actual results may be less favorable than estimated returns and initial financial outlook.
Increased operating and capital costs could affect our profitability.
Costs at any particular mining location are subject to variation due to a number of factors, such as variable ore grade, changing metallurgy and revisions to mine plans in response to the physical shape and location of the ore body, as well as the age and utilization rates for the mining and processing related facilities and equipment. In addition, costs are affected by the price and availability of input commodities, such as fuel, electricity, labor, chemical reagents, explosives, steel, concrete and mining and processing related equipment and facilities. Commodity costs are, at times, subject to volatile price movements, including increases that could make production at certain operations less profitable. Further, changes in laws and regulations can affect commodity prices, uses, and transport. Reported costs may also be affected by changes in accounting standards. A material increase in costs at any significant location could have a significant effect on our profitability and operating cash flow.
Our operational costs, including, without limitation, labor costs, can be impacted by inflation. Certain of our operations are located in countries that have in the past experienced high rates of inflation, such as in Argentina, Suriname, and Ghana. It is possible that in the future, high inflation in the countries in which we operate may result in an increase in operational costs in local currencies (without a concurrent devaluation of the local currency of operations against the dollar or an increase in the dollar price of gold, copper, silver, lead or zinc). A material increase in costs at any significant location could have a significant effect on our profitability and operating cash flow.
We could have significant increases in capital and operating costs over the next several years in connection with new projects, costs related to closure reclamation activities, and in the sustaining and/or expansion of existing mining and processing operations. Costs associated with capital expenditures may increase in the future as a result of factors beyond our control. Increased capital expenditures may have an adverse effect on the profitability of and cash flow generated from existing operations, as well as the economic returns anticipated from new projects. Significantly higher and sustained increases in operational costs or capital expenditures could result in the deferral or closure of projects and mines in the event that costs become prohibitive.
Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made.
Natural resource extractive companies are required to close their operations and rehabilitate the lands that they mine in accordance with a variety of environmental laws and regulations. Estimates of the total ultimate closure and rehabilitation costs for gold, silver, copper, zinc and lead mining operations are significant and based principally on current legal, community and regulatory requirements and mine closure plans that may change materially.
Additionally, we may be held responsible for the costs of addressing contamination at the site of current or former activities or at third party sites or be held liable to third parties for exposure to hazardous substances should those be identified in the future. Under the U.S. Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (“CERCLA”) and its state law equivalents, current or former owners of properties may be held jointly and severally liable for the costs of site cleanup or required to undertake remedial actions in response to unpermitted releases of hazardous substances at such property, in addition to, among other potential consequences, liability to governmental entities for the cost of damages to natural resources, which may be significant. These subject properties are referred to as “superfund” sites. For example, the inactive Midnite uranium mine is a superfund site subject to CERCLA. It is possible that certain of our other current or former operations, projects or exploration locations in the U.S. could be designated as a superfund site in the future, exposing us to potential liability under CERCLA.
The laws and regulations governing mine closure and reclamation in a particular jurisdiction are subject to review at any time and may be amended to impose additional requirements and conditions which may cause our provisions for environmental liabilities to be underestimated and could materially affect our financial position or results of operations. For a more detailed description of potential environmental liabilities, see the discussion in Environmental Matters in Note 25 to the Consolidated Financial Statements. In addition, regulators are increasingly requesting security in the form of cash collateral, credit, trust arrangements or guarantees to secure the performance of environmental obligations, which could have an adverse effect on our financial position. Any underestimated or unanticipated retirement and rehabilitation costs could materially affect our financial position, results of operations and cash flows. Environmental liabilities are accrued when they become known, or new permit conditions or limits are added, are probable and can be reasonably estimated. Whenever a previously unrecognized remediation liability becomes known, or a previously estimated reclamation cost is increased, the amount of that liability and additional cost will be recorded at that time and could materially reduce our consolidated net income attributable to Newmont stockholders and potentially result in impairments.
For example, in early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, the MINAM, issued proposed modifications to water quality criteria for designated beneficial uses which apply to mining companies, including Yanacocha.
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These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure. In 2017, Yanacocha submitted a modification to its previously approved compliance achievement plan to the MINEM. In May 2022, Yanacocha submitted a proposed modification to this plan requesting an extension of time for coming into full compliance with the new regulations to 2027. In June 2023, Yanacocha received approval of its updated compliance plan from MINEM and was granted an extension to June 2026 to achieve compliance. The Company appealed this approval to the Mining Council requesting the regulatory extension until 2027. In December 2023, this appeal was granted and the Mining Counsel has established that MINEM must approve a new schedule considering permits, technical studies, logistics and the implementation of the plan.
The Company is conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, including the modifications promulgated by MINAM, as referenced above, will be met. This also includes performing a comprehensive update to the Yanacocha reclamation plan to address changes in closure activities and estimated closure costs while preserving optionality for potential future projects at Yanacocha. These ongoing studies, which will extend beyond the current year, were progressed in 2023 as the study team continued to evaluate and revise assumptions and estimated costs of changes to the reclamation plan. While certain estimated costs remain subject to revision, in conjunction with the Company’s annual 2023 update process for all asset retirement obligations, the Company recorded an increase of $1,131 to the Yanacocha reclamation liability based on the progress of the closure studies with a corresponding non-cash charge of $1,101 recorded to reclamation expense related to portions of site operations no longer in production with no expected substantive future economic value and $30 recorded as an increase to the asset retirement cost for producing areas of the operation. The annual 2023 update included an initial consideration of known risks (including the associated risk that water treatment estimates could change in the future as more work is completed). However, these and other risks and contingencies that are the subject of ongoing studies could result in future material increases to the reclamation obligation at Yanacocha, including, but not limited to, a comprehensive review of our tailings storage facility management, review of Yanacocha’s water balance and storm water management system and review of post-closure management costs. The ongoing Yanacocha closure studies are expected to be progressed in 2024 and continue in the future. Future material increases or decreases to the asset retirement obligation could occur as additional analyses are completed and further refinements to water quality and volume modeling are completed. Additionally, revisions to the Yanacocha reclamation plan may change in connection with the Company’s ultimate submission and review of the plan with Peruvian regulators. Refer to Notes 6 and 25 to our Consolidated Financial Statements for information regarding reclamation and remediation, and Note 1 to our Consolidated Financial Statements regarding the Company’s interest in Yanacocha.
Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects.
Damage to our reputation can be the result of the actual or perceived occurrence of a variety of events and circumstances, and could result in negative publicity (for example, with respect to handling of environmental, tailings and tailings failures, employee, safety and security matters, dealings with local community organizations or individuals, community commitments, handling of cultural sites or resources, and various other matters).
We have also provided greater transparency on environmental, social and governance performance in response to stakeholder engagement and requests in recent years, and provide supplemental disclosures in our Annual Sustainability Report and other sustainability reports on our website in connection with stakeholder concerns and issues. Such increased transparency may result in greater scrutiny and impact how the Company is perceived.
Our Code of Conduct (the “Code”) forms the foundation of our internal governance structure as well as our commitment to responsible mining. We encourage employees and others to promptly report incidents of possible violations of the Code and/or our global policies and standards, including without limitation in the areas of business integrity, social and environmental, community relations and human rights. Employees and non-employees, including suppliers and community members, can anonymously report concerns via our third-party-administered helpline. Each mine site also has a complaints and grievances register to record matters raised by local stakeholders. When necessary, we use independent mechanisms agreed to by the complainants, such as a local leader or committee, to facilitate resolution of such matters before they require public or legal intervention. However, we are not always able to resolve these matters before they are raised publicly or in legal or regulatory proceedings and in the future we may not be able to meet the growing demands of stakeholders through these mechanisms. Such matters once publicized may negatively impact our reputation and may have a material adverse effect on our business, financial position and results of operations.
The growing use of social media to generate, publish and discuss community news and issues and to connect with others has made it significantly easier, among other things, for individuals and groups to share their opinions of us and our activities, whether true or not. We do not have direct control over how we are perceived by others and any resulting loss of reputation could have a material adverse effect on our business, financial position and results of operations.
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We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure and risks associated with implementation, upgrade, operation and integration.
We are dependent upon information technology and operational technology systems. The operating and control systems at our mines increasingly leverage technology-based solutions based on a combination of on-premises and cloud-based platforms. These systems are crucial for operating our mines safely and efficiently. Our systems, and those of our third-party service providers and vendors, may be targeted by increasingly sophisticated threat actors. These threats include continually evolving cybersecurity risks from a variety of sources, including, without limitation, malware, computer viruses, cyber threats, extortion, employee error, malfeasance, security breaches, cyber-attacks, natural disasters and defects in design. Cybersecurity risk is increasingly difficult to identify and quantify and cannot be fully mitigated because of the rapidly evolving nature of the threats, and the increasing sophistication of the threat actors. Additionally, unauthorized parties may attempt to gain access to these systems for company information through fraud or other means of deceiving our third-party service providers, employees or vendors. We have experienced attempts by external parties to compromise our networks and systems. For example, in 2020, we detected a cyberattack on our systems. Although we were able to respond quickly to stop the continued spread of the threat, it took significant time and resources to fully identify the scope of the attack and to recover our systems and data. The cost of responding to and remediating such event was immaterial. Although the 2020 attempts and other cyber incidents to date have not resulted in any material breaches, disruptions, or loss of business-critical information, our systems and procedures for preparing and protecting against such attempts and mitigating such risks may prove to be insufficient against future attacks. Any future material compromise or breach of our IT systems could have an adverse impact on our business and operations, including damage to our reputation and competitiveness, remediation costs, litigation or regulatory actions. Given the unpredictability of the timing, nature and scope of information technology disruptions, we could potentially be subject to production downtimes, operational delays, the compromising of confidential or otherwise protected information, destruction or corruption of data, security breaches, other manipulation or improper use of our systems and networks or financial losses from remedial actions. In addition, new technology that could result in greater operational efficiency, such as our use of artificial intelligence, fleet electrification, and autonomous vehicles, may further expose our operations and computer systems to the risk of cybersecurity incidents. Outages in our operational technology may affect operations related to health and safety and could result in putting lives at risk of harm or death. In addition, as technologies evolve and these cybersecurity attacks become more sophisticated, we may incur significant costs to upgrade or enhance our security measures to protect against such attacks and we may face difficulties in fully anticipating or implementing adequate preventive measures or mitigating potential harm. Such efforts may prove insufficient to deter future cybersecurity attacks or prevent all security breaches. While we maintain general insurance, we no longer maintain specific insurance policies covering cybersecurity risk due to increased premium costs and restrictions to coverage, and, as such, any events for which we are not insured may results in additional costs and could affect our results of operations and financial position.
We could also be adversely affected by system or network disruptions if new or upgraded information technology systems are defective, not installed properly or not properly integrated into our operations. System modification failures could have a material adverse effect on our business, financial position and results of operations and could, if not successfully implemented, adversely impact the effectiveness of our internal controls over financial reporting.
To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures, our interest in these properties is subject to the risks normally associated with the conduct of joint ventures.
To the extent we hold or acquire interests in any joint ventures or enter into any joint ventures in the future, the existence or occurrence of one or more of the following circumstances and events could have a material adverse impact on our profitability or the viability of our interests held through joint ventures, which could have a material adverse impact on our future cash flows, earnings, results of operations and financial condition:
•inconsistent economic, political or business interests or goals between partners or disagreements with partners on strategy for the most efficient development or operation of mines;
•inability to control certain strategic decisions made in respect of properties;
•exercise of majority rights by our partners so as to take actions for which we may not believe to be in the joint venture’s best interests, including but not limited to decisions related to day to day operations, labor relations, litigation, government relations, political contributions, community relations, project approval and project funding mechanisms;
•inability of partners to meet their financial and other obligations to the joint venture or third parties; and
•litigation between partners regarding management, funding or other decisions related to the joint venture.
To the extent that we are not the operator of joint venture properties, such that we will be unable to control the activities of the operator, the success of such operations will be beyond our control. In many cases we will be bound by the decisions made by the operator in the operation of such property, and will rely on the operator to manage the property and to provide accurate information related to such property. We can provide no assurance that all decisions of operators of properties we do not control will achieve the expected results.
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For example, our joint ventures, including the joint venture that combined our and Barrick Gold Corporation’s (“Barrick”) respective Nevada operations, forming NGM, pursuant to the operating agreement entered into on July 1, 2019 between Barrick, Newmont and their wholly-owned subsidiaries party thereto (the “Nevada JV Agreement”), may not be as beneficial to us as expected, whether due to the above-described risks, unfavorable global economic conditions, increases in construction costs, integration challenges, political risks, labor disputes or other factors. Pursuant to the terms of the Nevada JV Agreement, we hold a 38.5 percent economic interest and Barrick holds a 61.5 percent economic interest in NGM. Barrick operates NGM with overall management responsibility and is subject to the supervision and direction of NGM’s Board of Managers, which is comprised of three managers appointed by Barrick and two managers appointed by Newmont. Outside of certain prescribed matters, decisions of the Board of Managers will be determined by majority vote, with the managers appointed by each company having voting power in proportion to such company’s economic interests in NGM. Because we beneficially own less than a majority of the ownership and governance interests in NGM, we have limited control of NGM’s operations, and we depend on Barrick to operate NGM. In the event that Barrick has interests, objectives and incentives with respect to NGM that differ from our own, there can be no assurance that we will be able to resolve such disagreement in our favor. Any such disagreement could have a material adverse effect on our interest in NGM, the business of NGM or the portion of our growth strategy related to NGM. Additionally, to the extent NGM is subject to liabilities or litigation, we would be responsible for a proportional share of certain liabilities and/or NGM’s operations could be impacted, which could have an adverse impact on the Company’s cash flows, earnings, results of operations and financial position.
In addition, following the Newcrest transaction, equity positions in several mining companies have become part of the Newmont portfolio and increase its exposure to non-managed investments. For example, we hold a 32.0% equity interest in Lundin Gold, a Canadian mine development and operating company, operating the Fruta del Norte gold mine in Ecuador.
Additionally, the Company is subject to certain funding requirements in connection with its joint ventures. Joint venture funding requirements, as well as the ability of partners to meet their financial and other obligations, may result in increases to our costs and required capital expenditures and possible delays in joint venture activities. Refer to Note 15 to the Consolidated Financial Statements for more information including with respect to loan agreements with Pueblo Viejo.
Our operations and business have in the past been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics and other health emergencies.
The Company faces risks related to health epidemics and other outbreaks of communicable diseases, which could significantly disrupt operations and may materially and adversely affect its business and financial conditions. For example, the global COVID-19 pandemic significantly impacted our operations in 2020 and 2021, and to a lesser extent in 2022. In order to protect nearby communities and align with government travel restrictions or health considerations, certain of Newmont’s operations were temporarily put into care and maintenance resulting in a temporary decrease in production at these sites in 2020 and 2021. Additionally, the majority of our sites experienced pandemic-related absenteeism in 2021 and early 2022. In addition, the Company incurred costs during 2020 and 2021 as a result of actions taken to protect against the impact of the COVID-19 pandemic and comply with local mandates, and could be required to incur such costs in the future. Reductions in our operational activities due to COVID-19, or another pandemic, epidemic or health outbreak, could result in additional sites being placed into care and maintenance for extended periods of time and/or have a material adverse impact on our business, or financial condition, results of operations and cash flows. If the majority of our sites are placed into care and maintenance, this could significantly reduce our cash flow and impact our ability to meet certain covenants related to our revolving credit facility and borrowing capacity.
Financial Risk
Increased exposure to foreign exchange fluctuations and capital controls may adversely affect Newmont’s costs, earnings and the value of some of our assets.
Our reporting currency is the U.S. dollar and the majority of our earnings and cash flows are denominated in U.S. dollars. We conduct certain business in currencies other than the U.S. dollar. A portion of our operating expenses are incurred in local currencies. The appreciation of those local currencies against the U.S. dollar increases our costs of production in U.S. dollar terms at mines located outside the United States. The foreign currencies that primarily affect our results of operations are the Australian Dollar and the Canadian Dollar. Our consolidated earnings and cash flows may also be impacted by movements in the exchange rates. Change in the value of the currencies of the Australian Dollar, Canadian Dollar, the Mexican Peso, the Argentine Peso, the Ghana Cedi, the Papua New Guinea Kina, the Chilean Peso, the Surinamese Dollar or the Fijian Dollar versus the U.S. dollar could negatively impact our earnings. For information concerning the sensitivity of our Costs applicable to sales to changes in foreign currency exchange rates and more information our exposure to foreign exchange rate fluctuations, see Foreign Currency Exchange Rates section in Part II, Item 7, Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations.
From time to time, countries in which we operate adopt measures to restrict the availability of the local currency or the repatriation of capital across borders. These measures are imposed by governments or central banks, in some cases during times of economic instability, to prevent the removal of capital or the sudden devaluation of local currencies or to maintain in-country foreign currency reserves. In addition, many emerging market countries require consents or reporting processes before local currency earnings can be converted into U.S. dollars or other currencies and/or such earnings can be repatriated or otherwise transferred outside of the operating jurisdiction. These measures may have a number of negative effects on Newmont, reducing the immediately available capital that we could otherwise deploy for investment opportunities or the payment of expenses.
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Measures that restrict the availability of the local currency or impose a requirement to operate in the local currency may create other practical difficulties for Newmont. For example, Argentina has been considered a hyperinflationary environment with a cumulative inflation rate of over 100% for the last five years. In recent years, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency. These restrictions directly impact the timing of Cerro Negro's ability to remit cash from gold sales and pay interest and principal portions of intercompany debt to the Company. In addition, PNG is currently experiencing a backlog by foreign and domestic companies and governmental agencies to convert Kina into foreign currencies. The Bank of PNG implements foreign exchange controls and manages the exchange rate of the kina against the U.S. dollar. There is a risk that further changes in foreign exchange controls may adversely impact future revenue and profitability. For more information, see Results of Consolidated Operations and Foreign Currency Exchange Rates sections in Item 7, Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations. See also risk factors under the headings “Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina and labor unrest”, “Our operations at Ahafo and Akyem in Ghana are subject to political, economic and other risks” and “Our Merian operation in Suriname is subject to political and economic risks”, “Our operations at Lihir and Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties” and “Our operations at Red Chris and Brucejack in British Columbia, Canada are subject to political and regulatory risks and other uncertainties” below.
Future funding requirements may affect our business, our ability to pursue new business opportunities, invest in existing and new projects, pay cash dividends or engage in share repurchase transactions.
Potential future investments, including projects in the Company’s project pipeline, acquisitions and other investments, will require significant funds for capital expenditures. Depending on gold, copper, silver, lead and zinc prices, our operating cash flow may not be sufficient to meet all of these expenditures, or result in strategic reprioritization of the project portfolio, depending on the timing of development of these and other projects. As a result, new sources of capital may be needed to meet the funding requirements of these investments, fund our ongoing business activities, and fund construction and operation of potential future projects. Our ability to raise and service significant new sources of capital will be a function of macroeconomic conditions, future gold, copper, silver, lead and zinc prices as well as our operational performance, current cash flow and debt position, among other factors. We may determine that it may be necessary or preferable to issue additional equity or other securities, defer projects or sell assets. However, U.S. and global markets have, from time to time, experienced significant dislocations and liquidity disruptions. For example, the COVID-19 pandemic and events related to the recent and on-going conflicts (such as sanctions in Ukraine, Russia and/or Belarus), have in the past, and may in the future cause volatility and pricing in the capital markets. Additional financing may not be commercially available when needed or, if available, the terms of such financing may not be favorable to us and, if raised by offering equity securities, any additional financing may involve substantial dilution to existing shareholders. In the event of lower gold, copper, silver, lead or zinc prices, unanticipated operating or financial challenges, or new funding limitations, our ability to pursue new business opportunities, invest in existing and new projects, fund our ongoing business activities, retire or service all outstanding debt, fund share repurchase programs and transactions and pay dividends could be significantly constrained. The Company’s repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount during the authorization period. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future. See also the risk factor under the heading “Holders of our common stock may not receive dividends.” In addition, our joint venture partners may not have sufficient funds or borrowing ability in order to make their capital commitments. In the case that our partners do not make their economic commitments, the Company may be prevented from pursuing certain development opportunities or may assume additional financial obligations, which may require new sources of capital.
Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations.
We review our operations for events and circumstances that could indicate that the carrying value of our long-lived assets may not be recoverable. If indicators of impairment are determined to exist at our mine operations, we review the recoverability of the carrying value of long-lived assets by estimating the future undiscounted cash flows expected to result from the use and eventual disposition of the asset. We also review our goodwill for impairment annually and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Management makes multiple assumptions in estimating future cash flows, which include production levels based on life of mine plans, future costs of production, estimates of future production levels based on value beyond proven and probable reserves at our operations, prices of metals, the historical experience of our operations and other factors. There are numerous uncertainties inherent in estimating production levels of gold, copper, silver, lead and zinc and the costs to mine recoverable reserves, including many factors beyond our control that could cause actual results to differ materially from expected financial and operating results or result in future impairment charges. We may be required to recognize material non-cash charges relating to impairments of long-lived assets and/or goodwill in the future if actual results differ materially from management’s estimates, which include metal prices, our ability to reduce or control production costs or capital costs through strategic mine optimization initiatives, increased costs or decreased production due to regulatory issues or if we do not realize the mineable reserves, resources or exploration potential at our mining properties. Additions to asset retirement costs could result in impairment charges.
We recorded substantial goodwill, primarily as the result of our acquisition of Newcrest in 2023. We accounted for the acquisition of Newcrest using the acquisition method of accounting, which requires that purchase price is allocated to the underlying tangible and intangible assets acquired and liabilities assumed of Newcrest based on their respective fair market values. Any excess purchase price is allocated to goodwill.
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Our balance sheet reflects additions to the carrying amount of goodwill recognized in connection with the Newcrest transaction.
The Company continues to evaluate strategic priorities and deployment of capital to projects in the pipeline. A decision to reprioritize, sell or abandon a development project could result in a future impairment charge. For example, in response to challenging market conditions, which included inflationary pressures and supply chain disruptions, in 2023 the Company announced the deferral for at least two years of the full-funds investment decision for the Yanacocha Sulfides project in Peru. With the delay of the Yanacocha Sulfides project, management will focus on optimizing its allocation of funds to current operations and other capital commitments, while also assessing execution options and project plans options, up to and including transitioning Yanacocha operations into full closure. The Company also periodically updates the economic model for its Conga project to understand changes to the estimated capital costs, cash flows, and economic returns from the project. Certain decisions or changes in circumstances could result in determinations that carrying value is not recoverable and could result in impairment. See Part II, Item 7 under the heading “Critical Accounting Estimates – Carrying value of long-lived assets and Carrying value of Conga” for additional information.
If an impairment charge is incurred, such charges are not reversible at a later date even when favorable modifications to our proven and probable reserves and measured, indicated and inferred resources, favorable revisions to environmental obligations, favorable changes in legislation and/or our political or economic environment, or other favorable events occur. As a result of these uncertainties, our operating results may be significantly impacted from both the impairment and the underlying trends in the business that triggered the impairment, and actual results may be less favorable than estimated returns and initial financial outlook. For additional information regarding goodwill, refer to Note 19 to our Consolidated Financial Statements.
Our ability to recognize the benefits of deferred tax assets is dependent on future cash flows and taxable income.
We recognize the expected future tax benefit from deferred tax assets when the tax benefit is considered to be more likely than not of being realized, otherwise, a valuation allowance is applied against deferred tax assets. Assessing the recoverability of deferred tax assets requires management to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on historical results of operations, forecasted cash flows from operations, and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, our ability to realize the deferred tax assets could be impacted. In the future, our estimates could change requiring a valuation allowance or impairment of our deferred tax assets. Additionally, future changes in tax laws could limit our ability to obtain the future tax benefits represented by our deferred tax assets. Refer to Note 10 to our Consolidated Financial Statements under the heading “Income and Mining Taxes - Valuation of Deferred Tax Assets” and Note 2 under the heading “Summary of Significant Accounting Policies - Valuation of Deferred Tax Assets” for additional information and factors that could impact the Company’s ability to realize the deferred tax assets. For additional information regarding Newmont’s non-current deferred tax assets, refer to Note 10 to our Consolidated Financial Statements.
Any downgrade in the credit ratings assigned to our debt securities could increase our future borrowing costs and adversely affect the availability of new financing.
There can be no assurance that any rating currently assigned by Standard & Poor’s Rating Services, Moody’s Investors Service, or Fitch Ratings to Newmont will remain unchanged for any given period of time or that a rating will not be lowered if, in that rating agency’s judgment, future circumstances relating to the basis of the rating so warrant. If we are unable to maintain our outstanding debt and financial ratios at levels acceptable to the credit rating agencies, or should our business prospects or financial results deteriorate, our ratings could be downgraded by the rating agencies. The Company’s credit ratings have been subject to change over the years. We currently maintain a Standard & Poor’s rating of “BBB+” (stable outlook). Moody’s Investors Service rating of Baa1 (positive outlook), and a Fitch Ratings rating of A- (stable outlook). We cannot make assurances regarding how long these ratings will remain unchanged or regarding the outcome of the rating agencies future reviews (including following any planned or future business combinations). A downgrade by the rating agencies could adversely affect the value of our outstanding securities, our existing debt and our ability to obtain new financing on favorable terms, if at all, and increase our borrowing costs, which in turn could impair our results of operations and financial position.
Returns for investments in pension plans are uncertain.
We maintain pension plans for certain employees which provide for specified payments after retirement. The Company’s qualified pension plans are funded with cash contributions in compliance with IRS rules and regulations. The Company’s non-qualified and other benefit plans are currently not funded, but exist as general corporate obligations. Refer to Note 11 to our Consolidated Financial Statements under the heading “Pension and Other Benefit Plans” for additional information regarding the funding status of qualified and non-qualified plans. The Company reviews its retirement benefit programs on a regular basis and will consider market conditions and the funded status of its qualified pension plans in determining whether additional contributions are appropriate. The ability of the pension plans to provide the specified benefits depends on our funding of the plans and returns on investments made by the plans. Returns, if any, on investments are subject to fluctuations based on investment choices and market conditions. A sustained period of low returns or losses on investments could require us to fund the pension plans to a greater extent than anticipated. If future plan investment returns are not sufficient, we may be required to increase the amount of future cash contributions.
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Risks Related to Our Industry
We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining.
The exploration for natural resources and the development and production of mining operations are activities that involve a high level of uncertainty. These can be difficult to predict and are often affected by risks and hazards outside of our control. These factors include, but are not limited to:
•Environmental hazards, including discharge of metals, concentrates, pollutants or hazardous chemicals;
•Industrial accidents, including in connection with the operation of heavy mobile equipment, milling equipment and/or conveyor systems and accidents associated with the preparation and ignition of large-scale blasting operations, milling and processing;
•Accidents in connection with transportation, including transportation of chemicals, explosives or other materials, transportation of large mining equipment and transportation of employees and business partners to and from sites;
•Social, community or labor force disputes resulting in work stoppages or shipping delays, such as at Peñasquito, Cerro Negro, Merian, Akyem and Lihir, or related loss of social acceptance of community support;
•Changes and/or increasingly stringent legal and regulatory requirements;
•Delays in permitting due to reduced resources and capacity for review and formulation of permits at regulatory agencies;
•Security incidents, including activities of illegal or artisanal miners, gold bullion or concentrate theft, including in transport, and corruption and fraud;
•Shortages in materials or equipment and energy and electrical power supply interruptions or rationing;
•Failure of unproven or evolving technologies or loss of information integrity or data;
•Unexpected geological formations or conditions (whether in mineral or gaseous form);
•Metallurgical conditions and gold, copper, silver, lead, zinc and other metal recovery, including unexpected decline of ore grade;
•Unanticipated changes in inventory levels at heap-leach operations;
•Ground and surface water conditions;
•Fall-of-ground accidents in underground operations;
•Failure of mining pit slopes, tailings embankments, and other tailing depositions, or water storage dams;
•Seismic activity;
•Surface or underground fires or floods, inundation or inrush of water and other materials; and
•Other natural phenomena, such as lightning, cyclonic or tropical storms, drought, avalanches, landslides, wildfires, tsunami, floods, or other inclement weather conditions, including those impacting operations or the ability to access and supply sites.
The occurrence of one or more of these events in connection with our exploration activities, development and production and closure of mining operations may result in the death of, or personal injury to, our employees, other personnel or third parties, the loss of mining equipment, work stoppages, damage to or destruction of mineral properties or production facilities, monetary losses, deferral or unanticipated fluctuations in production, environmental damage and potential legal liabilities, all of which may adversely affect our reputation, business, prospects, results of operations and financial position.
Mining operations involve a high degree of risk, including hazards related to the use of explosives and hazardous chemicals and critical equipment failure.
Our operations are subject to risks associated with the transportation, storage, handling and use of explosives and hazardous chemicals. These include unplanned detonation of explosives and catastrophic release of hazardous chemicals (for example, due to vessel rupture resulting in an explosion or toxic gas release). Critical equipment related risks that apply to various Newmont sites include for example, mill failure arising from catastrophic failure of a component, or unavailability of mine haul fleet. Other critical equipment related risks may be site specific. For example, asset integrity at Lihir may be impacted by the proximity of the mine to a corrosive marine environment. The occurrence of such catastrophic events may result in work stoppages, damage to or destruction of mines and other producing facilities, damage to or loss of life and property, environmental damage and possible legal liability for any or all damage or loss and may adversely affect the Company’s operating results and financial condition Production continuity and cost profile can be impacted by risks associated with the management and operation of the Company’s inbound global supply chain (including risks associated with the inventory management of critical equipment, spares and consumables).
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We rely on our supply chain operations to procure goods and services to conduct aspects of our operations and projects, and competition with other natural resource companies, and shortage of critical parts and equipment may adversely affect our operations and development projects.
We rely on our global supply chain to procure goods and services from contractors to conduct aspects of our operations and projects. We are exposed to material availability, disruption and performance risks across our supply chain, including lack of suitable suppliers or contractors, cost increases, impacts of pandemics and epidemics on the supply chain, transportation and logistics issues including delays in delivery, disruption to trade flows due to geopolitical tensions and/or changes in legislation, performance of suppliers and contractors to contractual terms, and damage to our reputation caused by actions of our suppliers or contractors. See the risk factors “We rely on contractors to conduct a significant portion of our operations and construction projects” and “Our operations may be adversely affected by rising energy prices or energy shortages” below for further information.
Inbound supply chain disruptions could lead to mine site production curtailment or stoppage if a critical material or labor input unavailability. This could have a material adverse impact to our financial condition depending on the duration of the curtailment or stoppage. The Company is also exposed to outbound supply chain risk, particularly fluctuating transportation charges, delays in delivery of shipments, theft, terrorism, geopolitical tensions and border closures and adverse weather conditions.
In addition, we compete with other natural resource companies for specialized equipment and supplies necessary for exploration and development, as well as for rights to mine properties containing gold, copper, silver, lead, zinc, and other minerals. The mining industry has been impacted, from time to time, by increased demand for critical resources such as input commodities, drilling equipment, trucks, shovels and tires. These shortages have, at times, impacted the efficiency of our operations, and resulted in cost increases and delays in construction of projects; thereby impacting operating costs, capital expenditures and production and construction schedules. We may be unable to obtain the services of skilled personnel and contractors or specialized equipment or supplies, or to acquire additional rights to mine properties, which could have an adverse effect on our competitive position or adversely impact our results of operations.
We may be unable to obtain or retain necessary permits, leases, or other types of land tenure, which could adversely affect our operations.
Our mining and processing operations and development and exploration activities are subject to extensive permitting requirements. The requirements to obtain and/or achieve or maintain full compliance with such permits can be costly and involve extended timelines. While we strive to obtain and comply with all permits required of us, there can be no assurance that we will obtain all such permits and/or achieve or maintain full compliance with such permits at all times. Previously obtained permits may be suspended or revoked for a number of reasons, including through government or court action. New or amended permits may also be required to continue existing activities, as new laws come into effect or regulators change their application of laws. Failure to obtain and/or comply with required permits can have serious consequences, including damage to our reputation; cessation of the development of a project; increased costs of development or production and litigation or regulatory action, any of which could materially adversely affect our business, results of operations or financial condition.
Our ability to obtain the required permits and approvals to explore for, develop and operate mines and to successfully operate near communities in the jurisdictions in which we operate depends in part on our ability to develop, operate and close mines in a manner that is consistent with the creation of social and economic benefits in the surrounding communities, which may or may not be required by law. Our ability to obtain permits and approvals and to operate near certain communities may be adversely impacted by real or perceived detrimental events associated with our activities or those of other mining companies affecting the environment, health and safety of communities in which we operate. Key permits and approvals may be revoked or suspended or may be adjusted in a manner that adversely affects our operations, including our ability to explore or develop properties, commence production or continue operations. Permit review and approval could be delayed, adversely impacting project implementation due to delays in review and development of permits from limited resources at the regulatory agencies.
Certain of our mining and processing operations, including tailings storage, and project expansion and development activities require mineral and/or surface properties that are leased or otherwise granted to the Company for a specific period of time. Obtaining and/or maintaining, extending, and renewing the Company’s rights, titles, or interests ("Legal Title") in and to these properties can be costly, subject to political and social risks, and no assurance can be provided that all necessary leases or other types of land tenure will be granted, maintained, extended, or renewed. For example, additional tailings capacity is needed to support future growth and sustainability of Boddington operations beyond 2025. Boddington’s existing tailings facility is expected to reach the permitted capacity in 2026. Following advancement of the life of mine tailings study to explore options for continued tailings deposition, the Company decided to expand the existing F1/F3 Residue Disposal Area ("RDA") from an ultimate capacity of 600Mt to 750Mt to provide storage capacity to 2029, subject to permitting and other approvals, and approved commencement of studies for a new nearby tailings facility, termed RDA2. The cost and viability of other options remains uncertain at this time. The Company continues to work through incorporating the requirements of the GISTM. Further, the Boddington operation is primarily located on mining leases with renewal dates commencing in 2028. The lease renewal, as well as additional leases required in connection with tailings expansion, require cooperation and agreements with third parties. No assurances can be provided that such renewals and additional lease scope for further tailings capacity will be secured at similar cost, commercially reasonable terms, or at all.
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A failure to secure agreement on commercially reasonable terms could result in increased costs, requirements to move infrastructures, modification to future plans, including cessation of mining. Similarly, the current capacity of the TSFs at Cadia should support operations through to late 2029 by exhausting capacity within the current Pit TSF ("PTSF") and by constructing a raise to the South Tailings Storage Facility ("STSF"), as has been permitted. Studies evaluating potential options to increase tailings storage capacity are underway, including the proposal to construct an extension to the current STSF "STSFX") to provide capacity to approximately 2050.
Failure to obtain necessary leases and other types of land tenure can have serious consequences, including loss of Legal Title in and to mineral and/or surface properties that are owned or controlled by the Company, cessation of operations and processing or the development of a project and/or increased costs, litigation or regulatory action, any of which could materially adversely affect our business, results of operations or financial condition. See also the risk factors under the headings “Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability,” and “Title to some of our properties may be insufficient, defective, or challenged”.
Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations.
Greater scrutiny on the private sector broadly and multi-national companies specifically, to contribute to sustainable outcomes in the places where they operate, has led to a proliferation of standards and reporting initiatives focused on environmental stewardship, social performance and transparency. Extractive industries, and mining in particular, have seen significant increases in stakeholder expectations. These businesses are increasingly required to meaningfully engage with impacted stakeholders; understand and avoid or mitigate negative impacts while optimizing economic participation and uplift opportunities associated with their operations. The expectation is for companies to create shared value for shareholders, employees, governments, local communities and host countries. Such expectations tend to be particularly focused on companies whose activities are perceived to have high socio-economic and environmental impacts. In Canada, for instance, there is increased expectation that is also increasingly supported by regulations and/or case law for Indigenous communities on whose traditional territories mineral development occurs or is impacted by mineral development to share in the economic prosperity of the mine, and for such communities to share in joint decision making with government regulators on various permitting efforts. Newmont has over many years developed and continues to evolve a robust system of ESG management that includes policies, standards, guidance, assurance, participation in international organizations focused on improved performance and outcomes for host communities and the environment. In Ghana, for instance, in response to resettlement-related complaints, Newmont worked with national and local government authorities, traditional leaders, impacted farmers/landowners and other concerned stakeholders to analyze impacts, extend programs to support vulnerable households and provide enhanced and/or alternative livelihood support. Despite the Company’s commitment to on-going engagement with communities and stakeholders, no assurances can be provided that increased stakeholder expectations will not result in adverse financial and operational impacts to the business, including, without limitation, operational disruption, increased costs, increased investment obligations, increased commitments to local and/or Indigenous communities with fiscal implications, and increased taxes and royalties payable to governments.
Illegal mining and artisanal mining occurs on or adjacent to certain of our properties exposing such sites to security risks.
Artisanal, small scale and illegal miners have been active on, or adjacent to, some of Newmont’s African and South American properties, including in Peru, Suriname and Ghana in recent years. For example, in Ghana in 2019, illegal miners attacked a field team of security guards employed by a security contractor, tragically resulting in a fatality. While we are working collaboratively with the artisanal miners in Suriname on a program that includes improving mining practices for improved safety, environmental and processing practices as well as alternative livelihood opportunities, this not always possible. Illegal mining, which involves trespass into the development or operating area of the mine, poses security, safety and environmental issues, which may present a security threat to property and human life. The illegal miners from time to time have clashed with security staff and law enforcement personnel who have attempted to move them away from the facilities. Although, under certain circumstances, artisanal mining may be a legally sanctioned activity, artisanal mining is also associated with a number of negative impacts, including environmental degradation, poor working practices, erosion of civil society, human rights abuse and funding of conflict. The environmental, social, safety and health impacts of artisanal and illegal mining are frequently attributed to formal large scale mining activity, and it is often assumed that artisanally-mined gold is channeled through large-scale mining operators, even though artisanal and large-scale miners normally have separate and distinct supply chains. These misconceptions impact negatively on the reputation of the industry. The activities of the illegal miners could cause damage to Newmont’s properties or result in inappropriate or unlawful use of force for which Newmont could potentially be held responsible. The presence of illegal miners could lead to exploration and project delays and disputes regarding the development or operation of commercial gold deposits. Illegal mining could also result in lost gold production and reserves, mine and development stoppages, and have a material adverse effect on financial condition or results of operations or project development. Finally, it is difficult to separate potential or actual environmental impacts from Newmont's activities from those of artisanal miners who have illegally accessed and are operating on our mine leases. This can cause both reputational and compliance challenges.
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Civil disturbances and criminal activities can disrupt business and expose the Company to liability.
Civil disturbances and criminal activities such as trespass, illegal mining, sabotage, theft, blockades, organized crime and vandalism may cause disruptions and could result in the suspension of operations, delays to project development and negative impacts on exploration activities at certain sites. Incidents of such activities have occasionally led to conflict with security personnel and/or police, which in some cases resulted in serious injuries or death including in Ghana, Peru, Mexico, PNG and Suriname in recent years. Additionally, some areas in which we conduct operations, develop projects and exploration activities are affected by civil unrest such as in PNG and Ecuador in early 2024, and persistent violence and organized crime involving significant drug cartels, such as in Mexico.
Although security measures have been implemented by the Company to protect employees, community members, property and assets, such measures will not guarantee that such civil disturbances and criminal activities will not continue to occur in the future, or result in harm to employees, community members or trespassers, decrease operational efficiency or construction delays, increase community tensions or result in liabilities or reputational harm to Newmont. Security incidents, in the future, may have a material adverse effect on our operations, development projects, exploration and reclamation activities, especially if criminal activity and violence escalate. Such incidents may halt or delay production, increase operating costs; result in harm to employees, contractors, visitors or community members; decrease operational efficiency due to employee absenteeism and other factors; increase community tensions or otherwise adversely affect our ability to conduct business. The manner in which the Company’s personnel, national police or other security forces respond to civil disturbances and criminal activities can give rise to additional risks where those responses are not conducted in a manner consistent with international and Newmont standards relating to the use of force and respect for human rights. Newmont takes seriously our obligation to respect and promote human rights, is a signatory to and active participant in the Voluntary Principles on Security and Human Rights, and has adopted a Sustainability and Stakeholder Engagement Policy and Human Rights Standard in-line with the UN Guiding Principles on Business and Human Rights. Nonetheless, although the Company has implemented a number of significant measures and safeguards which are intended to ensure that personnel understand and uphold these standards, the implementation of these measures will not guarantee that personnel, national police or other security forces will uphold these standards in every instance. The evolving expectations related to human rights, human rights defenders, Indigenous rights, and environmental protections may result in opposition to our current and future operations, the development of new projects and mines, and exploration activities. Such opposition may take the form of legal or administrative proceedings or manifestations such as protests, roadblocks or other forms of public expression against our activities, and may have a negative impact on our local or global reputation and operations. Opposition by community and activist groups to our operations may require modification of, or preclude the operation or development of, our projects and mines or may require us to enter into agreements with such groups or local governments with respect to our projects and mines or exploration activities, in some cases, causing increased costs and significant delays to the advancement of our projects. For example, in Peru, our Conga project faced opposition from anti-mining activists, after which we suspended construction on the project’s mining facilities and eventually reclassified Conga’s reserves to resource as the result of certain operating and construction permits expiring at the end of 2015. The failure to conduct operations in accordance with Company standards can result in harm to employees, community members or trespassers, increase community tensions, reputational harm to Newmont or result in criminal and/or civil liability and/or financial damages or penalties.
Our operations face substantial regulation of health and safety.
Our operations are subject to extensive and complex laws and regulations governing worker health and safety across our operating regions and our failure to comply with applicable legal requirements can result in substantial penalties. Future changes in applicable laws, regulations, permits and approvals or changes in their enforcement or regulatory interpretation could substantially increase costs to achieve compliance, lead to the revocation of existing or future exploration or mining rights or otherwise have an adverse impact on our results of operations and financial position.
Our mines are inspected on a regular basis by government regulators who may issue citations and orders when they believe a violation has occurred under local mining regulations. If inspections result in an alleged violation, we may be subject to fines, penalties or sanctions and our mining operations could be subject to temporary or extended closures.
In addition to potential government restrictions and regulatory fines, penalties or sanctions, our ability to operate (including the effect of any impact on our workforce) and thus, our results of operations and our financial position (including because of potential related fines and sanctions), could be adversely affected by accidents, injuries, fatalities or events detrimental (or perceived to be detrimental) to the health and safety of our employees, the environment or the communities in which we operate.
Our operations are subject to extensive environmental laws and regulations.
Our exploration, development, mining and processing operations, and closed facilities are subject to extensive laws and regulations governing land use and the protection of the environment, which generally apply to air and water, protection of endangered, protected or other specified species, hazardous and non-hazardous waste management and reclamation. Many of the countries in which we operate have laws and regulations related to water (quality and quantity), nature and greenhouse gas (“GHG") emissions which are becoming increasingly more stringent. We have made, and expect to make in the future, significant expenditures to comply with such laws and regulations. Compliance with these laws and regulations imposes substantial costs and burdens, and can cause delays in obtaining, or a failure to obtain or renew, or cancellation of, government permits and approvals which may adversely impact our operations and closure processes. Increased global attention or regulation on consumption of shared resources and use products or development of waste that have the potential to impact human health and the environment could similarly have an adverse impact on our results of operations and financial position due to increased compliance and input costs.
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Specific examples where we face such risks include:
Waste Rock and Tailings Management
Our gold and copper mining and ore refining/metals extraction processes generate waste by-products such as waste rock (managed in waste rock dumps or, in the case of Lihir, harbor waste rock platforms and permitted barge dumping locations) and tailings (managed by the use of tailings storage facilities, lacustrine deposition in the case of Brucejack or deep sea tailings placement in the case of Lihir and as proposed at Wafi-Golpu). Tailings storage facilities are constructed progressively throughout the life of the mine to support increasing capacity requirements. If there is a failure in the integrity of a tailings storage facility, there is a risk that tailings or large volumes of water and/or potentially contaminating materials may be released and cause material harm to human health and/or the environment downstream of the facility. Such an occurrence could severely damage our reputation and materially adversely impact our operating results and financial condition. It may also subject us to civil and/or criminal action, penalties and claims from environmental and planning regulators and/or affected third parties, and may lead to the suspension or disruption of our operations and projects. For example, in December 2023 at our Telfer operation in Western Australia, cracking and sinkholes were detected on an internal embankment of the site’s TSF. Upon detection, the Company suspended its processing operations and a prohibition notice limiting the use of the facility was issued by the local regulator. Prolonged or extended limitations on use of the TSF would adversely impact our production and profitability. See also risk factor under the heading "Our operations are dependent on the availability of sufficient water supplies and subject to water-related risk."
Tailings Storage Facilities and Dust Emissions at Cadia
Tailings deposition was suspended at Cadia Holdings Pty Ltd’s (“Cadia Holdings”) tailings storage facilities in March 2018 following an embankment slump of its Northern Tailings Storage Facility (“NTSF”). Use of the NTSF is subject to a prohibition notice issued by the NSW Resources Regulator and deposition is expected to remain suspended until repairs of the NTSF wall are completed. In December 2019, Cadia Holdings received approval from the New South Wales Department of Planning and Environment (the “NSW DPE”) to fully utilize the decommissioned Cadia Hill mine pit for deposition of thickened tailings. In December 2021, the NSW DPE granted approval to increase the permitted processing capacity from 32 to 35 million tonnes of ore in a calendar year. Such approval is subject to certain conditions, including that Cadia Holdings commission and publish an independent air quality audit report that includes a description of the details and scheduling of all reasonable and feasible best practice measures that are being implemented by Cadia Holdings to minimize off-site air quality impacts of the mine.
The independent air quality audit report published by Cadia Holdings in August 2022 indicated that dust emitted from two ventilation exhaust rises which vent emissions from underground processing operations exceeded levels permitted by applicable law. During the quarter ended June 2023, the New South Wales Environment Protection Authority (“NSW EPA”) issued variations to its Environment Protection License (“EPL”), a Prevention Notice and Notices to Provide Information regarding the management of, and investigation into potential breaches relating to, dust emissions and other air pollutants from the Cadia tailings storage facilities and ventilation rises. The license variations largely formalized the actions Cadia Holdings had developed in consultation with the NSW EPA and was already undertaking across a range of measures.
Cadia Holdings received a letter from the NSW EPA in June 2023 requiring it to immediately comply with specific statutory requirements and EPL conditions. Adjustments were implemented underground, including a reduction in mining rates, modifications to the ventilation circuit and the installation of additional dust sprays and spray curtains. Additional dust collection units were subsequently installed enabling normal mining rates to be restored.
In August 2023, the NSW EPA commenced proceedings in the Land and Environment Court of NSW (the “NSW Land and Environment Court”) against Cadia Holdings, alleging that air emissions from Cadia in March 2022 exceeded the standard of concentration for total solid particles permitted under applicable laws due to the use of surface exhaust fans at the mine. On September 29, 2023, Cadia Holdings entered a plea of guilty and the NSW Land and Environmental Court listed the case for a sentencing hearing on March 28, 2024. On October 13, 2023, the NSW EPA commenced additional proceedings in the NSW Land and Environment Court against Cadia Holdings, alleging two additional contraventions of applicable air emissions requirements in November 2021 and May 2023 and two contraventions related to alleged air pollution from tailings storage facilities on October 13 and 31, 2022. On November 24, 2023 Cadia Holdings entered a plea of guilty to the two additional charges relating to applicable air emissions requirements and the NSW Land and Environmental Court listed the case for a sentencing hearing on March 28, 2024. The proceedings related to alleged air pollution from the tailings storage facilities are adjourned for further directions on February 23, 2024. The NSW EPA’s investigation regarding the management of air emissions from the mine is ongoing.
Failure to maintain compliance with applicable law or Cadia Holdings’ EPL may result in the NSW EPA suspending or revoking Cadia Holdings’ EPL, seeking court orders or issuing additional prevention notices to modify or cease certain activities. Ongoing enforcement, and challenges in maintaining compliance, may impact Cadia Holdings’ ability to secure a future expansion of its project approval to extend the life of mine from 2031 to 2055. In addition, Cadia Holdings has previously been, and may in the future be, subject to prosecutions and penalties for noncompliance with air quality requirements or the terms of its EPL, including in respect of emissions from any vent rise or emissions from the NTSF and the Southern Tailings Storage Facility (“STSF”).
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Operational changes required to achieve or maintain compliance, including reductions in mining rates and other limitations on mining or processing operations, or additional requirements to install costly pollution control equipment, may adversely impact our operating results and financial condition.
Environmental Sampling in the Cadia Area
In early 2023, residents living near Cadia raised concerns about potential impacts to drinking water supplies by various contaminants, including metals such as lead, nickel and copper, which they allege are related to emissions from the vent rises at Cadia, as well as periodic dust emission events at NTSF and STSF. In response to community concerns, the New South Wales Ministry of Health tested the quality of residents’ kitchen tap water and reported that it was safe to drink. The NSW EPA is also undertaking water testing in the local area and to date, the majority of results from the kitchen tap samples show metal concentrations below the Australian Drinking Water Guidelines values. The majority of the instances of non-compliance from both Cadia Holdings’ and the NSW EPA’s sampling programs showed that such instances of non-compliance were influenced by building and plumbing materials. A particulate characterization study, which was undertaken by the Australian government’s Australian Nuclear Science Technology Organisation (the “ANSTO”) and commissioned by Cadia Holdings in collaboration with the local community, assessed the PM2.5 dust contribution from Cadia to the regional air shed over a 12-month period and concluded that Cadia contributed only a small percentage of soil particulate matter. In fact, soil was determined to be the least significant source of air pollution over the 12-month period, contributing less than 10% to the total PM2.5 mass. The ANSTO study also determined that metals of concern recently identified by the community, such as lead, nickel, selenium and chromium, occurred at very low levels in the PM2.5 fraction and did not exceed any national standard. The report is part of a comprehensive suite of independent air and water quality investigations, including with respect to sampling of drinking water sources, air quality monitoring, dispersion modelling and lead fingerprinting, that have been or are being conducted to determine the source of metals within the local airshed and to assess any health risks to the local community, if any, from air emissions from the Cadia mine site. In light of these developments at Cadia, there is a heightened level of community concern relating to the perceived impact of mining activities on the health of the community, and the condition of residential properties, located in proximity to Cadia. These developments, including community complaints associated with our activities at Cadia could give rise to reputational harm, operational disruptions, increased regulatory scrutiny of mining activities or delays to project development.
New South Wales Parliamentary Inquiry
In July 2023, a New South Wales Parliamentary Inquiry (Legislative Council’s Portfolio Committee No. 2 – Health) (the “Parliamentary Inquiry”) was initiated into current and potential community impacts of gold, silver, lead and zinc mining on human health, land, air and water quality in New South Wales. The inquiry process included written submissions, public hearings and witness testimony. The committee released its report including non-binding recommendations to the New South Wales Government on December 15, 2023. The government is required to respond to the report within three months. Newmont acknowledges and understands that some local residents living close to Cadia have concerns about dust emissions from Cadia’s tailings storage facilities and ventilation rises. Prior to our acquisition of Newcrest, Newcrest provided a submission to the committee and hosted a number of committee members on a tour of Cadia. Newcrest’s Interim CEO and Cadia’s General Manager also appeared before the committee as witnesses. The Parliamentary Inquiry and the community concerns could give rise to reputational harm, operational disruptions, increased regulatory scrutiny of mining activities and delays to project development.
Our operations are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy.
Climate change and the transition to a low-carbon economy is expected to impact Newmont in a number of ways. Producing gold is an energy-intensive business, currently resulting in a significant carbon footprint. Transitioning to a low-carbon economy will require significant investment and may entail extensive policy, legal, technology, and market changes to address mitigation and adaptation requirements related to climate change. Depending on the nature, speed, focus and jurisdiction of these changes, transition risks may pose varying levels of financial and reputational risk to the business.
A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to the potential impacts of climate change that are viewed as the result of emissions from the combustion of carbon-based fuels. At the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change (“UNFCC”) held in Paris in 2015, the Paris Agreement was adopted which was intended to govern emission reductions beyond 2020. Newmont supports the UNFCC goal of limiting global warming to “well below 2oC” compared to pre-industrial levels and plans to transition its operations to meet this goal by 2030, with an aspiration of carbon neutrality by 2050. In 2020, Newmont also announced plans to significantly invest in climate change initiatives in support of this goal, and additional material investments and capital expenditures will be required in order to meet our climate targets in the future. Inconsistent implementation or significant delay in the implementation of country-level policy related to the Paris Agreement and enhanced framework objectives announced at the most recent annual UN Climate Change Conference of the Parties (COP28) in December 2023 are likely to increase the risk for future regulatory impacts and rapid shifts to low-carbon technologies, including renewable energy use.
Policy and regulatory risk related to actual and proposed changes in climate- and water-related laws, regulations and taxes developed to regulate the transition to a low-carbon economy may result in increased costs for our operations, venture partners and our suppliers, including increased energy, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations.
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Regulatory uncertainty may incur higher costs and lower economic returns than originally estimated for new development projects and operations, including closure reclamation obligations. For example, operational and capital expenses are expected to increase in order to meet renewable portfolio standard requirements from current costs over the next 10 years in Australia, Canada, Mexico and the U.S. Carbon taxes, fuel switching and the transition to cleaner purchased power and/or on-site renewable energy generation will require significant upfront capital expenditures and may also increase operating costs. As another example, the carbon tax in Canada of C$65/tonne of CO2 set to increase to C$170 by 2030, impacting operating costs at our Canadian operations. We expect the potential for similar tax increases in other jurisdictions. Additionally, we do not maintain insurance policies against such climate-related risks or taxes.
The development and deployment of technological improvements or innovations will be required to support the transition to a low-carbon economy, which could result in write-offs and early retirement of existing assets, increased costs to adopt and deploy new practices and processing including planning and design for mines, development of alternative power sources, site level efficiencies and other capital investments. We will also consider the limited use of carbon neutralization or offsets for hard to abate emissions to assist in meeting our 2050 carbon neutral goal.
There will be varied and complex market impacts due to climate change and the transition to a low-carbon economy. There will be shifts in supply and demand for certain commodities, products and services in connection with evolving consumer and investor sentiments. Market perceptions of the mining sector, and, in particular, the role that certain metals will or will not play in the transition to a low-carbon economy remains uncertain. Potential financial impacts may include reduced investment in gold due to shifts in investor sentiment, increased production costs due to changing input prices, re-pricing of land valuation and assets, increased global competition for key materials needed for new technologies (lithium, copper, rare earth minerals used in solar technology, etc.), potential cost increases by insurers and lenders, and potential increases in taxation of the mining and metals sector.
Should the mining and metals sector not respond quickly enough to meeting globally accepted science-based reductions required to mitigate the long-term impacts of climate change, industry members may be subject to an increased risk of future climate litigation. In the U.S. and Canada, lawsuits have been filed against oil and gas companies to assign liability for climate-related impacts. Over time, litigation may also apply to other resource intensive sectors that fail to set and/or meet long-term reduction targets. While the Company is not currently subject to any lawsuits related to climate, no assurances can be provided that similar suits will not be brought in the future.
A failure to meet our climate strategy commitments and goals and/or societal or investor expectations could also result in damage to our reputation, decreased investor confidence and challenges in maintaining positive community relations, which can pose additional obstacles to our ability to conduct our operations and develop our projects, which may result in a material adverse impact on our business, financial position, results of operations, and growth prospects. Further, the Company’s financing strategy is tied to its ESG commitments. The interest rate of Newmont’s $1 billion aggregate principal amount of 2.600% Sustainability-Linked Senior Notes due 2032 is linked to Newmont’s performance against key ESG commitments regarding 2030 emissions reduction targets and the representation of women in senior leadership roles target. The interest rate margin of Newmont’s $3.0 billion sustainability-linked revolving credit facility is also subject to adjustment based on the Company’s ESG scores. As such, a failure to meet our climate and sustainability targets can result in further expense and impact our liquidity and financial condition.
Our targets are uniquely tailored to our business, operations and capabilities, which do not easily lend to benchmarking against similar sustainability performance targets, and the related performance, of other companies. We are currently reviewing our targets and baselines, which may result in amendments in the future. Additionally, the methodologies that we use to calculate our Scope 1, Scope 2 and Scope 3 GHG emissions may change over time based upon changing industry standards, which may impact, positively or negatively, our ability to satisfy our targets, which could in turn adversely affect our reputation. Any major acquisition, merger, consolidation or divestiture or any series of related acquisitions, mergers, consolidations or divestitures, by or involving us, may impact our ability to achieve our targets and commitments. There is currently no generally accepted global definition (legal, regulatory or otherwise) of, nor market consensus as to what criteria qualify as, “green,” “social,” “sustainable” or “sustainability-linked” (and, in addition, the requirements of any such label may evolve from time to time), and therefore no assurance is or can be given that Newmont will meet any or all investor expectations.
Our operations are subject to a range of transitional and physical risks related to climate change.
We believe that climate change has the potential to impact the regions and sites in which Newmont operates, as well as the surrounding communities. Long-term potential physical climate risks include, but are not limited to, higher temperature in all regions, higher intensity storm events in all regions, impacts to annual precipitation depending upon the latitude and proximity of the site to oceans, and more extreme heat for sites near the equator or in Australia. Unusually dry climates can increase the chance of our operations being impacted by bush or forest fires.
Physical risks related to extreme weather events such as extreme precipitation, flooding, longer wet or dry seasons, flooding and drought conditions, increased temperatures, sea level rise, landslides, mine flooding, tsunami, geysers and outbursts, avalanches, landslides, wildfires or brushfires, or more severe storms may have financial implications for the business. In particular, the effects of changes in rainfall and intensities, water shortages and changing storm patterns have from time to time adversely impacted, and may in the future adversely impact, our costs, production levels and financial performance. For example, we experienced severe flooding in early 2017 at our Tanami mine in Australia which led to shutdown of operations for several weeks.
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In 2019, Tanami completed the construction of a natural gas pipeline to deliver fuel to the site to replace diesel fuel that is trucked to the site on roads that regularly flood due to increasing seasonal rainfall. Our operations in Suriname and Peru have also experienced delays in the connection with the delivery of key production supplies due to temporary flooding. In 2019, Cadia experienced droughts, which resulted in temporary process plant water shortages and lower processed volumes. In 2023, the Éléonore mine in Quebec Canada had to shut down for several weeks due to prolonged wildfires conditions nearby, and Lihir’s operating and financial performance was impacted by lower feed grade reflecting a higher proportion of low grade material being processed in the second half of the year, following extreme rainfall that limited pit access and caused materials handling issues at the mine crusher. This followed prolonged drought conditions across the province of New Ireland in PNG, where Lihir is located, which resulted in limited raw water supply to Lihir. Floods and wildfires have also occurred near Cadia, Telfer, and Red Chris in recent years.
There is also the potential for disruption to transport routes associated with the distribution of our products. For example, Brucejack’s glacial access road, which is an essential means of entering that mine site, may be subject to a risk of thawing due to the potential for an increase in average temperatures, which may be related to climate change. Severe storm events can also result in unpermitted off-site discharges, slope instability, mine pit erosion and structural failures, tailings storage facility overtopping and other impacts, including water storage and treatment facility capacity considerations. Extended dry seasons or unseasonal dry conditions could exacerbate dust generation from operating activities that may require additional controls for continued operation or result in compliance breaches. Changing climatic conditions may also affect the likelihood of meeting closure success criteria and require adjustments to mine site rehabilitation and closure plans. The higher potential for extreme heat conditions may affect equipment efficiency. For additional information, see risk factors under the headings “Our operations are dependent on the availability of sufficient water supplies and subject to water-related risks” and “Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability.”
Such events can temporarily slow or halt operations due to physical damage to assets, reduced worker productivity for safety protocols on site related to extreme temperatures or lightening events, worker aviation and bus transport to or from the site, and local or global supply route disruptions that may limit transport of essential materials, chemicals and supplies, which could have an adverse impact on our results of operations and financial position. Additional financial impacts could include increased capital or operating costs to increase water storage and treatment capacity, obtain or develop maintenance and monitoring technologies, increase resiliency of facilities and establish supplier climate resiliency and contingency plans.
An increase in frequency and duration of extreme weather conditions can be followed by extended power outages. Energy disruptions can have an adverse impact on our results of operations and financial position due to production delays or additional costs to ensure business continuity through reliable sources of on-site power generation. Energy transmission and supply may be impacted by wildfires, such as those that occurred in Australia in 2020, which may interrupt electrical power transmission lines to mine sites, and that may pose risks to on-site facilities and energy generators, fuel dispensing systems and supplies. In jurisdictions that rely on purchased hydroelectric power, such as in Ghana and Peru, extreme drought and extended dry seasons may impact the electric utility’s water supplies needed to generate hydroelectric power purchased by the mine to run operations, which would result in higher costs and/or limit energy availability for continuity of operations as well as impact our environmental systems and processes.
Our Company and the mining industry are facing continued geotechnical, geothermal, and hydrogeological challenges, which could adversely impact our production and profitability.
Newmont and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges due to the older age of certain of our mines and a trend toward mining of more complex deposits, the use of deeper and larger pits and the use of deep, bulk or selective underground mining techniques. This leads to higher pit walls, more complex underground environments and increased exposure to geotechnical instability and geothermal and hydrogeological impacts. As our operations are maturing, the open pits at many of our sites are getting deeper and we have experienced geotechnical failures (such as pit wall and slope failures) at some of our mines, including, without limitation, at our operations in Australia, Ghana, Peru, Canada, Colorado and at NGM, in Nevada. See also the risk factor under the heading “Mining companies are increasingly required to consider and provide benefits to the communities and countries in which they operate in order to maintain operations”.
Additionally, there are a number of risks and uncertainties associated with the block cave mining methods applied at Cadia, in New South Wales, Australia. These risks include a cave not propagating as anticipated, excessive air gaps forming during the cave propagation, unplanned ground movement occurring due to changes in stresses released in the surrounding rock and larger or more frequent mining-induced seismicity than anticipated. Additionally, during cave establishment and propagation, higher levels of seismic activity, and higher likelihood of damage to excavations from seismic events, are expected. This has been observed during the cave establishment phase of Cadia’s PC2-3 project and is expected during the establishment of Cadia’s PC1-2 project in the coming years. Such seismic events and associated damage may require changes to the mining plan and upgrades to ground support systems, which could take several months. Large seismic events may also occur after cave establishment and propagation and during steady state caving, although the likelihood of this is lower. Excessive water ingress, disturbance and the presence of fine materials may also give rise to unplanned releases of material of varying properties and of water through drawbells. Cadia recorded sudden unplanned releases of both dry fine ore material and wet mud material through drawbells in 2023.
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In addition, there are a number of risks and uncertainties associated with the application of techniques used in the civil engineering industry for the stabilization of steep open pit slopes by Newmont at Lihir, which is located in Papua New Guinea. These risks include variation to technical models when compared to actual conditions, performance of reinforcement system in hot ground and delays with the execution of the civil works due to lack of experience with these techniques. The success of our operations depends, in part, on implementing engineering solutions to particular geotechnical, hydrogeological and geothermal conditions. For example, underground operations, large vertical shafts need to be excavated in order to provide ventilation to the underground environment, and sometimes these shafts are excavated using unsupported techniques such as raiseboring, whereby the walls of the shafts cannot be supported until the excavation is completed. If adverse and unexpected geotechnical and hydrogeological conditions are encountered, the shaft walls may become unstable. To prevent this type of incident occurring, thorough geotechnical and hydrogeological investigations and stability assessments are required and, if needed, alternate excavation locations or techniques need to be implemented. One such shaft wall failure incident occurred at Cadia in 2022, resulting in the need to abandon and backfill a shaft shortly after the completion of excavation to prevent further unravelling of the shaft wall and potential interruptions to other operations.
Operations may also experience challenges to operating conditions, such as inundation, inrush of water or other materials, airblast and those relating to elevated temperatures (including management and discharge of hot water encountered in the underground workings). These risks could result in damage to, or destruction of, mineral properties, production facilities, equipment or other properties, personal injury or death of employees or third parties, environmental damage, community outrage, delays in mining, increased production costs, monetary losses and possible legal liability. Our operations are also subject to risks associated with a natural disaster, which include risk of tsunami, wildfires, mine flooding, geysers and outbursts, cyclones, avalanches and landslides. In addition, seismic activity may impact operations that are located in seismically active areas and subject to risks of earthquakes, such as Cadia and, as regards the related risks of tidal surge and tsunamis, Lihir. For instance, a large seismic event in 2017 impacted Cadia resulting in a temporary suspension of operations. Seismic activity has also been experienced at our Éléonore mine. Additionally, our Lihir operation is located within the Luise Caldera of the Luise Volcano which is located on the east coast of the Aniolam Island. The caldera is geothermally active in the form of hot springs and fumaroles.
Adverse geotechnical, geothermal and hydrogeological conditions, including surface or underground fires, floods, droughts, geysers and outbursts, coastal erosion and landslides, avalanches, cyclones and pit wall failures, can be difficult to predict. Such conditions are often affected by risks and hazards outside of our control, such as severe weather and considerable rainfall, which may lead to periodic floods, mudslides, wall instability and seismic activity, which may result in slippage of material. Such events may not be detected in advance.
In addition, Newmont has both operational (active and inactive) and closed tailings storage facilities ("TSFs") in a variety of climatic and geographic settings. Annually, Newmont manages and disposes more than 150 million tonnes of milled rock slurry, referred to as tailings, that are placed within engineered, surface containment facilities, or placed as structural backfill paste in underground mines (e.g., Éléonore, Porcupine), or managed subaqueously in-lake (i.e., Brucejack) or disposed of using deep sea tailings placement (i.e., Lihir). Newmont has experienced seepage and/or localized instability at TSFs which required us to re-evaluate our emergency response systems and make modifications to our TSFs. Issues with TSFs, such as instability, failure and/or seepage could occur in the future, and Newmont conducts detailed risk assessments considering potential failure modes to support understanding and development of risk mitigation measures in accordance with the As Low As Reasonably Practicable principle. The failure of a TSF embankment or a water storage dam at one of our mine sites could cause severe, and in some cases catastrophic, property and environmental damage and loss of life. For example, in early 2019, the extractive industry experienced a large-scale tailings dam failure at an unaffiliated mine in Brazil, which resulted in numerous fatalities and caused extensive property, environmental and reputational damage. Recognizing this risk, Newmont continues to review and refine our existing practices and, as a member of the International Council on Mining & Metals ("ICMM"), commits to implementation of the GISTM. Work is underway to bring all TSFs in our portfolio to substantial conformance with the GISTM by August 2025, and no assurance can be given that conformance will be achieved by such deadline. Conformance with the GISTM as well as improved understanding of our tailings risks and requisite mitigation remains on-going and has and may continue to result in increases to our estimated sustaining costs and closure costs for existing tailings facilities. Despite these efforts, no assurance can be given that TSF failure events will not occur in the future.
A geotechnical failure of a TSF, dam, or pit slope could result in limited or restricted access to mine sites, suspension of operations, government investigations, regulatory actions or penalties, increased monitoring costs, remediation costs and other impacts, which could result in a material adverse effect on our results of operations and financial position. For example, in December 2023 the Company temporarily suspended its processing operations at Telfer in Western Australia after cracking and sinkholes were detected on an internal embankment of the site’s TSF.
A failure to safely resolve any unexpected problems relating to these conditions at a commercially reasonable cost may result in damage to infrastructure or equipment or injury to personnel and may adversely impact the Company’s operating results and financial position. See also the risk factors under the heading “We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining” and “Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects” and “Our operations are subject to extensive environmental laws and regulations.”
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Our operations may be adversely affected by rising energy prices or energy shortages.
Our mining operations and development projects require significant amounts of energy. Some of our operations are in remote locations requiring long-distance transmission of power, and in some locations we compete with other companies for access to third party power generators or electrical supply networks. A disruption in the transmission of energy, inadequate energy transmission infrastructure or the termination of any of our energy supply contracts could interrupt our energy supply and adversely affect our operations.
Our principal energy sources are purchased electricity, diesel fuel, gasoline, heavy fuel oil, natural gas and coal. Increasing global demand for energy, and the limited growth of new energy sources are affecting the price and supply of energy. A variety of factors, including higher energy usage in emerging market economies, actual and proposed taxation of carbon emissions as well as concerns surrounding unrest and the war in Ukraine and conflict elsewhere, could result in increased demand or limited supply of energy and/or sharply escalating diesel fuel, gasoline, natural gas and other energy prices. Availability of renewable power sources or conflicting government regulations, such as the proposed reform of the energy market in Mexico or Australia, may have an impact on our ability to meet our reduction targets with a specific timeline. Changes in energy laws and regulations in various jurisdictions, restrictions on energy supply and increased energy prices could negatively impact our operating costs and cash flow.
As our operations move to reduce our GHG emissions, renewable power sources and technology at our operations will continue to be evaluated and implemented. Such transitions are likely to require capital expenditures and may result in additional costs. Certain of our operations may also become more dependent upon access to electrical power supply as certain mines advance projects aimed at the electrification of large haulage fleets. The availability to access renewable power (with greater competition) and the readiness of technology to support decarbonization with the timeframe of the 2030 and 2050 targets remains subject to uncertainties, which could impact ability to achieve targets. See the risk factor above under the heading “Our operations are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy”.
Our operations are dependent on the availability of sufficient water supplies and subject to water-related risks.
We recognize the right to clean, safe water and that reliable water supplies are vital for hygiene, sanitation, livelihoods and the health of the environment. Water is also critical to our business, and the increasing pressure on water resources requires us to consider both current and future conditions in our management approach. We have set annual water efficiency targets at each of our operating sites. Additionally, we aim to achieve ambitious long-term water stewardship actions, which integrate our operations and value chain and support collective management of water through external partnerships and collaborations. A failure to meet our water targets and/or societal or investor expectations could also result in damage to our reputation, decreased investor confidence and challenges in maintaining positive community relations, which can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects.
Across the globe, water is a shared and regulated resource. Newmont operates in areas where watersheds are under stress with limited supply, increasing population and water demand, and impacted water in various forms. Increasing pressure on water use may occur due to in-migration of communities and increased populations in proximity to our operations. Although each of our operations currently has sufficient water rights, claims and contracts to cover its operational demands, we cannot predict the potential outcome of pending or future legal proceedings or community negotiations relating to our water rights, claims, contracts and uses.
Water shortages and surplus may also result from weather or climate impacts outside of the Company’s control. Changes in the quantity of water, whether in excess or deficient amounts, may impact exploration and development activities, mining and processing operations, water management and treatment facilities, tailings storage facilities, closure and reclamation efforts, and may increase levels of dust land erosion and wildfires in dry conditions, and increase slope instability and the risk of water ingress in the case of prolonged wet conditions.
Our Peñasquito and CC&V operations are situated in areas with high baseline water stress. CC&V in Colorado must purchase water supply in order to meet site needs and augmentation requirements. Peñasquito in Mexico takes its water supply from the Cedros Aquifer which has limited and declining yield as it is located in a dry and arid area that is prone to drought, and also is relied upon by nearby communities as a water supply for drinking water and agriculture. The water supply at Peñasquito is thus subject to a significant degree of regulatory and community scrutiny, and Peñasquito has made long-term commitments to provide safe community water supplies.
Seasonality and changes in the levels of rainfall can also impact our operations. For example, in January 2023, our Tanami site in Australia experienced unexpected and significant rain resulting in flooding and road closure limiting our ability to get supplies to the site, causing mill backup and impacts to production. Similarly, at Boddington in Australia severe weather and heavy rainfall at Boddington caused delays and impacted productivity the third quarter of 2021 and 2022. There is also a risk at Boddington that extended below average rainfall or the occurrence of drought in southwest Australia could impact raw water supply for the site. While we have incorporated systems to address the impact of the dry season and water shortages as part of our operating plans, we can make no assurances that those systems will be sufficient to address all shortages in water supply, which could result in production and processing interruptions.
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In 2023, Lihir’s performance was impacted following extreme rainfall limiting pit access and causing material handling issues at the crushers. Lihir has also experienced reduced milling rates due to limited raw water supply to the plant driven by drought conditions experienced across the New Ireland Province in PNG. Lihir continues to progress options to improve its water management resilience, including improving its internal water recycling and identifying additional water sources and storage options. In addition, Cadia has previously experienced water scarcity from drought conditions in 2019 which resulted in a reduction in water use to assist the Orange community response to the drought.
Increased precipitation and severe storm events may potentially impact tailings storage facilities in the future by exceeding water management capacity, overtopping the facility, and/or undermining the geotechnical stability of the structure. We have experienced impacts at various sites in recent years due to heavy rainfall and severe storms. For example, in 2022, Yanacocha experienced heavy rainfall, above average historical levels, which resulted in significant water balance stress and required active emergency management. Refer to Note 25 to the Consolidated Financial Statements under the heading Environmental Matters - Minera Yanacocha S.R.L, for additional information. Increased amounts of water may also result in flooding of mine pits, maintenance and storage facilities; or may exceed current water management and treatment capacity to store and treat water, physical conditions resulting in an unintended overflow and discharge either on or off of the mine site property. See the risk factor above under the heading “Our operations are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy” for additional information.
Operations have identified seepage from infrastructure (tailings, waste rock and ore stockpiles) that may have an impact on water resources (groundwater and/or surface water); for example, seepage has been detected in the shallow and deep aquifers underlying the tailings facility at Red Chris. We are currently managing this risk through monitoring, collection and treatment systems. There is a risk that the seepage could have an impact on beneficial use of groundwater resulting in increased requirements for collection and treatment as well as the potential requirement to provide alternative water sources. See also the risk factor under the heading “Our Company and the mining industry are facing continued geotechnical, geothermal and hydrogeological challenges, which could adversely impact our production and profitability.”
Laws and regulations may be introduced in some jurisdictions in which we operate which could limit our access to sufficient water resources in our operations, thus adversely affecting our operations. Additionally, laws, regulations and permit requirements focused on water management and discharge requirements are becoming increasingly stringent and may continue to require additional water management activities and/or water treatment during operation and into closure. For example, at our Peñasquito operation, regulators have asserted non-conformance of water wells and subsequent use of ground water. A failure to resolve such allegations of non-compliance with regulators could result in loss of permits and restriction of such wells, which could impact our ability to operate the site. We are also seeing increasingly stringent regulations of surface and groundwater at a number of our sites resulting in increased monitoring and potentially the need for pump back systems and treatment in the future. New requirements and regulation have resulted or may result in increased costs and could negatively impact our operating costs and cash flows in the future.
For more information on the Company’s reclamation and remediation liabilities, refer to Notes 6 and 25 to the Consolidated Financial Statements, and the risk factor under the heading “Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made.”
Our operations and projects are subject to risks related to our relationships and/or agreements with local communities and laws for the protection of cultural heritage.
The Company’s relationships with the communities that are located near its operations or on whose land it operates are essential to the success of its existing operations, exploration activities and the construction and development of its projects. A failure to manage relationships with such communities may lead to local dissatisfaction which, in turn, may lead to interruptions to the Company’s operations, exploration activities and development projects. Specific challenges in community relations include community concerns over management of increased traffic, migratory workforces, environmental impacts and resource depletion, social, environmental and cultural heritage impacts, increasing expectations regarding the level of benefits that communities receive, benefits sharing with Indigenous peoples’ governments, concerns focused on the level of transparency regarding the payment of compensation and the provision of other benefits to affected landholders and the wider community. In particular, opposition by Indigenous communities to the Company’s activities may require modifications to or preclude operation or development of its projects or may require entry into additional agreements with Indigenous communities, which may result in additional costs. Newmont’s current and future operations are subject to a risk that one or more Indigenous communities in the locations in which we may oppose continued operation, further development or new development of its projects or operations. Claims and protests driven by such opposition may disrupt or delay activities, including permitting, at the Newmont’s operations and projects. The negotiation and review of agreements, including components such as business development, participation, co-management and compensation and other benefits, involve complicated and sensitive issues, associated expectations and often competing interests. The nature and subject matter of these negotiations may result in community unrest which, in some instances, may lead to interruptions in our exploration programs, operational activities or delays to project implementation or development.
Additionally, the evolving obligations of governments and Indigenous people under international, national and local legislation and international conventions pertaining to the rights of Indigenous people may impact Newmont’s operations and projects. For example, the Government of British Columbia, Canada has adopted the Declaration on the Rights of Indigenous Peoples Act (2019) to implement the United Nations Declaration on the Rights of Indigenous Peoples ("UNDRIP") in British Columbia, which may impact Red Chris and Brucejack.
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Our operations are also subject to laws and regulations that provide for the protection and management of cultural heritage in the jurisdictions in which we operate. For example, following the destruction of Indigenous heritage sites at Juukan Gorge in Western Australia in 2020 and the inquiry and reports issued by the Commonwealth Parliament Joint Standing Committee on Northern Australia in 2021, mining companies have come under heightened scrutiny regarding cultural heritage management, including, for example, with respect to their governance and management processes and procedures around cultural heritage, engagement with Indigenous communities and protection of cultural landscapes. Although the parliamentary inquiry focused on Indigenous cultural heritage, laws to protect and manage cultural heritage also cover non-Indigenous (historic) heritage. Another example, in Western Australia, where Telfer and Havieron, in which Newmont holds a 70% interest, are located, a new Aboriginal Cultural Heritage Act 2021 (WA) came into force in 2023, replacing the Aboriginal Heritage Act 1972 (WA) and introducing new offenses and increased penalties aimed at better protecting Aboriginal cultural heritage in Western Australia. In 2023, the WA Premier announced that the Aboriginal Cultural Heritage Act 2021 (WA) will be completely repealed, with an amended Aboriginal Heritage Act 1972 (WA) replacing it.
Further, cultural heritage in PNG is protected under the National Cultural Property (Preservation) Act 1965 (PNG). The main government bodies responsible for enforcing this Act are the National Museum and Art Gallery of PNG and the National Cultural Commission. The Lihir operation has a culturally significant site called the Ailaya Rock, located near the mining operations. Significant civil reinforcement work is being undertaken to protect the surrounding area's structural integrity. A failure to maintain the integrity of the surrounding area could inadvertently damage the site, resulting in impacts to community relations and reputation.
Newmont’s operations could inadvertently disturb protected cultural heritage assets, resulting in international scrutiny by investors and non-governmental organizations, negative impact on shareholder value, compensation and/or offset claims, increased costs to projects and operations, delays impacting construction or production or project development, court action or other legal proceedings and lasting reputational damage.
Risks Related to the Jurisdictions in Which We Operate
Our operations are subject to risks of doing business in multiple jurisdictions.
Exploration, development, production and mine closure activities are subject to regional, political, economic, community and other risks of doing business in multiple jurisdictions, including:
•Potential instability of foreign governments and changes in government policies, including relating to or in response to changes of U.S. laws or foreign policies;
•Expropriation or nationalization of property;
•Restrictions on the ability to pay dividends offshore or to otherwise repatriate funds;
•Restrictions on the ability of local operating companies to sell gold and other metals offshore for U.S. dollars, or on the ability of such companies to hold U.S. dollars or other foreign currencies in offshore bank accounts;
•Import and export regulations, including restrictions on the export of gold, copper, silver, lead and/or zinc;
•Disadvantages relating to submission to the jurisdiction of foreign courts or arbitration panels or enforcement or appeals of judgments at foreign courts or arbitration panels against a sovereign nation within its own territory;
•Royalty and tax increases or claims, including retroactive increases and claims and requests to renegotiate terms of existing investment agreements, contracts of work, leases, royalties and taxes, by governmental entities, including such increases, claims and/or requests by the governments of Argentina, Australia, Canada, Chile, the Dominican Republic, Ecuador, Fiji, Ghana, Mexico, Papua New Guinea, Peru, Suriname, the State of Colorado and the State of Nevada in the U.S.;
•Changes in laws or regulations in the jurisdictions in which we operate, including in changes resulting from changes in political administrations;
•Risk of increased taxation related to impacts to government revenue as a result of challenging socioeconomic conditions, including recessions and/or in connection with heath and community emergencies, such as pandemics, epidemics or outbreaks (including COVID-19 and related variants), and climate events;
•Fines, fees, and sanctions imposed for failure to comply with the laws and regulations of the jurisdictions in which we operate;
•Risk of loss due to inability to access our properties or operations;
•Other risks arising out of foreign sovereignty over the areas in which our operations are conducted, including risks inherent in contracts with government owned entities such as unilateral cancellation or renegotiation of contracts, licenses or other mining rights;
•Delays in obtaining or renewing, or the inability to obtain, maintain or renew, necessary governmental permits, mining or operating leases and other agreements and/or approvals;
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•Risk of loss due to civil strife, acts of war, guerrilla activities, insurrection and terrorism;
•Claims for increased mineral royalties or ownership interests by local or Indigenous communities;
•Increased expectations of local Indigenous communities for profit or other benefit sharing;
•Risk of loss due to criminal activities such as trespass, blockade, local artisanal or illegal mining, organized crime by drug cartels, theft and vandalism;
•Delays in obtaining or renewing collective bargaining or certain labor agreements, workforce unionization, or demand for profit sharing;
•Disadvantages of competing against companies from countries that are not subject to the rigorous laws and regulations of the U.S. or other jurisdictions, including without limitation, the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and the Dodd-Frank Act;
•Increases in training and other costs and challenges relating to requirements by governmental entities to employ the nationals of the country in which a particular operation is located;
•Increased financing costs;
•Currency fluctuations, particularly in countries with high inflation;
•Foreign exchange controls;
•Increases in costs relating to, or restrictions or prohibitions on, the use of ports for concentrate storage and shipping, such as in relation to our Boddington operation where use of alternative ports is not currently economical, or in relation to our ability to procure economically feasible ports for developing projects;
•Risk of disruption, damage or failure of information technology systems, and risk of loss and operational delays due to impacts to operational technology systems, such as due to cyber-attacks, malicious software computer viruses, security breaches, design failures and natural disasters;
•Risk of loss due to disease, such as malaria or the zika virus, and other potential medical endemic or pandemic issues, such as Ebola or COVID-19, as a result of the potential related impact to employees, disruption to operations, supply chain delays, trade restrictions and impact on economic activity in affected countries or regions; and
•Disadvantage and risk of loss due to the limitations of certain local health systems and infrastructure to contain diseases and potential endemic health issues.
Consequently, our exploration, development and production activities may be affected by these and other factors, many of which are beyond our control, some of which could materially adversely affect our financial position or results of operations.
New or changing legislation and tax risks in certain operating jurisdictions could negatively affect us.
We have operations and conduct business in a number of jurisdictions, which may increase our susceptibility to sudden tax changes. For instance, a 12% export duty was imposed by the Argentina government in 2018, revised down to 8% thereafter, however, with the election of new government in 2023, the rate is now currently 0% with the expectation it will increase again to 8% in the near future upon the ratification of new laws awaiting approval by the Argentina government. The state of New South Wales, Australia, passed 2023 legislation that imposes an increased stamp duty which materially affected the Newcrest transaction. Also in Australia, the proposed introduction of a Debt Deduction Creation Rule is currently being considered by Parliament, which could have the potential to limit the tax deductibility of intercompany interest expense. In the State of Zacatecas, Mexico, environmental taxes became effective in 2017 with little clarity on how the taxes are to be calculated. An ecological tax agreement was ratified in 2021 which provides clarity for 2021 to 2024, after which, the Company, along with other companies in the State of Zacatecas, will need to engage with governmental authorities to understand how the environmental tax would be levied year-over-year. Also, in Mexico, a 2021 tax reform bill proposed federal fees on revenue generated from mining which could impact our operations if passed. Furthermore, a new Economic Plan for 2022 (the "Proposal") was enacted. While the changes under the Proposal are not substantive in nature (in the sense that they do not create new taxes or increase applicable rates), they may increase the future cost of our compliance and pose additional uncertainties in application of the law. In the United States, at the federal and state level, regulatory changes which may be implemented in the area of tax reform remain uncertain and may adversely affect companies in the mining sector. For example, NGM could be impacted by the resolutions brought to the State of Nevada Legislature to amend the State Constitution to increase mining taxes. An example of this was the passing of Assembly Bill 495 in 2021 that results in a new excise tax on mining companies engaged in the business of extracting gold and silver in the state of Nevada. In 2024, Pillar II is set to take effect. The Pillar II agreement was signed by 138 countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. As Newmont primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to its financial statements. A number of changes in the laws, regulations and policies in PNG have recently been proposed or are currently being considered. See the risk factor under the heading “Our operations at Lihir and Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties”. Taxation laws and other regulations of the jurisdictions in which we operate are complex, subject to varying interpretations and applications by the relevant tax authorities and subject to changes and revisions in the ordinary course.
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It is difficult to predict whether proposed changes to regulations will be passed or to what extent they will impact the Company. Any additional and/or unexpected taxes imposed on us could have a material and adverse impact on our Company. See also the risk factor under the heading “Our operations are subject to a range of risks related to transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy” for a discussion of uncertainties and potential tax increases in connection with climate change considerations.
Changes in mining or investment policies or shifts in political and social attitudes in the jurisdictions in which we operate may adversely affect our operations or profitability.
Our operations may be affected in a number of ways by laws and regulations related, but not limited to: restrictions on production; price controls; export controls; import restrictions, such as restrictions applicable to, among other things, equipment, services and supplies, currency remittance, income taxes, expropriation of property, foreign investment, maintenance of mineral claims, environmental legislation, land use, surface land access, land claims of local communities, water use, and mine safety. Failure to comply strictly with applicable laws, regulations and local practices relating to mineral right applications and tenure could result in loss, reduction or expropriation of entitlements, or the imposition of additional local or foreign parties as partners with carried or other interests, any of which may adversely affect our operations or profitability.
In addition, when governments struggle with deficits and concerns over the potential and actual effects of depressed economic conditions (which occurred in the past in connection with COVID-19 impacts), many of them have in the past, and may in the future, target the mining and metals sector in order to raise revenue. Governments are continually assessing the fiscal terms of the economic rent for a mining company to exploit resources in their countries. Numerous countries have implemented changes to their mining regimes that reflect increased government control over or participation in the mining sector, including, but not limited to, changes of law affecting foreign ownership and takeovers, mandatory government participation in mining enterprises, taxation and royalties, working conditions, rates of exchange, exchange controls, exploration licensing, export duties, requirements to sell to the government, repatriation of income or return of capital, environmental protection, as well as requirements intended to boost the local economy, including usage of local goods and employment of local and community staff or contractors, among other benefits to be provided to local residents. The effects of the various requirements and uncertainties related to the economic risks of operating in foreign jurisdictions cannot be accurately predicted and could have a material adverse effect on our financial position or results of operations. Some concern exists with respect to investments in parts of the world where civil unrest, war, nationalist movements, political violence or economic crises are possible. These countries may also pose heightened risks of expropriation of assets, business interruption, increased taxation or unilateral modification of concessions and contracts. We do not maintain insurance policies against political risk. Occurrence of events for which we are not insured may affect our results of operations and financial position.
Our operations at Yanacocha and the development of our Conga project in Peru are subject to political and social unrest risks.
Minera Yanacocha S.R.L. (“Yanacocha”), including the mining operations at Yanacocha and the Conga project in Peru, has been the target of local political and community protests, some of which blocked the road between the Yanacocha mine and Conga project complexes and the City of Cajamarca in Peru and resulted in vandalism and equipment damage. While recently roadblocks and protests have diminished and focused on local political activism and labor disputes, we cannot predict whether similar or more significant incidents will occur in the future. The recurrence of significant political or community opposition or protests could continue to adversely affect the Conga Project’s development, other new projects in the area and the continued operation of Yanacocha.
Construction activities on our Conga project were suspended in 2011, at the request of Peru’s central government following protests in Cajamarca by anti-mining activists led by the regional president. At the request of the Peruvian central government, the environmental impact assessment prepared in connection with the project was reviewed by independent experts in an effort to resolve allegations around the environmental viability of Conga. This review concluded that the environmental impact assessment complied with international standards and provided recommendations to improve water management. Based on the Company's internal project portfolio evaluation process, we have reprioritized other projects ahead of the Conga project, and therefore do not anticipate developing Conga in the next ten years. Due to the uncertainty surrounding the project’s development timeline, we have allocated our exploration and development capital to other projects in our portfolio. As a result, the Conga project is currently in care and maintenance and we will continue to evaluate long-term options to progress development of the Conga project. Should the Company be unable to develop the Conga project or conclude that future development is not in the best interest of the business, a future impairment charge may result.
The prior Central Government of Peru supported responsible mining as a vehicle for the growth and future development of Peru. However, following the presidential election in 2021, there has been considerable political unrest in Peru. In a close and contested election, Pedro Castillo was declared the president-elect of Peru in July 2021, which resulted in a period of protests, unrest and uncertainty around the political and social environment in Peru and Cajamarca. Amidst political turmoil and instability, Castillo made numerous changes to his cabinet, including ministers of mining, work and interior, and of prime ministers. Castillo was ultimately removed from office in late 2022 due to his attempt to dissolve the legislative body and install an emergency government. Political turmoil and division has continued in Peru as protest and demonstrations against the current President Dina Boluarte escalated in early 2023 resulting in clashes with security forces and violence.
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The current Central Government’s legislative priorities and support for responsible mining in Peru remains uncertain. Previous regional governments of Cajamarca and other political parties actively opposed certain mining projects in the past, including by protests, community demands and road blockages, which may occur again in the future. We are unable to predict the positions that will be taken by the Central or regional government and neighboring communities in the future and whether such positions or changes in law will affect current operations and new projects at Yanacocha or Conga. Risks related to mining and foreign investment under the new administration include, without limitation, risks to mining concessions, land tenure and permitting, increased taxes and royalties, nationalization of mining assets and increased labor regulations, environmental and other regulatory requirements. Any change in government positions or laws on these issues could adversely affect the assets and operations of Yanacocha or Conga, which could have a material adverse effect on our results of operations and financial position. Additionally, the inability to develop Conga or operate or expand at Yanacocha could have an adverse impact on our growth and production in the region. See also the risk factor under the heading “Mine closure, reclamation and remediation costs for environmental liabilities may exceed the provisions we have made” and refer to Note 1 to the Consolidated Financial Statements regarding the Company’s interest in Yanacocha.
Our Merian operation in Suriname is subject to political and economic risks.
We hold a 75% interest in the Merian gold mine (“Merian”) in the mid-eastern part of Suriname. Suriname has experienced political instability and uncertainty in the past which may continue in future years. Suriname is faced with high debts to foreign creditors, significant inflation rates and has experienced a hyperinflationary economy. Significant devaluation of the Surinamese dollar against the U.S. dollar in recent years has resulted in an increase of the prices of certain goods and services within Suriname, including without limitation, the price of fuel, which had been subsidized by successive governments. The government of Suriname recently passed a new law to introduce Value Added Tax, which came into effect on January 1, 2023 and has drastically increased the cost of living and negatively impacts the purchasing power of the residents of Suriname, including our employees. These impacts and negative economic trends can cause social unrest, which may present risks for our operations in Suriname.
Operations and development in Suriname are governed by a mineral agreement with the Republic of Suriname. The mineral agreement was approved by parliament and requires approval by parliament to change. However, in 2021, the government made requests for prepayment of taxes and special solidarity payments in light of budgetary concerns, it is possible that the government may request changes to the mineral agreement in the future. While the government is generally considered by the Company to be mining friendly, it is possible that the current or future government may adopt substantially different policies, make changes in taxation treatment or regulations, take arbitrary action which might halt operations, increase costs, or otherwise impact mining and exploration rights and/or permits, any of which could have a material and adverse effect on the Company's future cash flows, earnings, results of operations and/or financial condition.
The government of Suriname previously exercised an option to participate in a fully-funded 25 percent equity ownership stake in Merian. Suriname manages its participation through Staatsolie Maatschappij Suriname N.V. (“Staatsolie”), a Surinamese corporation with the Republic of Suriname as sole shareholder. If Staatsolie does not have sufficient funds or borrowing ability to make their capital commitments in accordance with the terms of the partnership agreement, our operations in Suriname could be impacted. See the risk factor under the heading “Future funding requirements may affect our business, our ability to pay cash dividends or our ability to engage in share repurchase transactions.” Earlier in this section under “Risks Related to Our Business”.
Our operations at Ahafo and Akyem in Ghana are subject to political, economic and other risks.
Newmont operates in Ghana pursuant to a Revised Investment Agreement ratified by Ghana’s Parliament in 2015, which established a fixed fiscal and legal regime, including fixed royalty and tax rates, for Newmont operations in Ghana. The financial and tax stability periods established by such agreements expire as early as 2025 for Ahafo and 2027 for Akyem. The tenure of the Revised Investments Agreement is linked to the mining leases. The Akyem mining leases are due to expire in January 2025 and a renewal application has been submitted to the Minerals Commission. The Republic of Ghana has experienced worsening socioeconomic conditions in recent years. The Ghanaian cedi has experienced significant depreciation with inflation accelerating to 54.1% at the end of 2022. Ghana’s credit rating worsened to speculative grade, at near default to default levels, as the Ghanaian Finance Ministry announced suspension of debt service payments in December 2022 on the majority of its external debt, including commercial and bilateral loans, and that Ghana was seeking to restructure its debt. Efforts in early 2023 to put in place a domestic debt exchange program have faced setbacks from pension funds and by individual bond holders leading to amended terms. Continued economic recession and/or unfavorable macroeconomic indicators have also resulted in pressures from the Government of Ghana to obtain more revenue and benefits from mining companies on the back of anti-mining sentiment and perceived inequities that the industry is not contributing its fair share. To address budgetary deficits, the Government of Ghana initiated measures to generate additional revenue from the mining industry and other sectors of the economy as it attempted to increase revenue collection through various tax audits and investigations, proposed new fees, increased revenue and tax initiatives and other vehicles, such as the Growth and Sustainability Levy, and in 2024, Emissions Levy and VAT on electricity. While the second half of 2023 experienced an improvement in the macroeconomic situation with inflation reducing to 23.2% in December 2023, the Ghanaian cedi being relatively stable, with support from the International Monetary Fund and World Bank in early 2024, significant economic risks remain. Other risks include impacts to supply chain, restrictions and local procurement requirements under local content regulations, increase in key commodity prices, more restrictive local banking requirements including requirements for repatriation of proceeds to banks domiciled in Ghana, limitations on capacity of banks to provide reclamation bonds, requests for further local employment requirements, requests for contract renegotiation and increases in contract rates and other costs. Additionally, the government may grant artisanal mining rights or alternative mining rights, such as sand and gravel, in locations in which the Company has land rights, but no active operations, impacting the Company’s non-operational land positions.
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Economic setbacks and anti-mining sentiment can also result in an increase in community frustration and friction with artisanal small-scale mining resulting in conflicts, which can negatively impact our operations in Ghana.
Our operations in Argentina are susceptible to risk as a result of economic and political instability in Argentina and labor unrest.
There continue to be risks relating to the uncertain and unpredictable political and economic environment in Argentina, especially at the provincial level in Santa Cruz where our Cerro Negro mine is located. In 2023, a new National President and a new Governor of Santa Cruz province were elected. The recent elections have resulted in further uncertainty, significant political change to the country and related protests. The new administration is assessing, and in some cases have already enacted, changes to address the economic challenges in Argentina. Inflation remains a challenge in Argentina. Argentina’s central bank instituted a number of foreign currency controls in an effort to stabilize the local currency, and is also possible to announce further measures in early 2024. For information on Argentina’s foreign currency controls and their effect on our operations, see the section titled “Foreign Currency Exchange Rates” in Item 7, Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations. Maintaining operating revenues in Argentine pesos could expose us to the risks of peso devaluation and high domestic inflation.
In recent years, we experienced work stoppages by miners represented by unions at the Cerro Negro Mine. Disruptions may arise again in the future with the unions at the Cerro Negro mine or with the local communities and unions that could adversely affect access to, and operations at, the Cerro Negro Mine. For more information see the risk factor under the heading “Our business depends on good relations with our employees.”
Our operations at Lihir and Wafi-Golpu in PNG are subject to political and regulatory risks and other uncertainties.
Our Lihir operation, which comprises an open pit mine that produces gold doré, is located on the island of Aniolam, PNG. We also hold a 50% interest in a joint venture that owns the Wafi-Golpu exploration project (“Wafi-Golpu” and such joint venture, “WGJV”), which is located in the province of Morobe, PNG. The current PNG administration, led by Prime Minister James Marape, has stated that it wants to increase benefits for PNG from extractive projects. Potential policy changes could include introducing a new production sharing regime for minerals and oil/gas, amending or replacing the PNG Mining Act of 1992, introducing domestic processing/refining requirements, changing the level and manner of local equity participation in projects and introducing new taxation regimes, banking and foreign exchange controls and/or controls pertaining to the holding of cash and remittance of profits and capital to parent companies. Any such change could impact our operating results and financial condition.
In 2020, the PNG Government announced that the special mining lease ("SML") for the Porgera mining operation (a major mining operation in PNG which was owned and operated by the Porgera JV and not Newcrest) would not be renewed. It subsequently amended the Mining Act and issued a new SML for Porgera to Kumul Mineral Holdings Limited (a State-owned company). Since taking this decision, the PNG Government has been working with the Porgera JV participants and other key stakeholders to establish new arrangements for restarting and operating Porgera. During 2023, the parties signed various agreements and the Government passed specific enabling legislation for a restart of operations at Porgera under new commercial terms. The restart occurred in December 2023. The PNG Government has stated that the decision not to renew the Porgera SML is specifically related to environmental damages claims and resettlement at the Porgera mine and has no bearing on any other operations, including Lihir, or advanced exploration projects, including Wafi-Golpu.
In 2020, the PNG government prepared and submitted to the National Parliament of PNG (the “PNG Parliament”) a proposed new organic law to introduce a production sharing regime for the mining sector. The proposed organic law will require the approval of a two thirds majority of the PNG Parliament and, if passed in its current proposed form, purports to transfer ownership of minerals from the State of PNG to state-owned entities who would then be responsible for negotiating mineral production sharing arrangements. As currently drafted, the bill containing the proposed organic law will not apply to Lihir, but could potentially apply to Wafi-Golpu if a mining lease or mining development contract is not in place before the effective date for the proposed organic law. Prime Minister Marape has indicated that the law is intended to become effective in 2025. The bill is yet to be debated in the PNG Parliament.
On October 29, 2021, Prime Minister Marape announced proposed legislation which, if enacted, would regulate the export of gold from PNG and require that mining companies operating in PNG refine gold with a new national mint. At this stage, it is unclear whether this proposed legislation will become law and, if so, when it would take effect. In addition, in June 2023, the PNG government released a new national gold bullion policy setting out the government’s objective of establishing a domestic gold bullion program to refine gold, hold gold reserves and eventually enter into trading in the world gold market. It is unclear when or how the new national gold bullion policy will be implemented, and how the policy will interact with the legislation proposed in 2021. Under the terms of the Lihir mining development contract, we may be required to refine a portion of our Lihir gold production within PNG if certain quality and security requirements are met and the terms offered are commercially competitive, but it is otherwise free to enter into arms’ length refining contracts with refineries outside of PNG.
The PNG government has also announced that it is considering replacing the current PNG Income Tax Act with a new Income Tax Act (the “NITA”) with limited consultation undertaken to date. The latest draft legislation provides that the NITA will come into force from January 1, 2025. It remains uncertain as to whether existing tax attributes of Lihir and Wafi-Golpu will be transitioned under the new law due to the lack of transitional provisions, key regulations and other key ancillary pieces of legislation.
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Any adverse changes to the tax laws and regulations will affect Lihir because its Mining Development Contract does not provide protection against income tax law change. Such changes may also affect Wafi-Golpu depending on the terms of any project agreements that may be entered into with the PNG Government.
There is also the potential for legal challenges to the Wafi-Golpu permitting process as it progresses towards completion, including by PNG provincial governments, landowner groups and civil society organizations. For example, in March 2021 and December 2022, the governor of Morobe Province and certain residents of the surrounding areas of Wafi-Golpu, respectively, commenced judicial review applications against the State of PNG, challenging the December 2020 grant of the environmental permit for Wafi-Golpu. Both reviews are still to be heard and determined. Any such legal challenges may adversely impact the Wafi-Golpu permitting process. In addition, WGJV is currently engaging with the State of PNG to progress the permitting of Wafi-Golpu and has commenced discussions relating to its application for a special mining lease, which was submitted to the PNG Mineral Resources Authority in 2016. In April 2023, WGJV signed a Framework Memorandum of Understanding with the State of PNG, which confirmed the parties’ intent to proceed with the project at Wafi-Golpu, subject to finalizing the permitting process and approvals of the boards of both Newcrest and Harmony Gold, and progress toward signing a mining development contract, which is a prerequisite to granting a special mining lease. The timing for completing the discussions is uncertain and there is no assurance of the outcomes.
Changes in the laws, regulations and policies described above, or to the manner in which they are interpreted or applied to us, may also adversely impact our ability to extend the Lihir special mining lease upon its expiration in 2035.
Our operations in Canada are subject to political and regulatory risks and other uncertainties.
First Nations have made claims in respect of Indigenous rights and title to substantial portions of land and water across Canada, which could impact our exploration projects, and operations at Red Chris, Porcupine, Musselwhite, Éléonore and Brucejack. Some of these claims are made outside of treaty and other processes. The effect of such claims on any particular area of land will not be determinable until the exact nature of historical use, occupancy and rights to such property have been clarified, whether by a decision of the Canadian courts or definition in a treaty or otherwise. First Nations throughout Canada are seeking settlements with respect to these claims, including compensation from governments, and are seeking rights to regulate activities by companies within their traditional territories. The effect of these claims cannot be estimated at this time. The federal and provincial governments in Canada have been seeking to negotiate settlements with respective groups in order to resolve many of these claims, and the government routinely delegates procedural aspects of its duty to consult the First Nations to project proponents, particularly with respect to the permitting process.
We hold a 70% interest in the Red Chris operation, which comprises an open pit mine that produces gold, copper and silver concentrate, located in British Columbia, Canada. Our Brucejack operation, which comprises an underground mine that produces gold/silver doré and flotation concentrate and hosts the Valley of the Kings high-grade gold deposit, is also located in British Columbia, Canada. In British Columbia, as well as in Canada more generally, the nature and extent of Indigenous rights and title remains the subject of active debate, claims and litigation issues surrounding Indigenous title and rights remain ongoing.
In addition, the government of British Columbia has adopted the UNDRIP and committed to implement UNDRIP in British Columbia, with federal government following suit in 2021 where UNDRIP became federal law in 2021. The provincial and federal legislations commits to systematically review the province’s laws for alignment with UNDRIP principles, while also encouraging new agreements with Indigenous groups that are intended to address outstanding governance questions around the nature of Indigenous rights and title interests in Canada and in British Columbia. In November 2023 a consent-based decision making agreement under section 7 of the UNDRIP was entered into between the government of British Columbia and the Tahltan Central Government (“TCG”) of the Tahltan Nation outlining the process for consent-based decision making for the review of substantial changes to the environmental assessment certificate for the Red Chris mine. The processes outlined in this agreement will apply to changes to the Red Chris environmental assessment certificate relating to the proposed development and operation of the Red Chris block cave mine. Failure or delays in implementing the agreement or to obtain prior informed consent of the TCG may impact the proposed development of the Red Chris block cave mine.
Additionally, several First Nations in British Columbia have recently launched challenges against the constitutionality of the “free entry” mineral staking regime in the province and the government of British Columbia pledged to reform the Mineral Tenure Act, which governs the acquisition and holding of mineral tenures in British Columbia, in consultation with First Nations and First Nation organizations. In September 2023, the Supreme Court of British Columbia held that the province of British Columbia has a duty to consult Indigenous groups when registering mineral claims under the Mineral Tenure Act within their traditional territories. The court suspended the implementation of its declaration for 18 months to facilitate the establishment of a mineral claims regime that allows for consultation with Indigenous groups or for the government to amend the Mineral Tenure Act, if necessary. The impacts of these developments on the acquisition and renewal of mineral tenures in British Columbia are not yet known.
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Risks Related to Our Workforce
Our business depends on good relations with our employees.
Production at our mines is dependent upon the efforts of our employees and, consequently, our maintenance of good relationships with our employees. Due to union activities or other employee actions, we could experience labor disputes, work stops or other disruptions in production that could adversely affect us. For example, in recent years, there have been work stoppages by miners represented by unions at our Peñasquito, Cerro Negro and Merian mines, which have disrupted operations. Certain regions in which we operate, including Central and Latin America, have witnessed notable trends in labor relations, including increasing emphasis on workers' rights and labor protections. Governments and civil society organizations have been advocating for improved labor standards, wages and working conditions, leading to the implementation of new labor laws and regulations in a number of jurisdictions. Additionally, collective bargaining has gained prominence as a means to negotiate and secure favorable terms for workers.
At December 31, 2023, various unions represented approximately 31.2% of our employee workforce worldwide. In 2022, Newmont implemented a new employment model in Ghana converting permanent employees into two-year fixed term contracts. Although 99.8% of eligible employees accepted the new fixed term contract and, received severance for their years of service, following implementation of the new employment model, the two unions requested and were granted new collective bargaining certificates from Ghana’s Chief Labor Officer for bargaining rights for the class of workers to be represented. The two unions are litigating for bargaining rights to be determined based on membership numbers resulting in targeted efforts to increase membership and a writ of summons, which is expected to be heard in February 2024. In Peru, our two labor agreements expire in 2026 and 2027. In Suriname, the collective bargaining with the union for our Merian mine was entered into in 2023, and will expire in 2025. In Argentina where there are three district unions; one union has an expired agreement and another has an agreement in place until 2024. In Timmins, Ontario, we renegotiated a five-year collective bargaining agreement for our Porcupine mine with the United Steelworkers Union in October 2023, which will be in effect through October 2028. In Mexico, following negotiations, we reached a profit sharing agreement in 2022 whereby union represented workforce will participate in uncapped profit-sharing bonus up to 10%, which will result in increased labor costs in the future. The current collective bargaining agreement will expire on 2024. Red Chris has a unionized workforce and has a collective agreement in place from April 2023 until April 2025. One provision of the Red Chris Collective Bargaining Agreement (“CBA”) is still being resolved through arbitration. There are existing employee enterprise bargaining agreements in place at Cadia and Telfer, which expire in 2025 and 2024, respectively. A failure to successfully enter into new contracts or resolve ongoing union complaints could result in future labor disputes, work stoppages or other disruptions in production that could adversely affect our operations and financial performance. Future disputes at the Company’s operations, projects or joint ventures may not be resolved without disruptions.
Our Peñasquito operation in Mexico is subject to social, political, regulatory, and economic risks.
Our Peñasquito operation has in the past, and may in the future, be affected significantly and adversely by social, political, regulatory, or economic developments in Mexico. A wide range of general and industry-specific Mexican federal and state environmental laws and regulations apply to our operations. These laws and regulations are often difficult and costly to comply with and carry substantial penalties for non-compliance. For example, in the State of Zacatecas, Mexico, environmental taxes became effective in 2017 with little clarity on how the taxes are to be calculated. An ecological tax agreement was ratified in 2021 which provides clarity for 2021 to 2024, after which, the Company, along with other companies in the State of Zacatecas, will need to engage with governmental authorities to understand how the environmental tax would be levied year-over-year. Additionally, in May 2023, the Mexican government published several amendments to laws relating to the country's mining industry, which includes changes to Mexico's Mining Law, National Waters Law, General Law of Ecological Equilibrium and Environmental Protection and General Law for the Prevention and Integral Handling of Wastes (“Mining Reform”). The Mining Reform is expected to add significant uncertainty for foreign investors in Mexico and companies operating in the mining sector, including Newmont. As a result of the Mining Reform, we expect that it will be more difficult for us to access/maintain rights to land and water, thereby negatively impacting our mining activities within Mexico, raising concerns around exploration programs, security of concessions, and out of cycle community negotiations. If political and regulatory trends continue in a manner that is increasingly less supportive of mining, it can have an adverse impact on our operations and financial results. On June, 2023, the Company filed an injunction (Amparo) against the reforms, and was served with a provisional suspension to the applicability of several provisions of the Mining Reform on January 2024. Additionally, in February 2024, Mexico's president presented before parliament a series of new constitutional reforms. The proposed reforms include a possible ban on the granting of open pit mining concessions and banning activities related to the exploration, exploitation, benefit or use of minerals or metals using open pit mining methods, and potential limitations on water concessions in certain areas of the country. If proposed reforms were to be enacted it could materially impact our exploration activities and operations at Peñasquito and adversely impact financial results.
Production at our Peñasquito operation is dependent upon the efforts of our employees and, consequently, our maintenance of good relationships with our employees. In recent years, we have had several disputes with the National Union of Mine and Metal Workers of the Mexican Republic (“the Union”). Following negotiations in 2022, Newmont and the Union reached a CBA in June 2022 whereby Union represented workforce will participate in uncapped profit-sharing bonus up to 10%, which resulted in increased labor costs. In June 2023, the Union made claims regarding violations of legal regulations and labor agreements (which the Company refuted) and notified the Company of a strike action demanding an increase in the uncapped profit-sharing benefit provided for in the CBA that represented a 100 percent increase equivalent to a 20 percent instead of 10 percent profit-sharing.
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The Company urged the Union to abide by the mutually agreed CBA and engaged in dialogue with the Union and the government, but the disagreement remained unresolved until October 2023 when the parties reached a definitive agreement to end the strike. Per the agreement, the Company will pay Peñasquito workers a fixed amount equivalent to approximately 60% of wages for the duration of the strike, and an additional bonus of two months’ wages to be paid out in the second quarter of 2024, given that the Peñasquito mine reported no profit in 2023 as a consequence of the strike. Additionally, as a part of a separate annual negotiation under the Collective Bargaining Agreement, the Company agreed to an annual salary increase of 8% effective as of August 1, 2023, which is in line with the Mexican mining industry wage increases for 2023.
From June 2023 to October 2023, Minera Peñasquito suspended operations, which negatively impacted production and revenue. Any failure to successfully resolve future union complaints could result in additional work stoppages and/or other future disruptions in production and labor issues that could adversely affect our operations and financial performance and our ability to achieve expected results and guidance.
A deterioration in Mexico’s economy, social instability, political unrest, or other adverse social developments in Mexico could also adversely affect operating results at Peñasquito, as well as the safety and security of the site and workforce. For example, in recent years, Mexico has experienced a period of increasing criminal activity, primarily due to the activities of drug cartels and related criminal organizations, including in the State of Zacatecas. Any increase in the level of violence or a concentration of violence near or around the Peñasquito mine could have an adverse effect on operating results.
We may not be able to operate successfully if we are unable to recruit, hire, retain and develop key personnel and a qualified and diverse workforce. In addition, we are dependent upon our employees being able to perform their jobs in a safe and respectful work environment.
We depend upon the services of a number of key executives and management personnel. Our success is also dependent on the contributions of our highly skilled and experienced workforce. Our ability to achieve our operating goals depends upon our ability to recruit, hire, retain and develop qualified and diverse personnel to execute on our strategy. We are fundamentally committed to creating and maintaining a work environment in which employees are treated fairly, with dignity, decency, respect and in accordance with all applicable laws. We recognize that bullying, sexual misconduct and sexual harassment, and harassment based on other protected categories, including race, have been prevalent in every industry, including the mining industry. Features of the mining industry, such as being a historically hierarchical and male-dominated culture, create risk factors for harmful workplace behavior. While we do not tolerate discrimination and harassment of any kind (including but not limited to gender, sexual orientation, gender identity, gender expression, race, religion, national origin, ethnicity, age, or disability, among others), our policies and processes may not prevent or detect all potential harmful workplace behaviors. We occasionally identify or are apprised of information or allegations that certain employees, affiliates, agents or associated persons may have engaged in harmful behaviors and improper, inappropriate or unlawful conduct, including but not limited to bullying, discrimination and harassment. If the Company fails to maintain a safe, respectful and inclusive work environment, it could impact our ability to retain talent and maintain a diverse workforce and damage the Company’s reputation. There continues to be competition over highly skilled personnel in our industry. If we lose key personnel, or one or more members of our senior management team, and we fail to develop adequate succession plans, or if we fail to hire, retain and develop qualified and diverse employees, our business, financial condition, results of operations and cash flows could be harmed. Additionally, if we fail to engage and retain new-to-Newmont employees who have joined the organization through the recent acquisition of Newcrest, it could negatively impact productivity, costs and business and operating results.
Our business is dependent upon our workforce being able to safely perform their jobs, including the potential for physical injuries or illness or fatality. If we experience periods where our employees are unable to perform their jobs for any reason, including as a result of illness (such as COVID-19), our operations could be adversely affected. See the risk factor under the heading “Our operations and business have in the past been affected by the COVID-19 pandemic, and may be materially and adversely impacted in the future by pandemics, epidemics and other health emergencies.” In addition to physical safety, protecting the psychological safety of our employees is necessary to maintaining a safe, respectful and inclusive work environment. If the Company fails to maintain a safe environment that is free of harassment, discrimination or bullying, it could adversely impact employee engagement, performance and productivity, result in potential legal claims and/or damage the Company’s reputation, which could have a material adverse effect on our business, financial position and results of operations or adversely affect the Company’s market value. See also the risk factor under the heading "Damage to our reputation may result in decreased investor confidence, challenges in maintaining positive community relations and can pose additional obstacles to our ability to develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects.”
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We rely on contractors to conduct a significant portion of our operations and construction projects.
A significant portion of our operations and construction projects are currently conducted in whole or in part by contractors. As a result, our operations are subject to a number of risks, some of which are outside our control, including:
•Negotiating agreements with contractors on acceptable terms;
•New legislation limiting or altering the ability to utilize contractors or outsourced resources;
•The inability to replace a contractor and its operating equipment in the event that either party terminates the agreement;
•Reduced control over those aspects of operations which are the responsibility of the contractor;
•Failure of a contractor to perform under its agreement;
•Interruption of operations or increased costs in the event that a contractor ceases its business due to insolvency or other unforeseen events;
•Failure of a contractor to comply with applicable legal and regulatory requirements, to the extent it is responsible for such compliance;
•Problems of a contractor with managing its workforce, labor unrest or other employment issues; and
•Liability to third parties as a result of the actions of our contractors.
A failure of contractors to align employment practices with Newmont standards can also result in reactions from our employees and our workforce as they express solidarity with their counterparts in the field.
In addition, law and regulations relating to the use of contractors may vary in the jurisdictions in which we operate, and changes in legal and regulatory restrictions may also impact our ability to utilize contractors and outsourcing services. For example, new mining industry regulations came into effect in Ghana, Africa, which require that the supply of specific products and services, and certain roles, be reserved for citizens, which may limit the pool of available contractors and service providers and restrict our ability to utilize certain contractors. Additionally, the Mexican government enacted labor and tax laws in April 2021, significantly restricting certain subcontracting and outsourcing of personnel, which has required the conversion of certain contractors to employee status and resulted in increased labor costs. Further changes in law and the occurrence of one or more of these risks could adversely affect our results of operations and financial position.
Legal Risks
Our business is subject to the U.S. Foreign Corrupt Practices Act and other extraterritorial and national anti-bribery laws and regulations, a breach or violation of which could lead to substantial sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of licenses or permits and other collateral consequences and reputational harm.
We operate in certain jurisdictions that have experienced governmental and private sector corruption to some degree, and, in certain circumstances, compliance with anti-bribery laws and heightened expectations of enforcement authorities may be in tension with certain local customs and practices. The U.S. Foreign Corrupt Practices Act and other laws with extraterritorial reach, including the U.K. Bribery Act, and anti-bribery laws in other jurisdictions in which we operate generally prohibit companies and their intermediaries from making improper payments for the purpose of obtaining or retaining business or other improper commercial advantage. We have a business integrity and compliance program which includes our Code of Conduct, Business Integrity Policy and other policies standards, and procedures, all of which mandate compliance with these anti-bribery laws by the Company and its affiliates and their personnel, and also by third parties when they are engaged on our behalf. Our program also includes a well-publicized helpline for raising complaints (including the option for anonymity if the reporter so chooses), questions and concerns as well as processes for evaluating and investigating such concerns and assurances of non-retaliation for persons who raise concerns in good faith. We report regularly to the executive leadership team and the Audit Committee of our Board of Directors on such programs and the results of investigations conducted.
We could be held responsible if our internal controls policies and procedures fail to protect us from misinterpretation of or noncompliance with applicable anti-bribery laws, regulations and internal policies, recklessness, fraudulent behavior, dishonesty or other inappropriate acts committed by our affiliates, employees, agents or associated persons for which we might be considered responsible. As such, our corporate internal controls policies and processes may not prevent or detect all potential breaches of law or other governance practices. In addition, the compliance mechanisms and monitoring programs adopted and implemented by Newcrest prior to our acquisition of Newcrest in November 2023 may not have adequately prevented or detected possible violations of the U.S. Foreign Corrupt Practices Act and applicable anti-bribery laws and regulations attributable to Newcrest prior to such acquisitions and we may be held liable for any such violations. We occasionally identify or are apprised of information or allegations that certain employees, affiliates, agents or associated persons may have engaged in improper or unlawful conduct for which we might be held responsible.
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Our policy when receiving credible information or allegations is to conduct investigations and compliance reviews to evaluate that information, determine compliance with applicable anti-bribery laws and regulations and company policies and take such remedial steps as may be warranted, including the possibility of making a voluntary self-disclosure to the applicable authorities. Violations of these laws, or allegations of such violations, could lead to substantial investigation and remedial costs, sanctions and civil and criminal prosecution, as well as fines and penalties, litigation, loss of operating licenses or permits and other collateral consequences, and may damage the Company’s reputation, which could have a material adverse effect on our business, financial position and results of operations or cause the market value of our common shares to decline.
Title to some of our properties may be insufficient, defective, or challenged.
The sufficiency or validity of the Company's Legal Title in and to its properties may be uncertain or challenged by third parties, including governmental authorities, Indigenous or communal peoples, or private parties. For example, at our Conga project in Peru, we continue to seek resolution to a land dispute with local residents. In Mexico, exploration and mining rights are granted through a mining concession, pertaining to the mineral estate, and do not include rights of ownership, possession, or access in or to the corresponding surface estate. Such rights in and to the surface estate are acquired through purchase, lease, or easement from private parties, local communities, or governmental authorities. We enter into temporary occupation agreements ranging from five to thirty years with the Ejido communities, which allow us to use the surface of the lands for our mining operations, and at any particular time we may be involved in negotiations to enter into new temporary occupation agreements or other surface access agreements or amend existing agreements. Failure to reach new agreements or disputes regarding existing agreements may cause, blockades, suspension of operations, delays to projects, and on occasion, may lead to legal disputes.
In addition, certain Australian and Canadian properties are owned by Indigenous peoples or are subject to certain inherent aboriginal rights, treaty rights, and/or asserted rights in and to their traditional territories, and our ability to acquire necessary rights to explore, develop, or mine these properties is dependent on agreements with them. Our ability to secure permits, licenses and/or agreements may be dependent on formal determinations of Indigenous or Native title rights issued by governmental authorities, the lack or delay of which may impede the Company’s ability to explore, develop, or mine. In Ghana, Peru, and Suriname, our Legal Title may be subject to challenge based on the presence and activities of artisanal miners or other trespassers due to adverse possession and/or the inability of the Company to satisfy its statutory, regulatory, or contractual obligations required to maintain, extend, or renew Legal Title in and to its properties. See the risk factors under the headings “We may be unable to obtain or retain necessary permits, leases, or other types of land tenure, which could adversely affect our operations”, “Illegal mining and artisanal mining occurs on or adjacent to certain of our properties exposing such sites to security risks”, and “Civil disturbances and criminal activities can disrupt business and expose the Company to liability” above for further information. A determination of insufficient or defective Legal Title or risks in connection with a challenge to our Legal Title could result in loss of Legal Title, litigation, insurance claims, the impairment, preclusion, or cessation of exploration, development, or mining operations, and potential losses affecting the Company's business as a whole.
Risks Related to Our Common Stock
The price of our common stock may be volatile, which may make it difficult for you to resell the common stock when you want or at prices you find attractive.
As a publicly traded company with securities listed on the NYSE, TSX, ASX, and PNGX the market price and volume of our common stock may be subject to significant fluctuations due not only to general stock market conditions but also to a change in sentiment in the market regarding our operations, business prospects or liquidity. Among the factors that could affect the price of our common stock are: (i) changes in gold, and to a lesser extent, silver, copper, zinc or lead prices; (ii) operating and financial performance that vary from the expectations of management, securities analysts and investors or our financial outlook; (iii) developments in our business or in the mining sector generally; (iv) regulatory changes affecting our industry generally or our business and operations; (v) the operating and stock price performance of companies that investors consider to be comparable to us; (vi) announcements of strategic developments, acquisitions and other material events by us or our competitors; (vii) our ability to integrate and operate the companies and the businesses that we acquire (including, for example, Newcrest); (viii) the perception of the Company’s ESG performance and its ability to deliver on ESG commitments and expectations, including in connection with the Company's climate strategy; (ix) response to activism; and (x) changes in global financial markets and global economies and general market conditions, such as interest or foreign exchange rates, stock, commodity, credit or asset valuations or volatility. The stock markets in general have experienced extreme volatility that has at times been unrelated to the operating performance of particular companies, and has in the past been impacted by the COVID-19 pandemic and Russia-Ukraine conflict, and could in the future be impacted by geopolitical and other macroeconomic factors. These broad market fluctuations may adversely affect the trading price of our common stock.
Holders of our common stock may not receive dividends.
Holders of our common stock are entitled to receive only such dividends as our Board of Directors may declare out of funds legally available for such payments. We are incorporated in Delaware and governed by the Delaware General Corporation Law. Delaware law allows a corporation to pay dividends only out of surplus, as determined under Delaware law or, if there is no surplus, out of net profits for the fiscal year in which the dividend was declared and for the preceding fiscal year. Under Delaware law, however, we cannot pay dividends out of net profits if, after we pay the dividend, our capital would be less than the capital represented by the outstanding stock of all classes having a preference upon the distribution of assets.
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Our ability to pay dividends will be subject to our future earnings, capital requirements, financial condition, compliance with covenants and financial ratios related to existing or future indebtedness and other factors deemed relevant by our Board of Directors. Although we have historically declared cash dividends on our common stock, we are not required to declare cash dividends on our common stock. An annualized dividend payout level has not been declared by the Board of Directors, and the declaration and payment of future dividends, including future quarterly dividends, remains at the discretion of the Board of Directors. Our dividend framework is non-binding, and our Board of Directors may modify the dividend framework or reduce, defer or eliminate our common stock dividend in the future.
Risks Related to the Combined Company Following the Newcrest Transaction
As disclosed in this Form 10-K, on November 6, 2023, Newmont closed its acquisition of Newcrest following receipt of all regulatory approvals and approval by Newmont’s and Newcrest’s shareholders of the resolutions at the shareholder meetings on October 11 and October 13, 2023, respectively. The Newcrest transaction could subject us to significant risks, including those described below.
Significant demands will be placed on the combined company as a result of the combination.
As a result of the Newcrest transaction, significant demands will be placed on the managerial, operational and financial personnel and systems of Newmont. There can be no assurance that the systems, procedures and controls of Newmont will be adequate to support the expansion of operations and associated increased costs and complexity following and resulting from the combination. The future operating results of Newmont will be affected by the ability of our officers and key employees to manage changing business conditions, to integrate Newmont and Newcrest, to implement a new business strategy and to improve our operational and financial controls and reporting systems.
We may not realize the anticipated benefits of the Newcrest transaction and the integration of Newcrest and Newmont may not occur as planned.
The Newcrest transaction was pursued with the expectation that its implementation will result in an increase in sustained profitability, cost savings and enhanced growth opportunities for Newmont. These anticipated benefits will depend in part on whether Newcrest’s and Newmont’s operations can be integrated in an efficient and effective manner. The on-going integration of the two companies will present challenges to management, including the integration of systems and personnel of the two companies which may be geographically separated, anticipated and unanticipated liabilities, unanticipated costs (including substantial capital expenditures required by the integration) and the loss of key employees.
The performance of operations could be adversely affected if, among other things, Newmont is not able to achieve the anticipated savings and synergies expected to be realized in entering the Newcrest transaction, or retain key employees to assist in the integration and operation of Newcrest and Newmont. The integration of Newmont and Newcrest may pose special risks, including one-time write-offs, restructuring charges and unanticipated costs. In addition, the integration process could result in diversion of the attention of management and disruption of existing relationships with suppliers, employees, customers and other constituencies of Newmont. Although Newmont and its advisors have conducted due diligence on the operations of Newcrest, there can be no guarantee that Newmont is aware of any and all liabilities of Newcrest. For example, the compliance mechanisms and monitoring programs adopted and implemented by Newcrest prior to the Newcrest transaction may not adequately prevent or detect possible violations of environmental, health and safety, taxes, employment, labor standards, money laundering, terrorist financing and other applicable laws and failure by Newcrest to comply with any of the foregoing legislation prior to the Newcrest transaction could result in severe criminal or civil sanctions and may subject Newmont to other liabilities, including fines, prosecution and reputational damage, all of which could have a material adverse effect on the business, consolidated results of operations and consolidated financial condition of Newmont. As a result of these factors, it is possible that certain benefits expected from the Newcrest transaction may not be realized.
Newcrest’s public filings were subject to Australian disclosure standards, which differ from SEC disclosure requirements.
Prior to the Newcrest transaction, Newcrest’s Ore Reserve and Mineral Resource estimates (the “Newcrest Historical Estimates”) have been prepared by Newcrest in accordance with the applicable reporting requirements of, and are based on confidence categories defined in, the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, December 2012 (the “JORC Code”), and the reporting requirements of the ASX Listing Rules Chapter 5, July 2022 (together, “the Australian Standards”), each of which differs from the requirements of Subpart 1300 of Regulation S-K adopted by the SEC (the “S-K 1300 Standard”).
The S-K 1300 Standard and the Australian Standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported but embody different approaches and definitions. For example, the terms “Ore Reserve,” “Proved Ore Reserve,” “Probable Ore Reserve,” “Mineral Resource,” “Measured Mineral Resource,” “Indicated Mineral Resource,” and “Inferred Mineral Resource” are Australian mining terms as defined in the JORC Code, and their definitions differ from the definitions of the terms “mineral reserve,” “proven mineral reserve,” “probable mineral reserve,” “mineral resource,” “measured mineral resource,” “indicated mineral resource” and “inferred mineral resource” under the S-K 1300 Standard. “Inferred mineral resources” have a great amount of uncertainty as to the existence of such resources and their economic and legal feasibility.
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A significant amount of exploration must be completed in order to determine whether an inferred mineral resource may be upgraded to a higher category. Under the S-K 1300 Standard, a pre-feasibility study, as defined under the S-K 1300 Standard, is typically required to report mineral reserves supported by a discounted cash flow analysis. The requirements for the declaration of mineral reserves under the S-K 1300 Standard are generally stricter than what is acceptable under JORC and have required the reclassification of previously declared mineral reserves to mineral resources, and there have also been adjustments to the amounts of previously declared mineral reserves and resources pending further study work. In addition to such adjustments, the JORC Code allows Measured and Indicated Mineral Resources to be reported inclusive of Mineral Resources modified to produce its Ore Reserves whereas the S-K 1300 Standard requires mineral resources to be reported exclusive of mineral reserves.
Future adjustments may occur due to differing standards, required study levels, price assumptions, future divestments and acquisitions and other factors.
ITEM 1B.       UNRESOLVED STAFF COMMENTS
None.
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ITEM 1C.       CYBERSECURITY
Risk Management and Strategy
We rely upon technology and information systems to support our mining and business operations globally. These systems may be susceptible to cybersecurity risks including, but not limited to, external attackers, malware, viruses, and unauthorized access to our IT systems. We continuously invest and develop our cybersecurity controls and processes to address these threats and reduce the risk of future breaches and cyber attacks. Risk associated with a cybersecurity incident, impacting our operations, has been integrated into our overall global risk management system and process.
Foundationally, we seek to manage cyber risk through a structure of controls that includes cybersecurity standards, policies and cyber solutions that protect the availability, integrity, and confidentiality of our critical IT and mining systems. We monitor for emergent cyber threats and assess any actions required to reduce those risks. Our cybersecurity program is aligned to globally recognized security frameworks including the Mitre Att&ck Framework, NIST and ISO27001. We are currently certified compliant against ISO27001 and engage a certified audit firm to conduct annual control testing and reaffirm our certification. We further test our cybersecurity controls by engaging leading third-party cybersecurity service providers to perform external and internal penetration tests of critical business applications and mining system. Additionally, we review and tabletop test our incident response plan. We leverage continuous monitoring of our internet facing presence, as well as, known internet based criminal communities for mentions of Newmont, our executives, and employees. Our Security Operations Center ("SOC") continuously monitors for security events and threats, responding and escalating when appropriate. We also hold employee trainings on privacy and current cybersecurity topics, conduct phishing tests and generally seek to promote awareness of cybersecurity risk through communication and education of our employee population.
Newmont requires third parties that supply IT services, have access to Newmont systems, or manage Newmont data to adhere to established Newmont security policies. Additionally, Newmont requires that such third parties are required to provide detailed information on their established security controls via our third party risk assessment process. The third party risk assessment informs our contracting process. Specific certification may be required of critical third party IT service providers and partners. All third party workers are bound by our Acceptable Technology Use standard which governs appropriate IT systems access and usage.
Our operations rely on the secure processing, storage and transmission of confidential and other information in our computer systems and networks. Computer viruses, hackers, employee or vendor misconduct, and other external hazards could expose our information systems, and those of our vendors, to security breaches, cybersecurity incidents or other disruptions, any of which could materially and adversely affect our business. Cybersecurity incidents may also cause disruption to mining operations; critical financial or reporting systems impairment; breach or integrity loss of Newmont proprietary or confidential data; or external reputational damage.
The sophistication of cybersecurity threats, including through the use of artificial intelligence, continues to increase, and the controls and preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems, including the regular testing of our cybersecurity incident response plan, may become insufficient. In addition, new technology that could result in greater operational efficiency such as our use of artificial intelligence, fleet electrification, and autonomous vehicles may further expose our operations and computer systems to the risk of cybersecurity incidents. Newmont did not identify any cybersecurity incidents during the year ended December 31, 2023 that have materially affected or are reasonably likely to materially affect Newmont's business strategy, results of operations, or financial condition.
Additional information about cybersecurity risks we face is discussed in Item 1A, Risk Factors if this report under the heading "We are dependent upon information technology and operational technology systems, which are subject to disruption, damage, failure and risks associated with implementation, upgrade, operation and integration" which should be read in conjunction with the information above.
Governance
As part of our overall risk management approach, we prioritize the identification and management of cybersecurity risk at several levels, including Board oversight, executive commitment and employee training. Our Audit Committee, comprised of independent directors from our Board, oversees the responsibilities relating to the operational (including information technology (IT) risks and data security) risk affairs of the Company. Our Audit Committee is informed of such risks through quarterly reports from our cybersecurity leadership and it reports any material findings and recommendations to the full Board for consideration.
Our Cybersecurity team, comprised of seasoned IT and cybersecurity members, has decades of experience across multiple technical and compliance disciplines including cyber incident response, forensics, IT compliance, incident recovery, threat investigation and information technology. Our cybersecurity team includes several individuals who hold industry recognized certifications and advanced degrees in cybersecurity. Cybersecurity oversees the implementation and compliance of our information security standards, information technology compliance, and mitigation of information security related risks. The Chief Technology Officer (CTO) and Chief Information Officer (CIO) have direct oversight of the cybersecurity function. We also have management level committees, leaders, and a cybersecurity incident team who support our processes to assess and manage cybersecurity risk as follows:
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•The head of privacy, in conjunction with the cybersecurity leadership assists on identification and mitigation of privacy related risks across the enterprise. This combination brings together legal, compliance and other function leads as required.
•The Cybersecurity Disclosure Steering Committee, comprised of leadership from IT, cybersecurity, operations, risk, finance, legal and compliance across business segments, contributes to the assessment of cybersecurity breach, planned response, and required disclosures and filings.
•The Rapid Response Team, which includes senior executives across the Company and its global operations, is alerted as appropriate to cybersecurity incidents, natural disasters and business outages. The Rapid Response Team performs tabletop exercises on a yearly basis with inclusion across functions.
Each of these committees provides summary reports on their activities, which is then communicated as appropriate to the Audit Committee.
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ITEM 2.       PROPERTIES (dollars in millions, except per share, per ounce and per pound amounts)
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Production and Development Properties
Newmont’s properties are described below and unless otherwise noted are in the production stage and are operated by Newmont. All key permits have either been obtained by Newmont or approval is expected to be received in the normal course of business. Production and other operating statistics are presented below in the Operating Statistics section for each site. In addition, Newmont holds investment interests in Canada, Mexico, Chile, Argentina and various other locations. The Company maintains its corporate headquarters in Denver, Colorado U.S. and has various regional offices.
Refer to Item 1A, Risk Factors, for risks related to our properties.
Cripple Creek & Victor, U.S. (100% owned) CC&V, located next to the town of Victor and the city of Cripple Creek, Colorado, is an open pit operation. The CC&V operation comprises two state mining leases, three surface parcels, 154 mineral parcels, 1,753 patented mining claims and 13 unpatented lode claims encompassing a total area of 12,985 acres (5,255 hectares). CC&V is an epithermal alkalic deposit with heap leaching facilities. The available mining fleet consists of two hydraulic shovels, two loaders, and 21 haul trucks, each with a 250-tonne payload. CC&V’s gross property, plant and mine development at December 31, 2023 was $1,132. CC&V reported 1.3 million ounces of gold reserves at December 31, 2023.
Musselwhite, Canada. (100% owned) Musselwhite, located approximately 265 miles (430 kilometers) north of Thunder Bay, Ontario, is an underground operation. The Musselwhite operation comprises 940 mining claims and 338 mining leases, issued under the Ontario Mining Act, encompassing an area of 13,366 acres (5,409 hectares). The mining leases expire between 2025 and 2033. Musselwhite is an iron formation hosted gold deposit. Process facilities include a conventional mill, which consists of a crushing and grinding circuit, carbon-in-pulp and carbon-in-leach plants, elution circuits and an electrowinning plant where the gold is recovered and smelted to produce doré. The available mining fleet consists of 11 underground loaders and 14 haul trucks, each with a 45-tonne payload. Musselwhite’s gross property, plant and mine development at December 31, 2023 was $1,276. Musselwhite reported 1.5 million ounces of gold reserves at December 31, 2023.
Porcupine, Canada. (100% owned) Porcupine consists of the Hollinger open pit and Hoyle Pond underground operations, located in the city of Timmins, Ontario, as well as the Borden underground operation, located near the town of Chapleau, Ontario. The Porcupine operation is comprised of 699 mining claims, 1,105 mining patents, and 157 mining leases, issued under the Ontario Mining Act, encompassing an area of 98,138 acres (39,715 hectares). The Borden operations is comprised of 488 mining cell claims, 530 surface and mining patents, and 35 surface and mining leases encompassing an area of 245,232 acres (99,241 acres). Mineralization at Hollinger and Hoyle, in Timmins, comprises multiple generations of quartz-carbonate-tourmaline albite veins, associated pyrite alteration envelopes, and disseminated pyrite mineralization. Mineralization at Borden consists of a shear zone containing quartz-vein hosted sulfides within a high-grade metamorphic greenstone package. Process facilities, located in the city of Timmins, include a conventional mill, which consists of a crushing and grinding circuit, carbon-in-pulp and carbon-in-leach plants, Knelson concentrators, Acacia reactor, elution circuits and an electrowinning plant where the gold is recovered and smelted to produce doré. The available mining fleet consists of three hydraulic shovels, six loaders, 21 underground loaders, and 27 haul trucks, with payloads ranging from 30 to 137 tonnes. Porcupine’s gross property, plant and mine development at December 31, 2023 was $1,830. Porcupine reported 2.2 million ounces of gold reserves at December 31, 2023.
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Éléonore, Canada. (100% owned) Éléonore, located approximately 510 miles (825 kilometers) north of Montreal in Eeyou Istchee/James Bay in Northern Quebec, is an underground operation. The Éléonore operation is comprised of 368 mining claims and one mining lease, issued under the Quebec Mining Act, encompassing 48,210 acres (19,511 hectares). Éléonore is a clastic sediment-hosted stockwork-disseminated gold deposit. Process facilities include a conventional mill which consists of a crushing and grinding circuit, flotation circuit, carbon-in-pulp circuits and an electrowinning plant where the gold is recovered and smelted to produce doré. The available fleet consists of 15 underground loaders, and 11 haul trucks, each with 45 to 60-tonne payloads. Éléonore’s gross property, plant and mine development at December 31, 2023 was $1,208. Éléonore reported 1.5 million ounces of gold reserves at December 31, 2023.
Red Chris, Canada. (70% owned) Red Chris is 70% owned by Newcrest Red Chris Mining Limited, a Newmont subsidiary, and 30% owned by Red Chris Development Company Ltd., an Imperial Metals subsidiary, and is accounted for under proportionate consolidation. Red Chris is located in northwest British Columbia, Canada, approximately 11 miles (18 kilometers) southeast of the Iskut village, 50 miles (80 kilometers) south of Dease Lake, and 7 miles (12 kilometers) east of the Stewart-Cassiar Highway 37. The Red Chris operation is comprised of five mining leases which cover 12,703 acres (5,141 hectares) and 75 mineral claims, encompassing an area of approximately 47,140 acres (19,077 hectares). The mining leases expire in 2042. Red Chris is a copper-gold open pit mining operation. Newmont is conducting a feasibility study on a potential underground block cave mine, and has commenced an exploration decline. Gold and copper porphyry-style mineralization consists of vein, disseminated and breccia sulfides. The main sulfide mineral assemblage is pyrite-chalcopyrite-bornite. Ore from the mine is fed to a primary crusher with crushed ore conveyed to a coarse ore stockpile. From there ore is reclaimed and fed to a conventional SAG mill–ball mill–pebble crushing comminution circuit which in turn feeds a flotation circuit. Flotation concentrate is dewatered and loaded into trucks for transportation off-site. The processing facilities are housed in a single process building. Additional to crushing and processing are waste rock storage facilities, a tailings storage facility, water treatment facilities, and waste treatment facilities. The available fleet consists of three face shovels, five drills, 23 trucks (dump and water trucks), three graders, five excavators, nine loaders, and five dozers. Red Chris’s gross property, plant and mine development at December 31, 2023 was $1,671. Red Chris reported 3.9 million ounces of gold reserves and 2,300 million pounds of copper reserves at December 31, 2023.
Brucejack, Canada. (100% owned) Brucejack, located in western British Columbia, approximately 40 miles (65 kilometers) north of Stewart and 28 miles (45 kilometers) southwest of the Stewart-Cassiar Highway 37, is an underground operation. The Brucejack operation comprises four mining leases and six core mineral claims which cover 8,169 acres (3,306 hectares) and 337 mineral claims covering 298,795 acres (120,918 hectares). The mining leases expire in 2045. Brucejack is a deformed, porphyry-related transitional to intermediate sulphidation epithermal high-grade gold-silver deposit. Gold is hosted in quartz-calcite vein stockworks, sheeted veins and veinlets and can also be associated with arsenian pyrite. Process facilities include a mill building containing process equipment, including a rock bin, SAG mill-ball mill circuit followed by conventional flotation, concentrate dewatering, concentrate load-out and tailings dewater operations, a water treatment plant, a paste backfill plant, and a metallurgical laboratory. The mining fleet includes a fleet of load-haul-dump vehicles, trucks for material loading and transport to surface, excavators, bolters, shotcrete sprayers, long-hole drills, and cable bolters. Brucejack’s gross property, plant and mine development at December 31, 2023 was $2,910. Brucejack reported 3.1 million ounces of gold reserves at December 31, 2023.
Peñasquito, Mexico. (100% owned) Peñasquito is an open pit operation located in the northeast corner of Zacatecas State, approximately 125 miles (200 kilometers) northeast of the city of Zacatecas and is accessible by paved roads with a private airport close to the site. The property began production in 2009, with commercial production being achieved in 2010. Goldcorp acquired its ownership in the mine in 2006 when it acquired Glamis. In 2019, Newmont acquired Goldcorp, obtaining full ownership interest in Peñasquito. Peñasquito consists of the Peñasco and Chile Colorado open pit mines.
Peñasquito is comprised of 20 mining concessions for operations comprising 113,231 acres (45,823 hectares) and 60 mining concessions for exploration of 107,456 acres (43,486 hectares). Surface rights in the vicinity of the Peñasco and Chile Colorado open pits are held by three ejidos: Ejido Cedros, Ejido Mazapil and Ejido Cerro Gordo. Peñasquito has signed land use agreements with each ejidos, valid through 2035 and 2036, and the relevant private owners.
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In August 2020, the Company and Cedros General Assembly ratified the definitive agreement that was reached on April 22, 2020 and resolved all outstanding disputes between Peñasquito and the San Juan de Cedros community (Cedros). In addition, easements have been granted in association with the La Pardita-Cedros Highway and the El Salero-Peñasquito powerline. All necessary permits have been granted.
In July 2007, Goldcorp and Wheaton Precious Metals Corp. (then Silver Wheaton Corp.) entered into a silver streaming agreement. The Company is obligated to sell 25% of silver production from the Peñasquito mine to Wheaton Precious Metals Corporation at the lesser of market price or a fixed contract price, subject to an annual inflation adjustment of up to 1.65%.
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Refer to Note 5 to the Consolidated Financial Statements for further information.
A 2% net smelter return royalty is owed to Royal Gold Inc. from both the Chile Colorado and Peñasco open pits of the Peñasquito mine. Since January 1, 2014, the Mexican Government levies a 7.5% mining royalty that is imposed on earnings before interest, taxes, depreciation, and amortization. There is also a 0.5% environmental erosion fee payable on precious metal production, based on revenues. In December 2016, the State of Zacatecas in Mexico approved new environmental taxes (“Ecological Taxes”) that became effective January 1, 2017. The Ecological Taxes are calculated based on a predetermined formula and the volume of carbon emissions, as well as other environmental variables, at Peñasquito. The Company's payment of the Ecological Taxes primarily relates to the volume of carbon emissions at Peñasquito from fixed and mobile sources.
The mineralization at Peñasquito contains gold, silver, lead and zinc. Deposits currently mined within the Peñasquito operations are considered to be examples of breccia pipes developed as a result of intrusion-related hydrothermal activity.
Process facilities include a sulfide processing plant, comprising three stages of flotation: carbon, lead, and zinc. The carbon pre-flotation circuit was added in 2018 ahead of lead flotation to remove organic carbon associated with sedimentary ores. In the lead and zinc flotation, the slurry is conditioned with reagents to activate the desired minerals and produce lead and zinc concentrates. The tailings from the leach circuit undergoes cyanide destruction and combines with final flotation tailings for final deposition in the tailings storage facility.
The available mining fleet consists of five rope shovels, three hydraulic shovels, four loaders, and 82 haul trucks, each with a 312-tonne payload. The fleet is supported by 9 blast hole production drills, as well as track dozers, rubber tire dozers, excavators, and graders.
Brownfield exploration and development for new reserves is ongoing.
In January 2011, Peñasquito entered into a 20-year power delivery agreement with a subsidiary of InterGen Servicios Mexico (now Saavi Energia) where Peñasquito agreed to purchase electrical power from a gas-fired electricity generating facility located near San Luis de la Paz, Guanajuato, Mexico. The agreement commenced in August 2015. Power is also supplied by the Mexican Electricity Federal Commission (Comision Federal de Electricidad) at its central power grid through the El Salero-Peñasquito powerline.
Peñasquito’s gross property, plant and mine development at December 31, 2023 was $5,644.
As of December 31, 2023 and 2022, Peñasquito reported 4.6 million and 5.4 million ounces of gold reserves, respectively, 313 million ounces and 346 million of silver reserves, respectively, 2,100 million and 2,300 million pounds of lead reserves, respectively, and 4,900 million and 5,540 million pounds of zinc reserves, respectively. These changes represent a decrease of approximately 15% in gold reserves, a decrease of approximately 10% in silver reserves, a decrease of approximately 9% in lead reserves, and a decrease of approximately 12% in zinc reserves in 2023 compared to 2022. The overall reduction in gold reserves is primarily due to depletion, resource model updates, and other modifying factors, including mill recovery and geotechnical considerations.
As of December 31, 2023 and 2022, Peñasquito reported 1.5 million and 3.7 million ounces of gold resources, respectively, 175 million ounces and 314 million of silver resources, respectively, 1,100 million and 2,070 million pounds of lead resources, respectively, and 2,900 million and 4,740 million pounds of zinc resources, respectively. These changes represent a decrease of approximately 59% in gold resources, a decrease of approximately 44% in silver resources, a decrease of approximately 47% in lead resources, and a decrease of approximately 39% in zinc resources in 2023 compared to 2022. The overall decrease in gold resources is primarily due to resource model and cost updates.
Merian, Suriname. (75% owned) Merian is owned 75% by Newmont Suriname, LLC (“Newmont Suriname”) (formerly known as Suriname Gold Company LLC and 100% indirectly owned by Newmont Corporation) and 25% by Staatsolie Maatschappij Suriname N.V. (“Staatsolie,” a company wholly owned by the Republic of Suriname). Merian is located in Suriname, approximately 40 miles (66 kilometers) south of the town of Moengo and 19 miles (30 kilometers) north of the Nassau Mountains, close to the French Guiana border. The Merian operation is comprised of one Right of Exploitation and five Rights of Exploration encompassing an area of 41,484 acres (16,788 hectares). All of the gold mineralization at Merian is closely associated with quartz veining within siltstone and sandstone formations. The operation currently includes the Merian 2 open pit, the Merian 1 open pit, the Maraba open pit, and the Kupari open pit. The available mining fleet consists of three shovels, three mining excavators, and 36 haul trucks, each with 150-tonne payload. Merian includes processing facilities that utilize a conventional gold mill, primary crusher and processing plant, consisting of a comminution plant, including gravity and cyanide leach processes, with recovery by carbon-in-leach, elution, electrowinning and induction furnace smelting to produce a gold doré product. Merian’s gross property, plant and mine development at December 31, 2023 was $1,290. Merian reported 3.9 million attributable ounces of gold reserves at December 31, 2023.
Brownfield exploration and development for new reserves is ongoing.
Cerro Negro, Argentina. (100% owned) Cerro Negro is located in southern Argentina about 250 miles (400 kilometers) southwest of the coastal city of Comodoro Rivadavia. The mineral tenure consists of ten mining property titles encompassing 53,246 acres (21,548 hectares), and three exploration licenses, encompassing 13,193 acres (5,339 hectares). We also own lands in the Cerro Negro mine area, totaling approximately 27,429 acres (11,100 hectares), which overlie the Bajo Negro and Vein Zone deposits and adjacent prospects.
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Cerro Negro consists of the Eureka, Mariana Central, Mariana Norte, Emilia, and San Marcos operating underground mines and the Baja Negro and Silica Cap underground mines, which are currently in development. Deposits within the Cerro Negro mine operations are low sulfidation, epithermal gold/silver vein deposits. Cerro Negro’s available underground mining fleet consists of 8 underground loaders, 12 underground haul trucks and eight surface haul trucks, each with 30 to 40-tonne payloads and additional auxiliary equipment as required. The processing plant facilities consist of a crushing plant, a grinding circuit, agitated leaching, counter-current decantation, solution clarification, Merril Crowe zinc precipitation and smelting to produce gold and silver doré bars that are shipped to a refinery for further processing. Cerro Negro’s gross property, plant and mine development at December 31, 2023 was $2,110. Cerro Negro reported 3.2 million ounces of gold reserves at December 31, 2023.
Brownfield exploration and development for new reserves is ongoing, including the development of the Eastern district.
Pueblo Viejo, Dominican Republic. (40% owned) Pueblo Viejo is a joint venture with Barrick, where Barrick is the operator who holds the remaining 60% interest. Commercial production was achieved in January 2013 and the Pueblo Viejo Mine completed its ramp-up to full design capacity in 2014. In March 2006, Barrick acquired the Pueblo Viejo mine as a result of their acquisition of Placer Dome Inc and subsequently sold 40% to Goldcorp. Newmont obtained the 40% ownership of Pueblo Viejo when Newmont acquired Goldcorp in 2019. We report our interest in Pueblo Viejo on an equity method basis.
The Pueblo Viejo mine is an open pit conventional truck and shovel mining operation located approximately 60 miles (100 kilometers) northwest of Santo Domingo, Dominican Republic. The Pueblo Viejo mine is situated on the Montenegro Fiscal Reserve, an area specially designated by Presidential Decree for the leasing of minerals and mine development, which covers an area of approximately 19,756 acres (7,995 hectares) in aggregate. The property is accessible year-round by paved road from Santo Domingo.
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A special lease agreement (“SLA”) between the Dominican State and Pueblo Viejo governs the development and operation of the Pueblo Viejo mine. The SLA provides the right to operate the Pueblo Viejo mine for a 25-year period commencing on February 26, 2008, with one extension by right for 25 years and a second 25-year extension by mutual agreement of the parties, allowing a possible total term of 75 years. Pueblo Viejo pays the Dominican Republic government a net smelter return royalty of 3.2% based on gross revenues for gold and silver, a net profits interest of 28.75% based on an adjusted taxable cash flow, a corporate income tax of 25% based on adjusted net income, a withholding tax on interest paid on loans and on payments abroad, and other general tax obligations which include a graduated minimum tax.
The Pueblo Viejo deposits are located in two major areas, the Monte Negro pit and the Moore pit, and consists of high sulfidation or acid sulfate epithermal gold, silver, copper and zinc mineralization. Process facilities include a conventional mill which consists of a crushing and grinding circuit, autoclaves, and a carbon-in-leach circuit. The plant expansion project is nearing completion and adds a new crusher, SAG mill, carbon-in-leach circuit and a flotation circuit. The tailings storage facility continues to advance. The plant expansion and tailings storage facility are designed to extend its life to 2040 and beyond. In 2013, Pueblo Viejo commissioned a combined cycle reciprocating engine power plant, together with a transmission line connecting the plant to the mine site. The power plant is located near the port city of San Pedro de Macoris and will provide the long-term power supply for the Pueblo Viejo mine. In 2019, Pueblo Viejo signed a 10-year natural gas supply contract with AES Andres DR, S.A. in the Dominican Republic who also completed a new gas pipeline to the facility.
The available mining fleet consists of three shovels, five front loaders, 46 haul trucks, each with an average payload of 177 tonnes, and seven drills.
The Company's attributable portion of Pueblo Viejo’s gross property, plant and mine development is $3,096 at December 31, 2023. We report our 40% interest in Pueblo Viejo on an equity method basis under U.S. GAAP and as a result our attributable portion of Pueblo Viejo's gross property, plant and mine development is included in the carrying value of our equity method investment at December 31, 2023.
As of December 31, 2023 and 2022, Pueblo Viejo reported 8.0 million and 8.2 million ounces of attributable gold reserves, respectively, and 49.5 million and 51.0 million ounces of attributable silver reserves, respectively. These changes represent a decrease of approximately 2% in attributable gold reserves and a decrease of approximately 3% in attributable silver reserves in 2023 compared to 2022. The decrease in gold reserves is primarily due to depletion.
As of December 31, 2023 and 2022, Pueblo Viejo reported 2.3 million and 2.1 million attributable ounces of gold resources, respectively and 12.3 million and 11.7 million attributable ounces of silver reserves. These changes represent an increase of approximately 8% in attributable gold resources and an increase of approximately 5% in attributable silver resources in 2023 compared to 2022.
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The increase to resources is primarily due to positive revisions as a result of technical changes.
Yanacocha, Peru. (100% owned) In 2022, the Company completed the acquisition of Compañia de Minas Buenaventura S.A.A.'s (“Buenaventura”) 43.65% noncontrolling interest and Summit Global Management II VB's, a subsidiary of Sumitomo ("Sumitomo"), 5% noncontrolling interest in Yanacocha. At December 31, 2023, the Company holds 100% ownership interest in Yanacocha. Refer to Note 1 to the Consolidated Financial Statements for further information.
Yanacocha is located approximately 375 miles (604 kilometers) north of Lima and 30 miles (48 kilometers) north of the city of Cajamarca. Yanacocha is comprised of 18 mining concessions encompassing 245,526 acres (99,361 hectares).
Yanacocha is an epithermal type deposit of high sulfidation hosted in volcanic rock formations. Gold is associated with iron-oxides and pyrite, which is placed on leach pads. Yanacocha consists of the following open pit mines: the La Quinua Complex, the Yanacocha Complex, the Carachugo Complex, and Maqui Maqui. Yanacocha has four leach pads (La Quinua, Yanacocha, Carachugo and Maqui Maqui), with leaching operations at La Quinua and Carachugo. Yanacocha also has three gold processing plants (Pampa Larga, Yanacocha Norte and La Quinua), one limestone processing facility (China Linda) and one mill (Yanacocha Gold Mill). The La Quinua Complex mined material from the La Quinua Sur and the Tapado Oeste Layback and finished mining operations in 2021. The Yanacocha Complex mined material from the Yanacocha Layback and Yanacocha Pinos, which has had limited mining operations in recent years, finished mining operations in 2022. The Maqui Maqui operations mined material from multiple mines that are no longer in operation. The Yanacocha Gold Mill ceased current operations in February 2021 and has been placed into care and maintenance. It will be repurposed for use as part of the Yanacocha Sulfides project. The Carachugo leach pad processes oxide material from Quecher Main. Yanacocha’s available mining fleet consists of two shovels, four excavators, and 25 haul trucks, each with 233-tonne payload. Yanacocha’s gross property, plant and mine development at December 31, 2023 was $5,876. Yanacocha reported 5.5 million ounces of gold reserves at December 31, 2023.
Boddington and Tanami, Australia. Newmont’s Boddington and Tanami operations in Australia take place on land that falls under the custodianship of Aboriginal people. Aboriginal land rights in Australia, which recognize the traditional rights and customs of Aboriginal people, are governed by the Commonwealth Native Title Act and certain other Acts specific to individual states and territories. The Commonwealth Native Title Act was enacted in 1993 following a decision in the High Court of Australia, which held that Aboriginal people, who have maintained a continuing connection with their land according to their traditional laws and customs, may hold certain rights which should be recognized under Australian common law. In the Northern Territory, where the Tanami operation is located, the Aboriginal Land Rights Act (“ALRA”) was introduced in 1976, which established an Aboriginal Land rights regime. Under the ALRA, approximately 50% of the land in the Northern Territory was granted as Aboriginal freehold land.
Newmont has existing agreements with the Traditional Owners of the land utilized by our Tanami and Boddington operations. Any future agreements would depend on a determination of native title, which is likely to take many years. If successful, a native title determination could give rights to compensation claims in the future. Throughout Australia, new exploratory and mining tenements may require native title agreements to be entered into and will be subject to a negotiation process, which often gives rise to compensation payments and heritage survey protocols. Newmont does not consider that native title claims or determined areas where rights have been established are an impediment to the operation of existing mines.
In Australia, various ad valorem royalties and taxes are paid to state and territorial governments, typically based on a percentage of gross revenues or earnings. Aboriginal groups have negotiated compensation/royalty payments as a condition to granting access to areas where native title rights are determined or where they own the land.
Boddington, Australia. (100% owned) Boddington is located 81 miles (130 kilometers) southeast of Perth in Western Australia and is accessible primarily by paved road. Boddington has been wholly owned since June 2009 when Newmont acquired the final 33.33% interest from AngloGold Ashanti Australia Limited.

The Boddington project area comprises 52,506 acres (21,249 hectares) of mining tenure leased from the State of Western Australia, of which 26,910 acres (10,890 hectares) is subleased from the South 32 Worsley Joint Venturers ("Worsley JV"). The total project area is comprised of multiple leases that expire between 2025 and 2043. Royalties are paid to the state government at 2.5% for gold and 5% for copper based on revenue. Shipping and treatment and refining costs are allowable deductions from revenue for royalty calculations for copper. Newmont owns 74,474 acres (30,139 hectares) of rural freehold property, some of which overlaps existing mining tenure. The majority of its current operational area is located on its freehold property.
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The subleases from the Worsley JV expire immediately prior to the expiry of the relevant mining leases. Newmont holds rights to renew the subleases. The mining leases are renewable upon application to the State of Western Australia by the Worsley JV. As these mining leases are in their third term, renewal of these mining leases is at the discretion of the State. The subleases do not confer an express right to require the Worsley JV to seek application to renew the mining leases. Newmont is entitled to all gold and other non-bauxite mineralization conferred by the mining leases. The Worsley JV retains the rights to bauxite mineralization. The relationship between the Worsley JV bauxite operations and the Boddington gold operations are regulated through a cross-operation agreement. This agreement confers priority on the bauxite operations such that the bauxite/alumina mining operations of the Worsley JV will take priority over the gold mining operations and Newmont is required to take reasonable measures to conserve bauxite including by mining and stockpiling bauxite on behalf of the Worsley JV.
Boddington consists of greenstone diorite hosted mineralization and exploration activities continue to develop the known reserve. The mine operates two pits (North and South Pits), utilizing two electric rope shovels, a diesel powered face shovel and an electric hydraulic shovel as its prime ex-pit material movers with a fleet of 41 production autonomous haulage trucks. Boddington has a current capacity to mine approximately 150,000 to 200,000 tonnes of material per day. The milling plant includes a three-stage crushing facility (two primary crushers, six secondary crushers and four high-pressure grinding rolls), four ball mills, a flotation circuit and a carbon-in-leach circuit. The flotation circuit process recovers gold-copper concentrate before the material is then processed by a traditional carbon-in-leach circuit where the remaining gold is recovered to produce doré. Mining operations consist of two open pit operations located adjacent to each other.
Power for the operation is sourced through the local power grid under a long-term power purchase agreement with Bluewaters Power. The power supply contract with Bluewaters expires in 2026 and includes an option to extend.
Boddington’s gross property, plant and mine development at December 31, 2023 was $4,750.
As of December 31, 2023 and 2022, Boddington reported 9.6 million and 10.6 million ounces of gold reserves, respectively, and 1,000 million and 1,160 million pounds of copper reserves, respectively. These changes represent a decrease of approximately 9% in gold reserves and a decrease of approximately 14% in copper reserves in 2023 compared to 2022. The overall reduction in gold reserves is primarily due to depletion.
As of December 31, 2023 and 2022, Boddington reported 4.7 million and 4.6 million ounces of gold resources, respectively, and 700 million and 660 million pounds of copper resources, respectively. The gold resources remained consistent and the copper resources increased approximately 6% in 2023 compared to 2022.
Brownfield exploration and development for new reserves is ongoing.
Tanami, Australia. (100% owned) Tanami is located in the Northern Territory approximately 342 miles (550 kilometers) northwest of Alice Springs. The underground mining infrastructure and operation is located at Dead Bullock Soak (“DBS”). The processing infrastructure is located 25 miles (40 kilometers) to the east of the mining operations at the Granites. Ore is transported by road train from DBS underground to the processing facility at the Granites.
The Newmont Tanami Operations are comprised of exploration licenses encompassing a total area of 1,510,806 acres (611,402 hectares) including 648,157 acres (262,300 hectares) relating to the Tobruk and Monza Joint Ventures entered into with Prodigy Gold, for which Newmont is the operator, and 11,025 acres (4,462 hectares) of mineral leases granted pursuant to the Northern Territory Mineral Titles Act. Additionally, Newmont operates through exploration and mining agreements with the Central Land Council who represent Traditional Owners, the Warlpiri people.
Tanami consists of sediment hosted sheeted quartz vein mineralization. Tanami, as an underground mining operation, has a fleet of ten underground loaders and 23 haul trucks, each with 60 to 65-tonne payloads. Processing plant facilities currently consist of a crushing plant, a grinding circuit, a gravity circuit, carbon in pulp tanks and a conventional tailings disposal facility. Tanami’s gross property, plant and mine development at December 31, 2023 was $2,995. Tanami reported 4.8 million ounces of gold reserves at December 31, 2023.
Brownfield exploration and development for new reserves is ongoing with the main focus being underground ore definition drilling of the Auron, Federation and Liberator ore bodies as well as exploration of the Oberon deposit.
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Cadia, Australia. (100% owned) Cadia is located approximately 16 miles (25 kilometers) south-southwest of the town of Orange in New South Wales ("NSW") and is accessible primarily by paved roads and through the Orange airport located approximately 8 miles (13 kilometers) northeast of the Cadia Operations. The Cadia Operations consist of six granted mining leases and five granted exploration licenses through NSW encompassing a total area of 53,128 acres (21,500 hectares). Newmont predominantly owns all properties covered by the mining leases and a number of properties in the surrounding area. The main mining lease expires in October 2038 but can be renewed. Newcrest acquired the Cadia mine in 1991. Newmont obtained the 100% ownership of Cadia when Newmont acquired Newcrest in 2023.

Cadia consists of the Cadia East, Cadia Extended, and Ridgeway deposits which consist of alkalic porphyry gold-copper style mineralization and the Big Cadia deposit which is a skarn-style occurrence.
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The NSW government levies a royalty rate of 4% for gold, silver, copper, and molybdenum based on revenue. Treatment costs, depreciation, realization, and administration costs are allowable deductions from revenue for royalty calculations.
Cadia operates two adjacent concentrators, Concentrator 1 and Concentrator 2, currently treating ore from Cadia East mine. Both concentrators have undergone throughput upgrades, including operational improvements, over the years. Water supply at Cadia is sourced from the Cadiangullong Dam, Upper Rodds Creek Dam, Flyers Creek Weir, Cadia Creek Weir, Orange Sewage Treatment Plant treated effluent, Blayney Sewage Treatment Plant treated effluent, on-site groundwater bores, Belubula River, Cadia Extended open pit (a completed and backfilled extension of the Cadia Hill open pit) and site runoff. Cadia sources all of its power from the National Electricity Market. Cadia is currently under an electricity supply agreement and holds a power purchase agreement.
Production mining is an underground panel cave mining from Cadia East with underground crushing and conveyor to surface. The processing plant infrastructure includes high pressure grinding rolls, SAG mills, ball mills, flotation, coarse ore flotation, gravity concentrator and a molybdenum plant to produce copper and gold concentrate, gold doré and molybdenum concentrate.
The available fleet consists of 33 underground production loaders with an average 18.4 tonne payload. Cadia’s gross property, plant and mine development at December 31, 2023 was $5,355.
As of December 31, 2023, Cadia reported 14.7 million ounces of gold reserves, 7,100 million pounds of copper reserves, 24 million ounces of silver reserves, and 200 million pounds of molybdenum reserves.
As of December 31, 2023, Cadia reported 20.6 million ounces of gold resources, 10,300 million pounds of copper resources, 39 million ounces of silver resources, and 200 million pounds of molybdenum resources.
Telfer, Australia. (100% owned) Telfer, located in the East Pilbara region in Western Australia, approximately 280 miles (450 km) southwest of Port Hedland, is an open pit and underground operation. The operations comprise 30 mining leases and four general purpose leases which cover 67,368 acres (27,263 hectares). The main mining leases expire in 2024. Gold and copper mineralization is contained within narrow high grade reefs, pod-like mineralized bodies, sheeted vein sets and low grade stockworks hosted by Proterozoic sedimentary rocks. Copper mineralization is also contained within chalcopyrite, chalcocite and bornite sulfide species. Process facilities include two processing trains, each comprised of a SAG and ball milling circuit, a flash flotation circuit, gravity recovery circuits, a copper-pyrite flotation circuits, a carbon-in-leach plant, counter-current decantation circuit, concentrate dewatering and load out, tailings dewatering, carbon recovery and elution circuit and supplementary dump leach. Gold recovered from the gravity circuit and gold eluted from carbon-in-leach and dump leach carbon are recovered via electrowinning and smelting in the gold room to produce doré. The underground mining mobile fleet comprises of seven underground loaders and six trucks each with a 50-tonne payload. Telfer underground also comprises of an underground crusher and hoisting system capable of hoisting 900t/hr to the surface. The open pit mining fleet comprises 31 haul trucks and three excavators. Telfer’s gross property, plant and mine development at December 31, 2023 was $345. Telfer reported no gold reserves at December 31, 2023.
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Lihir, Papua New Guinea. (100% owned) Lihir is an open pit mine located near the town of Londolovit on Lihir Island, approximately 560 miles (900 kilometers) northeast of Port Moresby, the national capital. Access to Lihir Island is through the Kunaye airport located approximately 4 miles (7 kilometers) north of the mine. Newcrest acquired the Lihir mine in 2010. Newmont obtained the 100% ownership of Lihir when Newmont acquired Newcrest in 2023.
The Lihir deposit is considered to be an example of an epithermal gold deposit. Lihir Island is part of a 155 mile (250-kilometers) long, northwest-trending, alkalic volcanic island chain that sits within an area where several micro-plates (Solomon Sea Plate, South Bismarck Plate and North Bismarck Plate) developed between the converging Australian and South Pacific plates. Lihir Island comprises two Plio–Pleistocene volcanic blocks, Londolovit Block and Wurtol Wedge and three Pleistocene volcanic edifices, Huniho, Kinami, and Luise.
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Lihir consists of a granted Special Mining Lease, two granted Mining Leases, one granted Exploration License, five granted Leases for Mining Purposes, and three Mining Easements held in the name of Lihir Gold. The total area under license is approximately 63,506 acres (25,700 hectares). Lihir is situated on land held variously under customary, State of PNG, and private ownership, including under State of PNG lease. The bulk of the land that is or will be affected by development, operations and closure of the Lihir Operations is customary owned. Newmont has been granted rights to undertake mining and processing of gold and related activities, through negotiations with the state and local government, and landowners in the area. Environment Permits for water extraction and waste disposal are in place to support mining operations. The Londolovit River is the main source of water for the process plant and surrounding area.
A 2% royalty is payable to the State on the realized prices of all gold and silver bullion sold. In addition, a production levy of 0.5% is also payable to the PNG Mineral Resource Authority on the gross income from the sale of the minerals (i.e., excluding the offsets of treatment and refining charges, payable terms and freight) and other income derived from or in connection with the mining operations.
Operations at Lihir are conducted using a fleet of seven shovels and 49 haul trucks, with payload ranging from 85 to 135-tonnes. The process plant consists of crushing and grinding followed by partial flotation, pressure oxidation, and recovery of gold from washed oxidized slurry using conventional cyanidation. For tailings management, Lihir utilizes deep-sea tailings placement in a suitable deep-ocean location. The plant has undergone a number of alterations and expansions since first commissioning in 1997.
Lihir’s gross property, plant and mine development at December 31, 2023 was $2,645.
As of December 31, 2023, Lihir reported 17.5 million ounces of gold reserves. As of December 31, 2023, Lihir reported 20.2 million ounces of gold resources.
Ahafo and Akyem, Ghana. All of Newmont’s operations in Africa are located in Ghana. In December 2003, Ghana’s Parliament unanimously ratified an Investment Agreement (“IA”) between Newmont and the government of Ghana. The IA established a fixed fiscal and legal regime, including fixed royalty and tax rates, for the life of any Newmont project in Ghana. In December 2015, Ghana’s Parliament ratified the Revised Investment Agreements (“Ghana Investment Agreements” or “Revised IAs”). Currently, the maximum corporate income tax rate remains at 32.5% and royalties are paid on a sliding scale system that is based on average monthly gold prices. The rates range from 3% to 5% of revenues (plus an additional 0.6% for any production from forest reserve areas). The government of Ghana is also entitled to receive 10% of a project’s net cash flow after reaching specific production milestones by receiving 1/9th of the total amount paid as dividends to Newmont parent. When the average quoted gold price exceeds $1,300 per ounce within a calendar year, an advance payment on these amounts of 0.6% of total revenues is required. The Ghana Investment Agreements also contain commitments with respect to job training for local Ghanaians, community development, purchasing of local goods and services and environmental protection.
The Ghana Investment Agreements also include a change in tax stabilization from life of mine to 15 years from commercial production for each mine. In October 2017, the government of Ghana approved Newmont’s request to extend the stability period of the Revised IAs at the Ahafo operations for five years to December 31, 2025. The extension was approved based on Newmont’s commitment to invest at least $300 for the Subika Underground and Ahafo Mill Expansion projects. This commitment was completed during the fourth quarter of 2018.
The Ahafo and Akyem mines operate using electrical power generated by the Volta River Authority along with supplemental power generation capacity built by Newmont.
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Ahafo, Ghana. (100% owned) Our current Ahafo operation ("Ahafo South") is located near Kenyasi in the Ahafo Region of Ghana, approximately 180 miles (290 kilometers) northwest of the national capital city of Accra, and is largely accessible by paved roads. In 2002, Newmont acquired 50% of Ahafo South as a result of the merger with Normandy. In 2003, Newmont purchased the remaining interest from Moydow Mines International Inc. (“Moydow”), thereby making it a wholly owned subsidiary. The Ahafo South mine commenced commercial production in 2006 and currently operates a mill, two pits and an underground operation. In July 2021, the Board of Directors approved full funding for the Ahafo North project which will expand our existing footprint in Ghana with four open pit mines and a stand-alone mill located approximately 30 kilometers from our current Ahafo South operations.
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The Ahafo South operations are comprised of three mining leases issued under the Ghanaian Mining Act encompassing a total area of approximately 137,000 acres (55,000 hectares) with current mine take area of approximately 13,200 acres (5,300 hectares) that has been fully compensated and approximately 10,700 acres (4,300 hectares) of mining area that has not been fully compensated (e.g. payment would be necessary to move people from their land). The mining leases grant the exclusive rights to work, develop and produce gold in the lease area, including the processing, storing and transportation of mineral and materials. The mining leases require Ahafo South to respect or perform certain financial and statutory reporting obligations and expire in 2031 and are renewable subject to certain conditions. Ahafo South pays a royalty of 2% on net smelter returns to Franco-Nevada for all gold ounces recovered from areas previously owned by Moydow and a sliding scale royalty based on the average monthly gold price up to 5% on gold production to the government of Ghana.
The Ahafo South mine is composed of three orogenic gold deposits that have oxide and primary mineralization. Gold occurs primarily in pyrite and secondarily as native gold in quartz veins. Ahafo South has two active open pits, Subika and Awonsu. Subika added an underground operation, which reached commercial production in November 2018, and Awonsu completed a layback in November 2019. The available mining fleet for surface mining consists of three shovels and 36 haul trucks, each with 141-tonne payload. The available mining fleet for underground mining consists of eight underground loaders and 13 haul trucks, with payload ranging from 55 to 57-tonnes. The daily production rate is approximately 88,000 tonnes. The original processing plant was commissioned in 2006. The Ahafo Mill Expansion, which was completed in October 2019, expanded the plant capacity to process approximately 11 million tonnes per year. The current processing plant consists of two crushing plants, two grinding circuits, carbon-in-leach circuits, elution circuit, counter current decantation circuit, a tailings disposal facility, a reverse osmosis water treatment plant, and an analytical laboratory managed by a third party.
Brownfield exploration and development for new reserves is ongoing.
Ahafo South’s gross property, plant and mine development at December 31, 2023 was $2,849.
As of December 31, 2023 and 2022, Ahafo South reported 5.1 million and 5.7 million ounces of gold reserves, respectively. This change represents a decrease of approximately 10% in gold reserves in 2023 compared to 2022. The overall reduction in gold reserves is primarily due to depletion.
As of December 31, 2023 and 2022, Ahafo South reported 5.1 million and 5.2 million ounces of gold resources, respectively. The gold resources remained consistent.
Akyem, Ghana. (100% owned) Akyem, located in Birim North District of the Eastern Region of Ghana, approximately 80 miles (125 kilometers) northwest of the national capital city of Accra, is an open pit mining operation comprised of two mining leases issued under the Ghanaian Mining Act, encompassing an area of approximately 16,000 acres (6,000 hectares). The Akyem mine is an orogenic gold deposit that has oxide and primary mineralization. Process facilities include a crushing plant, a SAG and ball milling circuit, carbon-in-leach circuit, elution circuit and bullion smelting facilities. The available mining fleet consists of four excavators made up of two front end shovels and two backhoe excavators and twenty-one 145-tonne payload haul trucks. Akyem’s gross property, plant and mine development at December 31, 2023 was $1,748. Akyem reported 1.1 million ounces of gold reserves at December 31, 2023.
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NGM, Nevada, U.S. (38.5% owned) NGM is located in Elko, Nevada. On July 1, 2019, Newmont and Barrick consummated the Nevada JV Agreement, which combined the Company’s Nevada mining operations with Barrick’s Nevada mining operations resulting in the establishment of NGM, a joint venture with Barrick, who is the operator, and which is accounted for by the Company under proportionate consolidation. NGM operations are primarily accessible by paved road and are comprised of 180,921 acres (73,217 hectares) in aggregate including Cortez 53,999 acres (21,853 hectares), Carlin 58,255 acres (23,575 hectares), Turquoise Ridge 26,679 acres (10,797 hectares), Phoenix 17,900 acres (7,244 hectares), and Long Canyon 24,088 acres (9,748 hectares).
NGM.jpg
All sites at NGM contain open pit operations while Cortez, Carlin, and Turquoise Ridge also include underground operations. At Cortez, mineralization is sedimentary rock-hosted and consists of submicron to micrometer-sized gold particles and gold in solid solution in pyrite. Refractory ore is transported to Carlin for processing. Phoenix is a skarn-hosted polymetallic massive sulfide replacement deposit. The Phoenix mill produces a gravity gold concentrate and a copper/gold flotation concentrate and recovers additional gold from cyanide leaching of the flotation tails. Carlin, Turquoise Ridge, and Long Canyon are a sediment-hosted disseminated gold deposit. Additionally, at Long Canyon, oxide ore with suitable cyanide solubility is treated on a heap leach pad. Gold recovered from the leach pad is transferred as gold-bearing carbon to Carlin for refining and shipment.
In Nevada, mining taxes are assessed on up to 5% of net proceeds of a mine. During 2021, the Nevada legislature enacted a new excise tax which is assessed up to 1.1% of gross revenues.
NGM owns, or controls through leases, fee ownership, and unpatented mining claims, all of the minerals and surface area within the boundaries of the present Nevada mining operations. The long-term leases extend for at least the anticipated mine life of those deposits. With respect to a significant portion of the Gold Quarry mine at Carlin, NGM pays a net smelter royalty equivalent to 16.2% of the mineral production. NGM wholly-owns or controls the remainder of the Gold Quarry mineral rights, in some cases subject to additional royalties. With respect to certain smaller deposits in Nevada, NGM is obligated to pay royalties on production to third parties that vary from 1% to 8% of production.
Each site has its own process facilities which include: an oxide mill, which consists of a crushing and grinding circuit and carbon-in-leach circuit, and two heap leach pads at Cortez; an autoclave, two roasters, an oxide mill/flotation circuit and four heap leach pads at Carlin; the Sage autoclave, an oxide mill, and three heap leach pads at Turquoise Ridge; a flotation mill, a carbon-in-leach plant, a copper leach pad and a solvent extraction electrowinning (“SX/EW”) plant at Phoenix; and a heap leach pad at Long Canyon. NGM has a current capacity across all sites to mine approximately 340,000 tonnes of material per day. The milling facilities were commissioned over a range of years beginning in the 1990’s. They undergo routine maintenance each year with process improvements implemented as the projects are identified and approved. Power is either purchased in the open market or supplied by the power plants owned and operated by NGM.
The NGM operations include, in aggregate, an open pit mining fleet consisting of 28 shovels and 162 haul trucks with an average payload of 263 tonnes, and an underground mining fleet consisting of 59 underground loaders and 88 haul trucks, with an average payload of 35 tonnes.
Newmont’s share of NGM’s gross property, plant and mine development at December 31, 2023 was $8,491.
As of December 31, 2023 and 2022, NGM reported 18.3 million and 18.6 million attributable ounces of gold reserves, respectively, 300 million and 320 million pounds of copper reserves, respectively, and 14.2 million and 13.3 million ounces of silver reserves, respectively. These changes represent a decrease of approximately 2% in gold reserves, a decrease of approximately 6% in copper reserves, and an increase of approximately 6% in silver reserves in 2023 compared to 2022. The decrease in gold reserves is primarily due to mining depletion.
As of December 31, 2023 and 2022, NGM reported 17.3 million and 19.2 million attributable ounces of gold resources, respectively, 600 million and 420 million attributable pounds of copper resources, respectively, and 19.9 million and 18.1 million attributable ounces of silver resources, respectively. These changes represent a decrease of approximately 10% in gold resources, an increase of approximately 43% in copper resources, and an increase of approximately 10% in silver resources in 2023 compared to 2022. The decrease in gold resources is primarily due to negative net revisions.
Brownfield exploration and development for new reserves is ongoing.
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Operating Statistics
Operating Statistics, Proven and Probable Reserves and Measured, Indicated and Inferred Resources presented below contain tabular information that is presented in both metric and imperial as follows: (i) metric tonnage is utilized for all metals; (ii) gold and silver grades are presented in grams per tonne; (iii) copper, lead, zinc, molybdenum, and tungsten grades are presented in percentages; and (iv) metal content for gold and silver is presented in ounces while metal content for copper, lead, zinc, molybdenum, and tungsten is presented in pounds.
The following tables detail operating statistics related to gold production, ounces sold, and production costs per ounce of our continuing operations:
Mining and Production Detail (1)
Year Ended
December 31, 2023		 Tonnes Mined Tonnes Processed
Average Ore Grade (2)
 Average Mill Recovery Rate Ounces Produced Ounces Sold
Open Pit Underground Mill Leach Mill Leach Mill Leach Consolidated
Attributable (3)
 Consolidated
CC&V 38,555  —  —  25,566  —  0.452  —% —  172  172  172  171 
Musselwhite —  1,027  1,028  —  5.701  —  95.7% 180  —  180  180  181 
Porcupine 6,972  859  2,911  —  3.015  —  91.4% 260  —  260  260  258 
Éléonore —  1,656  1,661  —  4.785  —  91.0% 232  —  232  232  233 
Red Chris (4)
 3,769  —  1,139  —  0.276  —  54.2% 5  —  5  5  4 
Brucejack (4)
 —  167  166  —  5.685  —  96.0% 29  —  29  29  36 
Peñasquito 96,099  —  20,850  —  0.429  —  57.0% 143  —  143  143  130 
Merian 41,031  —  14,403  —  0.758  —  91.3% 322  —  322  242  319 
Cerro Negro —  1,076  1,084  —  8.314  —  92.8% 269  —  269  269  261 
Yanacocha 62,173  —  —  19,682  —  0.494  —% —  276  276  276  275 
Boddington 61,543  —  36,467  —  0.754  —  85.4% 745  —  745  745  749 
Tanami —  2,314  2,369  —  6.012  —  98.3% 448  —  448  448  444 
Cadia (4)
 —  4,366  5,229  —  0.722  —  81.5% 97  —  97  97  120 
Telfer (4)
 6,435  206  2,807  —  0.649  —  73.2% 43  —  43  43  67 
Lihir (4)
 6,395  —  2,061  —  2.567  —  76.5% 134  —  134  134  131 
Ahafo 26,851  2,344  7,976  —  2.399  —  93.9% 581  —  581  581  578 
Akyem 24,494  —  7,646  —  1.317  —  89.5% 295  —  295  295  296 
NGM 100,728  2,490  11,426  10,853  3.487  0.398  82.5% 1,057  113  1,170  1,170  1,167 
Total Gold 475,045  16,505  119,223  56,101  1.463  0.456  86.7% 4,840  561  5,401  5,321  5,420 
____________________________
(1)All amounts are reported in thousands unless otherwise noted.
(2)Average ore grade reported in grams/tonne.
(3)Attributable ounces produced for Merian reflects our 75% ownership interest.
(4)Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
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Production Costs per Ounce Sold (1)(5)
Year Ended
December 31, 2023		 Direct Mining and Production Costs By-Product Credits Royalties and Production Taxes  Write-Downs and Inventory Change
Costs Applicable to Sales (2)(3)
 Depreciation and Amortization Reclamation and Remediation
Total Production Costs (4)
All-In Sustaining Costs per Ounce Sold (3)
CC&V $ 1,327  $ (7) $ 121  $ (285) $ 1,156  $ 136  $ 59  $ 1,351  $ 1,644 
Musselwhite $ 1,152  $ (2) $ 48  $ (12) $ 1,186  $ 444  $ 17  $ 1,647  $ 1,843 
Porcupine $ 1,214  $ (4) $ 25  $ (68) $ 1,167  $ 455  $ 33  $ 1,655  $ 1,577 
Éléonore $ 1,230  $ (2) $ 44  $ (9) $ 1,263  $ 433  $ 13  $ 1,709  $ 1,838 
Red Chris (6)
 $ 1,825  $ (1) $ 27  $ (946) $ 905  $ 298  $ 15  $ 1,218  $ 1,439 
Brucejack (6)
 $ 1,484  $ (41) $ 30  $ 425  $ 1,898  $ 617  $ —  $ 2,515  $ 2,646 
Peñasquito $ 1,296  $ (6) $ 33  $ (104) $ 1,219  $ 516  $ 28  $ 1,763  $ 1,590 
Merian $ 1,080  $ (1) $ 117  $ 11  $ 1,207  $ 256  $ 9  $ 1,472  $ 1,541 
Cerro Negro $ 1,261  $ (102) $ 93  $ 5  $ 1,257  $ 524  $ 14  $ 1,795  $ 1,509 
Yanacocha $ 1,122  $ (16) $ 59  $ (96) $ 1,069  $ 310  $ 20  $ 1,399  $ 1,266 
Boddington $ 822  $ (17) $ 49  $ (7) $ 847  $ 144  $ 12  $ 1,003  $ 1,067 
Tanami $ 704  $ (2) $ 51  $ 6  $ 759  $ 249  $ 4  $ 1,012  $ 1,060 
Cadia (6)
 $ 477  $ (59) $ 51  $ 610  $ 1,079  $ 130  $ 1  $ 1,210  $ 1,271 
Telfer (6)
 $ 1,360  $ (9) $ 60  $ 471  $ 1,882  $ 87  $ —  $ 1,969  $ 1,988 
Lihir (6)
 $ 1,235  $ (2) $ 50  $ (166) $ 1,117  $ 153  $ —  $ 1,270  $ 1,517 
Ahafo $ 820  $ (1) $ 141  $ (13) $ 947  $ 312  $ 11  $ 1,270  $ 1,222 
Akyem $ 826  $ (6) $ 115  $ (4) $ 931  $ 413  $ 40  $ 1,384  $ 1,210 
NGM $ 1,037  $ (55) $ 68  $ 20  $ 1,070  $ 387  $ 9  $ 1,466  $ 1,397 
Total Gold $ 999  $ (23) $ 74  $ —  $ 1,050  $ 327  $ 15  $ 1,392  $ 1,444 
____________________________
(1)Production costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures. All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
(2)Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
(3)Costs applicable to sales per ounce and All-in sustaining costs per ounce are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
(4)Total production costs is calculated as the sum of Costs applicable to sales, Depreciation and amortization, and Reclamation and remediation.
(5)Per ounce measures may not recalculate due to rounding.
(6)Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
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Mining and Production Detail (1)
Year Ended
December 31, 2022		 Tonnes Mined Tonnes Processed
Average Ore Grade (2)
 Average Mill Recovery Rate Ounces Produced Ounces Sold
Open Pit Underground Mill Leach Mill Leach Mill Leach Consolidated
Attributable (3)
 Consolidated
CC&V 32,632  —  64  18,814  1.568  0.428  38.2% 4  178  182  182  185 
Musselwhite —  1,043  1,042  —  5.404  —  95.7% 173  —  173  173  172 
Porcupine 7,866  751  3,410  —  2.794  —  92.7% 280  —  280  280  280 
Éléonore —  1,537  1,535  —  4.740  —  91.6% 215  —  215  215  217 
Peñasquito 178,890  —  35,928  —  0.702  —  75.2% 566  —  566  566  573 
Merian 36,381  —  14,201  —  0.942  —  94.2% 403  —  403  302  403 
Cerro Negro —  946  930  —  9.840  —  93.6% 278  —  278  278  281 
Yanacocha 60,939  —  —  20,600  —  0.453  —% —  244  244  230  250 
Boddington 59,270  —  37,240  —  0.801  —  84.7% 798  —  798  798  813 
Tanami —  2,643  2,590  —  5.941  —  98.0% 484  —  484  484  486 
Ahafo 30,147  1,708  10,789  —  1.765  —  92.5% 574  —  574  574  572 
Akyem 29,077  —  8,195  —  1.750  —  89.5% 420  —  420  420  415 
NGM 103,158  2,521  13,655  8,178  3.205  0.467  74.9% 1,051  118  1,169  1,169  1,165 
Total Gold 538,360  11,149  129,579  47,592  1.487  0.446  85.5% 5,246  540  5,786  5,671  5,812 
____________________________
(1)All amounts are reported in thousands unless otherwise noted.
(2)Average ore grade reported in grams/tonne.
(3)Attributable ounces produced for Merian reflects our 75% ownership interest. The Company recognized amounts attributable to noncontrolling interest for Yanacocha for attributable ounces produced during the periods prior to acquiring Buenaventura's 43.65% interest and Sumitomo Corporation's 5% interest in the first half of 2022. Refer to Note 1 to the Consolidated Financial Statement for further information.

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Production Costs per Ounce Sold (1)(5)
Year Ended
December 31, 2022		 Direct Mining and Production Costs By-Product Credits Royalties and Production Taxes  Write-Downs and Inventory Change
Costs Applicable to Sales (2)(3)
 Depreciation and Amortization Reclamation and Remediation
Total Production Costs (4)
All-In Sustaining Costs per Ounce Sold (3)
CC&V $ 1,141  $ (9) $ 80  $ 90  $ 1,302  $ 386  $ 28  $ 1,716  $ 1,697 
Musselwhite $ 1,109  $ (3) $ 35  $ (6) $ 1,135  $ 464  $ 13  $ 1,612  $ 1,531 
Porcupine $ 1,012  $ (4) $ 31  $ (35) $ 1,004  $ 369  $ 8  $ 1,381  $ 1,248 
Éléonore $ 1,183  $ (1) $ 40  $ 6  $ 1,228  $ 531  $ 7  $ 1,766  $ 1,599 
Peñasquito $ 728  $ (5) $ 31  $ 17  $ 771  $ 258  $ 8  $ 1,037  $ 968 
Merian $ 815  $ (1) $ 108  $ (7) $ 915  $ 199  $ 5  $ 1,119  $ 1,105 
Cerro Negro $ 1,031  $ (106) $ 84  $ (2) $ 1,007  $ 525  $ 9  $ 1,541  $ 1,262 
Yanacocha $ 1,170  $ (12) $ 56  $ 40  $ 1,254  $ 380  $ 24  $ 1,658  $ 1,477 
Boddington $ 757  $ (12) $ 46  $ 11  $ 802  $ 145  $ 10  $ 957  $ 921 
Tanami $ 647  $ (2) $ 45  $ (15) $ 675  $ 207  $ 3  $ 885  $ 960 
Ahafo $ 809  $ (1) $ 114  $ 68  $ 990  $ 292  $ 7  $ 1,289  $ 1,178 
Akyem $ 621  $ (3) $ 136  $ 50  $ 804  $ 340  $ 14  $ 1,158  $ 972 
NGM $ 1,002  $ (49) $ 54  $ (18) $ 989  $ 404  $ 8  $ 1,401  $ 1,220 
Total Gold $ 875  $ (19) $ 66  $ 11  $ 933  $ 322  $ 10  $ 1,265  $ 1,211 
____________________________
(1)Production Costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures. All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
(2)Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
(3)Costs applicable to sales per ounce and All-in sustaining costs per ounce are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
(4)Total production costs is calculated as the sum of Costs applicable to sales, Depreciation and amortization, and Reclamation and remediation.
(5)Per ounce measures may not recalculate due to rounding.

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Mining and Production Detail (1)
Year Ended
December 31, 2021		 Tonnes Mined Tonnes Processed
Average Ore Grade (2)
 Average Mill Recovery Rate Ounces Produced Ounces Sold
Open Pit Underground Mill Leach Mill Leach Mill Leach Consolidated
Attributable (3)
 Consolidated
CC&V 33,889  —  1,436  17,607  1.638 0.455 40.1% 30  190  220  220  220 
Musselwhite —  934  923  —  5.337 —  96.1% 152  —  152  152  154 
Porcupine 7,882  883  3,356  —  2.856 —  92.7% 287  —  287  287  287 
Éléonore —  1,581  1,588  —  5.306 —  91.3% 253  —  253  253  247 
Peñasquito 176,622  —  35,730  —  0.798 —  81.4% 686  —  686  686  720 
Merian 44,250  —  15,256  —  0.936 —  94.0% 437  —  437  328  434 
Cerro Negro —  885  890  —  10.152 —  93.2% 270  —  270  270  267 
Yanacocha 57,432  —  291  17,318  1.246 0.603 57.9% 8  256  264  135  263 
Boddington 66,308  —  40,058  —  0.651 —  84.5% 696  —  696  696  685 
Tanami —  2,615  2,650  —  5.827 —  97.8% 485  —  485  485  488 
Ahafo 33,732  1,533  10,119  —  1.601 —  90.9% 481  —  481  481  480 
Akyem 26,197  —  7,959  —  1.687 —  89.4% 381  —  381  381  378 
NGM 121,067  2,448  13,690  17,121  3.272 0.578  75.0% 1,083  189  1,272  1,272  1,274 
Total Gold 567,379  10,879  133,946  52,046  1.444 0.545 85.3% 5,249  635  5,884  5,646  5,897 
____________________________
(1)All amounts are reported in thousands unless otherwise noted.
(2)Average ore grade reported in grams/tonne.
(3)Attributable ounces produced for Merian and Yanacocha reflects our 75% and 51.35% ownership interest, respectively.

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Production Costs per Ounce Sold (1)(5)
Year Ended
December 31, 2021		 Direct Mining and Production Costs By-Product Credits Royalties and Production Taxes  Write-Downs and Inventory Change
Costs Applicable to Sales (2)(3)
 Depreciation and Amortization Reclamation and Remediation
Total Production Costs (4)
All-In Sustaining Costs per Ounce Sold (3)
CC&V $ 1,029  $ (11) $ 62  $ —  $ 1,080  $ 298  $ 18  $ 1,396  $ 1,338 
Musselwhite $ 976  $ (3) $ 33  $ 12  $ 1,018  $ 520  $ 9  $ 1,547  $ 1,335 
Porcupine $ 983  $ (5) $ 26  $ (64) $ 940  $ 319  $ 9  $ 1,268  $ 1,152 
Éléonore $ 929  $ (1) $ 41  $ (9) $ 960  $ 562  $ 4  $ 1,526  $ 1,256 
Peñasquito $ 507  $ (4) $ 34  $ 12  $ 549  $ 279  $ 5  $ 833  $ 702 
Merian $ 645  $ (1) $ 108  $ (1) $ 751  $ 225  $ 4  $ 980  $ 895 
Cerro Negro $ 949  $ (103) $ 82  $ (16) $ 912  $ 513  $ 10  $ 1,435  $ 1,247 
Yanacocha $ 1,054  $ (222) $ 61  $ (8) $ 885  $ 421  $ 107  $ 1,413  $ 1,355 
Boddington $ 866  $ (16) $ 46  $ (9) $ 887  $ 145  $ 11  $ 1,043  $ 1,083 
Tanami $ 516  $ (2) $ 46  $ 10  $ 570  $ 205  $ 3  $ 778  $ 855 
Ahafo $ 766  $ (1) $ 107  $ 12  $ 884  $ 298  $ 8  $ 1,190  $ 1,084 
Akyem $ 575  $ (5) $ 133  $ (12) $ 691  $ 318  $ 14  $ 1,023  $ 913 
NGM $ 819  $ (62) $ 47  $ (49) $ 755  $ 432  $ 6  $ 1,193  $ 918 
Total Gold $ 769  $ (32) $ 61  $ (13) $ 785  $ 336  $ 12  $ 1,133  $ 1,062 
____________________________
(1)Production costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures. All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
(2)Costs applicable to sales per ounce is calculated as the sum of Direct mining and production costs, By-product credits, Royalties and production taxes, and Write-downs and inventory change.
(3)Costs applicable to sales per ounce and All-in sustaining costs per ounce are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
(4)Total production costs is calculated as the sum of Costs applicable to sales, Depreciation and amortization, and Reclamation and remediation.
(5)Per ounce measures may not recalculate due to rounding.
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The following tables detail operating statistics related to co-product metal production and sales:
Year Ended December 31, 2023
Tonnes Milled
(000 tonnes)
Average Milled Grade (1)
 Average Mill Recovery Rate
Consolidated Ounces/Pounds Produced (millions)
Consolidated Ounces/Pounds Sold (millions)
Copper (pounds)
Red Chris (4)
 1,139  0.40% 81.2% 8  7 
Boddington 36,467  0.16% 84.2% 98  98 
Cadia (4)
 5,229  0.38% 85.3% 36  45 
Telfer (4)
 2,807  0.08% 59.3% 3  5 
Total Copper 45,642  0.18% 83.6% 145  155 
Silver (ounces) (3)
 20,850  36.65 79.1% 18  17 
Lead (pounds) (3)
 20,850  0.37% 69.3% 113  107 
Zinc (pounds) (3)
 20,850  0.78% 78.5% 230  222 
Year Ended December 31, 2022
Tonnes Milled
(000 tonnes)
Average Milled Grade (1)
 Average Mill Recovery Rate
Consolidated Ounces/Pounds Produced (millions)
Consolidated Ounces/Pounds Sold (millions)
Copper (pounds) (2)
 37,240  0.14% 81.5% 84  85 
Silver (ounces) (3)
 35,928  32.27 86.8% 30  30 
Lead (pounds) (3)
 35,928  0.27% 74.7% 149  147 
Zinc (pounds) (3)
 35,928  0.70% 81.3% 377  373 
Year Ended December 31, 2021
Tonnes Milled
(000 tonnes)
Average Milled Grade (1)
 Average Mill Recovery Rate
Consolidated Ounces/Pounds Produced (millions)
Consolidated Ounces/Pounds Sold (millions)
Copper (pounds) (2)
 40,058  0.11% 80.7% 71  69 
Silver (ounces) (3)
 35,730  32.42 91.9% 31  32 
Lead (pounds) (3)
 35,730  0.29% 82.3% 177  173 
Zinc (pounds) (3)
 35,730  0.77% 84.0% 435  433 
____________________________
(1)Average milled grade reported in tonnes/tonne for copper, lead, and zinc, and grams/tonne for silver.
(2)For the years ended December 31, 2022 and 2021, all of our copper co-product production came from Boddington.
(3)For the years ended December 31, 2023, 2022 and 2021, all of our silver, lead and zinc co-product production came from Peñasquito.
(4)Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
The following tables detail operating statistics related to co-product metal production costs per gold equivalent ounce (“GEO”) sold. Gold equivalent ounces are calculated as pounds or ounces produced multiplied by the ratio of the other metals’ price to the gold price, using the metal prices in the table below:
Gold Copper Silver Lead Zinc
(ounce) (pound) (ounce) (pound) (pound)
2023 GEO Price
 $ 1,400  $ 3.50  $ 20.00  $ 1.00  $ 1.20 
2022 GEO Price
 $ 1,200  $ 3.25  $ 23.00  $ 0.95  $ 1.15 
2021 GEO Price
 $ 1,200  $ 2.75  $ 22.00  $ 0.90  $ 1.05 
Year Ended December 31, 2023
Red Chris (4)
 Peñasquito Boddington
Cadia (4)
Telfer (4)
 Total / Weighted-Average
Consolidated GEO sold (thousands) 16  507  246  114  13  896 
Production costs per GEO sold: (1)
Costs applicable to sales (2)
 $ 1,020  $ 1,283  $ 830  $ 1,017  $ 1,703  $ 1,127 
Depreciation and amortization 181  561  144  127  109  378 
Reclamation and remediation —  28  12  —  6  19 
Total production costs per GEO sold (3)
 $ 1,201  $ 1,872  $ 986  $ 1,144  $ 1,818  $ 1,524 
All-in sustaining costs per GEO sold (2)
 $ 1,660  $ 1,756  $ 1,067  $ 1,342  $ 2,580  $ 1,579 
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Year Ended December 31, 2022 Peñasquito Boddington Total / Weighted-Average
Consolidated GEO sold (thousands)
 1,044 231 1,275
Production costs per GEO sold: (1)
Costs applicable to sales (2)
 $ 828  $ 782  $ 819 
Depreciation and amortization 267  145  245 
Reclamation and remediation 8  9  9 
Total production costs per GEO sold (3)
 $ 1,103  $ 936  $ 1,073 
All-in sustaining costs per GEO sold (2)
 $ 1,112  $ 894  $ 1,114 
Year Ended Year ended December 31, 2021 Peñasquito Boddington Total / Weighted-Average
Consolidated GEO sold (thousands) 1,100 158 1,258
Production costs per GEO sold: (1)
Costs applicable to sales (2)
 $ 603  $ 902  $ 640 
Depreciation and amortization 291  147  273 
Reclamation and remediation 5  11  6 
Total production costs per GEO sold (3)
 $ 899  $ 1,060  $ 919 
All-in sustaining costs per GEO sold (2)
 $ 824  $ 1,098  $ 900 
____________________________
(1)Production costs and All-in sustaining costs are not comparable due to differences in the items included in each of the measures. All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
(2)Costs applicable to sales per GEO and All-in sustaining costs per GEO are non-GAAP financial measures. Refer to Non-GAAP Financial Measures within Part II, Item 7, MD&A.
(3)May not recalculate due to rounding.
(4)Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
Proven and Probable Reserves
All of our reserves are located on land (i) we own or control, or (ii) that is owned or controlled by business entities established with our joint venture partners, in which the Company owns its pro-rata share of the capital stock, membership units, or interests. The risks that could affect title to our property are included above in Item 1A, Risk Factors.
A “mineral reserve” is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. The term “economically viable,” as used in the definition of reserve, means that the qualified person has analytically determined that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions.
The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. The term “probable reserves” means reserves for which quantity and grade are computed from information similar to that used for proven reserves, but the sites for sampling are farther apart or are otherwise less closely spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation. Proven and probable reserves include gold, copper, silver, lead, zinc or molybdenum attributable to Newmont’s ownership or economic interest.
Proven and probable reserves are based on extensive drilling, sampling, mine modeling and metallurgical testing from which we determined economic feasibility. The reference point for mineral reserves is the point of delivery to the process plant. Metal price assumptions, adjusted for our exchange rate assumption, are based on considering such factors as market forecasts, industry consensus and management estimates. The price sensitivity of reserves depends upon several factors including grade, metallurgical recovery, operating cost, waste-to-ore ratio and ore type. Metallurgical recovery rates vary depending on the metallurgical properties of each deposit and the production process used. The reserve tables below list the average metallurgical recovery rate for each deposit, which takes into account the relevant processing methods. The cut-off grade, or lowest grade of mineralization considered economic to process, varies between deposits depending upon prevailing economic conditions, mineability of the deposit, by-products, amenability of the ore to gold, copper, silver, lead, zinc or molybdenum extraction and type of milling or leaching facilities available.
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Reserve estimates may have non-material differences in comparison to our joint venture partners due to differences in classification and rounding methodology.
The proven and probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can be given that the indicated levels of recovery of gold, copper, silver, lead, zinc and molybdenum will be realized. Ounces of gold or silver or pounds of copper, lead, zinc or molybdenum included in the proven and probable reserves are those contained prior to losses during metallurgical treatment. Reserve estimates may require revision based on actual production. Market fluctuations in the price of gold, copper, silver, lead, zinc and molybdenum, as well as increased production costs or reduced metallurgical recovery rates, could render certain proven and probable reserves containing higher cost reserves uneconomic to exploit and might result in a reduction of reserves.
We had attributable proven and probable gold reserves of 135.9 million ounces at December 31, 2023. For 2023 and 2022, reserves were estimated at a gold price assumption of $1,400, except as noted below for sites acquired through the Newcrest transaction, which have used more conservative price assumptions. We estimate that our 2023 reserves would increase by 5% (7.1 million ounces), or decline by 6% (8.3 million ounces), if the gold price assumption increased or decreased $100 per ounce, respectively, with all other assumptions remaining constant.
We publish reserves annually, and will recalculate reserves at December 31, 2024, taking into account metal prices, changes, if any, to future production and capital costs, divestments and depletion as well as any acquisitions and additions during 2024.
The Company has internal controls for reviewing and documenting the information supporting the mineral reserve and mineral resource estimates, describing the methods used, and ensuring the validity of the estimates. Information that is utilized to compile mineral reserves and resources is prepared and certified by appropriately qualified persons at the mine site level and is subject to our internal review process which includes review by the Newmont-designated site and the Qualified Person (“QP”) based in our corporate office in Denver, Colorado. Additionally, all material sites are audited every three years and the non-material sites on a four-year cycle by subject matter experts for compliance to internal standards and guidelines as well as regulatory requirements. The QP presents the mineral reserve and mineral resource information to the Audit Committee and the Disclosure Committee on an annual basis for further review.
The following tables detail gold proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022:
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Gold Reserves at December 31, 2023 (1)
Proven Reserves Probable Reserves Proven and Probable Reserves
Deposits/Districts Newmont
Share
Tonnage (2)
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
CC&V Open Pit
 100% 38,800  0.42 500  7,800  0.35 100  46,600  0.40 600  58%
CC&V Leach Pads (4)
 100% —  — —  28,300  0.74 700  28,300  0.74 700  56%
Total CC&V, United States (5)
 38,800  0.42 500  36,100  0.66 800  75,000  0.53 1,300  57%
Musselwhite, Canada (6)
 100% 3,200  6.78 700  3,800  6.30 800  7,000  6.52 1,500  96%
Porcupine Underground (7)
 100% 1,400  7.06 300  1,600  8.34 400  3,000  7.75 700  94%
Porcupine Open Pit (8)
 100% 3,200  1.43 100  26,600  1.54 1,300  29,700  1.53 1,500  93%
Total Porcupine, Canada 4,500  3.14 500  28,200  1.93 1,700  32,700  2.10 2,200  93%
Éléonore, Canada (9)
 100% 2,100  5.08 300  6,800  5.47 1,200  8,900  5.38 1,500  92%
Red Chris Open Pit 70% —  — —  30,200  0.37 300  30,200  0.37 300  53%
Red Chris Underground 70% —  — —  171,700  0.64 3,500  171,700  0.64 3,500  70%
Total Red Chris, Canada (10)(33)
 —  — —  201,900  0.60 3,900  201,900  0.60 3,900  68%
Brucejack, Canada (11)(33)
 100% —  — —  11,500  8.44 3,100  11,500  8.44 3,100  96%
Peñasquito, Mexico (12)(31)
 100% 123,700  0.57 2,200  167,300  0.44 2,400  291,000  0.50 4,600  59%
Merian, Suriname (13)
 75% 29,600  1.19 1,100  74,400  1.15 2,800  104,000  1.16 3,900  93%
Cerro Negro, Argentina (14)
 100% 1,900  11.81 700  7,300  10.75 2,500  9,200  10.97 3,200  94%
Yanacocha Open Pit (15)
 100% 21,700  0.80 600  107,000  0.75 2,600  128,600  0.76 3,200  56%
Yanacocha Underground (16)
 100% —  — —  12,300  6.06 2,400  12,300  6.06 2,400  97%
Total Yanacocha, Peru 21,700  0.80 600  119,200  1.30 5,000  140,900  1.22 5,500  73%
Pueblo Viejo Open Pit 40% 25,800  2.28 1,900  50,800  2.08 3,400  76,600  2.15 5,300  82%
Pueblo Viejo Stockpiles (17)
 40% —  — —  39,700  2.12 2,700  39,700  2.12 2,700  83%
Total Pueblo Viejo, Dominican Republic (18)
 25,800  2.28 1,900  90,500  2.10 6,100  116,300  2.14 8,000  82%
NuevaUnión, Chile (19)(30)
 50% —  — —  341,100  0.47 5,100  341,100  0.47 5,100  66%
Norte Abierto, Chile (20)(30)
 50% —  — —  598,800  0.60 11,600  598,800  0.60 11,600  74%
Boddington Open Pit
 100% 215,300  0.67 4,600  192,600  0.64 3,900  407,900  0.66 8,600  85%
Boddington Stockpiles (17)
 100% 2,000  0.72 —  70,000  0.43 1,000  72,000  0.44 1,000  80%
Total Boddington, Australia (10)
 217,300  0.67 4,700  262,600  0.58 4,900  479,900  0.62 9,600  84%
Tanami, Australia (21)
 100% 9,900  5.58 1,800  16,600  5.71 3,100  26,600  5.66 4,800  98%
Cadia, Australia (22)(31)(33)
 100% —  — —  1,102,300  0.42 14,700  1,102,300  0.42 14,700  81%
Lihir Open Pits
 100% —  — —  159,900  2.76 14,200  159,900  2.76 14,200  78%
Lihir Stockpiles (17)
 100% —  — —  57,200  1.83 3,400  57,200  1.83 3,400  78%
Total Lihir, Papua New
Guinea (23)(31)(33)
 —  — —  217,100  2.51 17,500  217,100  2.51 17,500  78%
Wafi-Golpu, Papua New Guinea (10)(30)(33)
 50% —  — —  194,500  0.82 5,100  194,500  0.82 5,100  68%
Ahafo South Open Pit (24)
 100% 5,200  2.76 500  35,500  1.68 1,900  40,700  1.82 2,400  90%
Ahafo South
Underground (25)
 100% 8,300  3.13 800  14,300  2.35 1,100  22,600  2.64 1,900  94%
Ahafo South
Stockpiles (17)(26)
 100% 23,400  1.01 800  —  — —  23,400  1.01 800  91%
Total Ahafo South, Ghana 36,900  1.73 2,100  49,800  1.88 3,000  86,700  1.82 5,100  92%
Ahafo North, Ghana (27)
 100% 26,000  2.38 2,000  27,100  2.43 2,100  53,100  2.41 4,100  91%
Akyem Open Pit
 100% 13,000  1.52 600  5,900  1.61 300  19,000  1.55 900  90%
Akyem Stockpiles (17)
 100% 6,700  0.78 200  —  — —  6,700  0.78 200  90%
Total Akyem, Ghana (28)
 19,700  1.27 800  5,900  1.61 300  25,600  1.35 1,100  90%
NGM Open Pit 38.5% —  — —  154,700  1.01 5,000  154,700  1.01 5,000  77%
NGM Stockpiles (17)
 38.5% 15,100  2.01 1,000  14,000  2.44 1,100  29,100  2.22 2,100  69%
NGM Underground 38.5% 5,100  11.58 1,900  35,100  8.19 9,300  40,200  8.62 11,100  87%
Total NGM, United States (29)
 20,200  4.42 2,900  203,900  2.35 15,400  224,100  2.54 18,300  82%
Total Gold 581,400  1.22 22,800  3,766,800  0.94 113,200  4,348,100  0.97 135,900  80%
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Gold Reserves at December 31, 2022 (1)
Proven Reserves Probable Reserves Proven and Probable Reserves
Deposits/Districts Newmont
Share
Tonnage (2)
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
CC&V Open Pit
 100% 49,300  0.39 620  12,000  0.31 120  61,400  0.37 740  57%
CC&V Leach Pads (4)
 100% —  — —  32,600  0.78 820  32,600  0.78 820  56%
Total CC&V, United States 49,300  0.39 620  44,600  0.66 940  94,000  0.52 1,560  56%
Musselwhite, Canada
 100% 3,400  5.48 590  7,000  5.89 1,320  10,400  5.76 1,920  96%
Porcupine Underground
 100% 1,800  8.50 500  700  8.47 190  2,500  8.49 690  92%
Porcupine Open Pit
 100% 2,600  1.60 130  31,900  1.44 1,480  34,500  1.46 1,610  93%
Total Porcupine, Canada 4,400  4.44 630  32,600  1.59 1,670  37,000  1.93 2,300  93%
Éléonore, Canada
 100% 1,900  5.11 310  7,400  5.25 1,260  9,400  5.22 1,570  92%
Peñasquito, Mexico
 100% 104,500  0.58 1,960  212,000  0.51 3,450  316,500  0.53 5,410  69%
Merian, Suriname
 75% 31,000  1.16 1,150  73,800  1.16 2,750  104,800  1.16 3,900  93%
Cerro Negro, Argentina
 100% 1,600  9.46 500  7,800  10.13 2,530  9,400  10.02 3,030  95%
Yanacocha Open Pits
 100% 27,500  0.71 630  119,000  0.72 2,750  146,500  0.72 3,380  57%
Yanacocha Underground
 100% —  — —  12,300  6.06 2,400  12,300  6.06 2,400  97%
Total Yanacocha, Peru (31)
 27,500  0.71 630  131,300  1.22 5,140  158,800  1.13 5,780  73%
Pueblo Viejo Open Pit
 40% 23,500  2.29 1,730  55,000  2.15 3,800  78,500  2.19 5,530  90%
Pueblo Viejo Stockpiles (17)
 40% —  — —  38,200  2.17 2,670  38,200  2.17 2,670  90%
Total Pueblo Viejo, Dominican Republic (18)(31)
 23,500  2.29 1,730  93,100  2.16 6,470  116,600  2.19 8,200  90%
NuevaUnión, Chile (19)(30)
 50% —  — —  341,100  0.47 5,110  341,100  0.47 5,110  66%
Norte Abierto, Chile (20)(30)
 50% —  — —  598,800  0.60 11,620  598,800  0.60 11,620  74%
Boddington Open Pit
 100% 237,400  0.68 5,190  209,300  0.64 4,300  446,700  0.66 9,490  85%
Boddington Stockpiles (17)
 100% 2,000  0.71 50  76,200  0.43 1,040  78,300  0.43 1,090  80%
Total Boddington, Australia
 239,400  0.68 5,240  285,500  0.58 5,350  524,900  0.63 10,580  84%
Tanami, Australia
 100% 11,300  5.05 1,840  21,600  5.49 3,820  33,000  5.34 5,660  98%
Ahafo South Open Pit
 100% 9,000  2.42 700  38,600  1.67 2,070  47,600  1.81 2,770  90%
Ahafo South Underground
 100% 9,300  3.68 1,100  13,300  2.62 1,130  22,600  3.06 2,230  94%
Ahafo South Stockpiles (17)
 100% 22,100  0.91 640  —  — —  22,100  0.91 640  90%
Total Ahafo South, Ghana 40,400  1.89 2,450  51,900  1.92 3,200  92,300  1.90 5,650  92%
Ahafo North, Ghana
 100% —  — —  50,100  2.37 3,820  50,100  2.37 3,820  91%
Akyem Open Pit
 100% 14,300  1.56 720  8,000  1.82 470  22,300  1.66 1,190  91%
Akyem Stockpiles (17)
 100% 11,900  0.71 270  —  — —  11,900  0.71 270  92%
Total Akyem, Ghana 26,200  1.18 990  8,000  1.82 470  34,200  1.33 1,460  91%
NGM Open Pit
 38.5% 8,300  1.73 460  151,100  0.96 4,650  159,400  1.00 5,110  76%
NGM Stockpiles (17)
 38.5% 10,100  2.05 670  15,000  2.51 1,210  25,100  2.32 1,880  79%
NGM Underground 38.5% 13,700  9.72 4,290  27,500  8.26 7,320  41,300  8.75 11,610  88%
Total NGM, United States (29)
 32,100  5.24 5,410  193,700  2.12 13,180  225,800  2.56 18,590  84%
Total Gold 596,700  1.25 24,050  2,160,400  1.04 72,100  2,757,100  1.09 96,140  83%
____________________________
(1)Gold reserves, at sites in which Newmont is the operator for 2023 and 2022, were estimated at a gold price of $1,400 per ounce, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to the nearest 100,000.
(3)Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022.
(4)Leach pad material is the material on leach pads at the end of the year from which gold remains to be recovered. In-process reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(5)Cut-off grade utilized in 2023 reserves not less than 0.10 gram per tonne.
(6)Cut-off grade utilized in 2023 reserves not less than 3.80 gram per tonne.
(7)Cut-off grade utilized in 2023 reserves not less than 4.89 gram per tonne.
(8)Cut-off grade utilized in 2023 reserves not less than 0.64 gram per tonne.
(9)Cut-off grade utilized in 2023 reserves not less than 4.11 gram per tonne.
(10)Gold cut-off grade varies with level of copper credits.
(11)Gold cut-off grade varies with level of silver credits.
(12)Gold cut-off grade varies with level of silver, lead, and zinc credits.
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(13)Cut-off grade utilized in 2023 reserves not less than 0.29 gram per tonne.
(14)Cut-off grade utilized in 2023 reserves not less than 4.30 gram per tonne.
(15)Gold cut-off grades utilized in 2023 reserves were as follows: oxide leach material not less than 0.14 gram per tonne and refractory mill material not less than 1.23 gram per tonne.
(16)Gold cut-off grades utilized in 2023 were as follows: oxide mill material not less than 3.37 gram per tonne and refractory mill material varies with level of copper and silver credits.
(17)Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(18)The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Reserve estimates provided by Barrick, the operator of Pueblo Viejo.
(19)Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(20)Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(21)Cut-off grade utilized in 2023 reserves not less than 2.40 gram per tonne.
(22)Gold cut-off grade varies with level of copper, silver, and molybdenum credits.
(23)Cut-off grade utilized in 2023 reserves not less than 1.20 gram per tonne.
(24)Cut-off grade utilized in 2023 reserves not less than 0.63 gram per tonne.
(25)Cut-off grade utilized in 2023 reserves not less than 2.20 gram per tonne.
(26)Cut-off grade utilized in 2023 reserves not less than 0.56 gram per tonne.
(27)Cut-off grade utilized in 2023 reserves not less than 0.58 gram per tonne.
(28)Cut-off grade utilized in 2023 reserves not less than 0.52 gram per tonne.
(29)Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(30)Currently included in Corporate and Other in Note 4 to the Consolidated Financial Statements.
(31)Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(32)In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(33)Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information. Gold reserves at sites acquired through the Newcrest transaction were estimated at a gold price of $1,300 per ounce, with the exception of Lihir, for which gold reserves were estimated using Newmont's price assumptions, and certain legacy estimates, which have applied older, more conservative price assumptions.
The following tables detail copper proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022:
Copper Reserves at December 31, 2023 (1)
Proven Reserves Probable Reserves Proven and Probable Reserves
Deposits/Districts Newmont
Share
Tonnage (2)
(000 tonnes)
 Grade
(Cu %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Cu %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Cu %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Red Chris Open Pit
 70% —  —% —  30,200  0.43% 300  30,200  0.43% 300  80%
Red Chris Underground
 70% —  —% —  171,700  0.52% 2,000  171,700  0.52% 2,000  84%
Total Red Chris, Canada (4)(14)
 —  —% —  201,900  0.51% 2,300  201,900  0.51% 2,300  84%
Yanacocha, Peru (5)
 100% —  —% —  111,100  0.63% 1,500  111,100  0.63% 1,500  83%
NuevaUnión, Chile (6)(11)
 50% —  —% —  1,118,000  0.40% 9,800  1,118,000  0.40% 9,800  88%
Norte Abierto, Chile (7)(11)
 50% —  —% —  598,800  0.22% 2,900  598,800  0.22% 2,900  87%
Boddington Open Pit
 100% 215,300  0.09% 400  192,600  0.11% 400  407,900  0.10% 900  82%
Boddington Stockpiles (8)
 100% 2,000  0.15% —  70,000  0.09% 100  72,000  0.09% 100  73%
Total Boddington, Australia (4)
 217,300  0.09% 400  262,600  0.10% 600  479,900  0.10% 1,000  80%
Cadia, Australia (9)(12)(14)
 100% —  —% —  1,102,300  0.29% 7,100  1,102,300  0.29% 7,100  86%
Wafi-Golpu, Papua New Guinea (4)(11)(14)
 50% —  —% —  194,500  1.20% 5,100  194,500  1.20% 5,100  95%
NGM, United States (10)
 38.5% 3,700  0.16% —  82,400  0.17% 300  86,100  0.17% 300  65%
Total Copper  221,000  0.09% 500  3,671,500  0.37% 29,700  3,892,500  0.35% 30,100  88%
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Copper Reserves at December 31, 2022 (1)
Proven Reserves Probable Reserves Proven and Probable Reserves
Deposits/Districts Newmont
Share
Tonnage (2)
(000 tonnes)
 Grade
(Cu %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Cu %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Cu %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Yanacocha Open Pits and Underground, Peru (13)
 100% —  —% —  111,100  0.63% 1,530  111,100  0.63% 1,530  83%
NuevaUnión, Chile (6)(11)
 50% —  —% —  1,118,000  0.40% 9,800  1,118,000  0.40% 9,800  88%
Norte Abierto, Chile (7)(11)
 50% —  —% —  598,800  0.22% 2,890  598,800  0.22% 2,890  87%
Boddington Open Pit
 100% 237,400  0.10% 510  209,300  0.11% 500  446,700  0.10% 1,010  82%
Boddington Stockpiles (8)
 100% 2,000  0.13% 10  76,200  0.09% 150  78,300  0.09% 150  74%
Total Boddington, Australia
 239,400  0.10% 520  285,500  0.10% 640  524,900  0.10% 1,160  81%
NGM, United States (10)
 38.5% 7,000  0.16% 30  81,700  0.16% 300  88,700  0.16% 320  65%
Total Copper 246,400  0.10% 540  2,195,200  0.31% 15,160  2,441,500  0.29% 15,710  86%
____________________________
(1)Copper reserves, at sites in which Newmont is the operator, for 2023 and 2022 were estimated at a copper price of $3.50 per pound, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.
(3)Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million for 2023 and nearest 10 million for 2022.
(4)Copper cut-off grade varies with level of gold credits.
(5)Reserve estimates relate to the undeveloped Yanacocha Sulfides project. Copper cut-off grade varies with level of gold and silver credits.
(6)Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(7)Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(8)Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpiles are reported separately where pounds exceed 100 million and are greater than 5% of the total site reported reserves.
(9)Copper cut-off grade varies with level of gold, silver, and molybdenum credits.
(10)Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(11)Currently included in Corporate and Other in Note 4 to the Consolidated Financial Statements.
(12)Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(13)In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(14)Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information. Copper reserves at sites acquired through the Newcrest transaction were estimated at a copper price of $3.00 per pound, with the exception of certain legacy estimates, which have applied older, more conservative price assumptions.
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The following tables detail silver proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022:
Silver Reserves at December 31, 2023 (1)
Proven Reserves Probable Reserves Proven and Probable Reserves
Deposits/Districts Newmont
Share
Tonnage (2)
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
Brucejack, Canada (4)(17)
 100% —  — —  11,500  34.71 12,800  11,500  34.71 12,800  85%
Peñasquito Open Pits
 100% 121,700  37.98 148,600  142,800  30.31 139,200  264,500  33.84 287,800  80%
Peñasquito Stockpiles (5)
 100% 2,000  33.97 2,200  24,500  28.79 22,700  26,500  29.18 24,900  80%
Total Peñasquito, Mexico (6)(15)
 123,700  37.91 150,800  167,300  30.09 161,800  291,000  33.42 312,600  80%
Cerro Negro, Argentina (4)
 100% 1,900  85.48 5,200  7,300  69.23 16,300  9,200  72.58 21,500  75%
Yanacocha Open Pits and Underground (7)
 100% —  — —  93,400  19.89 59,800  93,400  19.89 59,800  54%
Yanacocha Stockpiles and Leach Pads (5)(8)
 100% —  — —  86,000  9.07 25,100  86,000  9.07 25,100  13%
Total Yanacocha, Peru —  — —  179,500  14.70 84,800  179,500  14.70 84,800  42%
Pueblo Viejo Open Pits
 40% 25,800  13.15 10,900  50,800  12.31 20,100  76,600  12.59 31,000  74%
Pueblo Viejo Stockpiles (5)
 40% —  — —  39,700  14.48 18,500  39,700  14.48 18,500  70%
Total Pueblo Viejo, Dominican Republic (9)
 25,800  13.15 10,900  90,500  13.26 38,600  116,300  13.24 49,500  73%
NuevaUnión, Chile (10)(14)
 50% —  — —  1,118,000  1.31 47,200  1,118,000  1.31 47,200  66%
Norte Abierto, Chile (11)(14)
 50% —  — —  598,800  1.52 29,300  598,800  1.52 29,300  74%
Cadia, Australia (12)(15)(17)
 100% —  — —  1,102,300  0.68 24,000  1,102,300  0.68 24,000  67%
NGM, United States (13)
 38.5% 2,400  7.97 600  60,800  6.93 13,600  63,200  6.97 14,200  38%
Total Silver 153,900  33.87 167,600  3,335,900  4.00 428,400  3,489,800  5.31 596,000  70%
Silver Reserves at December 31, 2022 (1)
Proven Reserves Probable Reserves Proven and Probable Reserves
Deposits/Districts Newmont
Share
Tonnage (2)
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage (2)
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
Peñasquito Open Pits
 100% 103,900  38.00 126,990  184,500  33.04 196,020  288,500  34.82 323,000  86%
Peñasquito Stockpiles (5)
 100% 500  37.88 660  27,500  25.33 22,390  28,000  25.57 23,050  86%
Total Peñasquito, Mexico
 104,500  38.00 127,640  212,000  32.04 218,410  316,500  34.00 346,050  86%
Cerro Negro, Argentina
 100% 1,600  74.72 3,940  7,800  62.31 15,550  9,400  64.47 19,490  75%
Yanacocha Open Pits and Underground
 100% —  — —  93,400  19.90 59,760  93,400  19.90 59,760  54%
Yanacocha Stockpiles and Leach Pads (5)(8)
 100% 2,800  31.48 2,820  93,600  8.04 24,190  96,400  8.71 27,010  13%
Total Yanacocha, Peru (16)
 2,800  31.48 2,820  187,000  13.96 83,950  189,800  14.22 86,770  41%
Pueblo Viejo Open Pits
 40% 23,500  12.94 9,780  55,000  12.84 22,680  78,500  12.87 32,460  65%
Pueblo Viejo Stockpiles (5)
 40% —  — —  38,200  15.10 18,520  38,200  15.10 18,520  65%
Total Pueblo Viejo, Dominican Republic (9)(15)
 23,500  12.94 9,780  93,100  13.76 41,200  116,600  13.60 50,980  65%
NuevaUnión, Chile (10)(14)
 50% —  — —  1,118,000  1.31 47,170  1,118,000  1.31 47,170  66%
Norte Abierto, Chile (11)(14)
 50% —  — —  598,800  1.52 29,340  598,800  1.52 29,340  74%
NGM, United States (13)
 38.5% 5,300  7.46 1,280  60,100  6.24 12,060  65,500  6.34 13,340  38%
Total Silver 137,800  32.84 145,460  2,276,900  6.12 447,680  2,414,600  7.64 593,140  74%
____________________________
(1)Silver reserves, at sites in which Newmont is the operator, for 2023 and 2022 were estimated at a silver price of $20.00 per ounce, unless otherwise noted. Reserves provided by other operators may use pricing that differs. Amounts presented may not recalculate in total due to rounding.
(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.
(3)Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 for 2023 and nearest 10,000 for 2022.
(4)Silver cut-off grade varies with gold credits.
(5)Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(6)Silver cut-off grade varies with gold, lead, and zinc credits.
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(7)Silver cut-off grade varies with gold and copper credits.
(8)Leach pad material is the material on leach pads at the end of the year from which silver remains to be recovered. In-process reserves are reported separately where ounces exceed 100,000 and are greater than 5% of the total site-reported reserves.
(9)The Pueblo Viejo mine, which is 40% owned by Newmont, is accounted for as an equity method investment. Reserve estimates provided by Barrick, the operator of Pueblo Viejo.
(10)Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(11)Project is currently undeveloped. Reserve estimates provided by the Norte Abierto joint venture.
(12)Silver cut-off grade varies with gold, copper, and molybdenum credits.
(13)Reserve estimates provided by Barrick, the operator of the NGM joint venture.
(14)Currently included in Corporate and Other in Note 4 to the Consolidated Financial Statements.
(15)Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(16)In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(17)Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information. Silver reserves at sites acquired through the Newcrest transaction were estimated at a silver price of $18.00 per ounce.
The following tables detail lead proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022:
Lead Reserves at December 31, 2023 (1)
Proven Reserves Probable Reserves Proven and Probable Reserves
Deposits/Districts Newmont
Share
Tonnage (2)
(000 tonnes)
 Grade
(Pb %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Pb %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Pb %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Peñasquito Open Pits,
Mexico (4)(6)
 100% 121,700  0.37% 1,000  142,800  0.28% 900  264,500  0.32% 1,900  73%
Peñasquito Stockpiles,
Mexico (4)(5)(6)
 100% 2,000  0.32% —  24,500  0.38% 200  26,500  0.37% 200  73%
Total Lead 123,700  0.37% 1,000  167,300  0.30% 1,100  291,000  0.33% 2,100  73%
Lead Reserves at December 31, 2022 (1)
Proven Reserves Probable Reserves Proven and Probable Reserves
Deposits/Districts Newmont
Share
Tonnage (2)
(000 tonnes)
 Grade
(Pb %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Pb %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Pb %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Peñasquito Open Pits,
Mexico
 100% 103,900  0.36% 830  184,500  0.31% 1,270  288,500  0.33% 2,090  72%
Peñasquito Stockpiles,
Mexico (5)
 100% 500  0.16% —  27,500  0.33% 200  28,000  0.33% 200  72%
Total Lead 104,500  0.36% 830  212,000  0.31% 1,470  316,500  0.33% 2,300  72%
____________________________
(1)Lead reserves for 2023 and 2022 were estimated at a lead price of $1.00 per pound. Amounts presented may not recalculate in total due to rounding.
(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.
(3)Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022.
(4)Lead cut-off grade varies with level of gold, silver, and zinc credits.
(5)Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where pounds exceed 100 million and are greater than 5% of the total site-reported reserves.
(6)Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
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The following tables detail zinc proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022:
Zinc Reserves at December 31, 2023 (1)
Proven Reserves Probable Reserves Proven and Probable Reserves
Deposits/Districts Newmont
Share
Tonnage (2)
(000 tonnes)
 Grade
(Zn %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Zn %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Zn %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Peñasquito Open Pits,
Mexico (4)(6)
 100% 121,700  0.95% 2,500  142,800  0.66% 2,100  264,500  0.79% 4,600  82%
Peñasquito Stockpiles,
Mexico (4)(5)(6)
 100% 2,000  0.66% —  24,500  0.52% 300  26,500  0.53% 300  82%
Total Zinc 123,700  0.94% 2,600  167,300  0.63% 2,300  291,000  0.77% 4,900  82%
Zinc Reserves at December 31, 2022 (1)
Proven Reserves Probable Reserves Proven and Probable Reserves
Deposits/Districts Newmont
Share
Tonnage (2)
(000 tonnes)
 Grade
(Zn %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Zn %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Zn %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Peñasquito Open Pits,
Mexico
 100% 103,900  0.94% 2,160  184,500  0.76% 3,080  288,500  0.82% 5,240  81%
Peñasquito Stockpiles,
Mexico (5)
 100% 500  0.95% 10  27,500  0.46% 280  28,000  0.47% 290  81%
Total Zinc 104,500  0.94% 2,180  212,000  0.72% 3,360  316,500  0.79% 5,540  81%
____________________________
(1)Zinc reserves for 2023 and 2022 were estimated at a zinc price of $1.20 per pound. Amounts presented may not recalculate in total due to rounding.
(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.
(3)Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022.
(4)Zinc cut-off grade varies with level of gold, silver, and lead credits.
(5)Stockpiles are comprised primarily of material that has been set aside to allow processing of higher grade material in the mills. Stockpiles increase or decrease depending on current mine plans. Stockpile reserves are reported separately where pounds exceed 100 million and are greater than 5% of the total site-reported reserves.
(6)Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
The following tables detail molybdenum proven and probable reserves reflecting only those reserves attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022:
Molybdenum Reserves at December 31, 2023 (1)
Proven Reserves Probable Reserves Proven and Probable Reserves
Deposits/Districts Newmont
Share
Tonnage (2)
(000 tonnes)
 Grade
(Mo %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Mo %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Mo %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
NuevaUnión, Chile (4)(5)
 50% —  —% —  776,900  0.02% 300  776,900  0.02% 300  48%
Cadia, Australia (6)(7)(8)
 100% —  —% —  1,085,100  0.01% 200  1,085,100  0.01% 200  72%
Total Molybdenum —  —% —  1,862,000  0.01% 500  1,862,000  0.01% 500  55%
Molybdenum Reserves at December 31, 2022
Proven Reserves Probable Reserves Proven and Probable Reserves
Deposits/Districts Newmont
Share
Tonnage (2)
(000 tonnes)
 Grade
(Mo %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Mo %)
Pounds (3)
(millions)
Tonnage (2)
(000 tonnes)
 Grade
(Mo %)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
NuevaUnión, Chile (4)(5)
 50% —  —% —  776,900  0.02% 270  776,900  0.02% 270  48%
Total Molybdenum —  —% —  776,900  0.02% 270  776,900  0.02% 270  48%
____________________________
(1)Molybdenum reserves, at sites in which Newmont is the operator, for 2023 were estimated at a molybdenum price of $8.00 per pound. Reserves for NuevaUnión are estimated based on a molybdenum price set by NuevaUnión joint venture. Amounts presented may not recalculate in total due to rounding.
(2)Tonnages include allowances for losses resulting from mining methods. Tonnages are rounded to nearest 100,000.
(3)Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022.
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(4)Project is currently undeveloped. Reserve estimates provided by the NuevaUnión joint venture.
(5)Currently included in Corporate and Other in Note 4 to the Consolidated Financial Statements.
(6)Molybdenum cut-off grade varies with level of gold, silver, and copper credits.
(7)Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(8)Site acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
Measured, Indicated, and Inferred Resources
All of our resources are located on land (i) we own or control, or (ii) that is owned or controlled by business entities established with our joint venture partners, in which the Company owns its pro-rata share of the capital stock, membership units, or interests. The risks that could affect title to our property are included above in Item 1A, Risk Factors.
The measured, indicated, and inferred resource figures presented herein are estimates based on information available at the time of calculation and are exclusive of reserves. A “mineral resource” is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade, or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. The reference point for mineral resources is in situ. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories. Ounces of gold and silver or pounds of copper, zinc, lead, molybdenum, and tungsten included in the measured, indicated and inferred resources are those contained prior to losses during metallurgical treatment. The terms "measured resource," "indicated resource," and "inferred resource" mean that part of a mineral resource for which quantity and grade or quality are estimated on the basis of geological evidence and sampling that is considered to be comprehensive, adequate, or limited, respectively.
Market fluctuations in the price of gold, silver, copper, zinc, lead, molybdenum and tungsten, as well as increased production costs or reduced metallurgical recovery rates, could change future estimates of resources. Metal price assumptions are based on approximately a fifteen to twenty-five percent premium over reserve prices.
Our exploration efforts are directed to the discovery of new resources and converting it into proven and probable reserves. We conduct brownfield exploration around our existing mines and greenfield exploration in other locations globally. Brownfield exploration can result in the discovery of additional deposits, which may receive the economic benefit of existing operating, processing and administrative infrastructures. In contrast, the discovery of mineralization through greenfield exploration efforts will require capital investment to build a stand-alone operation. Our Exploration expense was $265, $231 and $209 in 2023, 2022 and 2021, respectively.
We had attributable measured and indicated gold resources of 104.8 million ounces and attributable inferred gold resources of 69.1 million ounces at December 31, 2023. For 2023 and 2022, attributable measured, indicated, and inferred gold resources were estimated at a gold price assumption of $1,600, with the exception of gold resources for Telfer, which were estimated at a gold price assumption of $1,800 due to the short-term remaining mine life.
The resource figures presented herein do not include that part of our resources that have been converted to Proven and Probable Reserves as shown above, as they are reported exclusive of reserves, and have been estimated based on information available at the time of calculation.
The Company has internal controls for reviewing and documenting the information supporting the mineral reserve and mineral resource estimates, describing the methods used, and ensuring the validity of the estimates. Refer to Proven and Probable Reserves above for further information on these internal controls.
We publish measured, indicated, and inferred resources annually, and will recalculate them at December 31, 2024, taking into account metal prices, changes, if any, in future production and capital costs, divestments and conversion to reserves, as well as any acquisitions and additions during 2024.
The following tables detail measured, indicated, and inferred resources reflecting only those that are attributable to Newmont’s ownership or economic interest at December 31, 2023 and 2022.
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Gold Resources at December 31, 2023 (1)(2)
Measured Resources Indicated Resources
Measured and Indicated Resources
 Inferred Resources
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
CC&V, United States
 100% 77,400 0.43 1,100 43,700 0.36 500 121,100 0.40 1,600 22,400 0.4 300 56%
Musselwhite, Canada 100% 900 4.36 100 1,300 4.17 200 2,200 4.25 300 1,200 5.0 200 96%
Porcupine Underground 100% 200 4.55 — 1,100 6.89 200 1,300 6.49 300 2,400 8.0 600 94%
Porcupine Open Pit 100% 100 0.60 — 66,300 1.65 3,500 66,300 1.65 3,500 59,800 1.5 2,800 92%
Total Porcupine, Canada 300 3.67 — 67,400 1.73 3,800 67,700 1.74 3,800 62,200 1.7 3,400 92%
Éléonore, Canada 100% 700 4.59 100 2,100 4.70 300 2,800 4.68 400 1,800 5.7 300 92%
Red Chris, Canada (11)
 70% — — — 334,700 0.34 3,600 334,700 0.34 3,600 62,100 0.3 700 55%
Brucejack, Canada (11)
 100% — — — 1,800 7.64 500 1,800 7.64 500 12,100 10.3 4,000 96%
Coffee, Canada 100% 900 2.14 100 49,300 1.27 2,000 50,200 1.28 2,100 6,700 1.0 200 81%
Galore Creek, Canada (4)
 50% 212,800 0.29 2,000 385,600 0.22 2,700 598,400 0.25 4,700 118,900 0.2 700 75%
Peñasquito, Mexico (9)
 100% 37,400 0.26 300 157,300 0.22 1,100 194,700 0.23 1,400 22,800 0.2 100 57%
Noche Buena, Mexico 50% — — — 19,900 0.37 200 19,900 0.37 200 1,600 0.2 — 50%
Merian, Suriname 75% 6,000 1.01 200 38,000 1.10 1,300 44,000 1.09 1,500 30,800 1.0 1,000 88%
Cerro Negro, Argentina
 100% 1,300 3.71 200 2,100 6.17 400 3,400 5.22 600 6,200 4.7 900 94%
Conga, Peru 100% — — — 693,800 0.65 14,600 693,800 0.65 14,600 230,500 0.4 2,900 75%
Yanacocha Open Pit 100% 16,800 0.41 200 111,300 0.43 1,500 128,000 0.42 1,700 186,500 0.8 4,800 67%
Yanacocha Underground 100% 500 4.07 100 6,200 4.70 900 6,700 4.65 1,000 3,400 5.0 500 97%
Total Yanacocha, Peru 17,300 0.52 300 117,500 0.65 2,500 134,800 0.64 2,800 189,900 0.9 5,400 73%
Pueblo Viejo, Dominican Republic (5)
 40% 7,300 1.47 300 37,300 1.49 1,800 44,600 1.49 2,100 3,200 1.6 200 82%
NuevaUnión, Chile (6)
 50% 4,800 0.47 100 118,300 0.59 2,300 123,100 0.59 2,300 239,800 0.4 3,100 68%
Norte Abierto, Chile (7)
 50% 77,200 0.61 1,500 596,900 0.49 9,300 674,200 0.50 10,800 369,600 0.4 4,400 76%
Boddington, Australia
 100% 98,200 0.55 1,700 169,700 0.54 2,900 267,900 0.54 4,700 2,400 0.5 — 83%
Tanami Open Pit 100% 9,400 1.67 500 23,800 1.47 1,100 33,200 1.53 1,600 4,200 1.1 200 90%
Tanami Underground 100% 2,500 3.82 300 5,600 4.43 800 8,000 4.24 1,100 15,900 4.5 2,300 96%
Total Tanami, Australia 11,900 2.12 800 29,400 2.03 1,900 41,200 2.06 2,700 20,100 3.8 2,400 94%
Cadia Underground 100% — — — 1,596,600 0.32 16,200 1,596,600 0.32 16,200 497,000 0.2 3,800 80%
Cadia Stockpiles and Open Pit
 100% 30,900 0.30 300 — — — 30,900 0.30 300 11,000 0.7 200 65%
Total Cadia, Australia (9)(11)
 30,900 0.30 300 1,596,600 0.32 16,200 1,627,500 0.32 16,500 508,000 0.2 4,100 80%
Telfer Open Pit 100% — — — 25,900 0.56 500 25,900 0.56 500 — — — 78%
Telfer Underground 100% — — — 1,700 2.31 100 1,700 2.31 100 — — — 90%
Total Telfer, Australia (11)
 — — — 27,600 0.67 600 27,600 0.67 600 — — — 81%
Havieron, Australia (11)
 70% — — — 33,200 2.65 2,800 33,200 2.65 2,800 11,400 1.7 600 87%
Namosi, Fiji (11)
 73.24% — — — 105,500 0.22 700 105,500 0.22 700 1,346,900 0.1 4,300 72%
Lihir Open Pit 100% — — — 25,000 2.03 1,600 25,000 2.03 1,600 227,400 2.4 17,500 80%
Lihir Stockpiles 100% — — — 22,200 1.47 1,000 22,200 1.47 1,000 — — — 78%
Total Lihir, Papua New Guinea (9)(11)
 — — — 47,100 1.77 2,700 47,100 1.77 2,700 227,400 2.4 17,500 79%
77
Table of Contents
Gold Resources at December 31, 2023 (1)(2) (continued)
Measured Resources Indicated Resources
Measured and Indicated Resources
 Inferred Resources
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
Wafi-Golpu Open Pit 50% — — — 53,600 1.66 2,900 53,600 1.66 2,900 15,500 1.3 600 65%
Wafi-Golpu Underground 50% — — — 140,800 0.45 2,000 140,800 0.45 2,000 91,900 0.6 1,900 68%
Total Wafi-Golpu, Papua New Guinea (11)
 —  — —  194,500 0.78 4,900 194,500 0.78 4,900 107,300 0.7 2,600 67%
Ahafo South Open Pit 100% 3,200 1.21 100 5,600 0.92 200 8,800 1.03 300 6,100 1.4 300 88%
Ahafo South Underground 100% —  1.59 — 27,200 3.71 3,200 27,200 3.71 3,200 13,800 3.0 1,300 91%
Total Ahafo South, Ghana 3,200 1.21 100 32,800 3.24 3,400 36,000 3.05 3,500 19,900 2.5 1,600 91%
Ahafo North, Ghana
 100% 5,000 1.46 200 12,700 1.88 800 17,700 1.76 1,000 6,600 1.6 300 91%
Akyem, Ghana
 100% 900 0.72 — 9,800 3.83 1,200 10,600 3.57 1,200 5,600 2.9 500 92%
NGM Open Pit and Stockpiles
 38.5% 4,000 0.99 100 175,200 0.99 5,500 179,200 0.99 5,700 101,000 0.8 2,500 75%
NGM Underground 38.5% 1,400 7.51 300 20,900 5.95 4,000 22,200 6.04 4,300 23,100 6.5 4,800 84%
Total NGM, United States (8)
 5,300 2.66 500 196,000 1.52 9,600 201,400 1.55 10,000 124,100 1.8 7,300 80%
Total Gold 599,700 0.52 9,900 5,121,900 0.58 94,900 5,721,600 0.57 104,800 3,761,500 0.6 69,100 78%
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Table of Contents
Gold Resources at December 31, 2022 (1)(2)
Measured Resources Indicated Resources
Measured and Indicated Resources
 Inferred Resources
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
CC&V, United States 100% 79,700 0.38 980 42,300 0.32 440 122,000 0.36 1,420 32,200 0.3 350 59%
Musselwhite, Canada 100% 1,300 3.92 170 2,600 3.93 330 3,900 3.93 490 3,000 4.2 410 95%
Porcupine Underground 100% 300 6.69 70 1,000 8.64 270 1,300 8.15 340 1,800 8.1 480 92%
Porcupine Open Pit 100% 200 0.51 — 73,000 1.53 3,600 73,200 1.53 3,600 66,000 1.4 2,890 91%
Total Porcupine, Canada 500 4.36 70 73,900 1.63 3,860 74,500 1.64 3,940 67,900 1.5 3,370 91%
Éléonore, Canada 100% 400 5.05 70 2,100 5.10 350 2,500 5.09 420 2,600 5.4 460 92%
Coffee, Canada 100% — — — 53,900 1.23 2,140 53,900 1.23 2,140 7,200 1.0 230 80%
Galore Creek, Canada (4)
 50% 212,800 0.29 2,010 385,600 0.22 2,710 598,400 0.25 4,720 118,900 0.2 720 75%
Peñasquito, Mexico
 100% 47,400 0.25 390 263,500 0.26 2,190 311,000 0.26 2,570 84,700 0.4 1,110 69%
Noche Buena, Mexico 50% — — — 19,900 0.37 240 19,900 0.37 240 1,600 0.2 10 50%
Merian, Suriname 75% 5,600 0.99 180 35,300 1.26 1,430 40,900 1.22 1,610 37,000 0.9 1,020 89%
Cerro Negro Underground 100% 200 6.11 30 1,500 7.33 360 1,700 7.22 390 5,700 6.2 1,140 95%
Cerro Negro Open Pit 100% 1,200 3.28 130 1,200 3.15 120 2,400 3.22 250 300 2.5 20 90%
Total Cerro Negro, Argentina 100% 1,400 3.60 160 2,700 5.49 480 4,100 4.86 630 6,000 6.0 1,160 94%
Conga, Peru (10)
 100% — — — 693,800 0.65 14,590 693,800 0.65 14,590 230,500 0.4 2,880 75%
Yanacocha Open Pit 100% 13,500 0.38 170 114,900 0.42 1,570 128,400 0.42 1,730 189,700 0.8 4,830 66%
Yanacocha Underground 100% 500 4.07 70 6,200 4.70 940 6,700 4.65 1,010 3,400 5.0 550 97%
Total Yanacocha, Peru (10)
 14,100 0.52 240 121,100 0.64 2,510 135,100 0.63 2,740 193,100 0.9 5,380 72%
Pueblo Viejo, Dominican Republic (5)(9)
 40% 7,300 1.43 340 33,200 1.51 1,610 40,600 1.49 1,950 3,000 1.8 170 88%
NuevaUnión, Chile (6)
 50% 4,800 0.47 70 118,300 0.59 2,260 123,100 0.59 2,330 239,800 0.4 3,050 68%
Norte Abierto, Chile (7)
 50% 77,200 0.61 1,510 596,900 0.49 9,320 674,200 0.50 10,820 369,600 0.4 4,360 76%
Boddington, Australia
 100% 92,800 0.55 1,630 167,400 0.54 2,900 260,200 0.54 4,530 2,800 0.5 50 83%
Tanami Open Pit 100% 9,400 1.67 500 23,800 1.47 1,120 33,200 1.53 1,630 4,200 1.1 150 90%
Tanami Underground 100% 1,700 3.26 180 5,400 4.29 750 7,100 4.04 920 8,800 5.2 1,460 97%
Total Tanami, Australia 100% 11,000 1.91 680 29,200 1.99 1,870 40,200 1.97 2,550 13,000 3.9 1,620 94%
Ahafo South Open Pit
 100% 200 0.56 — 20,000 1.09 700 20,200 1.09 710 10,200 1.3 420 86%
Ahafo South Underground
 100% — — — 24,700 3.53 2,810 24,700 3.53 2,810 11,000 3.4 1,220 92%
Total Ahafo South, Ghana 200 0.56 — 44,700 2.44 3,510 44,900 2.43 3,510 21,200 2.4 1,640 91%
Ahafo North, Ghana
 100% 2,900 1.28 120 12,700 1.94 790 15,700 1.81 910 10,000 1.5 490 92%
Akyem, Ghana
 100% 1,000 0.70 20 9,000 3.68 1,060 10,000 3.38 1,090 7,100 2.7 620 92%
NGM Open Pit and Stockpiles
 38.5% 23,200 1.89 1,410 175,200 0.99 5,600 198,400 1.10 7,000 129,900 0.7 2,880 73%
NGM Underground 38.5% 9,800 6.48 2,040 16,600 5.84 3,110 26,400 6.08 5,150 19,500 6.6 4,150 86%
Total NGM, United States (8)
 33,000 3.25 3,450 191,700 1.41 8,700 224,800 1.68 12,160 149,300 1.5 7,040 79%
Total Gold 593,600 0.63 12,080 2,900,000 0.68 63,250 3,493,600 0.67 75,330 1,600,700 0.7 36,130 79%
____________________________
(1)Resources are reported exclusive of reserves. Amounts presented may not recalculate in total due to rounding.
79
Table of Contents
(2)Resources, at sites in which Newmont is the operator, are estimated at a gold price of $1,600 per ounce for 2023 and 2022, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
(3)Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022.
(4)Project is currently undeveloped. Resource estimates provided by Teck Resources, the Galore Creek joint venture partner.
(5)Resource estimates provided by Barrick, the operator of Pueblo Viejo.
(6)Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.
(7)Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
(8)Resource estimates provided by Barrick, the operator of the NGM joint venture.
(9)Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(10)In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(11)Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information. Gold resources at sites acquired through the Newcrest transaction were estimated at a gold price of $1,400 per ounce, with the exception of Havieron and Lihir, for which gold resources were estimated using Newmont's price assumptions, and certain legacy estimates, which have applied older, more conservative price assumptions.

80
Table of Contents
Copper Resources at December 31, 2023 (1)(2)
Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(Cu%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Cu%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Cu%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Cu%)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Red Chris, Canada (10)
 70% —  —% —  334,700  0.34% 2,500  334,700  0.34% 2,500  62,100  0.4% 500  81%
Galore Creek, Canada (4)
 50% 212,800  0.44% 2,100  385,600  0.47% 4,000  598,400  0.46% 6,100  118,900  0.3% 700  93%
Conga, Peru 100% —  —% —  693,800  0.26% 4,000  693,800  0.26% 4,000  230,500  0.2% 900  84%
Yanacocha, Peru
 100% 1,500  1.02% —  99,800  0.36% 800  101,300  0.37% 800  39,700  0.4% 300  81%
NuevaUnión, Chile (5)
 50% 164,300  0.19% 700  349,900  0.34% 2,700  514,100  0.30% 3,400  602,200  0.4% 5,200  89%
Norte Abierto, Chile (6)
 50% 57,600  0.24% 300  551,300  0.19% 2,300  608,900  0.20% 2,600  361,800  0.2% 1,400  90%
Boddington, Australia 100% 98,200  0.11% 200  169,700  0.11% 400  267,900  0.11% 700  2,400  0.1% —  82%
Cadia Underground 100% —  —% —  1,596,600  0.23% 8,200  1,596,600  0.23% 8,200  497,000  0.2% 1,900  85%
Cadia Open Pit 100% 30,900  0.13% 100  —  —% —  30,900  0.13% 100  11,000  0.5% 100  80%
Total Cadia, Australia (8)(10)
 30,900  0.13% 100  1,596,600  0.23% 8,200  1,627,500  0.23% 8,300  508,000  0.2% 2,000  85%
Telfer Open Pit 100% —  —% —  20,300  0.06% —  20,300  0.06% —  —  —% —  49%
Telfer Stockpiles 100% —  —% —  5,600  0.07% —  5,600  0.07% —  —  —% —  46%
Telfer Underground 100% —  —% —  1,700  0.56% —  1,700  0.56% —  —  —% —  94%
Total Telfer, Australia (10)
 —  —% —  27,600  0.09% 100  27,600  0.09% 100  —  —% —  65%
Havieron, Australia (10)
 70% —  —% —  33,200  0.34% 300  33,200  0.34% 300  11,400  0.2% —  86%
Telfer Projects, Australia (10)
 100% —  —% —  51,700  0.29% 300  51,700  0.29% 300  1,900  0.3% —  78%
Namosi Open Pit 73.24% —  —% —  105,500  0.61% 1,400  105,500  0.61% 1,400  1,346,900  0.3% 9,500  84%
Namosi Underground 73.24% —  —% —  —  —% —  —  —% —  209,900  0.4% 2,000  92%
Total Namosi, Fiji (10)
 —  —% —  105,500  0.61% 1,400  105,500  0.61% 1,400  1,556,800  0.3% 11,500  85%
Wafi-Golpu, Papua New Guinea (10)
 50% —  —% —  140,800  0.73% 2,300  140,800  0.73% 2,300  91,900  0.7% 1,400  95%
NGM, United States (7)
 38.5% —  —% —  136,000  0.15% 500  136,000  0.15% 500  19,300  0.2% 100  65%
Total Copper 565,300  0.28% 3,400  4,676,100  0.29% 29,700  5,241,400  0.29% 33,100  3,606,800  0.3% 24,000  88%
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Table of Contents
Copper Resources at December 31, 2022 (1)(2)
Measured Resources Indicated Resources Measured and Indicated Resources Inferred Resources
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(Cu%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Cu%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Cu%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Cu%)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Galore Creek, Canada (4)
 50% 212,800  0.44% 2,060  385,600  0.47% 4,020  598,400  0.46% 6,080  118,900  0.3% 690  93%
Conga, Peru (9)
 100% —  —% —  693,800  0.26% 3,970  693,800  0.26% 3,970  230,500  0.2% 950  84%
Yanacocha, Peru (9)
 100% 500  0.18% —  100,800  0.37% 830  101,300  0.37% 830  39,700  0.4% 320  81%
NuevaUnión, Chile (5)
 50% 164,300  0.19% 700  349,900  0.34% 2,650  514,100  0.30% 3,360  602,200  0.4% 5,170  89%
Norte Abierto, Chile (6)
 50% 57,600  0.24% 310  551,300  0.19% 2,340  608,900  0.20% 2,640  361,800  0.2% 1,450  90%
Boddington, Australia 100% 92,800  0.11% 230  167,400  0.11% 420  260,200  0.11% 650  2,800  0.1% 10  82%
NGM, United States (7)
 38.5% 2,600  0.14% 10  116,900  0.14% 350  119,500  0.14% 360  19,900  0.1% 60  65%
Total Copper 530,600  0.28% 3,310  2,365,500  0.28% 14,580  2,896,100  0.28% 17,890  1,375,800  0.3% 8,640  88%
____________________________
(1)Resources are reported exclusive of reserves. Amounts presented may not recalculate in total due to rounding.
(2)Resources, at sites in which Newmont is the operator, are estimated at a copper price of $4.00 per pound for 2023 and 2022, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
(3)Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022.
(4)Project is currently undeveloped. Resource estimates provided by Teck Resources.
(5)Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.
(6)Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
(7)Resource estimates provided by Barrick, the operator of the NGM joint venture.
(8)Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(9)In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(10)Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information. Copper resources at sites acquired through the Newcrest transaction were estimated at a copper price of $3.40 per pound, with the exception of Havieron, for which copper resources were estimated using Newmont's price assumptions, and certain legacy estimates, which have applied older, more conservative price assumptions.
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Table of Contents
Silver Resources at December 31, 2023 (1)(2)
Measured Resources Indicated Resources
Measured and Indicated Resources
 Inferred Resources
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
Brucejack, Canada (11)
 100% —  — —  1,800  8.09 500  1,800  8.09 500  12,100  10.0 3,900  85%
Galore Creek, Canada (4)
 50% 212,800  4.08 27,900  385,600  4.77 59,100  598,400  4.52 87,000  118,900  2.6 9,900  73%
Peñasquito, Mexico 100% 37,400  24.48 29,400  157,300  25.12 127,100  194,700  25.00 156,500  22,800  25.4 18,700  79%
Noche Buena, Mexico 50% —  — —  19,900  13.99 9,000  19,900  13.99 9,000  1,600  11.0 500  25%
Cerro Negro Underground 100% 100  61.50 200  900  60.12 1,800  1,000  60.28 2,000  5,900  27.5 5,200  75%
Cerro Negro Open Pit 100% 1,200  6.77 300  1,200  6.63 300  2,400  6.70 500  300  6.7 100  71%
Total Cerro Negro, Argentina 1,300  11.71 500  2,100  30.02 2,000  3,400  22.95 2,500  6,200  26.4 5,300  75%
Conga, Peru 100% —  — —  693,800  2.06 45,900  693,800  2.06 45,900  175,000  1.1 6,300  70%
Yanacocha Open Pit
 100% 16,100  6.76 3,500  105,200  10.43 35,300  121,300  9.94 38,800  26,400  13.5 11,500  44%
Yanacocha Underground 100% 500  0.37 —  6,200  37.02 7,300  6,700  34.23 7,400  3,400  40.4 4,400  83%
Total Yanacocha, Peru 16,600  6.57 3,500  111,300  11.91 42,600  128,000  11.21 46,100  29,800  16.6 15,900  51%
Pueblo Viejo, Dominican Republic (5)
 40% 7,300  7.96 1,900  37,300  8.04 9,600  44,600  8.02 11,500  3,200  8.1 800  74%
NuevaUnión, Chile (6)
 50% 164,300  0.96 5,100  349,900  1.19 13,400  514,100  1.12 18,400  602,200  1.2 22,500  66%
Norte Abierto, Chile (7)
 50% 77,200  1.20 3,000  596,900  1.07 20,600  674,200  1.09 23,500  369,600  1.0 11,300  78%
Cadia, Australia (9)(11)
 100% —  — —  1,596,600  0.61 31,300  1,596,600  0.61 31,300  497,000  0.5 7,500  65%
Wafi-Golpu, Papua New Guinea (11)
 50% —  — —  53,600  4.42 7,600  53,600  4.42 7,600  15,500  4.5 2,200  45%
NGM Open Pit
 38.5% —  — —  93,000  5.59 16,700  93,000  5.59 16,700  16,700  5.4 2,900  38%
NGM Stockpiles
 38.5% —  — —  —  — —  —  — —  1,800  5.6 300  38%
NGM, United States (8)
 —  — —  93,000  5.59 16,700  93,000  5.59 16,700  18,400  5.4 3,200  38%
Total Silver 516,900 4.29 71,300  4,099,200  2.92 385,400  4,616,200  3.08 456,700  1,872,300  1.8 108,100  68%
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Table of Contents
Silver Resources at December 31, 2022 (1)(2)
Measured Resources Indicated Resources
Measured and Indicated Resources
 Inferred Resources
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Tonnage
(000 tonnes)
 Grade
(g/tonne)
Ounces (3)
(000)
Metallurgical
Recovery (3)
Galore Creek, Canada (4)
 50% 212,800  4.08 27,950  385,600  4.77 59,100  598,400  4.52 87,040  118,900  2.6 9,940  73%
Peñasquito, Mexico
 100% 47,400  23.94 36,510  263,500  23.99 203,240  311,000  23.98 239,740  84,700  27.2 74,220  86%
Noche Buena, Mexico 50% —  — —  19,900  13.99 8,970  19,900  13.99 8,970  1,600  11.0 550  25%
Cerro Negro Underground 100% 200  42.43 210  1,500  51.31 2,490  1,700  50.51 2,690  5,700  35.1 6,450  76%
Cerro Negro Open Pit 100% 1,200  6.77 260  1,200  6.63 250  2,400  6.70 520  300  6.7 70  60%
Total Cerro Negro, Argentina 1,400  10.72 470  2,700  31.64 2,740  4,100  24.64 3,210  6,000  33.7 6,520  75%
Conga, Peru (10)
 100% —  — —  693,800  2.06 45,910  693,800  2.06 45,910  175,000  1.1 6,330  70%
Yanacocha Open Pit
 100% 12,500  3.30 1,330  108,100  11.11 38,610  120,600  10.30 39,930  29,600  12.5 11,920  41%
Yanacocha Underground 100% 500  0.37 10  6,200  37.02 7,350  6,700  34.23 7,350  3,400  40.4 4,390  83%
Total Yanacocha, Peru (10)
 13,000  3.19 1,330  114,200  12.51 45,950  127,200  11.56 47,290  33,000  15.4 16,310  49%
Pueblo Viejo, Dominican Republic (5)(9)
 40% 7,300  7.68 1,810  33,200  8.28 8,840  40,600  8.17 10,650  3,000  10.5 1,030  74%
NuevaUnión, Chile (6)
 50% 164,300  0.96 5,080  349,900  1.19 13,370  514,100  1.12 18,440  602,200  1.2 22,530  66%
Norte Abierto, Chile (7)
 50% 77,200  1.20 2,990  596,900  1.07 20,550  674,200  1.09 23,540  369,600  1.0 11,340  78%
NGM, United States (8)
 38.5% 2,400  5.33 410  81,700  5.46 14,340  84,100  5.46 14,760  18,700  5.6 3,350  38%
Total Silver 525,900 4.53 76,550  2,541,500  5.18 423,010  3,067,400  5.07 499,560  1,412,800  3.3 152,120  75%
____________________________
(1)Resources are reported exclusive of reserves. Amounts presented may not recalculate in total due to rounding.
(2)Resources, at sites in which Newmont is the operator, are estimated at a silver price of $23.00 per ounce for 2023 and 2022, unless otherwise noted. Resources provided by other operators may use pricing that differs. Tonnage amounts have been rounded to the nearest 100,000.
(3)Ounces are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Ounces may not recalculate as they are rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022.
(4)Project is currently undeveloped. Resource estimates provided by Teck Resources.
(5)Resource estimates provided by Barrick, the operator of the Pueblo Viejo.
(6)Project is currently undeveloped. Resource estimates provided by the NuevaUnión joint venture.
(7)Project is currently undeveloped. Resource estimates provided by the Norte Abierto joint venture.
(8)Resource estimates provided by Barrick, the operator of the NGM joint venture.
(9)Amounts presented herein have been rounded to the nearest 100,000 in 2023 and nearest 10,000 in 2022 for ounces and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(10)In 2022, the Company increased its ownership interest in Yanacocha to 100% by acquiring Buenaventura’s 43.65% noncontrolling interest and Sumitomo's 5% noncontrolling interest. Refer to Note 1 to the Consolidated Financial Statements for further information.
(11)Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information. Silver resources at sites acquired through the Newcrest transaction were estimated at a silver price of $21.00 per ounce, with the exception of certain legacy estimates, which have applied older, more conservative price assumptions.
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Lead Resources at December 31, 2023 (1)(2)
Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(Pb%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Pb%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Pb%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Pb%)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Peñasquito, Mexico (4)
 100% 37,400  0.28% 200  157,300  0.24% 800  194,700  0.24% 1,000  22,800  0.2% 100  72%
Telfer Projects, Australia (5)
 100% —  —% —  51,700  0.30% 300  51,700  0.30% 300  1,900  0.2% —  89%
Total Lead 37,400  0.28% 200  209,100  0.25% 1,200  246,500  0.26% 1,400  24,700  0.2% 100  76%
Lead Resources at December 31, 2022 (1)(2)
Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(Pb%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Pb%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Pb%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Pb%)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Peñasquito, Mexico 100% 47,400  0.26% 270  263,500  0.23% 1,360  311,000  0.24% 1,630  84,700  0.2% 440  72%
Total Lead 47,400  0.26% 270  263,500  0.23% 1,360  311,000  0.24% 1,630  84,700  0.2% 440  72%
____________________________
(1)Resources are reported exclusive of reserves.
(2)Resources are estimated at a lead price of $1.20 per pound for 2023 and 2022. Tonnage amounts have been rounded to the nearest 100,000.
(3)Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022.
(4)Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(5)Site acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information. Lead resources at sites acquired through the Newcrest transaction were estimated at a lead price of $1.07 per pound.
Zinc Resources at December 31, 2023 (1)(2)
Measured Resource Indicated Resource
Measured and Indicated Resource
 Inferred Resource
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(Zn%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Zn%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Zn%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Zn%)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Peñasquito, Mexico (4)
 100% 37,400  0.69% 600  157,300  0.59% 2,000  194,700  0.61% 2,600  22,800  0.6% 300  81%
Telfer Projects, Australia (5)
 100% —  —% —  51,700  0.63% 700  51,700  0.63% 700  1,900  0.5% —  78%
Total Zinc 37,400  0.69% 600  209,100  0.60% 2,800  246,500  0.61% 3,300  24,700  0.6% 300  80%
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Zinc Resources at December 31, 2022 (1)(2)
Measured Resource Indicated Resource
Measured and Indicated Resource
 Inferred Resource
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(Zn%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Zn%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Zn%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Zn%)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Peñasquito, Mexico 100% 47,400  0.62% 650  263,500  0.53% 3,080  311,000  0.54% 3,740  84,700  0.5% 1,000  81%
Total Zinc 47,400  0.62% 650  263,500  0.53% 3,080  311,000  0.54% 3,740  84,700  0.5% 1,000  81%
____________________________
(1)Resources are reported exclusive of reserves.
(2)Resources are estimated at a zinc price of $1.45 per pound for 2023 and 2022. Tonnage amounts have been rounded to the nearest 100,000.
(3)Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 and nearest 10 million in 2022.
(4)Amounts presented herein have been rounded to the nearest 10 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(5)Site acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information. Zinc resources at sites acquired through the Newcrest transaction were estimated at a zinc price of $1.15 per pound.
Molybdenum Resources at December 31, 2023 (1)(2)
Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(Mo%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Mo%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Mo%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Mo%)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
NuevaUnión, Chile (4)
 50% 159,500  0.01% —  231,500  0.01% —  391,000  0.01% 100  362,300  —% 100  52%
Cadia, Australia (5)(6)
 100% —  —% —  1,515,400  0.01% 200  1,515,400  0.01% 200  497,000  —% —  72%
Total Molybdenum 159,500  0.01% —  1,746,900  0.01% 200  1,906,400  0.01% 200  859,400  —% 100  60%
Molybdenum Resources at December 31, 2022 (1)(2)
Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
 Grade
(Mo%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Mo%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Mo%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
 Grade
(Mo%)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
NuevaUnión, Chile (4)
 50% 159,500  0.01% 20  231,500  0.01% 40  391,000  0.01% 70  362,300  —% 100  52%
Total Molybdenum 159,500  0.01% 20  231,500  0.01% 40  391,000  0.01% 70  362,300  —% 100  52%
____________________________
(1)Resources are reported exclusive of reserves.
(2)Resources, at sites in which Newmont is the operator, are estimated at a molybdenum price of $10.00 per pound for 2023. Resources for NuevaUnión are estimated based on a molybdenum price set by NuevaUnión joint venture. Tonnage amounts have been rounded to the nearest 100,000.
(3)Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million in 2023 nearest 10 million in 2022.
(4)Project is currently undeveloped. Resource estimates provided by NuevaUnión joint venture.
(5)Amounts presented herein have been rounded to the nearest 100 million for pounds and 100,000 for tonnes and therefore may not agree to the respective Technical Report Summaries provided for certain properties as provided under exhibit 96.
(6)Site acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
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Tungsten Resources at December 31, 2023 (1)(2)
Measured Resource Indicated Resource Measured and Indicated Resource Inferred Resource
Deposits/Districts Newmont
Share
Tonnage
(000 tonnes)
Grade
(W%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(W%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(W%)
Pounds (3)
(millions)
Tonnage
(000 tonnes)
Grade
(W%)
Pounds (3)
(millions)
Metallurgical
Recovery (3)
Telfer Projects, Australia (4)
 100% —  —% —  51,700  0.35% 400  51,700  0.35% 400  1,900  0.4% —  74%
Total Tungsten
 —  —% —  51,700  0.35% 400  51,700  0.35% 400  1,900  0.4% —  74%
____________________________
(1)Resources are reported exclusive of reserves.
(2)Resources are estimated at a tungsten price of $16.00 per pound for 2023. Tonnage amounts have been rounded to the nearest 100,000.
(3)Pounds are estimates of metal contained in ore tonnages and do not include allowances for processing losses. Metallurgical recovery rates represent the estimated amount of metal to be recovered through metallurgical extraction processes. Pounds may not recalculate as they are rounded to the nearest 100 million.
(4)Site acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
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ITEM 3.       LEGAL PROCEEDINGS
Information regarding legal proceedings is contained in Note 25 to the Consolidated Financial Statements contained in this Report and is incorporated herein by reference. The Company has elected to apply a threshold of $1 million pursuant to Item 103(c)(3)(iii) of Regulation S-K in connection with environmental proceedings to which a governmental authority is a party.
ITEM 4.       MINE SAFETY DISCLOSURES
At Newmont, safety is a core value, and we strive for superior performance. Our health and safety management system, which includes detailed standards and procedures for safe production, addresses topics such as employee training, risk management, workplace inspection, emergency response, accident investigation and program auditing. In addition to strong leadership and involvement from all levels of the organization, these programs and procedures form the cornerstone of safety at Newmont, ensuring that employees are provided a safe and healthy environment and are intended to reduce workplace accidents, incidents and losses, comply with all mining-related regulations and provide support for both regulators and the industry to improve mine safety.
In addition, we have established our “Rapid Response” crisis management process to mitigate and prevent the escalation of adverse consequences if existing risk management controls fail, particularly if an incident may have the potential to seriously impact the safety of employees, the community or the environment. This process provides appropriate support to an affected site to complement their technical response to an incident, so as to reduce the impact by considering the environmental, strategic, legal, financial and public image aspects of the incident, to ensure communications are being carried out in accordance with legal and ethical requirements and to identify actions in addition to those addressing the immediate hazards.
The health and safety of our people and our host communities is paramount.
The operation of our U.S. based mine is subject to regulation by the Federal Mine Safety and Health Administration (“MSHA”) under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). MSHA inspects our mine on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. Following passage of The Mine Improvement and New Emergency Response Act of 2006, MSHA significantly increased the numbers of citations and orders charged against mining operations. The dollar penalties assessed for citations issued have also increased in recent years.
Newmont is required to report certain mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K, and that required information is included in Exhibit 95 and is incorporated by reference into this Annual Report. It is noted that the Nevada mines owned by NGM, in which the Company holds a 38.5% interest, are not included in the Company’s Exhibit 95 mine safety disclosure reporting as such sites are operated by our joint venture partner, Barrick.
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PART II
ITEM 5.       MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES
Our common stock is listed and principally traded on the New York Stock Exchange under the symbol “NEM.” On February 15, 2024, there were 1,152,551,607 shares of Newmont’s common stock outstanding, which were held by approximately 6,900 stockholders of record.
During the period from October 1, 2023 to December 31, 2023, 16,175 shares of Newmont's equity securities registered pursuant to Section 12 of the Exchange Act of 1934, as amended, were purchased by the Company, or an affiliated purchaser.
(a) (b) (c) (d)
Period
Total Number of Shares
Purchased (1)
Average Price Paid Per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
Maximum Dollar Value of Shares that may yet be Purchased under the Plans or Programs (2)
October 1, 2023 through October 31, 2023 798  $ 41.13  —  $ — 
November 1, 2023 through November 30, 2023 14,957  $ 37.79  —  $ — 
December 1, 2023 through December 31, 2023 420  $ 38.70  —  $ — 
____________________________
(1)The total number of shares purchased (and the average price paid per share) reflects shares delivered to the Company from stock awards held by employees upon vesting for the purpose of covering the recipients’ tax withholding obligations.
(2)On February 21, 2024, the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to offset the dilutive impact of employee stock award vesting and to provide returns to shareholders, provided that the aggregate value of shares of common stock repurchased does not exceed $1 billion. The program will expire after 24 months (in February 2026). The program will be executed at the Company's discretion, utilizing open market repurchases to occur from time to time throughout the authorization period. The repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount during the authorization period. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future.
ITEM 6.       RESERVED
None.
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ITEM 7.       MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in millions, except per share, per ounce and per pound amounts)
The following Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations (“MD&A”) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Newmont Corporation, a Delaware corporation, and its subsidiaries (collectively, “Newmont,” the “Company,” “our” and “we”). We use certain non-GAAP financial measures in our MD&A. For a detailed description of each of the non-GAAP measures used in this MD&A, please refer to the discussion under Non-GAAP Financial Measures. This item should be read in conjunction with our Consolidated Financial Statements and the notes thereto included in this annual report.
The following MD&A generally discusses our consolidated financial condition and results of operations for 2023 and 2022 and year-to-year comparisons between 2023 and 2022. Discussions of our consolidated financial condition and results of operations for 2021 and year-to-year comparisons between 2022 and 2021 are included in "Exhibit 99.1 Updated portions of Newmont Corporation's Annual Reports on Form 10-K for the fiscal year ended December 31, 2022", Item 7, Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations, of the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 20, 2023.
Overview
Newmont is the world’s leading gold company and is the only gold company included in the S&P 500 Index and the Fortune 500 list of companies. We have been included in the Dow Jones Sustainability Index-World since 2007 and have adopted the World Gold Council’s Conflict-Free Gold Policy. Since 2015, Newmont has been ranked as the mining and metal sector’s top gold miner by the S&P Global Corporate Sustainability Assessment. Newmont has been ranked the top miner in 3BL Media’s 100 Best Corporate Citizens list which ranks the 1,000 largest publicly traded U.S. companies on ESG transparency and performance since 2020. We are primarily engaged in the exploration for and acquisition of gold properties, some of which may contain copper, silver, lead, zinc or other metals. We have significant operations and/or assets in the U.S., Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana. Our goal is to create value and improve lives through sustainable and responsible mining.
Refer to the Consolidated Financial Results, Results of Consolidated Operations, Liquidity and Capital Resources and Non-GAAP Financial Measures for information about the continued impacts from the COVID-19 pandemic, the Russian invasion of Ukraine, and the resulting significant inflation experienced globally, as well as the effects of certain counter measures taken by central banks, on the Company. Also refer to discussion of Risk and Uncertainties within Note 2 of the Consolidated Financial Statements, relating to inflationary pressures and supply chain disruptions, with particular consideration on the outlook for increased costs specific to labor, materials, consumables and fuel and energy on operations, as well as impacts on the timing and cost of capital expenditures and the risk of potential impairment to certain assets.
Based on a comprehensive review of the Company’s portfolio of assets following the Newcrest acquisition, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested include Akyem, CC&V, Éléonore, Porcupine, Musselwhite, Telfer, and a development project in Canada. In February 2024, the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as Held for Sale in the first quarter of 2024, based on progress made through our active sales program and management’s expectation that the sale is probable and will be completed within 12 months. As of December 31, 2023, the aggregate net book value of the non-core assets and the development project was $3,419.
On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549. Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The combined company continues to be traded on the New York Stock Exchange under the ticker NEM. The combined company is also listed on the Toronto Stock Exchange under the ticker NGT, on the Australian Securities Exchange under the ticker NEM, and on the Papua New Guinea Securities Exchange under the ticker NEM. For further information, refer to Note 3 to the Consolidated Financial Statements.
In January 2023, Newmont reassessed and revised its operating strategies and the accountabilities of the senior leadership team in light of the continuing volatile and uncertain market conditions, and in November 2023, the Company completed the Newcrest transaction. Following these changes, the Company reevaluated its segments to reflect the mining operations acquired and certain changes in the financial information regularly reviewed by Newmont's Chief Operating Decision Maker ("CODM"). As a result, the Company determined that its reportable segments were each of its 17 mining operations that it manages and its 38.5% proportionate interest in Nevada Gold Mines ("NGM") which it does not directly manage. Segment results for the prior periods have been recast to reflect the change in reportable segments.
In the second quarter of 2023, the Company announced the deferral of the full-funds investment decision for the Yanacocha Sulfides project in Peru for at least two years, currently estimated to occur in 2026.
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With the delay of the Yanacocha Sulfides project, management will focus its efforts on optimizing its allocation of funds to current operations and other capital commitments, while also assessing execution options and project plans options, up to and including transitioning Yanacocha operations into full closure. Refer to Note 2 to the Consolidated Financial Statements for further discussion.
In the first quarter of 2022, the Company completed the acquisition of Buenaventura's 43.65% noncontrolling interest in Minera Yanacocha S.R.L. ("Yanacocha") (the "Yanacocha Transaction") and sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja"). The Company acquired the remaining 5% interest previously held by Sumitomo in the second quarter of 2022. At December 31, 2023, the Company holds 100% ownership interest in Yanacocha. Refer to Note 1 to the Consolidated Financial Statements for further details regarding these transactions.
For information on asset sales impacting comparability of below results, refer to Note 9 to the Consolidated Financial Statements.
Consolidated Financial Results
The details of our Net income (loss) from continuing operations attributable to Newmont stockholders are set forth below:
Year Ended December 31, Increase
(decrease)
2023 2022
Net income (loss) from continuing operations attributable to Newmont stockholders  $ (2,521) $ (459) $ (2,062)
Net income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted $ (3.00) $ (0.58) $ (2.42)
Year Ended December 31, Increase
(decrease)
2022 2021
Net income (loss) from continuing operations attributable to Newmont stockholders  $ (459) $ 1,109  $ (1,568)
Net income (loss) from continuing operations attributable to Newmont stockholders per common share, diluted $ (0.58) $ 1.39  $ (1.97)
Net income (loss) from continuing operations attributable to Newmont stockholders decreased during the year ended December 31, 2023, compared to the same period in 2022, primarily due to (i) higher Reclamation and Remediation; (ii) higher Impairment charges in 2023 compared to 2022; (iii) the Peñasquito labor strike; (iv) Newcrest transaction and integration costs of $464 incurred in 2023; (v) a loss on abandonment of $235 related to the Peñasquito pyrite leach plant; (vi) higher income tax expense; and (vii) lower production at Akyem to re-sequence the mine plan and temporarily suspend mining in the main pit to make safety improvements and fortify the catch berms above the haul road into the pit.
The decrease in Net income (loss) from continuing operations attributable to Newmont stockholders is partially offset by (i) higher average realized prices for gold, silver and copper; (ii) lower Depreciation and amortization; (iii) an increase to Net income (loss) from continuing operations attributable to Newmont stockholders of $136 related to the acquired Newcrest sites; (iv) a higher non-cash pension settlement charge recognized in 2022 compared to 2023; and (v) higher interest income due to interest earned on time deposits in 2023. See below for further information on the change in Depreciation and amortization.
The details and analyses of our Sales for all periods presented are set forth below. Refer to Note 5 to the Consolidated Financial Statements for additional information.
Year Ended December 31, Increase
(decrease)		 Percent
Change
2023 2022
Gold $ 10,593  $ 10,416  $ 177  2  %
Copper 575  316  259  82 
Silver 335  549  (214) (39)
Lead 96  133  (37) (28)
Zinc 213  501  (288) (57)
$ 11,812  $ 11,915  $ (103) (1) %
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Year Ended December 31, Increase
(decrease)		 Percent
Change
2022 2021
Gold $ 10,416  $ 10,543  $ (127) (1) %
Copper 316  295  21  7 
Silver 549  651  (102) (16)
Lead 133  172  (39) (23)
Zinc 501  561  (60) (11)
$ 11,915  $ 12,222  $ (307) (3) %
Year Ended December 31, 2023
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact $ 10,605  $ 601  $ 312  $ 103  $ 281 
Provisional pricing mark-to-market 34  15  7  (4) (15)
Silver streaming amortization —  —  42  —  — 
Gross after provisional pricing and streaming impact 10,639  616  361  99  266 
Treatment and refining charges (46) (41) (26) (3) (53)
Net $ 10,593  $ 575  $ 335  $ 96  $ 213 
Consolidated ounces/pounds sold (millions)
 5,420  155  17  107  222 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact $ 1,957  $ 3.87  $ 18.53  $ 0.96  $ 1.27 
Provisional pricing mark-to-market 6  0.10  0.44  (0.03) (0.07)
Silver streaming amortization —  —  2.56  —  — 
Gross after provisional pricing and streaming impact 1,963  3.97  21.53  0.93  1.20 
Treatment and refining charges (9) (0.26) (1.56) (0.03) (0.24)
Net $ 1,954  $ 3.71  $ 19.97  $ 0.90  $ 0.96 
___________________________
(1)Per ounce/pound measures may not recalculate due to rounding.
Year Ended December 31, 2022
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact $ 10,461  $ 337  $ 533  $ 145  $ 583 
Provisional pricing mark-to-market (2) (11) (11) (1) (9)
Silver streaming amortization —  —  73  —  — 
Gross after provisional pricing and streaming impact 10,459  326  595  144  574 
Treatment and refining charges (43) (10) (46) (11) (73)
Net $ 10,416  $ 316  $ 549  $ 133  $ 501 
Consolidated ounces/pounds sold (millions) 5,812  85  30  147  373 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact $ 1,800  $ 3.94  $ 17.90  $ 0.98  $ 1.56 
Provisional pricing mark-to-market —  (0.13) (0.35) —  (0.02)
Silver streaming amortization —  —  2.45  —  — 
Gross after provisional pricing and streaming impact 1,800  3.81  20.00  0.98  1.54 
Treatment and refining charges (8) (0.12) (1.55) (0.07) (0.20)
Net $ 1,792  $ 3.69  $ 18.45  $ 0.91  $ 1.34 
____________________________
(1)Per ounce/pounds measures may not recalculate due to rounding.
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Year Ended December 31, 2021
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Consolidated sales:
Gross before provisional pricing and streaming impact $ 10,581  $ 292  $ 641  $ 173  $ 593 
Provisional pricing mark-to-market 9  10  (12) 4  21 
Silver streaming amortization —  —  79  —  — 
Gross after provisional pricing and streaming impact 10,590  302  708  177  614 
Treatment and refining charges (47) (7) (57) (5) (53)
Net $ 10,543  $ 295  $ 651  $ 172  $ 561 
Consolidated ounces/pounds sold (millions) 5,897  69  32  173  433 
Average realized price (per ounce/pound): (1)
Gross before provisional pricing and streaming impact $ 1,794  $ 4.24  $ 19.92  $ 1.00  $ 1.37 
Provisional pricing mark-to-market 2  0.15  (0.40) 0.02  0.05 
Silver streaming amortization —  —  2.44  —  — 
Gross after provisional pricing and streaming impact 1,796  4.39  21.96  1.02  1.42 
Treatment and refining charges (8) (0.10) (1.77) (0.02) (0.12)
Net $ 1,788  $ 4.29  $ 20.19  $ 1.00  $ 1.30 
____________________________
(1)Per ounce/pound measures may not recalculate due to rounding.
The change in consolidated sales is due to:
Year Ended December 31,
2023 vs. 2022
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Increase (decrease) in consolidated ounces/pounds sold $ (704) $ 266  $ (260) $ (39) $ (233)
Increase (decrease) in average realized price 884  24  26  (6) (75)
Decrease (increase) in treatment and refining charges (3) (31) 20  8  20 
$ 177  $ 259  $ (214) $ (37) $ (288)
Year Ended December 31,
2022 vs. 2021
Gold Copper Silver Lead Zinc
(ounces) (pounds) (ounces) (pounds) (pounds)
Increase (decrease) in consolidated ounces/pounds sold $ (153) $ 59  $ (55) $ (28) $ (85)
Increase (decrease) in average realized price 22  (35) (58) (5) 45 
Decrease (increase) in treatment and refining charges 4  (3) 11  (6) (20)
$ (127) $ 21  $ (102) $ (39) $ (60)
Sales decreased during the year ended December 31, 2023, compared to the same period in 2022, by $103. Of the $10,593 of gold sales and $575 of copper sales in 2023, $732 and $212, respectively, were attributable to sites acquired in the Newcrest transaction. Excluding the impact of these sites, gold sales decreased $555 (5%) and copper sales increased $47 (15%).
For discussion regarding drivers impacting sales volumes by site, refer to Results of Consolidated Operations below.
The details of our Costs applicable to sales are set forth below.
Year Ended December 31, Increase
(decrease)		 Percent
Change
2023 2022
Gold $ 5,689  $ 5,423  $ 266  5  %
Copper 359  181  178  98 
Silver 300  454  (154) (34)
Lead 98  94  4  4 
Zinc 253  316  (63) (20)
$ 6,699  $ 6,468  $ 231  4  %
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Year Ended December 31, Increase
(decrease)		 Percent
Change
2022 2021
Gold $ 5,423  $ 4,628  $ 795  17  %
Copper 181  143  38  27 
Silver 454  332  122  37 
Lead 94  76  18  24 
Zinc 316  256  60  23 
$ 6,468  $ 5,435  $ 1,033  19  %
The increase in Costs applicable to sales during the year ended December 31, 2023, compared to the same period in 2022, is primarily due to the impact of sites acquired in the Newcrest transaction, which contributed $629 to Costs applicable to sales.
Excluding the impact of the Newcrest transaction, Costs applicable to sales decreased $398 primarily as a result of (i) a decrease of $497 at Peñasquito due to the labor strike that began in June 2023 and continued into the fourth quarter and lower profit-sharing in 2023 due to lower taxable income; and (ii) lower production at Akyem to re-sequence the mine plan and temporarily suspend mining in the main pit to make safety improvements and fortify the catch berms above the haul road into the pit, which resulted in lower royalties and lower energy and equipment maintenance costs. The decrease in Costs applicable to sales excluding the impact of sites acquired in the Newcrest transaction was offset by (i) lower build-up of inventory and higher royalty costs at NGM in 2023; (ii) higher maintenance costs at Cerro Negro, Éléonore, Porcupine, Musselwhite, and NGM; and (iii) higher materials, labor, and contracted service costs at Cerro Negro, Musselwhite, and Éléonore resulting from higher cost inputs.
For discussion regarding other significant drivers impacting Costs applicable to sales by site, refer to Results of Consolidated Operations below.
The details of our Depreciation and amortization are set forth below. Refer to Note 4 of the Consolidated Financial Statements for additional information.
Year Ended December 31, Increase
(decrease)		 Percent
Change
2023 2022
Gold $ 1,730  $ 1,838  $ (108) (6) %
Copper 53  34  19  56 
Silver 134  151  (17) (11)
Lead 45  32  13  41 
Zinc 105  96  9  9 
Other 41  34  7  21 
$ 2,108  $ 2,185  $ (77) (4) %
Year Ended December 31, Increase
(decrease)		 Percent
Change
2022 2021
Gold $ 1,838  $ 1,935  $ (97) (5) %
Copper 34  23  11  48 
Silver 151  169  (18) (11)
Lead 32  39  (7) (18)
Zinc 96  112  (16) (14)
Other 34  45  (11) (24)
$ 2,185  $ 2,323  $ (138) (6) %
The decrease in Depreciation and amortization during the year ended December 31, 2023, compared to the same period in 2022, is primarily due to (i) a decrease of $76 at Peñasquito resulting from lower sales due to the Peñasquito labor strike that began in June 2023 and continued into the fourth quarter; (ii) a decrease in the depreciable asset base at CC&V resulting from the impairment charge recognized during the fourth quarter of 2022; (iii) lower depreciation rates as a result of lower gold ounces mined at Akyem; and (iv) lower depreciation at NGM due to lower leach pad production at Long Canyon as a result of the ramp down of mining and lower amortization rates at Carlin as a result of a longer mill life, partially offset by higher Depreciation and amortization at Porcupine, Ahafo, and Tanami due to asset additions.
The decrease in Depreciation and amortization during the year ended December 31, 2023, compared to the same period in 2022 is partially offset by the impact of sites acquired in the Newcrest transaction, which increased Depreciation and amortization by $83.
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For discussion regarding other significant drivers impacting Depreciation and amortization by site, refer to Results of Consolidated Operations below.
Exploration expense was $265, $231 and $209 in 2023, 2022 and 2021, respectively. Exploration expense increased in 2023, compared to 2022, primarily due to an increase in drilling projects in the current year, particularly at Galore Creek and Ahafo North, as a result of COVID-19 related delay to projects in the prior years, and higher drilling costs due to cost inflation.    
Advanced projects, research and development expense was $200, $229 and $154 in 2023, 2022 and 2021, respectively. Advanced projects, research and development expense decreased in 2023 compared to 2022, primarily due to higher payments in 2022 as part of the strategic alliance with Caterpillar Inc. ("CAT") relating to the Company's climate change initiatives and project spend relating to certain development projects at Cerro Negro and other early-stage project spending. Advanced projects, research and development expense includes development project management costs, feasibility studies and other project expenses that do not qualify for capitalization.
General and administrative expense was $299, $276 and $259 in 2023, 2022 and 2021, respectively. General and administrative expense increased in 2023, compared to 2022, primarily due to the addition of the Newcrest operations and increased labor costs. General and administrative expense as a percentage of Sales was 2.5%, 2.3% and 2.1% for 2023, 2022 and 2021 respectively.
Interest expense, net was $243, $227 and $274 in 2023, 2022 and 2021, respectively. Capitalized interest totaled $89, $69, and $38 in each year, respectively. Interest expense, net increased in 2023, compared to 2022, as a result of higher debt resulting from the Newcrest transaction. Interest expense on the acquired debt was recognized for the period of November 6, 2023 through December 31, 2023.
Income and mining tax expense (benefit) was $526, $455, and $1,098 in 2023, 2022 and 2021, respectively. The effective tax rate is driven by a number of factors and the comparability of our income tax expense for the reported periods will be primarily affected by (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) impacts of the changes in tax law; (iv) valuation allowances on tax assets; (v) percentage depletion; (vi) fluctuation in the value of the United States dollar and foreign currencies; and (vii) the impact of specific transactions and assessments including significant impairments of goodwill during 2023 and 2022. As a result, the effective tax rate will fluctuate, sometimes significantly, year to year. This trend is expected to continue in future periods. Refer to Note 10 to the Consolidated Financial Statements for further discussion of income taxes.
Year Ended
December 31, 2023 December 31, 2022
Income
(Loss) (1)
 Effective
Tax Rate		 Income Tax
(Benefit)
Provision		 Federal and State Cash Tax (Refund) Mining Cash Tax/(Refund)
Income
(Loss) (1)
 Effective
Tax Rate		 Income Tax
(Benefit)
Provision		 Federal and State Cash Tax (Refund) Mining Cash Tax/(Refund)
Nevada $ 431  12  % $ 52  $ —  $ 19  $ 430  15  % $ 66  $ —  $ 47 
CC&V 71  8  6  —  —  (541) 21  (114) —  — 
Corporate & Other (391) 26  (100) 15 
(4)
 —  (455) 31  (141) 17 
(4)
 — 
Total US 111  (38) (42) 15  19  (566) 33  (189) 17  47 
Australia 794  50  398  302  113  1,109  36  400  269  94 
Ghana 481  35  167  223  —  483  36  172  194  — 
Suriname 53  19  10  10  —  191  26  49  105  — 
Peru (1,083) (2) 17  10  4  (644) (1) 4  33  4 
Canada (610) (6) 37  (9) 7  (503) 3  (15) (6) 16 
Mexico (1,805) 5  (97)
(2)
 29 
(4)
 64  386  17  65 
(2)
 233  111 
Argentina (71) —  —  9 
(4)
 —  (520) 7  (38) 7  — 
Papua New Guinea
 89  29  26  14  —  —  —  —  —  — 
Other Foreign 10  100  10  —  —  13  54  7  —  — 
Consolidated $ (2,031) (26) %
(3)
 $ 526  $ 603  $ 207  $ (51) (892) %
(3)
 $ 455  $ 852  $ 272 
____________________________
(1)Represents income (loss) from continuing operations by geographic location before income taxes and equity in affiliates. These amounts will not reconcile to the Segment Information for the reasons stated in Note 4 of the Consolidated Financial Statements.
(2)Includes tax benefit of $— and $(125) for the year ended December 31, 2023 and 2022, respectively related to a tax settlement.
(3)The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which we operate. Variations in the relative proportions of jurisdictional income could result in fluctuations to our combined effective income tax rate.
(4)Includes $28 and $16 of withholding tax for the year ended December 31, 2023 and 2022, respectively.
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Recently Enacted Legislation.
In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the "IRA") into law. The IRA introduced an excise tax on stock repurchases of 1% and a corporate alternative minimum tax (the "Corporate AMT") of 15% on the adjusted financial statement income ("AFSI") of corporations with average AFSI exceeding $1 billion over a three-year period. The IRA is effective for fiscal periods beginning 2023. While waiting on pending Department of Treasury regulatory guidance, we are continuing to monitor developments. Based upon information known to date, no material impacts are expected to the Consolidated Financial Statements, disclosures, or cash flows. Refer to Note 2 to the Consolidated Financial Statements for further information.
In 2024, Pillar II is set to take effect. The Pillar II agreement was signed by 138 countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. As Newmont primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to the Consolidated Financial Statements.
Refer to the Notes of the Consolidated Financial Statements for explanations of other financial statement line items.
Results of Consolidated Operations
Newmont has developed gold equivalent ounces (“GEO”) metrics to provide a comparable basis for analysis and understanding of our operations and performance related to copper, silver, lead and zinc. 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, using the metal prices in the table below:
Gold Copper Silver Lead Zinc
(ounce) (pound) (ounce) (pound) (pound)
2023 GEO Price
 $ 1,400  $ 3.50  $ 20.00  $ 1.00  $ 1.20 
2022 GEO Price
 $ 1,200  $ 3.25  $ 23.00  $ 0.95  $ 1.15 
2021 GEO Price
 $ 1,200  $ 2.75  $ 22.00  $ 0.90  $ 1.05 
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Gold or Other Metals Produced
Costs Applicable to Sales (1)
Depreciation and Amortization
All-In Sustaining Costs (2)
Year Ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021
Gold (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
CC&V 172  182  220  $ 1,156  $ 1,302  $ 1,080  $ 136  $ 386  $ 298  $ 1,644  $ 1,697  $ 1,338 
Musselwhite 180  173  152  1,186  1,135  1,018  444  464  520  1,843  1,531  1,335 
Porcupine 260  280  287  1,167  1,004  940  455  369  319  1,577  1,248  1,152 
Éléonore 232  215  253  1,263  1,228  960  433  531  562  1,838  1,599  1,256 
Red Chris (3)
 5  —  —  905  —  —  298  —  —  1,439  —  — 
Brucejack (3)
 29  —  —  1,898  —  —  617  —  —  2,646  —  — 
Peñasquito 143  566  686  1,219  771  549  516  258  279  1,590  968  702 
Merian 322  403  437  1,207  915  751  256  199  225  1,541  1,105  895 
Cerro Negro 269  278  270  1,257  1,007  912  524  525  513  1,509  1,262  1,247 
Yanacocha 276  244  264  1,069  1,254  885  310  380  421  1,266  1,477  1,355 
Boddington 745  798  696  847  802  887  144  145  145  1,067  921  1,083 
Tanami 448  484  485  759  675  570  249  207  205  1,060  960  855 
Cadia (3)
 97  —  —  1,079  —  —  130  —  —  1,271  —  — 
Telfer (3)
 43  —  —  1,882  —  —  87  —  —  1,988  —  — 
Lihir (3)
 134  —  —  1,117  —  —  153  —  —  1,517  —  — 
Ahafo 581  574  481  947  990  884  312  292  298  1,222  1,178  1,084 
Akyem 295  420  381  931  804  691  413  340  318  1,210  972  913 
NGM 1,170  1,169  1,272  1,070  989  755  387  404  432  1,397  1,220  918 
Total/Weighted Average (4)
 5,401  5,786  5,884  $ 1,050  $ 933  $ 785  $ 327  $ 322  $ 336  $ 1,444  $ 1,211  $ 1,062 
Merian (25%)
 (80) (101) (109)
Yanacocha (—%, 43.65%, and 43.65%, respectively) (5)
 —  (14) (129)
Attributable to Newmont 5,321  5,671  5,646 
Gold equivalent ounces - other metals (ounces in thousands) ($ per ounce sold) ($ per ounce sold) ($ per ounce sold)
Red Chris (3)(8)
 20  —  —  $ 1,020  $ —  $ —  $ 181  $ —  $ —  $ 1,660  $ —  $ — 
Peñasquito (6)
 529  1,048  1,089  1,283  828  603  561  267  291  1,756  1,112  824 
Boddington (7)
 245  227  163  830  782  902  144  145  147  1,067  894  1,098 
Cadia (3)(9)
 90  —  —  1,017  —  —  127  —  —  1,342  —  — 
Telfer (3)(10)
 7  —  —  1,703  —  —  109  —  —  2,580  —  — 
Total/Weighted-Average (3)
 891  1,275  1,252  $ 1,127  $ 819  $ 640  $ 378  $ 245  $ 273  $ 1,579  $ 1,114  $ 900 
Attributable gold from equity method investments (11)
 (ounces in thousands)
Pueblo Viejo (40%) 224  285  325 
Fruta del Norte (3)(12)
 —  —  — 
Attributable to Newmont 224  285  325 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)All-in sustaining costs is a non-GAAP financial measure. Refer to Non-GAAP Financial Measures below.
(3)Sites acquired through the Newcrest transaction during the fourth quarter of 2023, and as such, the results of operations since the acquisition date are not meaningful. Additionally, the Company suspended mining operations at the Brucejack site to conduct a full investigation into the tragic fatality that occurred on December 20, 2023. The site ramped up to full operations by the end of January 2024. Refer to Note 3 to the Consolidated Financial Statements for further information on the Newcrest transaction.
(4)All-in sustaining costs and Depreciation and amortization include expense for Corporate and Other.
(5)The Company acquired the remaining interest in Yanacocha in 2022, resulting in 100% ownership interest at December 31, 2022. The Company recognized amounts attributable to non-controlling interests for Yanacocha for the periods prior to acquiring 100% ownership. Refer to Note 1 to the Consolidated Financial Statement for further information.
(6)For the year ended December 31, 2023, Peñasquito produced 18 million ounces of silver, 113 million pounds of lead and 230 million pounds of zinc. For the year ended December 31, 2022, Peñasquito produced 30 million ounces of silver, 149 million pounds of lead and 377 million pounds of zinc. For the year ended December 31, 2021, Peñasquito produced 31 million ounces of silver, 177 million pounds of lead and 435 million pounds of zinc.
(7)For the years ended December 31, 2023, 2022 and 2021, Boddington produced 98 million, 84 million and 71 million pounds of copper, respectively.
(8)For the year ended December 31, 2023, Red Chris produced 8 million pounds of copper.
(9)For the year ended December 31, 2023, Cadia produced 36 million pounds of copper.
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(10)For the year ended December 31, 2023, Telfer produced 3 million pounds of copper.
(11)Income and expenses of equity method investments are included in Equity income (loss) of affiliates. Refer to Note 15 to the Consolidated Financial Statements for further discussion of our equity method investments.
(12)The Fruta del Norte mine is wholly owned and operated by Lundin Gold. Newmont holds a 32% interest in Lundin Gold and accounts for it 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.
CC&V, U.S. Gold production decreased 5% primarily due to lower leach pad production. Costs applicable to sales per gold ounce decreased 11% primarily due to no inventory write-downs in the current year compared to inventory write-downs in the prior year, partially offset by lower gold ounces sold. Depreciation and amortization per gold ounce decreased 65% primarily due to a lower depreciable asset base as a result of the impairment charge recognized during the fourth quarter of 2022. All-in sustaining costs per gold ounce were generally in line with the prior year.
Musselwhite, Canada. Gold production, costs applicable to sales per gold ounce and depreciation and amortization per gold ounce were generally in line with the prior year. All-in sustaining costs per gold ounce increased 20% primarily due to higher sustaining capital spend.
Porcupine, Canada. Gold production decreased 7% primarily due to lower mill throughput, partially offset by higher ore grade milled. Costs applicable to sales per gold ounce increased 16% primarily due to higher contracted services and materials costs as a result of unplanned mill maintenance. Depreciation and amortization per gold ounce increased 23% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 26% primarily due to higher costs applicable to sales per gold ounce, higher sustaining capital spend and higher reclamation costs.
Éléonore, Canada. Gold production increased 8% primarily due to higher mill throughput. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce decreased 18% primarily due to higher gold ounces sold. All-in sustaining costs per gold ounce increased 15% primarily due to higher sustaining capital spend.
Peñasquito, Mexico. Gold production decreased 75% primarily due to the Peñasquito labor strike that began in June and continued into the fourth quarter, lower mill recovery and lower ore grade milled. Gold equivalent ounces – other metals production decreased 50% primarily due to lower other metals produced of 39% due to the Peñasquito labor strike and lower mill recovery, coupled with a change in GEO pricing, noted above, that had an unfavorable impact to the calculated gold equivalent ounces - other metals produced of 11%. Costs applicable to sales per gold ounce increased 58% primarily due to lower gold ounces sold, partially offset by lower energy costs, and lower materials, contracted service and workers participation costs due to the Peñasquito labor strike. Costs applicable to sales per gold equivalent ounce – other metals increased 55% primarily due to lower gold equivalent ounces - other metals sold, partially offset by lower energy costs, and lower materials, contracted service and workers participation costs due to the Peñasquito labor strike. During the strike, Peñasquito continued to incur fixed costs and recognized $108 in Costs applicable to sales. Depreciation and amortization per gold ounce increased 100% primarily due to lower gold ounces sold. Depreciation and amortization per gold equivalent ounce – other metals increased 110% primarily due to lower gold equivalent ounces - other metals sold. During the strike, Peñasquito continued to incur $75 in Depreciation and amortization. All-in sustaining costs per gold ounce increased 64% and All-in sustaining costs per gold equivalent ounce – other metals increased 58% primarily due to impacts from the Peñasquito labor strike.
Merian, Suriname. Gold production decreased 20% primarily due to lower ore grade milled as a result of changes in mine sequencing. Costs applicable to sales per gold ounce increased 32% primarily due to higher maintenance, materials, consumables and labor costs as a result of cost inflation and lower gold ounces sold. Depreciation and amortization per gold ounce increased 29% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 39% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend.
Cerro Negro, Argentina. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 25% primarily due to higher labor and contacted service costs, higher materials and consumables costs as a result of higher ore tons mines and higher mill throughput and lower gold ounces sold. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce increased 20% primarily due to higher costs applicable to sales per gold ounce.
Yanacocha, Peru. Gold production increased 13% primarily due to higher leach pad production as a result of injection leaching. Costs applicable to sales per gold ounce decreased 15% primarily due to lower inventory write-downs in the current year compared to the prior year and higher gold ounces sold, partially offset by higher contracted service costs. Depreciation and amortization per gold ounce decreased 18% primarily due to lower depreciation from a higher build-up of inventory and lower inventory write-downs in the current year, partially offset by higher depreciation rates as a result of higher gold ounces mined. All-in sustaining costs per gold ounce decreased 14% primarily due to lower costs applicable to sales per gold ounce.
Boddington, Australia. Gold production decreased 7% primarily due to lower ore grade milled. Gold equivalent ounces – other metals production increased 8% primarily due to higher ore grade milled. Costs applicable to sales per gold ounce increased 6% primarily due to lower gold ounces sold and higher materials and contracted services cost. Costs applicable to sales per gold equivalent ounce – other metals increased 6% primarily due to higher materials and contracted services costs, partially offset by higher gold equivalent ounces - other metals sold. Depreciation and amortization per gold ounce and per gold equivalent ounce - other metals were generally in line with the prior year.
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All-in sustaining costs per gold ounce increased 16% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold ounce. All-in sustaining costs per gold equivalent ounce – other metals increased 19% primarily due to higher sustaining capital spend and higher costs applicable to sales per gold-equivalent ounce – other metals.
Tanami, Australia. Gold production decreased 7% primarily due to the Tanami rainfall event. Costs applicable to sales per gold ounce increased 12% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce increased 20% primarily due to lower gold ounces sold and asset additions. All-in sustaining costs per gold ounce increased 10% primarily due to higher costs applicable to sales per gold ounce. During the third quarter of 2023, we collected $45 in business interruption insurance proceeds related to the Tanami rainfall event.
Ahafo, Ghana. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce were generally in line with the prior year. Depreciation and amortization per gold ounce increased 7% primarily due to asset additions. All-in sustaining costs per gold ounce were generally in line with the prior year. In February 2023, there was a failure from one of the primary crusher conveyors that feed the mill stockpile. During the third quarter, the conveyor was rebuilt and fully commissioned. We collected $11 in business interruption insurance proceeds during the third quarter as a result of the event. We expect additional insurance proceeds to be received during the first quarter of 2024. Additionally, in June 2023, damage was discovered in the SAG mill girth gear that has required the plant to operate at less than full capacity. The Company is implementing a plan to replace the damaged gear which is estimated to be completed in the first half of 2024.
Akyem, Ghana. Gold production decreased 30% primarily due to lower ore grade milled and lower mill throughput as a result of re-sequencing the mine plan and temporarily suspending mining in the main pit to make safety improvements and fortify the catch berms above the haul road into the pit. Costs applicable to sales per gold ounce increased 16% primarily due to lower gold ounces sold. Depreciation and amortization per gold ounce increased 21% primarily due to lower gold ounces sold. All-in sustaining costs per gold ounce increased 24% primarily due to higher costs applicable to sales per gold ounce.
NGM, U.S. Gold production was generally in line with the prior year. Costs applicable to sales per gold ounce increased 8% primarily due to leach pad write-downs and inventory draw-downs at Carlin. Depreciation and amortization per gold ounce was generally in line with the prior year. All-in sustaining costs per gold ounce increased 15% primarily due to higher costs applicable to sales per gold ounce and higher sustaining capital spend at Carlin and Cortez.
Pueblo Viejo, Dominican Republic. Gold production decreased 21% primarily due to lower ore grades processed due to mine sequencing, as well as lower mill throughput and lower mill recovery associated with the commissioning of the mill expansion. Refer to Note 15 to our Consolidated Financial Statements for further discussion of our equity method investments.
Foreign Currency Exchange Rates
Our foreign operations sell their gold, copper, silver, lead and zinc production based on USD metal prices. Therefore, fluctuations in foreign currency exchange rates do not have a material impact on our revenue. Despite selling gold and silver in London, we have no exposure to the euro or the British pound.
Foreign currency exchange rates can increase or decrease profits to the extent costs are paid in foreign currencies, including the Australian dollar, the Mexican peso, the Canadian dollar, the Argentine peso, the Peruvian sol, the Surinamese dollar, the Ghanaian cedi, and the Papua New Guinean kina. In 2023, approximately 46% of Costs applicable to sales were paid in currencies other than the U.S. dollar as follows:
Year Ended
December 31, 2023
Australian Dollar 18  %
Canadian Dollar 14  %
Mexican Peso 6  %
Argentine Peso 5  %
Peruvian Sol 2  %
Surinamese Dollar 1  %
Ghanaian Cedi —  %
Papua New Guinean Kina —  %
Variations in the local currency exchange rates in relation to the U.S. dollar at our foreign mining operations decreased Costs applicable to sales by $71 per gold ounce, primarily in Argentina due to significant currency devaluation that occurred in 2023, and increased Costs applicable to sales $31 per gold equivalent ounce, primarily in Mexico, in 2023 compared to 2022.
Our Ahafo and Akyem mines, located in Ghana, are USD functional currency entities. Ghana has experienced significant inflation over the last three years and has a highly inflationary economy. In 2021, the Bank of Ghana created a gold purchase program in the effort to stabilize the local currency and build up gold reserves through domestic gold purchases conducted in local currency at prevailing market rates.
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As the gold purchase program was voluntary, there was no significant impact to Ahafo. The majority of Ahafo’s activity has historically been denominated in USD; as a result, the devaluation of the Ghanaian cedi has resulted in an immaterial impact on our financial statements. Therefore, future devaluation of the Ghanaian cedi is not expected to have a material impact on our financial statements.
Our Cerro Negro mine, located in Argentina, is a USD functional currency entity. Argentina has experienced significant inflation over the last three years and has a highly inflationary economy. In recent years, Argentina’s central bank enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert USD proceeds from metal sales to local currency within 60 days from shipment date or five business days from receipt of cash, whichever happens first, as well as restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies and royalties and other payments to foreign beneficiaries. These restrictions directly impact Cerro Negro's ability to repay intercompany debt to the Company. We continue to monitor the foreign currency exposure risk and the limitations of repatriating cash to the U.S. Currently, these currency controls are not expected to have a material impact on our financial statements.
Our Merian mine, located in the country of Suriname, is a USD functional currency entity. Suriname has experienced significant inflation over the last three years and has a highly inflationary economy. In 2021, the Central Bank took steps to stabilize the local currency, while the government introduced new legislation to narrow the gap between government revenues and spending. The measures to increase government revenue mainly consist of tax increases; however, Newmont and the Republic of Suriname have a Mineral Agreement in place that supersedes such measures. The Central Bank of Suriname adopted a controlled floating rate system, which resulted in a concurrent devaluation of the Surinamese dollar. The majority of Merian’s activity has historically been denominated in USD; as a result, the devaluation of the Surinamese dollar has resulted in an immaterial impact on our financial statements. Therefore, future devaluation of the Surinamese dollar is not expected to have a material impact on our financial statements.
Non-GAAP Financial Measures
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. For additional information regarding our discontinued operations, refer to Note 1 to the Consolidated Financial Statements.
Earnings before interest, taxes and depreciation and amortization and Adjusted earnings before interest, taxes and depreciation and amortization
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:
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Year Ended December 31,
2023 2022 2021
Net income (loss) attributable to Newmont stockholders $ (2,494) $ (429) $ 1,166 
Net income (loss) attributable to noncontrolling interests 27  60  (933)
Net (income) loss from discontinued operations (1)
 (27) (30) (57)
Equity loss (income) of affiliates (63) (107) (166)
Income and mining tax expense (benefit) 526  455  1,098 
Depreciation and amortization 2,108  2,185  2,323 
Interest expense, net 243  227  274 
EBITDA $ 320  $ 2,361  $ 3,705 
Adjustments:
Impairment charges (2)
 $ 1,891  $ 1,320  $ 25 
Reclamation and remediation charges (3)
 1,260  713  1,696 
Newcrest transaction and integration costs (4)
 464  —  — 
(Gain) loss on asset and investment sales (5)
 197  (35) (212)
Change in fair value of investments (6)
 47  46  135 
Restructuring and severance (7)
 24  4  11 
Pension settlements (8)
 9  137  4 
Settlement costs (9)
 7  22  11 
COVID-19 specific costs (10)
 1  3  5 
Loss on assets held for sale (11)
 —  —  571 
Loss on debt extinguishment (12)
 —  —  11 
Impairment of investments (13)
 —  —  1 
Other (14)
 (5) (21) — 
Adjusted EBITDA
 $ 4,215  $ 4,550  $ 5,963 
____________________________
(1)For additional information regarding our discontinued operations, refer to Note 1 to our Consolidated Financial Statements.
(2)Impairment charges, included in Impairment charges, represents non-cash write-downs of long-lived assets and goodwill. Refer to Note 7 to our Consolidated Financial Statements for further information.
(3)Reclamation and remediation charges, included in Reclamation and remediation, represents 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. For additional information, refer to Note 6 in the Consolidated Financial Statements.
(4)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 costs primarily include $316 in relation to the stamp duty tax incurred in connection with the transaction.
(5)(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; and the gain on the sale of the Kalgoorlie Power business, gain on the NGM Lone Tree and South Arturo exchange transaction, and gain on the sale of TMAC in 2021. For additional information, refer to Note 9 and 15 to our Consolidated Financial Statements.
(6)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. For additional information regarding our investments, refer to Note 15 to our Consolidated Financial Statements.
(7)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.
(8)Pension settlements, included in Other income (loss), net, primarily represents pension settlement charges related to lump sum payments to participants in 2023, the annuitization of certain defined benefit plans and lump sum payments to participants in 2022, and lump sum payments to participants in 2021. Refer to Note 11 to our Consolidated Financial Statements for further information.
(9)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; a legal settlement and a voluntary contribution made to support humanitarian efforts in Ukraine in 2022; and a voluntary contribution made to the Republic of Suriname in 2021.
(10)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. Refer to Note 8 to our Consolidated Financial Statements for further information.
(11)Loss on assets held for sale, included in Loss on assets held for sale, represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during 2021. The assets were remeasured to fair value less costs to sell. For additional information, refer to Note 1 to our Consolidated Financial Statements.
(12)Loss on debt extinguishment, included in Other income (loss), net, primarily represents losses on the debt tender offer and subsequent extinguishment of the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes during 2021.
(13)Impairment of investments, included in Other income (loss), net, primarily represents other-than-temporary impairments of other investments.
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(14)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.
Adjusted net income (loss)
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:
Year Ended December 31, 2023
per share data (1)
basic diluted
Net income (loss) attributable to Newmont stockholders $ (2,494) $ (2.97) $ (2.97)
Net loss (income) attributable to Newmont stockholders from discontinued operations (2)
 (27) (0.03) (0.03)
Net income (loss) attributable to Newmont stockholders from continuing operations (3)
 (2,521) (3.00) (3.00)
Impairment charges, net (4)
 1,888  2.25  2.25 
Reclamation and remediation charges (5)
 1,260  1.50  1.50 
Newcrest transaction and integration costs (6)
 464  0.56  0.56 
(Gain) loss on asset and investment sales (7)
 197  0.23  0.23 
Change in fair value of investments (8)
 47  0.05  0.05 
Restructuring and severance (9)
 24  0.03  0.03 
Pension settlements (10)
 9  0.01  0.01 
Settlement costs (11)
 7  0.01  0.01 
COVID-19 specific costs (12)
 1  —  — 
Other (13)
 (5) —  — 
Tax effect of adjustments (14)
 (613) (0.73) (0.73)
Valuation allowance and other tax adjustments, net (15)
 566  0.66  0.66 
Adjusted net income (loss) $ 1,324  $ 1.57  $ 1.57 
Weighted average common shares (millions): (3)
 841  841 
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)For additional information regarding our discontinued operations, refer to Note 1 to our Consolidated Financial Statements.
(3)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.
(4)Impairment charges, net, included in Impairment charges represents non-cash write-downs of long-lived assets and goodwill. Refer to Note 7 to our Consolidated Financial Statements for further information. Amount is presented net of pre-tax income (loss) attributable to noncontrolling interests of $(3).
(5)Reclamation and remediation charges, net, included in Reclamation and remediation, represents 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. Refer to Note 6 to our Consolidated Financial Statements for further information.
(6)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 costs primarily include $316 in relation to the stamp duty tax incurred in connection with the transaction.
(7)(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. For additional information, refer to Note 9 to our Consolidated Financial Statements.
(8)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. For additional information regarding our investments, refer to Note 15 to our Consolidated Financial Statements.
(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.
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(10)Pension settlements, included in Other income (loss), net, primarily represents pension settlement charges related to lump sum payments to participants. Refer to Note 11 to our Consolidated Financial Statements for further information.
(11)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.
(12)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. Refer to Note 8 to our Consolidated Financial Statements for further information.
(13)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.
(14)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (4) through (13), as described above, and are calculated using the applicable tax rate.
(15)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 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 $357, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(3), net removal to the reserve for uncertain tax positions of $(28), and other tax adjustments of $240.
Year Ended December 31, 2022
per share data (1)
basic diluted
Net income (loss) attributable to Newmont stockholders $ (429) $ (0.54) $ (0.54)
Net loss (income) attributable to Newmont stockholders from discontinued operations (2)
 (30) (0.04) (0.04)
Net income (loss) attributable to Newmont stockholders from continuing operations (3)
 (459) (0.58) (0.58)
Impairment charges (4)
 1,320  1.66  1.66 
Reclamation and remediation charges, net (5)
 713  0.90  0.90 
Pension settlements (6)
 137  0.17  0.17 
Change in fair value of investments (7)
 46  0.06  0.06 
(Gain) loss on asset and investment sales (8)
 (35) (0.04) (0.04)
Settlement costs (9)
 22  0.03  0.03 
Restructuring and severance, net (10)
 4  0.01  0.01 
COVID-19 specific costs (11)
 3  —  — 
Other (12)
 (21) (0.03) (0.03)
Tax effect of adjustments (13)
 (344) (0.44) (0.44)
Valuation allowance and other tax adjustments, net (14)
 82  0.11  0.11 
Adjusted net income (loss) $ 1,468  $ 1.85  $ 1.85 
Weighted average common shares (millions): (3)
 794  795 
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)For additional information regarding our discontinued operations, refer to Note 1 to our Consolidated Financial Statements.
(3)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.
(4)Impairment charges, included in Impairment charges represents non-cash write-downs of long-lived assets and goodwill. Refer to Note 7 to our Consolidated Financial Statements for further information.
(5)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. Refer to Note 6 to our Consolidated Financial Statements for further information.
(6)Pension settlements, included in Other income (loss), net, represents pension settlement charges related to the annuitization of certain defined benefit plans. Refer to Note 11 to our Consolidated Financial Statements for further information.
(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. For additional information regarding our investments, refer to Note 15 to our Consolidated Financial Statements.
(8)(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. For additional information, refer to Note 9 to our Consolidated Financial Statements.
(9)Settlement costs, included in Other expense, net, primarily represents a legal settlement and a voluntary contribution made to support humanitarian efforts in Ukraine.
(10)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.
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(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 $35 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. Refer to Note 8 to our Consolidated Financial Statements for further information.
(12)Primarily represents a $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.
(13)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (3) 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 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 $246, the expiration of U.S. foreign tax credit carryovers of $31, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(86), net removal to the reserve for uncertain tax positions of $(8), a tax settlement in Mexico of $(125) and other tax adjustments of $24. Total amount is presented net of income (loss) attributable to noncontrolling interests of $82.
Year Ended December 31, 2021
per share data (1)
basic diluted
Net income (loss) attributable to Newmont stockholders $ 1,166  $ 1.46  $ 1.46 
Net loss (income) attributable to Newmont stockholders from discontinued operations (2)
 (57) (0.07) (0.07)
Net income (loss) attributable to Newmont stockholders from continuing operations 1,109  1.39  1.39 
Reclamation and remediation charges, net (3)
 983  1.23  1.23 
Loss on assets held for sale (4)
 372  0.47  0.46 
Gain on asset and investment sales (5)
 (212) (0.27) (0.27)
Change in fair value of investments (6)
 135  0.17  0.17 
Impairment charges (7)
 25  0.03  0.03 
Loss on debt extinguishment (8)
 11  0.01  0.01 
Settlement costs, net (9)
 11  0.01  0.01 
Restructuring and severance, net (10)
 9  0.01  0.01 
COVID-19 specific costs, net (11)
 5  —  — 
Pension settlement (12)
 4  —  — 
Impairment of investments (13)
 1  —  — 
Tax effect of adjustments (14)
 (413) (0.51) (0.51)
Valuation allowance and other tax adjustments, net (15)
 331  0.43  0.43 
Adjusted net income (loss)
 $ 2,371  $ 2.97  $ 2.96 
Weighted average common shares (millions): (16)
 799  801 
____________________________
(1)Per share measures may not recalculate due to rounding.
(2)For additional information regarding our discontinued operations, refer to Note 1 to our Consolidated Financial Statements.
(3)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. Refer to Note 6 to our Consolidated Financial Statements for further information. Amount is presented net of pre-tax income (loss) attributable to noncontrolling interests of $(713).
(4)Loss on assets held for sale, net, included in Loss on assets held for sale, represents the loss recognized due to the reclassification of the Conga mill assets as held for sale during the third quarter of 2021. The assets were remeasured to fair value less costs to sell. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(199). For additional information, refer to Note 1 to our Consolidated Financial Statements.
(5)(Gain) loss on asset and investment sales, included in Other income (loss), net, primarily represents the gain on the sale of the Kalgoorlie Power business, gain on the NGM Lone Tree and South Arturo exchange, and gain on the sale of TMAC. For additional information, refer to Note 9 to our Consolidated Financial Statements.
(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. For additional information regarding our investments, refer to Note 15 to our Consolidated Financial Statements.
(7)Impairment charges, included in Impairment charges represents non-cash write-downs of various assets that are no longer in use and materials and supplies inventories. Refer to Note 7 to our Consolidated Financial Statements for further information.
(8)Loss on debt extinguishment, included in Other income (loss), net, primarily represents losses on the debt tender offer and subsequent extinguishment of the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes.
(9)Settlement costs, net, included in Other expense, net, primarily are comprised of a voluntary contribution made to the Republic of Suriname.
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(10)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. Amounts are presented net of income (loss) attributable to noncontrolling interests of $(2).
(11)COVID-19 specific costs, net, included in Other expense, net, primarily includes 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 $82 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. Refer to Note 8 to our Consolidated Financial Statements for further information.
(12)Pension settlements, included in Other income (loss), net, represents pension settlement charges due to lump sum payments to participants. Refer to Note 11 to our Consolidated Financial Statements for further information.
(13)Impairment of investments, included in Other income (loss), net, primarily represents other-than-temporary impairment of other investments.
(14)The tax effect of adjustments, included in Income and mining tax benefit (expense), represents the tax effect of adjustments in footnotes (3) through (12), as described above, and are calculated using the applicable tax rate.
(15)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 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 $419, the expiration of U.S. capital loss carryovers of $152, the effects of changes in foreign exchange rates on deferred tax assets and liabilities of $(17), net additions to the reserve for uncertain tax positions of $99, and other tax adjustments of $5. Total amount is presented net of income (loss) attributable to noncontrolling interests of $(327).
(16)Adjusted net income (loss) per diluted share is calculated using diluted common shares, which are calculated in accordance with GAAP.
Free Cash Flow
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.
Year Ended December 31,
2023 2022 2021
Net cash provided by (used in) operating activities $ 2,763  $ 3,220  $ 4,279 
Less: Net cash used in (provided by) operating activities of discontinued operations (9) (22) (13)
Net cash provided by (used in) operating activities of continuing operations 2,754  3,198  4,266 
Less: Additions to property, plant and mine development (2,666) (2,131) (1,653)
Free Cash Flow $ 88  $ 1,067  $ 2,613 
Net cash provided by (used in) investing activities (1)
 $ (1,002) $ (2,983) $ (1,868)
Net cash provided by (used in) financing activities $ (1,603) $ (2,356) $ (2,958)
____________________________
(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.
Net Debt
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.
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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.
At December 31, 2023 At December 31, 2022
Debt $ 8,874  $ 5,571 
Lease and other financing obligations 562  561 
Less: Cash and cash equivalents (3,002) (2,877)
Less: Time deposits (1)
 —  (829)
Net debt $ 6,434  $ 2,426 
____________________________
(1)Refer to Note 15 of the Consolidated Financial Statements for further information.
Costs applicable to sales per ounce/gold equivalent ounce
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.
Gold (1)
GEO (2)
Year Ended December 31, Year Ended December 31,
2023 2022 2021 2023 2022 2021
Costs applicable to sales (3)
 $ 5,689  $ 5,423  $ 4,628  $ 1,010  $ 1,045  $ 807 
Gold/GEO sold (thousand ounces) (4)
 5,420  5,812  5,897  896  1,275  1,258 
Costs applicable to sales per ounce (5)
 $ 1,050  $ 933  $ 785  $ 1,127  $ 819  $ 640 
____________________________
(1)Includes by-product credits of $124, $109, and $187 in 2023, 2022, and 2021, respectively.
(2)Includes by-product credits of $13, $8, and $7 in 2023, 2022, and 2021, respectively.
(3)Excludes Depreciation and amortization and Reclamation and remediation.
(4)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, 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, Gold ($1,200/oz.), Copper ($3.25/lb.), Silver ($23.00/oz.), Lead ($0.95/lb.) and Zinc ($1.15/lb.) pricing for 2022 and Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021.
(5)Per ounce measures may not recalculate due to rounding.
All-In Sustaining Costs
Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all of the expenditures incurred to discover, develop and sustain production. Therefore, Newmont calculates All-In Sustaining Costs (“AISC”) based on the definition published by the World Gold Council. The World Gold Council is a market development organization for the gold industry comprised of and funded by gold mining companies around the world and a regulatory organization.
AISC is a metric that expands on GAAP measures, such as cost of goods sold, and non-GAAP measures, such as costs applicable to sales per ounce, to provide visibility into the economics of our mining operations related to expenditures, operating performance and the ability to generate cash flow from our continuing operations. We believe that AISC is a non-GAAP measure that provides 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 by better defining the total costs associated with production.
AISC amounts 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.
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Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and in accounting frameworks such as in IFRS, or by reflecting the benefit from selling non-gold metals as a reduction to AISC. Differences may also arise related to definitional differences of sustaining versus development (i.e. non-sustaining) activities based upon each company’s internal policies.
The following disclosure provides information regarding the adjustments made in determining the All-In Sustaining Costs measure:
Costs applicable to sales. Includes all direct and indirect costs related to current production incurred to execute the current mine plan. We exclude certain exceptional or unusual amounts from CAS, such as significant revisions to recovery amounts. CAS includes by-product credits from certain metals obtained during the process of extracting and processing the primary ore-body. CAS is accounted for on an accrual basis and excludes Depreciation and amortization and Reclamation and remediation, which is consistent with our presentation of CAS on the Consolidated Statements of Operations. In determining AISC, only the CAS associated with producing and selling an ounce of gold is included in the measure. Therefore, the amount of gold CAS included in AISC is derived from the CAS presented in the Company’s Consolidated Statements of Operations less the amount of CAS attributable to the production of other metals. The other metals' CAS at those mine sites is disclosed in Note 4 of the Consolidated Financial Statements. The allocation of CAS between gold and other metals is based upon the relative sales value of gold and other metals produced during the period.
Reclamation costs. Includes accretion expense related to reclamation liabilities and the amortization of the related ARC for the Company’s operating properties. Accretion related to the reclamation liabilities and the amortization of the ARC assets for reclamation does not reflect annual cash outflows but are calculated in accordance with GAAP. The accretion and amortization reflect the periodic costs of reclamation associated with current production and are therefore included in the measure. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals.
Advanced projects, research and development and exploration. Includes incurred expenses related to projects that are designed to sustain current production and exploration. We note that as current resources are depleted, exploration and advanced projects are necessary for us to replace the depleting reserves or enhance the recovery and processing of the current reserves to sustain production at existing operations. As these costs relate to sustaining our production, and are considered a continuing cost of a mining company, these costs are included in the AISC measure. These costs are derived from the Advanced projects, research and development and Exploration amounts presented in the Consolidated Statements of Operations less incurred expenses related to the development of new operations, or related to major projects at existing operations where these projects will materially benefit the operation in the future. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals. We also allocate these costs incurred at Corporate and Other using the proportion of CAS between gold and other metals.
General and administrative. Includes costs related to administrative tasks not directly related to current production, but rather related to supporting our corporate structure and fulfilling our obligations to operate as a public company. Including these expenses in the AISC metric provides visibility of the impact that general and administrative activities have on current operations and profitability on a per ounce basis. We allocate these costs to gold and other metals at Corporate and Other using the proportion of CAS between gold and other metals.
Other expense, net. For Other expense, net we include care and maintenance costs relating to direct operating costs incurred at the mine sites during the period that these sites were temporarily placed into care and maintenance in response to pandemics such as COVID-19 or unexpected significant events and exclude certain exceptional or unusual expenses, such as restructuring, as these are not indicative to sustaining our current operations. Furthermore, this adjustment to Other expense, net is also consistent with the nature of the adjustments made to Net income (loss) attributable to Newmont stockholders as disclosed in the Company’s non-GAAP financial measure Adjusted net income (loss). The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals.
Treatment and refining costs. Includes costs paid to smelters for treatment and refining of our concentrates to produce the salable metal. These costs are presented net as a reduction of Sales on the Consolidated Statements of Operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals.
Sustaining capital and finance lease payments. We determined sustaining capital and finance lease payments as those capital expenditures and finance lease payments that are necessary to maintain current production and execute the current mine plan. We determined development (i.e. non-sustaining) capital expenditures and finance lease payments to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation and are excluded from the calculation of AISC. The classification of sustaining and development capital projects and finance leases is based on a systematic review of our project portfolio in light of the nature of each project. Sustaining capital and finance lease payments are relevant to the AISC metric as these are needed to maintain the Company’s current operations and provide improved transparency related to our ability to finance these expenditures from current operations. The allocation of these costs to gold and other metals is determined using the same allocation used in the allocation of CAS between gold and other metals.
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We also allocate these costs incurred at Corporate and Other using the proportion of CAS between gold and other metals.
Year Ended
December 31, 2023
Costs Applicable to Sales (1)(2)(3)
Reclamation Costs (4)
Advanced Projects, Research and Development and Exploration (5)
 General and Administrative
Other Expense, Net (6)
 Treatment and Refining Costs
Sustaining Capital and Lease Related Costs (7)(8)
 All-In Sustaining Costs Ounces (000) Sold
All-In Sustaining Costs per Ounce (9)
Gold
CC&V $ 198  $ 10  $ 10  $ —  $ 2  $ —  $ 62  $ 282  171  $ 1,644 
Musselwhite 214  5  10  —  —  —  104  333  181  1,843 
Porcupine 301  23  12  —  —  —  71  407  258  1,577 
Éléonore 295  9  10  —  —  —  114  428  233  1,838 
Red Chris (10)
 4  —  —  —  —  —  2  6  4  1,439 
Brucejack (10)
 69  —  7  —  1  3  16  96  36  2,646 
Peñasquito
 158  7  1  —  2  9  29  206  130  1,590 
Merian  385  7  14  —  —  1  85  492  319  1,541 
Cerro Negro 328  5  5  —  5  —  51  394  261  1,509 
Yanacocha 294  24  7  —  —  —  24  349  275  1,266 
Boddington 634  17  5  —  —  18  125  799  749  1,067 
Tanami 337  3  1  —  —  —  130  471  444  1,060 
Cadia (10)
 129  —  1  —  —  6  16  152  120  1,271 
Telfer (10)
 126  —  2  —  —  3  2  133  67  1,988 
Lihir (10)
 146  —  2  —  —  —  51  199  131  1,517 
Ahafo 547  20  2  —  2  —  135  706  578  1,222 
Akyem 275  44  1  —  —  —  37  357  296  1,210 
NGM 1,249  17  13  11  2  6  332  1,630  1,167  1,397 
Corporate and Other (11)
 —  —  89  255  6  —  37  387  —  — 
Total Gold $ 5,689  $ 191  $ 192  $ 266  $ 20  $ 46  $ 1,423  $ 7,827  5,420  $ 1,444 
Gold equivalent ounces - other metals (12)
Red Chris (10)
 $ 17  $ —  $ —  $ —  $ —  $ 3  $ 7  $ 27  16  $ 1,660 
Peñasquito
 651  30  5  1  1  82  120  890  507  1,756 
Boddington 204  3  1  —  —  15  39  262  246  1,067 
Cadia (10)
 116  —  1  —  —  19  17  153  114  1,342 
Telfer (10)
 22  —  2  —  —  4  5  33  13  2,580 
Corporate and Other (11)
 —  —  11  32  —  —  6  49  —  — 
Total Gold Equivalent Ounces
 $ 1,010  $ 33  $ 20  $ 33  $ 1  $ 123  $ 194  $ 1,414  896  $ 1,579 
Consolidated $ 6,699  $ 224  $ 212  $ 299  $ 21  $ 169  $ 1,617  $ 9,241 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $137 and excludes co-product revenues of $1,219.
(3)Includes stockpile and leach pad inventory adjustments of $3 at Porcupine, $5 at Éléonore, $2 at Brucejack, $32 at Peñasquito, $2 at Cerro Negro, $5 at Yanacocha, $4 at Telfer, $1 at Akyem, and $43 at NGM.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $97 and $127, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value of $148 and $1,288, respectively.
(5)Advanced projects, research and development and Exploration excludes development expenditures of $3 at CC&V, $5 at Porcupine, $5 at Peñasquito, $9 at Merian, $5 at Cerro Negro, $4 at Yanacocha, $29 at Tanami, $38 at Ahafo, $18 at Akyem, $16 at NGM and $121 at Corporate and Other, totaling $253 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Other expense, net is adjusted for settlement costs of Newcrest transaction-related costs of $464, restructuring and severance costs of $24, settlement costs of $7, and distributions from the Newmont Global Community Support fund of $1.
(7)Excludes capitalized interest related to sustaining capital expenditures. See Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment.
(8)Includes finance lease payments for sustaining projects of $64 and excludes finance lease payments for development projects of $36.
(9)Per ounce measures may not recalculate due to rounding.
(10)Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
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(11)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Consolidated Financial Statements for further information.
(12)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, 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.
Year Ended
December 31, 2022
Costs Applicable to Sales (1)(2)(3)
Reclamation Costs (4)
Advanced Projects, Research and Development and Exploration (5)
 General and Administrative
Other Expense, Net (6)(7)
 Treatment and Refining Costs
Sustaining Capital and Lease Related Costs (8)(9)(10)
 All-In Sustaining Costs Ounces (000) Sold
All-In Sustaining Costs per Ounce (11)
Gold
CC&V $ 241  $ 16  $ 10  $ —  $ 3  $ —  $ 45  $ 315  185  $ 1,697 
Musselwhite 195  5  8  —  1  —  53  262  172  1,531 
Porcupine 281  6  11  —  —  —  52  350  280  1,248 
Éléonore 266  9  5  —  3  —  63  346  217  1,599 
Peñasquito (12)
 442  10  4  1  3  23  72  555  573  968 
Merian  369  6  11  —  2  —  57  445  403  1,105 
Cerro Negro 283  5  1  2  10  —  54  355  281  1,262 
Yanacocha 313  19  2  1  11  —  23  369  250  1,477 
Boddington 652  17  5  —  2  16  56  748  813  921 
Tanami 328  2  7  —  6  —  124  467  486  960 
Ahafo 566  11  5  —  2  —  90  674  572  1,178 
Akyem 334  35  2  —  1  —  32  404  415  972 
NGM 1,153  9  15  10  —  4  230  1,421  1,165  1,220 
Corporate and Other (13)
 —  —  76  224  3  —  24  327  —  — 
Total Gold $ 5,423  $ 150  $ 162  $ 238  $ 47  $ 43  $ 975  $ 7,038  5,812  $ 1,211 
Gold equivalent ounces - other metals (14)
Peñasquito (12)
 $ 864  $ 19  $ 10  $ 1  $ 5  $ 130  $ 132  $ 1,161  1,044  $ 1,112 
Boddington 181  2  2  —  —  10  12  207  231  894 
Corporate and Other (13)
 —  —  11  37  1  —  4  53  —  — 
Total Gold Equivalent Ounces $ 1,045  $ 21  $ 23  $ 38  $ 6  $ 140  $ 148  $ 1,421  1,275  $ 1,114 
Consolidated $ 6,468  $ 171  $ 185  $ 276  $ 53  $ 183  $ 1,123  $ 8,459 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $117 and excludes co-product revenues of $1,499.
(3)Includes stockpile and leach pad inventory adjustments of $37 at CC&V, $37 at Yanacocha, $3 at Merian, $9 at Ahafo, $19 at Akyem, and $51 at NGM.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $65 and $106, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value of $114 and $742, respectively.
(5)Advanced projects, research and development and Exploration excludes development expenditures of $1 at CC&V, $3 at Porcupine, $5 at Peñasquito, $10 at Merian, $24 at Cerro Negro, $20 at Yanacocha, $21 at Tanami, $21 at Ahafo, $12 at Akyem, $17 at NGM and $141 at Corporate and Other, totaling $275 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Other expense, net includes incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational segments of $1 at Musselwhite, $3 at Éléonore, $7 at Peñasquito, $3 at Merian, $7 at Cerro Negro, $6 at Yanacocha,$2 at Boddington, $6 at Tanami, totaling $35.
(7)Other expense, net is adjusted for settlement costs of $22, restructuring and severance costs of $4 and distributions from the Newmont Global Community Support Fund of $3.
(8)Includes sustaining capital expenditures of $1,059. See Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment.
(9)Excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $1,072. See Liquidity and Capital Resources within Part II, Item 7, Management's Discussion and Analysis for the discussion of major development projects.
(10)Includes finance lease payments for sustaining projects of $64 and excludes finance lease payments for development projects of $36.
(11)Per ounce measures may not recalculate due to rounding.
(12)Costs applicable to sales includes $70 related to the Peñasquito Profit-Sharing Agreement associated with 2021 site performance. For further information, refer to Note 4 to the Consolidated Financial Statements.
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(13)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 to the Consolidated Financial Statements for further information.
(14)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($3.25/lb.), Silver ($23.00/oz.), Lead ($0.95/lb.) and Zinc ($1.15/lb.) pricing for 2022.
Year Ended
December 31, 2021
Costs Applicable to Sales (1)(2)(3)
Reclamation Costs (4)
Advanced Projects, Research and Development and Exploration (5)
 General and Administrative
Other Expense, Net (6)(7)(8)
 Treatment and Refining Costs
Sustaining Capital and Lease Related Costs (9)(10)(11)
 All-In Sustaining Costs Ounces (000) Sold
All-In Sustaining Costs per Ounce (12)
Gold
CC&V $ 238  $ 7  $ 9  $ —  $ —  $ —  $ 41  $ 295  220  $ 1,338 
Musselwhite 157  2  7  —  1  —  39  206  154  1,335 
Porcupine 269  5  13  —  —  —  43  330  287  1,152 
Éléonore 237  3  2  —  5  —  63  310  247  1,256 
Peñasquito 395  6  1  —  7  31  65  505  720  702 
Merian  326  5  5  —  5  —  47  388  434  895 
Cerro Negro 243  6  —  —  23  —  60  332  267  1,247 
Yanacocha 232  66  6  —  30  1  20  355  263  1,355 
Boddington 607  11  7  —  —  13  102  740  685  1,083 
Tanami 278  2  5  —  17  —  116  418  488  855 
Ahafo 425  8  5  —  5  —  79  522  480  1,084 
Akyem 261  30  4  —  1  —  49  345  378  913 
NGM 960  8  13  10  3  2  172  1,168  1,274  918 
Corporate and Other (13)
 —  —  97  213  8  —  28  346  —  — 
Total Gold $ 4,628  $ 159  $ 174  $ 223  $ 105  $ 47  $ 924  $ 6,260  5,897  $ 1,062 
Gold equivalent ounces - other metals (14)
Peñasquito $ 664  $ 9  $ 2  $ 1  $ 11  $ 115  $ 106  $ 908  1,100  $ 824 
Boddington 143  2  1  —  —  7  19  172  158  1,098 
Corporate and Other (13)
 —  —  14  35  —  —  4  53  —  — 
Total Gold Equivalent Ounces
 $ 807  $ 11  $ 17  $ 36  $ 11  $ 122  $ 129  $ 1,133  1,258  $ 900 
Consolidated $ 5,435  $ 170  $ 191  $ 259  $ 116  $ 169  $ 1,053  $ 7,393 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)Includes by-product credits of $194 and excludes co-product revenues of $1,679.
(3)Includes stockpile and leach pad inventory adjustments of $16 at CC&V, $18 at Yanacocha and $11 at NGM.
(4)Reclamation costs include operating accretion and amortization of asset retirement costs of $79 and $91, respectively, and exclude accretion and reclamation and remediation adjustments at former operating properties and historic mining operations that have entered the closure phase and have no substantive future economic value of $52 and $1,715, respectively.
(5)Advanced projects, research and development and Exploration excludes development expenditures of $9 at CC&V, $4 at Porcupine, $3 at Éléonore, $5 at Peñasquito, $6 at Merian, $9 at Cerro Negro, $12 at Yanacocha, $19 at Tanami, $17 at Ahafo, $6 at Akyem, $17 at NGM and $65 at Corporate and Other, totaling $172 related to developing new operations or major projects at existing operations where these projects will materially benefit the operation.
(6)Other expense, net includes $8 at Tanami of cash care and maintenance costs associated with the sites temporarily being placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic, during the period ended December 31, 2021 that we would have continued to incur if the sites were not temporarily placed into care and maintenance.
(7)Other expense, net includes incremental COVID-19 costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic at our operational segments of $1 at Musselwhite, $3 at Éléonore, $19 at Peñasquito, $6 at Merian, $19 at Cerro Negro, $21 at Yanacocha, $8 at Tanami, $4 at Ahafo, and $1 at Akyem, totaling $82
(8)Other expense, net is adjusted for settlement costs of $11, restructuring and severance of $11, and incremental costs of responding to the COVID-19 pandemic of $5.
(9)Includes sustaining capital expenditures of $985. See Liquidity and Capital Resources within Part II, Item 7, MD&A for sustaining capital by segment.
(10)Excludes development capital expenditures, capitalized interest and the change in accrued capital totaling $668. See Liquidity and Capital Resources within Part II, Item 7, Management's Discussion and Analysis for the discussion of major development projects.
(11)Includes finance lease payments for sustaining projects of $68 and excludes finance lease payments for development projects of $41.
(12)Per ounce measures may not recalculate due to rounding.
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(13)Corporate and Other includes the Company's business activities relating to its corporate and regional offices and all equity method investments. Refer to Note 4 of the Consolidated Financial Statements for further information.
(14)Gold equivalent ounces is calculated as pounds or ounces produced multiplied by the ratio of the other metals price to the gold price, using Gold ($1,200/oz.), Copper ($2.75/lb.), Silver ($22.00/oz.), Lead ($0.90/lb.) and Zinc ($1.05/lb.) pricing for 2021.
Liquidity and Capital Resources
Liquidity Overview
We have a disciplined capital allocation strategy of maintaining financial flexibility to execute our capital priorities and generate long-term value for our shareholders. Consistent with that strategy, we aim to self-fund development projects and make strategic partnerships focused on profitable growth, while reducing our debt and returning cash to stockholders through dividends and share repurchases.
Our global operations expose us to risks associated with public health crises, including epidemics and pandemics such as COVID-19, and geopolitical and macroeconomic pressures such as the Russian invasion of Ukraine. The Company continues to experience the impacts from recent geopolitical and macroeconomic pressures. Depending on the duration and extent of the impact of these events, commodity prices and the prices for gold and other metals could continue to experience volatility; transportation industry disruptions could continue, including limitations on shipping produced metals; our supply chain could continue to experience disruption; cost inflation rates could further increase; or we could incur credit related losses of certain financial assets, which could materially impact the Company’s results of operations, cash flows and financial condition. As of December 31, 2023, we believe our available liquidity allows us to manage the short- and, possibly, long-term material adverse impacts of these events on our business. Refer to Note 2 of the Consolidated Financial Statements for further discussion on risks and uncertainties.
At December 31, 2023, the Company had $3,002 in Cash and cash equivalents. The majority of our cash and cash equivalents are invested in a variety of highly liquid investments with original maturities of three months or less. Our Cash and cash equivalents are highly liquid and low-risk investments that are available to fund our operations as necessary. We may have investments in prime money market funds that are classified as cash and cash equivalents; however, we continually monitor the need for reclassification under the SEC requirements for money market funds, and the potential that the shares of such funds could have a net asset value of less than their par value. We believe that our liquidity and capital resources are adequate to fund our operations and corporate activities.
At December 31, 2023, $1,585 of Cash and cash equivalents was held in foreign subsidiaries and is primarily held in USD denominated accounts with the remainder in foreign currencies readily convertible to USD. Cash and cash equivalents denominated in Argentine peso are subject to regulatory restrictions. Refer to Foreign Currency Exchange Rates above for further information. At December 31, 2023, $1,212 in consolidated cash and cash equivalents was held at certain foreign subsidiaries that, if repatriated, may be subject to withholding taxes. We expect that there would be no additional tax burden upon repatriation after considering the cash cost associated with any potential withholding taxes.
We believe our existing consolidated Cash and cash equivalents, available capacity on our revolving credit facilities, and cash generated from continuing operations will be adequate to satisfy working capital needs, fund future growth, meet debt obligations and meet other liquidity requirements for the foreseeable future. At December 31, 2023, our available borrowing capacity on revolving credit facilities was $3,077. We are currently compliant with covenants and do not currently anticipate any events or circumstances that would impact our ability to access funds available on this facility. Refer to Note 20 to the Consolidated Financial Statements for further information on our Debt.
Our financial position was as follows:
At December 31,
2023		 At December 31,
2022
Cash and cash equivalents $ 3,002  $ 2,877 
Time deposits (1)
 —  829 
Available borrowing capacity on revolving credit facilities (2)
 3,077  3,000 
Total liquidity $ 6,079  $ 6,706 
Net debt (3)
 $ 6,434  $ 2,426 
____________________________
(1)Time deposits are included within Time deposits and other investments on the Consolidated Balance Sheets. Refer to Note 15 to the Consolidated Financial Statements for further information.
(2)In connection with the Newcrest transaction, the Company acquired bilateral bank debt facilities held with 13 banks. The bilateral bank debt facilities have a total borrowing capacity of $2,000 with $77 available at December 31, 2023. Refer to Note 20 to the Consolidated Financial Statements for further information.
(3)Net debt is a non-GAAP financial measure used by management to evaluate financial flexibility and strength of the Company's balance sheet. Refer to Non-GAAP Financial Measures below.
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Cash Flows
Net cash provided by (used in) operating activities of continuing operations was $2,754 in 2023, a decrease in cash provided of $444 from the year ended December 31, 2022, primarily due to the Peñasquito labor strike, lower sales at Akyem, partially offset by income provided by the newly acquired sites and higher average realized prices for gold, silver and copper.
Net cash provided by (used in) investing activities of continuing operations was $(1,002) in 2023, a decrease in cash used of $1,981 from the year ended December 31, 2022, primarily due to higher net maturities of time deposits and cash acquired as a result of the Newcrest transaction in 2023, partially offset by higher capital expenditures in 2023.
Net cash provided by (used in) financing activities was $(1,603) in 2023, a decrease in cash used of $753 from the year ended December 31, 2022, primarily due to the acquisition of non-controlling interest in Yanacocha in 2022 and lower dividend payments in 2023.
Capital Resources
In February 2024, the Board declared a dividend of $0.25 per share, determined under the dividend framework. This framework is non-binding and is periodically reviewed and reassessed by the Board of Directors. The declaration and payment of future dividends remains at the full discretion of the Board and will depend on the Company’s financial results, cash requirements, future prospects and other factors deemed relevant by the Board.
Additionally, in February 2024, the Board of Directors authorized a stock repurchase program to repurchase shares of outstanding common stock to offset the dilutive impact of employee stock award vesting and to provide returns to shareholders, provided that the aggregate value of shares of common stock repurchased under the new program does not exceed $1 billion. The program will expire after 24 months (in February 2026). The program will be executed at the Company’s discretion, utilizing open market repurchases to occur from time to time throughout the authorization period. The repurchase program may be discontinued at any time, and the program does not obligate the Company to acquire any specific number of shares of its common stock or to repurchase the full authorized amount during the authorization period. Consequently, the Board of Directors may revise or terminate such share repurchase authorization in the future.
Capital Expenditures
Cash generated from operations is used to execute our capital priorities, which include sustaining and developing our global portfolio of long-lived assets. Our near-term development capital projects include Tanami Expansion 2 and Ahafo North, as well as the Cadia Block Caves project which was acquired in the Newcrest transaction.
These projects are being funded from existing liquidity and will continue to be funded from future operating cash flows. Capital costs are estimated to be between $1,700 and $1,800 for Tanami Expansion 2 with an expected commercial production date in the second half of 2027. Capital costs are estimated to be between $950 and $1,050 for Ahafo North with an expected commercial production date in late 2025. Additionally, on September 30, 2023, the San Marcos deposit achieved commercial production, the first of six ore bodies in the Cerro Negro expansion projects.
We consider sustaining capital as those capital expenditures that are necessary to maintain current production and execute the current mine plan. Capital expenditures to develop new operations or related to projects at existing operations, where these projects will enhance production or reserves, are considered non-sustaining or development capital. The Company’s decision to reprioritize, sell or abandon a development project, which may include returning mining concessions to host governments, could result in a future impairment charge.
The Company continues to evaluate strategic priorities and deployment of capital to projects in the pipeline to ensure we execute on our capital priorities and provide long-term value to shareholders. Included in the Company's continuous evaluation is consideration of current market opportunities or pressures. In response to the current challenging market conditions, which include inflationary pressures and market volatility, in the second quarter of 2023 the Company announced the delay of the full-funds investment decision for the Yanacocha Sulfides project in Peru. Refer to Note 2 to the Consolidated Financial Statements for further information.
In 2020, we announced climate targets to reduce GHG emissions and plans to invest in climate change initiatives in support of this goal, which may be capital in nature. As part of these initiatives, in November 2021, Newmont announced a strategic alliance with CAT with the aim to develop and implement a comprehensive all-electric autonomous mining system to achieve zero emissions mining. To support this alliance, Newmont pledged a preliminary investment of $100, of which $56 has been paid as of December 31, 2023 and is recognized in Advanced projects, research and development within our Consolidated Statements of Operations. The remaining pledged amount is anticipated to be paid as certain milestones are reached through 2026.
Other investments supporting our climate change initiatives are expected to include emissions reduction projects and renewable energy opportunities as we seek to achieve these climate targets. For risks related to climate-related capital expenditures, refer to Part I, Item 1A Risk Factors.
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For the years ended December 31, 2023, 2022 and 2021 we had Additions to property, plant and mine development as follows:
2023 2022 2021
Development Projects Sustaining Capital Total Development Projects Sustaining Capital Total Development Projects Sustaining Capital Total
CC&V $ —  $ 64  $ 64  $ —  $ 44  $ 44  $ 1  $ 41  $ 42 
Musselwhite —  104  104  1  53  54  —  39  39 
Porcupine 98  68  166  103  49  152  28  40  68 
Éléonore —  106  106  6  54  60  1  45  46 
Red Chris (1)
 16  9  25  —  —  —  —  —  — 
Brucejack (1)
 1  21  22  —  —  —  —  —  — 
Peñasquito —  113  113  14  169  183  —  144  144 
Merian —  84  84  —  56  56  —  47  47 
Cerro Negro 107  55  162  78  54  132  48  60  108 
Yanacocha 288  24  312  416  23  439  151  20  171 
Boddington —  164  164  6  66  72  54  120  174 
Tanami 291  122  413  230  113  343  203  101  304 
Cadia (1)
 42  33  75  —  —  —  —  —  — 
Telfer (1)
 1  8  9  —  —  —  —  —  — 
Lihir (1)
 2  51  53  —  —  —  —  —  — 
Ahafo 176  134  310  180  88  268  137  76  213 
Akyem 3  37  40  4  30  34  17  49  66 
NGM 138  334  472  78  230  308  63  171  234 
Corporate and Other 8  43  51  15  30  45  5  32  37 
Accrual basis $ 1,171  $ 1,574  $ 2,745  $ 1,131  $ 1,059  $ 2,190  $ 708  $ 985  $ 1,693 
Decrease (increase) in non-cash adjustments
 (79) (59) (40)
Cash basis  $ 2,666  $ 2,131  $ 1,653 
____________________________
(1)Sites acquired through the Newcrest transaction. Refer to Note 3 to the Consolidated Financial Statements for further information.
For the year ended December 31, 2023, development projects primarily included Pamour at Porcupine; Cerro Negro expansions projects; Yanacocha Sulfides; Tanami Expansion 2; Cadia Block Caves; Ahafo North; and the TS Solar Plant and Goldrush Complex at Nevada Gold Mines. Development capital costs (excluding capitalized interest) on our Tanami Expansion 2, Ahafo North, and Cadia Block Caves projects since approval were $752, $375, and $36, respectively, of which $253, $163, and $36 related to the year ended December 31, 2023, respectively.
For the year ended December 31, 2022, development projects included Pamour at Porcupine; Yanacocha Sulfides; Cerro Negro expansion projects; Tanami Expansion 2 and Power Generation Civil Upgrade at Tanami; Ahafo North and Subika Mining Method Change at Ahafo; and Goldrush Complex and Turquoise Ridge 3rd Shaft at NGM.
In October 2022, the Company entered into A$574 of AUD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD-denominated capital expenditures expected to be incurred in 2023 and 2024 during the construction and development phase of the Tanami Expansion 2 project. The Company has designated the forward contracts as foreign currency cash flow hedges against the forecasted AUD-denominated Tanami Expansion 2 capital expenditures. Refer to Note 14 of the Consolidated Financial Statements for further information.
For the year ended December 31, 2021, development projects included Pamour at Porcupine; Yanacocha Sulfides and Quecher Main at Yanacocha; Cerro Negro expansion projects; Tanami Expansion 2 and Power Generation Civil Upgrade at Tanami; Subika Mining Method Change and Ahafo North at Ahafo; and Goldrush Complex and Turquoise Ridge 3rd Shaft at NGM.
For the years ended December 31, 2023, 2022 and 2021, sustaining capital includes capital expenditures such as capitalized component purchases, underground and surface mine development, tailings facility construction, mining equipment, infrastructure improvements, reserves drilling conversion, water treatment plant construction, and water storage and support facilities. Additionally, for the years ended December 31, 2023 and 2021, sustaining capital included haul truck purchases for the Autonomous Haulage System at Boddington.
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For the years ended December 31, 2023, 2022 and 2021, drilling and related costs capitalized and included in mine development costs were as follows:
Year Ended December 31,
2023 2022 2021
CC&V $ —  $ —  $ 6 
Musselwhite 3  4  — 
Porcupine 4  7  5 
Éléonore 3  6  4 
Peñasquito 1  —  3 
Merian 1  5  5 
Cerro Negro 13  23  33 
Yanacocha —  3  — 
Tanami 65  60  74 
Ahafo 5  9  4 
Akyem 2  —  1 
NGM 33  27  21 
$ 130  $ 144  $ 156 
During 2023, 2022 and 2021, $69, $11, and $—, respectively, of pre-stripping costs were capitalized and included in mine development costs.
Refer to Note 4 to our Consolidated Financial Statements and Non-GAAP Financial Measures, below, for further information.
Debt
Debt and Corporate Revolving Credit Facilities. The Company from time to time will redeem its outstanding senior notes ahead of their scheduled maturity dates utilizing Cash and cash equivalents. Additionally, depending upon market conditions and strategic considerations, we may choose to refinance debt in the capital markets.
At December 31, 2023, our future debt maturities of $9,197 include $1,231 that mature beginning in 2024. We generally expect to be able to fund maturities of debt from Net cash provided by (used in) operating activities, existing cash balances and available credit facilities.
In December 2023, we completed a like-for-like exchange for the any and all of the outstanding notes issued by Newcrest Finance Pty Ltd, a wholly owned subsidiary of Newmont ("Newcrest Finance"), with an aggregate principal amount of $1,650, for new notes issued by Newmont and Newcrest Finance and nominal cash consideration. The new notes, issued December 28, 2023, and the existing Newcrest and Newcrest Finance notes that were not tendered for exchange, consist of $625 and $25 of 3.25% notes due May 13, 2030 (the "May 2030 Senior Notes" and the "2030 Newcrest Senior Notes", respectively), $460 and $40 of 5.75% notes due November 15, 2041 (the "November 2041 Senior Notes" and the "2041 Newcrest Senior Notes", respectively), and $486 and $14 of 4.20% notes due May 13, 2050, respectively (the "May 2050 Senior Notes" and the "2050 Newcrest Senior Notes", respectively).
In connection with the Newcrest transaction, the Company acquired bilateral bank debt facilities (the "bilateral facilities") held with 13 banks. The bilateral bank debt facilities have a total borrowing capacity of $2,000 with $77 available at December 31, 2023. These are committed unsecured revolving facilities, individually negotiated and documented with each bank but with similar terms and conditions. The facilities are on customary terms and conditions and include certain financial covenants. Interest is based on Term SOFR plus a credit spread and margin. At December 31, 2023, there was $1,923 in outstanding borrowings on the facilities with $462 due February 7, 2024, $769 due March 1, 2024 and $692 due March 1, 2026. The facilities due February 7, 2024 include the 3 banks that exercised their option under the change of effective control event. On February 7, 2024, the Company repaid the 3 non-consenting banks with a total borrowing capacity of $462.
On February 15, 2024, the Company completed an amendment and restatement of its existing $3,000 revolving credit agreement dated as of April 4, 2019 (the “Existing Credit Agreement”). The Existing Credit Agreement was entered into with a syndicate of financial institutions and provided for borrowings in U.S. dollars and contained a letter of credit sub-facility. Per the amendment, the expiration date of the credit facility was extended from March 30, 2026 to February 15, 2029 and the borrowing capacity was increased to $4,000. Interest is based on Term SOFR plus a credit spread adjustment and margin.
Concurrently, the Company completed a drawdown on the $4,000 revolving credit agreement and used the proceeds thereof to repay the remaining $1,461 owed on the remaining bilateral bank debt facilities.
Refer to Note 20 to the Consolidated Financial Statements for more information.
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Debt Covenants
Our senior notes and revolving credit facilities contain various covenants and default provisions including payment defaults, limitation on liens, leases, sales and leaseback agreements and merger restrictions. Furthermore, our senior notes and corporate revolving credit facility contain covenants that include, limiting the sale of all or substantially all of our assets, certain change of control provisions and a negative pledge on certain assets.
The corporate revolving credit facility contains a financial ratio covenant requiring us to maintain a net debt (total debt net of Cash and cash equivalents) to total capitalization ratio of less than or equal to 62.50% in addition to the covenants noted above. The bilateral bank debt facilities contain the following covenants: (i) tangible net worth not less than $1 billion; (ii) an interest coverage ratio, calculated on a 12 month rolling basis, to be greater than or equal to 2.75:1; and (iii) and total net liabilities to tangible net worth to not exceed 1.75:1.
At December 31, 2023 and 2022, we were in compliance with all existing debt covenants and provisions related to potential defaults, other than the bilateral facilities which have been repaid as of the date of this report.
Letters of Credit and Other Guarantees
We have off-balance sheet arrangements of $2,123 of outstanding surety bonds, bank letters of credit and bank guarantees (refer to Note 25 to the Consolidated Financial Statements). At December 31, 2023, $— of the $3,000 corporate revolving credit facility was used to secure the issuance of letters of credit. Refer to Note 20 to the Consolidated Financial Statements for additional information.
Co-Issuer and Supplemental Guarantor Information
The Company filed a shelf registration statement with the SEC on Form S-3 under the Securities Act, of 1933, as amended, which enables us to issue an indeterminate number or amount of common stock, preferred stock, depository shares, debt securities, guarantees of debt securities, warrants and units (the “Shelf Registration Statement”). Under the Shelf Registration Statement, our debt securities may be guaranteed by Newmont USA Limited (“Newmont USA”), one of our consolidated subsidiaries.
Newmont and Newcrest Finance, as issuers, and Newmont USA, as guarantor, are collectively referred to here-within as the "Obligor Group".
These guarantees are full and unconditional, and none of our other subsidiaries guarantee any security issued and outstanding. The cash provided by operations of the Obligor Group, and all of its subsidiaries, is available to satisfy debt repayments as they become due, and there are no material restrictions on the ability of the Obligor Group to obtain funds from subsidiaries by dividend, loan, or otherwise, except to the extent of any rights noncontrolling interests, foreign currency or regulatory restrictions limiting repatriation of cash. Net assets attributable to noncontrolling interests were $178 at December 31, 2023. All noncontrolling interests relate to non-guarantor subsidiaries.
Newmont and Newmont USA are primarily holding companies with no material operations, sources of income or assets other than equity interest in their subsidiaries and intercompany receivables or payables. Newcrest Finance is a finance subsidiary with no material assets or operations other than those related to issued external debt. Newmont USA’s primary investments are comprised of its 38.5% interest in NGM. For further information regarding these and our other operations, refer to Note 4 of the Consolidated Financial Statements and Results of Consolidated Operations, above.
In addition to equity interests in subsidiaries, the Obligor Group’s balance sheets consisted primarily of the following intercompany assets, intercompany liabilities, and external debt. The remaining assets and liabilities of the Obligor Group are considered immaterial at December 31, 2023.
December 31, 2023
Obligor Group Newmont USA
Current intercompany assets $ 14,776  $ 8,713 
Non-current intercompany assets $ 500  $ 483 
Current intercompany liabilities $ 13,716  $ 1,652 
Current external debt $ 1,923  $ — 
Non-current external debt $ 6,944  $ — 
Newmont USA's subsidiary guarantees (the “subsidiary guarantees”) are general unsecured senior obligations of Newmont USA and rank equal in right of payment to all of Newmont USA's existing and future senior unsecured indebtedness and senior in right of payment to all of Newmont USA's future subordinated indebtedness. The subsidiary guarantees are effectively junior to any secured indebtedness of Newmont USA to the extent of the value of the assets securing such indebtedness.
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At December 31, 2023, Newmont USA had approximately $8,867 of consolidated indebtedness (including guaranteed debt), all of which relates to the guarantees of indebtedness of Newmont.
Under the terms of the subsidiary guarantees, holders of Newmont’s securities subject to such subsidiary guarantees will not be required to exercise their remedies against Newmont before they proceed directly against Newmont USA.
Newmont USA will be released and relieved from all its obligations under the subsidiary guarantees in certain specified circumstances, including, but not limited to, the following:
•upon the sale or other disposition (including by way of consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power of the capital stock or other interests of Newmont USA (other than to Newmont or any of Newmont’s affiliates);
•upon the sale or disposition of all or substantially all the assets of Newmont USA (other than to Newmont or any of Newmont’s affiliates); or
•upon such time as Newmont USA ceases to guarantee more than $75 aggregate principal amount of Newmont’s debt (at December 31, 2023, Newmont USA guaranteed $600 aggregate principal amount of debt of Newmont that did not contain a similar fall-away provision).
Newmont’s debt securities are effectively junior to any secured indebtedness of Newmont to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all debt and other liabilities of Newmont’s non-guarantor subsidiaries. At December 31, 2023, (i) Newmont’s total consolidated indebtedness was approximately $9,436, none of which was secured (other than $562 of Lease and other financing obligations), and (ii) Newmont’s non-guarantor subsidiaries had $22,756 of total liabilities (including trade payables, but excluding intercompany, external debt, and reclamation and remediation liabilities), which would have been structurally senior to Newmont’s debt securities.
For further information on our debt, refer to Note 20 of the Consolidated Financial Statements.
Contractual Obligations
Our contractual obligations at December 31, 2023 are summarized as follows:
Payments Due by Period
Contractual Obligations Total Current Non-Current
Debt (1)
 $ 13,519  $ 2,226  $ 11,293 
Finance lease and other financing obligations (2)
 744  113  631 
Remediation and reclamation liabilities (3)
 11,103  574  10,529 
Employee-related benefits (4)
 965  146  819 
Uncertain income tax liabilities and interest (5)
 190  —  190 
Operating leases and other obligations (6)
 120  24  96 
Minimum royalty payments (7)
 62  47  15 
Purchase obligations (8)
 1,445  690  755 
Other (9)
 645  227  418 
$ 28,793  $ 4,047  $ 24,746 
____________________________
(1)Debt includes principal of $9,197 on Senior Notes and bilateral bank debt facilities and estimated interest payments of $4,322 on Senior Notes, assuming no early extinguishment.
(2)Finance lease and other financing obligations includes finance lease payments of $733 and additional payments of $11 for finance leases that have not yet commenced.
(3)Mining operations are subject to extensive environmental regulations in the jurisdictions in which they operate. Pursuant to environmental regulations, we are required to close our operations and reclaim and remediate the lands that operations have disturbed. The estimated undiscounted cash outflows of these Reclamation and remediation liabilities are reflected here. For more information regarding reclamation and remediation liabilities, refer to Note 6 to the Consolidated Financial Statements.
(4)Contractual obligations for Employee-related benefits include severance, workers’ participation, pension and other benefit plans. Pension plan and other benefit payments beyond 2033 cannot be reasonably estimated given variable market conditions and actuarial assumptions and are not included.
(5)We are unable to reasonably estimate the timing of our uncertain income tax liabilities and interest payments due to uncertainties in the timing of the effective settlement of tax positions.
(6)Operating lease and other obligations includes operating lease payments of $120 and additional payments of $— for operating leases that have not yet commenced.
(7)Minimum royalty payments are related to continuing operations and are presented net of recoverable amounts.
(8)Purchase obligations are not recorded in the Consolidated Financial Statements. Purchase obligations represent contractual obligations for purchase of power, materials and supplies, consumables, inventories and capital projects.
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(9)Other includes service contracts and other obligations not recorded in our Consolidated Financial Statements, as well as the obligation related to the funding of Barrick's portion of pre-feasibility costs associated with Norte Abierto and the Galore Creek deferred payment obligations accrued in Other current liabilities and Other non-current liabilities.
Environmental
Our mining and exploration activities are subject to various federal and state laws and regulations governing the protection of the environment. We have made, and expect to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. We perform a comprehensive review of our reclamation and remediation liabilities annually and review changes in facts and circumstances associated with these obligations at least quarterly. Notably, Newmont is committed to the implementation of GISTM for tailing storage facilities by 2025. Compliance with GISTM remains on-going and has and may continue to result in further increases to our estimated sustaining costs and closure costs for existing operations and non-operating sites. Additionally, laws, regulations and permit requirements focused on water management and discharge requirements for operations and water treatment in connection with closure are becoming increasingly stringent. Compliance with water management and discharge quality remains dynamic and has and may continue to result in further increases to our estimated closure costs.
At December 31, 2023 and 2022, $8,385 and $6,731, respectively, were accrued for reclamation costs relating to currently or recently producing or development stage mineral properties, of which $558 and $482, respectively, were classified as current liabilities.
In addition, we are involved in several matters concerning environmental obligations associated with former, primarily historical, mining activities. Based upon our best estimate of our liability for these matters, $401 and $373 were accrued for such obligations at December 31, 2023 and 2022, respectively, of which $61 and $44, respectively, were classified as current liabilities. We spent $44, $56 and $43 during 2023, 2022, and 2021, respectively, for environmental obligations related to the former mining activities.
Reclamation and remediation adjustments during 2023 primarily related to increased water management costs at portions of our Yanacocha site operations that are no longer in production and with no expected substantive future economic value (i.e., non-operating) and higher water management costs and project execution delays at the Midnite mine and Dawn mill sites. Reclamation and remediation adjustments during 2022 primarily related to (i) increased water management costs at portions of our Yanacocha and Porcupine site operations that are non-operating (ii) increased costs due to closure plan design changes at our Porcupine site operations (iii) higher waste disposal costs and project execution delays at the Midnite mine and Dawn mill sites and (iv) higher estimated closure costs due to cost inflation.
During the year ended December 31, 2023, 2022, and 2021, capital expenditures were approximately $41, $29, and $13, respectively, to comply with environmental regulations.
Our sustainability strategy is a foundational element in achieving our purpose to create value and improve lives through sustainable and responsible mining. Sustainability and safety are integrated into the business at all levels of the organization through our global policies, standards, strategies, business plans and remuneration plans. For more information on the Company’s reclamation and remediation liabilities, refer to Notes 6 and 25 to the Consolidated Financial Statements. For discussion of regulatory, tailings, water, climate and other environmental risks, refer to Part I, Item 1A. Risk Factors, for additional information.
Forward-Looking Statements
The foregoing discussion and analysis, as well as certain information contained elsewhere in this Annual Report, contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created thereby. For a more detailed discussion of risks and other factors that might impact forward-looking statements and other important information about forward-looking statements, refer to the discussion in Forward-Looking Statements in Part I, Item 1, Business and Part I, Item 1A, Risk Factors.
Accounting Developments
For a discussion of Recently Adopted and Recently Issued Accounting Pronouncements, refer to Note 2 to the Consolidated Financial Statements.
Critical Accounting Estimates
Our discussion of financial condition and results of operations is based upon the information reported in our Consolidated Financial Statements. The preparation of these Consolidated Financial Statements in conformity with GAAP requires us to make assumptions and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses, as well as the disclosure of contingent assets and liabilities as of the date of our financial statements. We have identified the accounting estimates listed below as critical to understanding and evaluating the financial results reported in our Consolidated Financial Statements. These accounting estimates require the application of significant management judgment and are critical due to the significant level of estimation uncertainty regarding the assumptions involved and the magnitude of the asset, liability, revenue or expense being reported. We base our assumptions and estimates on historical experience and various other sources that we believe to be reasonable under the circumstances. We review the underlying factors used in our estimates regularly, including reviewing the significant accounting policies impacting the estimates, to ensure compliance with GAAP.
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However, due to the uncertainty inherent in our estimates, actual results may materially differ from the estimates we calculate due to changes in circumstances, global economics and politics, and general business conditions. A summary of our significant accounting policies is detailed in Note 2 to the Consolidated Financial Statements.
Business Combinations
We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, we engage independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of reserves, resources and exploration potential quantities, costs to produce and develop reserves, revenues, and operating expenses; (ii) short-term and long-term metal price assumptions, (iii) long-term growth rates; (iv) appropriate discount rates; and (v) expected future capital requirements(“income valuation method”). The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets (“market valuation method”). The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset (“cost valuation method”). The fair value of property, plant and mine development is estimated to include the fair value of asset retirement costs of related long lived tangible assets. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate is recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, we record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition is recorded in the period the adjustments arises.
Depreciation and amortization
Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and depreciated using the straight-line method at rates sufficient to amortize such costs over the estimated future lives of such facilities or equipment and their components. Facilities and equipment acquired as a part of a finance lease, build-to-suit or other financing arrangement are recorded based on the contractual lease terms. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such costs over the lesser of the lease terms or the estimated productive lives of such facilities. These lives do not exceed the estimated mine life based on proven and probable reserves as the useful lives of these assets are considered to be limited to the life of the relevant mine.
Costs incurred to develop new properties are capitalized as incurred where it has been determined that the property can be economically developed based on the existence of proven and probable reserves. At our surface mines, these costs include costs to further delineate the ore body and remove overburden to initially expose the ore body. At our underground mines, these costs include the cost of building access ways, shaft sinking and access, lateral development, drift development, ramps and infrastructure development. All such costs are amortized using the UOP method over the estimated life of the ore body based on estimated recoverable ounces or pounds to be produced from proven and probable reserves.
Major mine development costs incurred after the commencement of production that are capitalized are amortized using the UOP method based on estimated recoverable ounces or pounds to be produced from proven and probable reserves. To the extent that such costs benefit the entire ore body, they are amortized over the estimated recoverable ounces or pounds in proven and probable reserves of the entire ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that block or area are amortized over the estimated recoverable ounces or pounds in proven and probable reserves of that specific ore block or area.
Capitalized asset retirement costs incurred are amortized according to how the related assets are being depreciated. Open pit and underground mining costs are amortized using the UOP method based on recoverable ounces by source. Other costs, including leaching facilities, tailing facilities, and mills and other infrastructure costs, are amortized using the straight-line method over the same estimated future lives of the associated assets.
The calculation of the UOP rate of amortization, and therefore the annual amortization charge to operations, could be materially impacted to the extent that actual production in the future is different from current forecasts of production based on proven and probable reserves. This would generally occur to the extent that there were significant changes in any of the factors or assumptions used in determining reserves. These changes could include: (i) an expansion of proven and probable reserves through exploration activities; (ii) differences between estimated and actual costs of production, due to differences in grade, metal recovery rates and foreign currency exchange rates; and (iii) differences between actual commodity prices and commodity price assumptions used in the estimation of reserves. If reserves decreased significantly, amortization charged to operations would increase; conversely, if reserves increased significantly, amortization charged to operations would decrease. Such changes in reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, where those lives are limited to the life of the mine, which in turn is limited to the life of the proven and probable reserves.
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The expected useful lives used in depreciation and amortization calculations are determined based on applicable facts and circumstances, as described above. Significant judgment is involved in the determination of useful lives, and no assurance can be given that actual useful lives will not differ significantly from the useful lives assumed for the purpose of depreciation and amortization calculations.
Carrying value of stockpiles
Stockpiles represent ore that has been extracted from the mine and is available for further processing. Mine sequencing may result in mining material at a faster rate than can be processed. We generally process the highest ore grade material first to maximize metal production; however, a blend of ore stockpiles may be processed to balance hardness and/or metallurgy in order to maximize throughput and recovery. Processing of lower grade stockpiled ore may continue after mining operations are completed. Sulfide copper ores are subject to oxidation over time which can reduce expected future recoveries. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained ounces or pounds (based on assay data), and the estimated metallurgical recovery rates (based on the expected processing method). Stockpile ore tonnages are verified by periodic surveys. Costs are added to stockpiles based on current mining costs, including applicable overhead and depreciation and amortization relating to mining operations and removed at each stockpile’s average cost per recoverable unit as material is processed.
We record stockpiles at the lower of average cost or net realizable value, and carrying values are evaluated at least quarterly. Net realizable value represents the estimated future sales price based on short-term and long-term metals price assumptions that are applied to expected short-term (12 months or less) and long-term sales from stockpiles, less estimated costs to complete production and bring the product to sale. The primary factors that influence the need to record write-downs of stockpiles include declines in short-term or long-term metals prices, increases in costs for production inputs such as labor, fuel and energy, materials and supplies, as well as realized mineral grades and recovery rates. The significant assumption in determining the stockpile net realizable value for each mine site at December 31, 2023 is a long-term gold price of $1,700 per ounce. A decrease of $100 per ounce in the long-term gold price assumption will not result in a material write-down to the carrying value of our stockpiles.
Other assumptions include future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors unique to each operation based on the life of mine plans, as well as long-term commodity prices and applicable U.S. dollar long-term exchange rates. If short-term and long-term commodity prices decrease, estimated future processing costs increase, or other negative factors occur, it may be necessary to record a write-down of stockpiles. A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions.
Refer to Note 17 to the Consolidated Financial Statements for further information regarding stockpiles.
Carrying value of ore on leach pads
Ore on leach pads represent ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold, copper or silver. Costs are added to ore on leach pads based on current mining costs, including applicable depreciation and amortization relating to mining operations. Costs are removed from ore on leach pads as ounces or pounds are recovered based on the average cost per estimated recoverable ounce of gold or silver or pound of copper on the leach pad.
Estimates of recoverable ore on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tons added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on ore type). In general, leach pads recover between 50% and 95% of the recoverable ounces in the first year of leaching, declining each year thereafter until the leaching process is complete.
Although the quantities of recoverable metal placed on the leach pads are reconciled by comparing the grades of ore placed on pads to the quantities of metal actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Historically, our operating results have not been materially impacted by variations between the estimated and actual recoverable quantities of metal on our leach pads. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. The significant assumption in determining the net realizable value for each mine site at December 31, 2023 is a long-term gold price of $1,700 per ounce. A decrease of $100 per ounce in the long-term gold price assumption will not result in a material write-down of the carrying value of the leach pads.
Other assumptions include future operating and capital costs, metal recoveries, production levels, proven and probable reserve quantities, engineering data and other factors unique to each operation based on the life of mine plans, as well as a long-term metal prices. If short-term and long-term commodity prices decrease, estimated future processing costs increase, or other negative factors occur, it may be necessary to record a write-down of ore on leach pads to net realizable value.
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Refer to Note 17 to the Consolidated Financial Statements for further information regarding ore on leach pads.
Carrying value of long-lived assets
We review and evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Significant negative industry or economic trends, adverse social or political developments, declines in our market capitalization, geotechnical difficulties, reduced estimates of future cash flows from our reporting segments or other disruptions to our business are a few examples of events that we monitor, as they could indicate that the carrying value of the Company’s long-lived assets, including development projects, may not be recoverable. In such cases, a recoverability test may be necessary to determine if an impairment charge is required.
For development projects, including our Conga project which is discussed further below, we review and evaluate changes to project plans and timing to determine continued technical, economic and social viability of the projects. If the Company determines to sell or abandon a project due to uncertainty from changes in circumstances related to technical, economic, social, political or community factors, or other evolving circumstances indicate that the carrying value may not be recoverable, then a recoverability test is performed to determine if an impairment charge should be recorded.
An impairment loss is measured and recorded based on the estimated fair value of the long-lived assets being tested for impairment and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted pre-tax future cash flows or a market approach utilizing recent transaction activity for comparable properties. These approaches are primarily considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used. We believe our estimates and models used to determine fair value are similar to what a market participant would use.
The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of our mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and our projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates. Refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk.
The significant assumption in determining the future cash flows for each mine site at December 31, 2023 is a long-term gold price of $1,700 per ounce. A decrease of $100 per ounce in the long-term gold price assumption could result in an impairment of our long-lived assets, including goodwill, of up to approximately $4,100 before consideration of other value beyond proven and probable reserves which may significantly decrease the amount of any potential impairment charge.
As discussed above under Depreciation and amortization, various factors could impact our ability to achieve our forecasted production schedules from proven and probable reserves which could impact the carrying value of our long-lived assets. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified measured, indicated and inferred resources could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling.
Events that could result in additional impairment of our long-lived assets include, but are not limited to, decreases in future metal prices, unfavorable changes in foreign exchange rates, increases in future closure costs, and any event that might otherwise have a material adverse effect on mine site cash flows.
Goodwill
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31, 2023 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.
The Company may elect to perform a qualitative assessment when it is more likely than not that the fair value of a reporting unit is higher than its carrying value. At the Company's election or if it is determined to be more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market valuation approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Any impairment loss recognized in the current period is not reversed in future periods. The Company recognizes its pro rata share of Goodwill and any subsequent goodwill impairment losses recorded by entities that are proportionately consolidated.
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When the income approach is utilized to determine fair value, the estimated cash flows used to assess the fair value of a reporting unit are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. The significant assumption in determining the future cash flows for each mine site at December 31, 2023 is a long-term gold price of $1,700 per ounce. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates. Refer to Item 7A, Quantitative and Qualitative Disclosures About Market Risk.
Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. For testing purposes of our reporting units, management's best estimates of the expected future results are the primary driver in determining the fair value. However, there can be no assurance that the estimates and assumptions made for purposes of the goodwill impairment tests will prove to be an accurate prediction of the future. Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units include, but are not limited to, such items as: (i) a decrease in forecasted production levels if we are unable to realize the mineable reserves, resources and exploration potential at our mining properties and extend the life of mine (ii) increased production or capital costs (iii) adverse changes in macroeconomic conditions including the market price of metals and changes in the equity and debt markets or country specific factors which could result in higher discount rates, (iv) significant unfavorable changes in tax rates including increased corporate income or mining tax rates, and (v) negative changes in regulation, legislation, and political environments which could impact our ability to operate in the future. Refer to Notes 7 and 19 to the Consolidated Financial Statements for further information regarding goodwill.
Carrying value of Conga
We review and evaluate the Company’s Conga development project for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We have considered a variety of technical, economic, social and political developments related to the Conga project during our evaluation of impairment indicators since November 2011, when construction and development activities at the project were largely suspended. Project activities in recent years have focused on continued engagement with the local communities and maintaining and protecting existing project infrastructure and equipment through our active care and maintenance program. Although we have reclassified Conga reserves to resources and reallocated exploration and development capital to other projects, we continue to evaluate long-term options to progress development of the Conga project and improve social and political acceptance. While we have reprioritized the Yanacocha Sulfides project ahead of the Conga project, we have delayed the full-funds decision and are currently in the process of assessing project plan options for the Yanacocha Sulfides project. The Company also periodically updates the economic model for its Conga project to understand changes to the estimated capital costs, cash flows, and economic returns from the project. As of December 31, 2023, we have not identified events or changes in circumstances that indicate that the carrying value of the Conga project is not recoverable.
Derivative Instruments
All financial instruments that meet the definition of a derivative are recorded on the balance sheet at fair value. Changes in the fair value of derivatives are recorded in the Consolidated Statements of Operations, except for the portion of the change in fair value of derivatives that are designated as cash flow hedges. Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions such as life of mine production profiles, commodity prices, market volatilities, foreign currency exchange rates and interest rates. Variations in these factors could materially affect amounts credited or charged to earnings to reflect the changes in fair value of derivatives. Certain derivative contracts are designated as effective cash flow hedges, whereby the changes in fair value of these instruments are deferred in Accumulated other comprehensive income (loss) and are reclassified to income in the Consolidated Statements of Operations when the underlying transaction designated as the hedged item impacts earnings. To the extent that management determines that the forecasted transactions are no longer probable of occurring, gains and losses deferred in Accumulated other comprehensive income (loss) would be reclassified to the Consolidated Statements of Operations immediately.
Refer to Note 14 to the Consolidated Financial Statements for further information regarding derivative instruments.
Reclamation and remediation obligations
The Company records the estimated asset retirement obligations associated with operating and non-operating mine sites when an obligation is incurred and the fair value can be reasonably estimated. Fair value is measured as the present value of expected cash flow estimates, after considering inflation, our credit-adjusted risk-free rates and a market risk premium appropriate for our operations. Reclamation costs are allocated to expense over the life of the related assets and are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. Reclamation obligations are based on our best estimate of when the expected spending for an existing environmental disturbance will occur. Our cost estimates are reflected on a third-party cost basis and comply with our legal obligation to retire long-lived assets in the period incurred. Changes in reclamation estimates at non-operating mines where the mine or portion of the mine site has entered the closure phase and has no substantive future economic value are reflected in earnings in the period an estimate is revised.
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Costs included in estimated asset retirement obligations are discounted to their present value and are estimated over a period of up to fifty years. We review, on at least an annual basis, the reclamation obligation at each mine.
Remediation costs are accrued when it is probable that an obligation has been incurred and the cost can be reasonably estimated. Such cost estimates may include ongoing care, maintenance and monitoring costs. Changes in remediation estimates at non-operating mines are reflected in earnings in the period an estimate is revised. Water treatment costs included in environmental remediation obligations are discounted to their present value and are estimated over a period of up to fifty years.
Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs the Company expects to incur to complete the reclamation and remediation work required to comply with existing laws and regulations. These estimates require considerable judgment and are sensitive to changes in underlying inputs and assumptions. Such changes, including, but not limited to, (i) changes to environmental laws and regulations, which could increase the scope and extent of work required, (ii) changes in the timing of reclamation and remediation activities, which could occur over an extended future period and (iii) changes in the methods and technology utilized to settle reclamation and remediation obligations, could have a material impact on our business, financial condition, results of operations and cash flows.
Refer to Note 6 to the Consolidated Financial Statements for further information regarding reclamation and remediation obligations.
Income and mining taxes
We account for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of our liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset for us, as measured by the statutory tax rates in effect. We derive our deferred income tax charge or benefit by recording the change in either the net deferred income tax liability or asset balance for the year. The financial statement effects of changes in tax law are recorded as discrete items in the period enacted as part of income tax expense or benefit from continuing operations, regardless of the category of income or loss to which the deferred taxes relate. We have exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency exchange gains (losses). With respect to the earnings that we derive from the operations of our consolidated subsidiaries, in those situations where the earnings are indefinitely reinvested, no deferred taxes have been provided on the unremitted earnings (including the excess of the carrying value of the net equity of such entities for financial reporting purposes over the tax basis of such equity) of these consolidated companies.
Mining taxes represent state and provincial taxes levied on mining operations and are classified as income taxes as such taxes are based on a percentage of mining profits.
Our operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. We are subject to reviews of our income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws. We recognize potential liabilities and record tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether it is more likely than not, and the extent to which, additional taxes will be due. We adjust these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. If our estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result. We recognize interest and penalties, if any, related to unrecognized tax benefits in Income and mining tax benefit (expense). In certain jurisdictions, we must pay a portion of the disputed amount to the local government in order to formally appeal the assessment. Such payment is recorded as a receivable if we believe the amount is ultimately collectible.
Valuation of deferred tax assets
Our deferred income tax assets include certain future tax benefits. We record a valuation allowance against any portion of those deferred income tax assets when we believe, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. We review the likelihood that we will realize the benefit of our deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence.
Certain categories of evidence carry more weight in the analysis than others based upon the extent to which the evidence may be objectively verified. We look to the nature and severity of cumulative pretax losses (if any) in the current three-year period ending on the evaluation date or the expectation of future pretax losses and the existence and frequency of prior cumulative pretax losses.
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We utilize a rolling twelve quarters of pre-tax income or loss as a measure of our cumulative results in recent years. Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. However, a cumulative three year loss is not solely determinative of the need for a valuation allowance. We also consider all other available positive and negative evidence in our analysis.
Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to:
•Earnings history;
•Projected future financial and taxable income based upon existing reserves and long-term estimates of commodity prices;
•The duration of statutory carry forward periods;
•Prudent and feasible tax planning strategies readily available that may alter the timing of reversal of the temporary difference;
•Nature of temporary differences and predictability of reversal patterns of existing temporary differences; and
•The sensitivity of future forecasted results to commodity prices and other factors.
The Company assesses available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence is recent pretax losses and/or expectations of future pretax losses. Such objective evidence limits the ability to consider other subjective evidence including projections for future growth. On the basis of this evaluation, a valuation allowance has been recorded in Peru and Argentina. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as our projections for growth.
Refer to Note 10 to the Consolidated Financial Statements for additional detail on the valuation allowance.
For additional risk factors that could impact the Company’s ability to realize the deferred tax assets, refer to Note 2 to the Consolidated Financial Statements.
ITEM 7A.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (dollars in millions, except per ounce and per pound amounts).
Metal Prices
Changes in the market price of gold significantly affect our profitability and cash flow. Gold prices can fluctuate widely due to numerous factors, such as demand; forward selling by producers; central bank sales, purchases and lending; investor sentiment; the strength of the USD; inflation, deflation, or other general price instability; and global mine production levels. Changes in the market price of copper, silver, lead and zinc also affect our profitability and cash flow. These metals are traded on established international exchanges and prices generally reflect market supply and demand, but can also be influenced by speculative trading in the commodity or by currency exchange rates. The Company does not currently hold instruments that are designated to hedge against the potential impacts due to market price changes in metals. Consideration of these impacts are discussed below.
Decreases in the market price of metals can significantly affect the value of our product inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as significantly impact the carrying value of our long-lived assets and goodwill. For information concerning the sensitivity of our impairment analysis over long-lived assets and goodwill to changes in metal price, refer to Critical Accounting Estimates within Item 7, MD&A, and Notes 2, 7 and 19 to the Consolidated Financial Statements.
Net realizable value represents the estimated future sales price based on short-term and long-term metals prices, less estimated costs to complete production and bring the product to sale. The primary factors that influence the need to record write-downs of our stockpiles, leach pads and product inventory include short-term and long-term metals prices and costs for production inputs such as labor, fuel and energy, materials and supplies as well as realized ore grades and recovery rates. The significant assumptions in determining the stockpile, leach pad and product inventory adjustments for each mine site reporting unit at December 31, 2023 included production cost and capitalized expenditure assumptions unique to each operation, and the following short-term and long-term assumptions:
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Short-term Long-term
Gold price (per ounce) $ 1,971  $ 1,700 
Copper price (per pound) $ 3.70  $ 3.75 
Silver price (per ounce) $ 23.20  $ 22.00 
Lead price (per pound) $ 0.96  $ 0.90 
Zinc price (per pound) $ 1.13  $ 1.25 
AUD to USD exchange rate $ 0.65  $ 0.70 
CAD to USD exchange rate $ 0.73  $ 0.75 
MXN to USD exchange rate $ 0.06  $ 0.05 
The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors. A high degree of judgment is involved in determining such assumptions and estimates and no assurance can be given that actual results will not differ significantly from those estimates and assumptions. For information concerning the sensitivity of our stockpiles and ore on leach pads to changes in metal price, refer to Critical Accounting Estimates within Item 7, MD&A.
Interest Rate Risk
We have both fixed-rate and variable-rate debt. Changes in interest rates impact the cash flows of variable-rate debt but generally do not impact their fair value. Conversely, changes in interest rates impact the fair value of fixed-rate debt but do not impact their cash flows.
Fixed-rate debt. We are subject to interest rate risk related to the fair value of our senior notes which consist of fixed rates. For fixed rate debt, changes in interest rates generally affect the fair value of the debt instrument, but not our earnings or cash flows. The terms of our fixed rate debt obligations do not generally allow investors to demand payment of these obligations prior to maturity. Therefore, we do not have significant exposure to interest rate risk for our fixed rate debt; however, we do have exposure to fair value risk if we repurchase or exchange long-term debt prior to maturity which could be material. Refer to Note 20 to our Consolidated Financial Statements for further information pertaining to the fair value of our fixed rate debt.
Variable-rate debt. Our variable-rate debt at December 31, 2023 consists of the bilateral bank debt facilities acquired in connection with the Newcrest transaction. The bilateral bank debt facilities have a total borrowing capacity of $2,000 with $77 available at December 31, 2023. Interest is based on Term SOFR plus a credit spread and margin.
We performed a sensitivity analysis to estimate the impact to Interest expense, net of capitalized interest arising from a hypothetical 10% adverse movement to the year-end SOFR rate as at December 31, 2023. The sensitivity analysis, which included the high-end of the margin, indicated that a hypothetical 10% adverse movement would result in an approximate $2 increase to Interest expense, net of capitalized interest for the period from acquisition on November 6, 2023 to December 31, 2023.
Foreign Currency
In addition to our operations in the U.S., we have significant operations and/or assets in Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji and Ghana. All of our operations sell their gold, copper, silver, lead, and zinc production based on USD metal prices. Foreign currency exchange rates can fluctuate widely due to numerous factors, such as supply and demand for foreign and U.S. currencies and U.S. and foreign country economic conditions. Fluctuations in the local currency exchange rates in relation to the U.S. dollar can increase or decrease profit margins, cash flow and Costs applicable to sales per ounce to the extent costs are paid in local currency at foreign operations.
We performed a sensitivity analysis to estimate the impact to Costs applicable to sales per ounce arising from a hypothetical 10% adverse movement to local currency exchange rates at December 31, 2023 in relation to the U.S. dollar at our foreign mining operations. The sensitivity analyses indicated that a hypothetical 10% adverse movement would result in an approximate $58 increase to Costs applicable to sales per gold ounce at December 31, 2023.
Hedging
In May 2023, the Company entered into C$348 of CAD-denominated and A$648 of AUD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the CAD-denominated and AUD-denominated operating expenditures expected to be incurred in 2023 included in the Company's operations located in Canada and Australia, respectively. The Company designated the fixed forward contracts as foreign currency cash flow hedges against the forecasted CAD-denominated and AUD denominated operating expenditures. The hedge programs matured as of December 31, 2023.
In October 2022, the Company entered into A$574 of AUD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD-denominated capital expenditures expected to be incurred in 2023 and 2024 during the construction and development phase of the Tanami Expansion 2 project included in the Company's Tanami segment. The Company has designated the forward contracts as foreign currency cash flow hedges against the forecasted AUD-denominated Tanami Expansion 2 capital expenditures.
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By using hedges, we are affected by market risk, credit risk, and market liquidity risk. Market risk is the risk that the fair value of a derivative might be adversely affected by a change in currency exchange rates, and that this in turn affects our financial condition. We manage market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. We mitigate this potential risk to our financial condition by establishing trading agreements with counterparties under which we are not required to post any collateral or be subject to any margin calls on our derivatives. Our counterparties cannot require settlement solely because of an adverse change in the fair value of a derivative. We have performed a sensitivity analysis as of December 31, 2023, using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the AUD foreign currency exchange rates relative to the U.S. dollar, with all other variables held constant. The analysis covered all of our AUD-denominated fixed forward contracts. The foreign currency exchange rates we used in performing the sensitivity analysis were based on AUD market rates in effect at December 31, 2023. The sensitivity analyses indicated that a hypothetical 10% adverse movement in foreign currency exchange rates would result in an approximate decrease in the fair value of the hedging derivative instruments of $15 at December 31, 2023.
Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. We mitigate credit risk by entering into derivatives with high credit quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of the counterparties.
Market liquidity risk is the risk that a derivative cannot be eliminated quickly, by either liquidating it or by establishing an offsetting position. Under the terms of our trading agreements, counterparties cannot require us to immediately settle outstanding derivatives, except upon the occurrence of customary events of default such as covenant breaches, including financial covenants, insolvency or bankruptcy. We further mitigate market liquidity risk by spreading out the maturity of our derivatives over time.
Refer to Note 14 to the Consolidated Financial Statements for further information on our derivative instruments.
Commodity Price Exposure
Our provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the respective metal concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which is not designated for hedge accounting, is marked to market through earnings each period prior to final settlement.
We perform an analysis on the provisional concentrate sales to determine the potential impact to Net income (loss) attributable to Newmont stockholders for each 10% change to the average price on the provisional concentrate sales subject to final pricing over the next several months. Refer below for our analysis as of December 31, 2023.
Provisionally Priced Sales Subject to Final Pricing (1)
 Average Provisional
Price (per ounce/pound)		 Effect of 10% change in Average Price (millions)
Market Closing
Settlement Price (2)
(per ounce/pound)
Gold (ounces, in thousands) 257  $ 2,071  $ 37  $ 2,078 
Copper (pounds, in millions) 104  $ 3.88  $ 28  $ 3.84 
Silver (ounces, in millions) 3  $ 23.89  $ 5  $ 23.79 
Lead (pounds, in millions) 25  $ 0.93  $ 1  $ 0.92 
Zinc (pounds, in millions) 31  $ 1.20  $ 2  $ 1.20 
Molybdenum (pounds, in millions) (3)
 1  $ 19.62  $ 1  $ 18.53 
____________________________
(1)Includes provisionally priced by-product sales subject to final pricing, which are recognized in Costs applicable to sales.
(2)The closing settlement price as of December 31, 2023 is determined utilizing the London Metal Exchange for copper, lead and zinc and the London Bullion Market Association for gold and silver.
(3)Molybdenum is a by-product at the Cadia site and is recognized in Costs applicable to sales.
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ITEM 8.       FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Page
Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP; PCAOB ID: 271)
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of Newmont Corporation
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Newmont Corporation (the Company) as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2023, the related notes and the financial statement schedule in Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, based on our audits and the report of other auditors, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.
We did not audit the financial statements of Nevada Gold Mines LLC, a 38.5% owned investment which is proportionately consolidated, which reflects total assets constituting 13% and 19% at December 31, 2023 and 2022, respectively, and sales constituting 19%, 18%, and 19% in 2023, 2022, and 2021, respectively, of the related consolidated totals. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for Nevada Gold Mines LLC, is based solely on the report of the other auditors.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 2013 framework, and our report dated February 29, 2024 expressed an unqualified opinion thereon, based on our audit and the report of the other auditors.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits and the report of other auditors provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Business Combination
Description of the Matter
As discussed in Notes 1 and 3 to the financial statements, during 2023 the Company completed its acquisition of Newcrest Mining Limited for consideration of $13,549 million. The transaction was accounted for as a business combination.

Auditing management’s accounting for the business combination was challenging due to the significant estimation required by management to determine the provisional fair values of mineral interests (included in property, plant and mine development, net) and significant judgment required to evaluate management’s estimate. The significant judgment was primarily due to the sensitivity of the significant underlying assumptions to the estimated fair values. Significant assumptions used to estimate the fair value of mineral interests included long-term metal prices, estimated quantities of ore reserves and mineral resources, and the weighted average cost of capital. These significant assumptions are forward-looking and could be affected by future economic and market conditions.
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How We Addressed the Matter in Our Audit
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s accounting for the business combination and valuation of the acquired assets. For example, we tested controls over management’s valuation of acquired mineral interests, including the review of the valuation model and underlying assumptions used to develop such estimates.

Our audit procedures included, among others, evaluating the Company's valuation methodology, significant assumptions used by the Company, and evaluating the completeness and accuracy of the underlying data supporting the significant assumptions and estimates. We involved our valuation specialists to assist with our evaluation of the selection and application of the valuation methodology used by the Company and significant assumptions included in the fair value estimates. We compared the long-term metal prices to consensus market views of future prices. We assessed the estimated quantities of ore reserves and mineral resources by comparing to information compiled by qualified persons and evaluated extraction and production of those quantities compared to historical performance. We examined the inputs to the weighted average cost of capital assumptions.
Reclamation liabilities
Description of the Matter
As discussed in Notes 2, 6 and 25 of the consolidated financial statements, the Company’s mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. Reclamation liabilities are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimates of either the timing or amount of the reclamation costs.

Auditing management’s accounting for reclamation liabilities was challenging, as significant judgment is required by the Company to estimate required cash flows to meet obligations established by mining permits, local statutes and promissory estoppel at the end of mine life as well as estimation of uncertainty inherent in the cash flows. The significant judgment was primarily related to the inherent estimation uncertainty relating to the extent of future reclamation activities and related costs.
How We Addressed the Matter in Our Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of the controls over the Company’s accounting for reclamation liabilities, including controls over management’s review of estimated future costs and the reclamation liability calculation.

To test the reclamation liabilities, among other procedures, we evaluated the methodology, significant assumptions and the underlying data used by the Company in its estimate. To assess the estimates of reclamation activities and cash flows, we evaluated significant changes from the prior estimate, verified consistency between timing of reclamation activities and projected mine life, compared anticipated costs across the Company’s mines, verified cost rates against third-party information or internal cost records and recalculated management’s estimate. We also evaluated the significant assumptions included in the fair value calculation, including market risk premium, cost inflation, and credit-adjusted risk-free rate. We involved our reclamation specialists to interview members of the Company’s engineering staff, assess the completeness of the mine reclamation estimates with respect to meeting mine closure and post closure requirements, and evaluate the reasonableness of the engineering estimates and assumptions.
/s/ Ernst & Young LLP
We have served as the Company’s auditor since 2014.
Denver, Colorado
February 29, 2024
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Managers and Members of Nevada Gold Mines LLC
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the consolidated balance sheets of Nevada Gold Mines LLC and its subsidiaries (together, the Joint Venture) as of December 31, 2023 and 2022, and the related consolidated statements of operations and comprehensive income, of changes in members’ equity and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the consolidated financial statements) (not presented herein). We also have audited the Joint Venture’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Joint Venture as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Joint Venture maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Joint Venture’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the Management’s Report on Internal Control over Financial Reporting (not presented herein). Our responsibility is to express opinions on the Joint Venture’s consolidated financial statements and on the Joint Venture’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Joint Venture in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
An entity’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. An entity’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the entity; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the entity are being made only in accordance with authorizations of management and directors of the entity; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the entity’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the Board of Managers (acting in a role equivalent to the audit committee) and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
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Annual goodwill impairment assessment
As described in Notes 2 and 7 to the consolidated financial statements of the Joint Venture, the Joint Venture’s goodwill balance was $668 million (at a 100 percent economic interest) as of December 31, 2023. Management conducts an impairment assessment annually in the fourth quarter of each year, and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. During the fourth quarter of 2023, the Joint Venture performed a quantitative assessment of goodwill impairment test for all reporting units. The fair value of a reporting unit is determined through the use of an income approach utilizing discounted estimates of future cash flow models, fair values of mineral resource estimates outside of current business plans and the application of a specific Net Asset Value (NAV) multiple for each reporting unit. The estimated future cash flows used to determine the fair values of reporting units are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term metal prices. In addition to short-term and long-term metal price assumptions, other assumptions and estimates used in determining the fair values of reporting units include: operating and capital costs, discount rates, NAV multiples, proven and probable mineral reserves and resources, future production levels and the fair value of mineral resource estimates outside of current business plans. Management’s estimates of proven and probable mineral reserves and resources are based on information compiled by qualified persons (management’s specialists).
The principal considerations for our determination that performing procedures relating to the annual goodwill impairment assessment is a critical audit matter are (i) the significant judgment by management, including the use of management’s specialists, in determining the fair values of the reporting units; (ii) the degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence relating to the assumptions and estimates with respect to short-term and long-term metal prices, operating and capital costs, discount rates, NAV multiples, proven and probable mineral reserves and resources, future production levels and the fair value of mineral resource estimates outside of current business plans; and (iii) the audit effort included the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s goodwill impairment assessments, including controls over the assumptions used in management’s valuation of the Joint Venture’s reporting units. These procedures also included, among others: testing management’s process for determining the fair value of the reporting units; evaluating the appropriateness of the discounted estimates of future cash flow models; testing the completeness and accuracy of underlying data used in the models; and evaluating the reasonableness of the assumptions used by management in the estimated fair value of the reporting units. Evaluating the reasonableness of the short-term and long-term metal prices involved comparing those prices to external industry data. Evaluating the reasonableness of operating and capital costs was done by comparing those costs to recent actual operating and capital costs incurred and assessing whether these assumptions were consistent with evidence obtained in other areas of the audit. Evaluating the reasonableness of the NAV multiples was done by comparing the assumptions with relevant market information. The work of management’s specialists was used in performing the procedures to evaluate the reasonableness of the proven and probable mineral reserves and resources, future production levels and the fair value of mineral resource estimates outside of current business plans. As a basis for using this work, the qualifications of management’s specialists were understood and the Joint Venture’s relationship with management’s specialists was assessed. The procedures performed included evaluation of the methods and assumptions used by management’s specialists, tests of the completeness and accuracy of the data used by management’s specialists, and evaluation of their findings. Professionals with specialized skill and knowledge assisted us in evaluating the reasonableness of the discount rates and NAV multiples.
/s/PricewaterhouseCoopers LLP

Chartered Professional Accountants, Licensed Public Accountants
Toronto, Canada
February 29, 2024

We have served as the Joint Venture’s auditor since 2019.
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NEWMONT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
2023 2022 2021
(in millions, except per share)
Sales (Note 5)
 $ 11,812  $ 11,915  $ 12,222 
Costs and expenses:
Costs applicable to sales (1)
 6,699  6,468  5,435 
Depreciation and amortization 2,108  2,185  2,323 
Reclamation and remediation (Note 6)
 1,533  921  1,846 
Exploration 265  231  209 
Advanced projects, research and development 200  229  154 
General and administrative 299  276  259 
Impairment charges (Note 7)
 1,891  1,320  25 
Loss on assets held for sale (Note 1)
 —  —  571 
Other expense, net (Note 8)
 517  82  143 
13,512  11,712  10,965 
Other income (expense):
Other income (loss), net (Note 9)
 (88) (27) 125 
Interest expense, net of capitalized interest of $89, $69 and $38, respectively
 (243) (227) (274)
(331) (254) (149)
Income (loss) before income and mining tax and other items (2,031) (51) 1,108 
Income and mining tax benefit (expense) (Note 10)
 (526) (455) (1,098)
Equity income (loss) of affiliates (Note 15)
 63  107  166 
Net income (loss) from continuing operations (2,494) (399) 176 
Net income (loss) from discontinued operations (Note 1)
 27  30  57 
Net income (loss) (2,467) (369) 233 
Net loss (income) attributable to noncontrolling interests (Note 1)
 (27) (60) 933 
Net income (loss) attributable to Newmont stockholders $ (2,494) $ (429) $ 1,166 
Net income (loss) attributable to Newmont stockholders:
Continuing operations $ (2,521) $ (459) $ 1,109 
Discontinued operations 27  30  57 
$ (2,494) $ (429) $ 1,166 
Weighted average common shares:
Basic 841  794  799 
Effect of employee stock-based awards —  1  2 
Diluted 841  795  801 
Net income (loss) per common share:
Basic:
Continuing operations $ (3.00) $ (0.58) $ 1.39 
Discontinued operations 0.03  0.04  0.07 
$ (2.97) $ (0.54) $ 1.46 
Diluted: (2)
Continuing operations $ (3.00) $ (0.58) $ 1.39 
Discontinued operations 0.03  0.04  0.07 
$ (2.97) $ (0.54) $ 1.46 
____________________________
(1)Excludes Depreciation and amortization and Reclamation and remediation.
(2)For the years 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.
The accompanying notes are an integral part of these Consolidated Financial Statements.
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NEWMONT CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Year Ended December 31,
2023 2022 2021
(in millions)
Net income (loss) $ (2,467) $ (369) $ 233 
Other comprehensive income (loss):
Change in marketable securities, net of tax —  (3) 2 
Foreign currency translation adjustments  (5) 7  2 
Change in pension and other post-retirement benefits, net of tax
 (9) 139  71 
Change in cash flow hedges, net of tax
 (1) 19  8 
Other comprehensive income (loss) (15) 162  83 
Comprehensive income (loss) $ (2,482) $ (207) $ 316 
Comprehensive income (loss) attributable to:
Newmont stockholders  $ (2,509) $ (267) $ 1,249 
Noncontrolling interests 27  60  (933)
$ (2,482) $ (207) $ 316 
The accompanying notes are an integral part of these Consolidated Financial Statements.
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NEWMONT CORPORATION
CONSOLIDATED BALANCE SHEETS
At December 31, 2023 At December 31, 2022
(in millions, except per share)
ASSETS
Cash and cash equivalents $ 3,002  $ 2,877 
Time deposits and other investments (Note 15)
 23  880 
Trade receivables (Note 5)
 734  366 
Inventories (Note 16)
 1,663  979 
Stockpiles and ore on leach pads (Note 17)
 979  774 
Other receivables
 493  324 
Derivative assets (Note 14)
 198  12 
Other current assets 420  303 
Current assets 7,512  6,515 
Property, plant and mine development, net (Note 18)
 37,563  24,073 
Investments (Note 15)
 4,143  3,278 
Stockpiles and ore on leach pads (Note 17)
 1,935  1,716 
Deferred income tax assets (Note 10)
 268  173 
Goodwill (Note 19)
 3,001  1,971 
Derivative assets (Note 14)
 444  196 
Other non-current assets 640  560 
Total assets $ 55,506  $ 38,482 
LIABILITIES
Accounts payable $ 960  $ 633 
Employee-related benefits (Note 11)
 551  399 
Income and mining taxes 88  199 
Lease and other financing obligations (Note 21)
 114  96 
Debt (Note 20)
 1,923  — 
Other current liabilities (Note 22)
 2,362  1,599 
Current liabilities 5,998  2,926 
Debt (Note 20)
 6,951  5,571 
Lease and other financing obligations (Note 21)
 448  465 
Reclamation and remediation liabilities (Note 6)
 8,167  6,578 
Deferred income tax liabilities (Note 10)
 2,987  1,809 
Employee-related benefits (Note 11)
 655  342 
Silver streaming agreement (Note 5)
 779  828 
Other non-current liabilities (Note 22)
 316  430 
Total liabilities 26,301  18,949 
Commitments and contingencies (Note 25)
EQUITY
Common stock - $1.60 par value;
 1,854  1,279 
Authorized - 2,550 million and 1,280 million shares, respectively
Outstanding shares - 1,152 million and 793 million shares, respectively
Treasury stock - 7 million and 6 million shares, respectively
 (264) (239)
Additional paid-in capital 30,419  17,369 
Accumulated other comprehensive income (loss) (Note 23)
 14  29 
(Accumulated deficit) Retained earnings
 (2,996) 916 
Newmont stockholders' equity 29,027  19,354 
Noncontrolling interests 178  179 
Total equity 29,205  19,533 
Total liabilities and equity $ 55,506  $ 38,482 
The accompanying notes are an integral part of these Consolidated Financial Statements.
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NEWMONT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2023 2022 2021
(in millions)
Operating activities:
Net income (loss) $ (2,467) $ (369) $ 233 
Adjustments:
Depreciation and amortization 2,108  2,185  2,323 
Impairment charges (Note 7)
 1,891  1,320  25 
Loss on assets held for sale (Note 1)
 —  —  571 
Net loss (income) from discontinued operations (Note 1)
 (27) (30) (57)
Reclamation and remediation 1,506  892  1,827 
(Gain) loss on asset and investment sales, net
 197  (35) (212)
Deferred income taxes (Note 10)
 (104) (278) (109)
Stock-based compensation (Note 12)
 80  73  72 
Change in fair value of investments (Note 9)
 47  46  135 
Charges from pension settlement (Note 11)
 9  137  4 
Other non-cash adjustments 27  98  (5)
Net change in operating assets and liabilities (Note 24)
 (513) (841) (541)
Net cash provided by (used in) operating activities of continuing operations 2,754  3,198  4,266 
Net cash provided by (used in) operating activities of discontinued operations (Note 1)
 9  22  13 
Net cash provided by (used in) operating activities 2,763  3,220  4,279 
Investing activities:
Additions to property, plant and mine development (2,666) (2,131) (1,653)
Maturities of investments 1,363  93  — 
Acquisitions, net (1)
 668  (15) (328)
Purchases of investments (551) (940) (59)
Proceeds from sales of investments 234  171  194 
Contributions to equity method investees (108) (194) (150)
Return of investment from equity method investees 36  62  18 
Proceeds from sales of mining operations and other assets, net —  16  84 
Other  22  (45) 26 
Net cash provided by (used in) investing activities (1,002) (2,983) (1,868)
Financing activities:
Dividends paid to common stockholders (1,415) (1,746) (1,757)
Distributions to noncontrolling interests (150) (191) (200)
Funding from noncontrolling interests 138  117  100 
Payments on lease and other financing obligations (Note 21)
 (67) (66) (73)
Payments for Norte Abierto deferred payment obligation
 (64) (8) (26)
Payments for withholding of employee taxes related to stock-based compensation (25) (39) (32)
Acquisition of noncontrolling interests (Note 1)
 —  (348) — 
Repayment of debt  —  (89) (1,382)
Proceeds from issuance of debt, net (Note 20)
 —  —  992 
Repurchases of common stock (Note 2)
 —  —  (525)
Other (20) 14  (55)
Net cash provided by (used in) financing activities (1,603) (2,356) (2,958)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2) (30) (8)
Net change in cash, cash equivalents and restricted cash 156  (2,149) (555)
Cash, cash equivalents and restricted cash at beginning of period  2,944  5,093  5,648 
Cash, cash equivalents and restricted cash at end of period  $ 3,100  $ 2,944  $ 5,093 
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NEWMONT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2023 2022 2021
(in millions)
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents $ 3,002  $ 2,877  $ 4,992 
Restricted cash included in Other current assets 11  1  2 
Restricted cash included in Other non-current assets 87  66  99 
Total cash, cash equivalents and restricted cash $ 3,100  $ 2,944  $ 5,093 
Supplemental cash flow information:
Income and mining taxes paid, net of refunds $ 794  $ 1,122  $ 1,534 
Interest paid, net of amounts capitalized $ 228  $ 172  $ 229 
____________________________
(1)Acquisitions, net is primarily related to the cash acquired in the Newcrest transaction for the year ended December 31, 2023, and the asset acquisition of the remaining 85.1% of GT Gold for the year ended December 31, 2021. Refer to Note 1 for additional information.
The accompanying notes are an integral part of these Consolidated Financial Statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in millions, except per share)
Common Stock Treasury Stock Additional
Paid-In
Capital		 Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings (Accumulated Deficit)
 Noncontrolling
Interests		 Total
Equity
Contingently
Redeemable
Noncontrolling
Interest (2)
Shares Amount Shares Amount
Balance at December 31, 2020 804  $ 1,287  (4) $ (168) $ 18,103  $ (216) $ 4,002  $ 837  $ 23,845  $ 34 
Net income (loss) —  —  —  —  —  —  1,166  (947) 219  14 
Other comprehensive income (loss) —  —  —  —  —  83  —  —  83  — 
Dividends declared (1)
 —  —  —  —  —  —  (1,764) —  (1,764) — 
Distributions declared to noncontrolling interests —  —  —  —  —  —  —  (200) (200) — 
Cash calls requested from noncontrolling interests —  —  —  —  —  —  —  101  101  — 
Repurchase and retirement of common stock (9) (15) —  —  (207) —  (306) —  (528) — 
Withholding of employee taxes related to stock-based compensation —  —  (1) (32) —  —  —  —  (32) — 
Stock options exercised —  —  —  —  17  —  —  —  17  — 
Stock-based awards and related share issuances 2  4  —  —  68  —  —  —  72  — 
Balance at December 31, 2021 797  1,276  (5) (200) 17,981  (133) 3,098  (209) 21,813  48 
Net income (loss) —  —  —  —  —  —  (429) 60  (369) — 
Other comprehensive income (loss) —  —  —  —  —  162  —  —  162  — 
Dividends declared (1)
 —  —  —  —  —  —  (1,753) —  (1,753) — 
Distributions declared to noncontrolling interests —  —  —  —  —  —  —  (191) (191) — 
Cash calls requested from noncontrolling interests —  —  —  —  —  —  —  120  120  — 
Withholding of employee taxes related to stock-based compensation —  —  (1) (39) —  —  —  —  (39) — 
Acquisition of non-controlling interests
 —  —  —  —  (699) —  —  399  (300) — 
Reclassification of contingently redeemable non-controlling interests
 —  —  —  —  —  —  —  —  —  (48)
Stock options exercised —  —  —  —  14  —  —  —  14  — 
Stock-based awards and related share issuances 2  3  —  —  73  —  —  —  76  — 
Balance at December 31, 2022 799  1,279  (6) (239) 17,369  29  916  179  19,533  — 
Net income (loss) —  —  —  —  —  —  (2,494) 27  (2,467) — 
Other comprehensive income (loss) —  —  —  —  —  (15) —  —  (15) — 
Shares issued for Newcrest transaction
 358  572  —  —  12,977  —  —  —  13,549  — 
Dividends declared (1)
 —  —  —  —  —  —  (1,418) —  (1,418) — 
Distributions declared to noncontrolling interests —  —  —  —  —  —  —  (156) (156) — 
Cash calls requested from noncontrolling interests —  —  —  —  —  —  —  128  128  — 
Withholding of employee taxes related to stock-based compensation —  —  (1) (25) —  —  —  —  (25) — 
Stock-based awards and related share issuances 2  3  —  —  73  —  —  —  76  — 
Balance at December 31, 2023 1,159  $ 1,854  (7) $ (264) $ 30,419  $ 14  $ (2,996) $ 178  $ 29,205  $ — 
____________________________
(1)Cash dividends paid per common share was $1.60, $2.20 and $2.20 for 2023, 2022 and 2021, respectively. Dividends declared and dividends paid to common stockholders differ by $3, $7, and $7 for 2023, 2022 and 2021, respectively, due to timing.
(2)Sumitomo held a 5% interest in Yanacocha at December 31, 2021 and had the option to require Yanacocha to repurchase their interest for $48 if certain conditions were not met. The Company purchased Sumitomo's 5% interest during 2022. Refer to Note 1 for further information.
The accompanying notes are an integral part of these Consolidated Financial Statements.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)

NOTE 1     THE COMPANY
Newmont Corporation and its affiliates and subsidiaries (collectively, “Newmont,” “we,” “us” or the “Company”) predominantly operate in the mining industry, focused on the production of and exploration for gold properties, some of which may contain copper, silver, zinc, lead or other metals. The Company has significant operations and/or assets in the United States (“U.S.”), Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana. The cash flow and profitability of the Company’s operations are significantly affected by the market price of gold, copper, silver, lead and zinc. The prices of gold, copper, silver, lead and zinc are affected by numerous factors beyond the Company’s control.
Planned Divestiture of Non-core Assets (Subsequent Event)
Based on a comprehensive review of the Company’s portfolio of assets following the Newcrest acquisition, the Company’s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested include Akyem, CC&V, Éléonore, Porcupine, Musselwhite, Telfer, and a development project in Canada. In February 2024, the Company concluded that these non-core assets and the development project met the accounting requirements to be presented as Held for Sale in the first quarter of 2024, based on progress made through our active sales program and management’s expectation that the sale is probable and will be completed within 12 months. As of December 31, 2023, the aggregate net book value of the non-core assets and the development project was $3,419.
Newcrest Transaction
On November 6, 2023, the Company completed its business combination transaction with Newcrest Mining Limited, a public Australian mining company limited by shares ("Newcrest"), whereby Newmont, through Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares (“Newmont Sub”), acquired all of the ordinary shares of Newcrest in a fully stock transaction for total non-cash consideration of $13,549. Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The combined company continues to be traded on the New York Stock Exchange under the ticker NEM. The combined company is also listed on the Toronto Stock Exchange under the ticker NGT, on the Australian Securities Exchange under the ticker NEM, and on the Papua New Guinea Securities Exchange under the ticker NEM. Refer to Note 3 for further information.
Segment Information Recast
In January 2023, Newmont reassessed and revised its operating strategies and the accountabilities of the senior leadership team in light of the continuing volatile and uncertain market conditions, and in November 2023, the Company completed its acquisition of Newcrest (refer to Note 3 for further information). Following these changes, the Company reevaluated its segments to reflect the mining operations acquired and certain changes in the financial information regularly reviewed by Newmont's Chief Operating Decision Maker ("CODM"). As a result, the Company determined that its reportable segments were each of its 17 mining operations that it manages, which includes its 70.0% proportionate interest in Red Chris, and its 38.5% proportionate interest in Nevada Gold Mines ("NGM") which it does not directly manage. Segment results for the prior periods have been recast to reflect the change in reportable segments.
Loss on Assets Held for Sale
In the third quarter of 2021, the Company entered into a binding agreement to sell certain equipment and assets originally acquired for the Conga project in Peru within Corporate and Other (the "Conga mill assets") for total cash proceeds of $68. Pursuant to the terms of the agreement, the sale is expected to close upon the delivery of the assets and receipt of the final payment at which time title and control of the assets will transfer. Upon entering the binding agreement, the Conga mill assets were reclassified as held for sale and remeasured at fair value less costs to sell. As a result, a loss of $571 was recognized and included in Loss on assets held for sale on the Consolidated Statements of Operations for the year ended December 31, 2021. As of December 31, 2023, the Company has received payments of $57 included in Other current liabilities on the Consolidated Balance Sheets.
GT Gold
In May 2021, the Company acquired the remaining 85.1% interest of GT Gold Corporation (“GT Gold”) for cash consideration, including related transaction costs, of $326. Immediately prior to the acquisition, the Company held a 14.9% equity interest in GT Gold which was accounted for as a marketable equity security. The asset acquisition resulted in total consideration of $378, including non-cash consideration of $52. The non-cash consideration represents the fair value of the 14.9% GT Gold investment held by the Company on the acquisition date. The total consideration paid was allocated to the acquired assets and assumed liabilities based on their estimated fair values on the acquisition date, which primarily consisted of mineral interests of $590 and a related deferred tax liability of $211.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Noncontrolling Interests
Merian
Newmont has a 75% economic interest in Suriname Gold project C.V. (“Merian”), with the remaining interests held by Staatsolie Maatschappij Suriname N.V. (“Staatsolie”), a company wholly owned by the Republic of Suriname. Newmont consolidates Merian, through its wholly-owned subsidiary, Newmont Suriname LLC., in its Consolidated Financial Statements as the primary beneficiary of Merian, which is a variable interest entity. For the years ended December 31, 2023, 2022 and 2021, the Company recognized $(27), $(59) and $(81), respectively, of Net loss (income) attributable to noncontrolling interests related to Merian.
Yanacocha
At December 31, 2021, Newmont held a 51.35% ownership interest in Minera Yanacocha S.R.L ("Yanacocha") and consolidated Yanacocha in its Consolidated Financial Statements under the voting interest model. Of the remaining interest, 43.65% was held by Compañia de Minas Buenaventura S.A.A. (“Buenaventura”) and 5% was held by Summit Global Management II VB, a subsidiary of Sumitomo Corporation (“Sumitomo”). Sumitomo had acquired its 5% interest in Yanacocha for $48 in cash. Under the terms of the acquisition, Sumitomo had the option to require Yanacocha to repurchase the interest for the $48, which was placed in escrow. Sumitomo exercised this option, and in June 2022, the Company acquired the remaining 5% ownership interest held by Sumitomo in exchange for cash consideration of $48.
Additionally in 2022, the Company completed the acquisition of Buenaventura’s ownership in Yanacocha, resulting in the Company holding 100% ownership interest in Yanacocha. The Company acquired Buenaventura’s 43.65% noncontrolling interest in Yanacocha (the “Yanacocha Transaction”) for $300 cash consideration, certain royalties on any production from other future potential projects, and contingent payments of up to $100 tied to higher metal prices, achieving commercial production at the Yanacocha Sulfides project and resolution on the outstanding Yanacocha tax dispute. The Yanacocha Transaction was accounted for as an equity transaction, resulting in a decrease to additional paid-in-capital and no gain or loss recognition.
Concurrent with the Yanacocha Transaction, the Company sold its 46.94% ownership interest in Minera La Zanja S.R.L. ("La Zanja"), accounted for as an equity method investment with a carrying value of $— as of December 31, 2021. Per the terms of the sale, the Company sold its interest in La Zanja to Buenaventura, the parent company of La Zanja, in exchange for royalties on potential future production from the La Zanja operation and contributed cash of $45 to be used exclusively for reclamation costs at the La Zanja operation. Upon close of the sale in 2022, the Company recognized a $45 loss on sale of its equity interest, included in Other income (loss), net.
For the years ended December 31, 2022 and 2021, the Company recognized $(1) and $1,014, respectively, of Net loss (income) attributable to noncontrolling interests related to Yanacocha. No Net loss (income) attributable to noncontrolling interests related to Yanacocha was recognized for the year ended December 31, 2023, as the Company held 100% ownership interest in Yanacocha.
Discontinued Operations
Net income (loss) from discontinued operations includes results related to the Batu Hijau and Elang contingent consideration assets associated with the sale of PT Newmont Nusa Tenggara in 2016. For the years ended December 31, 2023, 2022 and 2021, the Company recorded income of $27, $30 and $57, net of a tax expense of $5, $4 and $10, respectively, within discontinued operations. The Company received $9, $22 and $13 for the years ended December 31, 2023, 2022 and 2021, respectively, related to discontinued operations. Refer to contingent consideration assets in Note 14 for additional information.
NOTE 2     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Risks and Uncertainties
As a global mining company, the Company’s revenue, profitability and future rate of growth are substantially dependent on prevailing metal prices, primarily for gold, but also for copper, silver, lead, and zinc. Historically, the commodity markets have been very volatile, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and on the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Property, plant and mine development, net; Inventories; Stockpiles and ore on leach pads; Investments; certain Derivative assets; Deferred income tax assets; and Goodwill are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets.
Our global operations expose us to risks associated with public health crises, including epidemics and pandemics such as COVID-19, and geopolitical and macroeconomic pressures such as the Russian invasion of Ukraine. The Company continues to experience the impacts from recent geopolitical and macroeconomic pressures. With the resulting volatile environment, the Company continues to monitor inflationary conditions, the effects of certain countermeasures taken by central banks, and the potential for further supply chain disruptions as well as an uncertain and evolving labor market.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The following factors could have further potential short- and, possibly, long-term material adverse impacts on the Company including, but not limited to, volatility in commodity prices and the prices for gold and other metals, changes in the equity and debt markets or country specific factors adversely impacting discount rates, significant cost inflation impacts on production, capital and asset retirement costs, logistical challenges, workforce interruptions and financial market disruptions, energy market disruptions, as well as potential impacts to estimated costs and timing of projects. In light of these challenging conditions, the Company recorded long-lived asset and goodwill impairment charges at December 31, 2023. Refer to Note 7 for further information.
Additionally, as further response to the current market conditions, high inflation rates, the rising prices for commodities and raw materials, prolonged supply chain disruptions, competitive labor markets, and consideration of capital allocation, in the second quarter of 2023 the Company announced the deferral of the full-funds investment decision for the Yanacocha Sulfides project in Peru for at least two years to the second half of 2026. While the Company has extended the timeline of the full-funds decision, assessment of the project remains a priority in Peru as the Company continued to advance engineering and long-term procurement activities. The delay of the Yanacocha Sulfides project is intended to focus funds on current operations and other capital commitments while management assesses execution and project options, up to and including transitioning Yanacocha operations into full closure. To the extent that assessment determines that the project is no longer sufficiently profitable or economically feasible under the Company’s internal requirements, it would result in negative modifications to the Company's proven and probable reserves. Additionally, should the Company ultimately decide to forgo the development of Yanacocha Sulfides, the current carrying value of the assets under construction and other long-lived assets of the Yanacocha operations could become impaired and the timing of certain closure activities would be accelerated. As of December 31, 2023, the Yanacocha operations have total long-lived assets of approximately $1,269, inclusive of approximately $911 of assets under construction related to Yanacocha Sulfides. Refer also to the Company's risk factors under the titles “Estimates relating to projects and mine plans of existing operations are uncertain and we may incur higher costs and lower economic returns than estimated ” and ”Our long-lived assets and goodwill could become impaired, which could have a material non-cash adverse effect on our results of operations” included in Part I, Item 1A, Risk Factors, for further information.
Additionally, the Company continues to hold the Conga project in Peru, which we do not currently anticipate developing in the next ten years as we continue to assess Yanacocha Sulfides; accordingly, the Conga project remains in care and maintenance. Should we be unable to develop the Conga project or conclude that future development is not in the best interest of the business, we may consider other alternatives for the project, which may result in a future impairment charge for the remaining assets. The total assets at Conga were $895 and $900 at December 31, 2023 and 2022.
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. In response to the strike notice, the Company suspended operations at Peñasquito. Operations remained suspended throughout the third quarter of 2023. On October 13, 2023, the Company reached a definitive agreement with the Union that also received approval from the Mexican Labor Court. Per the agreement, the Company will pay Peñasquito workers a fixed amount equivalent to approximately 60% of wages for the duration of the strike, and an additional bonus of two months’ wages to be paid out in the second quarter of 2024, given that the Peñasquito mine reported no profit in 2023 as a consequence of the strike. Additionally, as a part of a separate annual negotiation under the Collective Bargaining Agreement, the Company agreed to an annual salary increase of 8% effective as of August 1, 2023, which is in line with the Mexican mining industry wage increases for 2023. Operations at Peñasquito resumed in the fourth quarter of 2023.
The Cerro Negro mine, located in Argentina, is a USD functional currency entity. Argentina’s central bank has enacted a number of foreign currency controls in an effort to stabilize the local currency, including requiring the Company to convert U.S. dollar proceeds from metal sales to local currency and restricting payments to foreign-related entities denominated in foreign currency, such as dividends or distributions to the parent and related companies. We continue to monitor the foreign currency exposure risk and the limitations of repatriating cash to the United States. Currently, these currency controls are not expected to impact the Company's ability to repay its debt obligations or declare dividends.
Use of Estimates
The Company’s Consolidated Financial Statements have been prepared in accordance with GAAP. The preparation of the Company’s Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The Company must make these estimates and assumptions because certain information used is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. Actual results could differ from these estimates.
The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations; environmental remediation, reclamation and closure obligations; estimates of recoverable gold and other minerals in stockpile and leach pad inventories; estimates of fair value for certain reporting units and asset impairments (including impairments of long-lived assets, goodwill and investments); write-downs of inventory, stockpiles and ore on leach pads to net realizable value; post-employment, post-retirement and other employee benefit liabilities; valuation allowances for deferred tax assets; provisional amounts related to income tax effects of newly enacted tax laws; provisional amounts related to uncertain tax positions; valuation of assets acquired and liabilities assumed in a business combination; reserves for contingencies and litigation; and the fair value and accounting treatment of financial instruments including marketable and other equity securities and derivative instruments.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from those amounts estimated in these financial statements.
Principles of Consolidation
The Consolidated Financial Statements include the accounts of Newmont Corporation, more-than-50%-owned subsidiaries that it controls and variable interest entities where it is the primary beneficiary. The proportionate consolidation method is used for investments in which the Company has an undivided interest in the assets, liabilities and operations and for certain unincorporated joint ventures in the extractive industry. All significant intercompany balances and transactions have been eliminated. Equity method accounting is applied for certain entities where the Company does not have control, but does have significant influence over the activities that most significantly impact the entities’ operations and financial performance. The functional currency for the majority of the Company’s operations is the U.S. dollar.
The Company follows the ASC guidance for identification and reporting of entities over which control is achieved through means other than voting rights. The guidance defines such entities as Variable Interest Entities.
Business Combination and Asset Acquisition Accounting
The Company applies a screen test to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction should be accounted for as an asset acquisition or business combination.
When an acquisition does not meet the definition of a business combination because either: (i) substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, or group of similar identified assets, or (ii) the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, the Company accounts for the acquisition as an asset acquisition. In an asset acquisition, goodwill is not recognized, but rather, any excess purchase consideration over the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net assets as of the acquisition date and any direct acquisition-related transaction costs are capitalized as part of the purchase consideration.
When an acquisition is accounted for as a business combination, the Company recognizes and measures the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, while transaction and integration costs related to business combinations are expensed as incurred. Any excess of the purchase consideration in excess of the aggregate fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages independent appraisers to assist with the determination of the fair value of assets acquired, liabilities assumed, noncontrolling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and noncontrolling interest, if any, in a business combination. The income valuation method represents the present value of future cash flows over the life of the asset using discrete financial forecasts, long-term growth rates, appropriate discount rates, and expected future capital requirements. The market valuation method uses prices paid for a similar asset by other purchasers in the market, normalized for any differences between the assets. The cost valuation method is based on the replacement cost of a comparable asset at the time of the acquisition adjusted for depreciation and economic and functional obsolescence of the asset. The fair value of property, plant and mine development is estimated to include the fair value of asset retirement costs of related long-lived tangible assets. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the period the adjustment arises.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of all cash balances and highly liquid investments with an original maturity of three months or less. Because of the short maturity of these investments, the carrying amounts approximate their fair value. Cash and cash equivalents are held in overnight bank deposits or are invested in United States Treasury securities and money market securities. Restricted cash is excluded from cash and cash equivalents and is included in other current or non-current assets. Restricted cash is held primarily for the purpose of settling asset retirement obligations.
Time Deposits and Other Investments
The Company's time deposits and other investments primarily include time deposits with an original maturity of more than three months but less than one year. These time deposits are carried at amortized cost. Accrued interest is recorded in Other income (loss), net.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Stockpiles, Ore on Leach Pads and Inventories
As described below, costs that are incurred in or benefit the productive process are accumulated as stockpiles, ore on leach pads and inventories. Stockpiles, ore on leach pads and inventories are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. Write-downs of stockpiles, ore on leach pads and inventories to net realizable value are reported as a component of Costs applicable to sales and Depreciation and amortization. The current portion of stockpiles, ore on leach pads and inventories is determined based on the expected amounts to be processed within the next 12 months and utilize the short-term metal price assumption in estimating net realizable value. Stockpiles, ore on leach pads and inventories not expected to be processed within the next 12 months are classified as non-current and utilize the long-term metal price assumption in estimating net realizable value. The major classifications are as follows:
Stockpiles
Stockpiles represent ore that has been extracted from the mine and is available for further processing. Mine sequencing may result in mining material at a faster rate than can be processed. The Company generally processes the highest ore grade material first to maximize metal production; however, a blend of metal stockpiles may be processed to balance hardness and/or metallurgy in order to maximize throughput and recovery. Processing of lower grade stockpiled ore may continue after mining operations are completed. Sulfide copper ores are subject to oxidation over time which can reduce expected future recoveries. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Stockpile ore tonnages are verified by periodic surveys. Costs are added to stockpiles based on current mining costs incurred including applicable overhead and depreciation and amortization relating to mining operations and removed at each stockpile’s average cost per recoverable unit as material is processed. Carrying values are evaluated at least quarterly, in accordance with the above.
Ore on Leach Pads
Ore on leach pads represent ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold or silver or extract the copper. Costs are added to ore on leach pads based on current mining costs, including applicable depreciation and amortization relating to mining operations. Costs are removed from ore on leach pads as ounces or pounds are recovered based on the average cost per estimated recoverable ounce of gold or silver or pound of copper on the leach pad. Estimates of recoverable ore on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tons added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on ore type). In general, leach pads recover between 50% and 95% of the recoverable ounces in the first year of leaching, declining each year thereafter until the leaching process is complete.
Although the quantities of recoverable metal placed on the leach pads are reconciled by comparing the grades of ore placed on pads to the quantities of metal actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Historically, the Company’s operating results have not been materially impacted by variations between the estimated and actual recoverable quantities of metal on its leach pads. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis.
In-process Inventory
In-process inventories represent material that is currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, flotation, leach and carbon-in-leach. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective processing plants. In-process inventories are valued at the lower of the average cost of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads, plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process or net realizable value.
Precious Metals Inventory
Precious metals inventories include gold doré and/or gold bullion. Precious metals that result from the Company’s mining and processing activities are valued at the lower of the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs or net realizable value.
Concentrate Inventory
Concentrate inventories represent gold, silver, lead, zinc and copper concentrate available for shipment or in transit for further processing when the sales process has not been completed. The Company values concentrate inventory at average cost, including an allocable portion of support costs and amortization. Costs are added and removed to the concentrate inventory based on metal in the concentrate and are valued at the lower of average cost or net realizable value.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Materials and Supplies
Materials and supplies are valued at the lower of average cost or net realizable value. Cost includes applicable taxes and freight.
Property, Plant and Mine Development
Facilities and Equipment
Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. Facilities and equipment acquired as a part of a finance lease, build-to-suit or other financing arrangement are capitalized and recorded based on the contractual lease terms. The facilities and equipment are depreciated using the straight-line method at rates sufficient to depreciate such capitalized costs over the estimated productive lives of such facilities. These estimated productive lives do not exceed the related estimated mine lives, which are based on proven and probable reserves.
Mine Development
Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves.
Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting measured, indicated and inferred resources to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of Costs applicable to sales.
The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Where multiple open pits exist at a mining complex utilizing common processing facilities, pre-stripping costs are capitalized at each pit. The removal, production, and sale of de minimis saleable materials may occur during the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material.
The production phase of an open pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory.
Mine development costs are amortized using the units-of-production method based on estimated recoverable ounces or pounds in proven and probable reserves. To the extent that these costs benefit an entire ore body, they are amortized over the estimated life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block or area.
Underground development costs are capitalized as incurred. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as Exploration or Advanced projects, research and development expense. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves.
Mineral Interests
Mineral interests include acquired interests in production, development and exploration stage properties. Mineral interests are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. Mineral interests in the development and exploration stage are not amortized until the underlying property is converted to the production stage, at which point the mineral interests are amortized over the estimated recoverable proven and probable reserves.
The value of such assets is primarily driven by the nature and amount of mineral interests believed to be contained in such properties. Production stage mineral interests represent interests in operating properties that contain proven and probable reserves and are amortized using the units-of-production method based on the estimated recoverable ounces or pounds in proven and probable reserves. Development stage mineral interests represent interests in properties under development that contain proven and probable reserves. Exploration stage mineral interests represent interests in properties that are believed to potentially contain mineral resources consisting of (i) mineral resources within pits; mineral resources with insufficient drill spacing to qualify as proven and probable reserves; and mineral resources in close proximity to proven and probable reserves; (ii) around-mine exploration potential not immediately adjacent to existing reserves and mineralization, but located within the immediate mine area; (iii) other mine-related exploration potential that is not part of current resources and is comprised mainly of material outside of the immediate mine area; (iv) greenfield exploration potential that is not associated with any other production, development or exploration stage property, as described above; or (v) any acquired right to explore or extract a potential mineral deposit.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The Company’s mineral rights generally are enforceable regardless of whether proven and probable reserves have been established. In certain limited situations, the nature of a mineral right changes from an exploration right to a mining right upon the establishment of proven and probable reserves. The Company has the ability and intent to renew mineral interests where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineral resources.
Goodwill
Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business acquisition. Goodwill is allocated to reporting units and tested for impairment annually as of December 31 and when events or changes in circumstances indicate that the carrying value of a reporting unit exceeds its fair value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing.
The Company may elect to perform a qualitative assessment when it is more likely than not that the fair value of a reporting unit is higher than its carrying value. If the Company determines that it is more likely than not that the fair value is less than the carrying value, a quantitative goodwill impairment test is performed to determine the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company recognizes its pro rata share of goodwill and any subsequent goodwill impairment losses recorded by entities that are proportionately consolidated.
The estimated cash flows used to assess the fair value of a reporting unit are derived from the Company’s current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; capital investments; proven and probable mineral reserves estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve estimates; estimated future closure costs; the use of appropriate discount rates; and applicable U.S. dollar long-term exchange rates.
Impairment of Long-lived Assets
The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment loss is measured and recorded based on the estimated fair value of the long-lived assets being tested for impairment, and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted pre-tax future cash flows or a market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. Occasionally, such as when an asset is held for sale, market prices are used.
The estimated undiscounted cash flows used to assess recoverability of long-lived assets and to measure the fair value of the Company’s mining operations are derived from current business plans, which are developed using short-term price forecasts reflective of the current price environment and management’s projections for long-term average metal prices. In addition to short- and long-term metal price assumptions, other assumptions include estimates of commodity-based and other input costs; proven and probable mineral reserve estimates, including the timing and cost to develop and produce the reserves; value beyond proven and probable mineral reserve estimates; estimated future closure costs; and the use of appropriate discount rates.
In estimating undiscounted cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of undiscounted cash flows from other asset groups. The Company’s estimates of undiscounted cash flows are based on numerous assumptions and it is possible that actual cash flows may differ significantly from estimates, as actual produced reserves, metal prices, commodity-based and other costs, and closure costs are each subject to significant risks and uncertainties.
Investments
Management classifies investments at the acquisition date and re-evaluates the classification at each balance sheet date and when events or changes in circumstances indicate that there is a change in the Company’s ability to exercise significant influence. The ability to exercise significant influence is typically presumed when the Company possesses 20% or more of the voting interests in the investee. The Company accounts for its investments in stock of other entities over which the Company has significant influence, but not control, using the equity method of accounting. Under the equity method of accounting, the Company increases its investment for contributions made and records its proportionate share of net earnings, declared dividends and partnership distributions based on the most recently available financial statements of the investee. To the extent that there is a basis difference between the amount invested and the underlying equity in the net assets of an equity investment, the Company allocates such differences between tangible and intangible assets. This basis difference is being amortized into Equity income (loss) of affiliates over the remaining estimated useful lives of the underlying tangible and intangible net assets. Equity method investments are included in Investments.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Contributions made to equity method investees at times are in the form of loan agreements. Loans provided to equity method investees that are made based on the Company's proportionate ownership percentage are accounted for as “in-substance capital contributions” and are treated as an increase to the investment. Principal and interest payments received on loans treated as in-substance capital contributions are assessed under the cumulative earnings approach to determine if the distribution received represents a return on capital or a return of capital. Return on capital distributions are recorded as an operating cash flow whereas return of capital distributions are recorded as an investing cash flow. Loans provided to equity method investees that are not made on a proportionate basis are accounted for as a loan receivable and do not increase the investment. Principal payments received on loans not treated as an in-substance capital contribution are accounted for as a reduction to the loan receivable and interest received is recorded as interest income.
The Company evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other-than-temporary decline in the value of the investment. Declines in fair value that are deemed to be other-than-temporary are charged to Other income (loss), net.
Additionally, the Company has certain marketable equity and debt securities and other equity securities. Marketable equity securities are measured primarily at fair value with any changes in fair value recorded in Other income (loss), net. Certain other equity securities are accounted for under the measurement alternative (cost less impairment, adjusted for any qualifying observable price changes) when fair value is not readily determinable. The Company accounts for its restricted marketable debt securities as available-for-sale securities. Unrealized gains and losses on available-for-sale investments, net of taxes, are reported as a component of Accumulated other comprehensive income (loss) in Total equity, unless an impairment is deemed to be credit-related. Credit-related impairment is recognized as an allowance for credit losses on the balance sheet with a corresponding charge to Other income (loss), net.
Derivative Instruments
We hold derivatives for risk management purposes rather than for trading. We use derivatives to mitigate uncertainty and volatility caused by underlying exposures to foreign exchange rates and energy prices. The fair values of all derivative instruments are recognized as assets or liabilities at the balance sheet date and are reported gross.
Financial instruments that meet the definition of a derivative, but are not designated for hedge accounting under ASC 815, are accounted for at fair value using derivative pricing models. Valuation models require a variety of inputs, including long term metal prices, life of mine production profiles, discount rates, and inflation assumptions. These instruments are subsequently remeasured to their fair value at each reporting date with the resulting gain or loss recognized in the Consolidated Statement of Operations.
Cash Flow Hedges
The fair value of derivative contracts qualifying as cash flow hedges are reflected as assets or liabilities in the Consolidated Balance Sheets. The changes in fair value of these hedges are deferred in Accumulated other comprehensive income (loss). Amounts deferred in Accumulated other comprehensive income (loss) are reclassified to income when the hedged transaction has occurred in the same income statement line where the earnings effect of the hedged item is presented. Cash transactions related to the Company’s derivative contracts accounted for as hedges are classified in the same category as the item being hedged in the Consolidated Statements of Cash Flows.
When derivative contracts qualifying as cash flow hedges are settled, accelerated or restructured before the maturity date of the contracts, the related amount in Accumulated other comprehensive income (loss) at the settlement date is deferred and reclassified to earnings, when the originally designated hedged transaction impacts earnings and is presented in the same income statement line item as the earnings effect of the hedged item, unless the underlying hedge transaction becomes probable of not occurring, at which time related amounts in Accumulated other comprehensive income (loss) are reclassified to earnings immediately.
Debt
The Company carries its Senior Notes at amortized cost.
Debt issuance costs and debt premiums and discounts, which are included in Debt, are amortized using the effective interest method over the terms of the respective Senior Notes as a component of Interest expense, net within the Consolidated Statements of Operations.
Gain or loss on extinguishment of debt is recorded as a component of Other income (loss), net upon the extinguishment of a debt instrument and is calculated as the difference between the reacquisition price and net carrying amount of the debt, which includes unamortized debt issuance costs. We evaluate all changes to our debt arrangements to determine whether the changes represent a modification or extinguishment to the old debt arrangement. If a debt instrument is deemed to be modified, we capitalize all new lender fees and expense all third-party fees. If we determine that an extinguishment of one of our debt instruments has occurred, the unamortized financing fees associated with the extinguished instrument are expensed. For the revolving loans, all lender and third-party fees are capitalized, and in the event an amendment reduces the committed capacity under the revolving loans, we expense a portion of any unamortized fees on a pro-rata basis in proportion to the decrease in the committed capacity.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Leases
The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases are included in Other non-current assets and Other current and non-current liabilities in the Consolidated Balance Sheets. Finance leases are included in Property, plant and mine development, net and current and non-current Lease and other financing obligations in the Consolidated Balance Sheets.
Operating and finance lease right-of-use ("ROU") assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. Leases acquired in a business combination are also measured based on the present value of the remaining leases payments, as if the acquired lease were a new lease at the acquisition date. When the rate implicit to the lease cannot be readily determined, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. Operating lease ROU assets also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
The Company has lease arrangements that include both lease and non-lease components. The Company accounts for each separate lease component and its associated non-lease components as a single lease component for the majority of its asset classes. Additionally, for certain lease arrangements that involve leases of similar assets, the Company applies a portfolio approach to effectively account for the underlying ROU assets and lease liabilities.
Common Stock
In July 2021, Newmont filed a shelf registration statement on Form S-3 under which it can issue an indeterminate number or amount of common stock, preferred stock, debt securities, guarantees of debt securities and warrants from time to time at indeterminate prices, subject to the limitations of the Delaware General Corporation Law, the Company's certification of incorporation and bylaws. It also includes the ability to resell an indeterminate amount of common stock, preferred stock and debt securities from time to time upon exercise of warrants or conversion of convertible securities.
Treasury Stock
The Company records repurchases of common shares as Treasury stock at cost and records any subsequent retirements of treasury shares at cost. When treasury shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired to both Retained earnings and Additional paid-in capital using settlement-date accounting. The portion allocated to Additional paid-in capital is calculated on a pro rata basis of the shares to be retired and the total shares issued and outstanding as of the date of the retirement.
During the years ended December 31, 2023, 2022 and 2021, the Company repurchased and retired approximately — million, — million and 9 million shares of its common stock for $—, $— and $525, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company withheld 0.6 million, 0.6 million and 0.6 million shares, respectively, for payments of employee withholding taxes related to the vesting of stock awards.
Revenue Recognition
Newmont generates revenue by selling gold, copper, silver, lead, and zinc produced from its mining operations. Refer to Note 4 for further information regarding the Company’s operating segments.
The majority of the Company’s Sales come from the sale of refined gold; however, the end product at the Company’s gold operations is generally doré bars. Doré is an alloy consisting primarily of gold but also containing silver and other metals. Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and the separately-recovered silver is credited to its bullion account. Gold from doré bars credited to its bullion account is typically sold to banks or refiners.
A portion of gold sold from certain sites is sold in the form of concentrate. The Company’s Sales also come from the sale of copper, silver, lead, and zinc. Sales from these metals are generally in the form of concentrate, which is sold to smelters for further treatment and refining.
Generally, if a metal expected to be mined represents more than 10% to 20% of the life of mine sales value of all the metal expected to be mined, co-product accounting is applied. When the Company applies co-product accounting at an operation, revenue is recognized for each co-product metal sold, and shared costs applicable to sales are allocated based on the relative sales values of the co-product metals produced. Generally, if metal expected to be mined is less than the 10% to 20% of the life of mine sales value, by-product accounting is applied. Revenues from by-product sales, which are immaterial, are credited to Costs applicable to sales as a by-product credit. Silver, lead and zinc are produced as co-products at Peñasquito. Copper is produced as a co-product at Red Chris, Boddington, Cadia, and Telfer.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Aside from the co-product sales at Red Chris, Peñasquito, Boddington, Cadia, and Telfer, copper and silver produced at other Newmont sites are by-product metals.
Gold Sales from Doré Production
The Company recognizes revenue for gold from doré production when it satisfies the performance obligation of transferring gold inventory to the customer, which generally occurs upon transfer of gold bullion credits as this is the point at which the customer obtains control the ability to direct the use and obtains substantially all of the remaining benefits of ownership of the asset.
The Company generally recognizes the sale of gold bullion credits when the credits are delivered to the customer. The transaction price is determined based on the agreed upon market price and the number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account.
Sales from Concentrate Production
The Company recognizes revenue for gold, copper, silver, lead, and zinc from concentrate production, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material passes over the vessel's rail at the port of loading based on the date from the bill of lading, as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the material and the customer has the risk of loss. Newmont has elected to account for shipping and handling costs for concentrate contracts as fulfillment activities and not as promised goods or services; therefore these activities are not considered separate performance obligations.
The Company generally sells metal concentrate based on the monthly average market price for a future month, dependent on the relevant contract, following the month in which the delivery to the customer takes place. The amount of revenue recognized for concentrates is initially recorded on a provisional basis based on the forward prices for the estimated month of settlement and the Company’s estimated metal quantities based on assay data. The Company’s sales based on a provisional price contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the forward price at the time of sale. The embedded derivative, which is not designated for hedge accounting, is primarily marked to market through Sales each period prior to final settlement. The Company also adjusts estimated metal quantities used in computing provisional sales using new information and assay data from the smelter as it is received (if any).
A provisional payment is generally due upon delivery of the concentrate to the customer. Final payment is due upon final settlement of price and quantity with the customer.
The principal risks associated with recognition of sales on a provisional basis include metal price fluctuations and updated quantities between the date the sale is recorded and the date of final settlement. If a significant decline in metal prices occurs, or assay data results in a significant change in quantity between the provisional pricing date and the final settlement date, it is reasonably possible that the Company could be required to return a portion of the provisional payment received on the sale. Refer to Note 5 for additional information.
Income and Mining Taxes
The Company accounts for income taxes using the liability method, recognizing certain temporary differences between the financial reporting basis of the Company’s liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset for the Company, as measured by the statutory tax rates in effect. The Company derives its deferred income tax charge or benefit by recording the change in either the net deferred income tax liability or asset balance for the year. The financial statement effects of changes in tax law are recorded as discrete items in the period enacted as part of income tax expense or benefit from continuing operations, regardless of the category of income or loss to which the deferred taxes relate. The Company determines if the assessment of a particular income tax effect is “complete.” Those effects for which the accounting is determined to be complete are reported in the enactment period financial statements. The Company has exposure to the impact of foreign exchange fluctuations on tax positions in certain jurisdictions, such movements are recorded within Income and mining tax benefit (expense) related to deferred income tax assets and liabilities, as well as non-current uncertain tax positions, while foreign exchange fluctuations impacting current tax positions are recorded within Other income (loss), net as foreign currency exchange gains (losses). With respect to the earnings that the Company derives from the operations of its consolidated subsidiaries, in those situations where the earnings are indefinitely reinvested, no deferred taxes have been provided on the unremitted earnings (including the excess of the carrying value of the net equity of such entities for financial reporting purposes over the tax basis of such equity) of these consolidated companies.
Mining taxes represent state and provincial taxes levied on mining operations and are classified as income taxes. As such, taxes are based on a percentage of mining profits.
Newmont’s operations are in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Some of these tax regimes are defined by contractual agreements with the local government, while others are defined by general tax laws and regulations. Newmont and its subsidiaries are subject to reviews of its income tax filings and other tax payments, and disputes can arise with the taxing authorities over the interpretation of its contracts or laws.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on its estimate of whether it is more likely than not, and the extent to which, additional taxes will be due. The Company adjusts these reserves in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company’s current estimate of the tax liabilities. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in Income and mining tax benefit (expense). In certain jurisdictions, Newmont must pay a portion of the disputed amount to the local government in order to formally appeal the assessment. Such payment is recorded as a receivable if Newmont believes the amount is collectible.
Valuation of Deferred Tax Assets
The Company’s deferred income tax assets include certain future tax benefits. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized. The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore the need for valuation allowances on a quarterly basis, or more frequently if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence.
Certain categories of evidence carry more weight in the analysis than others based upon the extent to which the evidence may be objectively verified. The Company looks to the nature and severity of cumulative pretax losses (if any) in the current three-year period ending on the evaluation date, recent pretax losses and/or expectations of future pretax losses. Other factors considered in the determination of the probability of the realization of the deferred tax assets include, but are not limited to:
•Earnings history;
•Projected future financial and taxable income based upon existing reserves and long-term estimates of commodity prices;
•The duration of statutory carry forward periods;
•Prudent and feasible tax planning strategies readily available that may alter the timing of reversal of the temporary difference;
•Nature of temporary differences and predictability of reversal patterns of existing temporary differences; and
•The sensitivity of future forecasted results to commodity prices and other factors.
Concluding that a valuation allowance is not required is difficult when there is significant negative evidence which is objective and verifiable, such as cumulative losses in recent years. The Company utilizes a rolling twelve quarters of pre-tax income or loss as a measure of its cumulative results in recent years. However, a cumulative three year loss is not solely determinative of the need for a valuation allowance. The Company also considers all other available positive and negative evidence in its analysis.
Reclamation and Remediation Costs
Reclamation obligations associated with operating and non-operating mine sites are recognized when an obligation is incurred and the fair value can be reasonably estimated. Fair value is measured as the present value of expected cash flow estimates, after considering inflation, our credit-adjusted risk-free rates and a market risk premium appropriate for our operations. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. Changes in reclamation estimates at mines that are not currently operating, as the mine or portion of the mine site has entered the closure phase and has no substantive future economic value, are reflected in earnings in the period an estimate is revised. The estimated reclamation obligation is based on when spending for an existing disturbance is expected to occur. Costs included in estimated asset retirement obligations are discounted to their present value as cash flows are readily estimable over a period of up to fifty years. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for asset retirement obligations.
Remediation costs are accrued when it is probable that an obligation has been incurred and the cost can be reasonably estimated. Such cost estimates may include ongoing care, maintenance and monitoring costs. Changes in remediation estimates at non-operating mines are reflected in earnings in the period an estimate is revised. Water treatment costs included in environmental remediation obligations are discounted to their present value as cash flows are readily estimable over a period up to fifty years.
Foreign Currency
The functional currency for the majority of the Company’s operations is the U.S. dollar. Transaction gains and losses related to foreign currency denominated monetary assets and liabilities where the functional currency is the U.S. dollar are remeasured at current exchange rates and the resulting adjustments are included in Other income (loss), net.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The financial statements of our foreign entities with functional currencies other than the U.S. dollar are translated into U.S. dollars with the resulting adjustments charged or credited directly to Accumulated other comprehensive income (loss) in total equity. All assets and liabilities are translated into the U.S. dollar using exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the weighted average exchange rates for the period. The gains or losses on foreign currency rates on cash holdings in foreign currencies are included in Effect of exchange rate changes on cash, cash equivalents and restricted cash in the Company’s Consolidated Statements of Cash Flows.
Stock-Based Compensation
The Company records stock-based compensation awards exchanged for employee services at fair value on the date of the grant and expenses the awards in the Consolidated Statements of Operations over the requisite employee service period. The fair value of stock options is determined using the Black-Scholes valuation model. The fair value of RSUs are based on the Newmont stock price on the date of grant. The fair value of PSUs with market-related conditions is determined using a Monte Carlo simulation model. The fair value of PSUs with performance-related conditions is determined based on the Newmont stock price on the date of grant and the probability of the performance conditions being met. Stock-based compensation expense related to all awards, including awards with a market or performance condition that cliff vest, is generally recognized ratably over the requisite service period of the award on a straight-line basis. The Company recognizes forfeitures as they occur. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee retirement eligibility dates, the Company's performance and related tax impacts.
Net Income (Loss) per Common Share
Basic and diluted income per share are presented for Net income (loss) attributable to Newmont stockholders. Basic income per common share is computed by dividing income available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share is computed similarly except that weighted average common shares is increased to reflect all dilutive instruments, including employee stock awards. Dilutive securities are excluded from the calculation of diluted weighted average common shares outstanding if their effect would be anti-dilutive based on the treasury stock method or due to a net loss from continuing operations.
Discontinued Operations
The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the business is classified as held for sale, in accordance with ASC 360, Property, Plant and Equipment and ASC 205-20, Presentation of Financial Statements - Discontinued Operations. Under ASC 360, assets may be classified as held for sale even though discontinued operations classification is not met. Equity method investments, which are specifically scoped out of ASC 360, can only be classified as held for sale if discontinued operations classification is also achieved. The results of discontinued operations are reported in Net income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Operations for current and prior periods, including any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell.
Comprehensive Income (Loss)
In addition to Net income (loss), Comprehensive income (loss) includes all changes in equity during a period, such as adjustments to minimum pension liabilities, foreign currency translation adjustments, changes in fair value of derivative instruments that qualify as cash flow hedges and cumulative unrecognized changes in fair value of marketable debt securities classified as available-for-sale, except those resulting from investments by and distributions to owners.
Care and Maintenance
The Company incurs certain direct operating costs and depreciation and amortization costs when operations are temporarily halted and placed in care and maintenance. Direct operating costs incurred while operations are temporarily placed in care and maintenance are included in Other expense, net as these costs do not benefit the productive process and are not related to sales. Depreciation and amortization costs incurred while operations are temporarily placed in care and maintenance are included in Depreciation and amortization.
Reclassifications
Certain amounts and disclosures in prior years have been reclassified to conform to the 2023 presentation.
Recently Adopted Accounting Pronouncements and Securities and Exchange Commission Rules
Inflation Reduction Act
In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the "IRA") into law. The IRA introduced an excise tax on stock repurchases of 1% of the fair market value of stock repurchases net of stock issued during the tax year and a corporate alternative minimum tax (the "Corporate AMT") of 15% on the adjusted financial statement income ("AFSI") of corporations with average AFSI exceeding $1 billion over a three-year period.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The excise tax on stock repurchases is effective on net stock repurchases made after December 31, 2022 and the Corporate AMT is effective for tax periods beginning in fiscal year 2023. While waiting on pending Department of Treasury regulatory guidance, the Company is continuing to monitor developments. Based upon information known to date, no material impacts are expected to the Consolidated Financial Statements, disclosures, or cash flows.
In 2024, Pillar II is set to take effect. The Pillar II agreement was signed by 138 countries with the intent to equalize corporate tax around the world by implementing a global minimum tax of 15%. As Newmont primarily does business in jurisdictions with a tax rate greater than 15%, the Company does not anticipate a material impact to the Consolidated Financial Statements.
Effects of Reference Rate Reform
In March 2020, ASU No. 2020-04 was issued which provides optional guidance for a limited period of time to ease the potential burden on accounting for contract modifications caused by reference rate reform. In January 2021, ASU No. 2021-01 was issued which broadened the scope of ASU No. 2020-04 to include certain derivative instruments. In December 2022, ASU No. 2022-06 was issued which deferred the sunset date of ASU No. 2020-04. The guidance is effective for all entities as of March 12, 2020 through December 31, 2024. The guidance may be adopted over time as reference rate reform activities occur and should be applied on a prospective basis. The Company has completed its review of key contracts and does not expect the guidance to have a material impact to the consolidated financial statements or disclosures. The Company will continue to review new contracts to identify references to the LIBOR and implement adequate fallback provisions if not already implemented to mitigate the risks or impacts from the transition.
Recently Issued Accounting Pronouncements and Securities and Exchange Commission Rules
Improvement to Income Tax Disclosures
In December 2023, ASU 2023-09 was issued which requires disaggregated information about the effective tax rate reconciliation and additional information on taxes paid that meet a qualitative threshold. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements.
Segments Reporting
In November 2023, ASU 2023-07 was issued which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses. The ASU applies to all public entities that are required to report segment information in accordance with ASC 280 and is effective starting in annual periods beginning after December 15, 2023. The adoption is not expected to have a material impact on the Company's Consolidated Financial Statements or disclosures.
NOTE 3     BUSINESS ACQUISITION
On November 6, 2023 (the “acquisition date”), Newmont completed its business combination transaction with Newcrest, a public Australian mining company limited by shares, whereby Newmont, through Newmont Sub, acquired all of the ordinary shares of Newcrest, pursuant to a court-approved scheme of arrangement under Part 5.1 of the Australian Corporations Act 2001 (Cth) between Newcrest and its shareholders, as contemplated by a scheme implementation deed, dated as of May 15, 2023, by and among Newmont, Newmont Sub and Newcrest, as amended from time to time. Upon implementation, Newmont completed the business acquisition of Newcrest, in which Newmont was the acquirer and Newcrest became a direct wholly owned subsidiary of Newmont Sub and an indirect wholly owned subsidiary of Newmont (such acquisition, the “Newcrest transaction”). The acquisition of Newcrest increased the Company’s gold and other metal reserves and expanded its operating jurisdictions.
The acquisition date fair value of the consideration transferred consisted of the following:
(in millions, except share and per share data) Shares Per Share
Purchase Consideration
Stock Consideration
Shares of Newmont exchanged for Newcrest outstanding ordinary shares
 357,691,627  $ 37.88  $ 13,549 
Total Purchase Price
 $ 13,549 
The Company retained an independent appraiser to determine the fair value of assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the purchase price of Newcrest has been allocated to the acquired assets and assumed liabilities based on their estimated acquisition date fair values. The fair value estimates were based on income, market and cost valuation methods. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed has been recorded as goodwill, which is not deductible for income tax purposes. The goodwill balance is mainly attributable to: (i) the acquisition of existing operating mines with access to an assembled workforce that cannot be duplicated at the same costs by new entrants; (ii) operating synergies anticipated from the integration of the operations of Newmont and Newcrest; and (iii) the application of Newmont’s Full Potential program and potential strategic and financial benefits that include the increase in reserve base and opportunities to identify additional mineralization through exploration activities.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
As of December 31, 2023, the Company had not yet fully completed the analysis to assign fair values to all assets acquired and liabilities assumed, and therefore the purchase price allocation for Newcrest is preliminary. At December 31, 2023, remaining items to finalize include the fair value of inventories, property plant and mine development (primarily consisting of mineral interests), goodwill, reclamation and remediation liabilities, employee-related benefits, unrecognized tax benefits, and deferred income tax assets and liabilities. The preliminary purchase price allocation will be subject to further refinement as the Company continues to refine its estimates and assumptions based on information available at the acquisition date. These refinements may result in material changes to the estimated fair value of assets acquired and liabilities assumed. The purchase price allocation adjustments can be made throughout the end of Newmont’s measurement period, which is not to exceed one year from the acquisition date.
The following table summarizes the preliminary purchase price allocation for the Newcrest transaction as of December 31, 2023:
ASSETS December 31,
2023
Cash and cash equivalents $ 668 
Trade receivables 212 
Inventories 722 
Stockpiles and ore on leach pads 139 
Derivative assets
 42 
Other current assets
 198 
Current assets 1,981 
Property, plant and mine development, net (1)
 13,183 
Investments (2)
 990 
Stockpiles and ore on leach pads 134 
Deferred income tax assets 189 
Goodwill (3)
 2,744 
Derivative assets
 362 
Other non-current assets
 93 
Total assets 19,676 
LIABILITIES
Accounts payable 344 
Employee-related benefits 143 
Lease and other financing obligations
 16 
Debt 1,923 
Other current liabilities
 336 
Current liabilities
 2,762 
Debt (4)
 1,373 
Lease and other financing obligations
 35 
Reclamation and remediation liabilities (5)
 393 
Deferred income tax liabilities (6)
 1,331 
Employee-related benefits 222 
Other non-current liabilities
 11 
Total liabilities 6,127 
Net assets acquired $ 13,549 
____________________________
(1)The preliminary fair value of property, plant and mine development is based on applying the income and cost valuation methods.
(2)The preliminary fair value of the equity method investments was determined by applying the market approach, based on quoted prices for the acquired investments.
(3)Preliminary goodwill is attributable to reportable segments as follows: $397 to Red Chris; $1,087 to Brucejack; $565 to Cadia; and $695 to Lihir.
(4)The preliminary fair value of the Newcrest senior notes is measured using a market approach, based on quoted prices for the acquired debt; $1,373 of borrowings under the senior notes approximate fair value. The carrying value of the bilateral bank debt facilities of $1,923 approximates fair value.
(5)The preliminary fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans, including estimates and timing of monitoring and water management costs (if applicable) after the completion of initial closure activities.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
(6)Deferred income tax assets and liabilities represent the future tax benefit or future tax expense associated with the differences between the preliminary fair value allocated to assets (excluding goodwill) and liabilities and a tax basis increase to fair value as a result of the acquisition in Australia and the historical carryover tax basis of these assets and liabilities in all other jurisdictions. No deferred tax liability is recognized for the basis difference inherent in the preliminary fair value allocated to goodwill.
Sales and Net income (loss) attributable to Newmont stockholders in the Consolidated Statement of Operations includes Newcrest revenue of $944 and Newcrest net income (loss) of $136 from the acquisition date to the year ended December 31, 2023.
Pro Forma Financial Information (unaudited)
The following unaudited pro forma financial information presents consolidated results assuming the Newcrest transaction occurred on January 1, 2022.
Year Ended December 31,
2023 2022
Sales $ 15,432  $ 16,418 
Net income (loss) attributable to Newmont stockholders (1)
 $ (1,991) $ 410 
____________________________
(1)Includes $464 of Newcrest transaction and integration costs for the year ended December 31, 2023.
NOTE 4     SEGMENT INFORMATION
The Company regularly reviews its segment reporting for alignment with its strategic goals and operational structure as well as for evaluation of business performance and allocation of resources by Newmont’s CODM. In January 2023, Newmont reassessed and revised its operating strategies and the accountabilities of the senior leadership team in light of the continuing volatile and uncertain market conditions, and in November 2023, the Company completed the Newcrest transaction (refer to Note 3 for further information). Following these changes, the Company reevaluated its segments to reflect the mining operations acquired and certain changes in the financial information regularly reviewed by the CODM. As a result, the Company determined that its reportable segments were each of its 17 mining operations that it manages and its 38.5% proportionate interest in Nevada Gold Mines ("NGM") which it does not directly manage. Segment results for the prior periods have been recast to reflect the change in reportable segments.
In the following tables, Income (loss) before income and mining tax and other items from reportable segments does not reflect general corporate expenses, interest (except project-specific interest) or income and mining taxes. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. The Company's business activities and operating segments that are not considered reportable, including all equity method investments, are reported in Corporate and Other, which has been provided for reconciliation purposes.
The financial information relating to the Company’s segments is as follows:
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Total Assets
Capital Expenditures (1)
Year Ended December 31, 2023
CC&V $ 332  $ 198  $ 23  $ 13  $ 82  $ 383  $ 64 
Musselwhite 351  214  80  10  (254) 1,018  104 
Porcupine 503  301  117  17  45  1,473  166 
Éléonore 453  295  101  10  (203) 777  106 
Red Chris (2)
Gold 9  4  1 
Copper 23  17  3 
Total Red Chris 32  21  4  —  8  2,178  25 
Brucejack (2)
 72  69  22  7  (26) 4,006  22 
Peñasquito: (3)
Gold 257  158  67 
Silver 335  300  134 
Lead 96  98  45 
Zinc 213  253  105 
Total Peñasquito 901  809  351  11  (1,811) 4,738  113 
Merian 625  385  82  23  122  927  84 
Cerro Negro 510  328  137  10  15  1,646  162 
Yanacocha 537  294  85  11  (1,070) 2,117  312 
Boddington:
Gold 1,451  634  108 
Copper 363  204  35 
Total Boddington 1,814  838  143  6  811  2,376  164 
Tanami 867  337  110  30  407  1,896  413 
Cadia: (2)
Gold 250  129  16 
Copper
 172  116  14 
Total Cadia 422  245  30  2  158  6,351  75 
Telfer: (2)
Gold 135  126  6 
Copper 17  22  1 
Total Telfer
 152  148  7  4  (10) 574  9 
Lihir (2)
 266  146  20  2  93  3,909  53 
Ahafo 1,130  547  181  40  369  2,823  310 
Akyem 574  275  122  19  151  1,069  40 
NGM 2,271  1,249  452  29  432  7,401  472 
Corporate and Other —  —  41  221  (1,350) 9,844  51 
Consolidated $ 11,812  $ 6,699  $ 2,108  $ 465  $ (2,031) $ 55,506  $ 2,745 
____________________________
(1)Includes an increase in accrued capital expenditures of $79. Consolidated capital expenditures on a cash basis were $2,666.
(2)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information.
(3)On June 7, 2023, the Company suspended its operations at Peñasquito due to the Union strike. During the strike, Peñasquito continued to incur costs and reported $108 and $75 in Cost applicable to sales and Depreciation and amortization, respectively, related to continued costs. Additionally, Cost applicable to sales includes adjustments to the profit-sharing agreement accrual for the current period. On October 13, 2023, the Company reached an agreement with the Union and operations at Peñasquito resumed in the fourth quarter of 2023. Refer to Note 2 for further information.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Total Assets
Capital Expenditures (1)
Year Ended December 31, 2022
CC&V $ 333  $ 241  $ 71  $ 11  $ (527) $ 286  $ 44 
Musselwhite 305  195  79  8  23  1,294  54 
Porcupine 504  281  104  14  (329) 1,401  152 
Éléonore 391  266  115  5  4  1,010  60 
Peñasquito: (2)
Gold 1,006  442  148 
Silver 549  454  151 
Lead 133  94  32 
Zinc 501  316  96 
Total Peñasquito 2,189  1,306  427  19  403  6,430  183 
Merian 723  369  80  21  249  923  56 
Cerro Negro 508  283  148  25  (451) 1,659  132 
Yanacocha 451  313  95  22  (612) 2,225  439 
Boddington:
Gold 1,447  652  118 
Copper 316  181  34 
Total Boddington 1,763  833  152  7  779  2,264  72 
Tanami 878  328  101  28  422  1,585  343 
Ahafo 1,023  566  167  26  267  2,619  268 
Akyem 749  334  141  14  257  998  34 
NGM 2,098  1,153  471  32  434  7,419  308 
Corporate and Other —  —  34  228  (970) 8,369  45 
Consolidated $ 11,915  $ 6,468  $ 2,185  $ 460  $ (51) $ 38,482  $ 2,190 
____________________________
(1)Includes an increase in accrued capital expenditures of $59. Consolidated capital expenditures on a cash basis were $2,131.
(2)Costs applicable to sales includes amounts resulting from the profit-sharing agreement completed with the Peñasquito workforce during the second quarter of 2022. Under the agreement, the Company will pay its workforce an uncapped profit-sharing bonus each year, based on the agreed upon terms. Additionally, the terms of the agreement are retroactively applied to profit-sharing related to 2021 site performance, resulting in $70 recorded within Costs applicable to sales in the second quarter of 2022. The amounts related to the 2021 profit-sharing were paid in the third quarter of 2022.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Sales Costs Applicable to Sales Depreciation and Amortization Advanced Projects, Research and Development and Exploration Income (Loss) before Income and Mining Tax and Other Items Total Assets
Capital Expenditures (1)
Year Ended December 31, 2021
CC&V $ 396  $ 238  $ 66  $ 18  $ 64  $ 777  $ 42 
Musselwhite 277  157  80  7  30  1,317  39 
Porcupine 517  269  91  17  121  1,572  68 
Éléonore 446  237  139  5  60  1,062  46 
Peñasquito:
Gold 1,250  395  201 
Silver 651  332  169 
Lead 172  76  39 
Zinc 561  256  112 
Total Peñasquito 2,634  1,059  521  8  979  6,561  144 
Merian 780  326  98  11  328  952  47 
Cerro Negro 480  243  137  9  68  2,183  108 
Yanacocha 471  232  111  18  (1,552) 1,735  171 
Boddington:
Gold 1,212  607  99 
Copper 295  143  23 
Total Boddington 1,507  750  122  8  627  2,261  174 
Tanami 879  278  100  24  466  1,334  304 
Ahafo 864  425  143  22  269  2,425  213 
Akyem 680  261  120  10  284  990  66 
NGM 2,291  960  550  30  818  7,584  234 
Corporate and Other —  —  45  176  (1,454) 9,811  37 
Consolidated $ 12,222  $ 5,435  $ 2,323  $ 363  $ 1,108  $ 40,564  $ 1,693 
____________________________
(1)Includes an increase in accrued capital expenditures of $40. Consolidated capital expenditures on a cash basis were $1,653.
Long-lived assets, which consist of Property, plant and mine development, net, non-current Stockpiles and ore on leach pads, and non-current right-of-use assets, included in Other non-current assets, were as follows:
At December 31,
2023 2022
Australia $ 9,373  $ 3,374 
Canada 8,789  4,138 
United States 7,011  6,928 
Mexico 4,119  4,644 
Papua New Guinea 3,140  — 
Ghana 2,626  2,586 
Peru 2,254  2,008 
Argentina 1,508  1,493 
Suriname 726  712 
Other 32  4 
$ 39,578  $ 25,887 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 5     SALES
The following tables present the Company’s Sales by mining operation, product and inventory type:
Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales
Year Ended December 31, 2023
CC&V $ 332  $ —  $ 332 
Musselwhite 351  —  351 
Porcupine 503  —  503 
Éléonore 453  —  453 
Red Chris: (1)
Gold —  9  9 
Copper —  23  23 
Total Red Chris —  32  32 
Brucejack (1)
 48  24  72 
Peñasquito:
Gold 36  221  257 
Silver (2)
 —  335  335 
Lead —  96  96 
Zinc —  213  213 
Total Peñasquito 36  865  901 
Merian 600  25  625 
Cerro Negro 510  —  510 
Yanacocha 526  11  537 
Boddington:
Gold 359  1,092  1,451 
Copper —  363  363 
Total Boddington 359  1,455  1,814 
Tanami 867  —  867 
Cadia: (1)
Gold 28  222  250 
Copper
 —  172  172 
Total Cadia 28  394  422 
Telfer: (1)
Gold 20  115  135 
Copper
 —  17  17 
Total Telfer
 20  132  152 
Lihir (1)
 266  —  266 
Ahafo 1,130  —  1,130 
Akyem 574  —  574 
NGM (3)
 2,178  93  2,271 
Consolidated $ 8,781  $ 3,031  $ 11,812 
____________________________
(1)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information.
(2)Silver sales from concentrate includes $42 related to non-cash amortization of the silver streaming agreement liability.
(3)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,174 for the year ended December 31, 2023.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales
Year Ended December 31, 2022
CC&V $ 328  $ 5  $ 333 
Musselwhite 305  —  305 
Porcupine 504  —  504 
Éléonore 391  —  391 
Peñasquito:
Gold 110  896  1,006 
Silver (1)
 —  549  549 
Lead —  133  133 
Zinc —  501  501 
Total Peñasquito 110  2,079  2,189 
Merian 723  —  723 
Cerro Negro 508  —  508 
Yanacocha 446  5  451 
Boddington:
Gold 366  1,081  1,447 
Copper —  316  316 
Total Boddington 366  1,397  1,763 
Tanami 878  —  878 
Ahafo 1,023  —  1,023 
Akyem 749  —  749 
NGM (2)
 2,026  72  2,098 
Consolidated $ 8,357  $ 3,558  $ 11,915 
____________________________
(1)Silver sales from concentrate includes $73 related to non-cash amortization of the silver streaming agreement liability.
(2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,022 for the year ended December 31, 2022.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Gold Sales from Doré Production Sales from Concentrate and Other Production Total Sales
Year Ended December 31, 2021
CC&V $ 382  $ 14  $ 396 
Musselwhite 277  —  277 
Porcupine 517  —  517 
Éléonore 446  —  446 
Peñasquito:
Gold 207  1,043  1,250 
Silver (1)
 —  651  651 
Lead —  172  172 
Zinc —  561  561 
Total Peñasquito 207  2,427  2,634 
Merian 780  —  780 
Cerro Negro 480  —  480 
Yanacocha 451  20  471 
Boddington:
Gold 311  901  1,212 
Copper —  295  295 
Total Boddington 311  1,196  1,507 
Tanami 879  —  879 
Ahafo 864  —  864 
Akyem 680  —  680 
NGM (2)
 2,216  75  2,291 
Consolidated $ 8,490  $ 3,732  $ 12,222 
____________________________
(1)Silver sales from concentrate includes $79 related to non-cash amortization of the silver streaming agreement liability.
(2)The Company purchases its proportionate share of gold doré from NGM for resale to third parties. Gold doré purchases from NGM totaled $2,212 for the year ended December 31, 2021.
Trade Receivables and Provisional Sales
At December 31, 2023 and December 31, 2022, Trade receivables consisted of sales from provisionally priced concentrate and other production. The impact to Sales from revenue recognized due to the changes in pricing is an increase (decrease) of $37, $(34) and $32 for the years ended December 31, 2023, 2022, and 2021, respectively.
At December 31, 2023, Newmont had the following provisionally priced concentrate sales subject to final pricing over the next several months:
Provisionally Priced Sales
Subject to Final Pricing (1)
 Average Provisional
Price (per ounce/pound)
Gold (ounces, in thousands) 257  $ 2,071 
Copper (pounds, in millions) 104  $ 3.88 
Silver (ounces, in millions) 3  $ 23.89 
Lead (pounds, in millions) 25  $ 0.93 
Zinc (pounds, in millions) 31  $ 1.20 
Molybdenum (pounds, in millions) (2)
 1  $ 19.62 
____________________________
(1)Includes provisionally priced by-product sales subject to final pricing, which are recognized in Costs applicable to sales.
(2)Molybdenum is a by-product at the Cadia site and is recognized in Costs applicable to sales.
Silver Streaming Agreement
The Company is obligated to sell 25% of silver production from the Peñasquito mine to Wheaton Precious Metals Corporation at the lesser of market price or a fixed contract price, subject to an annual inflation adjustment of up to 1.65%. This agreement contains off-market terms and was initially recognized at its acquisition date fair value as a finite-lived intangible liability. The current and non-current portion are recorded to Other current liabilities and Silver streaming agreement on the Consolidated Balance Sheet, respectively.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The Company’s policy is to amortize the liability into Sales each period using the units-of-production method. During the years ended December 31, 2023, 2022, and 2021, the Company amortized $42, $73, and $79, respectively, of the liability into revenue. At December 31, 2023 and 2022, the value of the liability included in the Consolidated Balance Sheet was $866 and $908, respectively.
Revenue by Geographic Area
Newmont primarily conducts metal sales in U.S. dollars, and therefore Sales are not exposed to fluctuations in foreign currencies. Revenues from sales attributed to countries based on the location of the customer were as follows:
Year Ended December 31,
2023 2022 2021
United Kingdom (1)(2)
 $ 7,637  $ 7,537  $ 7,624 
South Korea 975  1,426  1,665 
Switzerland (2)
 600  721  1,052 
Japan 512  442  386 
Philippines 451  340  264 
Australia
 376  7  3 
Germany 320  308  282 
Mexico 240  604  642 
United States 48  24  62 
Other (1)(2)
 653  506  242 
$ 11,812  $ 11,915  $ 12,222 
____________________________
(1)Includes $42, $73, and $79 related to non-cash amortization of the silver streaming agreement liability for the years ended December 31, 2023, 2022, and 2021, respectively.
(2)The Company identified that revenue by geographic area for the years ended December 31, 2022 and 2021 was incorrectly allocated for United Kingdom, Switzerland, and Other, but the total revenue by geographic area was appropriately stated for these periods. These amounts have been corrected in the current period.
Revenue by Major Customer
As gold can be sold through numerous gold market traders worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product. The Company sells silver, lead, zinc and copper predominantly in the form of concentrates. The concentrates are sold under a combination of short-term and long-term supply contracts with processing fees based on the demand for these concentrates in the global marketplace.
In 2023, sales to JPMorgan Chase were $2,583 (22%), Royal Bank of Canada were $1,765 (15%), Standard Chartered were $1,659 (14%), and Toronto Dominion Bank were $1,630 (14%) of total gold sales. In 2022, sales to Standard Chartered were $4,179 (35%) and JPMorgan Chase were $1,503 (13%) of total gold sales. In 2021 sales to Standard Chartered were $4,634 (38%) and JPMorgan Chase were $2,002 (17%) of total gold sales.
NOTE 6     RECLAMATION AND REMEDIATION
The Company’s mining and exploration activities are subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations to protect public health and the environment and believes its operations are in compliance with applicable laws and regulations in all material respects. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation and remediation costs are based principally on current legal and regulatory requirements.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The Company’s Reclamation and remediation expense consisted of:
Year Ended December 31,
2023 2022 2021
Reclamation adjustments and other $ 1,207  $ 646  $ 1,633 
Reclamation accretion 238  173  125 
Reclamation expense 1,445  819  1,758 
Remediation adjustments and other 81  96  82 
Remediation accretion 7  6  6 
Remediation expense 88  102  88 
Reclamation and remediation $ 1,533  $ 921  $ 1,846 
In 2023, reclamation adjustments were primarily due to increased water management costs at portions of the Yanacocha site that are no longer in production and with no expected substantive economic value (i.e., non-operating), that resulted in an increase of $1,101. In 2022, reclamation adjustments were primarily due to higher estimated closure costs resulting from cost inflation and increased water management costs at portions of the Yanacocha and Porcupine site operations that are non-operating that resulted in increases of $529 and $91, respectively. In 2021, reclamation adjustments were primarily comprised of $1,554 related to non-operating portions of the Yanacocha site.
In 2023 remediation adjustments were primarily due to higher water management costs and project execution delays at the Midnite mine and Dawn mill sites. In 2022, remediation adjustments are primarily due to higher waste disposal costs and project execution delays at the Midnite mine and Dawn mill sites. In 2021, remediation adjustments are primarily due to revisions to estimated construction costs of the water treatment plant at the Midnite mine and higher estimated closure cost arising from recent tailings management review and monitoring requirements set forth by GISTM.
The following are reconciliations of Reclamation and remediation liabilities:
Reclamation Remediation Total
Balance at January 1, 2022
 $ 5,768  $ 344  $ 6,112 
Additions, changes in estimates and other 981  79  1,060 
Payments, net (191) (56) (247)
Accretion expense 173  6  179 
Balance at December 31, 2022
 6,731  373  7,104 
Additions, changes in estimates and other 1,246  65  1,311 
Additions from the Newcrest transaction 401  —  401 
Payments, net (231) (44) (275)
Accretion expense 238  7  245 
Balance at December 31, 2023
 $ 8,385  $ 401  $ 8,786 
At December 31,
2023 2022
Reclamation Remediation Total Reclamation Remediation Total
Current (1)
 $ 558  $ 61  $ 619  $ 482  $ 44  $ 526 
Non-current (2)
 7,827  340  8,167  6,249  329  6,578 
Total (3)
 $ 8,385  $ 401  $ 8,786  $ 6,731  $ 373  $ 7,104 
____________________________
(1)The current portion of reclamation and remediation liabilities are included in Other current liabilities. Refer to Note 22.
(2)The non-current portion of reclamation and remediation liabilities are included in Reclamation and remediation liabilities.
(3)Total reclamation liabilities includes $4,804 and $3,722 related to Yanacocha at December 31, 2023 and 2022, respectively.
The Company is also involved in several matters concerning environmental remediation obligations associated with former, primarily historic, mining activities. Generally, these matters concern developing and implementing remediation plans at the various sites involved. Depending upon the ultimate resolution of these matters, the Company believes that it is reasonably possible that the liability for these matters could be as much as 35% greater or 6% lower than the amount accrued at December 31, 2023. The amounts accrued are reviewed periodically based upon facts and circumstances available at the time. Changes in estimates are included in Other current liabilities and Reclamation and remediation liabilities in the period estimates are revised.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Included in Other non-current assets at December 31, 2023 and 2022 are $81 and $62 respectively, of non-current restricted cash held for purposes of settling reclamation and remediation obligations. The amounts at December 31, 2023 and 2022 primarily relate to the Ahafo and Akyem mines in Ghana, Africa.
Included in Other non-current assets at December 31, 2023 and 2022 was $21 and $35, respectively, of non-current restricted investments, which are legally pledged for purposes of settling reclamation and remediation obligations. The amounts at December 31, 2023 and 2022 primarily relate to the San Jose Reservoir at Yanacocha.
Refer to Note 25 for further discussion of reclamation and remediation matters.
NOTE 7     IMPAIRMENT CHARGES
Year Ended December 31,
2023 2022 2021
Long-lived and other assets (1)
 Goodwill Total
Long-lived and other assets (1)
 Goodwill Total
Long-lived and other assets (1)
 Total
CC&V $ 4  $ —  $ 4  $ 511  $ —  $ 511  $ —  $ — 
Musselwhite 4  293  297  —  —  —  —  — 
Porcupine 5  —  5  —  341  341  —  — 
Éléonore —  246  246  —  —  —  1  1 
Peñasquito 21  1,210  1,231  4  —  4  1  1 
Merian 10  —  10  1  —  1  1  1 
Cerro Negro 5  —  5  —  459  459  3  3 
Yanacocha —  —  —  —  —  —  1  1 
Boddington 2  —  2  2  —  2  3  3 
Tanami 1  —  1  —  —  —  —  — 
Telfer (2)
 2  —  2  —  —  —  —  — 
Ahafo 2  —  2  1  —  1  2  2 
Akyem —  —  —  —  —  —  1  1 
NGM 75  11  86  1  —  1  —  — 
Corporate and Other —  —  —  —  —  —  12  12 
Impairment charges
 $ 131  $ 1,760  $ 1,891  $ 520  $ 800  $ 1,320  $ 25  $ 25 
____________________________
(1)Primarily relates to non-cash write-downs of materials and supplies inventory and various assets that are no longer in use, except for certain impairment charges recognized for the year ended December 31, 2022 as described below.
(2)Site acquired through the Newcrest transaction. Refer to Note 3 for further information.
The estimated cash flows utilized in both the long-lived asset and goodwill impairment evaluations are derived from the Company's current business plans. The Company completed its annual business plan update which reflected updated mine plans, certain adverse changes in market conditions, including inflationary pressures to costs and capital, strategic evaluation regarding the use of capital, and updates to asset retirement costs.
Impairment of goodwill
The Company evaluates its goodwill for impairment annually at December 31 or when events or changes in circumstances indicate that the fair value of a reporting unit is less than its carrying value. Each operating mine is considered a distinct reporting unit for purposes of goodwill impairment testing. Based on the December 31, 2023 review, the Company concluded that Goodwill was impaired at the Musselwhite, Éléonore and Peñasquito reporting units. The goodwill impairments at Musselwhite and Éléonore were driven by a deterioration in underlying cash flows from higher costs due to inflationary pressures, and resulted in non-cash impairment charges of $293 and $246, respectively, which represented the full goodwill balance of the reporting units prior to impairment. The goodwill impairment at Peñasquito was also driven by lower expected cash flows, primarily due to an update to the geological model that impacted expected metal grade and recoveries, as well as higher costs due to inflationary pressures, and resulted in a non-cash impairment charge of $1,210, which represented the full goodwill balance of the reporting unit prior to impairment. The long-lived assets of Musselwhite, Éléonore and Peñasquito were evaluated for impairment prior to the quantitative goodwill assessment and no impairment was identified.
In addition, the Company recorded a non-cash impairment charge of $11 at NGM as a result of the decision to not pursue permitting for Phase 2 mining at Long Canyon. As a result, NGM placed Long Canyon on long-term care and maintenance and revised their business plan. The impairment represented the full goodwill balance at Long Canyon based on the Company's proportionate interest in NGM.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The Company measured the impairments by comparing the total fair value of the operations to the corresponding reporting unit carrying value. The estimated fair value was determined using the income approach and is considered a non-recurring level 3 fair value measurement. Significant inputs to the fair value measured included (i) updated cash flow information from the Company's current business and closure plans, (ii) a short-term gold price of $1,950, (iii) a long-term gold price of $1,700, (iv) current estimates of reserves, resources, and exploration potential, and (v) a reporting unit specific discount rate of 10.00% at Musselwhite, 17.50% at Éléonore, and 6.75% at Peñasquito. The selected discount rates for Musselwhite and Éléonore incorporate additional premium related to operational risk at these sites.
Based on the December 31, 2022 review, the Company concluded that Goodwill was impaired at the Porcupine and the Cerro Negro reporting units. The Porcupine goodwill impairment was driven by a deterioration in underlying cash flows from higher costs due to inflationary pressures and higher capital costs related to safety enhancements and the expansion of the active tailings storage facility, ensuring GISTM compliance, as well as an increase to the asset retirement cost, and resulted in a non-cash impairment charge of $341, which represented the full goodwill balance of the reporting unit prior to impairment. The Cerro Negro goodwill impairment was driven by a 14% country specific discount rate that reflects current macroeconomic risk and uncertainty in Argentina, and resulted in a non-cash impairment charge of $459, which represented the full goodwill balance of the reporting unit prior to impairment. The long-lived assets of Porcupine and Cerro Negro were evaluated for impairment prior to the quantitative goodwill test and no impairment was identified.
The Company measured the impairments by comparing the total fair value of the existing operations to the corresponding reporting unit carrying value. The estimated fair value was determined using the income approach and is considered a non-recurring level 3 fair value measurement. Significant inputs to the fair value measured included (i) updated cash flow information from the Company's current business and closure plans, (ii) a short-term gold price of $1,750, (iii) a long-term gold price of $1,600, (iv) current estimates of reserves, resources, and exploration potential, and (v) a country specific discount rate of 4.50% in Canada and 14% in Argentina.
Impairment of long-lived and other assets
The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. During the fourth quarter of 2023, an impairment indicator was determined to exist at NGM. This determination was as a result of the decision to not pursue permitting for Phase 2 mining at Long Canyon. As a result, NGM placed Long Canyon on long-term care and maintenance and revised their business plan. The Company recognized its proportionate share of the non-cash impairment charge of $72 which resulted in a remaining balance of $22 within Property, plant and mine development, net at December 31, 2023. The estimated fair value is based on observable market values for comparable assets expressed as dollar per ounce of mineral resources and is considered a non-recurring level 3 fair value measurement.
During the fourth quarter of 2022, the Company determined that an impairment indicator existed at CC&V. This determination was based on the updated business plan, which reflected a deterioration in underlying cash flows from lower production, impacted by the decision to place the mill on long-term care and maintenance, higher costs due to inflationary pressures, as well as an increase to the asset retirement cost. As a result of the impairment indicator, a recoverability test was performed and the Company concluded the long-lived assets at CC&V were impaired resulting in a non-cash impairment charge of $511 and a remaining balance of $25 within Property, plant and mine development, net at December 31, 2022. The Company measured the impairment by comparing the total fair value of the existing operations to the carrying value of the corresponding assets. The estimated fair value was determined using the income approach and is considered a non-recurring level 3 fair value measurement. Significant inputs to the fair value measurement included (i) updated cash flow information from the Company's current business and closure plans, (ii) a short-term gold price of $1,750, (iii) a long-term gold price of $1,600, (iv) current estimates of reserves, resources, and exploration potential, and (v) a country specific pre-tax discount rate of 6.75%.
NOTE 8     OTHER EXPENSE, NET
Year Ended December 31,
2023 2022 2021
Newcrest transaction and integration costs $ 464  $ —  $ — 
Restructuring and severance 24  4  11 
Settlement costs 7  22  11 
COVID-19 specific costs
1  38  87 
Other 21  18  34 
Other expense, net $ 517  $ 82  $ 143 

Newcrest transaction and integration costs. Newcrest transaction and integration costs for the year ended December 31, 2023 primarily comprises $316 in relation to stamp duty tax incurred in connection with the transaction, and other related investment banking fees, legal costs, and consulting services.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
COVID-19 specific costs. COVID-19 specific costs represent incremental direct costs incurred, including but not limited to contributions to the Newmont Global Community Support Fund, additional health screenings, incremental travel, security and employee related costs as well as various other incremental costs incurred as a result of actions taken to protect against the impacts of the COVID-19 pandemic and to comply with local mandates. The Company established the Newmont Global Community Support Fund to help host communities, governments and employees combat the COVID-19 pandemic. For the years ended December 31, 2023, 2022, and 2021, $1, $3, and $3 were distributed from this fund, respectively. Beginning January 1, 2023, COVID-19 specific costs incurred in the ordinary course of business are recognized in Costs applicable to sales.
Settlement costs. Settlement costs primarily relate to legal and other settlements, voluntary contributions, and other related costs.
Restructuring and severance. Restructuring and severance primarily represents severance and related costs associated with significant organizational and operating model changes implemented by the Company for all periods presented.
NOTE 9     OTHER INCOME (LOSS), NET

 Year Ended December 31,
2023 2022 2021
Gain (loss) on asset and investment sales, net $ (197) $ 35  $ 212 
Interest income 148  78  18 
Foreign currency exchange, net (56) (5) 23 
Change in fair value of investments (47) (46) (135)
Insurance Proceeds (1)
 37  14  — 
Pension settlements (2)
 (9) (137) (4)
Charges from debt extinguishment —  —  (11)
Impairment of investments —  —  (1)
Other 36  34  23 
Other income (loss), net $ (88) $ (27) $ 125 
____________________________
(1)Primarily relates to insurance proceeds received by the Company in the third quarter of 2023 of $45 and $11 related to Tanami due to significant rainfall and flooding in early 2023 and a conveyor failure at Ahafo, respectively. Of these amounts, $31 and $6, respectively, were recognized in Other income (loss), net, and primarily relate to business interruption coverage. The remaining amounts were recognized within Costs applicable to sales.
(2)Primarily represents pension settlement charges due to the pension annuitization in 2022 and lump sum payments to participants. For additional information regarding pension and other post-employment benefits, refer to Note 11.
Gain (loss) on asset and investment sales, net. For the year ended December 31, 2023, Gain on asset and investment sales, net primarily consists of a loss of $235 recognized on the abandonment of the pyrite leach plant at Peñasquito in the fourth quarter of 2023, partially offset by the net gain of $36 recognized in the first quarter of 2023 on the exchange and subsequent sale of the previously held Maverix Metals, Inc. ("Maverix") investment for the Triple Flag Precious Metals Corporation ("Triple Flag") investment.
For the year ended December 31, 2022, Gain on asset and investment sales, net primarily consists of a gain of $61 related to the sale of the 18.75% ownership interest in Minera Agua Rica Alumbrera Limited to Glencore International AG in third quarter of 2022 for a purchase price of $125 cash consideration and a $30 deferred payment, which is due upon successfully reaching commercial production and otherwise subject to a 6% annual interest, up to a maximum deferred payment of $50; partially offset by a loss of $45 recognized on the sale of the ownership interest in La Zanja in the first quarter of 2022. Refer to Note 1 for further information.
For the year ended December 31, 2021, Gain on asset and investment sales, net primarily consists of a gain of $83 related to the sale of the Kalgoorlie Consolidated Gold Mines power business to Northern Star Resources Limited in the fourth quarter of 2021; a gain of $79 related to an exchange transaction between NGM and i-80 Gold Corp, completed in the third quarter of 2021, in which NGM acquired the remaining 40% interest in the South Arturo property and certain other considerations in exchange for the Lone Tree and Buffalo mountain properties and related infrastructure; and a gain of $42 related to the sale of all of the outstanding shares of in TMAC Resources, Inc. to Agnico Eagle Mines Ltd in the first quarter of 2021.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 10     INCOME AND MINING TAXES
The Company’s Income and mining tax benefit (expense) consisted of:
Year Ended December 31,
2023 2022 2021
Current:
United States $ (20) $ (47) $ (71)
Foreign (610) (686) (1,136)
(630) (733) (1,207)
Deferred:
United States 62  236  5 
Foreign 42  42  104 
104  278  109 
Income and mining tax benefit (expense) $ (526) $ (455) $ (1,098)
The Company’s Income (loss) before income and mining tax and other items consisted of:
Year Ended December 31,
2023 2022 2021
United States $ 111  $ (566) $ 247 
Foreign (2,142) 515  861 
Income (loss) before income and mining tax and other items $ (2,031) $ (51) $ 1,108 
The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:
Year Ended December 31,
2023 2022 2021
Income (loss) before income and mining tax and other items $ (2,031) $ (51) $ 1,108 
U.S. Federal statutory tax rate 21  % $ 427  21  % $ 11  21  % $ (233)
Reconciling items:
Percentage depletion 4  % 72  90  % 46  (7) % 71 
Change in valuation allowance on deferred tax assets (18) % (358) (569) % (290) 38  % (419)
Rate differential for foreign earnings indefinitely reinvested 7  % 148  (151) % (77) 10  % (108)
Mining and other taxes (net of associated federal benefit) (4) % (87) (231) % (118) 15  % (173)
Uncertain tax positions (1)
 1  % 28  261  % 133  9  % (99)
Goodwill write-downs (25) % (498) (482) % (246) —  % — 
Expiration of U.S. capital losses and foreign tax credits (10) % (195) (61) % (31) 14  % (152)
Transactions —  % (1) 100  % 51  —  % 5 
Other (2)
 (2) % (62) 130  % 66  (1) % 10 
Income and mining tax benefit (expense) (26) % $ (526) (892) % $ (455) 99  % $ (1,098)
____________________________
(1)Includes net tax benefit of $125, primarily consisting of a reduction in the related uncertain tax position of $95 and a valuation release of $29 for the full settlement with the Mexican Tax Authority entered into during the second quarter of 2022.
(2)Primarily consists of the impact of foreign exchange and earnings, the U.S. tax effect of minority interest attributable to non-U.S. investees, and the impact of return to provision adjustments.
Factors that Significantly Impact Effective Tax Rate (Other than Factors Described Separately Below)
Percentage depletion allowances (tax deductions for depletion that may exceed the tax basis in the mineral reserves) are available to the Company under the income tax laws of the United States for operations conducted in the United States or through branches and partnerships owned by U.S. subsidiaries included in the consolidated United States income tax return. These deductions are highly sensitive to the price of gold and other metals produced by the Company.
The Company operates in various jurisdictions around the world that have statutory tax rates that are significantly different than those of the U.S. These differences combine to move the overall effective tax rate higher than the U.S. statutory rate.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Mining taxes in Nevada, Mexico, Canada, Peru and Australia represent state and provincial taxes levied on mining operations and are classified as income taxes as such taxes are based on a percentage of mining profits.
In the U.S., capital losses may be carried forward five years to offset capital gains. Capital loss carryforwards of $—, $—, and $152, expired in 2023, 2022 and 2021, respectively. The Company carries a full valuation allowance on U.S. capital losses.
In 2023, the U.S. had foreign tax credits of $196 expire.
Components of the Company's deferred income tax assets (liabilities) are as follows:
At December 31,
2023 2022
Deferred income tax assets:
Property, plant and mine development $ 746  $ 887 
Inventory 320  94 
Reclamation and remediation 2,362  1,702 
Net operating losses, capital losses and tax credits  2,655  1,978 
Investment in partnerships and subsidiaries  —  — 
Employee-related benefits 97  75 
Derivative instruments and unrealized loss on investments 69  54 
Foreign Exchange and Financing Obligations 86  67 
Silver Streaming Agreement 332  246 
Other 643  202 
7,310  5,305 
Valuation allowances (4,652) (3,994)
$ 2,658  $ 1,311 
Deferred income tax liabilities:
Property, plant and mine development $ (4,425) $ (2,176)
Inventory (160) (62)
Investment in partnerships and subsidiaries  (579) (615)
Other (213) (94)
(5,377) (2,947)
Net deferred income tax assets (liabilities) $ (2,719) $ (1,636)
These amounts reflect the classification and presentation that is reported for each tax jurisdiction in which the Company operates.
Valuation of Deferred Tax Assets
The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the recent pretax losses and/or expectations of future pretax losses. Such objective evidence limits the ability to consider other subjective evidence such as the Company's projections for future growth. On the basis of this evaluation, a new valuation allowance has been recorded in Argentina. However, the amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period are increased, if objective negative evidence in the form of cumulative losses is no longer present or if additional weight were given to subjective evidence such as the Company's projections for growth.
During 2023, the Company recorded an increase to the valuation allowance of $358 to tax expense, primarily driven by increases in the Yanacocha reclamation obligation in Peru, the net deferred tax asset in Argentina, the valuation allowance on Canada's tax credits, and the transaction costs capitalized to capital assets in Australia for which there is a full valuation allowance. This was partially offset by a release for expiration of foreign tax credit carryforwards in the U.S. There was additional valuation allowance established as a result of purchase accounting for the Newcrest transaction of $300.
Refer to Note 2 for additional risk factors that could impact the Company’s ability to realize the deferred tax assets.
Tax Loss Carryforwards, Foreign Tax Credits, and Canadian Tax Credits
At December 31, 2023 and 2022, the Company had (i) $3,678 and $1,963 of net operating loss carry forwards, respectively; and (ii) $513 and $615 of tax credit carry forwards, respectively. At December 31, 2023 and 2022, $989 and $649, respectively, of net operating loss carry forwards are attributable to the U.S., Australia and France for which current tax law provides no expiration period. The net operating loss carry forward in Canada of $1,458 will expire by 2043. The net operating loss carryforward in Mexico of $921 will expire by 2033, and the net operating loss carryforward in Argentina of $74 will expire by 2028.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The net operating loss carry forward in other countries is $236.
Tax credit carry forwards for 2023 and 2022 of $284 and $463, respectively, consist of foreign tax credits available in the United States; substantially all such credits not utilized will expire at the end of 2029, and of solar tax credit for 2023 and 2022 of $19 and $-, respectively, which will expire by 2045. Canadian tax credits for 2023 and 2022 of $210 and $152, respectively, consist of investment tax credits and minimum mining tax credits. Canadian investment tax credits for 2023 consisted of $124 which will substantially expire by 2043, mining tax credits of $9 which will expire by 2042, and the other Canadian tax credits of $76 that do not expire.
Company’s Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, exclusive of interest and penalties, is as follows:
2023 2022 2021
Total amount of gross unrecognized tax benefits at beginning of year $ 190  $ 245  $ 237 
Additions (reductions) for tax positions of prior years  13  (1) 36 
Additions for tax positions of current year  2  —  — 
Reductions due to settlements with taxing authorities  (18) (53) (26)
Reductions due to lapse of statute of limitations  (43) (1) (2)
Total amount of gross unrecognized tax benefits at end of year $ 144  $ 190  $ 245 
At December 31, 2023, 2022 and 2021, $190, $219 and $335, respectively, represent the amount of unrecognized tax benefits, inclusive of interest and penalties that, if recognized, would impact the Company’s effective income tax rate.
The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with the local government, and others are defined by the general corporate income tax laws of the country. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved.
Through the due diligence and integration processes, the Company has not identified new uncertain tax positions as a result of the Newcrest transaction. Work on this will continue through the measurement period.    
The Australian Taxation Office (“ATO”) is conducting a limited review of the Company’s prior year tax returns. The ATO is reviewing an internal reorganization executed in 2011 when Newmont completed a restructure of the shareholding in the Company’s Australian subsidiaries. To date, the Company has responded to inquiries from the ATO and provided them with supporting documentation for the transaction and the Company’s associated tax positions. One aspect of the ATO review relates to an Australian capital gains tax that applies to sales or transfers of stock in certain types of entities. In the fourth quarter of 2017, the ATO notified the Company that it believes the 2011 reorganization is subject to capital gains tax of approximately $85 (including interest and penalties). The Company disputes this conclusion and intends to vigorously defend its position that the transaction is not subject to this tax. In the fourth quarter of 2017, the Company made a $24 payment to the ATO and lodged an Appeal with the Australian Federal Court to preserve its right to contest the ATO conclusions on this matter. In December, an unsuccessful mediation session was held and an agreement was not reached at that time. The Company will file export reports with the Court by April 2024 in advance of proceedings. A provisional Court date is set for the third quarter of 2024.
In the third quarter of 2022, the Administración Federal de Ingresos Públicos ("AFIP") in Argentina notified the Company that it completed the 2016 transfer pricing review. The AFIP has questioned the Company’s treatment of intercompany loans and believes they should be akin to capital contributions. These intercompany loans are still in place. The Company disputes this position and continues to believe that the financing meets the qualifications of bona fide debt and intends to vigorously defend this position. To date, no final audit report or assessment has been provided by the AFIP. The matter will be closely monitored and evaluated as more information becomes available.
The Company and/or subsidiaries file income tax returns in the U.S. Federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non-U.S. income tax examinations by tax authorities for years before 2016. As a result of (i) statute of limitations that will begin to expire within the next 12 months in various jurisdictions, and (ii) possible settlements of audit-related issues with taxing authorities in various jurisdictions, the Company believes that it is reasonably possible that the total amount of its unrecognized income tax liability will decrease between $25 and $50 in the next 12 months.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The Company’s practice is to recognize interest and/or penalties related to unrecognized tax benefits as part of Income and mining tax benefit (expense). At December 31, 2023 and 2022, the total amount of accrued income-tax-related interest and penalties included in the Consolidated Balance Sheets was $78 and $77, respectively. During 2023, 2022, and 2021 the Company increased $1, and released $61 and $8 of interest and penalties, respectively, through the Consolidated Statements of Operations.
Other
No additional income taxes have been provided for any remaining undistributed foreign earnings not subject to the transition tax, or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations.
NOTE 11 EMPLOYEE-RELATED BENEFITS
At December 31,
2023 2022
Current:
Accrued payroll and withholding taxes  $ 477  $ 310 
Accrued severance 13  4 
Other post-retirement benefit plans 11  6 
Workers’ participation and other bonuses 10  56 
Employee pension benefits  6  3 
Other employee-related payables  34  20 
$ 551  $ 399 
Non-current:
Accrued severance $ 439  $ 208 
Other post-retirement benefit plans  66  60 
Employee pension benefits  35  38 
Other employee-related payables  115  36 
$ 655  $ 342 
Pension and Other Benefit Plans
The Company provides a defined benefit pension plan to eligible employees. Benefits are generally based on years of service and the employee’s annual compensation. Various international pension plans are based on local laws and requirements. Pension costs are determined annually by independent actuaries and pension contributions to the U.S. qualified plans are made based on funding standards established under the Employee Retirement Income Security Act of 1974, as amended.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The following tables provide a reconciliation of changes in the plans’ benefit obligations and assets’ fair values for 2023 and 2022:
Pension Benefits Other Benefits
2023 2022 2023 2022
Change in benefit obligation:
Benefit obligation at beginning of year $ 311  $ 1,040  $ 66  $ 84 
Service cost 12  15  1  1 
Interest cost 17  19  4  3 
Actuarial loss (gain) 17  (178) 4  (19)
Foreign currency exchange (gain) loss 3  (3) —  — 
Benefits paid (7) (25) (4) (3)
Amendments
 2  —  —  — 
Settlement payments (30) (557) —  — 
Projected benefit obligation at end of year $ 325  $ 311  $ 71  $ 66 
Accumulated benefit obligation $ 306  $ 294  $ 71  $ 66 
Change in fair value of assets:
Fair value of assets at beginning of year $ 311  $ 1,014  $ —  $ — 
Actual return (loss) on plan assets 32  (125) —  — 
Foreign currency exchange gain (loss)
 2  (3) —  — 
Employer contributions 14  7  4  3 
Benefits paid (7) (25) (4) (3)
Settlement payments (30) (557) —  — 
Fair value of assets at end of year $ 322  $ 311  $ —  $ — 
(Unfunded) funded status, net: $ (3) $ —  $ (71) $ (66)
Amounts recognized in the Consolidated Balance Sheets:
Other non-current assets $ 38  $ 41  $ —  $ — 
Employee-related benefits, current (6) (3) (6) (6)
Employee-related benefits, non-current (35) (38) (65) (60)
Net amounts recognized $ (3) $ —  $ (71) $ (66)
The Company’s qualified pension plan is funded with cash contributions in compliance with Internal Revenue Service rules and regulations. The Company’s non-qualified and other benefit plans are currently not funded, but exist as general corporate obligations. The information contained in the above tables presents the combined funded status of qualified and non-qualified plans. The Company reviews its retirement benefit programs on a regular basis and will consider market conditions and the funded status of its qualified pension plans in determining whether additional contributions are appropriate in calendar year 2024.
As of December 31, 2023 and 2022, all pension benefit plans had accumulated benefit obligations and projected benefit obligations in excess of the fair value of assets with the exception of one defined benefit pension plan in the U.S. and one defined benefit pension plan in Canada. The fair value of the plan assets associated with these pension benefit plans was in excess of the related accumulated benefit obligations and projected benefit obligations. The following table provides information for the Company's defined benefit pensions plans that had aggregate accumulated benefit obligations and projected benefit obligations in excess of plan assets at December 31:
Pension Benefits (1)
2023 2022
Accumulated benefit obligation $ 35  $ 37 
Projected benefit obligation $ 42  $ 42 
Fair value of plan assets $ 1  $ 1 
____________________________
(1)Information for other benefit plans with an accumulated benefit obligations in excess of plan assets has not been included as all of the other benefit plans are unfunded.
The significant assumptions used in measuring the Company’s benefit obligation were mortality assumptions and discount rate.
The mortality assumptions used to measure the pension and other post retirement obligation incorporate future mortality improvements from tables published by the Society of Actuaries ("SOA"). In 2022 and 2023, the SOA announced they would not release a new generational projection scale for the related years and instead updated the Mortality Improvement Model ("MIM") tool with the ability to optionally input mortality loads to model differing viewpoints of the ongoing effect of COVID.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The Company utilized the Pri-2012 mortality tables and the MP-2021 generational projection scales, with no adjustment for COVID due to the Company not experiencing material mortality gain due to COVID, to measure the pension and other post retirement obligations as of December 31, 2023 and 2022.
Yield curves matching the Company’s benefit obligations were derived using a model based on high quality corporate bond data from Bloomberg. The model develops a discount rate by selecting a portfolio of high quality corporate bonds whose projected cash flows match the projected benefit payments of the plan. The resulting curves were used to identify a weighted average discount rate for the Company of 5.33% and 5.63% at December 31, 2023 and 2022, respectively, based on the timing of future benefit payments.
Actuarial gains of $21 and $197 were recognized in the years ended December 31, 2023 and 2022, respectively, primarily due to an increase in discount rate from the prior year.
Settlement accounting is required when annual lump sum payments exceed the annual interest and service costs for a plan and results in a remeasurement of the related pension benefit obligation and plan assets and the recognition of settlement charges in Other income (loss), net due to the acceleration of a portion of unrecognized actuarial losses. Lump sum payments are primarily made from the plan assets. Settlement accounting was triggered for the periods ended December 31, 2023, 2022 and 2021 resulting in pension settlement charges of $9, $137 and $4, respectively.
For the period ended December 31, 2022, pension settlement charges primarily resulted from the Company executing an annuitization to transfer a portion of the pension plan obligations from the Company's U.S. qualified defined benefit pension plans to an insurance company using plan assets during the first quarter of 2022. As a result, $527 of the previously recognized pension obligations were transferred and settlement accounting was triggered which resulted in the recognition of a non-cash settlement loss of $130 in Other income (loss), net. In December 2022, the Company received the final true-up from the insurance company for the annuitization, which had an inconsequential impact on the settlement.
The following table provides the net pension and other benefits amounts recognized in Accumulated other comprehensive income (loss):
Pension Benefits Other Benefits
At December 31, At December 31,
2023 2022 2023 2022
Accumulated other comprehensive income (loss):
Net actuarial gain (loss) $ (76) $ (76) $ 24  $ 29 
Prior service credit 4  12  1  1 
(72) (64) 25  30 
Less: Income taxes 16  13  (5) (6)
Total $ (56) $ (51) $ 20  $ 24 
The following table provides components of the total benefit cost (income), inclusive of the net periodic pension and other benefits costs (credits):
Pension Benefit Costs (Credits) Other Benefit Costs (Credits)
Years Ended December 31, Years Ended December 31,
2023 2022 2021 2023 2022 2021
Pension benefit cost (income), net: (1)
Service cost  $ 12  $ 15  $ 15  $ 1  $ 1  $ 1 
Interest cost  17  19  30  4  3  3 
Expected return on plan assets  (23) (35) (59) —  —  — 
Amortization, net (7) 2  29  (2) (3) (2)
Net periodic benefit cost (income) $ (1) $ 1  $ 15  $ 3  $ 1  $ 2 
Settlement cost 9  137  4  —  —  — 
Total benefit cost (income) $ 8  $ 138  $ 19  $ 3  $ 1  $ 2 
____________________________
(1)Service costs are included in Costs applicable to sales or General and administrative and the other components of benefit costs are included in Other income (loss), net.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The following table provides the components recognized in Other comprehensive income (loss):
Pension Benefits Other Benefits
Year Ended December 31, Year Ended December 31,
2023 2022 2021 2023 2022 2021
Net loss (gain) $ 8  $ (20) $ (48) $ 3  $ (20) $ (5)
Amortization, net 7  (2) (29) 2  3  2 
Prior service cost
 2  —  —  —  —  — 
Settlements (9) (137) (4) —  —  — 
Total recognized in other comprehensive income (loss) $ 8  $ (159) $ (81) $ 5  $ (17) $ (3)
Total benefit cost (credit) and other comprehensive income (loss) $ 16  $ (21) $ (62) $ 8  $ (16) $ (1)
Actuarial losses in excess of 10 percent of the greater of the projected benefit obligation or market-related value of plan assets are amortized over the expected average remaining future service period of the current active participants.
The significant assumptions used in measuring the Company’s Total benefit cost (income) and Other comprehensive income (loss) were discount rate and expected return on plan assets:
Pension Benefits Other Benefits
Year Ended December 31, Year Ended December 31,
2023 2022 2021 2023 2022 2021
Weighted average assumptions used in measuring the net periodic benefit cost:
Discount rate (1)
 5.63  % 4.09  % 2.77  % 6.10  % 3.03  % 2.70  %
Expected return on plan assets  6.38  % 6.75  % 6.75  % N/A N/A N/A
____________________________
(1)Total benefit cost (income) and other comprehensive income (loss) for the Company's U.S. qualified defined benefit pension plan was remeasured due to the settlement accounting required from the retiree annuity purchase on March 25, 2022. The discount rate used for determining the Total benefit cost (income) and other comprehensive income (loss) reflected 3.03% from January 1, 2022 through March 25, 2022 and 4.09% from March 26, 2022 through December 31, 2022.
The expected long-term return on plan assets used for each period in the three years ended December 31, 2023 was determined based on an analysis of the asset returns over multiple time horizons for the Company’s actual plan and for other comparable U.S. corporations. At December 31, 2023, Newmont has estimated the expected long-term return on the qualified pension plan's assets to be 7.25% which will be used in determining future net periodic benefit cost. The Company determines the long-term return on plan assets by considering the most recent capital market forecasts, the plans’ current asset allocation and the actual return on plan assets in comparison to the expected return on assets. The average actual return on the qualified pension plan's assets during the 35 years ended December 31, 2023 approximated 7.65%.
Newmont has two pension calculations for salaried U.S. employees. The first is a “Final Average Pay” pension calculation which is defined as a monthly annuity at age 62 based, in part, on their highest five year eligible earnings and years of credited service. The second is the “Stable Value” calculation which is defined as a lump sum payment to employees upon retirement. The amount of the lump sum is the total of annual accruals based on the employee’s eligible earnings and years of service. The benefits accrued under the Final Average Pay formula were frozen on June 30, 2014 for those eligible employees. Beginning July 1, 2014, all future accruals are based on the terms and features of the Stable Value calculation.
The assumed health care trend rate used to measure the expected cost of benefits is 6.25% in 2024 and decreases gradually each year to 5.00% in 2029, which is used thereafter.
The qualified pension plan employs an independent investment firm which invests the assets of the plans in certain approved funds that correspond to specific asset classes with associated target allocations. The goal of the pension fund investment program is to achieve prudent actuarial funding ratios while maintaining acceptable risk levels. The investment performance of the plans and that of the individual investment firms is measured against recognized market indices. The performance of the pension funds are monitored by an investment committee comprised of members of the Company’s management, which is advised by an independent investment consultant. With the exception of global capital market economic risks, the Company has identified no significant portfolio risks associated to asset classes.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The following is a summary of the target asset allocations for 2023 and the actual asset allocation at December 31, 2023:
Asset Allocation Target
Actual at December 31, 2023
Fixed income investments 45  % 45  %
World equity fund (U.S. and International equity investments) 20  % 19  %
International equity investments 12  % 12  %
U.S. equity investments  11  % 11  %
Real estate
 8  % 9  %
High yield fixed income investments 4  % 4  %
Cash equivalents —  % —  %
Cash equivalent instruments are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets and are primarily invested in money market securities and U.S. Treasury securities.
Commingled fund investments are managed by several fund managers and are valued at the net asset value per share for each fund. Although the majority of the underlying assets in the funds consist of actively traded equity securities and bonds, the unit of account is considered to be at the fund level. These funds require less than a month’s notice for redemptions and can be redeemed at the net asset value per share.
The following table sets forth the Company’s pension plan assets measured at fair value:
Fair Value at December 31,
2023 2022
Commingled Funds:
Fixed income investments $ 152  $ 143 
World equity fund (U.S. and International equity investments) 54  53 
International equity investments 45  44 
U.S. equity investments 34  31 
Real estate
 25  27 
High yield fixed income investments 11  10 
Cash equivalents 1  3 
Total $ 322  $ 311 
Cash Flows
Benefit payments expected to be paid to plan participants are as follows:
Pension Plan Other Benefits Plan
2024 $ 23  $ 6 
2025 $ 20  $ 6 
2026 $ 22  $ 6 
2027 $ 22  $ 6 
2028 $ 24  $ 6 
Thereafter
 $ 129  $ 27 
Savings Plans
The Company has one qualified defined contribution savings plan in the U.S. that covers salaried and hourly employees. When an employee meets eligibility requirements, the Company matches 100% of employee contributions of up to 6% of eligible earnings. Hourly employees receive an additional retirement contribution to the participant’s retirement contribution account equal to an amount which is paid and determined by the Company. Currently, the additional retirement contribution is 5% of eligible earnings. Matching contributions are made in cash. In addition, the Company has one non-qualified supplemental savings plan for executive-level employees whose benefits under the qualified plan are limited by federal regulations.
NOTE 12 STOCK-BASED COMPENSATION
The Company has stock incentive plans for directors, executives and eligible employees. Stock incentive awards include RSUs and PSUs. The Company issues new shares of common stock to satisfy option exercises and vesting under all of its stock incentive awards. Prior to 2012, the Company also granted options to purchase shares of stock with exercise prices not less than fair market value of the underlying stock at the date of grant.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
At December 31, 2023, 21,472,946 shares were authorized for future stock incentive plan awards.
Restricted Stock Units
The Company grants RSUs to directors, executives and eligible employees. Awards are determined as a target percentage of base salary and, for eligible employees, are subject to a personal performance factor. For all RSU grants issued prior to February 2018, RSU awards vest on a straight-line basis over periods of three years or more, unless the employee becomes retirement eligible prior to the vesting date. If an employee becomes retirement eligible and retires prior to the vesting date, the remaining awards vest on a pro rata basis at the retirement date. Starting with the February 2018 grant, if the employee becomes retirement eligible at any point during the vesting period, the entire award is considered earned after the later of the one-year service period from the grant date or the retirement eligible date. Prior to vesting, holders of RSUs do not have the right to vote the underlying shares; however, directors, executives and eligible employees accrue dividend equivalents on their RSUs, which are paid at the time the RSUs vest. The accrued dividend equivalents are not paid if RSUs are forfeited. The RSUs are subject to forfeiture risk and other restrictions. Upon vesting, the employee is entitled to receive one share of the Company’s common stock for each restricted stock unit.
Performance Stock Units
In 2023, the Company amended the PSU plan for eligible executives to incorporate awards that vest based on certain performance-related conditions in addition to the historically granted awards that vest based on certain market-related conditions.
For market-related conditions, the awards vest after the three-year requisite service period based on the Company's total shareholder return compared to the return of a peer group. The grant date fair value of the awards are amortized on a straight-line basis over the required performance period.
The grant date fair value of the market-related conditions for each PSU granted in 2023, 2022 or 2021 was determined using a Monte Carlo valuation model, which requires the input of the following subjective assumptions:
Year Ended December 31,
2023 2022 2021
Risk-free interest rate 4.45% 1.61% 0.22%
Volatility range
34.24% - 81.36%
31.78% - 81.77%
31.41% - 76.72%
Weighted-average volatility 55.24% 54.89% 53.05%
Expected term (years) 3 3 3
Weighted-average fair market value $50.39 $77.00 $65.41
The risk-free interest rates are based on a U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on historical volatility of the Company's stock as well as the stock of the peer group for the three-year performance period.
For performance-related conditions, the awards vest based on the achievement of certain performance metrics which include (i) representation of women on executive team and (ii) Scope 1 and 2 emission reductions related to key milestone projects. The grant date fair value of the awards are amortized over the three-year requisite service period, based on the probability of the performance conditions being met.
The grant date fair value of the performance-related conditions for each PSU granted in 2023 was determined using the Company's stock price on the grant. The weighted-average fair market value for 2023 was $43.34.
Goldcorp Employee Stock Options
In connection with Newmont's acquisition of Goldcorp in 2019, the Company exchanged 3.6 million outstanding Goldcorp options for 1.2 million Newmont options with the right to exercise each Newmont option for one share of Newmont common stock. At December 31, 2022, there were 47,047 options outstanding and exercisable with a weighted average exercise price of $46.33. During 2023, 5,319 options were exercised with a weighted average exercise price of $46.27. During 2023, 41,728 options expired with a weighted average exercise price of $46.34. At December 31, 2023, there were no options outstanding and exercisable.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Stock-Based Compensation Activity
A summary of the status and activity of non-vested RSUs and PSUs for the year ended December 31, 2023 is as follows:
RSU PSU
Number of Units Weighted Average Grant-Date Fair Value Number of Units Weighted Average Grant-Date Fair Value
Non-vested at beginning of year 1,699,736  $ 58.07  1,201,756  $ 67.05 
Granted 1,544,290  $ 42.97  920,009  $ 52.40 
Vested (867,814) $ 56.25  (803,442) $ 59.96 
Forfeited (273,645) $ 48.65  (124,788) $ 66.30 
Non-vested at end of year 2,102,567  $ 48.95  1,193,535  $ 60.60 
The total intrinsic value and fair value of RSUs that vested in 2023, 2022 and 2021 was $36, $62 and $72, respectively. The total intrinsic value and fair value of PSUs that vested in 2023, 2022 and 2021 was $35, $47 and $21, respectively.
Cash flows resulting from excess tax benefits are classified as part of cash flows from operating activities. Excess tax benefits are realized tax benefits from tax deductions for vested RSUs, settled PSUs, and exercised options in excess of the deferred tax asset attributable to stock compensation costs for such equity awards. The Company recorded $1 in tax deficiencies for the year ended December 31, 2023 and $5 and $3 in excess tax benefits for the years ended December 31, 2022 and 2021, respectively.
At December 31, 2023, there was $55 and $31 of unrecognized compensation costs related to the unvested RSUs and PSUs, respectively. This cost is expected to be recognized over a weighted average period of approximately two years.
The Company recognized stock-based compensation as follows:
Year Ended December 31,
2023 2022 2021
Stock-based compensation:
Restricted stock units $ 52  $ 49  $ 47 
Performance leveraged stock units 24  24  25 
Other (1)
 4  3  — 
Total $ 80  $ 76  $ 72 
____________________________
(1)For the years ended December 31, 2023 and December 31, 2022, other includes the Company's proportionate share of NGM stock compensation.
NOTE 13 FAIR VALUE ACCOUNTING
Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1    Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2    Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level 3    Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Fair Value at December 31, 2023
Total Level 1 Level 2 Level 3
Assets:
Cash and cash equivalents (1)
 $ 3,002  $ 3,002  $ —  $ — 
Restricted cash 98  98  —  — 
Trade receivables from provisional concentrate sales, net  734  —  734  — 
Long-lived assets (Note 7)
 22  —  —  22 
Marketable and other equity securities (Note 15)
 252  243  9  — 
Restricted marketable debt securities (Note 15)
 21  21  —  — 
Derivative assets (Note 14)
 642  —  7  635 
$ 4,771  $ 3,364  $ 750  $ 657 
Liabilities:
Debt (2)
 $ 8,975  $ —  $ 8,975  $ — 
Derivative liabilities (Note 14)
 5  —  —  5 
$ 8,980  $ —  $ 8,975  $ 5 
Fair Value at December 31, 2022
Total Level 1 Level 2 Level 3
Assets:
Cash and cash equivalents (1)
 $ 2,877  $ 2,877  $ —  $ — 
Restricted cash 67  67  —  — 
Time deposits and other (Note 15)
 846  —  846  — 
Trade receivables from provisional concentrate sales, net  364  —  364  — 
Long-lived assets (Note 7)
 25  —  —  25 
Marketable and other equity securities (Note 15)
 260  250  10  — 
Restricted marketable debt securities (Note 15)
 27  23  4  — 
Restricted other assets (Note 15)
 8  8  —  — 
Derivative assets (Note 14) (3)
 208  —  20  188 
$ 4,682  $ 3,225  $ 1,244  $ 213 
Liabilities:
Debt (2)
 $ 5,136  $ —  $ 5,136  $ — 
Derivative liabilities (Note 14) (3)
 3  —  —  3 
$ 5,139  $ —  $ 5,136  $ 3 
____________________________
(1)Cash and cash equivalents at December 31, 2023 and 2022 include term deposits that have an original maturity of three months or less.
(2)Debt is carried at amortized cost. The outstanding carrying value was $8,874 and $5,571 at December 31, 2023 and December 31, 2022, respectively. The fair value measurement of debt was based on an independent third-party pricing source.
(3)Derivative assets and liabilities include amounts for contingent consideration assets and liabilities, which were separately disclosed in prior filings.
The Company’s cash and cash equivalents and restricted cash (which includes restricted cash and cash equivalents) are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets and are primarily money market securities and U.S. Treasury securities.
The Company's time deposits and other primarily consists of time deposits with an original maturity of more than three months but less than one year and are classified within Level 2 of the fair value hierarchy as they are carried at amortized cost.
The Company’s net trade receivables from provisional metal concentrate sales, which contain an embedded derivative and are subject to final pricing, are valued using quoted market prices based on forward curves for the particular metal. As the contracts themselves are not traded on an exchange, these receivables are classified within Level 2 of the fair value hierarchy.
The Company's long-lived assets consist of long-lived assets at certain sites that were subject to fair value measurement as a result of impairment tests performed for the years ended December 31, 2023 and 2022. The Company performed a non-recurring fair value measurement, classified as Level 3 of the fair value hierarchy, in connection with recoverability and impairment tests performed over long-lived assets and goodwill for all applicable reporting units. Impairment charges related to goodwill were for the full goodwill balance at Peñasquito, Musselwhite and Éléonore, resulting in no remaining balance at December 31, 2023. For further information regarding management’s assessment of these certain long-lived assets and goodwill reporting units, including the assumptions utilized in determining the fair value, refer to Note 7.
The Company’s marketable and other equity securities with readily determinable fair values are valued using quoted market prices in active markets and as such are classified within Level 1 of the fair value hierarchy. The fair value of the marketable equity securities are calculated as the quoted market price of the marketable equity security multiplied by the quantity of shares held by the Company.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The Company’s marketable and other equity securities without readily determinable fair values consists of the Company’s ownership in warrants in publicly traded companies. Warrants are valued using a Black-Scholes model using quoted market prices in active markets of the underlying securities. As the warrants themselves are not traded on the exchange, these equity securities are classified within Level 2 of the fair value hierarchy. At December 31, 2023 and December 31, 2022, these warrants are included in the "Time deposits and other" and the "Marketable and other equity securities" line items in the tables presented above, respectively.
The Company’s restricted marketable debt securities are primarily U.S. government issued bonds and international bonds. The Company’s debt securities held at Yanacocha are classified within Level 1 of the fair value hierarchy, using published market prices of actively traded securities. The Company’s debt securities held at Corporate and Other are classified within Level 1 and Level 2 of the fair value hierarchy. The Level 1 debt securities are valued using published market prices of actively traded securities and the Level 2 debt securities are valued using pricing models which are based on published market inputs for similar, actively traded securities.
The Company's restricted other assets are primarily money market securities with a term longer than three months which are valued using quoted market prices in active markets. As such, they are classified within Level 1 of the fair value hierarchy.
The Company’s derivative instruments consist of the Stream Credit Facility Agreement, the Cadia Power Purchase Agreement, foreign currency fixed forward contracts, and contingent considerations.
The Stream Credit Facility Agreement and the Cadia Power Purchase Agreement were acquired as part of the Newcrest transaction and are financial instruments that meet the definition of a derivative, but are not designated for hedge accounting under ASC 815. These agreements are accounted for at fair value using probability weighted discounted cash flow models and are classified within Level 3 of the fair value hierarchy. Valuation models require a variety of inputs, including long-term metal prices, life of mine production profiles, forward power prices, forecasted power generation volume, discount rates, and inflation assumptions. Refer to Note 14 for further information.
The foreign currency fixed forward contracts are valued using pricing models based on forward curves. The Company’s derivatives trade in liquid markets, and as such, model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. Refer to Note 14 for further information.
The contingent consideration assets and liabilities are classified within Level 3 of the fair value hierarchy. Changes in the discount rate will result in an inverse impact to the estimated fair value of the contingent consideration assets and liabilities. For certain contingent consideration assets, a change in copper price will result in a corresponding impact to the estimated fair value. Refer to Note 14 for further information.
The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities at December 31, 2023 and December 31, 2022:
Description At December 31, 2023 Valuation technique Significant input Range, point estimate or average
Long-lived assets
 $ 22 
Market-multiple
Various (1)
Various (1)
Derivative assets:
Derivative assets, not designated for hedging (2)
 $ 424  Discounted cash flow
Discount rate (3)
6.28 - 10.50
 %
Contingent consideration assets
 $ 211 
Monte Carlo (4)
Discount rate (3)
8.04 - 26.43
 %
Derivative liabilities
 $ 5  Discounted cash flow
Discount rate (3)
4.91 - 6.15
 %
____________________________
(1)Refer to Note 7 for information on the assumptions and inputs specific to the non-recurring fair value measurements performed in connection with recoverability and impairment tests incurred for certain long-lived assets and goodwill reporting units.
(2)Derivative assets, not designated in a hedging relationship relate to the Stream Credit Facility Agreement and the Cadia Power Purchase Agreement acquired as part of the Newcrest transaction. See Note 14 for further information.
(3)The weighted average discount rates used to calculate the Company’s Derivative assets, not designated for hedging, Contingent consideration assets, and Derivative liabilities are 9.03%, 11.18%, and 5.65% respectively. Various other inputs including, but not limited to, metal prices, and future expected production profiles were utilized in determining the fair value of the individual derivatives.
(4)A Monte Carlo valuation model is used for the fair value measurement of the Batu Hijau contingent consideration asset. All other contingent consideration assets are valued using a probability-weighted discounted cash flow where the significant input is the discount rate.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Description At December 31, 2022 Valuation technique Significant input Range, point estimate or average
Long-lived assets
 $ 25  Income approach
Various (1)
Various (1)
Derivative assets (2)
 $ 188 
Monte Carlo (3)
Discount rate (4)
8.75 - 29.59
 %
Derivative liabilities (2)
 $ 3  Discounted cash flow
Discount rate (4)
5.56 - 7.08
 %
____________________________
(1)Refer to Note 7 for information on the assumptions and inputs specific to the non-recurring fair value measurements performed in connection with recoverability and impairment tests incurred for certain long-lived assets and goodwill reporting units.
(2)Derivative assets and liabilities include amounts for contingent consideration assets and liabilities, which were separately disclosed in prior filings.
(3)A Monte Carlo valuation model is used for the fair value measurement of the Batu Hijau contingent consideration asset. All other contingent consideration assets are valued using a probability-weighted discounted cash flow where the significant input is the discount rate.
(4)The weighted average discount rate used to calculate the Company’s derivative assets and liabilities are 11.86% and 6.07%, respectively. Various other inputs including, but not limited to, metal prices, production profiles and new mineralization discoveries were utilized in determining the fair value of the individual derivatives.
The following tables set forth a summary of changes in the fair value of the Company’s recurring Level 3 financial assets and liabilities:
Derivative
Assets (1)
 Total Assets
Derivative Liabilities
 Total Liabilities
Fair value at December 31, 2021 $ 171  $ 171  $ 5  $ 5 
Additions and settlements 1  1  —  — 
Revaluation 16  16  (2) (2)
Fair value at December 31, 2022 188  188  3  3 
Additions and settlements 424  424  —  — 
Revaluation 23  23  2  2 
Fair value at December 31, 2023 $ 635  $ 635  $ 5  $ 5 
____________________________
(1)In 2023, the gain recognized on revaluation of derivative assets of $1 and $22 are included in Other Income (loss), net and Net income (loss) from discontinued operations, respectively. In 2022, the (loss) gain recognized on revaluation on derivative assets of $(2) and $18 are included in Other Income (loss), net and Net income (loss) from discontinued operations, respectively.
NOTE 14 DERIVATIVE INSTRUMENTS
At December 31,
2023 2022
Current derivative assets:
Derivative assets, not designated for hedging (1)
 $ 115  $ — 
Contingent consideration assets 76  — 
Hedging instruments 7  12 
$ 198  $ 12 
Noncurrent derivative assets:
Derivative assets, not designated for hedging (1)
 $ 309  $ — 
Contingent consideration assets 135  188 
Hedging instruments —  8 
$ 444  $ 196 
Noncurrent derivative liabilities: (2)
Contingent consideration liabilities $ 8  $ 3 
____________________________
(1)Derivative assets not designated in a hedging relationship relate to the Stream Credit Facility Agreement and the Cadia Power Purchase Agreement acquired as part of the Newcrest transaction. See below for further information.
(2)Included in Other non-current liabilities in the Company’s Consolidated Balance Sheets.
Acquired Derivatives
On November 6, 2023, the Company acquired certain derivatives instruments through the Newcrest transaction.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Gold and Fuel Hedge Programs
Both the gold and fuel hedge programs acquired through the Newcrest transaction were settled during November 2023. The settlement of the gold and fuel hedge programs resulted in a net gain of $7 which was recognized in earnings in Other income (loss), net in the Company's Consolidated Statement of Operations.
Stream Credit Facility Agreement ("SCFA")
The SCFA is a non-revolving credit facility in relation to the Fruta del Norte mine, which is wholly owned and operated by Lundin Gold Inc. ("Lundin Gold") in which the Company holds a 32.0% equity interest (refer to Note 15 for further information). The SCFA has a face value of $150 to be repaid in cash based on the Fruta del Norte mine's gold and silver production. The amount of each monthly payment is the sum of the following: (i) 7.75% of refined gold processed in the prior month, multiplied by the excess of the gold price over $400 per ounce (subject to an inflationary adjustment), until 350,000 ounces is reached; and (ii) 100% of refined silver processed in the prior month, multiplied by the excess of the silver price over $4 per ounce (subject to an inflationary adjustment), until 6 million ounces is reached. Lundin Gold also has the option to prepay (i) 50% of the remaining SCFA on June 30, 2024 for $150 and/or (ii) the other 50% of the remaining SCFA on June 30, 2026 for $225.
The SCFA is a financial instrument that meets the definition of a derivative and is accounted for at fair value using a probability weighted discounted cash flow model, but is not designated for hedge accounting under ASC 815. Changes in the fair value are recognized in Other income (loss), net in the Company's Consolidated Statement of Operations. The SCFA meets the definition of a derivative as the principal and interest payments are calculated based on the future prices and production profiles of gold and silver, which are not clearly and closely related to the economic characteristics and risks of the host non-revolving credit facility. The SCFA has a stated interest rate of 7.5%. Repayments in excess of the principal and stated interest rate amount are recognized in Other income (loss), net in the Company's Consolidated Statement of Operations. The fair value of the SCFA was $276 at December 31, 2023, of which $113 is recognized in the current portion of Derivative assets and $163 is recognized in non-current Derivative assets in the Company’s Consolidated Balance Sheets.
Cadia Power Purchase Agreement ("Cadia PPA")
The Cadia PPA is a 15-year renewable power purchase agreement. The Cadia PPA will provide the Company with access to large scale generation certificates which the Company intends to surrender to achieve a reduction in its greenhouse gas emissions. The Cadia PPA is a financial instrument that meets the definition of a derivative and is accounted for at fair value using a probability weighted discounted cash flow model, but is not designated for hedge accounting under ASC 815. Changes in the fair value are recognized in Other income (loss), net in the Company's Consolidated Statement of Operations. The fair value of the Cadia PPA was $148 at December 31, 2023, of which $2 is recognized in the current portion of Derivative assets and $146 is recognized in non-current Derivative assets in the Company’s Consolidated Balance Sheets.
Contingent Consideration Assets and Liabilities
Contingent consideration assets and liabilities are comprised of contingent consideration to be received or paid by the Company in conjunction with various sales of assets and investments with future payment contingent upon meeting certain milestones. These contingent consideration assets and liabilities are accounted for at fair value using probability weighted discounted cash flow models and consist of financial instruments that meet the definition of a derivative, but are not designated for hedge accounting under ASC 815. Refer to Note 13 for further information regarding the fair value of the contingent consideration assets and liabilities.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The Company had the following contingent consideration assets and liabilities at December 31, 2023 and 2022:
At December 31,
2023 2022
Contingent Consideration Assets:
Batu Hijau and Elang (1)
 $ 161  $ 139 
Red Lake (2)
 39  39 
Cerro Blanco (2)
 6  5 
Maverix (2)(3)
 4  4 
Other (2)
 1  1 
$ 211  $ 188 
Contingent Consideration Liabilities: (4)
Norte Abierto $ 3  $ 1 
Red Chris (5)
 3  — 
Galore Creek 2  2 
$ 8  $ 3 
____________________________
(1)Contingent consideration related to the sale of PT Newmont Nusa Tenggara in 2016. Refer to Note 1 for additional information. At December 31, 2023, $76 is included in the current portion of Derivative assets and $85 is included in Derivative assets in the Company’s Consolidated Balance Sheets. At December 31, 2022, $139 is included in Derivative assets in the Company’s Consolidated Balance Sheets.
(2)Included in the current portion of Derivative assets in the Company’s Consolidated Balance Sheets.
(3)Refer to Note 15 for further information on the contingent consideration assets related to Maverix.
(4)Included in Other non-current liabilities in the Company’s Consolidated Balance Sheets.
(5)Acquired through the Newcrest transaction and is included in Other current liabilities in the Company’s Consolidated Balance Sheets.
Hedging Instruments
In May 2023, the Company entered into C$348 of CAD-denominated and A$648 of AUD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the CAD-denominated and AUD-denominated operating expenditures expected to be incurred between June and December 2023 included in the Company's operating mines located in Canada and Australia, respectively. The fixed forward contracts were transacted for risk management purposes. The Company designated the CAD-denominated and AUD-denominated fixed forward contracts as foreign currency cash flow hedges against the forecasted CAD-denominated and AUD-denominated operating expenditures, respectively. The hedge programs matured and no amounts remain in Accumulated other comprehensive income (loss) as of December 31, 2023.
In October 2022, the Company entered into A$574 of AUD-denominated fixed forward contracts to mitigate variability in the USD functional cash flows related to the AUD-denominated capital expenditures expected to be incurred in 2023 and 2024 during the construction and development phase of the Tanami Expansion 2 project included in the Company's Tanami segment. The fixed forward contracts were transacted for risk management purposes. The Company has designated the fixed forward contracts as foreign currency cash flow hedges against the forecasted AUD-denominated Tanami Expansion 2 capital expenditures.
To minimize credit risk, the Company only enters into transactions with counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. The Company believes that the risk of counterparty default is low and its exposure to credit risk is minimal.
The unrealized changes in fair value have been recorded in Accumulated other comprehensive income (loss) and are reclassified to income during the period in which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. If the underlying hedge transaction becomes probable of not occurring, the related amounts will be reclassified to earnings immediately. For the foreign currency cash flow hedges related to the Tanami Expansion 2 project, amounts recorded in Accumulated other comprehensive income (loss) will be reclassified to earnings through Depreciation and amortization after the project reaches commercial production.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The following table provides the fair value of the Company’s derivative instruments designated as cash flow hedges:
At December 31,
2023 2022
Derivative Assets:
Foreign currency cash flow hedges, current (1)
 $ 7  $ 12 
Foreign currency cash flow hedges, non-current (2)
 —  8 
$ 7  $ 20 
____________________________
(1)Included in Derivative assets in the Company’s Consolidated Balance Sheets.
(2)Included in non-current Derivative assets in the Company’s Consolidated Balance Sheets.
The following table provides the losses (gains) recognized in earnings related to the Company's derivative instruments designated for hedging:
Year Ended December 31,
2023 2022 2021
Loss (gain) on cash flow hedges:
Foreign currency cash flow hedges (1)
 $ 19  $ —  $ — 
Interest rate contracts (2)
 5  6  8 
Operating cash flow hedges (3)
 —  —  1 
$ 24  $ 6  $ 9 
____________________________
(1)Foreign currency cash flow hedges relate to contracts entered into, and subsequently settled, to mitigate the variability of CAD and AUD denominated operating expenditures. The amounts are reclassified out of Accumulated other comprehensive income (loss) into earnings in the month that the operating expenditures are incurred. The losses (gains) recognized in earnings are included in Costs applicable to sales in the Company’s Consolidated Statement of Operations.
(2)Interest rate contracts relate to swaps entered into, and subsequently settled, associated with the issuance of the 2022 Senior Notes, 2035 Senior Notes, 2039 Senior Notes, and 2042 Senior Notes. The related gains and losses are reclassified from Accumulated other comprehensive income (loss) and amortized to Interest expense, net over the term of the respective hedged notes. During the year ended December 31, 2021, $1 was reclassified to Other income (loss), net as a result of the redemption and tender offers of the 2022 Senior Notes. Refer to Note 20 for additional information.
(3)Operating cash flow hedges relate to contracts entered into, and subsequently settled, to mitigate the variability of operating costs primarily related to diesel price fluctuations. The amounts are reclassified out of Accumulated other comprehensive income (loss) into earnings as diesel costs are incurred. The gains (losses) recognized in earnings are included in Costs applicable to sales in the Company’s Consolidated Statement of Operations.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 15 INVESTMENTS
At December 31,
2023 2022
Time deposits and other investments:
Time deposits and other (1)
 $ —  $ 846 
Marketable equity securities 23  34 
$ 23  $ 880 
Non-current: 
Marketable and other equity securities $ 229  $ 226 
Equity method investments: 
Pueblo Viejo Mine (40.0%)
 $ 1,489  $ 1,435 
NuevaUnión Project (50.0%)
 959  956 
Lundin Gold Inc. (32.0%) (2)
 938  — 
Norte Abierto Project (50.0%)
 528  518 
Maverix Metals Inc. (—% and 28.5%, respectively) (3)
 —  143 
Other (2)
 —  — 
3,914  3,052 
$ 4,143  $ 3,278 
Non-current restricted investments: (4)
Marketable debt securities $ 21  $ 27 
Other assets —  8 
$ 21  $ 35 
____________________________
(1)At December 31, 2022, Time deposits and other primarily includes time deposits with an original maturity of more than three months but less than one year of $829 and related accrued interest of $9. All time deposits with an original maturity of more than three months but less than one year matured as of December 31, 2023.
(2)On November 6, 2023, as a part of the Newcrest transaction, the Company acquired interests in Lundin Gold and Azucar Minerals Ltd ("Azucar"). Refer to "Lundin Gold" below for further information on Lundin Gold. At December 31, 2023, Azucar is included in Other.
(3)In January 2023, Maverix was fully acquired by Triple Flag. The Company's ownership interest in the newly combined company was subsequently sold in March 2023. Refer to "Maverix Metals, Inc." below for further information.
(4)Non-current restricted investments are legally pledged for purposes of settling reclamation and remediation obligations and are included in Other non-current assets. For further information regarding these amounts, refer to Note 6.
Equity Method Investments
Income (loss) from the Company's equity method investments is recognized in Equity income (loss) of affiliates, which for the years ended December 31, 2023, 2022 and 2021 primarily consists of income of $63, $102 and $166, respectively, from the Pueblo Viejo mine.
See below for further information on the Company's equity method investments.
Pueblo Viejo
The Pueblo Viejo mine is located in the Dominican Republic and commenced operations in September 2014. Barrick operates and holds the remaining interest in the mine. At acquisition, the carrying value of Newmont’s equity investment in Pueblo Viejo was lower than the underlying net assets of its investment resulting in a basis difference, which is being amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine. As of December 31, 2023 the net basis difference was $224.
In June 2009, Goldcorp entered into a $400 shareholder loan agreement with Pueblo Viejo with a term of fifteen years. In April 2012, additional funding of $300 was issued to Pueblo Viejo with a term of twelve years. Both loans bear interest at 95% of LIBOR plus 2.95% which is compounded semi-annually in arrears on February 28 and August 31 of each year. The loans have no set repayment terms. Both loans were fully repaid in December 2022.
In November 2020, the Company and Barrick entered into an agreement with Pueblo Viejo to provide additional funding of up to $1,300 ($520 attributable to Newmont's 40% ownership interest) through a loan facility for the expansion of Pueblo Viejo's operations (“Loan Facility”). Under the terms of the agreement, the Company and Barrick will distribute funds based on their respective proportionate ownership interest in Pueblo Viejo. The Loan Facility bears interest at 95% of the 6-month SOFR plus 4.25% which is compounded semi-annually in arrears on February 28 and August 31 of each year. The Loan Facility will be provided in two tranches of $800 and $500, respectively.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Unused proceeds under the first tranche will be available for use under the second tranche. The tranches mature February 28, 2032 and February 28, 2035, respectively.
As of December 31, 2023 and December 31, 2022, the Company had outstanding shareholder loans to Pueblo Viejo of $429 and $356, with accrued interest of $14 and $8, respectively. All loans receivable and accrued interest are included in the Pueblo Viejo equity method investment balance.
In September 2019, the Company and Barrick entered into a $70 revolving loan facility (“Revolving Facility”) to provide short-term financing to Pueblo Viejo. The Company will fund 40% of the borrowings based on its ownership interest in Pueblo Viejo. The Revolving Facility matures on December 31, 2024 and bears interest using the 3-month SOFR plus 2.24%. There were no borrowings outstanding under the Revolving Facility as of December 31, 2023 and December 31, 2022.
The Company purchases its portion (40.0%) of gold and silver produced from Pueblo Viejo at market price and resells those ounces to third parties. Total payments made to Pueblo Viejo for gold and silver purchased were $448 and $530 for the years ended December 31, 2023 and December 31, 2022, respectively. These purchases, net of subsequent sales, were included in Other income (loss), net and the net amount is immaterial. There were no amounts due to or due from Pueblo Viejo for gold and silver purchases as of December 31, 2023 or December 31, 2022.
Lundin Gold Inc.
Lundin Gold is a Canadian based mine development and operating company which wholly owns and operates the Fruta del Norte gold mine in Ecuador. On November 6, 2023, as a part of the Newcrest transaction, the Company acquired 32.0% interest in Lundin Gold. The Company accounts for Lundin as an equity method investment on a quarter lag. At acquisition, the carrying value of Newmont’s equity investment in Lundin Gold was higher than the underlying net assets of its investment resulting in a basis difference. This basis difference is being amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine. As of December 31, 2023 the net basis difference was $640.
The Company purchases 50% of gold produced from Lundin Gold at a price determined based on delivery dates and a defined quotational period and resells those ounces to third parties. Total payments made to Lundin Gold for gold purchased were $30 for the year ended December 31, 2023. These purchases, net of subsequent sales, were included in Other income (loss), net and the net amount is immaterial. At December 31, 2023, there was $13 payable due to Lundin Gold for gold purchases.
NuevaUnión
The NuevaUnión project is located in Chile and is currently in the Company’s development project pipeline. The project is jointly managed by Newmont and Teck Resources, who holds the remaining 50% interest. At acquisition, the carrying value of Newmont’s equity investment in NuevaUnión was lower than the underlying net assets of its investment resulting in a basis difference. This basis difference will be amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine beginning when commercial production is declared. As of December 31, 2023 the net basis difference was $67.
Norte Abierto
The Norte Abierto project is located in Chile and is currently in the Company’s development project pipeline. The project is jointly managed by Newmont and Barrick, who holds the remaining 50.0% interest. Newmont owed deferred payments to Barrick to be satisfied through funding a portion of Barrick’s share of Norte Abierto project expenditures.
In December 2023, the Company entered into an agreement with Barrick and subsequently settled the deferred payments. Immediately prior to settlement, there were $23 and $73 related to these deferred payments included in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheet, respectively. Per the terms of the agreement, the settlement occurred through a cash payment of approximately $60 and funding of prefeasibility study costs for the Norte Abierto project. The Company has agreed to fund both its and Barrick's portions of prefeasibility study costs, up to a total of $60, to occur in the near future. If prefeasibility costs exceed the agreed upon $60, the costs will be paid proportionately by the Company and Barrick. The $30 related to the prefeasibility study costs associated with Barrick's portion, of which $20 is recognized within Other current liabilities and $10 within Other non-current liabilities, will be satisfied as funding occurs.
At December 31, 2023 the carrying value of Newmont’s equity investment in Norte Abierto was lower than the underlying net assets of its investment by $209. This basis difference will be amortized into Equity income (loss) of affiliates over the remaining estimated useful life of the mine beginning when commercial production is declared.
Maverix Metals, Inc.
In January 2023, Triple Flag acquired all of the issued and outstanding common shares of Maverix, resulting in Newmont holding a 7.5% ownership interest in the combined company. Prior to close, Newmont held 28.5% of Maverix’s outstanding common shares. In the first quarter of 2023, the Company sold all of its common shares in Triple Flag. As a result, a net gain of $36 was recognized in the first quarter of 2023, which is included in Other income, net in the Consolidated Statement of Operations. In the second quarter of 2023, the Company exercised all of its warrants held in Triple Flag and sold all of the underlying shares, resulting in an immaterial gain.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 16     INVENTORIES
At December 31,
2023 2022
Materials and supplies $ 1,247  $ 750 
In-process 160  123 
Concentrate 134  47 
Precious metals 122  59 
$ 1,663  $ 979 
In 2023, the Company recorded write-downs of $37 and $15, classified as components of Costs applicable to sales and Depreciation and amortization, respectively. Of the write-downs in 2023, $35 was related to Peñasquito, $5 to Éléonore, $4 to Porcupine, $3 to Cerro Negro, $3 to Brucejack, and $2 to Telfer. Of the $497 increase in materials and supplies, $432 is related to acquired materials and supplies inventory from the Newcrest transaction.
NOTE 17     STOCKPILES AND ORE ON LEACH PADS
At December 31, 2023 At December 31, 2022
Stockpiles Ore on Leach Pads Total Stockpiles Ore on Leach Pads Total
Current $ 746  $ 233  $ 979  $ 480  $ 294  $ 774 
Non-current 1,532  403  1,935  1,391  325  1,716 
Total $ 2,278  $ 636  $ 2,914  $ 1,871  $ 619  $ 2,490 
In 2023, the Company recorded write-downs of $60 and $15, classified as components of Costs applicable to sales and Depreciation and amortization, respectively, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs in 2023, $52 was related to NGM, $11 to Peñasquito, $6 to Yanacocha, $2 to Akyem, $2 to Éléonore, and $2 to Telfer.
In 2022, the Company recorded write-downs of $156 and $53, classified as components of Costs applicable to sales and Depreciation and amortization, respectively, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs in 2022, $71 was related to NGM, $49 to Yanacocha, $45 to CC&V, $28 to Akyem, $12 to Ahafo, and $4 to Merian.
In 2021, the Company recorded write-downs of $45 and $19, classified as components of Costs applicable to sales and Depreciation and amortization, respectively, to reduce the carrying value of stockpiles and ore on leach pads to net realizable value. Of the write-downs in 2021, $25 to Yanacocha, $21 to CC&V, and $18 to NGM.
NOTE 18     PROPERTY, PLANT AND MINE DEVELOPMENT
Depreciable
Life
(in years)		 At December 31, 2023 At December 31, 2022
Cost Accumulated
Depreciation		 Net Book
Value		 Cost Accumulated
Depreciation		 Net Book
Value
Land  $ 347  $ —  $ 347  $ 281  $ —  $ 281 
Facilities and equipment (1)
1-30
 25,804  (12,925) 12,879  19,044  (11,392) 7,652 
Mine development 
1-30
 7,223  (3,775) 3,448  6,413  (3,787) 2,626 
Mineral interests 
1-30
 19,450  (3,360) 16,090  13,276  (2,973) 10,303 
Construction-in-progress  4,799  —  4,799  3,211  —  3,211 
$ 57,623  $ (20,060) $ 37,563  $ 42,225  $ (18,152) $ 24,073 
____________________________
(1)At December 31, 2023 and 2022, Facilities and equipment include finance lease right of use assets of $531 and $558, respectively.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Depreciable
Life
(in years)		 At December 31, 2023 At December 31, 2022
Mineral Interests Cost Accumulated
Depreciation		 Net Book
Value		 Cost Accumulated
Depreciation		 Net Book
Value
Production stage 
1-30
 $ 13,155  $ (3,360) $ 9,795  $ 9,299  $ (2,973) $ 6,326 
Development stage 
(1)
 1,277  —  1,277  520  —  520 
Exploration stage 
(1)
 5,018  —  5,018  3,457  —  3,457 
$ 19,450  $ (3,360) $ 16,090  $ 13,276  $ (2,973) $ 10,303 
____________________________
(1)These amounts are currently non-depreciable as these mineral interests have not reached production stage.
At December 31,
Construction-in-Progress 2023 2022
CC&V $ 6  $ 32 
Musselwhite 24  9 
Porcupine 93  140 
Éléonore 29  12 
Red Chris (1)
 59  — 
Brucejack (1)
 110  — 
Peñasquito 196  183 
Merian 31  26 
Cerro Negro 40  20 
Yanacocha (2)
 920  638 
Boddington 69  51 
Tanami (3)
 948  666 
Cadia (1)
 400  — 
Telfer (1)
 8  — 
Lihir (1)
 181  — 
Ahafo (4)
 650  487 
Akyem 45  26 
NGM 229  149 
Corporate and Other (5)
 761  772 
$ 4,799  $ 3,211 
____________________________
(1)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information.
(2)Primarily relates to the Sulfides project and other infrastructure at Yanacocha at December 31, 2023 and 2022.
(3)Primarily relates to the Tanami Expansion 2 project at December 31, 2023 and 2022.
(4)Primarily relates to the Ahafo North project and other infrastructure at Ahafo at December 31, 2023 and 2022.
(5)Primarily relates to engineering and construction at Conga at December 31, 2023 and 2022. There have been no new costs capitalized during 2023 or 2022 for the Conga project. In the third quarter of 2021, the Company reclassified the Conga mill assets, previously included within construction-in-progress with a carrying value of $593, as held for sale, included in Other current assets on the Consolidated Balance Sheet as of December 31, 2023. Refer to Note 2 for further information.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 19     GOODWILL
Changes in the carrying amount of goodwill by reportable segment were as follows:
Balance at December 31, 2021
Impairment (1)
 Balance at December 31, 2022
Impairment (1)
 Acquisitions Balance at December 31, 2023
Musselwhite $ 293  $ —  $ 293  $ (293) $ —  $ — 
Porcupine 341  (341) —  —  —  — 
Éléonore 246  —  246  (246) —  — 
Red Chris (2)
 —  —  —  —  397  397 
Brucejack (2)
 —  —  —  —  1,087  1,087 
Peñasquito (3)
 1,164  —  1,164  (1,210) —  — 
Cerro Negro 459  (459) —  —  —  — 
Cadia (2)
 —  —  —  —  565  565 
Lihir (2)
 —  —  —  —  695  695 
NGM 268  —  268  (11) —  257 
$ 2,771  $ (800) $ 1,971  $ (1,760) $ 2,744  $ 3,001 
____________________________
(1)Accumulated impairment of $2,560 consists of impairment charges incurred in 2022 and 2023 of $800 and $1,760, respectively.
(2)Sites acquired through the Newcrest transaction. Refer to Note 3 for further information.
(3)For the year ended December 31, 2023, we recognized a prior period adjustment of $46 to goodwill and deferred tax liability for Peñasquito relating to a prior acquisition. This adjustment resulted in an increase to goodwill, which was fully offset by a current period impairment charge.
NOTE 20     DEBT
At December 31, 2023 At December 31, 2022
Current Non-Current
Fair Value (1)
 Current Non-Current
Fair Value (1)
$2,000 Bilateral Bank Facilities due 2024 and 2026 (2)
 $ 1,923  $ —  $ 1,927  $ —  $ —  $ — 
$700 2.80% Senior Notes due October 2029
 —  693  645  —  692  603 
$650 3.25% Senior Notes due May 2030
 —  557  597  —  —  — 
$1,000 2.25% Senior Notes due October 2030
 —  989  872  —  987  810 
$1,000 2.60% Senior Notes due July 2032
 —  992  868  —  991  811 
$600 5.875% Senior Notes due April 2035
 —  580  654  —  579  619 
$1,100 6.25% Senior Notes due October 2039
 —  861  986  —  860  933 
$500 5.75% Senior Notes due November 2041
 —  456  535  —  —  — 
$1,000 4.875% Senior Notes due March 2042
 —  986  991  —  986  930 
$450 5.45% Senior Notes due June 2044
 —  480  462  —  481  430 
$500 4.20% Senior Notes due May 2050
 —  361  438  —  —  — 
Debt issuance costs on Corporate Revolving Credit Facilities
 —  (4) —  —  (5) — 
$ 1,923  $ 6,951  $ 8,975  $ —  $ 5,571  $ 5,136 
____________________________
(1)The estimated fair value of the Senior Notes was determined by an independent third-party pricing source and may or may not reflect the actual trading value of this debt. Carrying value of the bilateral bank facilities approximates fair value.
(2)Interest rates on the bilateral bank facilities are variable. See "Corporate Revolving Credit Facilities and Letters of Credit Facilities" below for further information.
All outstanding Senior Notes are unsecured and rank equally with one another.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Maturities for the next five years, and thereafter, are as follows:
Year Ending December 31,
2024 $ 1,231 
2025 — 
2026 692 
2027 — 
2028 — 
Thereafter 7,274 
Total face value of debt 9,197 
Unamortized premiums, discounts, and issuance costs (323)
Debt $ 8,874 
Corporate Revolving Credit Facilities and Letters of Credit Facilities
In connection with the Newcrest transaction, the Company acquired bilateral bank debt facilities held with 13 banks. The bilateral bank debt facilities have a total borrowing capacity of $2,000, of which $77 is available at December 31, 2023. These are committed unsecured revolving facilities, individually negotiated and documented with each bank but with similar terms and conditions. The facilities are on customary terms and conditions and include certain financial covenants. Interest is based on Term SOFR plus a credit spread and margin. At December 31, 2023, there was $1,923 in outstanding borrowings on the facilities with $462 due February 7, 2024, $769 due March 1, 2024, and $692 due March 1, 2026. The facilities due February 7, 2024 include 3 banks that exercised their option to call the related facility under the change of effective control event. On February 7, 2024, the Company repaid the 3 non-consenting banks with a total borrowing capacity of $462.
On February 15, 2024, the Company completed an amendment and restatement of its existing $3,000 revolving credit agreement dated as of April 4, 2019 (the “Existing Credit Agreement”). The Existing Credit Agreement was entered into with a syndicate of financial institutions and provided for borrowings in U.S. dollars and contained a letter of credit sub-facility. Per the amendment, the expiration date of the credit facility was extended from March 30, 2026 to February 15, 2029 and the borrowing capacity was increased to $4,000. Interest is based on Term SOFR plus a credit spread adjustment and margin. Facility fees vary based on the credit ratings of the Company’s senior, uncollateralized, non-current debt. Debt covenants under the amendment are substantially the same as the Existing Credit Agreement.
On February 20, 2024, the Company completed a drawdown on the $4,000 revolving credit agreement and used the proceeds to repay the remaining $1,461 owed on the remaining bilateral bank debt facilities.
At December 31, 2023, the Company had no borrowings outstanding under the facility. There were no amounts outstanding on the letters of credit sub-facility at December 31, 2023 and 2022, respectively.
At December 31, 2023 and 2022 the Company had letters of credit outstanding in the amounts of $1,158 and $995, respectively, of which $1,015 and $848 represented guarantees for reclamation obligations, respectively. None of these letters of credit have been drawn on for reclamation obligations as of December 31, 2023 and 2022.
2022 Senior Notes
In December 2021, the Company fully redeemed all of the outstanding 2022 Senior Notes. The redemption price of $496 equaled the principal amount of the outstanding 2022 Senior Notes of $492 plus accrued and unpaid interest in accordance with the terms of the 2022 Notes.
2023 Senior Notes
In December 2021, the Company purchased approximately $89 and $4 of its 2023 Newmont Senior Notes and 2023 Goldcorp Senior Notes, respectively, through debt tender offers. The tender offers were completed with the proceeds from the issuance of the 2032 Senior Notes. See below for additional information on the 2032 Senior Notes. In December 2021, subsequent to the debt tender offer, the Company extinguished the outstanding 2023 Newmont Senior Notes by way of defeasance with funds in trust, which were subsequently used by the trust for full redemption in January 2022. The redemption price of $246 equaled the principal amount of the outstanding 2023 Newmont Senior Notes of $234 plus accrued and unpaid interest and future coupon payments in accordance with the terms of the 2023 Newmont Senior Notes.
In January 2022, the Company fully redeemed all of the outstanding 2023 Goldcorp Senior Notes. The redemption price of $90 equaled the principal amount of the outstanding 2023 Goldcorp Senior Notes of $87 plus accrued and unpaid interest and future coupon payments in accordance with the terms of the 2023 Goldcorp Senior Notes.
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NEWMONT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
2030 Senior Notes
In March 2020, the Company completed a public offering of $1,000 unsecured Senior Notes due October 1, 2030 (“2030 Senior Notes”). Net proceeds from the 2030 Senior Notes were $985. The 2030 Senior Notes pay interest semi-annually at a rate of 2.25% per annum. The proceeds from this issuance, supplemented with cash from the Company's balance sheet, were used to fund the debt tender offers of the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes in 2020.
May 2030 Senior Notes, November 2041 Senior Notes, and May 2050 Senior Notes
Subsequent to implementation of the Newcrest transaction, the Company completed a like-for-like exchange for any and all of the outstanding notes issued by Newcrest Finance Pty Ltd, a wholly owned subsidiary of Newmont ("Newcrest Finance"), with an aggregate principal amount of $1,650, for new notes issued by Newmont and Newcrest Finance and nominal cash consideration. The new notes, issued December 26, 2023, and the existing Newcrest notes that were not tendered for exchange, consist of $625 and $25 of 3.25% notes due May 13, 2030 (the "May 2030 Senior Notes" and the "2030 Newcrest Senior Notes", respectively), $460 and $40 of 5.75% notes due November 15, 2041 (the "November 2041 Senior Notes" and the "2041 Newcrest Senior Notes", respectively), and $486 and $14 of 4.20% notes due May 13, 2050, respectively (the "May 2050 Senior Notes" and the "2050 Newcrest Senior Notes", respectively).
2032 Senior Notes
In December 2021, the Company completed a public offering of $1,000 sustainability-linked, unsecured convertible Senior Notes due July 15, 2032 ("2032 Senior Notes") for net proceeds of approximately $992. Per the terms of the 2032 Senior Notes, the 2032 Senior Notes pay interest semi-annually at a rate of 2.60% per annum and are subject to an increase if the Company fails to reach stated targets by 2030. Beginning in 2031, the coupon of the 2032 Senior Notes is linked to the Company’s performance against the 2030 emissions reduction targets and the representation of women in senior leadership roles targets. The maximum adjustment resulting from the sustainability-linked objectives is 0.60%. The proceeds from this issuance were used to redeem the remaining balance of the 2023 Newmont Senior Notes and the 2023 Goldcorp Senior Notes in December 2021 and January 2022, respectively.
Debt Covenants
The Company’s senior notes and revolving credit facility contain various covenants and default provisions including payment defaults, limitation on liens, leases, sales and leaseback agreements and merger restrictions. Furthermore, the Company’s senior notes and corporate revolving credit facility contain covenants that include, limiting the sale of all or substantially all of the Company’s assets, certain change of control provisions and a negative pledge on certain assets.
The corporate revolving credit facility contains a financial ratio covenant requiring the Company to maintain a net debt (total debt net of cash and cash equivalents) to total capitalization ratio of less than or equal to 62.50% in addition to the covenants noted above. The bilateral bank debt facilities contain the following covenants: (i) tangible net worth not less than $1 billion; (ii) an interest coverage ratio, calculated on a 12 month rolling basis, to be greater than or equal to 2.75:1; and (iii) and total net liabilities to tangible net worth to not exceed 1.75:1.
At December 31, 2023 and 2022, we were in compliance with all existing debt covenants and provisions related to potential defaults, other than the bilateral facilities which have been repaid as of the date of this report.
NOTE 21     LEASE AND OTHER FINANCING OBLIGATIONS
The Company primarily has operating and finance leases for corporate and regional offices, processing facilities, mining equipment, power generation, and transportation. These leases have a remaining lease term of less than 1 year to 34 years, some of which may include options to extend the lease for up to 15 years, and some of which may include options to terminate the lease within 1 year. Some of the Company's leases include payments that vary based on the Company’s level of usage and operations. These variable payments are not included within ROU assets and lease liabilities in the Consolidated Balance Sheets. Additionally, short-term leases, which have an initial term of 12 months or less, are not recorded in the Consolidated Balance Sheets.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Total lease cost includes the following components:
Year Ended December 31,
2023 2022
Operating lease cost $ 23  $ 28 
Finance lease cost:
Amortization of ROU assets 78  78 
Interest on lease liabilities 32  34 
110  112 
Variable lease cost 298  332 
Short-term lease cost 24  25 
$ 455  $ 497 
Supplemental cash flow information related to leases includes the following:
Year Ended December 31,
2023 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows relating to operating leases $ 23  $ 23 
Operating cash flows relating to finance leases $ 33  $ 34 
Financing cash flows relating to finance leases $ 67  $ 66 
Non-cash lease obligations arising from obtaining ROU assets:(1)
Operating leases $ 23  $ 16 
Finance leases $ 53  $ 20 
____________________________
(1)Operating and finance lease obligations assumed in relation to the Newcrest transaction were $13 and $51, respectively.
Information related to lease terms and discount rates is as follows:
Operating Leases Finance Leases
Weighted average remaining lease term (years) 8 8
Weighted average discount rate 3.78  % 6.39  %
Future minimum lease payments under non-cancellable leases as of December 31, 2023, were as follows:
Operating
Leases (1)
 Finance Leases
2024 $ 24  $ 110 
2025 16  102 
2026 14  96 
2027 13  78 
2028 11  74 
Thereafter 42  273 
Total future minimum lease payments 120  733 
Less: Imputed interest (15) (171)
Total $ 105  $ 562 
____________________________
(1)The current and non-current portion of operating lease liabilities are included in Other current liabilities and Other non-current liabilities, respectively, on the Consolidated Balance Sheets.
As of December 31, 2023, the Company has additional leases that have not yet commenced. At commencement, the Company anticipates that these leases will result in additional ROU assets and lease liabilities of $11. The leases are anticipated to commence in 2024 with a lease term of approximately 2 to 3 years.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
NOTE 22     OTHER LIABILITIES
At December 31,
2023 2022
Other current liabilities:
Reclamation and remediation liabilities $ 619  $ 526 
Accrued operating costs (1)
 473  370 
Accrued capital expenditures 320  221 
Stamp duty on Newcrest transaction (2)
 316  — 
Accrued royalties 137  80 
Payables to NGM (3)
 91  73 
Silver streaming agreement 87  80 
Other (4)
 319  249 
$ 2,362  $ 1,599 
Other non-current liabilities:
Income and mining taxes (5)
 $ 177  $ 206 
Norte Abierto related payments (6)
 10  94 
Other (7)
 129  130 
$ 316  $ 430 
____________________________
(1)Includes an estimated compensation payment to the Worsley JV related to the waiver of certain rights within the cross-operation agreement that confers priority to the bauxite operations at the Boddington mine.
(2)Incurred as a result of the Newcrest transaction. Refer to Note 8 for further information.
(3)Payables to NGM at December 31, 2023 and December 31, 2022 consist of amounts due to (from) NGM representing Barrick's 61.5% proportionate share of the amount owed to NGM for gold and silver purchased by Newmont and CC&V toll milling provided by NGM. Newmont’s 38.5% share of such amounts is eliminated upon proportionate consolidation of its interest in NGM. The CC&V toll milling agreement with NGM expired on December 31, 2022. Receivables for Newmont's 38.5% proportionate share related to NGM's activities with Barrick are presented within Other current assets.
(4)Primarily consists of accrued interest on debt and taxes other than income and mining taxes.
(5)Includes unrecognized tax benefits, including penalties and interest.
(6)In December 2023, the Company entered into an agreement with Barrick pursuant to which it agreed to fund both its and Barrick's portions of prefeasibility study costs. Of the $30 related to the prefeasibility study costs associated with Barrick's portion, $10 was recognized in Other noncurrent liabilities at December 31, 2023. Refer to Note 15 for further information.
(7)Primarily consists of the non-current portion of operating lease liabilities.
NOTE 23     ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Unrealized Gain (Loss) on Marketable Debt Securities Foreign Currency Translation Adjustments Pension and Other Post-retirement Benefit Adjustments
Unrealized Gain (Loss) on Hedge Instruments
 Total
Balance at December 31, 2021 $ 2  $ 119  $ (166) $ (88) $ (133)
Net current-period other comprehensive income (loss):
Gain (loss) in other comprehensive income (loss) before reclassifications (3) 7  32  14  50 
(Gain) loss reclassified from accumulated other comprehensive income (loss) —  —  107  5  112 
Other comprehensive income (loss) (3) 7  139  19  162 
Balance at December 31, 2022 $ (1) $ 126  $ (27) $ (69) $ 29 
Net current-period other comprehensive income (loss):
Gain (loss) in other comprehensive income (loss) before reclassifications —  (5) (9) (19) (33)
(Gain) loss reclassified from accumulated other comprehensive income (loss) —  —  —  18  18 
Other comprehensive income (loss) —  (5) (9) (1) (15)
Balance at December 31, 2023 $ (1) $ 121  $ (36) $ (70) $ 14 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Operations
Year Ended December 31,
2023 2022 2021
Pension and other post-retirement benefit adjustments:
Settlement $ 9  $ 137  $ 4  Other income (loss), net
Amortization (9) (1) 27  Other income (loss), net
Total before tax —  136  31 
Tax —  (29) (5)
Net of tax $ —  $ 107  $ 26 
Hedge instruments adjustments:
Foreign currency cash flow hedges $ 19  $ —  $ — 
Costs applicable to sales
Interest rate contracts 5  6  8  Interest expense, net
Operating cash flow hedges —  —  1  Costs applicable to sales
Total before tax 24  6  9 
Tax (6) (1) (2)
Net of tax $ 18  $ 5  $ 7 
Total reclassifications for the period, net of tax $ 18  $ 112  $ 33 
NOTE 24     NET CHANGE IN OPERATING ASSETS AND LIABILITIES
Net cash provided by (used in) operating activities of continuing operations attributable to the net change in operating assets and liabilities is composed of the following:
Year Ended December 31,
2023 2022 2021
Decrease (increase) in operating assets:
Trade and other receivables  $ (240) $ 5  $ 142 
Inventories, stockpiles and ore on leach pads  (187) (161) (136)
Other assets  50  (84) 36 
Increase (decrease) in operating liabilities:
Accounts payable (42) 102  (11)
Reclamation and remediation liabilities  (275) (247) (161)
Accrued tax liabilities (197) (343) (317)
Other accrued liabilities 378  (113) (94)
$ (513) $ (841) $ (541)
NOTE 25     COMMITMENTS AND CONTINGENCIES
General
Estimated losses from contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the contingency and estimated range of loss, if determinable, is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.
Operating Segments
The Company’s operating and reportable segments are identified in Note 4. Except as noted in this paragraph, all of the Company’s commitments and contingencies specifically described herein are included in Corporate and Other. The Yanacocha matters relate to the Yanacocha reportable segment. The Newmont Ghana Gold and Newmont Golden Ridge matters relate to the Ahafo and Akyem reportable segments, respectively. The CC&V matter relates to the CC&V reportable segment. The Goldcorp Canada matter relates to the Porcupine reportable segment. The Cadia matter relates to the Cadia reportable segment.
Environmental Matters
Refer to Note 6 for further information regarding reclamation and remediation. Details about certain significant matters are discussed below.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Minera Yanacocha S.R.L. - 100% Newmont Owned
In early 2015 and again in June 2017, the Peruvian government agency responsible for certain environmental regulations, MINAM, issued proposed modifications to water quality criteria for designated beneficial uses which apply to mining companies, including Yanacocha. These criteria modified the in-stream water quality criteria pursuant to which Yanacocha has been designing water treatment processes and infrastructure. In December 2015, MINAM issued the final regulation that modified the water quality standards. These Peruvian regulations allow time to formulate a compliance plan and make any necessary changes to achieve compliance.
In February 2017, Yanacocha submitted a modification to its previously approved compliance achievement plan to the MINEM. In May 2022, Yanacocha submitted a proposed modification to this plan requesting an extension of time for coming into full compliance with the new regulations to 2027. In June 2023, Yanacocha received approval of its updated compliance plan from MINEM and was granted an extension to June 2026 to achieve compliance. The Company appealed this approval to the Mining Council requesting the regulatory extension until 2027. In December 2023, this appeal was granted and the Mining Council has established that MINEM has to approve a new schedule considering permits, technical studies, logistics and the implementation of the plan.
The Company currently operates five water treatment plants at Yanacocha that have been and currently meet all currently applicable water discharge requirements. The Company is conducting detailed studies to better estimate water management and other closure activities that will ensure water quality and quantity discharge requirements, including the modifications promulgated by MINAM, as referenced above, will be met. This also includes performing a comprehensive update to the Yanacocha reclamation plan to address changes in closure activities and estimated closure costs while preserving optionality for potential future projects at Yanacocha. These ongoing studies, which will extend beyond the current year, continue to evaluate and revise assumptions and estimated costs of changes to the reclamation plan. While certain estimated costs remain subject to revision, the Company’s current asset retirement obligation includes plans for the construction and post-closure management of two new water treatment plants and initial consideration of known risks (including the associated risk that these water treatment estimates could change in the future as more work is completed). The ultimate construction costs of the two water treatment plants remain uncertain as ongoing study work and assessment of opportunities that incorporates the latest design considerations remain in progress. These and other additional risks and contingencies that are the subject of ongoing studies, including, but not limited to, a comprehensive review of the Company's tailings storage facility management, review of Yanacocha’s water balance and storm water management system, and review of post-closure management costs, could result in future material increases to the reclamation obligation at Yanacocha.
Cripple Creek & Victor Gold Mining Company LLC - 100% Newmont Owned
In December 2021, Cripple Creek & Victor Gold Mining Company LLC (“CC&V”, a wholly-owned subsidiary of the Company) entered into a Settlement Agreement (“Settlement Agreement”) with the Water Quality Control Division of the Colorado Department of Public Health and Environment (the “Division”) with a mutual objective of resolving issues associated with the new discharge permits issued by the Division in January 2021 for the historic Carlton Tunnel. The Carlton Tunnel was a historic tunnel completed in 1941 with the purpose of draining the southern portion of the mining district, subsequently consolidated by CC&V. CC&V has held discharge permits for the Carlton Tunnel since 1983, but the January 2021 permit updates contained new water quality limits. The Settlement Agreement involves the installation of interim passive water treatment and ongoing monitoring over the next three years, and then more long-term water treatment installed with target compliance by November 2027. In 2022, the Company studied various interim passive water treatment options, reported the study results to the Division, and based on an evaluation of additional semi-passive options that involve the usage of power at the portal, updated the remediation liability to $20 in 2022. CC&V continues to study alternative long-term remediation plans for water discharged from the Carlton Tunnel, and as such, a compliance extension request was submitted in July 2023 to allow additional time for proper assessment of treatment alternatives. The Company is also working with regulators on the Discharger Specific Variance to identify highest feasible alternative treatment in the context, based on limits such as area topography. Depending on the plans that may ultimately be agreed with the Division, a material adjustment to the remediation liability may be required.
Dawn Mining Company LLC (“Dawn”) - 58.19% Newmont Owned
Midnite mine site and Dawn mill site. Dawn previously leased an open pit uranium mine, currently inactive, on the Spokane Indian Reservation in the State of Washington. The mine site is subject to regulation by agencies of the U.S. Department of Interior (the Bureau of Indian Affairs and the Bureau of Land Management), as well as the EPA.
As per the Consent Decree approved by the U.S. District Court for the Eastern District of Washington on January 17, 2012, the following actions were required of Newmont, Dawn, the Department of the Interior and the EPA: (i) Newmont and Dawn would design, construct and implement the cleanup plan selected by the EPA in 2006 for the Midnite mine site; (ii) Newmont and Dawn would reimburse the EPA for its past costs associated with overseeing the work; (iii) the Department of the Interior would contribute a lump sum amount toward past EPA costs and future costs related to the cleanup of the Midnite mine site; (iv) Newmont and Dawn would be responsible for all future EPA oversight costs and Midnite mine site cleanup costs; and (v) Newmont would post a surety bond for work at the site.
During 2012, the Department of Interior contributed its share of past EPA costs and future costs related to the cleanup of the Midnite mine site. In 2016, Newmont completed the remedial design process, with the exception of the new WTP design which was awaiting the approval of the new NPDES permit.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
Subsequently, the new NPDES permit was received in 2017 and the WTP design commenced in 2018. The EPA approved the WTP design in 2021. Construction of the effluent pipeline began in 2021, and construction of the new WTP began in 2022. Both projects are scheduled to be completed in 2024.
The Dawn mill site is regulated by the Washington Department of Health (the "WDOH") and is in the process of being closed in accordance with the federal Uranium Mill Tailings Radiation Control Act, and associated Washington state regulations. Remediation at the Dawn mill site began in 2013. The Tailing Disposal Area 1-4 reclamation earthworks component was completed during 2017 with the embankment erosion protection completed in the second quarter of 2018. The remaining closure activities consist primarily of finalizing an Alternative Concentration Limit application (the "ACL application") submitted in 2020 to the WDOH to address groundwater issues, and also evaporating the remaining balance of process water at the site. In the fourth quarter of 2022, the WDOH provided comments on the ACL application, which Newmont is evaluating and conducting studies to better understand and respond to the comments provided by the WDOH. These studies and the related comment process will extend beyond the current year and could result in future material increases to the remediation obligation.
The remediation liability for the Midnite mine site and Dawn mill site is approximately $215, assumed 100% by Newmont, at December 31, 2023.
Goldcorp Canada Ltd. - 100% Newmont Owned
Porcupine mine site. The Porcupine complex is comprised of active open pit and underground mining operations as well as inactive, legacy sites from its extensive history of mining gold in and around the city of Timmins, Ontario since the early 1900s. As a result of these primarily historic mining activities, there are mine hazards in the area that could require some form of reclamation. The Company is conducting studies to better catalog, prioritize, and update its existing information of these historical mine hazards, to inform its closure plans and estimated closure costs. Based on work performed during 2023, a $46 reclamation adjustment was recorded at December 31, 2023, however, on-going studies will extend beyond the current year and could result in future material increases to the reclamation obligation at Porcupine.
Cadia Holdings Pty Ltd. - 100% Newmont Owned
Cadia mine site. Cadia Holdings Pty Ltd. (“Cadia Holdings”) is a wholly owned subsidiary of Newcrest, which was acquired by Newmont in November 2023. The mine site is subject to regulations by the New South Wales Environment Protection Authority (the “NSW EPA”). During the quarter ended June 2023, the NSW EPA issued variations to its Environment Protection License (“EPL”), a Prevention Notice and Notices to Provide Information regarding the management of, and investigation into potential breaches relating to, dust emissions and other air pollutants from Cadia Holdings’ tailings storage facilities and ventilation rises. The license variations largely formalized the actions Cadia Holdings had developed in consultation with the NSW EPA and was already undertaking across a range of measures. Cadia Holdings received a letter from the NSW EPA in June 2023 requiring it to immediately comply with specific statutory requirements and EPL conditions. Adjustments were implemented underground, including a reduction in mining rates, modifications to the ventilation circuit and the installation of additional dust sprays and spray curtains. Additional dust collection units were subsequently installed enabling normal mining rates to be restored.
In August 2023, the NSW EPA commenced proceedings in the Land and Environment Court of NSW (the “NSW Land and Environment Court”) against Cadia Holdings, alleging that air emissions from Cadia on or about March 1, 2022 exceeded the standard of concentration for total solid particles permitted under applicable laws due to the use of surface exhaust fans at the mine. On September 29, 2023, Cadia Holdings entered a plea of guilty and the NSW Land and Environmental Court listed the case for a sentencing hearing on March 28, 2024. On October 13, 2023, the NSW EPA commenced additional proceedings in the NSW Land and Environment Court against Cadia Holdings, alleging two additional contraventions of applicable air emissions requirements between November 3 and 5, 2021 and May 24 and 25, 2023 and two contraventions related to alleged air pollution from tailings storage facilities on October 13 and 31, 2022. On November 24, 2023, Cadia Holdings entered a plea of guilty to the two additional charges relating to applicable air emissions requirements and the NSW Land and Environmental Court listed the case for a sentencing hearing on March 28, 2024. The proceedings related to alleged air pollution from Cadia Holdings’ tailings storage facilities are adjourned for further directions on May 17, 2024. The NSW EPA’s investigation regarding the management of air emissions from the mine is ongoing.
While no specific relief has been sought by the NSW EPA in its proceeding against Cadia Holdings before the NSW Land and Environmental Court, the court can impose penalties.
Other Legal Matters
Newmont Corporation, as well as Newmont Canada Corporation, and Newmont Canada FN Holdings ULC – 100% Newmont Owned
Kirkland Lake Gold Inc., which was acquired by Agnico Eagle Mines Limited in 2022 (still referred to herein as “Kirkland” for ease of reference), owns certain mining and mineral rights in northeastern Ontario, Canada, referred to here as the Holt-McDermott property, on which it suspended operations in April 2020. A subsidiary of the Company has a retained royalty obligation (“Holt royalty obligation”) to Royal Gold, Inc. (“Royal Gold”) for production on the Holt-McDermott property. In August 2020, the Company and Kirkland signed a Strategic Alliance Agreement (the “Kirkland Agreement”). As part of the Kirkland Agreement, the Company purchased an option (the “Holt option”) for $75 from Kirkland for the mining and mineral rights subject to the Holt royalty obligation.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The Company has the right to exercise the Holt option and acquire ownership to the mineral interests subject to the Holt royalty obligation in the event Kirkland intends to resume operations and process material subject to the obligation. Kirkland has the right to assume the Company’s Holt royalty obligation at any time, in which case the Holt option would terminate.
On August 16, 2021, International Royalty Corporation (“IRC”), a wholly-owned subsidiary of Royal Gold, filed an action in the Supreme Court of Nova Scotia against Newmont Corporation, Newmont Canada Corporation, Newmont Canada FN Holdings ULC (collectively "Newmont"), and certain Kirkland defendants (collectively "Kirkland"). IRC alleges the Kirkland Agreement is oppressive to the interests of Royal Gold under the Nova Scotia Companies Act and the Canada Business Corporations Act, and that, by entering into the Kirkland Agreement, Newmont breached its contractual obligations to Royal Gold. IRC seeks declaratory relief, and $350 in alleged royalty payments that it claims Newmont expected to pay under the Holt royalty obligation, but for the Kirkland Agreement. Kirkland filed a motion seeking dismissal of the case against it, which the court granted in October 2022. Newmont submitted its statement of defense on February 27, 2023, and a motion for summary judgment on January 12, 2024. The motion for summary judgment will be heard before the Court on February 27 and 29, 2024. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome.
NWG Investments Inc. v. Fronteer Gold Inc.
In April 2011, Newmont acquired Fronteer Gold Inc. (“Fronteer”).
Fronteer acquired NewWest Gold Corporation (“NewWest Gold”) in September 2007. At the time of that acquisition, NWG Investments Inc. (“NWG”) owned approximately 86% of NewWest Gold and an individual named Jacob Safra owned or controlled 100% of NWG. Prior to its acquisition of NewWest Gold, Fronteer entered into a June 2007 lock-up agreement with NWG providing that, among other things, NWG would support Fronteer’s acquisition of NewWest Gold. At that time, Fronteer owned approximately 47% of Aurora Energy Resources Inc. (“Aurora”), which, among other things, had a uranium exploration project in Labrador, Canada.
NWG contends that, during the negotiations leading up to the lock-up agreement, Fronteer represented to NWG, among other things, that Aurora would commence uranium mining in Labrador by 2013, that this was a firm date, that Aurora faced no current environmental issues in Labrador and that Aurora’s competitors faced delays in commencing uranium mining. NWG further contends that it entered into the lock-up agreement and agreed to support Fronteer’s acquisition of NewWest Gold in reliance upon these purported representations. On October 11, 2007, less than three weeks after the Fronteer-NewWest Gold transaction closed, a member of the Nunatsiavut Assembly introduced a motion calling for the adoption of a moratorium on uranium mining in Labrador. On April 8, 2008, the Nunatsiavut Assembly adopted a three-year moratorium on uranium mining in Labrador. NWG contends that Fronteer was aware during the negotiations of the NWG/Fronteer lock-up agreement that the Nunatsiavut Assembly planned on adopting this moratorium and that its adoption would preclude Aurora from commencing uranium mining by 2013, but Fronteer nonetheless fraudulently induced NWG to enter into the lock-up agreement.
On September 24, 2012, NWG served a summons and complaint on the Company, and then amended the complaint to add Newmont Canada Holdings ULC as a defendant. The complaint also named Fronteer Gold Inc. and Mark O’Dea as defendants. The complaint sought rescission of the merger between Fronteer and NewWest Gold and $750 in damages. In August 2013 the Supreme Court of New York, New York County issued an order granting the defendants’ motion to dismiss on forum non conveniens. Subsequently, NWG filed a notice of appeal of the decision and then a notice of dismissal of the appeal on March 24, 2014.
On February 26, 2014, NWG filed a lawsuit in Ontario Superior Court of Justice against Fronteer Gold Inc., Newmont Mining Corporation, Newmont Canada Holdings ULC, Newmont FH B.V. and Mark O’Dea. The Ontario complaint is based upon substantially the same allegations contained in the New York lawsuit with claims for fraudulent and negligent misrepresentation. NWG seeks disgorgement of profits since the close of the NWG deal on September 24, 2007 and damages in the amount of C$1,200. Newmont, along with other defendants, served the plaintiff with its statement of defense on October 17, 2014. Newmont, along with the other defendants, filed a motion to dismiss based on delay on November 29, 2022. On August 22, 2023, the Court granted the motion and dismissed the Ontario complaint for delay. NWG filed an appeal with the Court of Appeal for Ontario on September 21, 2023. On January 9, 2024, the Ontario Superior Court of Justice awarded Newmont C$0.5 in costs. The appeal remains pending and will be heard on April 29, 2024. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome.
Newmont Ghana Gold Limited and Newmont Golden Ridge Limited - 100% Newmont Owned
On December 24, 2018, two individual plaintiffs, who are members of the Ghana Parliament (“Plaintiffs”), filed a writ to invoke the original jurisdiction of the Supreme Court of Ghana. On January 16, 2019, Plaintiffs filed the Statement of Plaintiff’s Case outlining the details of the Plaintiff’s case and subsequently served Newmont Ghana Gold Limited (“NGGL”) and Newmont Golden Ridge Limited (“NGRL”) along with the other named defendants, the Attorney General of Ghana, the Minerals Commission of Ghana and 33 other mining companies with interests in Ghana. The Plaintiffs allege that under article 268 of the 1992 Constitution of Ghana, the mining company defendants are not entitled to carry out any exploitation of minerals or other natural resources in Ghana, unless their respective transactions, contracts or concessions are ratified or exempted from ratification by the Parliament of Ghana. Newmont’s current mining leases are both ratified by Parliament; NGGL June 13, 2001 mining lease, ratified by Parliament on October 21, 2008, and NGRL January 19, 2010 mining lease; ratified by Parliament on December 3, 2015. The writ alleges that any mineral exploitation prior to Parliamentary ratification is unconstitutional.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in millions, except per share, per ounce and per pound amounts)
The Plaintiffs seek several remedies including: (i) a declaration as to the meaning of constitutional language at issue; (ii) an injunction precluding exploitation of minerals for any mining company without prior Parliamentary ratification; (iii) a declaration that all revenue as a result of violation of the Constitution shall be accounted for and recovered via cash equivalent; and (iv) an order that the Attorney General and Minerals Commission submit all un-ratified mining leases, undertakings or contracts to Parliament for ratification. Newmont intends to vigorously defend this matter, but cannot reasonably predict the outcome.
Other Commitments and Contingencies
As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit and bank guarantees as financial support for various purposes, including environmental remediation, reclamation, exploration permitting, workers compensation programs and other general corporate purposes. At December 31, 2023 and 2022, there were $2,123 and $1,872, respectively, of outstanding letters of credit, surety bonds and bank guarantees. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations. As the specific requirements are met, the beneficiary of the associated instrument cancels and/or returns the instrument to the issuing entity. Certain of these instruments are associated with operating sites with long-lived assets and will remain outstanding until closure. Generally, bonding requirements associated with environmental regulation are becoming more restrictive. However, the Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements through existing or alternative means, as they arise.
Newmont is from time to time involved in various legal proceedings related to its business. Except in the above described proceedings, management does not believe that adverse decisions in any pending or threatened proceeding or that amounts that may be required to be paid by reason thereof will have a material adverse effect on the Company’s financial condition or results of operations.
In connection with the Company's investment in Galore Creek, Newmont will owe NovaGold Resources Inc. $75 upon the earlier of approval to construct a mine, mill and all related infrastructure for the Galore Creek project or the initiation of construction of a mine, mill or related infrastructure. The amount due is non-interest bearing. The decision for an approval and commencement of construction is contingent on the results of a prefeasibility study which is currently under way and feasibility study which has not yet occurred. As such, this amount has not been accrued.
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ITEM 9.       CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 9A.       CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the participation of the Chief Executive Officer and Chief Financial Officer of the Company, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of December 31, 2023, the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2023, the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the required time periods and are designed to ensure that information required to be disclosed in its reports is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Management’s Report on Internal Control over Financial Reporting
The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
The Company’s management assessed the effectiveness of the Company’s internal control over financial reporting at December 31, 2023. In making this assessment, the Company’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework 2013. Based upon its assessment, management concluded that, at December 31, 2023, the Company’s internal control over financial reporting was effective.
On November 6, 2023, the Company completed the acquisition of Newcrest Mining Limited ("Newcrest") (refer to Note 3 to the Consolidated Financial Statements) which operated under its own set of internal controls. As permitted by the SEC Staff interpretive guidance for newly acquired businesses, the Company’s management excluded Newcrest from the evaluation of internal control over financial reporting as of December 31, 2023. Since the acquisition, the Company transitioned certain Newcrest processes to the Company’s internal control processes and added other internal controls over significant processes specific to the tangible and intangible assets acquired and liabilities assumes as a result of the acquisition, and to post-acquisition activities, including internal controls associated with the valuation of certain assets acquired and liabilities assumed in the transaction. The Company will continue the process of integrating internal controls over financial reporting for Newcrest and plans to incorporate Newcrest in the evaluation of internal controls over financial reporting beginning in the fourth quarter of 2024. Newcrest represented 31% of the Company’s consolidated Total assets as of December 31, 2023, while its Sales comprised 8% of the Company’s consolidated sales for the year ended December 31, 2023.
As permitted by the SEC Staff interpretive guidance for proportionately consolidated entities, the Company’s management excluded NGM from its assessment of internal control over financial reporting at December 31, 2023, as management does not have the ability to dictate, modify or assess the controls at NGM. The Company has implemented internal controls over financial reporting for recognizing its proportionate share of the assets, liabilities, and operations of NGM. Refer to Item 8 "Financial Statements and Supplementary Data" for NGM's "Report of Independent Registered Public Accounting Firm" for Opinion on the Financial Statements and Internal Controls over Financial Reporting.
NGM represented 13% of the Company’s consolidated Total assets at December 31, 2023, while its Sales comprised 19% of the Company’s consolidated sales for the year ended December 31, 2023.
Ernst & Young LLP, an independent registered public accounting firm, who audited the Company’s Consolidated Financial Statements at December 31, 2023 and the year then ended included in this Form 10-K, has issued an attestation report on the Company’s internal control over financial reporting, at December 31, 2023, which is included herein.
Changes in Internal Controls
Subject to the above, there were no changes in the Company’s internal control over financial reporting that occurred during the quarter ended December 31, 2023, that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of Newmont Corporation
Opinion on Internal Control Over Financial Reporting
We have audited Newmont Corporation’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 2013 framework (the COSO criteria). In our opinion, Newmont Corporation (the Company), based on our audit and the report of other auditors, maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on the COSO criteria.
We did not examine the effectiveness of internal control over financial reporting of Nevada Gold Mines LLC, a 38.5% owned investment which is proportionately consolidated, whose financial statements reflect total assets and sales constituting 13% and 19%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2023. The effectiveness of Nevada Gold Mines LLC’s internal control over financial reporting was audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the effectiveness of Nevada Gold Mines LLC’s internal control over financial reporting, is based solely on the report of the other auditors.
As indicated in the accompanying Management’s Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Newcrest Mining Limited, which is included in the 2023 consolidated financial statements of the Company and constituted 31% of total assets as of December 31, 2023 and 8% of revenues for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Newcrest.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of the Company as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2023, the related notes and financial statement schedule in Item 15(a)(2) and our report dated February 29, 2024 expressed an unqualified opinion thereon, based on our audit and the report of the other auditors.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit and the report of the other auditors. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit and the report of other auditors provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young LLP
Denver, Colorado
February 29, 2024
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ITEM 9B.       OTHER INFORMATION
On February 27, 2024, following review of market compensation, the Company’s Leadership Development and Compensation Committee of the Board of Directors, approved for Ms. Karyn Ovelmen, Executive Vice President and Chief Financial Officer, an annual base salary of $780,000, effective March 1, 2024, and an increase in target long term incentives to $2,700,000, payable in future years according to the terms of the Company’s long term incentive programs; and also approved for Mr. Peter Toth, Executive Vice President and Chief Development Officer, an annual base salary of $710,000, effective March 1, 2024, and an increase in target long term incentives to $2,050,000, payable in future years according to the terms of the Company’s long term incentive programs. Additionally, following review of market compensation, the Company’s Board of Directors approved for Mr. Tom Palmer, President and Chief Executive Officer, an increase in target long term incentives from $8,900,000 to $9,500,000, payable in future years according to the terms of the Company’s long term incentive programs.
Rule 10b5-1 Trading Plans
Our directors and executive officers may purchase or sell shares of our common stock in the market from time to time, including pursuant to equity trading plans adopted in accordance with Rule 10b5-1 under the Exchange Act and in compliance with guidelines specified by the Company’s stock trading standard, which has been filed as Exhibit 19 to this annual report. In accordance with Rule 10b5-1 and the Company’s insider trading policy, directors, officers and certain employees who, at such time, are not in possession of material non-public information about the Company are permitted to enter into written plans that pre-establish amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, including shares acquired pursuant to the Company’s employee and director equity plans. Under the Company’s stock trading standard, the first trade made pursuant to a Rule 10b5-1 trading plan may take place no earlier than 90 days after adoption of the trading plan. Under a Rule 10b5-1 trading plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them. The use of these trading plans permits asset diversification as well as financial and tax planning. Our directors and executive officers also may buy or sell additional shares outside of a Rule 10b5-1 plan when they are not in possession of material nonpublic information, subject to compliance with SEC rules, the terms of our stock trading standard and holding requirements. During the three months ended December 31, 2023, the following directors and executive officers adopted or terminated Rule 10b5-1 trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c):
On November 8, 2023, Mark Ebel, Interim Chief Legal Officer, terminated a trading arrangement previously adopted with respect to the sale of securities of the Company’s common stock (a “Rule 10b5-1 Trading Plan”). Mr. Ebel’s Rule 10b5-1 Trading Plan was adopted on May 23, 2023, had a term of 1 year, and provided for the sale of up to 8,663 shares of common stock pursuant to the terms of the plan. As of the date of termination of the Rule 10b5-1 Trading Plan, Mr. Ebel had sold 549 shares of common stock under its terms. The adoption of such 10b5-1 Trading Plan, and its subsequent termination, each occurred during an open insider trading window and complied with the Company’s standards on insider trading.
On November 28, 2023, Tom Palmer, President, Chief Executive Officer and Director, terminated a previously adopted Rule 10b5-1 Trading Plan. Mr. Palmer’s Rule 10b5-1 Trading Plan was adopted on March 7, 2022, had a term of 2 years, and provided for the sale of up to 264,000 shares of common stock pursuant to the terms of the plan. As of the date of termination of the Rule 10b5-1 Trading Plan, Mr. Palmer had sold 220,000 shares of common stock under its terms. The adoption of such 10b5-1 Trading Plan, and its subsequent termination, each occurred during an open insider trading window and complied with the Company’s standards on insider trading.
Transactions under Section 16 officer trading plans will be disclosed publicly through Form 144 and Form 4 filings with the SEC to the extent required by law. No other Section 16 director or officer of the Company adopted, modified, or terminated Rule 10b5-1 trading plans during the covered period. No non-Rule 10b5-1 trading arrangements (as defined by Item 408(a) of Regulation S-K) were entered into by Section 16 director or officer of the Company during the covered period.
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PART III
ITEM 10.       DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Information concerning Newmont’s directors, Audit Committee, compliance with Section 16(a) of the Exchange Act and Code of Ethics is contained in Newmont’s definitive Proxy Statement, filed pursuant to Regulation 14A promulgated under the Securities Exchange Act of 1934 for the 2024 Annual Meeting of Stockholders and is incorporated herein by reference.
Information concerning Newmont’s executive officers, as of December 31, 2023, is set forth below:
Name Age Office
Thomas R. Palmer 56 President and Chief Executive Officer
Robert D. Atkinson 55
Executive Vice President and Chief Operating Officer (1)
Natascha Viljoen 53
Executive Vice President and Chief Operating Officer (1)
Karyn F. Ovelmen 60 Executive Vice President and Chief Financial Officer
Jennifer Cmil 53 Executive Vice President and Chief People Officer
Peter Toth 54 Executive Vice President, Chief Strategy and Sustainability Officer, and Executive, Australia
Dean Gehring 55 Executive Vice President, Chief Integration Officer, and Interim Chief Technology Officer
Mark D. Ebel 57
Interim Chief Legal Officer (2)
Suzanne Retallack 47 Executive Vice President, Chief Safety and Sustainability Officer, and Executive, Australia
Joshua L. Cage 49 Chief Accounting Officer and Controller
____________________________
(1)A planful transition of the Chief Operating Officer role has been underway since October 2023. It is expected that Ms. Viljoen will assume full Chief Operating Officer accountability for all Business Units, effective March 1, 2024.
(2)A transition of the Chief Legal Officer role is also expected in March 2024 when Mr. Peter Wexler joins the Company.
There are no family relationships by blood, marriage or adoption among any of the above executive officers or members of the Board of Directors of Newmont. Each executive officer is elected annually by the Board of Directors of Newmont to serve for one year or until his or her respective successor is elected and qualified. There is no arrangement or understanding between any of the above executive officers and any other person pursuant to which he or she was selected as an executive officer.
Mr. Palmer was first elected as President and Chief Executive Officer and a member of the Board of Directors in October 2019. He served as President since June 2019 and as President and Chief Operating Officer from November 2018 until June 2019. Previously, he served as Executive Vice President and Chief Operating Officer since May 2016. Mr. Palmer was elected Senior Vice President, Asia Pacific in February 2015 after serving as Senior Vice President, Indonesia since March 2014. Prior to joining Newmont, he was the Chief Operating Officer, Pilbara Mines at Rio Tinto Iron Ore. Over a 20-year career with Rio Tinto, Mr. Palmer worked in a variety of roles across a number of commodities, including General Manager, Technology for the Bauxite and Alumina business; General Manager, Operations at Hail Creek coal mine; and General Manager, Asset Management at Palabora Mining Company in South Africa.
Mr. Atkinson is Executive Vice President and Chief Operating Officer of Newmont, positions he has held since June 2019. In connection with the transition of the Chief Operating Officer role to Ms. Viljoen, from October 2023 to early 2024, Mr. Atkinson continued to act as co-Chief Operating Officer and hold accountability for the Company’s Africa, Peru, and Latin America & Caribbean (formally South America) Business Units, as well as for Global Projects, and support the transition of critical operational integration activities. Following completion of the transition of all Business Units to Ms. Viljoen, Mr. Atkinson will be departing the Company, effective May 2, 2024. Prior to joining Newmont, Mr. Atkinson served as Head of Productivity and Technical Support for Rio Tinto from 2016 to 2019. He also formerly served as Chief Operating Officer for Rio Tinto’s portfolio of copper interests in Mongolia, the United States, Chile and Indonesia. Prior to that Mr. Atkinson lead ASX-listed Energy Resources of Australia as Chief Executive and Director and served as General Manager of Weipa Bauxite.
Ms. Viljoen joined Newmont’s Executive Leadership Team in October 2023 as Executive Vice President and Chief Operating Officer. After an onboarding period, Ms. Viljoen assumed accountability for the Company’s Australia and North America Business Units in November 2023 and the newly acquired Papua New Guinea Business Unit. Effective March 1, 2024, Ms. Viljoen will assume accountability for all Business Units. Prior to joining Newmont, Ms. Viljoen served as Chief Executive Officer of Anglo American’s platinum business in South Africa since 2020, having previously held a series of operating and technical positions within the organization, including as Group Head of Processing. Prior to joining Anglo American, she spent six years at Lonmin, where she served on the executive committee as Executive Vice President of Processing, also with responsibility for several wider corporate functions, including sustainability.
Ms. Ovelmen joined Newmont in May 2023 as Executive Vice President and Chief Financial Officer. Ms. Ovelmen has over 30 years of financial, accounting and operating experience across the energy, manufacturing and distribution industries, including over 12 years in Chief Financial Officer roles. Most recently, Ms. Ovelmen has served as a non-executive and independent director of Hess Corporation since November 2020, including as a member of the Audit Committee, and as a non-executive and independent director of ArcelorMittal since May 2015, including as lead independent director, chair of the Audit & Risk Committee and chair of the Appointment Remuneration and Corporate Governance Committee.
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From January 2019 to December 2019, Ms. Ovelmen was the Gas Power Transformation Leader for the General Electric Company. Ms. Ovelmen served on the Board of Gates Industrial Corporation plc. as a non-executive director and was a member of their Audit Committee from December 2017 to March 2019. She previously served as Executive Vice President and Chief Financial Officer of Flowserve from June 2015 to February 2017, Chief Financial Officer and Executive Vice President of LyondellBasell Industries NV from 2011 to May 2015, Executive Vice President and Chief Financial Officer of Petroplus Holdings AG from May 2006 to September 2010 and Executive Vice President and Chief Financial Officer of Argus Services Corporation from 2005 to 2006. Prior to that, she was Vice President of External Reporting and Investor Relations for Premcor Refining Group Inc. She also spent 12 years with PricewaterhouseCoopers, primarily serving energy industry accounts, as a Certified Public Accountant.
Ms. Cmil is Executive Vice President and Chief People Officer of Newmont, positions she has held since October 2019. Ms. Cmil first joined Newmont in 2010 as Senior Director, Human Resources. Prior to joining Newmont, Ms. Cmil held leadership positions in human resources across multiple industries, including Vice President of Human Resources at Level 3 Telecommunications, Senior Human Resources Director at KB Home and Human Resources Partner at Sun Microsystems, where she began her career in 1994.
Mr. Toth was promoted to Executive Vice President and Chief Development Officer in June 2023. Mr. Toth joined Newmont in July 2022 as Executive Vice President, Strategic Development and his role was expanded to include Sustainability in September of 2022 to become Executive Vice President and Chief Strategy and Sustainability Officer. Prior to joining Newmont, Mr. Toth worked at Rio Tinto from April 2014, with his last role being Group Executive, Strategy and Development, with accountability for business development/M&A, strategic partnerships, climate and sustainability strategy, closure, and exploration. Mr. Toth has more than 25 years of leadership experience working in the resources industry across various commodities. Mr. Toth has held senior strategic, commercial, and operational roles across Europe, Singapore, Australia and the United Kingdom with Rio Tinto, BHP, and OM Holdings.
Mr. Gehring was promoted to Executive Vice President and Chief Integration Officer in May 2023 and has also served as the Interim Chief Technology Officer since September 2023. Mr. Gehring joined Newmont in 2017 as Regional Senior Vice President, South America and was appointed Executive Vice President and Chief Technology Officer since June 2019 after serving as since June 2017. Mr. Gehring served as Executive Vice President and Chief Development Officer – Peru to lead the Newmont’s Yanacocha operations and the Sulfides project since July 2022. Prior to joining Newmont, Mr. Gehring served 14 years with Rio Tinto in a variety of executive roles including President and Chief Executive Officer of Rio Tinto Minerals from October 2014 to October 2016. Prior roles also included Global Head of Safety and Security and General Manager of Resource Development for the Oyu Tolgoi mine in Mongolia. Mr. Gehring previously worked as Manager of Technical Services at Freeport’s Grasberg mine and held various operational and technical roles with BHP Billiton prior to that.
Mr. Ebel was promoted to Interim Chief Legal Officer in June 2023, after previously serving as Vice President and Associate General Counsel since June 2019. Mr. Ebel joined Newmont in 2011 and served as Associate General Counsel from 2011 to 2019. He is responsible for M&A, financing and a variety of additional transactional and compliance matters. Prior to joining Newmont, Mr. Ebel was Chief Financial Officer and General Counsel at Eyeris Inc., and partner at Holland & Hart, LLP.
Ms. Retallack was appointed as Executive Vice President and Chief Sustainability Officer in June 2023 and Executive, Australia in October 2023. Ms. Retallack previously served as the Company's Senior Vice President for Health, Safety and Security in 2022, and Vice President Health, Safety and Security from March 2019 through 2021. Prior to joining Newmont, Ms. Retallack held several senior roles in Health and Safety, Environment and Security within Rio Tinto from March 2003 to August 2019 and has over 20 years of experience, progressively holding more senior global Health, Safety and Security leadership roles across multiple commodities.
Mr. Cage has served as Vice President, Chief Accounting Officer and Controller since October 2022. Mr. Cage has over 19 years of service with Newmont in roles of progressive responsibility and held the position of Assistant Controller from 2014 to 2022. Prior to that, he served as Senior Director, Business Planning, Site Controller – Indonesia and Director, Technical Accounting and SEC Reporting. Prior to joining Newmont, Mr. Cage held audit manager and senior auditor roles at Ernst & Young and KPMG, respectively.
ITEM 11.       EXECUTIVE COMPENSATION
Information concerning this item is contained in Newmont’s definitive Proxy Statement, filed pursuant to Regulation 14A promulgated under the Securities Exchange Act of 1934 for the 2024 Annual Meeting of Stockholders and is incorporated herein by reference.
ITEM 12.       SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
Information concerning this item is contained in Newmont’s definitive Proxy Statement, filed pursuant to Regulation 14A promulgated under the Securities Exchange Act of 1934 for the 2024 Annual Meeting of Stockholders and incorporated herein by reference.
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Equity Compensation Plan Information
The following table sets forth at December 31, 2023 information regarding Newmont’s Common Stock that may be issued under Newmont’s equity compensation plans:
Number of Securities to be issued upon exercise of outstanding options, warrants and rights Weighted average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Plan Category (a)
(b) (1)
 (c)
Equity compensation plans approved by security holders (2)
 3,296,102  —  21,472,946 
(3)
Equity compensation plans not approved by security holders —  N/A — 
____________________________
(1)The weighted average exercise price does not take into account the shares issuable upon vesting of restricted stock units, performance leveraged stock units.
(2)Newmont’s 2020 Stock Incentive Plan was approved by the stockholders on April 21, 2020. A maximum of 20,000,000 shares of Newmont's Common Stock, plus up to 3,644,782 shares available for grant under the 2013 Incentive Plan as of May 1, 2020, were authorized to be issued under the 2013 Stock Incentive Plan at that time. There are currently 21,472,946 shares registered and available to grant under the 2020 Stock Incentive Plan. There are no equity compensation plans not approved by stockholders.
(3)Securities remaining available for future issuance under the 2020 Stock Incentive Plan. No additional grants or awards will be made under any of the Company’s other plans.
ITEM 13.       CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Information concerning this item is contained in Newmont’s definitive Proxy Statement, filed pursuant to Regulation 14A promulgated under the Securities Exchange Act of 1934 for the 2024 Annual Meeting of Stockholders and incorporated herein by reference.
ITEM 14.       PRINCIPAL ACCOUNTANT FEES AND SERVICES
Information concerning this item is contained in Newmont’s definitive Proxy Statement, filed pursuant to Regulation 14A promulgated under the Securities Exchange Act of 1934 for the 2024 Annual Meeting of Stockholders and incorporated herein by reference.
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PART IV
ITEM 15.       EXHIBITS, FINANCIAL STATEMENT SCHEDULES
The following documents are filed as a part of this report:
(a)Financial Statements
(1)The Consolidated Financial Statements, together with the reports of the independent auditors thereon dated February 29, 2024, are included as part of Item 8, Financial Statements and Supplementary Data.
Page
(2)Financial Statement Schedules:
Included on page SCH-1 is Schedule II - Valuation and Qualifying Accounts.
(3)Exhibits:
Exhibit
Number		 Description
2.1 -
2.2 -
2.3 -
3.1 -
3.2 -
4.1 -
4.2 -
4.3 -
4.4 -
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4.5 -
4.6 -
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4.8 -


4.9 -
4.1 -
4.11 -
4.12 -
4.13 -
4.14 -
4.15 -
4.16 -
4.17 -
4.18 -
4.19 -
4.20 -
Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of holders of certain long-term debt are not filed. The Registrant agrees to furnish copies thereof to the Securities and Exchange Commission upon request.
4.21 -
10.1* -
10.2* -
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10.4* -
10.5* -
10.6* -
10.7* -
10.8* -
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10.55 -
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19 -
21 -
22 -
23.1 -
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24 -
31.1 -
31.2 -
32.1 -
32.2 -
95 -
96.1 -
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97.1 -
101 - 101.INS XBRL Instance - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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101.SCH XBRL Taxonomy Extension Schema
101.CAL XBRL Taxonomy Extension Calculation
101.DEF XBRL Taxonomy Extension Definition
101.LAB XBRL Taxonomy Extension Labels
101.PRE XBRL Taxonomy Extension Presentation
104 - Cover Page Interactive Data File (embedded within the XBRL document)

*These exhibits relate to executive compensation plans and arrangements.
**    Certain schedules are omitted pursuant to item 601(b) (2) of Regulation S-K. Registrant agrees to furnish supplementally any omitted schedules to the SEC upon request.
***    Portions of this exhibit have been redacted pursuant to Item 601(b) (10) of Regulation S-K. Registrant agrees to furnish supplementally an unedited copy of the exhibit to the SEC upon request.

ITEM 16.       FORM 10-K SUMMARY
None.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.
NEWMONT CORPORATION
By:
/s/ MARK D. EBEL
Mark D. Ebel
Interim Chief Legal Officer
February 29, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on February 29, 2024.
Signature Title
 *
 President, Chief Executive Officer and Director
Thomas R. Palmer (Principal Executive Officer)
* Executive Vice President and Chief Financial Officer
Karyn F. Ovelmen (Principal Financial Officer)
* Group Head - Accounting
Joshua L. Cage (Principal Accounting Officer)
Philip Aiken, AM*
Director
Patrick G. Awuah, Jr.* Director
Gregory H. Boyce* Non-Executive Chair
Bruce R. Brook* Director
Maura J. Clark* Director
Emma FitzGerald* Director
Mary Laschinger* Director
Sally-Anne Layman*
 Director
José Manuel Madero Garza*
 Director
René Médori* Director
Jane Nelson* Director
Julio M. Quintana* Director
Susan N. Story* Director
*By:
/s/ MARK D. EBEL
Mark D. Ebel
Attorney-in-Fact

SCH- 1
Table of Contents
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS
Year Ended December 31,
2023 2022 2021
(in millions)
Deferred Income Tax Valuation Allowance
Balance at beginning of year $ 3,994  $ 3,791  $ 3,418 
Additions due to acquisition of Newcrest
 300  —  — 
Additions to deferred income tax expense 565  370  769 
Reduction of deferred income tax expense (207) (109) (350)
Additions and reductions reflected in other components of the financial statements —  (58) (46)
Balance at end of year $ 4,652  $ 3,994  $ 3,791 
Refer to Note 10 of the Consolidated Financial Statements for additional information.
SCH- 2
EX-4.12 2 q42023exhibit412.htm EX-4.12 Document

Exhibit 4.12

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12
OF THE SECURITIES EXCHANGE ACT OF 1934

As of the date of the Annual Report on Form 10-K of which this exhibit is part, Newmont Corporation (“we”, “Newmont” or the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our common stock, $1.60 par value per share (“Common Stock”).

DESCRIPTION OF CAPITAL STOCK

The rights of our stockholders are governed by the applicable provisions of the Delaware General Corporation Law (the "DGCL"), our Certificate of Incorporation and our By-Laws. The following is a summary of the material terms of our capital stock. For additional information regarding our capital stock, please refer to the applicable provisions of the DGCL, our Certificate of Incorporation and our By-Laws.

At December 31, 2023, we had 1,327,557,090 shares of authorized capital stock. Those shares consisted of:

•1,322,557,090 shares of Common Stock, of which 1,152,544,498 shares were outstanding; and
•5,000,000 shares of preferred stock, par value $5.00 per share, none of which is issued and outstanding.

Common Stock

The following is a summary of the terms of our Common Stock. For additional information regarding our Common Stock, please refer to our Certificate of Incorporation, our By-Laws and the applicable provisions of the DGCL.

Dividend Rights

Holders of our Common Stock may receive dividends when, as and if declared by our Board of Directors out of funds of Newmont legally available for the payment of dividends. Subject to the terms of any outstanding preferred stock, holders of our Common Stock may not receive dividends until we have satisfied our obligations to any holders of our preferred stock.

As a Delaware corporation, we may pay dividends out of our surplus capital or, if there is no surplus capital, out of our net profits for the fiscal year in which a dividend is declared and/or the preceding fiscal year. Section 170 of the DGCL also provides that dividends may not be paid out of net profits if, after the payment of the dividend, capital is less than the capital represented by the outstanding stock of all classes having a preference upon the distribution of assets.

Currently, we pay dividends on our Common Stock each quarter. The declaration and payment of future dividends remains at the discretion of the Board of Directors and will depend on the Company's financial results, cash requirements, future prospects and other factors deemed relevant by the Board of Directors.

Voting and Other Rights

Holders of our Common Stock are entitled to one vote per share and, in general, a majority of votes cast with respect to a matter will be sufficient to authorize action upon routine matters.

The holders of record of a majority of the outstanding shares of our capital stock entitled to vote at the meeting of our stockholders must be present in person or represented by proxy at the meeting in order to constitute a quorum for all matters to come before the meeting.

Special meetings of our stockholders may be called by our Board of Directors or by the Chair of the Board or by our President, and will be called by the Chair of the Board or by our President or Secretary upon a written request stating the purposes of the proposed meeting and signed by a majority of our Board of Directors or stockholders owning at least 25% of our outstanding capital stock entitled to vote at the meeting.
Written notice of a meeting of our stockholders is given personally, by mail, or other means of electronic transmission not less than 10 days nor more than 60 days before the date on which the meeting is held, to each stockholder of record entitled to vote at the meeting. The notice must state the time, place and purposes of the meeting. In the event of a special meeting called upon the written request of our stockholders, the notice will describe any business set forth in the statement of purpose in the written stockholder request, as well as any additional business that our Board of Directors proposes to be conducted at the meeting. If mailed, the notice will be sent to our stockholders at their respective addresses appearing on our stock records or to such other addresses as they may designate in writing, and will be deemed given when mailed. A waiver of any notice, in writing by a stockholder or by electronic transmission given by the person or persons entitled to such notice before or after the time for the meeting, will be deemed equivalent to that stockholder having received the notice.

Our Board of Directors is not classified. Directors are to be elected by a majority of the votes cast by stockholders entitled to vote thereon at a duly held meeting of stockholders at which a quorum is present, and our stockholders do not have the right to cumulate their votes in the election of directors.

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Liquidation

In the event of any liquidation, dissolution or winding up of Newmont, holders of our Common Stock would be entitled to receive proportionately any assets legally available for distribution to our stockholders with respect to shares held by them, subject to any prior rights of the holders of any of our preferred stock then outstanding.

Redemption

Our Common Stock is not redeemable or convertible.

Other Provisions

All of the issued and outstanding shares of our Common Stock are validly issued, fully paid and nonassessable. Holders of our Common Stock have no preemptive rights with respect to any of our securities.

Listing

Our Common Stock trades on the New York Stock Exchange under the symbol “NEM.” Computershare Investor Service Inc. is the registrar, transfer agent and dividend disbursing agent for our Common Stock. Our Common Stock also trades on the Torronto Stock Exchange under the symbol “NGT.”

Preferred Stock—General

The applicable prospectus supplement relating to the particular series of preferred stock and any related depositary shares to be offered will describe the specific terms of that series as fixed by our Board of Directors, including, as applicable:

•voting rights,
•designations,
•dividend rate,
•redemption rights,
•liquidation rights,
•sinking fund or purchase fund provisions,
•conversion or exchange rights,
•any other preferences, relative participating and option or other special rights, and qualifications, limitations and restrictions that are not inconsistent with the terms of our restated certificate of incorporation, including any restriction on the repurchase or redemption while we are in arrears in the payment of dividends or sinking fund installments.
Anti-Takeover Provisions

Article Ninth of our Certificate of Incorporation may make it more difficult for various corporations, entities or persons to acquire control of us or to remove management.
Article Ninth of our Certificate of Incorporation requires us to get the approval of the holders of 80% of all classes of our capital stock who are entitled to vote in elections of directors, voting together as one class, to enter into the following types of transactions:

•a merger or consolidation between us and another corporation that holds 10% or more of our outstanding shares;
•the sale or lease of all or a substantial part of our assets to another corporation or entity that holds 10% or more of our outstanding shares; or
•any sale or lease to us of assets worth more than $10 million in exchange for our securities by another corporation or entity that holds 10% or more of our outstanding shares.
However, Article Ninth does not apply to any transaction if:

•our Board of Directors approves the transaction before the other corporation, person or entity becomes a holder of 10% or more of our outstanding shares; or
•we or our subsidiaries own a majority of the outstanding voting shares of the other corporation.
Article Ninth can be altered or repealed only with the approval of the holders of 80% of all classes of our capital stock who are entitled to vote in elections of directors, voting together as one class.

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EX-10.56 3 q42023exhibit1056.htm EX-10.56 q42023exhibit1056
EXHIBIT 10.56 NEWMONT SECTION 16 OFFICER AND SENIOR EXECUTIVE SHORT-TERM INCENTIVE PROGRAM (Effective January 1, 2023, as amended)

 
1 NEWMONT SECTION 16 OFFICER AND SENIOR EXECUTIVE SHORT-TERM INCENTIVE PROGRAM (Effective January 1, 2023) PURPOSE This Section 16 Officer and Senior Executive Short-Term Incentive Program (STIP) includes the Corporate Performance Bonus program. This program is a restatement of the Section 16 Officer and Senior Executive Short-Term Incentive Program effective on January 1, 2022. The purpose of the Corporate Performance Bonus program is to provide to those employees of Newmont Corporation and its Affiliated Entities that participate in this program a more direct interest in the success of the operations of Newmont Corporation. Employees of Newmont Corporation and participating Affiliated Entities will be rewarded in accordance with the terms and conditions described below. This program is intended to be a program described in Department of Labor Regulation Sections 2510.31(b) and 2510.3-2(c) and shall not be considered a plan subject to the Employee Retirement Income Security Act of 1974, as amended. SECTION I-DEFINITIONS 1.1 “Adjusted Free Cash Flow” means annual approved STIP adjusted free cash flow for the Performance Period on an attributable basis, as adjusted for metal prices, fuel and exchange rates, one-time adjustments or other items as approved by the Board, to actual adjusted attributable free cash flow, but excluding development capital. 1.2 “Affiliated Entity(ies)” means any corporation or other entity, now or hereafter formed, that is or shall become affiliated with Newmont Corporation (“Newmont”), either directly or indirectly, through stock ownership or control, and which is (a) included in the controlled group of corporations (within the meaning of Code Section 1563(a) without regard to Code Section 1563(a)(4) and Code Section 1563(e)(3)(C)) in which Newmont is also included and (b) included in the group of entities (whether or not incorporated) under common control (within the meaning of Code Section 414(c)) in which Newmont is also included. 1.3 “Board” means the Board of Directors of Newmont or its delegate. 1.4 “Bonus Eligible Earnings” means an Employee’s base salary as reflected in the records of Newmont or a Participating Employer as of December 31 of the calendar year for which a Corporate Performance Bonus is made; provided, however, that Newmont or a Participating Employer shall have the discretion to adjust an Employee’s Bonus Eligible Earnings based on any periods of unpaid leave or other periods in the calendar year during which an Employee was not working or was otherwise not fully engaged in their duties and responsibilities (including if an Employee commenced employment after the beginning of the calendar year, in which case such Employee’s Bonus Eligible Earnings will be calculated on a pro-rata basis based on their base salary as of December 31). If an Employee dies during the calendar year, the “Bonus Eligible

 
2 Earnings” for such Terminated Eligible Employee will be determined by their base salary as of the date of death in such calendar year and the Bonus will be calculated on a pro-rata basis. In the event of a Change of Control, the Bonus Eligible Earnings of each eligible Employee shall be equal to such Employee’s base salary, on an annualized basis, as of the date immediately preceding the Change of Control. In the case of a Terminated Eligible Employee, such Employee’s Bonus Eligible Earnings will be determined by their base salary as of the date of termination of employment and the Bonus shall be calculated on a pro-rata basis. In all cases, an Employee’s “Bonus Eligible Earnings” shall be determined before reduction for pretax contributions to an employee benefit plan of Newmont pursuant to Section 401(k) or Section 125 of the Code. 1.5 “Cash Sustaining Costs per Gold Equivalent Ounce” means annual approved STIP adjusted cash sustaining costs for the Performance Period on a consolidated basis and measured on a per gold equivalent ounce basis, as adjusted for metal prices, fuel and exchange rates, one- time adjustments or other items as approved by the Leadership Development and Compensation Committee of the Board of Directors (“LDCC”), compared to actual adjusted cash sustaining costs per gold equivalent ounce, and subject to metric adjustments provided with the performance targets as approved by the LDCC. 1.6 “Change of Control” means the occurrence of any of the following events: (i) The acquisition in one or a series of transactions by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (x) the then outstanding shares of common stock of Newmont (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then outstanding voting securities of Newmont entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from Newmont other than an acquisition by virtue of the exercise of a conversion privilege, unless the security being so converted was itself acquired directly from Newmont, (B) any acquisition by Newmont, (C) any acquisition by any employee benefits plan (or related trust) sponsored or maintained by Newmont or any corporation controlled by Newmont or (D) any acquisition by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of paragraph (iii) below; or (ii) Individuals who, as of the Effective Date, constitute the Board of Directors of Newmont (“Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors of Newmont; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by Newmont’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors of Newmont; or

 
3 (iii) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of Newmont or an acquisition of assets of another entity (a “Business Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such transaction owns Newmont or all or substantially all of Newmont’s assets either directly or through one or more subsidiaries (a “Parent Company”)) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (B) no person or entity (excluding Newmont, any entity resulting from such Business Combination, any employee benefit plan (or related trust) of Newmont or its Affiliate or any entity resulting from such Business Combination or, if reference was made to equity ownership of any Parent Company for purposes of determining whether clause (A) above is satisfied in connection with the applicable Business Combination, such Parent Company) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock (or, for a non-corporate entity, equivalent securities of the entity) resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such entity entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body) of the entity, unless such ownership resulted solely from ownership of securities of Newmont, prior to the Business Combination and (C) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination (or, if reference was made to equity ownership of any Parent Company for purposes of determining whether clause (A) above is satisfied in connection with the applicable Business Combination, of the Parent Company) were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors of Newmont, providing for such Business Combination; or (iv) Approval by the stockholders of Newmont of a complete liquidation or dissolution of Newmont. 1.7 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 1.8 “Corporate Performance Bonus” means the bonus payable to an Employee pursuant to Section III. 1.9 “Disability” means a condition such that the salaried Employee has terminated employment with Newmont or Affiliated Entities with a disability and has begun receiving benefits from the Long-Term Disability Plan of Newmont (or Affiliated Entity) or a successor plan.

 
4 1.10 “Economic Performance Driver” means, Adjusted Free Cash Flow, Cash Sustaining Costs per Gold Equivalent Ounce, Growth, Health and Safety, and Sustainability, as defined in Appendix A. 1.11 “Employee” means an employee of Newmont or an Affiliated Entity who satisfies the conditions for this program and who is not (a) an individual who performs services for Newmont or an Affiliated Entity under an agreement, contract or arrangement (which may be written or oral) between the employer and the individual or with any other organization that provides the services of the individual to the Employer pursuant to which the individual is initially classified or treated as an independent contractor or whose remuneration for services has not been treated initially as subject to the withholding of federal income tax pursuant to Code § 3401, or who is otherwise treated as an employee of an entity other than Newmont or an Affiliated Entity, irrespective of whether they are treated as an employee of Newmont or an Affiliated Entity under common law employment principles or pursuant to the provisions of Code § 414(m), 414(n) or 414(o), even if the individual is subsequently reclassified as a common law employee as a result of a final decree of a court of competent jurisdiction, the settlement of an administrative or judicial proceeding or a determination by the Internal Revenue Service, the Department of the Treasury or the Department of Labor, (b) an individual who is a leased employee, (c) a temporary employee, or (d) an individual covered by a collective bargaining agreement unless otherwise provided for in such agreement. 1.12 “Growth” means annual managed gold reserve and resource additions measured against target annual managed reserve and resource additions, and as adjusted from time to time as approved by the LDCC, and key project milestones, as determined by the LDCC. 1.13 “Health and Safety” means health and safety metrics measured against target health and safety metrics, as adjusted from time to time as approved by the LDCC. 1.14 “Leadership Development and Compensation Committee or LDCC” means the Leadership Development and Compensation Committee of the Board of Directors of Newmont. 1.15 “Level” means the Level of Work assigned to the job, as reflected in Appendix C. 1.16 “Newmont” means Newmont Corporation. 1.17 Participating Employer” means Newmont and any Affiliated Entity. 1.18 “Pay Grade” means globally graded jobs that share common salary ranges, as designated by the Board or its delegate, which may be adjusted from time to time, as reflected in Appendix C. 1.19 “Performance Period” means the relevant time period which the LDCC will utilize to calculate and determine the Corporate Performance Bonus. 1.20 “Retirement” means at least age 55, and, at least 5 years of continuous employment with Newmont and/or an Affiliated Entity, and a total of at least 65 when adding age plus years of employment.

 
5 1.21 “Sustainability” means selected sustainability metrics measured against target selected sustainability metrics including a sustainability performance index, as adjusted from time to time as approved by the LDCC. 1.22 “Section 16 Officer” means an officer as defined in Section 16(b) of the Securities Exchange Act of 1934. 1.23 “Terminated Eligible Employee” means an eligible Employee employed in a position located in Colorado or any Employee in an Executive grade level position who terminates employment with Newmont and/or a Participating Employer during the calendar year on account of death, Retirement, Disability or involuntary termination entitling the Employee to benefits under the Executive Severance Plan of Newmont. However, if an eligible Employee is terminated between January 1 and March 31 of any calendar year, and entitled to benefits under the Executive Severance Plan of Newmont, Employee shall not qualify for any bonus under this program for the period of January 1 to March 31 for the calendar year of the termination. SECTION II-ELIGIBILITY All Employees of a Participating Employer who participate in the Senior Executive Compensation Program of Newmont (in other words, Section 16 Officers in Pay Grades E-1, E-2, E-3 or Levels 6 and 7, as well as non-Section 16 employees in Pay Grades E-4) and Section 16 Officers in Pay Grade E-5 or Level 5 not participating in the Senior Executive Compensation Program of Newmont are potentially eligible to receive a bonus payment under the Corporate Performance Bonus program, provided (i) they are on the payroll of a Participating Employer as of the last day of the calendar year, and on the payroll of a Participating Employer at the time of payment, or (ii) they are a Terminated Eligible Employee with respect to such calendar year. SECTION III-CORPORATE PERFORMANCE BONUS 3.1 Eligibility for Corporate Performance Bonus. For the calendar year, the Corporate Performance Bonus will be determined pursuant to this section for each eligible Employee. For the calendar year, the performance bonus for each eligible Employee who is not assigned to the corporate office will have certain regional performance factors weighted into the Corporate Performance Bonus as stated in Appendix B. Each operating site shall develop its own critical performance indicators for this purpose. 3.2 Target Amounts for Economic Performance Drivers. The LDCC shall establish both the targets and the minimum and maximum amounts for each Economic Performance Driver on an annual basis. 3.3 Actual Performance for Economic Performance Drivers. As soon as possible after the end of each calendar year, the LDCC shall certify the extent to which actual performance met the target amounts for each Economic Performance Driver, following a report from the Internal Audit department, or an external audit firm. 3.4 Aggregate Payout Percentage. An aggregate payout factor (the “Aggregate Payout Percentage”) will be calculated based upon the funding schedule as approved by the LDCC.

 
6 (a) Calculating the Performance Percentage for each Economic Performance Driver. For each Economic Performance Driver, actual performance will be compared to the target, minimum and maximum amounts to arrive at a performance percentage (“Performance Percentage”). (b) Calculating the Payout Percentage for each Economic Performance Driver. The payout percentage for each Economic Performance Driver is the product of the Performance Percentage times the applicable weighting factor as listed in Appendix A (“Payout Percentage for each Economic Performance Driver”). However, a fatality or significant potential events may cap the payout for the Health and Safety metric(s). (c) Calculating the Aggregate Payout Percentage. The Aggregate Payout Percentage is the sum of the Payout Percentages for each Performance Factor. 3.5 Determination of Target Performance Level. An Employee’s Target Performance Level is determined by the Employee’s Pay Grade or Level pursuant to the table in Appendix B. 3.6 Determination of the Corporate Performance Bonus. The Corporate Performance Bonus for each eligible Employee is the product of the Aggregate Payout Percentage, times the Employee’s Target Performance Level, times the Employee’s Bonus Eligible Earnings. 3.7 Terminated Eligible Employees. Terminated Eligible Employees shall be eligible to receive a Corporate Performance Bonus; provided, that a Terminated Eligible Employee who has an involuntary termination entitling the employee to benefits under the Executive Severance Plan of Newmont must execute a Waiver and Release pursuant to the terms of such plan in order to receive payment of a Corporate Performance Bonus. This bonus will be calculated according to Section III of this program, and pro-rated for the portion of the calendar year that Employee maintained employment with a Participating Employer. 3.8 Adjustments. The LDCC may adjust the Performance Percentage or any measure or otherwise increase or decrease the Corporate Performance Bonus otherwise payable in order to reflect changed circumstances or such other matters as the LDCC deems appropriate. 3.9 Pay Grade/Level. If an eligible Employee was in more than one Pay Grade or Level during the calendar year, the bonus payable to such eligible Employee shall be calculated on a pro- rata basis in accordance with the amount of time spent by such eligible Employee in each Pay Grade or Level during the calendar year; provided, however, that if an eligible Employee who is in Pay Grade E-4 changes to a Level 5 during the calendar year, the Newmont Short-Term Incentive Program will apply during the time period that they are a Level 5, and not this Program. 3.10 Time and Method of Payment. Any bonus payable under this program shall be payable to each eligible Employee in cash as soon as practicable following approval of bonuses by the LDCC for Section 16 Officers (except for the CEO, whose bonus is approved by the Board), and review by LDCC for non-Section 16 Officers. All payments and the timing of such payments shall be made in accordance with practices and procedures established by the Participating

 
7 Employer. Payment under this program will be made no later than the 15th day of the third month following the calendar year in which an Employee’s right to payment is no longer subject to a substantial risk of forfeiture. Notwithstanding the foregoing, in the event an Employee failed to complete any required ethics training or failed to comply with acknowledgement of any Code of Conduct of Newmont or any Affiliated Entity, Newmont may withhold payment under this program unless or until such Employee complies. 3.11 Withholding Taxes. All bonuses payable hereunder shall be subject to the withholding of such amounts as Newmont or a Participating Employer may determine is required to be withheld pursuant to any applicable federal, state, local or foreign law or regulation. SECTION IV-CHANGE OF CONTROL 4.1 In General. In the event of a Change of Control, each eligible Employee employed at the time of the Change of Control shall become entitled to the payment of a Corporate Performance Bonus in accordance with the provisions of this section. 4.2 Calculation of Bonus. In the event of a Change of Control: (a) each eligible Employee employed as of the date of the Change of Control shall become entitled to the payment of a target pro-rated Corporate Performance Bonus for the portion of the calendar year from January 1 through the date of the Change of Control; and (b) each eligible Employee employed as of the last day of the calendar year in which the Change of Control occurs shall be entitled to a target pro-rated Corporate Performance Bonus for the remaining portion of the calendar year following the Change of Control. 4.3 Payment of Bonuses. The bonuses payable in accordance with the provisions of this Section IV shall be calculated and paid as soon as practicable (a) following the date of the Change of Control, in the case of the bonus required by Section 4.2(a), and (b) following the conclusion of the calendar year in which the Change of Control occurs, in the case of the bonus required by Section 4.2(b). Such payments shall be subject to the withholding of such amounts as Newmont or a Participating Employer may determine is required to be withheld pursuant to any applicable federal, state, or local law or regulation. Upon the completion of such payments, eligible Employees shall have no further right to the payment of any Corporate Performance Bonus hereunder for such calendar year (other than any bonus payable hereunder with respect to a previous calendar year that has not yet been paid). In the event that a Change of Control and a benefit-qualifying Separation from Service under Section 3.01 of the 2012 Executive Change of Control Plan of Newmont (“2012 Plan”) or Section 3.01 of the Executive Change of Control Plan of Newmont (“2008 Plan”) of an Eligible employee occur in the same calendar year, payment to such Eligible employee of a Corporate Performance Bonus under this Section IV along with any Individual Bonus (for any employee eligible for an Individual Bonus) payable in the event of a Change of Control under the Newmont Senior Executive Compensation Program shall satisfy Section 3.02(a)(i)(B) of the 2012 Plan and Section 3.02(a)(i)(B) of the 2008 Plan solely with respect to the portion of such calendar year from January 1 through the date of the Change of Control; in such instance, the bonuses provided for under Section 3.02(a)(i)(B) of the 2012 Plan and Section 3.02(a)(i)(B) of the 2008 Plan for the period of time between the Change of Control and the Separation of Service shall be calculated for such period of time in accordance with the

 
8 formula provided therein. If a benefit-qualifying Separation from Service under Section 3.01 of the 2012 Plan or Section 3.01 of the 2008 Plan occurs in a year subsequent to the year in which a Change of Control occurs, any payments made under this Section IV shall not in any way satisfy Section 3.02(a)(i)(B) of the 2012 Plan or Section 3.02(a)(i)(B) of the 2008 Plan. SECTION V-GENERAL PROVISIONS 5.1 Amount Payable Upon Death of Employee. If an eligible Employee who is entitled to payment hereunder dies after becoming eligible for payment but before receiving full payment of the amount due, or if an eligible Employee dies and becomes a Terminated Eligible Employee, all amounts due shall be paid as soon as practicable after the death of the eligible Employee, in a cash lump sum, to the beneficiary or beneficiaries designated by the eligible Employee to receive life insurance proceeds under Group Life and Accidental Death & Dismemberment Plan of Newmont USA Limited (or a successor plan) or a similar plan of a Participating Employer. In the absence of an effective beneficiary designation under said plan, any amount payable hereunder following the death of an eligible Employee shall be paid to the eligible Employee’s estate. 5.2 Right of Offset. To the extent permitted by applicable law, Newmont or a Participating Employer may, in its sole discretion, apply any bonus payments otherwise due and payable under this program against any eligible Employee or Terminated Eligible Employee loans outstanding to Newmont, an Affiliated Entity, or Participating Employer, or other debts of the eligible Employee or Terminated Eligible Employee to Newmont, an Affiliated Entity, or Participating Employer. By accepting payments under this program, the eligible Employee consents to the reduction of any compensation paid to the eligible Employee by Newmont, an Affiliated Entity, or Participating Employer to the extent the eligible Employee receives an overpayment from this program. 5.3 Termination. The LDCC or Board may at any time amend, modify, suspend or terminate this program. However, upon or following a Change of Control, Section IV of this program may not be amended, suspended, or terminated until the obligations of Section IV of this program have been fully satisfied with respect to such Change of Control. 5.4 Payments Due Minors or Incapacitated Persons. If any person entitled to a payment under this program is a minor, or if the LDCC or its delegate determines that any such person is incapacitated by reason of physical or mental disability, whether or not legally adjudicated as incompetent, the LDCC or its delegate shall have the power to cause the payment becoming due to such person to be made to another for their benefit, without responsibility of the LDCC or its delegate, Newmont, or any other person or entity to see to the application of such payment. Payments made pursuant to such power shall operate as a complete discharge of the LDCC, this program, Newmont, and Affiliated Entity or Participating Employer. 5.5 Severability. If any section, subsection, or specific provision is found to be illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this program, and this program shall be construed and enforced as if such illegal and invalid provision had never been set forth in this program.

 
9 5.6 No Right to Employment. The establishment of this program shall not be deemed to confer upon any person any legal right to be employed by, or to be retained in the employ of, Newmont, any Affiliated Entity, any Participating Employer, or to give any Employee or any person any right to receive any payment whatsoever, except as provided under this program. All Employees shall remain subject to discharge from employment to the same extent as if this program had never been adopted. 5.7 Transferability. Any bonus payable hereunder is personal to the Eligible Employee or Terminated Eligible Employee and may not be sold, exchanged, transferred, pledged, assigned, or otherwise disposed of except by will or by the laws of descent and distribution. 5.8 Successors. This program shall be binding upon and inure to the benefit of Newmont, the Participating Employers and the eligible Employees and Terminated Eligible Employees and their respective heirs, representatives, and successors. 5.9 Governing Law. This program and all agreements hereunder shall be construed in accordance with and governed by the laws of the State of Colorado, unless superseded by federal law. 5.10 Reimbursement. The LDCC, to the full extent permitted by governing law, shall have the discretion to require reimbursement of any portion of the Corporate Performance Bonus previously paid to an eligible Employee pursuant to the terms of this compensation program if: a) the amount of such Corporate Performance Bonus was calculated based upon the achievement of certain financial results that were subsequently the subject of a restatement; b) the amount of such Corporate Performance Bonus that would have been awarded to the eligible Employee had the financial results been reported as in the restatement would have been lower than the Corporate Performance Bonus actually awarded, or; c) a reimbursement is permitted or required by any clawback standard adopted by Newmont, including a standard adopted after the effective date of this Program. Additionally, the LDCC, to the full extent permitted by governing law, shall have the discretion to require reimbursement of any portion of a Corporate Performance Bonus previously paid to an eligible Employee pursuant to the terms of this compensation program if the eligible Employee is terminated for cause as defined in the Executive Change of Control Plan of Newmont or as defined in the Executive Severance Plan of Newmont. 5.11 Section 409A. It is the intention of Newmont that payments under this compensation program comply with or be exempt from Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”), and Newmont shall have complete discretion to interpret and construe this program and any related plan or agreement in any manner that establishes an exemption from (or compliance with) the requirements of Code Section 409A. If for any reason, such as imprecision in drafting, any provision of this program and/or any such plan or agreement does not accurately reflect its intended establishment of an exemption from (or compliance with) Code Section 409A, as demonstrated by consistent interpretations or other evidence of intent, such provision shall be considered ambiguous as to its exemption from (or compliance with) Code Section 409A and shall be interpreted by Newmont in a manner consistent with such intent, as determined in the discretion of Newmont. None of

 
10 Newmont nor any other Participating Employer shall be liable to any eligible Employee or any other person (i) if any provisions of this program do not satisfy an exemption from, or the conditions of, Code Section 409A, or (ii) as to any tax consequence expected, but not realized, by any eligible Employee or other person due to the any payment under this program.

 
11 APPENDIX A Economic Performance Drivers and Weighting Factors for Each Health & Safety (Fatality Risk Management 15% and Significant Potential Event Frequency Rate 5%) Sustainability (S&P Global Corporate Sustainability Assessment 4%; Operating Sites Water Consumption Efficiency 3%; and Planned Reclamation Activities 3%) Cash Sustaining Costs per Gold Equivalent Ounce (CSC/GEO) Adjusted Free Cash Flow Growth (Managed Reserves 5%; Managed Resources 5%; Key Project Milestone (Tanami Expansion 2) 5%; and Key Project Milestone (Ahafo North) 5%) 20% 10% 25% 25% 20%

 
12 APPENDIX B Target STIP Corporate Performance Bonus1 Grade / Level Percentage of Bonus Eligible Earnings E-1 / Level 7 150% E-2/E-3 Range / Level 6 (based on executive role) 75% - 125% E-4 (excluding Regional Senior Vice Presidents “RSVP” of operating sites)2 Up to 52.5% E-4 RSVP 52.5% Total—Weighted as Below: Corporate STIP—30%(15.7% of base salary) Regional STIP—70% (36.6% of base salary) Section 16 Officer who is E-5 / Level 5 30% 1 The E-1, E-2 and E-3 roles are all Section 16 officer roles, which are eligible only for a Corporate Performance Bonus, and not an Individual Performance Bonus. 2 To the extent that eligible Employees who were in Pay Grade E-4 during calendar year 2023 converted to Level 5 or some other Level during the calendar year, they are not covered by this Program as of the date that they converted to Level 5 or some other lower Level—instead, they are covered by the Newmont Short-Term Incentive Program.

 
13 APPENDIX C If an Employee is mapped to a Level in lieu of a Pay Grade in calendar year 2023 or in a later calendar year, the Employee shall be eligible for a Corporate Performance Bonus for the Employee’s Level, with any Corporate Performance Bonus paid pro rata based on the respective time periods during the calendar year in which the Employee is assigned to a Pay Grade versus a Level, if there is a difference in the targets for the Pay Grade versus the Level. By way of example, and for avoidance of doubt, if an Employee is in a Pay Grade between January 1 and June 30 of a particular calendar year for which their target Corporate Performance Bonus is 30% of their bonus eligible earnings, and their target Individual Performance Bonus is 30% of their bonus eligible earnings, and then, as of July 1 of such calendar year, the Employee is mapped to a Level that provides that their target Corporate Performance Bonus is 42% of their bonus eligible earnings and their target Individual Performance Bonus is 18% of their bonus eligible earnings, the Employee’s Corporate Performance Bonus and Individual Performance Bonus pay-out for the entire calendar year will be pro-rated for the first six months based on the Pay Grade percentages, and for the second six months based on the Level percentages. By way of another example, and for avoidance of doubt, if an employee is in Pay Grade E-4 between January 1 and July 31 of a particular calendar year that provides that their Corporate Performance Bonus is based on the performance of the Economic Performance Drivers in Appendix A of this Program, and then as of August 1 of such calendar year, the Employee is mapped to Level 5 that provides that their Corporate Performance Bonus is based on the Economic Performance Drivers in the Newmont Short-Term Incentive Program, the Employee’s Corporate Performance Bonus pay-out for the entire calendar year will be pro-rated for the first seven months based on the Pay Grade Economic Performance Drivers in this Program, and for the second five months based on the Level Economic Performance Drivers in the Newmont Short-Term Incentive Program.

 
EX-10.57 4 q42023exhibit1057.htm EX-10.57 q42023exhibit1057
EXHIBIT 10.57 NEWMONT CORPORATION 2020 STOCK INCENTIVE COMPENSATION PLAN RESTRICTED STOCK UNIT AGREEMENT This Agreement, including any country-specific terms and conditions set forth in any appendix hereto (the “Agreement”), dated February 26, 2024, is made between Newmont Corporation (“Newmont”) and “Employee,” as specified in his or her Grant Summary and Grant Acknowledgment (collectively, the “Grant Acknowledgment”). The Grant Acknowledgment is set forth on the Fidelity online employee portal. The Grant Acknowledgment is incorporated by reference herein. This Agreement shall be deemed executed by Employee upon his or her electronic execution of the Grant Acknowledgment. All capitalized terms that are not defined herein shall have the meaning as defined in the Newmont Corporation 2020 Stock Incentive Compensation Plan (“Plan”). 1. Award of Restricted Stock Units. Newmont hereby grants to Employee the right to receive from Newmont the number of Restricted Stock Units (the “RSUs”) specified in the Grant Acknowledgment, pursuant to the terms and subject to the conditions and restrictions set forth in this Agreement and the Plan. Each RSU granted represents an unfunded right to receive one share of Newmont Common Stock, subject to the conditions and restrictions set forth in this Agreement and the Plan. 2. Vesting Period. The RSUs will vest in accordance with the vesting schedule set forth below, provided Employee remains employed by Newmont or one of its Subsidiaries through each vesting date, or unless otherwise provided in this Agreement: VESTING SCHEDULE 3. Termination. Notwithstanding Section 2 above, the RSUs will vest as stated below in the specific circumstances: A. Termination of Employment for death, disability, and following change of control. If (i) Employee dies, or (ii) Employee’s employment with Newmont or any Subsidiary terminates by reason of (a) disability (as determined under the terms of the Long-Term Disability Plan of Newmont), or (b) termination of employment entitling Employee to benefits under the Executive Change of Control Plan of Newmont or the Change of Control Plan of Newmont, the outstanding RSUs subject to this Agreement shall become fully vested and nonforfeitable, as of the date of Employee’s death or other termination of employment, referred to in clause (ii) above. B. Termination of Employment under a Severance Plan of Newmont. If Employee terminates employment with Newmont or any Subsidiary and is entitled to: (i) separation benefits under the Severance Plan of Newmont or the Executive Severance Plan of Newmont, or; (ii) separation benefits for any involuntary termination, other than for Cause (as defined below), for Employees not eligible for benefits under the Severance Plan of Newmont or the Executive Severance Plan of Newmont, a pro-rata percentage of the RSUs will vest as of the date of Employee’s employment termination in accordance with the following formula, and the remaining RSUs will be forfeited: RSUs vested = Total RSUs Covered by This Agreement X Days Elapsed From Date of Grant to Date of Termination of Employment - Prior Vestings 1096

 
- 2 - If Employee is entitled to separation benefits as contemplated in clauses (i) or (ii) above in this Section 3.B, and is also retirement eligible as defined in Section 3.C below, the RSUs shall vest in accordance with this Section 3.B and not 3.C below. “Cause” is defined as: 1) engagement in illegal conduct or gross negligence or willful misconduct, provided that if the Employee acted in accordance with an authorized written opinion of Newmont’s, or an affiliated entity’s, legal counsel, such action will not constitute “Cause;” 2) any dishonest or fraudulent activity by the Employee or the reasonable belief by Newmont or an affiliated entity of the Employee’s breach of any contract, agreement or representation with the Newmont or an affiliated entity, or 3) violation, or Newmont or an affiliated entities’ belief of Employee’s violation of Newmont Corporation’s Code of Conduct and underlying policies and standards. C. Retirement. If Employee terminates employment with Newmont or any Subsidiary due to retirement, defined as: (1) at least age 55, (2) at least 5 years of continuous employment with Newmont and/or a Subsidiary, and (3) a total of at least 65 when adding age plus years of continuous employment, the RSUs shall vest as follows. (i) If Employee retires within 365 days from the date of grant, a pro-rata percentage of the RSUs will vest as of the date of Employee’s employment termination in accordance with the following formula, and the remaining RSUs will be forfeited: RSUs vested = Total RSUs Covered by This Agreement X Days Elapsed From Date of Grant to Date of Termination of Employment - Prior Vestings 1096 (ii) If Employee retires more than 365 days after the date of grant, the RSUs will continue to vest in accordance with the schedule set forth in Section 2 above, despite separation of employment. D. Other Terminations. If Employee terminates employment with Newmont or any Subsidiary under circumstances other than those set forth above in Sections 3.A through 3.C, Employee agrees that any unvested RSUs will be immediately and unconditionally forfeited without any action required by Employee or Newmont as of the date of such termination of employment. For the avoidance of doubt, if Employee terminates employment with Newmont or any Subsidiary during only a period prior to a vesting date (but where employment has terminated prior to the vesting date) does not entitle Employee to vest in a pro-rata portion of the RSUs on such date. E. Discretion to Apply Termination Vesting Provisions. Notwithstanding the provisions in this Section 3, if the Company or, if different, the Employer (as defined in Section 5 below), determines, in its sole discretion, that any provision in this Section 3 may be found to be unlawful, discriminatory or against public policy in any relevant jurisdiction, then the Company, in its sole discretion, may choose not to apply such provision to the RSUs. 4. No Ownership Rights Prior to Issuance of Common Stock. Employee shall not have any rights as a stockholder of Newmont with respect to the shares of Common Stock underlying the RSUs, including but not limited to the right to vote with respect to such shares of Common Stock, until and after the shares of Common Stock have been issued to Employee and transferred on the books and records of Newmont; provided, however, at the time that the Shares are delivered to Employee in settlement of the vested RSUs, Newmont shall make a cash

 
- 3 - payment to Employee equal to any dividends paid with respect to shares of Common Stock underlying such RSUs from the date of grant of the RSUs until the date such RSUs vest, minus any applicable Tax-Related Items (as defined in Section 5 below). 5. Withholding Taxes. Employee acknowledges that, regardless of any action taken by Newmont or, if different, his or her employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Employee's participation in the Plan and legally applicable or deemed by Newmont or the Employer, in its discretion, to be an appropriate charge to Employee even if legally applicable to Newmont or the Employer (“Tax-Related Items”) is and remains his or her responsibility and may exceed the amount actually withheld by Newmont or the Employer. Employee further acknowledges that Newmont and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSU, including, but not limited to, the grant, vesting or settlement of the RSU, the subsequent sale of shares of Common Stock acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSU to reduce or eliminate his or her liability for Tax-Related Items or achieve any particular tax result. Further, if Employee is subject to Tax-Related Items in more than one jurisdiction, he or she acknowledges that Newmont and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. In connection with the relevant taxable or tax withholding event, as applicable, Employee agrees to make adequate arrangements satisfactory to Newmont and/or the Employer to satisfy all Tax-Related Items. In this regard, Employee authorizes Newmont or its agent to satisfy any applicable withholding obligations with regard to all Tax-Related Items by withholding a number of whole shares of Common Stock to be issued upon settlement of the RSU. If Newmont determines in its discretion that withholding in shares of Common Stock is not permissible or advisable under applicable local law, Newmont may satisfy its obligations for Tax- Related Items by one or a combination of the following: (a) withholding from Employee’s wages or other cash compensation paid to Employee by Newmont and/or the Employer; or (b) withholding from proceeds of the sale of shares of Common Stock acquired upon vesting/settlement of the RSUs either through a voluntary sale or through a mandatory sale arranged Newmont (on Employee’s behalf pursuant to this authorization). Newmont may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates in Employee’s jurisdiction(s), including maximum applicable rates to the extent permitted by the Plan, in which case Employee may receive a refund of any over- withheld amount in cash and will have no entitlement to the equivalent in Common Stock. If the obligation for Tax- Related Items is satisfied by withholding in shares of Common Stock, for tax purposes, Employee is deemed to have been issued the full number of shares of Common Stock subject to the vested RSU, notwithstanding that a number of the shares of Common Stock are held back solely for the purpose of paying the Tax-Related Items. Notwithstanding anything in this Section 5 to the contrary, to avoid a prohibited distribution under Section 409A of the Code, if shares of Common Stock underlying the RSUs will be withheld (or sold on Employee’s behalf) to satisfy any Tax-Related Items arising prior to the date of settlement of the RSUs for any portion of the RSUs that is considered nonqualified deferred compensation subject to Code Section 409A, then the number of shares of Common Stock withheld (or sold on Employee’s behalf) shall not exceed the number of shares of Common Stock that equals the liability for the Tax-Related Items. Finally, Employee agrees to pay to Newmont or the Employer, any amount of Tax-Related Items that Newmont or the Employer may be required to withhold or account for as a result of his or her participation in the

 
- 4 - Plan that cannot be satisfied by the means previously described. Newmont may refuse to issue or deliver the shares or the proceeds of the sale of shares of Common Stock, if Employee fails to comply with his or her obligations in connection with the Tax-Related Items. 6. Delivery of Shares of Common Stock. As soon as reasonably practicable, but in any event within 30 days, following the date of vesting pursuant to Section 2 or 3, subject to Section 9(i), Newmont shall cause to be delivered to Employee a stock certificate or electronically deliver shares through a direct registration system for the number of shares of Common Stock (net of tax withholding as provided in Section 5) deliverable to Employee in accordance with the provisions of this Agreement; provided, however, that for non-Section 16 officers of Newmont under the Exchange Act, Newmont may allow Employee to elect to have shares of Common Stock, which are deliverable in accordance with the provisions of this Agreement upon vesting (or a portion of such shares at least sufficient to satisfy Employee’s tax withholding obligations with respect to such Common Stock), sold on behalf of Employee, with the cash proceeds thereof, net of tax withholding, remitted to Employee, in lieu of Employee receiving a stock certificate or electronic delivery of shares in a direct registration system. 7. Nontransferability. Employee’s interest in the RSUs and any shares of Common Stock relating thereto may not be sold, transferred, pledged, assigned, encumbered or otherwise alienated or hypothecated otherwise than by will or by the laws of descent and distribution, prior to such time as the shares of Common Stock have actually been issued and delivered to Employee. 8. Acknowledgements. Employee acknowledges receipt of and understands and agrees to the terms of the RSUs award and the Plan. In addition to the above terms, Employee understands and agrees to the following: (a) Employee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all of the terms and provisions thereof, including the terms and provisions adopted after the date of this Agreement but prior to the completion of the Vesting Period. If and to the extent that any provision contained in this Agreement is inconsistent with the Plan, the Plan shall govern. (b) Employee acknowledges that as of the date of this Agreement, the Agreement, the Grant Acknowledgement and the Plan set forth the entire understanding between Employee and Newmont regarding the acquisition of shares of Common Stock underlying the RSUs in Newmont and supersedes all prior oral and written agreements pertaining to the RSUs. (c) Employee understands that Newmont has reserved the right to amend or terminate the Plan at any time. 9. Miscellaneous (a) No Right to Continued Employment. Neither the RSUs nor any terms contained in this Agreement shall confer upon Employee any expressed or implied right to be retained in the service of any Subsidiary for any period at all, nor restrict in any way the right of any such Subsidiary, which right is hereby expressly reserved, to terminate his or her employment at any time with or without cause. Employee acknowledges and agrees that any right to receive delivery of shares of Common Stock is earned only by continuing as an employee of a Subsidiary at the will of such Subsidiary, or satisfaction of any other applicable terms and conditions contained in this Agreement and the Plan, and not through the act of being hired, being granted the RSUs or acquiring shares of Common Stock hereunder. (b) Compliance with Laws and Regulations. The award of the RSUs to Employee and the obligation of Newmont to deliver shares of Common Stock hereunder shall be subject to (i) all applicable federal, state, local and foreign laws, rules and regulations, and (ii) any registration, qualification, approvals or other requirements imposed by any government or regulatory agency or body which the Newmont Committee shall, in

 
- 5 - its sole discretion, determine to be necessary or applicable. Moreover, shares of Common Stock shall not be delivered hereunder if such delivery would be contrary to applicable law or the rules of any stock exchange. (c) Investment Representation. If at the time of delivery of shares of Common Stock, the Common Stock is not registered under the Securities Act of 1933, as amended (the “Securities Act”), and/or there is no current prospectus in effect under the Securities Act with respect to the Common Stock, Employee shall execute, prior to the delivery of any shares of Common Stock to Employee by Newmont, an agreement (in such form as the Newmont Committee may specify) in which Employee represents and warrants that Employee is purchasing or acquiring the shares acquired under this Agreement for Employee’s own account, for investment only and not with a view to the resale or distribution thereof, and represents and agrees that any subsequent offer for sale or distribution of any kind of such shares shall be made only pursuant to either (i) a registration statement on an appropriate form under the Securities Act, which registration statement has become effective and is current with regard to the shares being offered or sold, or (ii) a specific exemption from the registration requirements of the Securities Act, but in claiming such exemption Employee shall, prior to any offer for sale of such shares, obtain a prior favorable written opinion, in form and substance satisfactory to the Newmont Committee, from counsel for or approved by the Newmont Committee, as to the applicability of such exemption thereto. (d) Definitions. All capitalized terms that are used in this Agreement that are not defined herein have the meanings defined in the Plan. In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan shall prevail. (e) Notices. Any notice or other communication required or permitted hereunder shall, if to Newmont, be in accordance with the Plan, and, if to Employee, be in writing and delivered in person or by registered or certified mail or overnight courier, postage prepaid, addressed to Employee at his or her last known address as set forth in Newmont’s records. (f) Severability. If any of the provisions of this Agreement should be deemed unenforceable, the remaining provisions shall remain in full force and effect. (g) Governing Law. Except as to matters concerning the issuance of Common Stock or other matters of corporate governance, which shall be determined, and related RSUs provisions construed, under the General Corporation Law of the State of Delaware, this Agreement shall be governed by the laws of the State of Colorado, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. The parties hereto submit to the exclusive jurisdiction and venue of the federal or state courts of Colorado to resolve any and all issues that may arise out of or relate to this Agreement or the Plan. (h) Transferability of Agreement. This Agreement may not be transferred, assigned, pledged or hypothecated by either party hereto, other than by operation of law. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns, including, in the case of Employee, his or her estate, heirs, executors, legatees, administrators, designated beneficiary and personal representatives. Nothing contained in this Agreement shall be deemed to prevent transfer of the RSUs in the event of Employee’s death in accordance with Section 12(b) of the Plan. (i) Section 409A Requirements. For purposes of complying with Section 409A of the Code, if the RSUs constitute non-qualified deferred compensation, Employee is a U.S. taxpayer and the RSUs are to be settled at a time that is by reference to a termination of Employee’s employment, the Employer and Employee shall take all steps necessary (including with regard to any post-termination services by Employee) to ensure that a termination contemplated under Section 3 constitutes a “separation from service” within the meaning of Section 409A of the Code. Further, if and the foregoing sentence applies and Employee is a “specified employee” (within the meaning of Code Section 409A) on the date of the separation from service, settlement of the RSUs and any

 
- 6 - related dividend payments will be delayed until the first day of the seventh month following the date of such separation from service or, if earlier, until Employee’s death. (j) No Advice Regarding Award. Newmont is not providing any tax, legal or financial advice, nor is Newmont making any recommendations regarding Employee’s participation in the Plan, or his or her acquisition or sale of the underlying shares of Common Stock. Employee should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan. (k) Appendix. Notwithstanding any provisions in this Agreement, the Award shall be subject to any terms and conditions set forth in Appendix to this Agreement for Employee’s country. Moreover, if Employee relocates to one of the countries included in the Appendix, the terms and conditions for such country will apply to him or her, to the extent Newmont determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement. (l) Imposition of Other Requirements. Newmont reserves the right to impose other requirements on Employee’s participation in the Plan, on the RSUs and on any shares of Common Stock acquired under the Plan, to the extent Newmont determines it is necessary or advisable for legal or administrative reasons, and to require Employee to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. (m) Modification. Notwithstanding any other provision of this Agreement to the contrary, the Newmont Committee may amend this Agreement to the extent it determines necessary or appropriate to comply with the requirements of Code Section 409A and the guidance thereunder and any such amendment shall be binding on Employee. (n) Recoupment. As an additional condition of receiving this award of RSUs, Employee agrees that the RSUs, whether vested or unvested, and/or the shares of Common Stock, cash or other benefits acquired pursuant to the RSUs (and any proceeds therefrom) may be subject to recoupment to the extent required (i) under Newmont’s clawback policies in effect as of the date of this Agreement, or to the extent adopted following the date of this Agreement any similar policy applicable to circumstances where Employee engages in misconduct, fraud, a violation of law or other similar circumstances, and, in each case, as they may be amended from time to time, or (ii) under applicable laws, regulations or stock exchange listing standards (collectively, the “Recoupment Policy”). In order to satisfy any recoupment obligation arising under the Recoupment Policy, among other things, Employee expressly and explicitly authorize Newmont to issue instructions, on Employee’s behalf, to any brokerage firm and/or third party administrator engaged by Newmont to hold any shares of Common Stock or other amounts acquired pursuant to the RSUs to re-convey, transfer or otherwise return such shares of Common Stock and/or other amounts to Newmont upon Newmont’s enforcement of the Recoupment Policy. No recovery of compensation as described in this section will be an event giving rise to Employee’s right to resign for “good reason” or “constructive termination” (or similar term) under any plan of, or agreement with, Newmont, any Subsidiary and/or the Employer. (o) Waiver. Employee acknowledges that a waiver by Newmont of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach of this Agreement. (p) Electronic Delivery and Acceptance. Newmont may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. Employee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by Newmont or a third party designated by Newmont.

 
- 7 - IN WITNESS WHEREOF, pursuant to Employee’s Grant Acknowledgement (including without limitation, the Terms and Conditions section hereof), incorporated herein by reference, and electronically executed by Employee, Employee agrees to the terms and conditions of this Agreement.

 
- 8 - APPENDIX TO THE NEWMONT CORPORATION 2020 STOCK INCENTIVE COMPENSATION PLAN RESTRICTED STOCK UNIT AGREEMENT Unless otherwise provided below, capitalized terms used but not explicitly defined in this Appendix shall have the same definitions as in the Plan and/or the Agreement (as applicable). The terms and conditions in Part A apply to all Employees outside the United States. The country-specific terms and conditions in Part B will also apply to Employee if he or she resides in one of the countries listed below. Terms and Conditions This Appendix includes additional country-specific terms and conditions that govern Employee’s RSUs if he or she resides and/or works in one of the countries listed herein. If Employee is a resident of a country other than the one in which he or she is currently residing and/or working, relocate to another country after the RSUs are granted, or are considered a resident of another country for local law purposes, the terms and conditions of the RSUs contained herein may not be applicable to Employee, and Newmont shall, in its discretion, determine to what extent the terms and conditions contained herein shall apply to him or her. Notifications This Appendix also includes information regarding certain issues of which Employee should be aware with respect to his or her participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of February 2024. Such laws are often complex and change frequently. As a result, Employee should not rely on the information in this Appendix as the only source of information relating to the consequences of his or her participation in the Plan because the information may be out of date at the time that Employee’s RSUs vest or he or she sells shares of Common Stock acquired under the Plan. In addition, the information contained herein is general in nature and may not apply to Employee’s particular situation, and Newmont is not in a position to assure him or her of a particular result. Accordingly, Employee should seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her situation. Finally, if Employee is a resident of a country other than the one in which he or she is currently residing and/or working, transfers employment after the RSUs are granted, or is considered a resident of another country for local law purposes, the information contained herein may not apply to Employee.

 
- 9 - A. ALL NON-U.S. COUNTRIES TERMS AND CONDITIONS The following additional terms and conditions will apply to Employee if he or she resides in any country outside the United States. 1. Nature of Grant. The following provisions supplement Section 8 of the Agreement: (a) the grant of RSUs under the Plan at one time does not in any way obligate Newmont or its Subsidiaries to grant additional RSUs in any future year or in any given amount. (b) the grant of RSUs and Employee’s participation in the Plan shall not create a right to employment or be interpreted as forming or amending an employment or service contract with Newmont and shall not interfere with the ability of the Employer to terminate Employee's employment or service relationship (if any). (c) the RSUs should in no event be considered as compensation for, or relating in any way to, past services for Newmont, the Employer or any Subsidiary. (d) Employee further acknowledges and understands that Employee’s participation in the Plan is voluntary and that the RSUs and any future RSUs under the Plan are wholly discretionary in nature, the value of which do not form part of any normal or expected compensation for any purposes, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments, bonuses, holiday pay, long-service awards, pension or retirement benefits or similar mandatory payments, other than to the extent required by local law. (e) Employee acknowledges and understands that the future value of the shares of Common Stock acquired by Employee under the Plan is unknown and cannot be predicted with certainty and that no claim or entitlement to compensation or damages arises from the (i) forfeiture of the RSUs resulting from termination of service (for any reason whatsoever and whether or not in breach of local labor laws and whether or not later found to be invalid) and/or (ii) forfeiture of the RSUs or recoupment of any shares of Common Stock, cash or other benefits acquired pursuant to the RSUs resulting from the application of any recoupment or clawback policy of Newmont, as it may be amended from time to time (whether such policy is adopted on or after the date of this Agreement) or any recoupment otherwise required by applicable laws, regulations or stock exchange listing standards. . (f) Employee acknowledges and understands the RSUs and the shares of Common Stock subject to the RSUs, and the income and value of the same, are not intended to replace any pension rights or compensation. (g) Employee acknowledges for the purposes of the RSUs, his or her employment will be considered terminated as of the date he or she is no longer actively providing services to Newmont, the Employer or any Subsidiary (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where he or she is employed or the terms of his or her employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by Newmont, if any, will terminate as of such date and will not be extended by any notice period (e.g., Employee’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where he or she is employed or the terms of his or her employment agreement, if any); the Newmont Committee shall have the exclusive discretion to determine when Employee is no longer actively providing services for purposes of his or her RSU grant (including whether Employee may still be considered to be providing services while on a leave of absence).

 
- 10 - (h) Employee acknowledges and understands that unless otherwise agreed with Newmont, the RSUs and the shares of Common Stock subject to the RSUs, and the income and value of the same, are not granted as consideration for, or in connection with the service he or she may provide as a director of a Subsidiary of Newmont. (i) Employee acknowledges and understands the RSUs and the share of Common Stock subject to the RSUs and the income and value of the same, are not part of normal or expected compensation salary for any purpose. (j) Employee acknowledges and understands that neither Newmont, the Employer nor any other Affiliate of Newmont shall be liable for any foreign exchange rate fluctuation between his or her local currency and the United States Dollar that may affect the value of the RSU or of any amounts due to Employee pursuant to the settlement of the RSU or the subsequent sale of any shares of Common Stock acquired upon settlement. 2. Data Privacy Information and Consent. Newmont headquarters is located at 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., and grants awards to employees of Newmont and its Subsidiaries, at Newmont’s sole discretion. If Employee would like to participate in the Plan, please review the following information about Newmont’s data processing practices and declare Employee’s consent. (a) Data Collection and Usage. Newmont collects, processes and uses personal data of Employees, including name, home address, email address and telephone number, date of birth, social insurance number or other identification number, salary, citizenship, job title, any shares of Common Stock or directorships held in Newmont, and details of all awards or other entitlements to shares of Common Stock, granted, canceled, exercised, vested, unvested or outstanding in Employee’s favor (“Data”), which Newmont receives from Employee or the Employer. In connection with the grant of the RSU, Newmont will collect Employee’s Data for purposes of administering Employee’s participation in the Plan. Newmont’s legal basis for the processing of Employee’s Data, where required, if Employee’s consent. (b) Stock Plan Administration Service Providers. Newmont transfers Data to Fidelity Investments, an independent service provider based in the United States, which assists Newmont with the implementation, administration and management of the Plan. In the future, Newmont may select a different service provider and share Employee’s Data with another company that serves in a similar manner. Newmont’s service provider will open an account for Employee to receive shares of Common Stock. Employee may be asked to agree on separate terms and data processing practices with the service provider, which is a condition to Employee’s ability to participate in the Plan. (c) International Data Transfers. Newmont and its service providers are based in the United States. If Employee is outside the United States, Employee should note that his or her country has enacted data privacy laws that are different from the United States. Newmont’s legal basis for the transfer of Employee’s Data is his or her consent. (d) Data Retention. Newmont will use Employee’s Data only as long as is necessary to implement, administer and manage Employee’s participation in the Plan or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor and security laws. This period may extend beyond Employee’s period of employment with the Employer. When Newmont or the Employer no longer need Data for any of the above purposes, they will cease processing it in this contact and remove it from all of their systems used for such purposes to the fullest extent practicable. (e) Voluntariness and Consequences of Denial or Withdrawal. Employee’s participation in the Plan and Employee’s grant of consent is purely voluntary. Employee may deny or withdraw his or her consent at any time. If Employee does not consent, or if Employee withdraws his or her consent, Employee cannot participate in the Plan. This would not affect Employee’s salary as an employee or his or her career; Employee would merely forfeit the opportunities associated with the Plan.

 
- 11 - (f) Data Subject Rights. Employee has a number of rights under data privacy laws in his or her country. Depending on where Employee is based, Employee’s rights may include the right to (i) request access or copies of Data Newmont processes, (ii) rectification of incorrect Data, (iii) deletion of Data, (iv) restrict the processing of Data, (v) restrict the portability of Data, (vi) lodge complaints with the competent tax authorities in Employee’s country, and/or (vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding Employee’s rights or to exercise Employee’s rights please contact Newmont at Newmont Corporation, 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237 U.S.A., attention: Director of Compensation, Newmont Corporate. If Employee agrees with the data processing practices as described in this notice, please declare Employee’s consent by clicking “Accept” on the Fidelity award acceptance page. 3. Language. Employee acknowledges that he or she is sufficiently proficient in English, or, alternatively, Employee acknowledges that he or she will seek appropriate assistance, to understand the terms and conditions in the Agreement. Furthermore, if Employee received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated versions is different than the English version, the English version will control unless otherwise required by applicable law. 4. Insider-Trading/Market-Abuse Laws. Employee acknowledges that, depending on his or her country or broker’s country, or the country in which Common Stock is listed, he or she may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which may affect his or her ability to accept, acquire, sell or attempt to sell, or otherwise dispose of the shares of Common Stock, rights to shares of Common Stock (e.g., RSUs) or rights linked to the value of Common Stock, during such times as Employee is considered to have “inside information” regarding Newmont (as defined by the laws or regulations in applicable jurisdictions, including the United States and Employee’s country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Employee placed before possessing inside information. Furthermore, Employee may be prohibited from (i) disclosing insider information to any third party, including fellow employees and (ii) “tipping” third parties or causing them to otherwise buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Newmont insider trading policy. Employee acknowledges that it is his or her responsibility to comply with any applicable restrictions, and Employee should speak to his or her personal advisor on this matter. 5. Foreign Asset/Account Reporting Requirements. Employee acknowledges that there may be certain foreign asset and/or account reporting requirements which may affect his or her ability to acquire or hold the shares of Common Stock acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on the shares of Common Stock acquired under the Plan) in a brokerage or bank account outside his or her country. Employee may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Employee also may be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to his or her country through a designated bank or broker within a certain time after receipt. Employee acknowledges that it is his or her responsibility to be compliant with such regulations, and he or she should speak to his or her personal advisor on this matter. 6. General. Notwithstanding the provisions of the Agreement, if Newmont or the Employer develops a good faith belief that any provision may be found to be unlawful, discriminatory or against public policy in any relevant jurisdiction, then Newmont in its sole discretion may choose not to apply such provision to the RSU, nor any RSU grant in Employee’s jurisdiction.

 
- 12 - B. COUNTRY-SPECIFIC ADDITIONAL TERMS AND CONDITIONS ARGENTINA Notifications Securities Law Notification. Neither the RSUs nor the underlying shares of Common Stock are publicly offered or listed on any stock exchange in Argentina and, as a result, have not been and will not be registered with the Argentine Securities Commission (Comisión Nacional de Valores). The Agreement, this Appendix and any other offering material related to the RSUs, as well as the underlying shares of Common Stock, may not be used in connection with any general offering to the public in Argentina. Argentine residents who receive RSUs under the Plan do so according to the terms of a private offering made from outside Argentina. Exchange Control Notification. It is Employee’s responsibility to comply with any and all Argentine currency exchange restrictions, approvals, and reporting requirements in connection with the RSUs. Foreign Asset / Account Reporting Notification. If Employee is an Argentine tax resident, Employee must report any shares of Common Stock acquired under the Plan and held by Employee on December 31st of each year on his or her annual tax return for that year. AUSTRALIA Notifications Securities Law Notification. The offer of RSUs is being made under Division 1A, Part 7.12 of the Australian Corporations Act 2001 (Cth). If Employee offers any shares of Common Stock for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law (in addition to any requirements under the Plan and the Agreement). Employee should consult with Employee's personal legal advisor prior to making any such offer to ensure compliance with the applicable requirements. Tax Information. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to the conditions in the Act). Exchange Control Information. Exchange control reporting is required for cash transactions exceeding A$10,000 and international fund transfers. The Australian bank assisting with the transaction will file the report. If there is no Australian bank involved in the transfer, Employee will be required to file the report. CANADA Terms and Conditions Vesting/Termination. The following provision supplements Section 3 of the Agreement and Section 1 of Part A of this Appendix: For purposes of the Agreement, except as otherwise provided for in Section 3 of the Agreement, in the event Employee ceases his or her employment or service relationship with Newmont or Employer (for any reason whatsoever and whether or not later found to be invalid or in breach of local labor laws), Employee’s right to vest in the RSUs will terminate as of the date that is the earliest of: (a) the date Employee's employment with the Employer is terminated for any reason; and (b) the date Employee receives written notice of termination from the Employer; regardless of any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under local law. For greater certainty, Employee will not earn or be entitled to any pro-rated vesting for that portion of time before the date on which his or her right to vest terminates, nor will Employee be entitled to any compensation for lost vesting.

 
- 13 - Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued vesting during a statutory notice period, Employee's right to vest in the RSUs, if any, will terminate effective upon the expiry of the minimum statutory notice period, but Employee will not earn or be entitled to pro-rated vesting if the vesting date falls after the end of the statutory notice period, nor will you be entitled to any compensation for lost vesting. In any event, if employment standards legislation explicitly requires continued vesting during a statutory notice period, then the additional vesting provided under Section 3 of the Agreement is deemed to be inclusive of any entitlements that arise during the applicable statutory notice period. The following provisions apply if Employee is a resident of Quebec: French Language Documents. A French translation of certain documents related to the Plan will be made available to Employee as soon as reasonably practicable. Notwithstanding the provisions of Section 3 of Part A of this Appendix, to the extent required by applicable law and unless Employee indicates otherwise, the French translation of such documents will govern Employee's participation in the Plan. Documents en Langue Française. Une traduction française de certains documents relatifs au Plan sera mise à la disposition du Employee dès que cela sera raisonnablement possible. Nonobstant les dispositions de l'article 3 de la Partie A de la présente Annexe, dans la mesure requise par la loi applicable et à moins que l'Employee n'indique le contraire, la traduction française de ces documents régira la participation du Employee au Plan. Data Privacy. The following provision supplements Section 2 of Part A of this Appendix: Employee hereby authorizes Newmont and its representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. Employee further authorizes Newmont, any parent or Subsidiary of Newmont, and any stock plan service provider that may be selected by Newmont to assist with the Plan to disclose and discuss the Plan with their respective advisors. Employee further authorizes Newmont and any parent or Subsidiary of Newmont to record such information and to keep such information in Employee’s employee file. Employee acknowledges and agrees that his or her personal information, including sensitive personal information, may be transferred or disclosed outside of the province of Quebec, including to the United States. Finally, Employee acknowledges and authorizes Newmont and other parties involved in the administration of the Plan to use technology for profiling purposes and to make automated decisions that may have an impact on Employee or the administration of the Plan. Notifications Securities Law Information. Employee is permitted to sell shares of Common Stock acquired through the Plan through the designated broker appointed under the Plan, if any, provided the resale of shares of Common Stock acquired under the Plan takes place outside Canada through the facilities of a stock exchange on which the shares of Common Stock are listed on the New York Stock Exchange. Foreign Asset/Account Reporting Information. Canadian residents are required to report foreign specified property, including shares of Common Stock and rights to receive shares of Common Stock (e.g., RSUs), on form T1135 (Foreign Income Verification Statement) if the total cost of the foreign specified property exceeds C$100,000 at any time during the year. RSUs must be reported (generally, at a nil cost) if the C$100,000 cost threshold is exceeded because of other foreign specified property held by Employee. When shares of Common Stock are acquired, their cost generally is the adjusted cost base (“ACB”) of the shares of Common Stock. The ACB would ordinarily equal the fair market value of the shares of Common Stock at the time of acquisition, but if Employee owns other shares of Common Stock, this ACB may have to be averaged with the ACB of the other shares of Common Stock.

 
- 14 - FRANCE Terms and Conditions Consent to Receive Information in English. By accepting the Agreement providing for the terms and conditions of Employee’s grant, Employee confirms having read and understood the documents relating to this grant (the Plan and the Agreement) which were provided in English language. Employee accepts the terms of those documents accordingly. Consentement relatif à la réception d’informations en langue anglaise. En acceptant le Contrat d’Attribution décrivant les termes et conditions de l’attribution, le salarié confirme avoir lu et compris les documents relatifs à cette attribution (le Plan et le Contrat d’Attribution) qui ont été communiqués en langue anglaise. Le salarié accepte les termes de ces documents en connaissance de cause. Notifications Non-Tax-Qualified Award. Employee understands and agrees that the Award is not intended to qualify for specific tax and social security treatment in France under Sections L. 225-197-1 to L. 225-197-6-1 of the French Commercial Code, as amended. Foreign Asset/Account Reporting Information. If Employee holds shares of Common Stock outside France or maintains a foreign bank or brokerage account (including Employee’s Fidelity account), he or she should report such shares of Common Stock and account, whether open, current or closed, to the French tax authorities on his or her annual tax return. GHANA There are no country-specific provisions. INDONESIA Language Consent and Notification. By accepting the RSUs, Employee (i) confirms having read and understood the documents relating to this grant (i.e., the Plan and the Agreement) which were provided in the English language, (ii) accepts the terms of those documents accordingly, and (iii) agrees not to challenge the validity of this document based on Law No. 24 of 2009 on National Flag, Language, Coat of Arms and National Anthem or the implementing Presidential Regulation (when issued). Persetujuan dan Pemberitahuan Bahasa .Dengan menerima pemberian Unit Saham Terbatas (RSUs) ini, Karyawan (i) memberikan konfirmasi bahwa dirinya telah membaca dan memahami dokumen-dokumen berkaitan dengan pemberian ini (yaitu, Perjanjian Penghargaan dan Program) yang disediakan dalam Bahasa Inggris, (ii) menerima persyaratan di dalam dokumen-dokumen tersebut, dan (iii) setuju untuk tidak mengajukan keberatan atas keberlakuan dari dokumen ini berdasarkan Undang-Undang No. 24 Tahun 2009 tentang Bendera, Bahasa dan Lambang Negara serta Lagu Kebangsaan ataupun Peraturan Presiden sebagai pelaksanaannya (ketika diterbitkan) Exchange Control Notification. If Employee remits funds (including proceeds from the sale of shares of Common Stock) into Indonesia, the Indonesian bank through which the transaction is made will submit a report of the transaction to Bank Indonesia for statistical reporting purposes. For transactions in excess of a certain threshold, a more detailed description of the transaction must be included in the report and Employee may be required to provide information about the transaction (e.g., Employee’s relationship with the transferor of the funds, the source of the funds, etc.) to the bank in order for the bank to complete the report. In addition, Employee may be required to provide the Bank Indonesia with information on foreign exchange activities, which may include shares of Common Stock held outside Indonesia, on a monthly basis. The reporting should be completed online through Bank Indonesia’s website, by no later than the 15th day of the following month.

 
- 15 - MEXICO Terms and Conditions Plan Document Acknowledgement. By accepting the RSUs, Employee acknowledges that he or she has received a copy of the Plan, the Grant Acknowledgement, and the Agreement, including this Appendix, which Employee has reviewed. Employee acknowledges further that he or she accepts all the provisions of the Plan, the Grant Acknowledgement, and the Agreement, including this Appendix. Employee also acknowledges that he or she has read and specifically and expressly approves the terms and conditions set forth in Section 1 (“Nature of Grant”) in this Appendix, which clearly provides as follows: (1) Employee’s participation in the Plan does not constitute an acquired right; (2) The Plan and Employee’s participation in it are offered by Newmont on a wholly discretionary basis; (3) Employee’s participation in the Plan is voluntary; and (4) Newmont and its Subsidiaries are not responsible for any decrease in the value of any shares of Common Stock acquired at vesting and settlement of the RSUs. Labor Law Policy and Acknowledgment. By accepting the RSUs, Employee expressly recognizes that Newmont, with registered offices at 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., is solely responsible for the administration of the Plan and that Employee’s participation in the Plan and acquisition of shares of Common Stock do not constitute an employment relationship between Employee and Newmont since Employee is participating in the Plan on a wholly commercial basis and his or her sole employer is Newmont’s Subsidiary in Mexico (“Newmont Mexico”). Based on the foregoing, Employee expressly recognizes that the Plan and the benefits that he or she may derive from participating in the Plan do not establish any rights between Employee and the employer, Newmont Mexico, and do not form part of the employment conditions and/or benefits provided by Newmont Mexico, and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of Employee’s employment. Employee further understands that his or her participation in the Plan is as a result of a unilateral and discretionary decision of Newmont; therefore, Newmont reserves the absolute right to amend and/or discontinue Employee’s participation at any time without any liability to Employee. Finally, Employee hereby declares that he or she does not reserve to him- or herself any action or right to bring any claim against Newmont for any compensation or damages regarding any provision of the Plan or the benefits derived under the Plan, and Employee therefore grants a full and broad release to Newmont, and its subsidiaries, branches, representative offices, shareholders, directors, officers, employees, agents, or legal representatives with respect to any claim that may arise. Spanish Translation Reconocimiento del Documento del Plan Al aceptar las Unidades de Acciones Restringidas (RSUs, por sus siglas en inglés), el Empleado reconoce que ha recibido una copia del Plan, el Reconocimiento de la Subvención y el Acuerdo, con inclusión de este Apéndice, que el Empleado ha revisado. El Empleado reconoce, además, que acepta todas las disposiciones del Plan, el Reconocimiento de la Subvención, y en el Acuerdo, incluyendo este Apéndice. El Empleado también reconoce que ha leído y que concretamente aprueba de forma expresa los términos y condiciones establecidos en la Sección 1 (“Naturaleza de la Subvención”) del Acuerdo, que claramente dispone lo siguiente:

 
- 16 - (1) La participación del Empleado en el Plan no constituye un derecho adquirido; (2) El Plan y la participación del Empleado en el Plan se ofrecen por Newmont en su discrecionalidad total; (3) Que la participación del Empleado en el Plan es voluntaria; y (4) Newmont y sus Subsidiarias no son responsables de ninguna disminución en el valor de las acciones adquiridas al conferir las RSUs. Política Laboral y Reconocimiento Al aceptar las RSUs, el Empleado expresamente reconoce que Newmont, con sus oficinas registradas y ubicadas en 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., es la única responsable por la administración del Plan y que la participación del Empleado en el Plan y en su caso la adquisición de Acciones no constituyen una relación de trabajo entre el Empleado y Newmont, ya que el Empleado participa en el Plan en un marco totalmente comercial y su único patrón es el Subsidiario de Newmont en Mexico (“Newmont Mexico”). Derivado de lo anterior, el Empleado expresamente reconoce que el Plan y los beneficios que pudieran derivar de la participación en el Plan no establecen derecho alguno entre el Empleado y el patrón, Newmont Mexico, y no forma parte de las condiciones de trabajo y/o las prestaciones otorgadas por Newmont Mexico, y que cualquier modificación al Plan o su terminación no constituye un cambio o desmejora de los términos y condiciones de la relación de trabajo del Empleado. Asimismo, el Empleado reconoce que su participación en el Plan se ha resultado de una decisión unilateral y discrecional de Newmont; por lo tanto, Newmont se reserva el derecho absoluto de modificar y/o terminar la participación del Empleado en cualquier momento y sin responsabilidad alguna frente el Empleado. Finalmente, el Empleado por este medio declara que no se reserva ninguna derecho o acción en contra de Newmont por cualquier compensación o daños y perjuicios en relación de las disposiciones del Plan o de los beneficios derivados del Plan, y por lo tanto, el Empleado otorga el más amplio finiquito que en derecho proceda a Newmont, y sus Subsidiarias, oficinas de representación, accionistas, directores, autoridades, empleados, agentes, o representantes legales en relación con cualquier demanda que pudiera surgir. Notifications Securities Law Information. The RSUs and the shares of Common Stock offered under the Plan have not been registered with the National Register of Securities maintained by the Mexican National Banking and Securities Commission and cannot be offered or sold publicly in Mexico. In addition, the Plan, the Agreement and any other document relating to the RSUs may not be publicly distributed in Mexico. These materials are addressed to Employee only because of his or her existing relationship with Newmont and these materials should not be reproduced or copied in any form. The offer contained in these materials does not constitute a public offering of securities but rather constitutes a private placement of securities addressed specifically to individuals who are present employees of the Employer made in accordance with the provisions of the Mexican Securities Market Law, and any rights under such offering shall not be assigned or transferred. PAPUA NEW GUINEA Terms and Conditions Award Settlement. Notwithstanding any provision in the Agreement to the contrary, if deemed by Newmont to be necessary for regulatory reasons, Newmont reserves the right to settle RSUs by payment in cash or its equivalent of an amount equal in value to the shares of Common Stock subject to the vested RSUs.

 
- 17 - Notifications Exchange Control Information. Before receiving funds from the sale of any securities abroad, Employee will need to apply for and receive an Income Tax Clearance Certificate from the taxation authorities in Papua New Guinea, which Employee must then lodge with the appropriate Bank of Papua New Guinea notification form with the commercial bank in which the transaction takes place. PERU Terms and Conditions Labor Law Acknowledgement. The following provision supplements Section 1 of Part A of this Appendix: In accepting this Agreement, Employee acknowledges that the RSUs are being granted ex gratia to Employee with the purpose of rewarding him or her. Notifications Securities Law Information. The offer of the RSUs is considered a private offering in Peru; therefore, it is not subject to registration. For more information concerning this offer, please refer to the Plan, the Agreement and any other grant documents made available by Newmont. SOUTH AFRICA Terms and Conditions Taxes. The following provision supplements Section 5 of the Agreement: By accepting the RSUs, Employee agrees that, immediately upon settlement of the RSUs, Employee will notify the Employer of the amount of any gain realized at vesting. Employee will be solely responsible for paying any difference between the actual liability for Tax-Related Items and the amount withheld. Deemed Acceptance of RSUs. Pursuant to Section 96 of Companies Act 71 of 2008 (the "Companies Act"), the RSU offer must be finalized within six months following the date the offer is communicated to Employee. If Employee does not want to accept the RSUs, Employee is required to decline the award no later than six months following the date the offer is communicated to Employee. If Employee does not reject the RSUs within six months following the date the offer is communicated to Employee, Employee will be deemed to accept the RSUs. Notifications Securities Law Notification. Neither the RSUs nor the underlying shares of Common Stock shall be publicly offered or listed on any stock exchange in South Africa. The offer is intended to be private pursuant to Section 96 of the Companies Act and is not subject to the supervision of any South African governmental authority. Exchange Control Notification. Because exchange control regulations are subject to frequent change, sometimes without notice, Employee should consult his or her personal legal advisor prior to the settlement of the RSUs to ensure compliance with current regulations. Employee is solely responsible for ensuring compliance with all exchange control laws in South Africa. SURINAME Terms and Conditions Award Settlement. Notwithstanding any provision in the Agreement to the contrary, if deemed by Newmont to be necessary for regulatory reasons, Newmont reserves the right to settle RSUs by payment in cash or its equivalent of an amount equal in value to the shares of Common Stock subject to the vested RSUs.

 
EX-10.58 5 q42023exhibit1058.htm EX-10.58 q42023exhibit1058
EXHIBIT 10.58 NEWMONT CORPORATION 2020 STOCK INCENTIVE COMPENSATION PLAN RESTRICTED STOCK UNIT AGREEMENT This Agreement, including any country-specific terms and conditions set forth in any appendix hereto (the “Agreement”), dated GRANT DATE, is made between Newmont Corporation (“Newmont”) and “Employee,” as specified in his or her Grant Summary and Grant Acknowledgment (collectively, the “Grant Acknowledgment”). The Grant Acknowledgment is set forth on the Fidelity online employee portal. The Grant Acknowledgment is incorporated by reference herein. This Agreement shall be deemed executed by Employee upon his or her electronic execution of the Grant Acknowledgment. All capitalized terms that are not defined herein shall have the meaning as defined in the Newmont Corporation 2020 Stock Incentive Compensation Plan (“Plan”). 1. Award of Restricted Stock Units. Newmont hereby grants to Employee the right to receive from Newmont the number of Restricted Stock Units (the “RSUs”) specified in the Grant Acknowledgment, pursuant to the terms and subject to the conditions and restrictions set forth in this Agreement and the Plan. Each RSU granted represents an unfunded right to receive one share of Newmont Common Stock, subject to the conditions and restrictions set forth in this Agreement and the Plan. 2. Vesting Period. The RSUs will vest in accordance with the vesting schedule set forth below, provided Employee remains employed by Newmont or one of its Subsidiaries through each vesting date, or unless otherwise provided in this Agreement: VESTING SCHEDULE 3. Termination. Notwithstanding Section 2 above, the RSUs will vest as stated below in the specific circumstances: A. Termination of Employment for death, disability, and following change of control. If (i) Employee dies, or (ii) Employee’s employment with Newmont or any Subsidiary terminates by reason of (a) disability (as determined under the terms of the Long-Term Disability Plan of Newmont), or (b) termination of employment entitling Employee to benefits under the Executive Change of Control Plan of Newmont or the Change of Control Plan of Newmont, the outstanding RSUs subject to this Agreement shall become fully vested and nonforfeitable, as of the date of Employee’s death or other termination of employment, referred to in clause (ii) above. B. Termination of Employment under a Severance Plan of Newmont. If Employee terminates employment with Newmont or any Subsidiary and is entitled to: (i) separation benefits under the Severance Plan of Newmont or the Executive Severance Plan of Newmont, or; (ii) separation benefits for any involuntary termination, other than for Cause (as defined below), for Employees not eligible for benefits under the Severance Plan of Newmont or the Executive Severance Plan of Newmont, a pro-rata percentage of the RSUs will vest as of the date of Employee’s employment termination in accordance with the following formula, and the remaining RSUs will be forfeited:

 
- 2 - RSUs vested = Total RSUs Covered by This Agreement X Days Elapsed From Date of Grant to Date of Termination of Employment - Prior Vestings 1095 If Employee is entitled to separation benefits as contemplated in clauses (i) or (ii) above in this Section 3.B, and is also retirement eligible as defined in Section 3.C below, the RSUs shall vest in accordance with this Section 3.B and not 3.C below. “Cause” is defined as: 1) engagement in illegal conduct or gross negligence or willful misconduct, provided that if the Employee acted in accordance with an authorized written opinion of Newmont’s, or an affiliated entity’s, legal counsel, such action will not constitute “Cause;” 2) any dishonest or fraudulent activity by the Employee or the reasonable belief by Newmont or an affiliated entity of the Employee’s breach of any contract, agreement or representation with the Newmont or an affiliated entity, or 3) violation, or Newmont or an affiliated entities’ belief of Employee’s violation of Newmont Corporation’s Code of Conduct and underlying policies and standards. C. Retirement. If Employee terminates employment with Newmont or any Subsidiary due to retirement, defined as: (1) at least age 55, (2) at least 5 years of continuous employment with Newmont and/or a Subsidiary, and (3) a total of at least 65 when adding age plus years of continuous employment, the RSUs shall vest as follows. (i) If Employee retires within 365 days from the date of grant all RSUs will be immediately and unconditionally forfeited without any action required by Employee or Newmont as of the date of such separation of employment. (ii) If Employee retires more than 365 days after the date of grant, the RSUs will continue to vest in accordance with the schedule set forth in Section 2 above, despite separation of employment. D. Other Terminations. If Employee terminates employment with Newmont or any Subsidiary under circumstances other than those set forth above in Sections 3.A through 3.C, Employee agrees that any unvested RSUs will be immediately and unconditionally forfeited without any action required by Employee or Newmont as of the date of such termination of employment. For the avoidance of doubt, if Employee terminates employment with Newmont or any Subsidiary during only a period prior to a vesting date (but where employment has terminated prior to the vesting date) does not entitle Employee to vest in a pro-rata portion of the RSUs on such date. E. Discretion to Apply Termination Vesting Provisions. Notwithstanding the provisions in this Section 3, if the Company or, if different, the Employer (as defined in Section 5 below), determines, in its sole discretion, that any provision in this Section 3 may be found to be unlawful, discriminatory or against public policy in any relevant jurisdiction, then the Company, in its sole discretion, may choose not to apply such provision to the RSUs.

 
- 3 - 4. No Ownership Rights Prior to Issuance of Common Stock. Employee shall not have any rights as a stockholder of Newmont with respect to the shares of Common Stock underlying the RSUs, including but not limited to the right to vote with respect to such shares of Common Stock, until and after the shares of Common Stock have been issued to Employee and transferred on the books and records of Newmont; provided, however, at the time that the Shares are delivered to Employee in settlement of the vested RSUs, Newmont shall make a cash payment to Employee equal to any dividends paid with respect to shares of Common Stock underlying such RSUs from the date of grant of the RSUs until the date such RSUs vest, minus any applicable Tax-Related Items (as defined in Section 5 below). 5. Withholding Taxes. Employee acknowledges that, regardless of any action taken by Newmont or, if different, his or her employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Employee's participation in the Plan and legally applicable or deemed by Newmont or the Employer, in its discretion, to be an appropriate charge to Employee even if legally applicable to Newmont or the Employer (“Tax-Related Items”) is and remains his or her responsibility and may exceed the amount actually withheld by Newmont or the Employer. Employee further acknowledges that Newmont and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSU, including, but not limited to, the grant, vesting or settlement of the RSU, the subsequent sale of shares of Common Stock acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSU to reduce or eliminate his or her liability for Tax-Related Items or achieve any particular tax result. Further, if Employee is subject to Tax-Related Items in more than one jurisdiction, he or she acknowledges that Newmont and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. In connection with the relevant taxable or tax withholding event, as applicable, Employee agrees to make adequate arrangements satisfactory to Newmont and/or the Employer to satisfy all Tax-Related Items. In this regard, Employee authorizes Newmont or its agent to satisfy any applicable withholding obligations with regard to all Tax-Related Items by withholding a number of whole shares of Common Stock to be issued upon settlement of the RSU. If Newmont determines in its discretion that withholding in shares of Common Stock is not permissible or advisable under applicable local law, Newmont may satisfy its obligations for Tax- Related Items by one or a combination of the following: (a) withholding from Employee’s wages or other cash compensation paid to Employee by Newmont and/or the Employer; or (b) withholding from proceeds of the sale of shares of Common Stock acquired upon vesting/settlement of the RSUs either through a voluntary sale or through a mandatory sale arranged Newmont (on Employee’s behalf pursuant to this authorization). Newmont may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates in Employee’s jurisdiction(s), including maximum applicable rates to the extent permitted by the Plan, in which case Employee may receive a refund of any over- withheld amount in cash and will have no entitlement to the equivalent in Common Stock. If the obligation for Tax- Related Items is satisfied by withholding in shares of Common Stock, for tax purposes, Employee is deemed to have been issued the full number of shares of Common Stock subject to the vested RSU, notwithstanding that a number of the shares of Common Stock are held back solely for the purpose of paying the Tax-Related Items. Notwithstanding anything in this Section 5 to the contrary, to avoid a prohibited distribution under Section 409A of the Code, if shares of Common Stock underlying the RSUs will be withheld (or sold on Employee’s behalf) to satisfy any Tax-Related Items arising prior to the date of settlement of the RSUs for any portion of the RSUs that is considered nonqualified deferred compensation subject to Code Section 409A, then the number of shares of

 
- 4 - Common Stock withheld (or sold on Employee’s behalf) shall not exceed the number of shares of Common Stock that equals the liability for the Tax-Related Items. Finally, Employee agrees to pay to Newmont or the Employer, any amount of Tax-Related Items that Newmont or the Employer may be required to withhold or account for as a result of his or her participation in the Plan that cannot be satisfied by the means previously described. Newmont may refuse to issue or deliver the shares or the proceeds of the sale of shares of Common Stock, if Employee fails to comply with his or her obligations in connection with the Tax-Related Items. 6. Delivery of Shares of Common Stock. As soon as reasonably practicable, but in any event within 30 days, following the date of vesting pursuant to Section 2 or 3, subject to Section 9(i), Newmont shall cause to be delivered to Employee a stock certificate or electronically deliver shares through a direct registration system for the number of shares of Common Stock (net of tax withholding as provided in Section 5) deliverable to Employee in accordance with the provisions of this Agreement; provided, however, that for non-Section 16 officers of Newmont under the Exchange Act, Newmont may allow Employee to elect to have shares of Common Stock, which are deliverable in accordance with the provisions of this Agreement upon vesting (or a portion of such shares at least sufficient to satisfy Employee’s tax withholding obligations with respect to such Common Stock), sold on behalf of Employee, with the cash proceeds thereof, net of tax withholding, remitted to Employee, in lieu of Employee receiving a stock certificate or electronic delivery of shares in a direct registration system. 7. Nontransferability. Employee’s interest in the RSUs and any shares of Common Stock relating thereto may not be sold, transferred, pledged, assigned, encumbered or otherwise alienated or hypothecated otherwise than by will or by the laws of descent and distribution, prior to such time as the shares of Common Stock have actually been issued and delivered to Employee. 8. Acknowledgements. Employee acknowledges receipt of and understands and agrees to the terms of the RSUs award and the Plan. In addition to the above terms, Employee understands and agrees to the following: (a) Employee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all of the terms and provisions thereof, including the terms and provisions adopted after the date of this Agreement but prior to the completion of the Vesting Period. If and to the extent that any provision contained in this Agreement is inconsistent with the Plan, the Plan shall govern. (b) Employee acknowledges that as of the date of this Agreement, the Agreement, the Grant Acknowledgement and the Plan set forth the entire understanding between Employee and Newmont regarding the acquisition of shares of Common Stock underlying the RSUs in Newmont and supersedes all prior oral and written agreements pertaining to the RSUs. (c) Employee understands that Newmont has reserved the right to amend or terminate the Plan at any time. 9. Miscellaneous (a) No Right to Continued Employment. Neither the RSUs nor any terms contained in this Agreement shall confer upon Employee any expressed or implied right to be retained in the service of any Subsidiary for any period at all, nor restrict in any way the right of any such Subsidiary, which right is hereby expressly reserved, to terminate his or her employment at any time with or without cause. Employee acknowledges and agrees that any right to receive delivery of shares of Common Stock is earned only by continuing as an employee of a Subsidiary at the will of such Subsidiary, or satisfaction of any other applicable terms and conditions contained in this Agreement and the Plan, and not through the act of being hired, being granted the RSUs or acquiring shares of Common Stock hereunder.

 
- 5 - (b) Compliance with Laws and Regulations. The award of the RSUs to Employee and the obligation of Newmont to deliver shares of Common Stock hereunder shall be subject to (i) all applicable federal, state, local and foreign laws, rules and regulations, and (ii) any registration, qualification, approvals or other requirements imposed by any government or regulatory agency or body which the Newmont Committee shall, in its sole discretion, determine to be necessary or applicable. Moreover, shares of Common Stock shall not be delivered hereunder if such delivery would be contrary to applicable law or the rules of any stock exchange. (c) Investment Representation. If at the time of delivery of shares of Common Stock, the Common Stock is not registered under the Securities Act of 1933, as amended (the “Securities Act”), and/or there is no current prospectus in effect under the Securities Act with respect to the Common Stock, Employee shall execute, prior to the delivery of any shares of Common Stock to Employee by Newmont, an agreement (in such form as the Newmont Committee may specify) in which Employee represents and warrants that Employee is purchasing or acquiring the shares acquired under this Agreement for Employee’s own account, for investment only and not with a view to the resale or distribution thereof, and represents and agrees that any subsequent offer for sale or distribution of any kind of such shares shall be made only pursuant to either (i) a registration statement on an appropriate form under the Securities Act, which registration statement has become effective and is current with regard to the shares being offered or sold, or (ii) a specific exemption from the registration requirements of the Securities Act, but in claiming such exemption Employee shall, prior to any offer for sale of such shares, obtain a prior favorable written opinion, in form and substance satisfactory to the Newmont Committee, from counsel for or approved by the Newmont Committee, as to the applicability of such exemption thereto. (d) Definitions. All capitalized terms that are used in this Agreement that are not defined herein have the meanings defined in the Plan. In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan shall prevail. (e) Notices. Any notice or other communication required or permitted hereunder shall, if to Newmont, be in accordance with the Plan, and, if to Employee, be in writing and delivered in person or by registered or certified mail or overnight courier, postage prepaid, addressed to Employee at his or her last known address as set forth in Newmont’s records. (f) Severability. If any of the provisions of this Agreement should be deemed unenforceable, the remaining provisions shall remain in full force and effect. (g) Governing Law. Except as to matters concerning the issuance of Common Stock or other matters of corporate governance, which shall be determined, and related RSUs provisions construed, under the General Corporation Law of the State of Delaware, this Agreement shall be governed by the laws of the State of Colorado, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. The parties hereto submit to the exclusive jurisdiction and venue of the federal or state courts of Colorado to resolve any and all issues that may arise out of or relate to this Agreement or the Plan. (h) Transferability of Agreement. This Agreement may not be transferred, assigned, pledged or hypothecated by either party hereto, other than by operation of law. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns, including, in the case of Employee, his or her estate, heirs, executors, legatees, administrators, designated beneficiary and personal representatives. Nothing contained in this Agreement shall be deemed to prevent transfer of the RSUs in the event of Employee’s death in accordance with Section 12(b) of the Plan. (i) Section 409A Requirements. For purposes of complying with Section 409A of the Code, if the RSUs constitute non-qualified deferred compensation, Employee is a U.S. taxpayer and the RSUs are to be settled at a time that is by reference to a termination of Employee’s employment, the Employer and Employee shall take all steps necessary (including with regard to any post-termination services by Employee) to ensure that a

 
- 6 - termination contemplated under Section 3 constitutes a “separation from service” within the meaning of Section 409A of the Code. Further, if and the foregoing sentence applies and Employee is a “specified employee” (within the meaning of Code Section 409A) on the date of separation from service, settlement of the RSUs and any related dividend payments will be delayed until the first day of the seventh month following the date of such separation from service or, if earlier, until Employee’s death. (j) No Advice Regarding Award. Newmont is not providing any tax, legal or financial advice, nor is Newmont making any recommendations regarding Employee’s participation in the Plan, or his or her acquisition or sale of the underlying shares of Common Stock. Employee should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan. (k) Appendix. Notwithstanding any provisions in this Agreement, the Award shall be subject to any terms and conditions set forth in Appendix to this Agreement for Employee’s country. Moreover, if Employee relocates to one of the countries included in the Appendix, the terms and conditions for such country will apply to him or her, to the extent Newmont determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement. (l) Imposition of Other Requirements. Newmont reserves the right to impose other requirements on Employee’s participation in the Plan, on the RSUs and on any shares of Common Stock acquired under the Plan, to the extent Newmont determines it is necessary or advisable for legal or administrative reasons, and to require Employee to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. (m) Modification. Notwithstanding any other provision of this Agreement to the contrary, the Newmont Committee may amend this Agreement to the extent it determines necessary or appropriate to comply with the requirements of Code Section 409A and the guidance thereunder and any such amendment shall be binding on Employee. (n) Recoupment. As an additional condition of receiving this award of RSUs, Employee agrees that the RSUs, whether vested or unvested, and/or the shares of Common Stock, cash or other benefits acquired pursuant to the RSUs (and any proceeds therefrom) may be subject to recoupment to the extent required (i) under Newmont’s clawback policies in effect as of the date of this Agreement, or to the extent adopted following the date of this Agreement any similar policy applicable to circumstances where Employee engages in misconduct, fraud, a violation of law or other similar circumstances, and, in each case, as they may be amended from time to time, or (ii) under applicable laws, regulations or stock exchange listing standards (collectively, the “Recoupment Policy”). In order to satisfy any recoupment obligation arising under the Recoupment Policy, among other things, Employee expressly and explicitly authorize Newmont to issue instructions, on Employee’s behalf, to any brokerage firm and/or third party administrator engaged by Newmont to hold any shares of Common Stock or other amounts acquired pursuant to the RSUs to re-convey, transfer or otherwise return such shares of Common Stock and/or other amounts to Newmont upon Newmont’s enforcement of the Recoupment Policy. No recovery of compensation as described in this section will be an event giving rise to Employee’s right to resign for “good reason” or “constructive termination” (or similar term) under any plan of, or agreement with, Newmont, any Subsidiary and/or the Employer. (o) Waiver. Employee acknowledges that a waiver by Newmont of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach of this Agreement. (p) Electronic Delivery and Acceptance. Newmont may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. Employee hereby consents

 
- 7 - to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by Newmont or a third party designated by Newmont. IN WITNESS WHEREOF, pursuant to Employee’s Grant Acknowledgement (including without limitation, the Terms and Conditions section hereof), incorporated herein by reference, and electronically executed by Employee, Employee agrees to the terms and conditions of this Agreement.

 
- 8 - APPENDIX TO THE NEWMONT CORPORATION 2020 STOCK INCENTIVE COMPENSATION PLAN RESTRICTED STOCK UNIT AGREEMENT Unless otherwise provided below, capitalized terms used but not explicitly defined in this Appendix shall have the same definitions as in the Plan and/or the Agreement (as applicable). The terms and conditions in Part A apply to all Employees outside the United States. The country-specific terms and conditions in Part B will also apply to Employee if he or she resides in one of the countries listed below. Terms and Conditions This Appendix includes additional country-specific terms and conditions that govern Employee’s RSUs if he or she resides and/or works in one of the countries listed herein. If Employee is a resident of a country other than the one in which he or she is currently residing and/or working, relocate to another country after the RSUs are granted, or are considered a resident of another country for local law purposes, the terms and conditions of the RSUs contained herein may not be applicable to Employee, and Newmont shall, in its discretion, determine to what extent the terms and conditions contained herein shall apply to him or her. Notifications This Appendix also includes information regarding certain issues of which Employee should be aware with respect to his or her participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of February 2024. Such laws are often complex and change frequently. As a result, Employee should not rely on the information in this Appendix as the only source of information relating to the consequences of his or her participation in the Plan because the information may be out of date at the time that Employee’s RSUs vest or he or she sells shares of Common Stock acquired under the Plan. In addition, the information contained herein is general in nature and may not apply to Employee’s particular situation, and Newmont is not in a position to assure him or her of a particular result. Accordingly, Employee should seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her situation. Finally, if Employee is a resident of a country other than the one in which he or she is currently residing and/or working, transfers employment after the RSUs are granted, or is considered a resident of another country for local law purposes, the information contained herein may not apply to Employee.

 
- 9 - A. ALL NON-U.S. COUNTRIES TERMS AND CONDITIONS The following additional terms and conditions will apply to Employee if he or she resides in any country outside the United States. 1. Nature of Grant. The following provisions supplement Section 8 of the Agreement: (a) the grant of RSUs under the Plan at one time does not in any way obligate Newmont or its Subsidiaries to grant additional RSUs in any future year or in any given amount. (b) the grant of RSUs and Employee’s participation in the Plan shall not create a right to employment or be interpreted as forming or amending an employment or service contract with Newmont and shall not interfere with the ability of the Employer to terminate Employee's employment or service relationship (if any). (c) the RSUs should in no event be considered as compensation for, or relating in any way to, past services for Newmont, the Employer or any Subsidiary. (d) Employee further acknowledges and understands that Employee’s participation in the Plan is voluntary and that the RSUs and any future RSUs under the Plan are wholly discretionary in nature, the value of which do not form part of any normal or expected compensation for any purposes, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments, bonuses, holiday pay, long-service awards, pension or retirement benefits or similar mandatory payments, other than to the extent required by local law. (e) Employee acknowledges and understands that the future value of the shares of Common Stock acquired by Employee under the Plan is unknown and cannot be predicted with certainty and that no claim or entitlement to compensation or damages arises from the (i) forfeiture of the RSUs resulting from termination of service (for any reason whatsoever and whether or not in breach of local labor laws and whether or not later found to be invalid) and/or (ii) forfeiture of the RSUs or recoupment of any shares of Common Stock, cash or other benefits acquired pursuant to the RSUs resulting from the application of any recoupment or clawback policy of Newmont, as it may be amended from time to time (whether such policy is adopted on or after the date of this Agreement) or any recoupment otherwise required by applicable laws, regulations or stock exchange listing standards. (f) Employee acknowledges and understands the RSUs and the shares of Common Stock subject to the RSUs, and the income and value of the same, are not intended to replace any pension rights or compensation. (g) Employee acknowledges for the purposes of the RSUs, his or her employment will be considered terminated as of the date he or she is no longer actively providing services to Newmont, the Employer or any Subsidiary (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where he or she is employed or the terms of his or her employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by Newmont, if any, will terminate as of such date and will not be extended by any notice period (e.g., Employee’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where he or she is employed or the terms of his or her employment agreement, if any); the Newmont Committee shall have the exclusive discretion to determine when Employee is no longer actively providing services for purposes of his or her RSU grant (including whether Employee may still be considered to be providing services while on a leave of absence).

 
- 10 - (h) Employee acknowledges and understands that unless otherwise agreed with Newmont, the RSUs and the shares of Common Stock subject to the RSUs, and the income and value of the same, are not granted as consideration for, or in connection with the service he or she may provide as a director of a Subsidiary of Newmont. (i) Employee acknowledges and understands the RSUs and the share of Common Stock subject to the RSUs and the income and value of the same, are not part of normal or expected compensation salary for any purpose. (j) Employee acknowledges and understands that neither Newmont, the Employer nor any other Affiliate of Newmont shall be liable for any foreign exchange rate fluctuation between his or her local currency and the United States Dollar that may affect the value of the RSU or of any amounts due to Employee pursuant to the settlement of the RSU or the subsequent sale of any shares of Common Stock acquired upon settlement. 2. Data Privacy Information and Consent. Newmont headquarters is located at 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., and grants awards to employees of Newmont and its Subsidiaries, at Newmont’s sole discretion. If Employee would like to participate in the Plan, please review the following information about Newmont’s data processing practices and declare Employee’s consent. (a) Data Collection and Usage. Newmont collects, processes and uses personal data of Employees, including name, home address, email address and telephone number, date of birth, social insurance number or other identification number, salary, citizenship, job title, any shares of Common Stock or directorships held in Newmont, and details of all awards or other entitlements to shares of Common Stock, granted, canceled, exercised, vested, unvested or outstanding in Employee’s favor (“Data”), which Newmont receives from Employee or the Employer. In connection with the grant of the RSU, Newmont will collect Employee’s Data for purposes of administering Employee’s participation in the Plan. Newmont’s legal basis for the processing of Employee’s Data, where required, if Employee’s consent. (b) Stock Plan Administration Service Providers. Newmont transfers Data to Fidelity Investments, an independent service provider based in the United States, which assists Newmont with the implementation, administration and management of the Plan. In the future, Newmont may select a different service provider and share Employee’s Data with another company that serves in a similar manner. Newmont’s service provider will open an account for Employee to receive shares of Common Stock. Employee may be asked to agree on separate terms and data processing practices with the service provider, which is a condition to Employee’s ability to participate in the Plan. (c) International Data Transfers. Newmont and its service providers are based in the United States. If Employee is outside the United States, Employee should note that his or her country has enacted data privacy laws that are different from the United States. Newmont’s legal basis for the transfer of Employee’s Data is his or her consent. (d) Data Retention. Newmont will use Employee’s Data only as long as is necessary to implement, administer and manage Employee’s participation in the Plan or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor and security laws. This period may extend beyond Employee’s period of employment with the Employer. When Newmont or the Employer no longer need Data for any of the above purposes, they will cease processing it in this contact and remove it from all of their systems used for such purposes to the fullest extent practicable. (e) Voluntariness and Consequences of Denial or Withdrawal. Employee’s participation in the Plan and Employee’s grant of consent is purely voluntary. Employee may deny or withdraw his or her consent at any time. If Employee does not consent, or if Employee withdraws his or her consent, Employee cannot participate in the Plan. This would not affect Employee’s salary as an employee or his or her career; Employee would merely forfeit the opportunities associated with the Plan.

 
- 11 - (f) Data Subject Rights. Employee has a number of rights under data privacy laws in his or her country. Depending on where Employee is based, Employee’s rights may include the right to (i) request access or copies of Data Newmont processes, (ii) rectification of incorrect Data, (iii) deletion of Data, (iv) restrict the processing of Data, (v) restrict the portability of Data, (vi) lodge complaints with the competent tax authorities in Employee’s country, and/or (vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding Employee’s rights or to exercise Employee’s rights please contact Newmont at Newmont Corporation, 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237 U.S.A., attention: Director of Compensation, Newmont Corporate. If Employee agrees with the data processing practices as described in this notice, please declare Employee’s consent by clicking “Accept” on the Fidelity award acceptance page. 3. Language. Employee acknowledges that he or she is sufficiently proficient in English, or, alternatively, Employee acknowledges that he or she will seek appropriate assistance, to understand the terms and conditions in the Agreement. Furthermore, if Employee received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated versions is different than the English version, the English version will control unless otherwise required by applicable law. 4. Insider-Trading/Market-Abuse Laws. Employee acknowledges that, depending on his or her country or broker’s country, or the country in which Common Stock is listed, he or she may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which may affect his or her ability to accept, acquire, sell or attempt to sell, or otherwise dispose of the shares of Common Stock, rights to shares of Common Stock (e.g., RSUs) or rights linked to the value of Common Stock, during such times as Employee is considered to have “inside information” regarding Newmont (as defined by the laws or regulations in applicable jurisdictions, including the United States and Employee’s country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Employee placed before possessing inside information. Furthermore, Employee may be prohibited from (i) disclosing insider information to any third party, including fellow employees and (ii) “tipping” third parties or causing them to otherwise buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Newmont insider trading policy. Employee acknowledges that it is his or her responsibility to comply with any applicable restrictions, and Employee should speak to his or her personal advisor on this matter. 5. Foreign Asset/Account Reporting Requirements. Employee acknowledges that there may be certain foreign asset and/or account reporting requirements which may affect his or her ability to acquire or hold the shares of Common Stock acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on the shares of Common Stock acquired under the Plan) in a brokerage or bank account outside his or her country. Employee may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Employee also may be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to his or her country through a designated bank or broker within a certain time after receipt. Employee acknowledges that it is his or her responsibility to be compliant with such regulations, and he or she should speak to his or her personal advisor on this matter. 6. General. Notwithstanding the provisions of the Agreement, if Newmont or the Employer develops a good faith belief that any provision may be found to be unlawful, discriminatory or against public policy in any relevant jurisdiction, then Newmont in its sole discretion may choose not to apply such provision to the RSU, nor any RSU grant in Employee’s jurisdiction.

 
- 12 - B. COUNTRY-SPECIFIC ADDITIONAL TERMS AND CONDITIONS ARGENTINA Notifications Securities Law Notification. Neither the RSUs nor the underlying shares of Common Stock are publicly offered or listed on any stock exchange in Argentina and, as a result, have not been and will not be registered with the Argentine Securities Commission (Comisión Nacional de Valores). The Agreement, this Appendix and any other offering material related to the RSUs, as well as the underlying shares of Common Stock, may not be used in connection with any general offering to the public in Argentina. Argentine residents who receive RSUs under the Plan do so according to the terms of a private offering made from outside Argentina. Exchange Control Notification. It is Employee’s responsibility to comply with any and all Argentine currency exchange restrictions, approvals, and reporting requirements in connection with the RSUs. Foreign Asset / Account Reporting Notification. If Employee is an Argentine tax resident, Employee must report any shares of Common Stock acquired under the Plan and held by Employee on December 31st of each year on his or her annual tax return for that year. AUSTRALIA Notifications Securities Law Notification. The offer of RSUs is being made under Division 1A, Part 7.12 of the Australian Corporations Act 2001 (Cth). If Employee offers any shares of Common Stock for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law (in addition to any requirements under the Plan and the Agreement). Employee should consult with Employee's personal legal advisor prior to making any such offer to ensure compliance with the applicable requirements. Tax Information. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to the conditions in the Act). Exchange Control Information. Exchange control reporting is required for cash transactions exceeding A$10,000 and international fund transfers. The Australian bank assisting with the transaction will file the report. If there is no Australian bank involved in the transfer, Employee will be required to file the report. CANADA Terms and Conditions Vesting/Termination. The following provision supplements Section 3 of the Agreement and Section 1 of Part A of this Appendix: For purposes of the Agreement, except as otherwise provided for in Section 3 of the Agreement, in the event Employee ceases his or her employment or service relationship with Newmont or Employer (for any reason whatsoever and whether or not later found to be invalid or in breach of local labor laws), Employee’s right to vest in the RSUs will terminate as of the date that is the earliest of: (a) the date Employee's employment with the Employer is terminated for any reason; and (b) the date Employee receives written notice of termination from the Employer; regardless of any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under local law. For greater certainty, Employee will not earn or be entitled to any pro-rated vesting for that portion of time before the date on which his or her right to vest terminates, nor will Employee be entitled to any compensation for lost vesting.

 
- 13 - Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued vesting during a statutory notice period, Employee's right to vest in the RSUs, if any, will terminate effective upon the expiry of the minimum statutory notice period, but Employee will not earn or be entitled to pro-rated vesting if the vesting date falls after the end of the statutory notice period, nor will you be entitled to any compensation for lost vesting. In any event, if employment standards legislation explicitly requires continued vesting during a statutory notice period, then the additional vesting provided under Section 3 of the Agreement is deemed to be inclusive of any entitlements that arise during the applicable statutory notice period. The following provisions apply if Employee is a resident of Quebec: French Language Documents. A French translation of certain documents related to the Plan will be made available to Employee as soon as reasonably practicable. Notwithstanding the provisions of Section 3 of Part A of this Appendix, to the extent required by applicable law and unless Employee indicates otherwise, the French translation of such documents will govern Employee's participation in the Plan. Documents en Langue Française. Une traduction française de certains documents relatifs au Plan sera mise à la disposition du Employee dès que cela sera raisonnablement possible. Nonobstant les dispositions de l'article 3 de la Partie A de la présente Annexe, dans la mesure requise par la loi applicable et à moins que l'Employee n'indique le contraire, la traduction française de ces documents régira la participation du Employee au Plan. Data Privacy. The following provision supplements Section 2 of Part A of this Appendix: Employee hereby authorizes Newmont and its representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. Employee further authorizes Newmont, any parent or Subsidiary of Newmont, and any stock plan service provider that may be selected by Newmont to assist with the Plan to disclose and discuss the Plan with their respective advisors. Employee further authorizes Newmont and any parent or Subsidiary of Newmont to record such information and to keep such information in Employee’s employee file. Employee acknowledges and agrees that his or her personal information, including sensitive personal information, may be transferred or disclosed outside of the province of Quebec, including to the United States. Finally, Employee acknowledges and authorizes Newmont and other parties involved in the administration of the Plan to use technology for profiling purposes and to make automated decisions that may have an impact on Employee or the administration of the Plan. Notifications Securities Law Information. Employee is permitted to sell shares of Common Stock acquired through the Plan through the designated broker appointed under the Plan, if any, provided the resale of shares of Common Stock acquired under the Plan takes place outside Canada through the facilities of a stock exchange on which the shares of Common Stock are listed on the New York Stock Exchange. Foreign Asset/Account Reporting Information. Canadian residents are required to report foreign specified property, including shares of Common Stock and rights to receive shares of Common Stock (e.g., RSUs), on form T1135 (Foreign Income Verification Statement) if the total cost of the foreign specified property exceeds C$100,000 at any time during the year. RSUs must be reported (generally, at a nil cost) if the C$100,000 cost threshold is exceeded because of other foreign specified property held by Employee. When shares of Common Stock are acquired, their cost generally is the adjusted cost base (“ACB”) of the shares of Common Stock. The ACB would ordinarily equal the fair market value of the shares of Common Stock at the time of acquisition, but if Employee owns other shares of Common Stock, this ACB may have to be averaged with the ACB of the other shares of Common Stock.

 
- 14 - FRANCE Terms and Conditions Consent to Receive Information in English. By accepting the Agreement providing for the terms and conditions of Employee’s grant, Employee confirms having read and understood the documents relating to this grant (the Plan and the Agreement) which were provided in English language. Employee accepts the terms of those documents accordingly. Consentement relatif à la réception d’informations en langue anglaise. En acceptant le Contrat d’Attribution décrivant les termes et conditions de l’attribution, le salarié confirme avoir lu et compris les documents relatifs à cette attribution (le Plan et le Contrat d’Attribution) qui ont été communiqués en langue anglaise. Le salarié accepte les termes de ces documents en connaissance de cause. Notifications Non-Tax-Qualified Award. Employee understands and agrees that the Award is not intended to qualify for specific tax and social security treatment in France under Sections L. 225-197-1 to L. 225-197-6-1 of the French Commercial Code, as amended. Foreign Asset/Account Reporting Information. If Employee holds shares of Common Stock outside France or maintains a foreign bank or brokerage account (including Employee’s Fidelity account), he or she should report such shares of Common Stock and account, whether open, current or closed, to the French tax authorities on his or her annual tax return. GHANA There are no country-specific provisions. INDONESIA Language Consent and Notification. By accepting the RSUs, Employee (i) confirms having read and understood the documents relating to this grant (i.e., the Plan and the Agreement) which were provided in the English language, (ii) accepts the terms of those documents accordingly, and (iii) agrees not to challenge the validity of this document based on Law No. 24 of 2009 on National Flag, Language, Coat of Arms and National Anthem or the implementing Presidential Regulation (when issued). Persetujuan dan Pemberitahuan Bahasa .Dengan menerima pemberian Unit Saham Terbatas (RSUs) ini, Karyawan (i) memberikan konfirmasi bahwa dirinya telah membaca dan memahami dokumen-dokumen berkaitan dengan pemberian ini (yaitu, Perjanjian Penghargaan dan Program) yang disediakan dalam Bahasa Inggris, (ii) menerima persyaratan di dalam dokumen-dokumen tersebut, dan (iii) setuju untuk tidak mengajukan keberatan atas keberlakuan dari dokumen ini berdasarkan Undang-Undang No. 24 Tahun 2009 tentang Bendera, Bahasa dan Lambang Negara serta Lagu Kebangsaan ataupun Peraturan Presiden sebagai pelaksanaannya (ketika diterbitkan) Exchange Control Notification. If Employee remits funds (including proceeds from the sale of shares of Common Stock) into Indonesia, the Indonesian bank through which the transaction is made will submit a report of the transaction to Bank Indonesia for statistical reporting purposes. For transactions in excess of a certain threshold, a more detailed description of the transaction must be included in the report and Employee may be required to provide information about the transaction (e.g., Employee’s relationship with the transferor of the funds, the source of the funds, etc.) to the bank in order for the bank to complete the report. In addition, Employee may be required to provide the Bank Indonesia with information on foreign exchange activities, which may include shares of Common Stock held outside Indonesia, on a monthly basis. The reporting should be completed online through Bank Indonesia’s website, by no later than the 15th day of the following month.

 
- 15 - MEXICO Terms and Conditions Plan Document Acknowledgement. By accepting the RSUs, Employee acknowledges that he or she has received a copy of the Plan, the Grant Acknowledgement, and the Agreement, including this Appendix, which Employee has reviewed. Employee acknowledges further that he or she accepts all the provisions of the Plan, the Grant Acknowledgement, and the Agreement, including this Appendix. Employee also acknowledges that he or she has read and specifically and expressly approves the terms and conditions set forth in Section 1 (“Nature of Grant”) in this Appendix, which clearly provides as follows: (1) Employee’s participation in the Plan does not constitute an acquired right; (2) The Plan and Employee’s participation in it are offered by Newmont on a wholly discretionary basis; (3) Employee’s participation in the Plan is voluntary; and (4) Newmont and its Subsidiaries are not responsible for any decrease in the value of any shares of Common Stock acquired at vesting and settlement of the RSUs. Labor Law Policy and Acknowledgment. By accepting the RSUs, Employee expressly recognizes that Newmont, with registered offices at 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., is solely responsible for the administration of the Plan and that Employee’s participation in the Plan and acquisition of shares of Common Stock do not constitute an employment relationship between Employee and Newmont since Employee is participating in the Plan on a wholly commercial basis and his or her sole employer is Newmont’s Subsidiary in Mexico (“Newmont Mexico”). Based on the foregoing, Employee expressly recognizes that the Plan and the benefits that he or she may derive from participating in the Plan do not establish any rights between Employee and the employer, Newmont Mexico, and do not form part of the employment conditions and/or benefits provided by Newmont Mexico, and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of Employee’s employment. Employee further understands that his or her participation in the Plan is as a result of a unilateral and discretionary decision of Newmont; therefore, Newmont reserves the absolute right to amend and/or discontinue Employee’s participation at any time without any liability to Employee. Finally, Employee hereby declares that he or she does not reserve to him- or herself any action or right to bring any claim against Newmont for any compensation or damages regarding any provision of the Plan or the benefits derived under the Plan, and Employee therefore grants a full and broad release to Newmont, and its subsidiaries, branches, representative offices, shareholders, directors, officers, employees, agents, or legal representatives with respect to any claim that may arise. Spanish Translation Reconocimiento del Documento del Plan Al aceptar las Unidades de Acciones Restringidas (RSUs, por sus siglas en inglés), el Empleado reconoce que ha recibido una copia del Plan, el Reconocimiento de la Subvención y el Acuerdo, con inclusión de este Apéndice, que el Empleado ha revisado. El Empleado reconoce, además, que acepta todas las disposiciones del Plan, el Reconocimiento de la Subvención, y en el Acuerdo, incluyendo este Apéndice. El Empleado también reconoce que

 
- 16 - ha leído y que concretamente aprueba de forma expresa los términos y condiciones establecidos en la Sección 1 (“Naturaleza de la Subvención”) del Acuerdo, que claramente dispone lo siguiente: (1) La participación del Empleado en el Plan no constituye un derecho adquirido; (2) El Plan y la participación del Empleado en el Plan se ofrecen por Newmont en su discrecionalidad total; (3) Que la participación del Empleado en el Plan es voluntaria; y (4) Newmont y sus Subsidiarias no son responsables de ninguna disminución en el valor de las acciones adquiridas al conferir las RSUs. Política Laboral y Reconocimiento Al aceptar las RSUs, el Empleado expresamente reconoce que Newmont, con sus oficinas registradas y ubicadas en 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., es la única responsable por la administración del Plan y que la participación del Empleado en el Plan y en su caso la adquisición de Acciones no constituyen una relación de trabajo entre el Empleado y Newmont, ya que el Empleado participa en el Plan en un marco totalmente comercial y su único patrón es el Subsidiario de Newmont en Mexico (“Newmont Mexico”). Derivado de lo anterior, el Empleado expresamente reconoce que el Plan y los beneficios que pudieran derivar de la participación en el Plan no establecen derecho alguno entre el Empleado y el patrón, Newmont Mexico, y no forma parte de las condiciones de trabajo y/o las prestaciones otorgadas por Newmont Mexico, y que cualquier modificación al Plan o su terminación no constituye un cambio o desmejora de los términos y condiciones de la relación de trabajo del Empleado. Asimismo, el Empleado reconoce que su participación en el Plan se ha resultado de una decisión unilateral y discrecional de Newmont; por lo tanto, Newmont se reserva el derecho absoluto de modificar y/o terminar la participación del Empleado en cualquier momento y sin responsabilidad alguna frente el Empleado. Finalmente, el Empleado por este medio declara que no se reserva ninguna derecho o acción en contra de Newmont por cualquier compensación o daños y perjuicios en relación de las disposiciones del Plan o de los beneficios derivados del Plan, y por lo tanto, el Empleado otorga el más amplio finiquito que en derecho proceda a Newmont, y sus Subsidiarias, oficinas de representación, accionistas, directores, autoridades, empleados, agentes, o representantes legales en relación con cualquier demanda que pudiera surgir. Notifications Securities Law Information. The RSUs and the shares of Common Stock offered under the Plan have not been registered with the National Register of Securities maintained by the Mexican National Banking and Securities Commission and cannot be offered or sold publicly in Mexico. In addition, the Plan, the Agreement and any other document relating to the RSUs may not be publicly distributed in Mexico. These materials are addressed to Employee only because of his or her existing relationship with Newmont and these materials should not be reproduced or copied in any form. The offer contained in these materials does not constitute a public offering of securities but rather constitutes a private placement of securities addressed specifically to individuals who are present employees of the Employer made in accordance with the provisions of the Mexican Securities Market Law, and any rights under such offering shall not be assigned or transferred.

 
- 17 - PAPUA NEW GUINEA Terms and Conditions Award Settlement. Notwithstanding any provision in the Agreement to the contrary, if deemed by Newmont to be necessary for regulatory reasons, Newmont reserves the right to settle RSUs by payment in cash or its equivalent of an amount equal in value to the shares of Common Stock subject to the vested RSUs. Notifications Exchange Control Information. Before receiving funds from the sale of any securities abroad, Employee will need to apply for and receive an Income Tax Clearance Certificate from the taxation authorities in Papua New Guinea, which Employee must then lodge with the appropriate Bank of Papua New Guinea notification form with the commercial bank in which the transaction takes place. PERU Terms and Conditions Labor Law Acknowledgement. The following provision supplements Section 1 of Part A of this Appendix: In accepting this Agreement, Employee acknowledges that the RSUs are being granted ex gratia to Employee with the purpose of rewarding him or her. Notifications Securities Law Information. The offer of the RSUs is considered a private offering in Peru; therefore, it is not subject to registration. For more information concerning this offer, please refer to the Plan, the Agreement and any other grant documents made available by Newmont. SOUTH AFRICA Terms and Conditions Taxes. The following provision supplements Section 5 of the Agreement: By accepting the RSUs, Employee agrees that, immediately upon settlement of the RSUs, Employee will notify the Employer of the amount of any gain realized at vesting. Employee will be solely responsible for paying any difference between the actual liability for Tax-Related Items and the amount withheld. Deemed Acceptance of RSUs. Pursuant to Section 96 of Companies Act 71 of 2008 (the "Companies Act"), the RSU offer must be finalized within six months following the date the offer is communicated to Employee. If Employee does not want to accept the RSUs, Employee is required to decline the award no later than six months following the date the offer is communicated to Employee. If Employee does not reject the RSUs within six months following the date the offer is communicated to Employee, Employee will be deemed to accept the RSUs. Notifications Securities Law Notification. Neither the RSUs nor the underlying shares of Common Stock shall be publicly offered or listed on any stock exchange in South Africa. The offer is intended to be private pursuant to Section 96 of the Companies Act and is not subject to the supervision of any South African governmental authority. Exchange Control Notification. Because exchange control regulations are subject to frequent change, sometimes without notice, Employee should consult his or her personal legal advisor prior to the settlement of the RSUs to ensure compliance with current regulations. Employee is solely responsible for ensuring compliance with all exchange control laws in South Africa.

 
- 18 - SURINAME Terms and Conditions Award Settlement. Notwithstanding any provision in the Agreement to the contrary, if deemed by Newmont to be necessary for regulatory reasons, Newmont reserves the right to settle RSUs by payment in cash or its equivalent of an amount equal in value to the shares of Common Stock subject to the vested RSUs.

 
EX-10.59 6 q42023exhibit1059.htm EX-10.59 q42023exhibit1059
EXHIBIT 10.59 NEWMONT CORPORATION PERFORMANCE STOCK UNIT AGREEMENT NOTICE OF GRANT AND AWARD AGREEMENT You are eligible for Performance Stock Units (“PSUs”) under the Newmont Corporation 2020 Stock Incentive Compensation Plan (the “Plan”), the terms of this Notice of Grant and Award Agreement, including any country specific terms and conditions set forth in any appendix hereto, and the applicable compensation program (Senior Executive Compensation Program or Equity Bonus Program), (collectively “PSU Terms Agreement”). Subject to the provisions of the PSU Terms Agreement, the principle features of PSUs are as follows: Target Grant Setting Date: February 26, 2024 Target number of PSUs: See your Reward and Recognition Statement or Fidelity account Performance Period(s): As defined in applicable compensation program document. For example, generally for relative total shareholder return, time frame between the beginning and ending average closing prices (deemed to be three years with adjustments for administrative purposes). Payout Determination: Based upon Newmont Corporation relative total shareholder return (60%), return on capital employed (20%), executive female representation (10%), and scope 1 & 2 emission reduction project milestones (10%) over the performance period(s) as provided in the applicable compensation program document. Payout will be made in the form of Company Common Stock. Target Acknowledgement and Agreement: You must acknowledge and accept this PSU Terms Agreement within 60 days of receipt of this PSU Terms Agreement to be eligible for payout of PSUs. The Grant Acknowledgment is set forth on the Fidelity online employee portal, and is incorporated by reference herein. The PSU Terms Agreement shall be deemed executed by Employee upon his or her electronic execution of the Grant Acknowledgment.

 
- 2 - Separation of Employment Prior to Expiration of the Performance Period: You shall receive no vesting of PSUs, meaning no delivery of Common Stock, in the event of voluntary separation of employment. See below for treatment of PSUs in the event of death, disability, involuntary termination without cause, retirement, change of control and termination of employment following change of control. Notwithstanding the provisions in the applicable compensation program document, if the Company or the Employer (as defined in Section 4 below) determines, in its sole discretion, that any provision in the compensation program document may be found to be unlawful, discriminatory or against public policy in any relevant jurisdiction, then the Company, in its sole discretion, may choose not to apply such provision to the PSUs. All capitalized terms that are not defined herein shall have the meaning as defined in the Plan. 1. Termination. Notwithstanding above, the PSUs will prorated as stated below in the specific circumstances: A. Termination of Employment for death, disability, and following change of control. If (i) Employee dies, or (ii) Employee’s employment with Newmont or any Subsidiary terminates by reason of (a) disability (as determined under the terms of the Long-Term Disability Plan of Newmont), or (b) termination of employment entitling Employee to benefits under the Executive Change of Control Plan of Newmont or the Change of Control Plan of Newmont, the outstanding PSUs subject to this PSU Terms Agreement shall remain outstanding and nonforfeitable until the end of the Performance Period, as of the date of Employee’s death or other termination of employment, referred to in clause (ii) above. B. Termination of Employment under a Severance Plan of Newmont. If Employee terminates employment with Newmont or any Subsidiary and is entitled to: (i) separation benefits under the Severance Plan of Newmont or the Executive Severance Plan of Newmont, or; (ii) separation benefits for any involuntary termination, other than for Cause (as defined below), for Employees not eligible for benefits under the Severance Plan of Newmont or the Executive Severance Plan of Newmont, a pro-rata percentage of the PSUs will remain outstanding until the end of the Performance Period, as of the date of Employee’s employment termination in accordance with the following formula, and the remaining PSUs will be forfeited: PSUs outstanding = Total PSUs Covered by This PSU Terms Agreement X Days Elapsed From Date of Grant to Date of Termination of Employment - Prior Vestings 1096

 
- 3 - If Employee is entitled to separation benefits as contemplated in clauses (i) or (ii) above in this Section 1.B, and is also retirement eligible as defined in Section 1.C below, the PSUs shall prorate in accordance with this Section 1.B and not 1.C below. “Cause” is defined as: 1) engagement in illegal conduct or gross negligence or willful misconduct, provided that if the Employee acted in accordance with an authorized written opinion of Newmont’s, or an affiliated entity’s, legal counsel, such action will not constitute “Cause;” 2) any dishonest or fraudulent activity by the Employee or the reasonable belief by Newmont or an affiliated entity of the Employee’s breach of any contract, agreement or representation with the Newmont or an affiliated entity, or 3) violation, of Newmont or an affiliated entities’ belief of Employee’s violation of Newmont Corporation’s Code of Conduct and underlying policies and standards. C. Retirement. If Employee terminates employment with Newmont or any Subsidiary due to retirement, defined as: (1) at least age 55, (2) at least 5 years of continuous employment with Newmont and/or a Subsidiary, and (3) a total of at least 65 when adding age plus years of continuous employment, the PSUs shall prorate as follows. (i) If Employee retires within 365 days from the date of grant, a pro-rata percentage of the PSUs will remain outstanding for the duration of the Performance Period, as of the date of Employee’s employment termination in accordance with the following formula, and the remaining PSUs will be forfeited: PSUs outstanding = Total PSUs Covered by This PSU Terms Agreement X Days Elapsed From Date of Grant to Date of Termination of Employment - Prior Vestings 1096 (ii) If Employee retires more than 365 days after the date of grant, the total number of PSUs will remain outstanding for the duration of the Performance Period, despite separation of employment. D. Other Terminations. If Employee terminates employment with Newmont or any Subsidiary under circumstances other than those set forth above in Sections 1.A through 1.C, Employee agrees that any unvested PSUs will be immediately and unconditionally forfeited without any action required by Employee or Newmont as of the date of such termination of employment. For the avoidance of doubt, if Employee terminates employment with Newmont or any Subsidiary during only a period prior to a vesting date (but where employment has terminated prior to the vesting date) does not entitle Employee to a pro-rata portion of the PSUs on such date. 2. Delivery of Shares of Common Stock. As soon as reasonably practicable after the date that the Newmont Committee approves the attainment level of the performance goals and in any event within two and one-half months following the calendar year that contains the last day of the Performance Period, the Company shall cause to be delivered to the Employee the number of

 
- 4 - shares of Common Stock underlying the PSUs that vest based on the attainment level of the performance goals. 3. Nontransferability. Employee’s interest in the PSUs and any shares of Common Stock relating thereto may not be sold, transferred, pledged, assigned, encumbered or otherwise alienated or hypothecated otherwise than by will or by the laws of descent and distribution, prior to such time as the shares of Common Stock have actually been issued and delivered to Employee. 4. No Ownership Rights Prior to Issuance of Common Stock. Employee shall not have any rights as a stockholder of Newmont with respect to the shares of Common Stock underlying the PSUs, including but not limited to the right to vote with respect to such shares of Common Stock, until and after the shares of Common Stock have been issued to Employee and transferred on the books and records of Newmont. 5. Withholding Taxes. Employee acknowledges that, regardless of any action taken by Newmont or, if different, his or her employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax- related items related to Employee's participation in the Plan and legally applicable or deemed by Newmont or the Employer, in its discretion, to be an appropriate charge to Employee even if legally applicable to Newmont or the Employer (“Tax-Related Items”) is and remains his or her responsibility and may exceed the amount actually withheld by Newmont or the Employer. Employee further acknowledges that Newmont and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the PSU, including, but not limited to, the grant, vesting or settlement of the PSU, the subsequent sale of shares of Common Stock acquired pursuant to such settlement and the receipt of any dividends and/or any dividend equivalents; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the PSU to reduce or eliminate his or her liability for Tax-Related Items or achieve any particular tax result. Further, if Employee is subject to Tax- Related Items in more than one jurisdiction, he or she acknowledges that Newmont and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax- Related Items in more than one jurisdiction. Prior to any relevant taxable or tax withholding event, as applicable, Employee agrees to make adequate arrangements satisfactory to Newmont and/or the Employer to satisfy all Tax- Related Items. In this regard, Employee authorizes Newmont or its agent to satisfy any applicable withholding obligations with regard to all Tax-Related Items by withholding a number of whole shares of Common Stock to be issued upon settlement of the PSU . If Newmont determines in its discretion that withholding in shares of Common Stock is not permissible or advisable under applicable local law or due to adverse accounting consequences, Newmont may satisfy its obligations for Tax-Related Items by one or a combination of the following: (a) withholding from Employee’s wages or other cash compensation paid to Employee by Newmont and/or the Employer; or (b) withholding from proceeds of the sale of shares of Common Stock acquired upon vesting/settlement of the PSUs either through a voluntary sale or through a mandatory sale arranged Newmont (on Employee’s behalf pursuant to this authorization).

 
- 5 - Newmont may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates in Employee’s jurisdiction(s), including maximum applicable rates to the extent permitted by the Plan, in which case Employee may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Common Stock. If the obligation for Tax-Related Items is satisfied by withholding in shares of Common Stock, for tax purposes, Employee is deemed to have been issued the full number of shares of Common Stock subject to the vested PSU, notwithstanding that a number of the shares of Common Stock are held back solely for the purpose of paying the Tax- Related Items. Finally, Employee agrees to pay to Newmont or the Employer, any amount of Tax-Related Items that Newmont or the Employer may be required to withhold or account for as a result of his or her participation in the Plan that cannot be satisfied by the means previously described. Newmont may refuse to issue or deliver the shares or the proceeds of the sale of shares of Common Stock, if Employee fails to comply with his or her obligations in connection with the Tax-Related Items. 6. Acknowledgements. Employee acknowledges receipt of and understands and agrees to the terms of the PSU Terms Agreement and the Plan. In addition, Employee understands and agrees to the following: (a) Employee hereby acknowledges receipt of a copy of the PSU Terms Agreement, the Plan and agrees to be bound by all of the terms and provisions thereof, including any terms and provisions of the Plan adopted after the date of the PSU Terms Agreement but prior to the completion of the Performance Period. If and to the extent that any provision contained in the PSU Terms Agreement is inconsistent with the Plan, the Plan shall govern. If and to the extent that any provision of the Notice of Grant is inconsistent with the applicable compensation program, the applicable compensation program shall govern. (b) Employee acknowledges that as of the date of the PSU Terms Agreement, the PSU Terms Agreement, the Grant Acknowledgement and the Plan set forth the entire understanding between Employee and Newmont regarding the acquisition of shares of Common Stock underlying the PSUs in Newmont and supersedes all prior oral and written agreements pertaining to the PSUs. (c) Employee understands that Newmont has reserved the right to amend or terminate the Plan at any time. 7. Miscellaneous (a) No Right to Continued Employment. Neither the PSUs nor any terms contained in the PSU Terms Agreement shall confer upon Employee any expressed or implied right to be retained in the service of any Subsidiary for any period at all, nor restrict in any way the right of any such Subsidiary, which right is hereby expressly reserved, to terminate his or her employment at any time with or without cause. Employee acknowledges and agrees that any right to receive delivery of shares of Common Stock is earned only by continuing as an employee of a Subsidiary at the will of such Subsidiary, or satisfaction of any other applicable terms and conditions contained in the PSU Terms Agreement and the Plan, and not through the act of being

 
- 6 - hired, being granted the PSUs or acquiring shares of Common Stock under the PSU Terms Agreement. (b) Compliance with Laws and Regulations. The award of the PSUs to Employee and the obligation of Newmont to deliver shares of Common Stock hereunder shall be subject to (i) all applicable federal, state, local and foreign laws, rules and regulations, and (ii) any registration, qualification, approvals or other requirements imposed by any government or regulatory agency or body which the Newmont Committee shall, in its sole discretion, determine to be necessary or applicable. Moreover, shares of Common Stock shall not be delivered hereunder if such delivery would be contrary to applicable law or the rules of any stock exchange. (c) Investment Representation. If at the time of delivery of shares of Common Stock, the Common Stock is not registered under the Securities Act of 1933, as amended (the “Securities Act”), and/or there is no current prospectus in effect under the Securities Act with respect to the Common Stock, Employee shall execute, prior to the delivery of any shares of Common Stock to Employee by Newmont, an agreement (in such form as the Newmont Committee may specify) in which Employee represents and warrants that Employee is purchasing or acquiring the shares acquired under the PSU Terms Agreement for Employee’s own account, for investment only and not with a view to the resale or distribution thereof, and represents and agrees that any subsequent offer for sale or distribution of any kind of such shares shall be made only pursuant to either (i) a registration statement on an appropriate form under the Securities Act, which registration statement has become effective and is current with regard to the shares being offered or sold, or (ii) a specific exemption from the registration requirements of the Securities Act, but in claiming such exemption Employee shall, prior to any offer for sale of such shares, obtain a prior favorable written opinion, in form and substance satisfactory to the Newmont Committee, from counsel for or approved by the Newmont Committee, as to the applicability of such exemption thereto. (d) Severability. If any of the provisions of the PSU Terms Agreement should be deemed unenforceable, the remaining provisions shall remain in full force and effect. (e) Governing Law. Except as to matters concerning the issuance of Common Stock or other matters of corporate governance, which shall be determined, and related PSU provisions construed, under the General Corporation Law of the State of Delaware, the PSU Terms Agreement shall be governed by the laws of the State of Colorado, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the PSU Terms Agreement to the substantive law of another jurisdiction. The parties hereto submit to the exclusive jurisdiction and venue of the federal or state courts of Colorado to resolve any and all issues that may arise out of or relate to this PSU Terms Agreement or the Plan. (f) Transferability of PSU Terms Agreement. The PSU Terms Agreement may not be transferred, assigned, pledged or hypothecated by either party hereto, other than by operation of law. The PSU Terms Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns, including, in the case of Employee, his or her estate, heirs, executors, legatees, administrators, designated beneficiary and personal representatives. Nothing contained in this PSU Terms Agreement shall be deemed to

 
- 7 - prevent transfer of the PSUs in the event of Employee’s death in accordance with Section 12(b) of the Plan. (g) Specified Employee Delay. If Newmont determines that the PSUs hereunder (i) constitute a deferral of compensation for purposes of Section 409A of the Internal Revenue Code (the “Code”), (ii) is made to Employee upon or on a date that is by reference to his or her “separation from service” (within the meaning of Code Section 409A), and (iii) Employee is a “specified employee” (within the meaning of Code Section 409A) on the date of the separation from service, transfers of Common Stock will be delayed until the first day of the seventh month following the date of such separation from service or, if earlier, on Employee’s death. (h) No Advice Regarding Award. Newmont is not providing any tax, legal or financial advice, nor is Newmont making any recommendations regarding Employee’s participation in the Plan, or his or her acquisition or sale of the underlying shares of Common Stock. Employee should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan. (i) Appendix. Notwithstanding any provisions in this PSU Terms Agreement, the Award shall be subject to any terms and conditions set forth in Appendix to this PSU Terms Agreement for Employee’s country. Moreover, if Employee relocates to one of the countries included in the Appendix, the terms and conditions for such country will apply to him or her, to the extent Newmont determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this PSU Terms Agreement. (j) Imposition of Other Requirements. Newmont reserves the right to impose other requirements on Employee’s participation in the Plan, on the PSUs and on any shares of Common Stock acquired under the Plan, to the extent Newmont determines it is necessary or advisable for legal or administrative reasons, and to require Employee to sign any additional PSU Terms Agreements or undertakings that may be necessary to accomplish the foregoing. (k) Modification. Notwithstanding any other provision of this PSU Terms Agreement to the contrary, the Newmont Committee may amend this PSU Terms Agreement to the extent it determines necessary or appropriate to comply with the requirements of Code Section 409A and the guidance thereunder and any such amendment shall be binding on Employee. (l) Recoupment. As an additional condition of receiving this award of PSUs, Employee agrees that the PSUs, whether vested or unvested, and/or the shares of Common Stock, cash or other benefits acquired pursuant to the PSUs (and any proceeds therefrom) may be subject to recoupment to the extent required (i) under Newmont’s clawback policies in effect as of the date of this PSU Terms Agreement, or to the extent adopted following the date of this PSU Terms Agreement any similar policy applicable to circumstances where Employee engages in misconduct, fraud, a violation of law or other similar circumstances, and, in each case, as they may be amended from time to time, or (ii) under applicable laws, regulations or stock exchange listing standards (collectively, the “Recoupment Policy”). In order to satisfy any recoupment obligation arising under the Recoupment Policy, among other things, Employee expressly and explicitly authorize Newmont to issue instructions, on Employee’s behalf, to any brokerage firm and/or third party administrator engaged by Newmont to hold any shares of Common Stock or other amounts acquired pursuant to the PSUs

 
- 8 - to re-convey, transfer or otherwise return such shares of Common Stock and/or other amounts to Newmont upon Newmont’s enforcement of the Recoupment Policy. No recovery of compensation as described in this section will be an event giving rise to Employee’s right to resign for “good reason” or “constructive termination” (or similar term) under any plan of, or agreement with, Newmont, any Subsidiary and/or the Employer. (m) Waiver. Employee acknowledges that a waiver by Newmont of breach of any provision of this PSU Terms Agreement shall not operate or be construed as a waiver of any other provision of this PSU Terms Agreement, or of any subsequent breach of this PSU Terms Agreement. (n) Electronic Delivery and Acceptance. Newmont may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. Employee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by Newmont or a third party designated by Newmont. IN WITNESS WHEREOF, pursuant to Employee’s Grant Acknowledgement (including without limitation, the Terms and Conditions section hereof), incorporated herein by reference, and electronically executed by Employee, Employee agrees to the terms and conditions of the PSU Terms Agreement.

 
- 9 - APPENDIX NEWMONT CORPORATION PERFORMANCE STOCK UNIT PSU TERMS AGREEMENT Unless otherwise provided below, capitalized terms used but not explicitly defined in this Appendix shall have the same definitions as in the Plan and/or the PSU Terms Agreement (as applicable). The terms and conditions in Part A apply to all Employees outside the United States. The country-specific terms and conditions in Part B will also apply to Employee if he or she resides in one of the countries listed below. Terms and Conditions This Appendix includes additional country-specific terms and conditions that govern Employee’s PSUs if he or she resides and/or works in one of the countries listed herein. If Employee is a resident of a country other than the one in which he or she is currently residing and/or working, relocate to another country after the PSUs are granted, or are considered a resident of another country for local law purposes, the terms and conditions of the PSUs contained herein may not be applicable to Employee, and Newmont shall, in its discretion, determine to what extent the terms and conditions contained herein shall apply to him or her. Notifications This Appendix also includes information regarding certain issues of which Employee should be aware with respect to his or her participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of February 2024. Such laws are often complex and change frequently. As a result, Employee should not rely on the information in this Appendix as the only source of information relating to the consequences of his or her participation in the Plan because the information may be out of date at the time that Employee’s PSUs vest or he or she sells shares of Common Stock acquired under the Plan. In addition, the information contained herein is general in nature and may not apply to Employee’s particular situation, and Newmont is not in a position to assure him or her of a particular result. Accordingly, Employee should seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her situation. Finally, if Employee is a resident of a country other than the one in which he or she is currently residing and/or working, transfers employment after the PSUs are granted, or is considered a resident of another country for local law purposes, the information contained herein may not apply to Employee.

 
- 10 - A. ALL NON-U.S. COUNTRIES TERMS AND CONDITIONS The following additional terms and conditions will apply to Employee if he or she resides in any country outside the United States. 1. Nature of Grant. The following provisions supplement Section 6 of the PSU Terms Agreement: (a) the grant of PSUs under the Plan at one time does not in any way obligate Newmont or its Subsidiaries to grant additional PSUs in any future year or in any given amount. (b) the grant of PSUs and Employee’s participation in the Plan shall not create a right to employment or be interpreted as forming or amending an employment or service contract with Newmont and shall not interfere with the ability of the Employer to terminate Employee’s employment or service relationship (if any). (c) the PSUs should in no event be considered as compensation for, or relating in any way to, past services for Newmont, the Employer or any Subsidiary. (d) Employee further acknowledges and understands that Employee’s participation in the Plan is voluntary and that the PSUs and any future PSUs under the Plan are wholly discretionary in nature, the value of which do not form part of any normal or expected compensation for any purposes, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments, bonuses, holiday pay, long-service awards, pension or retirement benefits or similar mandatory payments, other than to the extent required by local law. (e) Employee acknowledges and understands that the future value of the shares of Common Stock acquired by Employee under the Plan is unknown and cannot be predicted with certainty and that no claim or entitlement to compensation or damages arises from the (i) forfeiture of the PSUs resulting from termination of service (for any reason whatsoever and whether or not in breach of local labor laws and whether or not later found to be invalid) and/or (ii) forfeiture of the PSUs or recoupment of any shares of Common Stock, cash or other benefits acquired pursuant to the PSUs resulting from the application of any recoupment or clawback policy of Newmont, as it may be amended from time to time (whether such policy is adopted on or after the date of this PSU Terms Agreement) or any recoupment otherwise required by applicable laws, regulations or stock exchange listing standards.. (f) Employee acknowledges and understands the PSUs and the shares of Common Stock subject to the PSUs, and the income and value of the same, are not intended to replace any pension rights or compensation. (g) Employee acknowledges for the purposes of the PSUs, his or her employment will be considered terminated as of the date he or she is no longer actively providing services to Newmont, the Employer or any Subsidiary (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where he or she is employed or the terms of his or her employment PSU Terms Agreement, if any), and unless otherwise expressly provided in this PSU Terms Agreement or

 
- 11 - determined by Newmont, if any, will terminate as of such date and will not be extended by any notice period (e.g., Employee’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where he or she is employed or the terms of his or her employment PSU Terms Agreement, if any); the Newmont Committee shall have the exclusive discretion to determine when Employee is no longer actively providing services for purposes of his or her PSU grant (including whether Employee may still be considered to be providing services while on a leave of absence). (h) Employee acknowledges and understands that unless otherwise agreed with Newmont, the PSUs and the shares of Common Stock subject to the PSUs, and the income and value of the same, are not granted as consideration for, or in connection with the service he or she may provide as a director of a Subsidiary of Newmont. (i) Employee acknowledges and understands the PSUs and the share of Common Stock subject to the PSUs and the income and value of the same, are not part of normal or expected compensation salary for any purpose. (j) Employee acknowledges and understands that neither Newmont, the Employer nor any other Affiliate of Newmont shall be liable for any foreign exchange rate fluctuation between his or her local currency and the United States Dollar that may affect the value of the PSU or of any amounts due to Employee pursuant to the settlement of the PSU or the subsequent sale of any shares of Common Stock acquired upon settlement. 2. Data Privacy Information and Consent. Newmont headquarters is located at 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., and grants awards to employees of Newmont and its Subsidiaries, at Newmont’s sole discretion. If Employee would like to participate in the Plan, please review the following information about Newmont’s data processing practices and declare Employee’s consent. (a) Data Collection and Usage. Newmont collects, processes and uses personal data of Employees, including name, home address, email address and telephone number, date of birth, social insurance number or other identification number, salary, citizenship, job title, any shares of Common Stock or directorships held in Newmont, and details of all awards or other entitlements to shares of Common Stock, granted, canceled, exercised, vested, unvested or outstanding in Employee’s favor (“Data”), which Newmont receives from Employee or the Employer. In connection with the grant of the PSU, Newmont will collect Employee’s Data for purposes of administering Employee’s participation in the Plan. Newmont’s legal basis for the processing of Employee’s Data, where required, if Employee’s consent. (b) Stock Plan Administration Service Providers. Newmont transfers Data to Fidelity Investments, an independent service provider based in the United States, which assists Newmont with the implementation, administration and management of the Plan. In the future, Newmont may select a different service provider and share Employee’s Data with another company that serves in a similar manner. Newmont’s service provider will open an account for Employee to receive shares of Common Stock. Employee may be asked to agree on separate terms and data processing practices with the service provider, which is a condition to Employee’s ability to participate in the Plan.

 
- 12 - (c) International Data Transfers. Newmont and its service providers are based in the United States. If Employee is outside the United States, Employee should note that his or her country has enacted data privacy laws that are different from the United States. Newmont’s legal basis for the transfer of Employee’s Data is his or her consent. (d) Data Retention. Newmont will use Employee’s Data only as long as is necessary to implement, administer and manage Employee’s participation in the Plan or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor and security laws. This period may extend beyond Employee’s period or employment with the Employer. When Newmont or the Employer no longer need Data for any of the above purposes, they will cease processing it in this context and remove it from all of their systems used for such purposes to the fullest extent practicable. (e) Voluntariness and Consequences of Denial or Withdrawal. Employee’s participation in the Plan and Employee’s grant of consent is purely voluntary. Employee may deny or withdraw his or her consent at any time. If Employee does not consent, or if Employee withdraws his or her consent, Employee cannot participate in the Plan. This would not affect Employee’s salary as an employee or his or her career; Employee would merely forfeit the opportunities associated with the Plan. (f) Data Subject Rights. Employee has a number of rights under data privacy laws in his or her country. Depending on where Employee is based, Employee’s rights may include the right to (i) request access or copies of Data Newmont processes, (ii) rectification of incorrect Data, (iii) deletion of Data, (iv) restrict the processing of Data, (v) restrict the portability of Data, (vi) lodge complaints with the competent tax authorities in Employee’s country, and/or (vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding Employee’s rights or to exercise Employee’s rights please contact Newmont at Newmont Corporation, 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., attention: Director of Compensation, Newmont Corporate. If Employee agrees with the data processing practices as described in this notice, please declare Employee’s consent by clicking “Accept” on the Fidelity award acceptance page. 3. Language. Employee acknowledges that he or she is sufficiently proficient in English, or, alternatively, Employee acknowledges that he or she will seek appropriate assistance, to understand the terms and conditions in the PSU Terms Agreement. Furthermore, if Employee received this PSU Terms Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated versions is different than the English version, the English version will control, unless otherwise required by applicable law. 4. Insider-Trading/Market-Abuse Laws. Employee acknowledges that, depending on his or her country or broker’s country, or the country in which Common Stock is listed, he or she may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which may affect his or her ability to accept, acquire, sell or attempt to sell, or otherwise dispose of the shares of Common Stock, rights to shares of Common Stock (e.g., PSUs) or rights linked to the value of Common Stock, during such times as Employee is considered to have “inside information” regarding Newmont (as defined by the laws or regulations in applicable jurisdictions, including the United States and Employee’s country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Employee placed before possessing inside

 
- 13 - information. Furthermore, Employee may be prohibited from (i) disclosing insider information to any third party, including fellow employees and (ii) “tipping” third parties or causing them to otherwise buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Newmont insider trading policy. Employee acknowledges that it is his or her responsibility to comply with any applicable restrictions, and Employee should speak to his or her personal advisor on this matter. 5. Foreign Asset/Account Reporting Requirements. Employee acknowledges that there may be certain foreign asset and/or account reporting requirements which may affect his or her ability to acquire or hold the shares of Common Stock acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on the shares of Common Stock acquired under the Plan) in a brokerage or bank account outside his or her country. Employee may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Employee also may be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to his or her country through a designated bank or broker within a certain time after receipt. Employee acknowledges that it is his or her responsibility to be compliant with such regulations, and he or she should speak to his or her personal advisor on this matter. 6. General. Notwithstanding the provisions of the Agreement, if Newmont or the Employer develops a good faith belief that any provision may be found to be unlawful, discriminatory or against public policy in any relevant jurisdiction, then Newmont in its sole discretion may choose not to apply such provision to the PSU, nor any PSU grant in Employee’s jurisdiction.

 
- 14 - B. COUNTRY-SPECIFIC ADDITIONAL TERMS AND CONDITIONS ARGENTINA Notifications Securities Law Notification. Neither the PSUs nor the underlying shares of Common Stock are publicly offered or listed on any stock exchange in Argentina and, as a result, have not been and will not be registered with the Argentine Securities Commission (Comisión Nacional de Valores). The PSU Terms Agreement, this Appendix and any other offering material related to the PSUs, as well as the underlying shares of Common Stock, may not be used in connection with any general offering to the public in Argentina. Argentine residents who receive PSUs under the Plan do so according to the terms of a private offering made from outside Argentina. Exchange Control Notification. It is Employee’s responsibility to comply with any and all Argentine currency exchange restrictions, approvals, and reporting requirements in connection with the PSUs. Foreign Asset / Account Reporting Notification. If Employee is an Argentine tax resident, Employee must report any shares of Common Stock acquired under the Plan and held by Employee on December 31st of each year on his or her annual tax return for that year. AUSTRALIA Notifications Securities Law Notification. The offer of PSUs is being made under Division 1A, Part 7.12 of the Australian Corporations Act 2001 (Cth). If Employee offers any shares of Common Stock for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law (in addition to any requirements under the Plan and the Agreement). Employee should consult with Employee's personal legal advisor prior to making any such offer to ensure compliance with the applicable requirements. Tax Information. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to the conditions in the Act). Exchange Control Information. Exchange control reporting is required for cash transactions exceeding A$10,000 and international fund transfers. The Australian bank assisting with the transaction will file the report. If there is no Australian bank involved in the transfer, Employee will be required to file the report. CANADA Terms and Conditions Vesting/Termination. The following provision replaces Section 1(f) of Part A of this Appendix:

 
- 15 - For purposes of the PSU Terms Agreement, except as otherwise provided for in the “Separation of Employment Prior to Expiration of the Performance Period” provision of the Notice of Grant of the PSU Terms Agreement, in the event Employee ceases his or her employment or service relationship with Newmont or Employer (for any reason whatsoever and whether or not later found to be invalid or in breach of local labor laws), Employee’s right to vest in the PSUs will terminate as of the date that is the earliest of: (a) the date Employee's employment with the Employer is terminated for any reason; and (b) the date Employee receives written notice of termination from the Employer; regardless of any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under local law. For greater certainty, Employee will not earn or be entitled to any pro-rated vesting for that portion of time before the date on which his or her right to vest terminates, nor will Employee be entitled to any compensation for lost vesting. Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued vesting during a statutory notice period, Employee's right to vest in the PSUs, if any, will terminate effective upon the expiry of the minimum statutory notice period, but Employee will not earn or be entitled to pro-rated vesting if the vesting date falls after the end of the statutory notice period, nor will you be entitled to any compensation for lost vesting. In any event, if employment standards legislation explicitly requires continued vesting during a statutory notice period, then the additional vesting provided under the “Separation of Employment Prior to Expiration of the Performance Period” provision of the Notice of Grant of the PSU Terms Agreement is deemed to be inclusive of any entitlements that arise during the applicable statutory notice period. The following provisions apply if Employee is a resident of Quebec: French Language Documents. A French translation of certain documents related to the Plan will be made available to Employee as soon as reasonably practicable. Notwithstanding the provisions of Section 3 of Part A of this Appendix, to the extent required by applicable law and unless Employee indicates otherwise, the French translation of such documents will govern Employee's participation in the Plan. Documents en Langue Française. Une traduction française de certains documents relatifs au Plan sera mise à la disposition du Employee dès que cela sera raisonnablement possible. Nonobstant les dispositions de l'article 3 de la Partie A de la présente Annexe, dans la mesure requise par la loi applicable et à moins que l'Employee n'indique le contraire, la traduction française de ces documents régira la participation du Employee au Plan. Data Privacy. The following provision supplements Section 2 of Part A of this Appendix: Employee hereby authorizes Newmont and its representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. Employee further authorizes Newmont, any parent or Subsidiary of Newmont, and any stock plan service provider that may be selected by Newmont to assist with the Plan to disclose and discuss the Plan with their respective advisors. Employee further authorizes Newmont and any parent or Subsidiary of Newmont to record such information and to keep such information in Employee’s employee file. Employee acknowledges and agrees that his or her personal information, including sensitive personal information, may be transferred or disclosed

 
- 16 - outside of the province of Quebec, including to the United States. Finally, Employee acknowledges and authorizes Newmont and other parties involved in the administration of the Plan to use technology for profiling purposes and to make automated decisions that may have an impact on Employee or the administration of the Plan. Notifications Securities Law Information. Employee is permitted to sell shares of Common Stock acquired through the Plan through the designated broker appointed under the Plan, if any, provided the resale of shares of Common Stock acquired under the Plan takes place outside Canada through the facilities of a stock exchange on which the shares of Common Stock are listed on the New York Stock Exchange. Foreign Asset/Account Reporting Information. Canadian residents are required to report foreign specified property, including shares of Common Stock and rights to receive shares of Common Stock (e.g., PSUs), on form T1135 (Foreign Income Verification Statement) if the total cost of the foreign specified property exceeds C$100,000 at any time during the year. PSUs must be reported (generally, at a nil cost) if the C$100,000 cost threshold is exceeded because of other foreign specified property held by Employee. When shares of Common Stock are acquired, their cost generally is the adjusted cost base (“ACB”) of the shares of Common Stock. The ACB would ordinarily equal the fair market value of the shares of Common Stock at the time of acquisition, but if Employee owns other shares of Common Stock, this ACB may have to be averaged with the ACB of the other shares of Common Stock. FRANCE Terms and Conditions Consent to Receive Information in English. By accepting the PSU Terms Agreement providing for the terms and conditions of Employee’s grant, Employee confirms having read and understood the documents relating to this grant (the Plan and the PSU Terms Agreement) which were provided in English language. Employee accepts the terms of those documents accordingly. Consentement relatif à la réception d’informations en langue anglaise. En acceptant le Contrat d’Attribution décrivant les termes et conditions de l’attribution, le salarié confirme ainsi avoir lu et compris les documents relatifs à cette attribution (le Plan et le Contrat d’Attribution) qui ont été communiqués en langue anglaise. Le salarié accepte les termes de ces documents en connaissance de cause. Notifications Non-Tax-Qualified Award. Employee understands and agrees that the Award is not intended to qualify for specific tax and social security treatment in France under Sections L. 225- 197-1 to L. 225-197-6-1 of the French Commercial Code, as amended. Foreign Asset/Account Reporting Information. If Employee holds shares of Common Stock outside France or maintains a foreign bank or brokerage account (including Employee’s

 
- 17 - Fidelity account), he or she should report such shares of Common Stock and account, whether open, current or closed, to the French tax authorities on his or her annual tax return. GHANA There are no country-specific provisions. INDONESIA Language Consent and Notification. By accepting the PSUs, Employee (i) confirms having read and understood the documents relating to this grant (i.e., the Plan and the PSU Terms Agreement) which were provided in the English language, (ii) accepts the terms of those documents accordingly, and (iii) agrees not to challenge the validity of this document based on Law No. 24 of 2009 on National Flag, Language, Coat of Arms and National Anthem or the implementing Presidential Regulation (when issued). Persetujuan dan Pemberitahuan Bahasa .Dengan menerima pemberian Unit Saham Terbatas (PSUs) ini, Karyawan (i) memberikan konfirmasi bahwa dirinya telah membaca dan memahami dokumen-dokumen berkaitan dengan pemberian ini (yaitu, Perjanjian Penghargaan dan Program) yang disediakan dalam Bahasa Inggris, (ii) menerima persyaratan di dalam dokumen-dokumen tersebut, dan (iii) setuju untuk tidak mengajukan keberatan atas keberlakuan dari dokumen ini berdasarkan Undang-Undang No. 24 Tahun 2009 tentang Bendera, Bahasa dan Lambang Negara serta Lagu Kebangsaan ataupun Peraturan Presiden sebagai pelaksanaannya (ketika diterbitkan) Exchange Control Notification. If Employee remits funds (including proceeds from the sale of shares of Common Stock) into Indonesia, the Indonesian bank through which the transaction is made will submit a report of the transaction to Bank Indonesia for statistical reporting purposes. For transactions in excess of a certain threshold, a more detailed description of the transaction must be included in the report and Employee may be required to provide information about the transaction (e.g., Employee’s relationship with the transferor of the funds, the source of the funds, etc.) to the bank in order for the bank to complete the report. In addition, Employee may be required to provide the Bank Indonesia with information on foreign exchange activities, which may include shares of Common Stock held outside Indonesia, on a monthly basis. The reporting should be completed online through Bank Indonesia’s website, by no later than the 15th day of the following month. MEXICO Terms and Conditions Plan Document Acknowledgement. By accepting the PSUs, Employee acknowledges that he or she has received a copy of the Plan, the Grant Acknowledgement, and the PSU Terms Agreement, including this Appendix, which Employee has reviewed. Employee acknowledges further that he or she accepts all the provisions of the Plan, the Grant Acknowledgement, and the PSU Terms Agreement, including this Appendix. Employee also acknowledges that he or she has

 
- 18 - read and specifically and expressly approves the terms and conditions set forth in Section 1 (“Nature of Grant”) in this Appendix, which clearly provides as follows: (1) Employee’s participation in the Plan does not constitute an acquired right; (2) The Plan and Employee’s participation in it are offered by Newmont on a wholly discretionary basis; (3) Employee’s participation in the Plan is voluntary; and (4) Newmont and its Subsidiaries are not responsible for any decrease in the value of any shares of Common Stock acquired at vesting and settlement of the PSUs. Labor Law Policy and Acknowledgment. By accepting the PSUs, Employee expressly recognizes that Newmont, with registered offices at 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., is solely responsible for the administration of the Plan and that Employee’s participation in the Plan and acquisition of shares of Common Stock do not constitute an employment relationship between Employee and Newmont since Employee is participating in the Plan on a wholly commercial basis and his or her sole employer is Newmont’s Subsidiary in Mexico (“Newmont Mexico”). Based on the foregoing, Employee expressly recognizes that the Plan and the benefits that he or she may derive from participating in the Plan do not establish any rights between Employee and the employer, Newmont Mexico, and do not form part of the employment conditions and/or benefits provided by Newmont Mexico, and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of Employee’s employment. Employee further understands that his or her participation in the Plan is as a result of a unilateral and discretionary decision of Newmont; therefore, Newmont reserves the absolute right to amend and/or discontinue Employee’s participation at any time without any liability to Employee. Finally, Employee hereby declares that he or she does not reserve to him- or herself any action or right to bring any claim against Newmont for any compensation or damages regarding any provision of the Plan or the benefits derived under the Plan, and Employee therefore grants a full and broad release to Newmont, and its subsidiaries, branches, representative offices, stockholders, directors, officers, employees, agents, or legal representatives with respect to any claim that may arise. Spanish Translation Reconocimiento del Documento del Plan Al aceptar el Premio de Desempeño (“PSUs”), el Empleado reconoce que ha recibido una copia del Plan, el Reconocimiento de la Subvención y en los términos del Acuerdo de PSUs, con inclusión de este Apéndice, que el Empleado ha revisado. El Empleado reconoce, además, que acepta todas las disposiciones del Plan, el Reconocimiento de la Subvención, y en los términos del Acuerdo de PSUs, incluyendo este Apéndice. El Empleado también reconoce que ha leído y que concretamente aprueba de forma expresa los términos y condiciones establecidos en la Sección 1 (“Naturaleza de la Subvención”) del Apéndice, que claramente dispone lo siguiente:

 
- 19 - (1) La participación del Empleado en el Plan no constituye un derecho adquirido; (2) El Plan y la participación del Empleado en el Plan se ofrecen por Newmont en su discrecionalidad total; (3) Que la participación del Empleado en el Plan es voluntaria; y (4) Newmont y sus Subsidiarias no son responsables de ninguna disminución en el valor de las acciones adquiridas al conferir los PSUs. Política Laboral y Reconocimiento Al aceptar las PSUs, el Empleado expresamente reconoce que Newmont, con sus oficinas registradas y ubicadas en 6900 E. Layton Ave., Suite 700, Denver, Colorado 80237, U.S.A., es la única responsable por la administración del Plan y que la participación del Empleado en el Plan y en su caso la adquisición de Acciones no constituyen una relación de trabajo entre el Empleado y Newmont, ya que el Empleado participa en el Plan en un marco totalmente comercial y su único patrón es el Subsidiario de Newmont en Mexico (“Newmont Mexico”). Derivado de lo anterior, el Empleado expresamente reconoce que el Plan y los beneficios que pudieran derivar de la participación en el Plan no establecen derecho alguno entre el Empleado y el patrón, Newmont Mexico, y no forma parte de las condiciones de trabajo y/o las prestaciones otorgadas por Newmont Mexico, y que cualquier modificación al Plan o su terminación no constituye un cambio o desmejora de los términos y condiciones de la relación de trabajo del Empleado. Asimismo, el Empleado reconoce que su participación en el Plan se ha resultado de una decisión unilateral y discrecional de Newmont; por lo tanto, Newmont se reserva el derecho absoluto de modificar y/o terminar la participación del Empleado en cualquier momento y sin responsabilidad alguna frente el Empleado. Finalmente, el Empleado por este medio declara que no se reserva ninguna derecho o acción en contra de Newmont por cualquier compensación o daños y perjuicios en relación de las disposiciones del Plan o de los beneficios derivados del Plan, y por lo tanto, el Empleado otorga el más amplio finiquito que en derecho proceda a Newmont, y sus Subsidiarias, oficinas de representación, accionistas, directores, autoridades, empleados, agentes, o representantes legales en relación con cualquier demanda que pudiera surgir. Notifications Securities Law Information. The PSUs and the shares of Common Stock offered under the Plan have not been registered with the National Register of Securities maintained by the Mexican National Banking and Securities Commission and cannot be offered or sold publicly in Mexico. In addition, the Plan, the Agreement and any other document relating to the PSUs may not be publicly distributed in Mexico. These materials are addressed to Employee only because of his or her existing relationship with Newmont and these materials should not be reproduced or copied in any form. The offer contained in these materials does not constitute a public offering of securities but rather constitutes a private placement of securities addressed specifically to individuals who

 
- 20 - are present employees of the Employer made in accordance with the provisions of the Mexican Securities Market Law, and any rights under such offering shall not be assigned or transferred. PAPUA NEW GUINEA Terms and Conditions Award Settlement. Notwithstanding any provision in the PSU Terms Agreement to the contrary, if deemed by Newmont to be necessary for regulatory reasons, Newmont reserves the right to settle PSUs by payment in cash or its equivalent of an amount equal in value to the shares of Common Stock subject to the vested PSUs. Notifications Exchange Control Information. Before receiving funds from the sale of any securities abroad, Employee will need to apply for and receive an Income Tax Clearance Certificate from the taxation authorities in Papua New Guinea, which Employee must then lodge with the appropriate Bank of Papua New Guinea notification form with the commercial bank in which the transaction takes place. PERU Terms and Conditions Labor Law Acknowledgement. The following provision supplements Section 7 of the PSU Terms Agreement and Section 1 of Part A of this Appendix: In accepting this PSU Terms Agreement, Employee acknowledges that the PSUs are being granted ex gratia to Employee with the purpose of rewarding him or her. Notifications Securities Law Information. The offer of the PSUs is considered a private offering in Peru; therefore, it is not subject to registration. For more information concerning this offer, please refer to the Plan, the PSU Terms Agreement and any other grant documents made available by Newmont. SOUTH AFRICA Terms and Conditions Taxes. The following provision supplements Section 6 of the PSU Terms Agreement: By accepting the PSUs, Employee agrees that, immediately upon settlement of the PSUs, Employee will notify the Employer of the amount of any gain realized at vesting. Employee will be solely responsible for paying any difference between the actual liability for Tax-Related Items and the amount withheld. Deemed Acceptance of PSUs. Pursuant to Section 96 of Companies Act 71 of 2008 (the "Companies Act"), the PSU offer must be finalized within six months following the date the offer

 
- 21 - is communicated to Employee. If Employee does not want to accept the PSUs, Employee is required to decline the award no later than six months following the date the offer is communicated to Employee. If Employee does not reject the PSUs within six months following the date the offer is communicated to Employee, Employee will be deemed to accept the RSUs. Notifications Securities Law Information. Neither the PSUs nor the underlying shares of Common Stock shall be publicly offered or listed on any stock exchange in South Africa. The offer is intended to be private pursuant to Section 96 of the Companies Act and is not subject to the supervision of any South African governmental authority. Exchange Control Notification. Because exchange control regulations are subject to frequent change, sometimes without notice, Employee should consult his or her personal legal advisor prior to the settlement of the PSUs to ensure compliance with current regulations. Employee is solely responsible for ensuring compliance with all exchange control laws in South Africa. SURINAME Terms and Conditions Award Settlement. Notwithstanding any provision in the PSU Terms Agreement to the contrary, if deemed by Newmont to be necessary for regulatory reasons, Newmont reserves the right to settle PSUs by payment in cash or its equivalent of an amount equal in value to the shares of Common Stock subject to the vested PSUs.

 
EX-19 7 q42023exhibit19.htm EX-19 Document

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Newmont Corporation
 Stock Trading Standard

Purpose and Objectives
This Standard defines the requirements for trading in Newmont securities.
The law prohibits trading in securities of Newmont or any Newmont affiliate, by any person in possession of material non-public information about Newmont's business, commonly called "insider trading." Material non-public information is information that (a) is not otherwise available to the general public; and (b) a reasonable investor would consider important in making a decision to buy or sell Newmont securities. Insider trading laws also prohibit individuals from trading in securities of other companies when in possession of material non-public information about the other company. Individuals may also be liable for improper transactions by another person to whom they have disclosed non-public information regarding Newmont or another company. Insider trading is strictly prohibited by Newmont and is in violation of the Code of Conduct. Violation of insider trading laws may result in disciplinary action by Newmont, up to and including termination. This Standard addresses the following global risks:
Value loss due to confidentiality and reputational concerns as well as liabilities resulting from insider trading.
Implementation Guide and Other Supporting Documents
Code of Conduct
Business Integrity Policy
Acceptable Technology Use Standard
Exclusions   
N/A
Roles and Responsibilities
Newmont or any Newmont affiliate
Restricted Trading Periods: Certain officers and Employees of Newmont who may have access to Newmont's financial results are prohibited from trading during the Restricted Trading Period, except as may be specifically approved by Newmont’s General Counsel or, Corporate Secretary. The anticipated calendar for the Restricted Trading Periods in connection with quarterly financial reporting periods can be found on Discovery.
Newmont may impose additional restricted trading periods (or trading blackouts) at any time if it believes trading by insiders would not be appropriate because of developments at Newmont that are or could be material to Newmont securities or the securities of a Newmont counterparty.
Please be reminded that while Newmont may impose restrictions in connection with development related to Newmont, counterparties or potential transactions, it remains the responsibility of each individual to avoid trading on material non-public information, regardless of whether or not Newmont has implemented such a restriction or trading blackout.
1
NEWMONT CORPORATION                                
    

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Newmont Corporation
 Stock Trading Standard

Roles and Responsibilities
Directors and Section 16 Officers
Special rules requiring pre-clearance of trades are applicable to directors and Section 16 reporting officers.
Short Sales and Transactions in Puts and Calls: Federal securities laws prohibit Newmont’s directors and Section 16 reporting officers from engaging in short sales of Newmont securities. Short sales evidence an expectation on the part of the seller that Newmont securities will decline in value and therefore signal to the market that the seller does not have confidence in Newmont’s prospects. These transactions are also against Newmont’s goal of encouraging long term, buy-and-hold investments in Newmont securities by directors and officers. As such, directors and Section 16 reporting officers may not (a) engage in any short sales of Newmont securities (including a “sale against the box,” which is a sale with delayed delivery) or (b) buy or sell puts and calls on Newmont securities.
Other Hedging Transactions: Certain forms of hedging or monetization transactions, such as collars, reduce or eliminate your ability to profit from an increase in the value of Newmont securities as well as your risk of sustaining losses from a decrease in the value of Newmont securities. By entering into such transactions, you may no longer have the same objectives as Newmont’s other security holders. Directors and Section 16 reporting officers are therefore prohibited from entering into hedging transactions involving Newmont securities.
Stock Pledges and Margin Accounts: Directors and Section 16 reporting officers may not hold Newmont securities in a margin account or pledge Newmont securities as collateral for a loan because margin or foreclosure sales may occur when the director or Section 16 reporting officer is aware of material, non-public information or is otherwise not permitted to trade in Newmont securities, which may result in violations of federal securities laws.

2
NEWMONT CORPORATION                                
    

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Newmont Corporation
 Stock Trading Standard

Roles and Responsibilities
Authorized directors, officers and other employees and consultants of the Company
Stock Trading Plans: Rule 10b5-1 Plans provide authorized directors, officers and other employees and consultants of the Company with an affirmative defense to insider trading if the plan is entered into at a time when they are not in possession of material non-public information.
A Rule 10b5-1 Plan delegates authority to a broker or other independent person to make sales in the future either on a periodic or one-time basis at a time when a person may be in possession of material non-public information. A person wishing to implement a Rule 10b5-1 Plan must notify Newmont’s General Counsel or Corporate Secretary at least three (3) business days prior to entering into the plan and must obtain such person’s pre-clearance of the plan. Approval is subject to compliance with U.S. securities laws and Newmont’s policies. A person may only enter into a Rule 10b5-1 Plan when not in possession of material non-public information, and must not exert any influence over how, when, or whether to effect purchases once the plan is in effect.
In addition, a person must enter the plan in good faith and may not enter into or alter any corresponding or hedging transaction or position with respect to Newmont equity securities while the plan is in effect. For further information about Rule 10b5-1 Plans, please contact Newmont’s General Counsel or Corporate Secretary.

3
NEWMONT CORPORATION                                
    

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Newmont Corporation
 Stock Trading Standard

Roles and Responsibilities
Newmont directors and Section 16 officers
All Newmont directors and Section 16 officers are expected to have a long-term financial interest in the Company.
Directors: To align the interests of directors and the stockholders, each non-executive director of Newmont must beneficially own shares of common stock (or hold director stock units) of the Company having a market value of five times (5x) the annual cash retainer payable under the Company’s director compensation policy. Newly-elected directors are expected to meet this requirement within five (5) years of first becoming a director of Newmont. Taking into consideration the volatility of the stock market, the impact of gold, copper and other commodity price fluctuations on share price, once the guideline is achieved, future fluctuations in price are not deemed to affect compliance with this provision. Specifically, if a decline in the Company’s share price causes a director’s failure to meet the threshold, the director will not be required to purchase additional shares, but such director will refrain from selling any shares until the threshold has again been achieved.
Section 16 Officers: To align the interests of executives and the stockholders, the Chief Executive Officer must beneficially own shares of common stock (or hold restricted stock units) having a market value of six times (6x) base salary, and other Executive Officers serving on the Executive Leadership Team must beneficially own shares of common stock (or hold restricted stock units) having a market value of three times (3x) base salary. Newly-appointed Executive Officers are expected to meet this requirement within five (5) years of first being appointed to their Section 16 qualifying position, with similar considerations regarding volatility set forth above.
Area Standard Requirements
Legal
This document is not intended to be regarded as representing legal advice. Trading pre-clearance in accordance with this Standard shall not be deemed a legal opinion or attorney or company endorsement of an individual’s trading activities. Each person is individually responsible at all times for compliance with the prohibitions against insider trading. Individuals are also reminded that the roles and responsibilities listed above should be carefully considered in conjunction with the Frequently Asked Questions section below.

4
NEWMONT CORPORATION                                
    

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Newmont Corporation
 Stock Trading Standard

Glossary
Term Definition
Newmont or the Company Is Newmont Corporation.
Newmont Affiliate Is any entity with is majority-owned, directly or indirectly, by Newmont or which is actively managed by any such Newmont majority-owned entity.
Employee Is a person who is directly on the employee payroll of a Newmont entity.
Insider includes any person who possesses material non-public information about Newmont or its affiliates or subsidiaries, and who has a duty to Newmont to keep this information confidential. Insiders include officers and directors of Newmont and may include officers and directors of Newmont’s affiliates or subsidiaries, as well as employees of any of such entities who have access to material information that is not publicly available, or who are working on significant corporate transactions or projects. In addition, a person can be a “temporary insider” if he or she enters into a relationship to serve Newmont or its affiliates or subsidiaries and as a result gains access to inside information. Temporary insiders routinely include Newmont’s attorneys, accountants, consultants, bankers and the employees of their organizations.
Insider Trading refers to the use of material non-public information to trade in securities or the communication of material non-public information to others that may trade on the basis of such information. See FAQs below for additional information.
Permitted Transactions are select transactions are permitted during a Restricted Trading Period, specifically, exercises of stock options when the acquired shares are not sold; and bona fide charitable donations or gifts of Newmont securities so long as the gift does not satisfy a legal obligation.
Prohibited Transactions refer to transactions in Newmont securities or the securities of the other Newmont counterparties by insiders which takes advantage of material nonpublic information. See FAQs below for additional information.
Restricted Trading Period is the period beginning on the calendar day prior to the end of each fiscal quarter and ending one (1) trading day after Newmont’s public disclosure of results for that quarter.
Rule 10b5-1 Plan refers to a pre-arranged stock trading plan which allow insiders to enter into stock sales plans if the plan is entered into at a time when they are not in possession of material non-public information. A Rule 10b5-1 Plan delegates authority to a broker or other independent person to make sales in the future either on a periodic or one-time basis at a time when a person may be in possession of material non-public information. See FAQs below for additional information.
SEC
is the United States Securities and Exchange Commission

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NEWMONT CORPORATION                                
    

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Newmont Corporation
 Stock Trading Standard

Frequently Asked Questions
Question Response
What is Insider Trading?
Generally, “insider trading” refers to the use of material non-public information to trade in securities or the communication of material non-public information to others that may trade on the basis of such information. You are responsible for the compliance of your family members and others living in your home with this Standard. You are also responsible for the compliance with this Standard of family members who do not live in your household, but whose transactions in Newmont securities are directed by you or are subject to your influence or control (such as relatives who consult with you before trading).
Prohibitions on insider trading and tipping (as described below) apply not only to Newmont securities, but could also include third-party securities. Those third-parties could include joint-venture partners for which you may have received confidential exploration, plan or reserve information as part of your work at Newmont that has not yet been made public, or counterparties to potential corporate or M&A transactions that have not yet been made public.
What is material information?
Examples of material information (which may be positive or negative) may include:
•Financial results or expectations for the quarter or the year
•Financial and budgetary forecasts
•Changes in dividends
•Possible mergers, acquisitions, joint ventures and other purchases and sales of companies and investments in companies Significant impacts to operations or impacts to sales
•Significant changes or updates to reserve and resource estimates
•Major project approvals
•Major exploration discoveries
•Major financing developments
•Major personnel changes
•Criminal indictments or major civil litigation or government investigations
•Significant labor disputes including strikes or lockouts
•Substantial changes in accounting methods
•Debt service or liquidity problems
•Public offerings or private sales of debt or equity securities
•Stock splits, calls, redemptions or repurchases of Newmont’s securities
Any information that would be an important factor for a reasonable investor’s decision as to whether or not to buy or sell Newmont securities (in short, any information which could reasonably affect the price of any Newmont securities) should be considered “material.”

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NEWMONT CORPORATION                                
    

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Newmont Corporation
 Stock Trading Standard

Frequently Asked Questions
What is Non-Public Information? Information is considered to be non-public unless it has been effectively disclosed to the public. Examples of public disclosure include SEC filings and company press releases. Not only must the information have been publicly disclosed, but there must also have been adequate time for the investing public as a whole to digest the information (i.e., at least one full trading day). The circulation of rumors, internet chat or “talk on the street”, even if accurate, widespread and reported in the media, does not constitute “public disclosure.”
How can I Protect Material Non-public Information?
Material non-public information should be communicated only to those people who need to know it for a legitimate business purpose and who are authorized to receive the information in connection with their employment responsibilities and who are informed or otherwise know that the information is confidential. The following practices should be followed to help prevent the misuse of material non-public information and other types of confidential information:
Avoid discussing or even speculating about confidential matters in places where you may be overheard by people who do not have a reason to know the information (e.g., in elevators, airplanes, restaurants). Do not discuss confidential information with family, relatives or social acquaintances.
Always put confidential documents away when not in use. Do not leave, send or review documents containing confidential information where they may be seen by persons who do not have a need to know the content of the documents. For example, confidential information should not be sent to a nonsecure fax machine at a hotel.
Password protect computers and log-off when they are not in use, and do not give your computer IDs and passwords to any other person, in compliance with the Acceptable Technology Use Standard.
What is “Tipping”? Tipping means passing along inside information with respect to a company, either directly or indirectly, to others who do not need the information as part of their work for Newmont and who then deal in securities of such company or induce a third party to deal in such securities. This includes information passed along in casual conversation with the bartender, taxi driver, etc.
What are the Penalties for Insider Trading? The SEC is responsible for enforcement of these laws and regulations and will seek to enforce them in connection with trading in the US securities market even if those involved are outside the United States. The SEC can seek civil (including fines) and criminal (including imprisonment) penalties.
What are Prohibited Transactions? When you, your spouse, relatives or others living in your home have material non-public information relating to Newmont (or another company, such as a customer or supplier of Newmont), you may not buy or sell Newmont securities or the securities of the other company, or engage in any other action to take advantage of that information or pass it along to others. Transactions that may be necessary or justifiable for independent reasons (such as a need to raise funds for a personal emergency) are not excepted by the SEC and are not exceptions from this Standard.
7
NEWMONT CORPORATION                                
    

image.jpg
Newmont Corporation
 Stock Trading Standard

Frequently Asked Questions
What are Permitted Transactions? See definition section above.
What is Trading in Newmont Securities?
The following are examples of trading in Newmont securities:
•Open market purchases or sales of Newmont securities, including preferred stock, convertible debentures, debt securities, warrants and exchange-traded options or other derivative securities;
•Having others trade for you in Newmont securities;
•Disclosing non-public information to anyone who then trades;
•Exercising stock options if the option shares are to be immediately sold; and
•Purchasing or selling of Newmont stock (or switching existing balances out of the Newmont stock fund in your investment or retirement accounts or Savings Equalization Plan account, if applicable).
Can I Enter Into Limit Orders? Limit orders outstanding with respect to any Newmont securities should be suspended for the duration of any Restricted Trading Period. Limit orders placed in an insider’s brokerage account are viewed with the same level of scrutiny as a typical open market sale by regulators since account holders have the ability to modify or cancel the limit orders. As such, sales pursuant to limit orders (other than made pursuant to a valid Rule 10b5-1 Plan) are prohibited during the Restricted Trading Period.
What if I have Questions About Insider Trading? If you have questions as to a potential application of insider trading laws or any restrictions on insider trading or if you know of a suspected violation of these laws, please contact Newmont’s General Counsel or Corporate Secretary.
8
NEWMONT CORPORATION                                
    

image.jpg
Newmont Corporation
 Stock Trading Standard

How can I adopt a Rule 10b5-1 Plan?
Rule 10b5-1 Plans may be available to all Newmont directors, officers, Employees and consultants who have access to material non-public information regarding Newmont on a regular basis. A person wishing to implement a Rule 10b5-1 Plan must notify Newmont’s General Counsel or Corporate Secretary at least three (3) business days prior to entering into the plan and must obtain such person’s pre-clearance of the plan. Approval is subject to compliance with U.S. securities laws and Newmont’s policies and standards, including required cooling off periods. .
Please note that in 2022 the SEC adopted new rules regarding 10b5-1 Plans, which go into effect in February 2023. All new 10b5-1 Plans will require review by Newmont’s legal department prior to execution. Copies of all 10b5-1 Plans are required to be provided to Stock Plan and Newmont’s Corporate Secretary.

Cooling Off Periods: For Section 16 directors and officers, the first sale under the Rule 10b5-1 Plan may not take effect within ninety (90) calendar days after it is executed by the individual entering into the plan or within two (2) business days following the disclosure of the issuer’s financial results in an annual or quarterly report for the fiscal quarter in which the plan was adopted, whichever is later. For persons other than directors, executive officers, the cooling-off period is at least 30 days following adoption of a 10b5-1 plan.

No Overlapping Plans: A person is prohibited from using multiple overlapping 10b5-1 plans, and may not adopt more than one single-trade 10b5-1 plan during any consecutive 12-month period. As such, please consider your planning carefully with your advisor before executing your Rule 10b5-1 plan.
Can I modify or change a Rule 10b5-1 Plan? A person may only enter into a Rule 10b5-1 Plan when not in possession of material non-public information, and must not exert any influence over how, when, or whether to effect purchases once the plan is in effect. In addition, a person must enter the plan in good faith and may not enter into or alter any corresponding or hedging transaction or position with respect to Newmont equity securities while the plan is in effect. It is not advisable for a person to terminate a Rule 10b5-1 plan except under unusual circumstances. Therefore, Rule 10b5-1 Plans may not be modified or cancelled without the approval of Newmont’s General Counsel or Corporate Secretary. If you plan is cancelled, please be reminded that person may not adopt more than one single-trade 10b5-1 plan during any consecutive 12-month period.

9
NEWMONT CORPORATION                                
    
EX-21 8 q42023exhibit21.htm EX-21 Document

EXHIBIT 21
NEWMONT CORPORATION AND SUBSIDIARIES
As of December 31, 2023
Name Incorporation Ownership*
Newmont Corporation Delaware, USA
Goldcorp Inc. Delaware, USA 100%
1144963 B.C. Ltd. British Columbia 100%
North American Metals Corp. British Columbia 52.9083%
Administradora de Negocios Mineros S.A. de C.V. Mexico >99.9999%
Goldcorp S.A. de C.V. Mexico
27.8573%
Administradora de Negocios Mineros S.A. de C.V. Mexico <0.0001%
Minera Peñasquito S.A. de C.V. Mexico 99.9867%
Goldcorp S.A. de C.V. Mexico <0.0013%
Servicios Administrativos Goldcorp, S.A. de C.V. Mexico >99.9999%
Servicios Administrativos Goldcorp, S.A. de C.V. Mexico <0.0001%
Goldcorp Canada Ltd. Canada Federal 100%
Goldcorp (Barbados) Inc. Barbados 100%
Goldcorp Aureus Inc. Barbados 100%
Pueblo Viejo (Jersey) 1 Limited Jersey 40%
Pueblo Viejo (Jersey) 2 Limited Jersey 100%
Newmont Servicios Chile S.p.A. Chile 0.0077%
Goldcorp Tesoro Inc. Barbados 100%
Datawave Sciences Inc. British Virgin Islands 100%
Minera Goldcorp Chile S.p.A. Chile 0.1600%
NuevaUnion S.p.A. Chile 11.9086%
El Morro S.p.A. Chile 100%
Minera Goldcorp Chile S.p.A. Chile 99.8400%
NuevaUnion S.p.A. Chile 38.0914%
Goldcorp Global Services Inc. British Columbia 100%
Goldcorp Kaminak Ltd. British Columbia 100%
Goldcorp Porcupine Nominee Ltd. British Columbia 100%
Newmont Goldcorp Integrated Services Inc. Ontario 100%
Newmont Goldcorp Red Lake Holdings Ltd. British Columbia 100%
Red Lake Gold Mines Ontario 0.1000%
Red Lake Gold Mines Ontario 99.9000%
Goldcorp Exeter Ltd. British Columbia 100%
Goldcorp MC Holding S.p.A. Chile 100%
Norte Abierto S.p.A. Chile 34.1615%
Goldcorp Stratum Holdings (Canada) ULC
British Columbia
 100%
Norte Abierto Holdings (Canada) ULC
British Columbia
 50%
Norte Abierto S.p.A. Chile 31.6770%
Newmont Servicios Chile S.p.A. Chile 99.9923%
Goldcorp General Holdings Ltd. British Columbia 100%
Goldcorp S.A. de C.V. Mexico
72.1414%
Goldcorp USA Holdings Ltd. Delaware, USA 100%
Goldcorp America Holdings Inc. Nevada, USA 100%
Goldcorp USA Inc. Nevada, USA 100%
Goldcorp USA Services Inc. Nevada, USA 100%
Glamis Rand Mining Company Nevada, USA 100%
Honduras Holdings Ltd. Cayman Islands 100%
Prestadora de Servicios Generales, S.A. de C.V.
Honduras
99.6000%
International Mineral Finance B.V. Netherlands 100%
Goldcorp Holdings B.V. Netherlands 100%
Goldcorp Trading B.V. Netherlands 100%
Oroplata S.A. Argentina 99.7450%


Mexicana Resources Inc. British Columbia 100%
Minera Peñasquito S.A. de C.V. Mexico
<0.0133%
Montana Exploradora de Guatemala S.A. Guatemala 1%
Peridot S.A. Guatemala 2%
Sermineros de Mexico S.A. de C.V. Mexico <0.0001%
Montana Exploradora de Guatemala S.A. Guatemala 99%
Newmont Goldcorp Insurance Company Inc.
Barbados
 100%
Newmont Saddle Minerals Ltd. British Columbia 100%
North American Metals Corp. British Columbia 47.0917%
Oroplata S.A. Argentina 0.2550%
Peridot S.A. Guatemala 98%
Sermineros de Mexico S.A. de C.V. Mexico >99.9999%
Moydow LTD.
 Ghana 100%
Newmont LaSource SAS France 16.9251%
Newmont Ghana Gold Limited Ghana 100%
Newmont Australia Pty Ltd Victoria, Australia 100%
Newmont AP Power Pty Ltd Western Australia 100%
Newmont Boddington Pty Ltd Western Australia 100%
Newmont Boddington Gold Pty Ltd Western Australia 100%
Newmont Capital Pty Ltd New South Wales, Australia 100%
Newmont Exploration Holdings Pty Ltd Queensland, Australia 100%
Newmont Exploration Pty Ltd Victoria, Australia 100%
Newmont Landco Pty Ltd Western Australia 100%
Newmont Mining Finance Pty Ltd Australian Capital Territory 100%
Newmont Mining Holdings Pty Ltd South Australia 100%
Newmont Gold Pty Ltd Western Australia 100%
Newmont Mining Services Pty Ltd Western Australia 100%
Newmont Tanami Pty Ltd Western Australia 100%
Newmont Woodcutters Pty Ltd New South Wales, Australia 100%
Newmont Yandal Operations Pty Ltd Victoria, Australia 100%
Newmont Canada FN Holdings ULC British Columbia <.0001%
Newmont Capital Limited Nevada, USA 100%
Miramar Gold Corporation Nevada, USA 100%
Newmont Indonesia, LLC Delaware, USA 100%
NVL (USA) Limited Delaware, USA 100%
Orcana Resources Inc. Nevada, USA 100%
Talapoosa Mining Inc. Nevada, USA 100%
Newmont CC&V Mining Corporation Delaware, USA 100%
Cripple Creek & Victor Gold Mining Company LLC Colorado, USA 99.9000%
The LeClair Consolidated Mines Company Colorado, USA 100%
The Matoa Gold Mining Company Wyoming, USA 100%
GCGC LLC Colorado, USA 100%
Cripple Creek & Victor Gold Mining Company LLC Colorado, USA 0.1000%
Newmont FH B.V. Netherlands 100%
Newmont Canada Holdings ULC British Columbia 100%
Newmont Golden Ridge Limited Ghana 100%
Newmont Holdings ULC Nova Scotia 100%
Newmont Canada FN Holdings ULC British Columbia 99.9846%
Miramar Northern Mining Ltd. British Columbia 100%
Con Exploration Ltd. British Columbia 100%
Miramar HBG Inc. Quebec 100%
Newmont Canada Corporation Nova Scotia 100%
Hemlo Gold Mines (Ghana) Limited Ghana 100%
Newmont Canada FN Holdings ULC British Columbia 0.0154%
PT Newmont Minahasa Raya Indonesia 80%
Newmont Galore Creek Holdings Corporation British Columbia 100%
Galore Creek Partnership British Columbia 50%


Galore Creek Mining Corporation British Columbia 100%
NeXtech Drilling Ltd. Alberta 100%
Newmont LaSource SAS France 83.0749%
Newmont Nusa Tenggara Holdings B.V. Netherlands 100%
Newmont Suriname, LLC Delaware, USA 100%
Suriname Gold Project CV Suriname 75%
Newmont USA Limited Delaware, USA 100%
Battle Mountain Resources Inc. Nevada, USA 100%
Dawn Mining Company LLC Delaware, USA 58.1855%
Elko Land and Livestock Company Nevada, USA 100%
ELLC Grazing Membership LLC Nevada, USA 100%
Empresa Minera Maria SRL Bolivia 75.4286%
Fronteer Development (USA) LLC Delaware, USA 100%
Fronteer Development LLC Delaware, USA 100%
Fronteer Royalty LLC Delaware, USA 100%
Nevada Eagle Resources LLC Nevada, USA 100%
Hospah Holdings Company Delaware, USA 100%
Idarado Mining Company Delaware, USA 80.1674%
Minera BMG Nevada, USA 100%
Minera Choluteca S.A. de C.V. Honduras 48%
Minera Newmont (Chile) Limitada Chile 99.3827%
Nevada Gold Mines LLC Delaware, USA 38.5000%
Nevada Gold Energy LLC Delaware, USA 100.0000%
Newmont Australia Investment Limited Delaware, USA 100%
Newmont Bolivia Limited Nevada, USA 100%
Newmont de Mexico, S.A. de C.V. Mexico >99.9999%
Minera Oro Valenciana, S.A.P.I. de C.V. Mexico 49%
Newmont Global Employment Limited Partnership Bermuda 99%
Newmont Gold Company Delaware, USA 100%
Newmont GTR LLC Nevada, USA 100%
Newmont Indonesia Investment Limited Delaware, USA 100%
Newmont International Services Limited Delaware, USA 100%
Newmont Global Employment Limited Partnership Bermuda 1%
PT Newmont Pacific Nusantara Indonesia 1%
Newmont Latin America Limited Delaware, USA 100%
Minera Los Tapados S.A. Peru 0.0134%
Minera Newmont (Chile) Limitada Chile 0.6173%
Newmont de Mexico S.A. de C.V. Mexico <0.0001%
Newmont McCoy Cove Limited Nevada, USA 100%
Newmont North America Exploration Limited Delaware, USA 100%
Newmont Overseas Exploration Limited Delaware, USA 100%
Minera Monte Aguila S.A.S Colombia 50%
PT Newmont Pacific Nusantara Indonesia 99%
Takari Mining SAS France 50%
Newmont Peru Limited Delaware, USA 100%
Minera Los Tapados S.A. Peru 99.9866%
Newmont Investment Holdings LLC Delaware, USA 100%
Newmont Peru S.R.L. Peru <.0001%
Newmont Peru S.R.L. Peru >99.9999%
Newmont Peru Royalty S.R.L Peru 99.9999%
Newmont Realty Company Delaware, USA 100%
Newmont Second Capital Corporation Delaware, USA 100%
Minera Yanacocha S.R.L. Peru 100%
Newmont Mines Limited Delaware, USA 100%
Newmont Technologies Limited Nevada, USA 100%
New Verde Mines LLC Delaware, USA 100%
Resurrection Mining Company Delaware, USA 100%


San Juan Basin Holdings Company Delaware, USA 100%
Santa Fe Pacific Gold Corporation Delaware, USA 100%
Newmont Ventures Limited Delaware, USA 100%
EMH (BVI) Inc. British Virgin Islands 100%
Marien Mining Company, S.A. Haiti 99.9750%
NVL Haiti Limited S.A. Haiti 0.0500%
Newmont (Guyana) Incorporated Guyana 100%
NVL Argentina S.R.L. Argentina 90.0344%
NVL Haiti Limited S.A. Haiti 99.9500%
Marien Mining Company, S.A. Haiti 0.0250%
NVL PNG Limited Papua New Guinea 100%
NVL Solomon Islands Limited Solomon Islands 100%
Saddleback Investments Pty Ltd Western Australia 100%
Normandy Overseas Holding Company Sdn Bhd Malaysia 100%
Normandy Company (Malaysia) Sdn Bhd Malaysia 100%
NVL Argentina S.R.L. Argentina 9.9656%
Pittston Nevada Gold Company, Ltd. Nevada, USA 100%
West Pequop Project LLC Nevada, USA 100%
Pequop Exploration LLC Nevada, USA 100%
Newmont International Holdings
Australia
 100%
Newmont Overseas Holdings Pty Ltd Australia 100%
Newcrest Mining Limited Australia 100%
Niugini Mining (Australia) Pty Ltd Australia 100%
Newcrest West Africa Holdings Pty Ltd Australia 100%
LGL Mount Rawdon Operations Pty Ltd Australia
100%
LGL CDI Investments Pty Ltd Australia 100%
Newcrest Dougbafla Holdings Pte. Ltd. Singapore 100%
Newcrest Dougbafla CI SA Ivory Coast 89.89%
LGL Holdings CI SA Ivory Coast 98%
LGL Development CI SA Ivory Coast 98%
Lihir Gold Limited Papua New Guinea 100%
Lihir Management Company Limited Papua New Guinea 100%
Newcrest Insurance Pte. Ltd. Singapore 100%
Cadia Holdings Pty Limited Australia 100%
Contango Agricultural Company Pty Ltd Australia 100%
Newcrest Operations Limited Australia 100%
Newgen Pty Ltd Australia 100%
Newcrest Finance Pty Limited Australia 100%
Newcrest Services Pty Limited Australia 100%
Newcrest Technology Pty Ltd Australia 100%
Newcrest Holdings (Investments) Pty Limited Australia 100%
Newcrest International Pty Ltd Australia 100%
Sulawesi Investments Pty Limited Australia 100%
PT Nusantara Bintang Management Indonesia 5%
PT Nusantara Bintang Management Indonesia 95%
Newcrest Exploration Holdings Pty Ltd Australia 100%
NewcrestEcuador S.A. Ecuador 1%
Wafi Golpu Australia Services Pty Ltd Australia 50%
Newcrest Fiji Exploration Holdings 1 Pte. Ltd. Singapore 100%
Newcrest Exploration (Fiji) Pte. Limited Fiji 50%
Newcrest Fiji Exploration Holdings 2 Pte. Ltd. Singapore 100%
Newcrest Exploration (Fiji) Pte. Limited Fiji 50%
Newcrest (Fiji) Pte Limited Fiji 100%
Newcrest PNG 2 Limited Papua New Guinea 100%
Wafi-Golpu Services Limited Papua New Guinea 50%
Newcrest PNG 3 Limited Papua New Guinea 100%
Morobe Exploration Services Limited Papua New Guinea 50%


Newcrest PNG Exploration Limited Papua New Guinea 100%
Newcrest PNG Wamum Limited (PNG) Papua New Guinea 100%
Surnorte Ventures Pte. Ltd. Singapore 50%
Surnorte Holdings I Pte. Ltd. Singapore 100%
Surnorte S.A Ecuador 50%
Surnorte Holdings II Pte. Ltd. Singapore
100%
Surnorte S.A Ecuador 50%
Newcrest India Services LLP India
99%
NewcrestEcuador S.A. Ecuador
99%
Newcrest Resources, Inc. USA 100%
Newroyal Resources, Inc. USA 100%
Newcrest USA Finance LLC USA 100%
600 Holdings Inc USA 100%
Newcrest USA, Inc. USA 100%
Newcrest Chile Holdings 1 Limited Bermuda 100%
Newcrest Chile Holdings 2 Limited Bermuda 100%
Newcrest Peru Holdings 1 Limited Bermuda 100%
Minera Newcrest Peru SAC Peru 50%
Newcrest Peru Holdings 2 Limited Bermuda 100%
Minera Newcrest Peru SAC Peru 50%
Newcrest Chile SpA Chile 100%
Newcrest Canada Services Inc. Canada 100%
Newcrest Canada Holdings Inc. Canada 100%
Newcrest Canada Inc. Canada 100%
Newcrest British Columbia 2 Mining Ltd. Canada, British Columbia 100%
Newcrest Red Chris Mining Limited Canada, British Columbia 100%
Pretium Resources Inc. Canada, British Columbia 100%
0890696 B.C. Ltd. Canada, British Columbia 100%
Prestadora de Servicios Generales, S.A. de C.V. Honduras
0.4000%

* Ownership percentages relate to that of the entity directly above, with indentation used to reflect intermediary levels of ownership.

EX-22 9 q42023exhibit22.htm EX-22 Document


Exhibit 22
Guarantor Subsidiary of Newmont Corporation

The following subsidiary of Newmont Corporation (the "Company") was, as of December 31, 2023, guarantor of the Company's (ii) 2.800% Senior Notes due 2029, (iii) 2.250% Senior Notes due 2030, (iv) 2.600% Sustainability-Linked Senior Notes due 2032; (v) 5.875% Senior Notes due 2035, (vi) 6.250% Senior Notes due 2039, (vii) 4.875% Senior Notes due 2042, and (viii) 5.450% Senior Notes due 2044:
Name   Incorporation
Newmont USA Limited   Delaware

1
EX-23.1 10 q42023exhibit231.htm EX-23.1 Document

Exhibit 23.1
Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:   

1)Registration Statements (Form S-8 Nos. 333-124653 and 333-171298) pertaining to the Newmont Mining Corporation 2005 Stock Incentive Plan;
2)Registration Statements (Form S-8 Nos. 333-188128 and 333-214662) pertaining to the Newmont Mining Corporation 2013 Stock Incentive Plan;
3)Registration Statement (Form S-8 No. 333-238048), pertaining to the Newmont Corporation 2020 Stock Incentive Compensation Plan; and
4)Registration Statement (Form S-3 No. 333-258097), pertaining to the Newmont Corporation 2021 Automatic Shelf Registration Statement;
of our reports dated February 29, 2024, with respect to the consolidated financial statements and schedule of Newmont Corporation and the effectiveness of internal control over financial reporting of Newmont Corporation included in this Annual Report (Form 10-K) of Newmont Corporation for the year ended December 31, 2023.

/s/ Ernst & Young LLP

Denver, Colorado
February 29, 2024


EX-23.2 11 q42023exhibit232.htm EX-23.2 Document

Exhibit 23.2
Consent of Independent Registered Public Accounting Firm
We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-238048, 333-124653, 333-171298, 333-188128, 333-214662) and Form S-3 (No. 333-258097) of Newmont Corporation of our report dated February 29, 2024 relating to the consolidated financial statements and the effectiveness of internal control over financial reporting of Nevada Gold Mines LLC, which appears in this Form 10-K of Newmont Corporation.

/s/ PricewaterhouseCoopers LLP


Chartered Professional Accountants, Licensed Public Accountants
Toronto, Canada
February 29, 2024


EX-23.3 12 q42023exhibit233.htm EX-23.3 Document


Exhibit 23.3

CONSENT OF QUALIFIED PERSON

I, Mr. Donald Doe, in connection with the Annual Report on Form 10-K for the year ended December 31, 2023 and exhibits thereto (collectively, the Form 10-K), consent to:

•the filing and use of the Technical Report Summaries for the Peñasquito, Cadia, and Lihir operations, with an effective date of December 31, 2023, as exhibit 96.1, 96.6 and 96.7, respectively (the “Filed Technical Report Summaries”), to and referenced in the Form 10-K;
•the incorporation by reference and use of the Technical Report Summaries for the Boddington, Ahafo, Nevada Gold Mines and Pueblo Viejo operations (the “Incorporated by Reference Technical Report Summaries” and, together with the Filed Technical Report Summaries, collectively the “Technical Report Summaries”);
•the use of and references to my name, including my status as an expert or “qualified person” (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission), in connection with the Form 10-K and the Technical Report Summaries; and
•the use of information derived, summarized, quoted or referenced from the Technical Report Summaries, or portions thereof, that was prepared by me, that I supervised the preparation of and/or that was reviewed and approved by me, that is included or incorporated by reference in the Form 10-K.

I am the qualified person responsible for authoring for the Technical Report Summaries.

I also consent to the incorporation by reference in Registration Statements on Form S-8 (Nos. 333-238048, 333-124653, 333-171298, 333-188128, 333-214662) and Form S-3 (No.333-258097) of Newmont Corporation of the above items as included in the Form 10-K.

Dated February 29, 2024

/s/ Donald Doe
Name: Donald Doe, RM SME
Title:
Group Executive, Reserves
Newmont Corporation




EX-24 13 q42023exhibit24.htm EX-24 Document

Exhibit 24

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENT, that each person whose signature appears below hereby constitutes and appoints Mark Ebel and Logan H. Hennessey, each of them acting individually, his or her true and lawful attorney-in-fact and agent, with full power of substitution and revocation, in his or her name and on his or her behalf, to do any and all acts and things and to execute any and all instruments which said attorney-in-fact and agent may deem necessary or advisable to enable Newmont Corporation to comply with the Securities Exchange Act of 1934, as amended (the “Act”), and any rules, regulations or requirements of the Securities and Exchange Commission in respect thereof, including, without limitation, the power and authority to sign his or her name in any and all capacities (including his or her capacity as an Officer of Newmont Corporation) to the Annual Report on Form 10-K of Newmont Corporation for the fiscal year ended December 31, 2023 and any amendments thereto and the undersigned hereby ratifies and confirms all that said attorney-in-fact and agent shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned have subscribed these presents as of the 29th day of February 2024.
Signature      Title
/s/ Thomas R. Palmer
 Director and Chief Executive Officer
Thomas R. Palmer (Principal Executive Officer)
/s/ Karyn F. Ovelmen
 Executive Vice President and Chief Financial Officer
Karyn F. Ovelmen (Principal Financial Officer)
/s/ Joshua L. Cage
 Group Head - Accounting
Joshua L. Cage (Principal Accounting Officer)
/s/ Philip Aiken, AM Director
Philip Aiken, AM
/s/ Patrick G. Awuah, Jr. Director
Patrick G. Awuah, Jr.
/s/ Gregory H. Boyce Non-Executive Chair
Gregory H. Boyce
/s/ Bruce R. Brook Director
Bruce R. Brook
/s/ Maura J. Clark Director
Maura J. Clark
/s/ Emma FitzGerald Director
Emma FitzGerald
/s/ Mary Laschinger Director
Mary Laschinger


/s/ Sally-Anne Layman Director
Sally-Anne Layman
/s/ José Manuel Madero Director
José Manuel Madero
/s/ René Médori Director
René Médori
/s/ Jane Nelson Director
Jane Nelson
/s/ Julio M. Quintana Director
Julio M. Quintana
/s/ Susan N. Story Director
Susan N. Story


EX-31.1 14 q42023exhibit311.htm EX-31.1 Document
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
(Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)
I, Thomas R. Palmer, certify that:
1.I have reviewed this Annual Report on Form 10-K of Newmont Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
/s/ THOMAS R. PALMER
Thomas R. Palmer
Chief Executive Officer
(Principal Executive Officer)
February 29, 2024

EX-31.2 15 q42023exhibit312.htm EX-31.2 Document
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
(Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)
I, Karyn F. Ovelmen, certify that:
1.I have reviewed this Annual Report on Form 10-K of Newmont Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
/s/ KARYN F. OVELMEN
Karyn F. Ovelmen
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
February 29, 2024

EX-32.1 16 q42023exhibit321.htm EX-32.1 Document
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
(Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
In connection with the Annual Report on Form 10-K for the year ended December 31, 2023 of Newmont Corporation (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”) and pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Thomas R. Palmer, Chief Executive Officer of the Company, certify, that to my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ THOMAS R. PALMER
Thomas R. Palmer
Chief Executive Officer
(Principal Executive Officer)
February 29, 2024
Note: A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 17 q42023exhibit322.htm EX-32.2 Document
Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
(Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
In connection with the Annual Report on Form 10-K for the year ended December 31, 2023 of Newmont Corporation (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”) and pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Karyn F. Ovelmen, Executive Vice President and Chief Financial Officer of the Company, certify, that to my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ KARYN F. OVELMEN
Karyn F. Ovelmen
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
February 29, 2024
Note: A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-95 18 q42023exhibit95.htm EX-95 Document

Exhibit 95

Mine Safety Disclosure
The following disclosures are provided pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) and Item 104 of Regulation S-K, which require certain disclosures by companies required to file periodic reports under the Securities Exchange Act of 1934, as amended, that operate mines regulated under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”). The disclosures reflect our U.S. mining operations only as the requirements of the Act and Item 104 of Regulation S-K do not apply to our mines operated outside the United States.
Mine Safety Information. Whenever the Federal Mine Safety and Health Administration (“MSHA”) believes a violation of the Mine Act, any health or safety standard or any regulation has occurred, it may issue a citation which describes the alleged violation and fixes a time within which the U.S. mining operator (e.g. our subsidiary, Newmont USA Limited) must abate the alleged violation. In some situations, such as when MSHA believes that conditions pose a hazard to miners, MSHA may issue an order removing miners from the area of the mine affected by the condition until the alleged hazards are corrected. When MSHA issues a citation or order, it generally proposes a civil penalty, or fine, as a result of the alleged violation, that the operator is ordered to pay. Citations and orders can be contested and appealed, and as part of that process, are often reduced in severity and amount, and are sometimes dismissed. The number of citations, orders and proposed assessments vary depending on the size and type (underground or surface) of the mine as well as by the MSHA inspector(s) assigned. In addition to civil penalties, the Mine Act also provides for criminal penalties for an operator who willfully violates a health or safety standard or knowingly violates or fails or refuses to comply with an order issued under Section 107(a) or any final decision issued under the Act.

The below table reflects citations and orders issued to us by MSHA during the year ended December 31, 2023. The proposed assessments for the year ended December 31, 2023 were taken from the MSHA data retrieval system as of January 9, 2024. 
Additional information about the Act and MSHA references used in the table follows.
•Section 104(a) Significant and Substantial ("S&S") Citations: Citations received from MSHA under section 104(a) of the Mine Act for violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard.
•Section 104(b) Orders: Orders issued by MSHA under section 104(b) of the Mine Act, which represents a failure to abate a citation under section 104(a) within the period of time prescribed by MSHA. This results in an order of immediate withdrawal from the area of the mine affected by the condition until MSHA determines that the violation has been abated.
•Section 104(d) S&S Citations and Orders: Citations and orders issued by MSHA under section 104(d) of the Mine Act for unwarrantable failure to comply with mandatory, significant and substantial health or safety standards.
•Section 110(b)(2) Violations: Flagrant violations issued by MSHA under section 110(b)(2) of the Mine Act.
•Section 107(a) Orders: Orders issued by MSHA under section 107(a) of the Mine Act for situations in which MSHA determined an “imminent danger” (as defined by MSHA) existed.
Mine (1)
Section 104(a) S&S Citations (2)
 Section 104(b) Orders
Section 104(d) S&S Citations and Orders (2)
 Section 110(b) Violations Section 107(a) Orders
($ in millions) Proposed MSHA Assessments (3)
 Fatalities
Cripple Creek & Victor 36  —  —  —  —  $ <0.1 — 
TOTAL 36  —  —  —  —  $ <0.1 — 
____________________________
(1)The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools, and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities such as preparation facilities. We are providing the information in the table by mine rather than MSHA identification number because that is how we manage and operate our mining business and we believe this presentation will be more useful to investors than providing information based on MSHA identification numbers.
1

(2)Zero Section 104(a) S&S Citations and zero Section 104(d) S&S Citations and Orders were subject to contest as of December 31, 2023.  
(3)Represents the total dollar value of the proposed assessment from MSHA under the Mine Act pursuant to the citations and or orders preceding such dollar value in the corresponding row. No proposed assessments of the orders or citations listed above had yet been posted to the MSHA data retrieval system or made available to the Company by MSHA as of January 9, 2024. Proposed assessments amounted to $10,400.
Pattern or Potential Pattern of Violations. During the year ended December 31, 2023, none of the mines operated by us received written notice from MSHA of (a) a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of mine health or safety hazards under section 104(e) of the Mine Act or (b) the potential to have such a pattern.
Pending Legal Actions. The following table reflects pending legal actions before the Federal Mine Safety and Health Review Commission (the “Commission”), an independent adjudicative agency that provides administrative trial and appellate review of legal disputes arising under the Mine Act, as of December 31, 2023, together with the number of legal actions instituted and the number of legal actions resolved during the year ended December 31, 2023.
Mine (1)
Pending Legal Actions as of December 31, 2023(2)
Legal Actions Instituted during the year ended December 31, 2023
Legal Actions Resolved during the year ended December 31, 2023
Cripple Creek & Victor —  —  — 
TOTAL —  —  — 
____________________________
(1)The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities such as preparation facilities. We are providing the information in the table by mine rather than MSHA identification number because that is how we manage and operate our mining business and we believe this presentation will be more useful to investors than providing information based on MSHA identification numbers.
(2)The foregoing list includes legal actions which were initiated prior to the current reporting period and which do not necessarily relate to citations, orders or proposed assessments issued by MSHA during the year ended December 31, 2023. The number of legal actions noted above are reported on a per docket basis.
Legal actions pending before the Commission may involve, among other questions, challenges by operators to citations, orders and penalties they have received from MSHA or complaints of discrimination by miners under section 105 of the Mine Act. The following is a brief description of the types of legal actions that may be brought before the Commission.
•Contests of Citations and Orders: A contest proceeding may be filed with the Commission by operators, miners or miners’ representatives to challenge the issuance of a citation or order issued by MSHA.
•Contests of Proposed Penalties (Petitions for Assessment of Penalties): A contest of a proposed penalty is an administrative proceeding before the Commission challenging a civil penalty that MSHA has proposed for the alleged violation contained in a citation or order. The validity of the citation may also be challenged in this proceeding as well.
•Complaints for Compensation: A complaint for compensation may be filed with the Commission by miners entitled to compensation when a mine is closed by certain withdrawal orders issued by MSHA. The purpose of the proceeding is to determine the amount of compensation, if any, due miners idled by the orders.
•Complaints of Discharge, Discrimination or Interference: A discrimination proceeding is a case that involves a miner’s allegation that he or she has suffered a wrong by the operator because he or she engaged in some type of activity protected under the Mine Act, such as making a safety complaint.
•Applications for Temporary Relief: An application for temporary relief from any modification or termination of any order or from any order issued under section 104 of the Mine Act.
•Appeals of Judges’ Decisions or Orders to the Commission: A filing with the Commission of a petition for discretionary review of a Judge’s decision or order by a person who has been adversely affected or aggrieved by such decision or order.
2

The following table reflects the types of legal actions pending before the Commission as of December 31, 2023.
Mine (1)
 Contests of Citations and Orders
Contests of Proposed Penalties (2)
 Complaints for Compensation Complaints of Discharge, Discrimination or Interference Applications for Temporary Relief Appeals of Judges' Decisions or Orders to the Commission
Cripple Creek & Victor —  —  —  —  —  — 
TOTAL —  —  —  —  —  — 
____________________________
(1)The definition of a mine under section 3 of the Mine Act includes the mine, as well as other items used in, or to be used in, or resulting from, the work of extracting minerals, such as land, structures, facilities, equipment, machines, tools and minerals preparation facilities. Unless otherwise indicated, any of these other items associated with a single mine have been aggregated in the totals for that mine. MSHA assigns an identification number to each mine and may or may not assign separate identification numbers to related facilities such as preparation facilities. We are providing the information in the table by mine rather than MSHA identification number because that is how we manage and operate our mining business and we believe this presentation will be more useful to investors than providing information based on MSHA identification numbers.
(2)The number of contests of proposed penalties noted above is reported on a per docket basis. In some cases, an individual docket may include more than one type of legal action. If presented on a per citation basis the number of contests of proposed penalties would be Cripple Creek & Victor: none.
3
EX-96.1 19 exhibit961-penasquitoope.htm EX-96.1 exhibit961-penasquitoope
Peñasquito Operations Mexico Technical Report Summary Report current as at: December 31, 2023 Qualified Person: Mr. Donald Doe, RM SME. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page a NOTE REGARDING FORWARD-LOOKING INFORMATION This Technical Report Summary contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934 (and the equivalent under Canadian securities laws), that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements include, without limitation, statements regarding Newmont’s expectation for its mines and any related development or expansions, including estimated cash flows, production, revenue, EBITDA, costs, taxes, capital, rates of return, mine plans, material mined and processed, recoveries and grade, future mineralization, future adjustments and sensitivities and other statements that are not historical facts. Forward-looking statements address activities, events, or developments that Newmont expects or anticipates will or may occur in the future and are based on current expectations and assumptions. Although Newmont’s management believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which Newmont operates being consistent with its current expectations; (iv) certain exchange rate assumptions being approximately consistent with current levels; (v) certain price assumptions for gold, silver, zinc, lead and oil; (vi) prices for key supplies being approximately consistent with current levels; and (vii) other planning assumptions. Important factors that could cause actual results to differ materially from those in the forward- looking statements include, among others, risks that estimates of mineral reserves and mineral resources are uncertain and the volume and grade of ore actually recovered may vary from our estimates, risks relating to fluctuations in metal prices; risks due to the inherently hazardous nature of mining-related activities; risks related to the jurisdictions in which we operate, uncertainties due to health and safety considerations, uncertainties related to environmental considerations, including, without limitation, climate change, uncertainties relating to obtaining approvals and permits, including renewals, from governmental regulatory authorities; and uncertainties related to changes in law; as well as those factors discussed in Newmont’s filings with the U.S. Securities and Exchange Commission, including Newmont’s latest Annual Report on Form 10-K for the period ended December 31, 2023, which is available on newmont.com. Newmont does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this document, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk.

 
Peñasquito Operations Mexico Technical Report Summary Date: February, 2024 Page i CONTENTS 1.0 EXECUTIVE SUMMARY ........................................................................................................... 1-1 1.1 Introduction ................................................................................................................................. 1-1 1.2 Terms of Reference ................................................................................................................... 1-1 1.3 Property Setting ......................................................................................................................... 1-1 1.4 Ownership .................................................................................................................................. 1-2 1.5 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements .............................. 1-2 1.6 Geology and Mineralization ........................................................................................................ 1-2 1.7 History ........................................................................................................................................ 1-3 1.8 Drilling and Sampling ................................................................................................................. 1-3 1.8.1 Drilling .................................................................................................................................... 1-3 1.8.2 Hydrogeology ......................................................................................................................... 1-4 1.8.3 Geotechnical .......................................................................................................................... 1-4 1.8.4 Sampling and Assay .............................................................................................................. 1-4 1.8.5 Quality Assurance and Quality Control .................................................................................. 1-5 1.9 Data Verification ......................................................................................................................... 1-5 1.10 Metallurgical Testwork ............................................................................................................... 1-5 1.11 Mineral Resource Estimation ..................................................................................................... 1-7 1.11.1 Estimation Methodology ......................................................................................................... 1-7 1.11.2 Mineral Resource Statement .................................................................................................. 1-7 1.11.3 Factors That May Affect the Mineral Resource Estimate....................................................... 1-9 1.12 Mineral Reserve Estimation ....................................................................................................... 1-9 1.12.1 Estimation Methodology ......................................................................................................... 1-9 1.12.2 Mineral Reserve Statement .................................................................................................. 1-10 1.12.3 Factors That May Affect the Mineral Reserve Estimate ....................................................... 1-10 1.13 Mining Methods ........................................................................................................................ 1-10 1.14 Recovery Methods ................................................................................................................... 1-12 1.15 Project Infrastructure ................................................................................................................ 1-12 1.16 Environmental, Permitting and Social Considerations ............................................................. 1-13 1.16.1 Environmental Studies and Monitoring ................................................................................ 1-13 1.16.2 Closure and Reclamation Considerations ............................................................................ 1-13 1.16.3 Permitting ............................................................................................................................. 1-13 1.16.4 Social Considerations, Plans, Negotiations and Agreements .............................................. 1-14 1.17 Markets and Contracts ............................................................................................................. 1-14 Peñasquito Operations Mexico Technical Report Summary Date: February, 2024 Page ii 1.18 Capital Cost Estimates ............................................................................................................. 1-14 1.19 Operating Cost Estimates ........................................................................................................ 1-15 1.20 Economic Analysis ................................................................................................................... 1-15 1.20.1 Economic Analysis ............................................................................................................... 1-15 1.20.2 Sensitivity Analysis ............................................................................................................... 1-17 1.21 Risks and Opportunities ........................................................................................................... 1-17 1.21.1 Risks ..................................................................................................................................... 1-17 1.21.2 Opportunities ........................................................................................................................ 1-18 1.22 Conclusions .............................................................................................................................. 1-19 1.23 Recommendations ................................................................................................................... 1-19 2.0 INTRODUCTION ........................................................................................................................ 2-1 2.1 Introduction ................................................................................................................................. 2-1 2.2 Terms of Reference ................................................................................................................... 2-1 2.2.1 Report Purpose ...................................................................................................................... 2-1 2.2.2 Terms of Reference................................................................................................................ 2-1 2.3 Qualified Persons ....................................................................................................................... 2-1 2.4 Site Visits and Scope of Personal Inspection ............................................................................ 2-3 2.5 Report Date ................................................................................................................................ 2-3 2.6 Information Sources and References ........................................................................................ 2-3 2.7 Previous Technical Report Summaries ...................................................................................... 2-3 3.0 PROPERTY DESCRIPTION ...................................................................................................... 3-1 3.1 Introduction ................................................................................................................................. 3-1 3.2 Property and Title in Mexico ....................................................................................................... 3-1 3.2.1 Mineral Title ............................................................................................................................ 3-1 3.2.2 Surface Rights ........................................................................................................................ 3-1 3.2.3 Water Rights ........................................................................................................................... 3-1 3.3 Project Ownership ...................................................................................................................... 3-2 3.4 Mineral Tenure ........................................................................................................................... 3-2 3.5 Surface Rights ............................................................................................................................ 3-2 3.6 Water Rights............................................................................................................................... 3-2 3.7 Property Agreements ............................................................................................................... 3-10 3.8 Royalties ................................................................................................................................... 3-10 3.9 Encumbrances ......................................................................................................................... 3-10 3.10 Permitting ................................................................................................................................. 3-10 3.11 Significant Factors and Risks That May Affect Access, Title or Work Programs .................... 3-11

 
Peñasquito Operations Mexico Technical Report Summary Date: February, 2024 Page iii 4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ...................................................................................................................................... 4-1 4.1 Physiography.............................................................................................................................. 4-1 4.2 Accessibility ................................................................................................................................ 4-1 4.3 Climate ....................................................................................................................................... 4-1 4.4 Local Resources and Infrastructure ........................................................................................... 4-2 5.0 HISTORY ................................................................................................................................... 5-1 5.1 Exploration History ..................................................................................................................... 5-1 6.0 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT ............................................... 6-1 6.1 Deposit Type .............................................................................................................................. 6-1 6.2 Regional Geology ....................................................................................................................... 6-1 6.3 Project Geology .......................................................................................................................... 6-2 6.4 Deposit Descriptions .................................................................................................................. 6-2 6.4.1 Overview ................................................................................................................................ 6-2 6.4.2 Structure ................................................................................................................................. 6-5 6.4.3 Alteration ................................................................................................................................ 6-8 6.4.4 Mineralization ......................................................................................................................... 6-8 6.4.4.1 Breccia- and Dike-Hosted Mineralization ........................................................................... 6-9 6.4.4.2 Mantos-Style Mineralization ............................................................................................. 6-10 6.4.4.3 Skarn Mineralization ......................................................................................................... 6-10 7.0 EXPLORATION ......................................................................................................................... 7-1 7.1 Exploration ................................................................................................................................. 7-1 7.1.1 Grids and Surveys .................................................................................................................. 7-1 7.1.2 Petrology, Mineralogy, and Research Studies ....................................................................... 7-1 7.1.3 Qualified Person’s Interpretation of the Exploration Information ........................................... 7-1 7.1.4 Exploration Potential .............................................................................................................. 7-1 7.2 Drilling ........................................................................................................................................ 7-3 7.2.1 Overview ................................................................................................................................ 7-3 7.2.1.1 Drilling on Property ............................................................................................................. 7-3 7.2.1.2 Drilling Excluded For Estimation Purposes ........................................................................ 7-3 7.2.2 Drill Methods .......................................................................................................................... 7-3 7.2.3 Logging ................................................................................................................................... 7-3 7.2.4 Recovery ................................................................................................................................ 7-9 7.2.5 Collar Surveys ........................................................................................................................ 7-9 7.2.6 Downhole Surveys ................................................................................................................. 7-9 7.2.7 Grade Control ......................................................................................................................... 7-9 Peñasquito Operations Mexico Technical Report Summary Date: February, 2024 Page iv 7.2.8 Comment on Material Results and Interpretation .................................................................. 7-9 7.3 Hydrogeology ........................................................................................................................... 7-12 7.3.1 Sampling Methods and Laboratory Determinations ............................................................. 7-12 7.3.2 Groundwater Models ............................................................................................................ 7-12 7.3.3 Comment on Results ............................................................................................................ 7-12 7.4 Geotechnical ............................................................................................................................ 7-13 7.4.1 Sampling Methods and Laboratory Determinations ............................................................. 7-13 7.4.2 Models .................................................................................................................................. 7-14 7.4.3 Monitoring ............................................................................................................................. 7-14 7.4.4 Comment on Results ............................................................................................................ 7-14 8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY ...................................................... 8-1 8.1 Sampling Methods ..................................................................................................................... 8-1 8.1.1 RC .......................................................................................................................................... 8-1 8.1.2 Core ........................................................................................................................................ 8-1 8.1.3 Grade Control ......................................................................................................................... 8-1 8.2 Sample Security Methods .......................................................................................................... 8-1 8.3 Density Determinations .............................................................................................................. 8-2 8.4 Analytical and Test Laboratories ................................................................................................ 8-2 8.5 Sample Preparation ................................................................................................................... 8-3 8.6 Analysis ...................................................................................................................................... 8-3 8.7 Quality Assurance and Quality Control ...................................................................................... 8-3 8.7.1 Goldcorp (2006–2017) ........................................................................................................... 8-5 8.7.2 Newmont (2017–2023) ........................................................................................................... 8-5 8.7.3 Check Assays ......................................................................................................................... 8-6 8.7.4 Grade Control ......................................................................................................................... 8-6 8.7.5 Mine Laboratory ..................................................................................................................... 8-7 8.8 Database .................................................................................................................................... 8-7 8.9 Qualified Person’s Opinion on Sample Preparation, Security, and Analytical Procedures ....... 8-8 9.0 DATA VERIFICATION ............................................................................................................... 9-1 9.1 Internal Data Verification ............................................................................................................ 9-1 9.1.1 Data Validation ....................................................................................................................... 9-1 9.1.2 Reviews and Audits ................................................................................................................ 9-2 9.1.3 Mineral Resource and Mineral Reserve Estimates ................................................................ 9-2 9.1.4 Reconciliation ......................................................................................................................... 9-2 9.1.5 Subject Matter Expert Reviews .............................................................................................. 9-3 9.2 External Data Verification ........................................................................................................... 9-3

 
Peñasquito Operations Mexico Technical Report Summary Date: February, 2024 Page v 9.3 Data Verification by Qualified Person ........................................................................................ 9-3 9.4 Qualified Person’s Opinion on Data Adequacy .......................................................................... 9-4 10.0 MINERAL PROCESSING AND METALLURGICAL TESTING .............................................. 10-1 10.1 Test Laboratories ..................................................................................................................... 10-1 10.2 Metallurgical Testwork ............................................................................................................. 10-1 10.3 Pyrite Leach Process ............................................................................................................... 10-3 10.4 Tertiary Precious Metals Recovery Process ............................................................................ 10-3 10.5 Recovery Estimates ................................................................................................................. 10-4 10.6 Metallurgical Variability ............................................................................................................ 10-4 10.7 Deleterious Elements ............................................................................................................... 10-5 10.8 Qualified Person’s Opinion on Data Adequacy ........................................................................ 10-5 11.0 MINERAL RESOURCE ESTIMATES ...................................................................................... 11-1 11.1 Introduction ............................................................................................................................... 11-1 11.2 Geological Models .................................................................................................................... 11-1 11.3 Exploratory Data Analysis ........................................................................................................ 11-1 11.4 Density Assignment ................................................................................................................. 11-1 11.5 Grade Capping/Outlier Restrictions ......................................................................................... 11-1 11.6 Composites .............................................................................................................................. 11-2 11.7 Variography .............................................................................................................................. 11-2 11.8 Estimation/Interpolation Methods ............................................................................................. 11-3 11.9 Block Model Validation ............................................................................................................. 11-3 11.10 Classification of Mineral Resources ......................................................................................... 11-3 11.10.1 Mineral Resource Confidence Classification ....................................................................... 11-3 11.10.2 Uncertainties Considered During Confidence Classification ............................................... 11-4 11.11 Reasonable Prospects of Economic Extraction ....................................................................... 11-4 11.11.1 Input Assumptions ................................................................................................................ 11-4 11.11.2 Commodity Price .................................................................................................................. 11-4 11.11.3 Cut-off ................................................................................................................................... 11-4 11.11.4 QP Statement ....................................................................................................................... 11-5 11.12 Mineral Resource Statement.................................................................................................... 11-5 11.13 Uncertainties (Factors) That May Affect the Mineral Resource Estimate ................................ 11-6 12.0 MINERAL RESERVE ESTIMATES ......................................................................................... 12-1 12.1 Introduction ............................................................................................................................... 12-1 12.2 Pit Optimization ........................................................................................................................ 12-1 12.3 Optimization Inputs and Assumptions ...................................................................................... 12-1 12.4 Ore Loss and Dilution ............................................................................................................... 12-3 Peñasquito Operations Mexico Technical Report Summary Date: February, 2024 Page vi 12.5 Stockpiles ................................................................................................................................. 12-3 12.6 Commodity Prices .................................................................................................................... 12-3 12.7 Mineral Reserves Statement .................................................................................................... 12-3 12.8 Uncertainties (Factors) That May Affect the Mineral Reserve Estimate .................................. 12-5 13.0 MINING METHODS ................................................................................................................. 13-1 13.1 Introduction ............................................................................................................................... 13-1 13.2 Geotechnical Considerations ................................................................................................... 13-1 13.3 Hydrogeological Considerations .............................................................................................. 13-1 13.4 Operations ................................................................................................................................ 13-2 13.5 Blasting and Explosives ........................................................................................................... 13-2 13.6 Grade Control ........................................................................................................................... 13-2 13.7 Production Schedule ................................................................................................................ 13-4 13.8 Mining Equipment .................................................................................................................... 13-4 13.9 Personnel ................................................................................................................................. 13-4 14.0 PROCESSING AND RECOVERY METHODS ........................................................................ 14-1 14.1 Introduction ............................................................................................................................... 14-1 14.2 Process Flowsheet ................................................................................................................... 14-1 14.3 Plant Design ............................................................................................................................. 14-1 14.3.1 Oxide Plant ........................................................................................................................... 14-1 14.3.2 Sulfide Plant ......................................................................................................................... 14-1 14.4 Equipment Sizing ..................................................................................................................... 14-3 14.5 Energy, Water, and Process Materials Requirements ............................................................. 14-6 14.5.1 Energy .................................................................................................................................. 14-6 14.5.2 Consumables ....................................................................................................................... 14-6 14.5.3 Water Supply ........................................................................................................................ 14-7 14.6 Personnel ................................................................................................................................. 14-7 15.0 PROJECT INFRASTRUCTURE .............................................................................................. 15-1 15.1 Introduction ............................................................................................................................... 15-1 15.2 Road and Logistics ................................................................................................................... 15-1 15.3 Stockpiles ................................................................................................................................. 15-3 15.4 Waste Rock Storage Facilities ................................................................................................. 15-3 15.5 Tailings Storage Facilities ........................................................................................................ 15-3 15.5.1 Tailings Storage ................................................................................................................... 15-3 15.5.2 Tailings Reclaim Pond ......................................................................................................... 15-4 15.5.3 External Ponds ..................................................................................................................... 15-4 15.6 Water Management .................................................................................................................. 15-4

 
Peñasquito Operations Mexico Technical Report Summary Date: February, 2024 Page vii 15.6.1 Water Sources ...................................................................................................................... 15-4 15.6.2 Dewatering Activities ............................................................................................................ 15-5 15.6.3 Water Balance ...................................................................................................................... 15-5 15.6.4 Waste Water ......................................................................................................................... 15-5 15.7 Camps and Accommodation .................................................................................................... 15-5 15.8 Power and Electrical ................................................................................................................ 15-5 16.0 MARKET STUDIES ................................................................................................................. 16-1 16.1 Market Studies ......................................................................................................................... 16-1 16.2 Commodity Price Forecasts ..................................................................................................... 16-1 16.3 Contracts .................................................................................................................................. 16-2 17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS ................................................................. 17-1 17.1 Baseline and Supporting Studies ............................................................................................. 17-1 17.2 Environmental Considerations/Monitoring Programs............................................................... 17-1 17.3 Closure and Reclamation Considerations ................................................................................ 17-2 17.4 Permitting ................................................................................................................................. 17-2 17.5 Social Considerations, Plans, Negotiations and Agreements .................................................. 17-2 17.6 Qualified Person’s Opinion on Adequacy of Current Plans to Address Issues ....................... 17-3 18.0 CAPITAL AND OPERATING COSTS ..................................................................................... 18-1 18.1 Introduction ............................................................................................................................... 18-1 18.2 Capital Cost Estimates ............................................................................................................. 18-1 18.3 Operating Cost Estimates ........................................................................................................ 18-1 19.0 ECONOMIC ANALYSIS .......................................................................................................... 19-1 19.1 Methodology Used ................................................................................................................... 19-1 19.2 Financial Model Parameters .................................................................................................... 19-1 19.3 Sensitivity Analysis ................................................................................................................... 19-5 20.0 ADJACENT PROPERTIES ..................................................................................................... 20-1 21.0 OTHER RELEVANT DATA AND INFORMATION .................................................................. 21-1 22.0 INTERPRETATION AND CONCLUSIONS ............................................................................. 22-1 22.1 Introduction ............................................................................................................................... 22-1 22.2 Property Setting ....................................................................................................................... 22-1 22.3 Ownership ................................................................................................................................ 22-1 22.4 Mineral Tenure, Surface Rights, Water Rights, and Royalties a ............................................. 22-1 22.5 Geology and Mineralization ...................................................................................................... 22-2 22.6 History ...................................................................................................................................... 22-2 22.7 Exploration, Drilling, and Sampling .......................................................................................... 22-2 Peñasquito Operations Mexico Technical Report Summary Date: February, 2024 Page viii 22.8 Data Verification ....................................................................................................................... 22-3 22.9 Metallurgical Testwork ............................................................................................................. 22-3 22.10 Mineral Resource Estimates .................................................................................................... 22-4 22.11 Mineral Reserve Estimates ...................................................................................................... 22-4 22.12 Mining Methods ........................................................................................................................ 22-5 22.13 Recovery Methods ................................................................................................................... 22-5 22.14 Infrastructure ............................................................................................................................ 22-6 22.15 Market Studies ......................................................................................................................... 22-6 22.16 Environmental, Permitting and Social Considerations ............................................................. 22-7 22.17 Capital Cost Estimates ............................................................................................................. 22-7 22.18 Operating Cost Estimates ........................................................................................................ 22-7 22.19 Economic Analysis ................................................................................................................... 22-8 22.20 Risks and Opportunities ........................................................................................................... 22-8 22.20.1 Risks ..................................................................................................................................... 22-8 22.20.2 Opportunities ........................................................................................................................ 22-9 22.21 Conclusions .............................................................................................................................. 22-9 23.0 RECOMMENDATIONS ............................................................................................................ 23-1 24.0 REFERENCES ......................................................................................................................... 24-1 24.1 Bibliography.............................................................................................................................. 24-1 24.2 Abbreviations and Symbols ...................................................................................................... 24-2 24.3 Glossary of Terms .................................................................................................................... 24-4 25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT ................................... 25-1 25.1 Introduction ............................................................................................................................... 25-1 25.2 Macroeconomic Trends ............................................................................................................ 25-1 25.3 Markets ..................................................................................................................................... 25-1 25.4 Legal Matters............................................................................................................................ 25-1 25.5 Environmental Matters ............................................................................................................. 25-2 25.6 Stakeholder Accommodations ................................................................................................. 25-2 25.7 Governmental Factors .............................................................................................................. 25-2 TABLES Table 1-1: Measured and Indicated Mineral Resource Statement .................................................. 1-8 Table 1-2: Inferred Mineral Resource Statement ............................................................................. 1-8 Table 1-3: Mineral Reserves Statement ........................................................................................ 1-11 Table 1-4: Capital Cost Estimate ................................................................................................... 1-15 Table 1-5: Operating Cost Estimate ............................................................................................... 1-16 Table 1-6: Cashflow Summary Table ............................................................................................. 1-16

 
Peñasquito Operations Mexico Technical Report Summary Date: February, 2024 Page ix Table 3-1: Mineral Tenure Table ...................................................................................................... 3-3 Table 3-2: Surface Rights Agreements ............................................................................................ 3-8 Table 5-1: Exploration History .......................................................................................................... 5-2 Table 7-1: Exploration Summary Table ........................................................................................... 7-2 Table 7-2: Drill Summary Table ....................................................................................................... 7-4 Table 7-3: Drill Summary Table Supporting Mineral Resource Estimates ...................................... 7-5 Table 8-1: Sample Preparation Procedures ..................................................................................... 8-4 Table 8-2: Analytical Methods .......................................................................................................... 8-4 Table 9-1: External Data Reviews ................................................................................................... 9-4 Table 10-1: Metallurgical Testwork Summary Table ....................................................................... 10-2 Table 11-1: Model Construction ....................................................................................................... 11-2 Table 11-2: Conceptual Pit Parameter Input Assumptions .............................................................. 11-5 Table 11-3: Measured and Indicated Mineral Resource Statement ................................................ 11-7 Table 11-4: Inferred Mineral Resource Statement ........................................................................... 11-7 Table 12-1:Optimization Input Parameters ....................................................................................... 12-2 Table 12-2: Mineral Reserves Statement ........................................................................................ 12-4 Table 13-1: LOM Equipment List ..................................................................................................... 13-5 Table 14-1: Process Equipment List, Sulfide Circuit ........................................................................ 14-4 Table 18-1: Capital Cost Estimate ................................................................................................... 18-2 Table 18-2: Operating Cost Estimate ............................................................................................... 18-2 Table 19-1: Cashflow Summary Table ............................................................................................. 19-2 Table 19-2: Annualized Cashflow .................................................................................................... 19-3 FIGURES Figure 2-1: Project Location Plan ...................................................................................................... 2-2 Figure 3-1: Mineral Tenure Location Plan ......................................................................................... 3-7 Figure 3-2: District Surface Rights Map ............................................................................................ 3-9 Figure 6-1: Stratigraphic Column Schematic Sketch ........................................................................ 6-3 Figure 6-2: Regional Geology Map ................................................................................................... 6-4 Figure 6-3: Deposit Geology Map ..................................................................................................... 6-6 Figure 6-4: Deposit Structural Setting ............................................................................................... 6-7 Figure 6-5: Mineralization Setting ..................................................................................................... 6-9 Figure 7-1: Drill Collar Location Map ................................................................................................. 7-7 Figure 7-2: Drill Collar Location Map for Drilling Supporting Mineral Resource Estimates .............. 7-8 Figure 7-3: Example Drill Section .................................................................................................... 7-10 Figure 7-4: Example Drill Section .................................................................................................... 7-11 Figure 13-1: Final Pit Layout Plan ..................................................................................................... 13-3 Figure 14-1: Sulfide Process Flowsheet ........................................................................................... 14-2 Figure 15-1: Infrastructure Layout Plan ............................................................................................. 15-2 Figure 19-1: NPV Sensitivity ............................................................................................................. 19-6 Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-1 1.0 EXECUTIVE SUMMARY 1.1 Introduction This technical report summary (the Report) was prepared for Newmont Corporation (Newmont) on the Peñasquito Operations (Peñasquito Operations or the Project) located in Zacatecas State, Mexico. The operating entity is an indirectly wholly-owned Newmont subsidiary, Minera Peñasquito S.A. de C.V. (Minera Peñasquito). 1.2 Terms of Reference The Report was prepared to be attached as an exhibit to support mineral property disclosure, including mineral resource and mineral reserve estimates, for the Peñasquito Operations in Newmont’s Form 10-K for the year ending December 31, 2023. Mineral resources and mineral reserves are reported for the Peñasco and Chile Colorado deposits. Mineral reserves are also estimated for material in stockpiles. Open pit mining commenced in 2007, and commercial production was reached during 2011. The open pit feeds a sulfide concentrator (mill). Unless otherwise indicated, all financial values are reported in United States dollars (US$). Unless otherwise indicated, the metric system is used in this report for mineral resources and mineral reserves and associated financials. Mineral resources and mineral reserves are reported using the definitions in Regulation S–K 1300 (SK1300), under Item 1300. The Report uses US English. The Report contains forward-looking information; refer to the note regarding forward- looking information at the front of the Report. 1.3 Property Setting The Peñasquito Operations are situated in the western half of the Concepción Del Oro district in the northeast corner of Zacatecas State, Mexico, approximately 200 km northeast of the city of Zacatecas. There are two main access routes, the first via a turnoff from Highway 54 onto the State La Pardita road, then onto the Mazapil to Cedros State road. The mine entrance is approximately 10 km after turning northeast onto the Cedros access road. The second is via the Salaverna by-pass road from Highway 54 approximately 25 km south of Concepcion Del Oro. The Salaverna by-pass is a purpose-built gravel road that eliminates steep switchback sections of cobblestone road just west of Concepción Del Oro and passes the town of Mazapil. From Mazapil, this is a well-maintained 12 km gravel road that accesses the mine main gate. There is a private airport on site and commercial airports in the cities of Saltillo, Zacatecas and Monterrey. The climate is generally dry with precipitation limited to a rainy season in June and July. Mining operations are conducted year-round. The terrain is generally flat, with some rolling hills. The prevailing elevation is approximately 1,900 m above sea level. Vegetation is principally scrub, with cactus and coarse grasses.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-2 1.4 Ownership The Peñasquito Operations is indirectly 100% held by Newmont through its subsidiary Minera Peñasquito. 1.5 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements Newmont currently holds 80 mining concessions (approximately 89,309 ha). The mining operations are within the Las Peñas, Alfa, La Peña, Beta and El Peñasquito concessions. As per Mexican requirements for grant of tenure, the concessions comprising the Project were surveyed by a licensed surveyor. Duty payments for the concessions have been made as required. Surface rights in the vicinity of the Chile Colorado and Peñasco open pits are held by the Ejido Cedros, Ejido Mazapil, and Ejido Cerro Gordo. Newmont has entered into agreements with a number of ejidos in relation to surface rights, either for mining or exploration activities. Under current agreements with the ejidos, payments are made to the ejidos on an annual basis, in addition to certain upfront payments that have already been made. All temporary occupancy (such as land use) agreements are filed with the Public Agrarian Registry and the Public Mining Registry. All required power line and road easements have been granted. Based on completed applications, a 4.6 Mm3 water concession was obtained in August 2006 and an additional water concession of 9.1 Mm3 per year was received in early 2008. A concession title to pump 4.837 Mm3 was received in November 2008. A concession title to pump an additional 0.450 Mm3 was obtained in April 2009, and an additional 16.87 Mm3 concession title was obtained in July 2009. On July 24, 2007, Goldcorp Inc. (a predecessor Newmont company) and Wheaton Precious Metals (Wheaton) entered into a transaction where Wheaton acquired 25% of the silver produced over the life-of mine (LOM) from the Peñasquito Operations for an upfront cash payment of US$485 million. Under this transaction, Wheaton pays Newmont a per-ounce cash payment of the lesser of US$3.90 and the prevailing market price (subject to an inflationary adjustment that commenced in 2011), for silver delivered under the contract. A 2% net smelter return (NSR) royalty is payable to Royal Gold on production from the Chile Colorado and Peñasco deposits. The Mexican Government levies a 7.5% mining royalty that is imposed on earnings before interest, taxes, depreciation, and amortization. There is also a 0.5% environmental erosion fee payable on precious metals, based on gross revenues. 1.6 Geology and Mineralization The deposits within the Peñasquito Operations are considered to be examples of breccia pipe deposits developed as a result of intrusion-related hydrothermal activity. The regional geology of the project area is dominated by Mesozoic sedimentary rocks, which are intruded by Tertiary stocks of intermediate composition (granodiorite and quartz monzonite) and overlain by Tertiary terrestrial sediments and Quaternary alluvium. Peñasco and Brecha Azul are funnel-shaped breccia pipes, which flare upward, and are filled with brecciated sedimentary and intrusive rocks, cut by intrusive dikes. Polymetallic mineralization is Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-3 hosted by the diatreme breccias, intrusive dikes, and surrounding siltstone and sandstone units of the Cretaceous Caracol Formation. The diatreme and sediments contain, and are surrounded by, disseminated, veinlet and vein- hosted sulfides and sulfosalts containing base metals, silver, and gold. Mineralization is breccia or dike hosted, mantos, or associated with skarns. Mineralization consists of disseminations, veinlets and veins of various combinations of medium to coarse-grained pyrite, sphalerite, galena, and argentite (Ag2S). Sulfosalts of various compositions are also abundant in places, including bournonite (PbCuSbS3), jamesonite (PbSb2S4), tetrahedrite, polybasite ((Ag,Cu)16(Sb,As)2S11), and pyrargyrite (Ag3SbS3). Stibnite (Sb2S3), rare hessite (AgTe), chalcopyrite, and molybdenite have also been identified. Telluride minerals are the main gold-bearing phase, with electrum and native gold also identified. 1.7 History Prior to Newmont obtaining 100% interest in the Peñasquito Operations, the following companies either held an interest or performed exploration activities: Minera Kennecott SA de CV (Kennecott), Western Copper Holdings Ltd. (Western Copper), Western Silver Corporation (Western Silver), Mauricio Hochschild & Cia Ltda. (Hochschild), Glamis Gold Corporation (Glamis) and Goldcorp Inc. (Goldcorp). Work undertaken included reconnaissance geological inspections, regional-scale geochemical and geophysical surveys (including gravity, controlled source audio frequency magnetollurics, reconnaissance induced polarization, scaler induced polarization, airborne radiometrics and magnetics and ground magnetics), rotary air blast (RAB), reverse circulation (RC) and core drilling. A pre-feasibility study was undertaken in 2004, a feasibility study in 2005 and a feasibility study update in 2006. Mine construction commenced in 2007. Newmont acquired Goldcorp in 2019, and became the Project operator. Newmont has continued mining operations, and has conducted additional metallurgical testwork, internal mining studies, and core and RC drill programs in support of mine area and regional exploration activities. 1.8 Drilling and Sampling 1.8.1 Drilling Drilling to December 31, 2023 comprises 1,844 core holes (929,760 m), 52 RC holes with core tails (26,332 m) and 331 RC holes (48,563m) for a total of 2,227 drill holes (1,004,664 m). Drilling that supports mineral resource and mineral reserve estimation consists of core and RC drill holes, and totals 1,937 holes for 903,219 m. The database closeout date for estimation was June 26, 2023. Fourteen drill holes (MHC-01 to MHC-14) completed by Mauricio Hochschild in the current open pit area in 2000 are excluded from estimation, because there are no assay certificates. Short (<40 m) RC holes were not used in mineral resource estimation. Standardized logging procedures and software are used to record geological and geotechnical information. The level of detail collected varied by drill program and operator, but generally collected lithology, alteration, mineralization, structural features, oxidation description, and vein types.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-4 Core recovery is good, averaging about 96%. Collar location methods included chain-and-compass, or digital global positioning system (DGPS) instruments. Downhole survey instrumentation included single shot and gyroscopic tools. 1.8.2 Hydrogeology A combination of historical and current hydrological data, together with operating experience, govern the pit dewatering plan. There are currently two groundwater models for pit dewatering that cover the two open pits, and a regional-scale aquifer model. Pit dewatering is undertaken using vertical, in-pit dewatering wells. Mining operations staff perform water level monitoring on observation and pumping wells. Monitoring wells are used to track potential environmental non-compliance in the vicinity of the tailings storage facility (TSF) and heap leach pad facilities; to date, no significant issues have been identified by the monitoring programs. 1.8.3 Geotechnical A combination of historical and current geotechnical data, together with mining experience, are used to establish pit slope designs and procedures that all benches must follow. The geotechnical model for the Peñasquito Operations was defined by geotechnical drilling and logging, laboratory testwork, rock mass classification, structural analysis and stability modeling. Analytical methods are used to evaluate structural behavior of the rock mass. A combination of internal staff and third-party consultants provided the recommended pit slope guidance. A geotechnical events register is maintained, and incidences are logged. There is also a record of the zones of instability zones in each pit, with information such as location, key structural data, lithologies, and event type noted. 1.8.4 Sampling and Assay RC and core drill holes were sampled at 2 m intervals. Bulk density values were collected primarily using the water immersion method. Independent laboratories used for sample preparation and analysis included ALS Chemex, and Bondar Clegg (absorbed into ALS Chemex in 2001). At the time the early work was performed ALS Chemex was ISO-9000 accredited for analysis; the laboratory is currently ISO-17025 certified. Independent check laboratories included Acme Laboratories in Vancouver, which at the time held ISO-9000 accreditation, and more recently, SGS Mexico (SGS), which holds ISO/IEC 17025:2005 certification. The on-site mine laboratory is not certified and is not independent of Newmont. Various sample preparation crushing and pulverizing protocols were used since the late 1900s, depending on the drill campaign. ALS Chemex crushed to either ≥70% or 75% passing 10 mesh (2.0 mm) and pulverized to either ≥85% or ≥95% passing 200 mesh (75 µm). The onsite laboratory crushed to ≥70% passing 10 mesh and pulverized to ≥85% passing 200 mesh (75 µm). Analytical methods also varied by campaign. Gold analyses consisted of fire assays with either atomic absorption (AA) or inductively-coupled plasma (ICP) emissions spectrometer (ES) finishes. Overlimits were assayed using fire assay with a gravimetric finish. Silver assays were Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-5 performed using ICP-ES or ICP atomic emission spectroscopy (AES). Overlimits were assayed using fire assay with a gravimetric finish. Zinc and lead assays were reported from either ICP- AES or ICP mass spectrometer (MS) methods. 1.8.5 Quality Assurance and Quality Control A quality assurance and quality control (QA/QC) program was in place from 2006 onward. Goldcorp, Newmont Goldcorp, and Newmont maintained a quality assurance and quality control (QA/QC) program for the Peñasquito Operations. This included regular submissions of blank, duplicate and standard reference materials (standards) in samples sent for analysis from both exploration and mine geology. Results were and are regularly monitored. The QA/QC programs adequately address issues of precision, accuracy and contamination. 1.9 Data Verification Newmont personnel regularly visit the laboratories that process Newmont samples to inspect sample preparation and analytical procedures. The database that supports mineral resource and mineral reserve estimates is checked using electronic data scripts and triggers. Newmont also conducted a number of internal data verification programs since obtaining its Project interest. Newmont conducts internal audits, termed Reserve and Resource Review (3R) audits, of all its operations. The most recent Peñasquito Operations 3R audits were conducted in 2019 and 2021. The 2021 3R audit found that the Peñasquito Operations were generally adhering to Newmont’s internal standards and guidelines with respect to the estimation of mineral resources and mineral reserves. Data verification was performed by external consultants in support of mine development and operations. These external reviews were also undertaken in support of acquisitions, support of feasibility-level studies, and in support of technical reports, producing independent assessments of the database quality. Observations made during the QP’s site visit, in conjunction with discussions with site-based technical staff also support the geological interpretations, and analytical and database quality. The QP’s personal inspection supports the use of the data in mineral resource and mineral reserve estimation, and in mine planning. The QP receives and reviews monthly reconciliation reports from the mine site. These reports include the industry standard reconciliation factors for tonnage, grade and metal. Through the review of these reconciliation factors the QP is able to ascertain the quality and accuracy of the data and its suitability for use in the assumptions underlying the mineral resource and mineral reserve estimates. 1.10 Metallurgical Testwork Metallurgical testwork was conducted by a number of laboratories prior to and during early operations. These included: Hazen Research, Golden Colorado, USA; Instituto de Metalurgia, UASLP, San Luis Potosi, México; FLSmidth Knelson, British Columbia, Canada; ALS Metallurgy Kamloops, British Columbia; Kemetco, Richmond, British Columbia; Surface Science Western, London, Ontario; AuTec, Vancouver, British Columbia; Blue Coast Research, Parksville, British

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-6 Columbia; XPS, Falconbridge, Ontario; and Met-Solve, Langley, British Columbia. All of these laboratories were and are independent. Additional metallurgical tests were performed at the Minera Peñasquito Metallurgical Laboratory, which is not independent. Current testwork is being performed at Newmont’s internal Malozemoff Technical Facility which is not independent and by independent laboratories Alfa Laval, Coatex, Solvay, Patterson and Cooke, and Microanalytical. Metallurgical testwork included: mineralogy; open and closed-circuit flotation; lead–copper separation flotation; pyrite flotation; bottle and column cyanide leaching; flotation kinetics and cell design parameters, flowsheet definition, and leach response with regrind size, slurry density, leaching time, reagent consumption values, and organic carbon effects; gravity-recoverable gold; hardness characterization (SMC, breakage parameter, Bond ball mill work index, drop weight index, rod work index, unconfined compressive strength, semi-autogenous grind (SAG) power index); and batch and pilot plant tests. These test programs were sufficient to establish the optimal processing routes for the oxide and sulfide ores, performed on mineralization that was typical of the deposits. The results obtained supported estimation of recovery factors for the various ore types. Samples selected for testing were representative of the various types and styles of mineralization. Samples were selected from a range of depths within the deposit. Sufficient samples were taken so that tests were performed on sufficient sample mass. Recovery factors estimated are based on appropriate metallurgical testwork, and are appropriate to the mineralization types and the selected process routes. However, the mineralogical complexity of the Peñasquito ores makes the development of recovery models difficult as eight elements (gold, silver, lead, zinc, copper, iron, arsenic, and antimony) are tracked through the process. Recovery models need to be sufficiently robust to allow for changes in mineralogy and plant operations, while providing reasonable predictions of concentrate quality and tonnage. LOM recovery forecasts the sulfide plant are 59.1% for gold, 80.4% for silver, 72.9% for lead, and 81.7% for zinc. Galena and sphalerite are the main payable base metals minerals, with a host of complex sulfosalts (including tennantite and tetrahedrite) also reporting to the concentrates. These sulfosalts can carry varying amounts of deleterious elements such as arsenic, antimony, copper and mercury. Copper can also be considered as a commodity as it is paid by certain customers. At the date of this Report, the processing plant, in particular the flotation portion of the circuit, does not separate the copper-bearing minerals from the lead minerals, so when present the sulfosalts report (primarily) to the lead concentrate. There is no direct effect of deleterious elements on the recovery of precious and base metals. The marketing contracts are structured to allow for small percentages of these deleterious elements to be incorporated into the final product, with any exceedances then incurring nominal penalties. Historically, due to the relatively small proportion of concentrate that has high levels of deleterious elements, the marketing group was able to sufficiently blend the majority of the deleterious elements such that little or no financial impact has resulted. One small area of the mine (located within a narrow fault zone that is hosted in sedimentary rock in the southwest of the pit) was defined as containing above-average mercury grades. Due to its limited size, blending should be sufficient to minimize the impact of mercury from this area on concentrate quality. Organic carbon was recognized as a deleterious element affecting gold recovery and plant operating costs. Testwork indicates that applying a carbon depression scheme will mitigate the carbon impact, albeit with higher operating costs. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-7 1.11 Mineral Resource Estimation 1.11.1 Estimation Methodology The Peñasquito geological model is a holistic model consisting of a number of elements, including lithology, alteration, oxidation, and structure. Composites were created down each hole at 5 m fixed intervals. Grade caps were applied by domain and could vary. Depending on the domain, gold, silver, lead, zinc, copper, arsenic, iron, antimony sulfur and organic carbon grades could be capped. Capping and high yield restriction tools were used to constrain the extrapolation of high grades (outlier restriction) for most elements and domains. The density model was built by assigning values based on geological controls (zones, lithology and alteration) and oxidation-sulfides controls. Ordinary kriging (OK) was used to estimate potentially economic and deleterious variables, including gold, silver, lead, zinc, arsenic, copper, iron, sulfur, antimony, and organic carbon. Estimation ranges were variable by domain. Validation used Newmont-standard methods, including a combination of visual checks, swath plots, global statistical bias checks against input data, alternate estimation methods and reconciliation with historical mine/plant performance. The validation procedures indicated that the geology and resource models used are acceptable to support the mineral resource estimation. Mineral resources at Peñasquito are classified using criteria based primarily on drilling spacing and a minimum number of drill holes informing each estimated block. Mineral resources considered amenable to open pit mining methods are reported within a mine design. Commodity prices used in resource estimation are based on long-term analyst and bank forecasts, supplemented with research by Newmont’s internal specialists. The estimated timeframe used for the price forecasts is the nine-year LOM that supports the mineral reserve estimates. 1.11.2 Mineral Resource Statement Mineral resources are reported using the mineral resource definitions set out in SK1300 on a 100% basis. Newmont holds a 100% Project interest. The estimates are current as at December 31, 2023. The reference point for the estimates is in situ. Mineral resources are reported exclusive of those mineral resources converted to mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Measured and indicated mineral resources are summarized in Table 1-1 and inferred mineral resources in Table 1-2. The Qualified Person for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-8 Table 1-1: Measured and Indicated Mineral Resource Statement Resource Confidence Classification Tonnes (kt) Grade Contained Metal Au (g/t) Ag (g/t) Pb (%) Zn (%) Au (koz) Ag (koz) Pb (Mlb) Zn (Mlb) Measured 37,400 0.26 24.48 0.28 0.69 300 29,400 200 600 Indicated 157,300 0.22 25.12 0.24 0.59 1,100 127,100 800 2,000 Total measured and indicated 194,700 0.23 25.00 0.24 0.61 1,400 156,500 1,000 2,600 Table 1-2: Inferred Mineral Resource Statement Resource Confidence Classification Tonnes (kt) Grade Contained Metal Au (g/t) Ag (g/t) Pb (%) Zn (%) Au (koz) Ag (koz) Pb (Mlb) Zn (Mlb) Inferred 22,800 0.2 25.4 0.2 0.6 100 18,700 100 300 Notes to accompany mineral resource tables: 1. Mineral resources are current as at December 31, 2023. Mineral resources are reported using the definitions in SK1300 on a 100% basis. The Qualified Person responsible for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 2. The reference point for the mineral resources is in situ. 3. Mineral resources are reported exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 4. Mineral resources that are potentially amenable to open pit mining methods are constrained within a designed pit . Parameters used are included in Table 11-2 5. Tonnages are metric tonnes. Gold and silver ounces and lead and zinc pounds are estimates of metal contained in tonnages and do not include allowances for processing losses. 6. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. Tonnes are rounded to the nearest 100,000 tonnes. Ounces are rounded to the nearest 100,000 ounces and pounds are rounded to the nearest 100 million pounds. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-9 1.11.3 Factors That May Affect the Mineral Resource Estimate Areas of uncertainty that may materially impact the mineral resource estimates include: changes to long-term commodity price assumptions; changes in local interpretations of mineralization geometry and continuity of mineralized zones; changes to geological shape and continuity assumptions; changes to metallurgical recovery assumptions; changes to the operating cut-off assumptions for mill feed or stockpile feed; changes to the input assumptions used to derive the conceptual open pit outlines used to constrain the estimate; changes to drill hole spacing assumptions; changes to the cut-off grades used to constrain the estimates; variations in geotechnical, hydrogeological and mining assumptions; changes to governmental regulations; changes to environmental assessments; and changes to environmental, permitting and social license assumptions. 1.12 Mineral Reserve Estimation 1.12.1 Estimation Methodology Measured and indicated mineral resources were converted to mineral reserves. Mineral reserves were estimated assuming open pit mining, and the use of conventional Owner-operated equipment. Mineral reserves include mineralization within the Peñasco and Chile Colorado open pits, and stockpiled material. All Inferred blocks are classified as waste in the cashflow analysis that supports mineral reserve estimation. For mineral reserves, Newmont applies a time discount factor to the dollar value block model that is generated in the pit-limit analysis, to account for the fact that a pit will be mined over a period of years, and that the cost of waste stripping in the early years must bear the cost of the time value of money. Optimization work involved floating pit shells at a series of gold prices. The generated nested pit shells were evaluated using the mineral reserve metal prices of US$1,400/oz for gold, US$20/oz for silver, US$1.00/lb for lead, and US$1.20/lb for zinc and an 8% discount rate. The pit shells with the highest NPV were selected for detailed engineering design work. A realistic schedule, that includes consideration of available tailings capacity, was developed in order to determine the optimal pit shell for each deposit; schedule inputs include the minimum mining width, and vertical rate of advance, mining rate, and mining sequence. The mine plan is based on a 37 Mt/a mill throughput. The schedule was developed at an NSR cut-off of US$14.02/t, incorporating processing costs, metallurgical recovery, incremental ore mining costs, process sustaining capital and TSF-related rehabilitation costs. The net revenue calculation assumes the same commodity prices as used in optimization. The assumed exchange rate for mineral reserves was 20.0 Mexican pesos per US$. Mineral reserves are reported above an NSR cut-off of US$14.02/t. Pit designs are full crest and toe detailed designs with final ramps based on the selected optimum Whittle cones. Pit designs honor geotechnical guidelines. Dilution and ore loss are included in the block model. Stockpile estimates were based on mine dispatch data; the grade comes from closely-spaced blasthole sampling and tonnage sourced from truck factors. The stockpile volumes were typically updated based on monthly surveys. The average grade of the stockpiles was adjusted based on the material balance to and from the stockpile.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-10 Mineral reserves that will be mined using open pit mining methods are reported within a mine design. Commodity prices used in mineral reserve estimation are based on long-term analyst and bank forecasts, supplemented with research by Newmont’s internal specialists. The estimated timeframe used for the price forecasts is the 9-year LOM that supports the mineral reserve estimates. 1.12.2 Mineral Reserve Statement Mineral reserves have been classified using the mineral reserve definitions set out in SK1300 on a 100% basis. The estimates are current as at December 31, 2023. The reference point for the mineral reserve estimate is the point of delivery to the process facilities. Mineral reserves are reported in Table 1-3. The Qualified Person for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 1.12.3 Factors That May Affect the Mineral Reserve Estimate Areas of uncertainty that may materially impact the mineral reserve estimates include: changes to long-term metal price and exchange rate assumptions; changes to metallurgical recovery assumptions; changes to the input assumptions used to derive the pit designs applicable to the open pit mining methods used to constrain the estimates; changes to the forecast dilution and mining recovery assumptions; changes to the cut-off values applied to the estimates; variations in geotechnical (including seismicity), hydrogeological and mining method assumptions; changes to governmental regulations; changes to environmental assessments; and changes to environmental, permitting and social license assumptions. 1.13 Mining Methods Open pit mining is conducted using conventional techniques and an Owner-operated conventional truck and shovel fleet. Currently, the Peñasco and Chile Colorado open pits are being mined. The geotechnical model is based on information from geotechnical drilling and logging, laboratory test work, rock mass classification, structural analysis and stability modeling. Pit slope angles are based on inputs from third-party consultants and Newmont staff. As mining operations progress in the pit, additional geotechnical drilling and stability analysis will continue to be conducted to support optimization of the geotechnical parameters in the LOM designs. A combination of Newmont staff and external consultants developed the pit water management program, completed surface water studies, and estimated the life- of-mine site water balance. Management of water inflows to date have been appropriate, and no significant hydrological issues that could impact mining operations have been encountered. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-11 Table 1-3: Mineral Reserves Statement Reserve Confidence Classification Tonnes (kt) Grade Contained Metal Au (g/t) Ag (g/t) Pb (%) Zn (%) Au (koz) Ag (koz) Pb (Mlb) Zn (Mlb) Proven 123,700 0.57 37.91 0.37 0.94 2,200 150,800 1,000 2,600 Probable 167,300 0.44 30.09 0.30 0.63 2,400 161,800 1,100 2,300 Total proven and probable 291,000 0.50 33.42 0.33 0.77 4,600 312,600 2,100 4,900 Notes to accompany mineral reserve tables: 1. Mineral reserves current as at December 31, 2023. Mineral reserves are reported using the definitions in SK1300 on a 100% basis. The Qualified Person responsible for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 2. The reference point for the mineral reserves is the point of delivery to the process plant. 3. Mineral reserves are confined within open pit designs or in stockpiles. Parameters used are summarized in Table 12-1. 4. Tonnages are metric tonnes. Gold and silver ounces and lead and zinc pounds are estimates of metal contained in tonnages and do not include allowances for processing losses. 5. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. Tonnes are rounded to the nearest 100,000 tonnes. Ounces are rounded to the nearest 100,000 ounces and pounds are rounded to the nearest 100 million pounds.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-12 The Peñasquito pit has three remaining stages (Phases 7 to 9), and will be excavated to a total depth of 780 m. The Chile Colorado pit has one remaining stage (Phase 2), and will reach 375 m ultimate depth. An ore stockpiling strategy is practiced. The remaining mine life is nine years, with the last year, 2032, being a partial year. The open pit operations progress at a nominal annual mining rate of 170 Mt/a until the end of 2024, subsequently decreasing to a nominal mining rate of 135 Mt/a until the end of 2027. The LOM plan assumes a nominal milling rate of 37 Mt/a until 2028. The LOM personal requirements for LOM mine operations including mine operation/maintenance and mine technical services is 1,201. 1.14 Recovery Methods The sulfide process plant design was based on a combination of metallurgical testwork, previous study designs, and previous operating experience. The design is conventional and has no novel parameters. The sulfide plant consists of the following units: coarse ore stockpile; grinding (semi-autogenous grind (SAG) and ball) mills circuit; augmented feed circuit (cone crusher, pebble crusher and high- pressure grind roll (HPGR)) and carbon, lead and zinc flotation circuits. Newmont currently uses power sourced from Saavi Energia (formerly Intergen) located in San Luis de la Paz, Guanajuato as its central power grid; however, the Peñasquito Operations are still using Mexican Electricity Federal Commission infrastructure to bring the electricity from Guanajuato to Mazapil. Water is sourced from several locations: the TSF, well fields, pit dewatering wells, and process operational recycle streams. Consumables used in the processing include collectors, depressants, frothers, activators, flocculants, and zinc dust. The process personnel required for the LOM plan total 673 persons, including plant operations and maintenance. 1.15 Project Infrastructure The key infrastructure to support the Peñasquito Operations mining activities envisaged in the LOM is in place. Personnel reside in an on-site accommodation complex. Stockpile classification is based on material types that require different treatment at the process plant. Classifications that determine stockpile routing to one of six major stockpiles are based on elements such as organic carbon content, NSR value, lead, and zinc grades. The approximately 640 Mt of waste rock remaining to be mined in the LOM plan will be stored in a series of five waste rock storage facilities (WRSFs). The remaining storage capacity in these facilities is about 780 Mt. All facilities are located with Newmont’s overall operating area. There is sufficient capacity in these WRSFs for LOM requirements. Tailings are deposited in a Tailings Storage Facility (TSF), termed Presa de Jales that is a paddock style facility with four perimeter containment structures, the north, south, east, and west dams. The TSF is currently constructed to an ultimate dam crest elevation of 1,875.2 masl; however, future plans for the TSF include raising to elevation 1,905.2 masl. With the planned expansion, there is sufficient tailings capacity for the current LOM plan. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-13 The water supply for the Peñasquito Operations is obtained from groundwater in the Cedros basin, from an area known as the Torres and Vergel well field. As much water as practicable is recycled. Newmont continues to monitor the local aquifers to ensure they remain sustainable. A network of monitoring wells was established to monitor water levels and water quality. Water management infrastructure for mine operations includes pit dewatering and mine surface water drainage infrastructure. The mine is operated as a zero-discharge system. Process water is not discharged to surface waters, nor are there direct discharges to surface waters. Power is currently supplied from the 182 MW power purchase agreement with Saavi Energia, delivered to the mine by the Mexican Federal Electricity Commission. The Federal Electricity Commission continues to provide backup power supply for both planned and unplanned shutdowns from the Saavi Energia power plant. 1.16 Environmental, Permitting and Social Considerations 1.16.1 Environmental Studies and Monitoring Baseline and supporting environmental studies were completed to assess both pre-existing and ongoing site environmental conditions, as well as to support decision-making processes during operations start-up. Characterization studies were completed that included the following: hydrogeology and groundwater quality; aquifer assessments; surface water quality and sediment; metals toxicity and acid mine drainage studies; air and climate; noise and vibration; vegetation; wildlife; conservation area management plan; biomass and carbon fixation studies; land use and resources; and socio-economics. Environmental monitoring is ongoing at the Project and will continue over the life of the operations. Key monitoring areas include air, water, noise, wildlife, forest resources and waste management. 1.16.2 Closure and Reclamation Considerations A closure and reclamation plan was prepared for the mine site and updated in accordance with applicable laws. The cost for this plan was calculated based on the standard reclamation cost estimator (SRCE) model which is based on the Nevada State regulations. The closure costs used in the economic analysis total US$0.8 B. A comprehensive study is ongoing to determine potential resettlement and the associated costs involved in resettling communities close to the mine. Any such plan is subject to approval from Newmont’s senior management and will impact future closure cost estimates. 1.16.3 Permitting All major permits and approvals are in place to support operations. Where permits have specific terms, renewal applications are made of the relevant regulatory authority as required, prior to the end of the permit term. Newmont monitors the regulatory regime in place at each of its operations and ensures that all permits are updated in line with any regulatory changes.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-14 1.16.4 Social Considerations, Plans, Negotiations and Agreements Public consultation and community assistance and development programs are ongoing. Newmont, Ejido Cedros and Ejido Mazapil have established trust funds for locally-managed infrastructure, education and health projects. Newmont provides annual funding for these trusts. The communities around the Peñasquito mine also benefit from a number of programs and services provided, or supported, by the mine. 1.17 Markets and Contracts Newmont has established contracts and buyers for its lead and zinc concentrate, and has a corporate internal marketing group that monitors markets for its concentrate and negotiates contracts on behalf of the operations. Together with public documents and analyst forecasts, these data support that there is a reasonable basis to assume that for the LOM plan, that the lead and zinc concentrate will be saleable at the assumed commodity pricing. Newmont uses a combination of historical and current contract pricing, contract negotiations, knowledge of its key markets from a long operations production record, short-term versus long- term price forecasts prepared by Newmont’s corporate internal marketing group, public documents, and analyst forecasts when considering long-term commodity price forecasts. Higher metal prices are used for the mineral resource estimates to ensure the mineral reserves are a sub-set of, and not constrained by, the mineral resources, in accordance with industry- accepted practice. Newmont has multiple long-term contracts in place covering the majority of the lead and zinc concentrate production. The terms contained within the concentrate sales contracts are typical and consistent with standard industry practice for lead and zinc concentrates with high gold and silver contents. The largest in-place contracts other than for product sales cover items such as bulk commodities, operational and technical services, mining and process equipment, and administrative support services. Contracts are negotiated and renewed as needed. Contract terms are typical of similar contracts in Mexico that Newmont is familiar with. 1.18 Capital Cost Estimates Capital cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. Capital costs are based on recent prices or operating data. Capital costs include funding for infrastructure, pit dewatering, development drilling, and permitting as well as miscellaneous expenditures required to maintain production. Mobile equipment re-build/replacement schedules and fixed asset replacement and refurbishment schedules are included. Sustaining capital costs reflect current price trends. The overall capital cost estimate for the LOM is US$0.8 B, as summarized in Table 1-4. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-15 Table 1-4: Capital Cost Estimate Area Unit Value Mining US$ B 0.3 Process US$ B 0.4 Site general and administrative US$ B 0.1 Total US$ B 0.8 Note: Numbers have been rounded; totals may not sum due to rounding. 1.19 Operating Cost Estimates Operating cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. Operating costs are based on actual costs seen during operations and are projected through the LOM plan. Historical costs are used as the basis for operating cost forecasts for supplies and services unless there are new contract terms for these items. Labor and energy costs are based on budgeted rates applied to headcounts and energy consumption estimates. Operating (mining, processing and G&A) costs for the LOM are estimated at US$6.1B, as summarized in Table 1-5. The estimated LOM mining cost is US$2.73/t mined. Base processing costs are estimated at US$9.26/t milled. In addition, G&A costs are estimated at US$3.07/t milled. 1.20 Economic Analysis 1.20.1 Economic Analysis The financial model that supports the mineral reserve declaration is a standalone model that calculates annual cash flows based on scheduled ore production, assumed processing recoveries, metal sale prices and MX$/US$ exchange rate, projected operating and capital costs and estimated taxes. The financial analysis is based on an after-tax discount rate of 8%. All costs and prices are in unescalated “real” dollars. The currency used to document the cash flow is US$. All costs are based on the 2024 budget. Revenue is calculated from the recoverable metals and long-term metal price and exchange rate forecasts. The Peñasquito Operations are subject to a federal tax of 30%, and mining tax of 7.5%. The economic analysis assumes constant prices with no inflationary adjustments. The NPV8% is US$1.12 B. As the cashflows are based on existing operations where all costs are considered sunk to January 1, 2024, considerations of payback and internal rate of return are not relevant. A summary of the financial results is provided in Table 1-6. In this table, EBITDA = earnings before interest, taxes, depreciation and amortization. The active mining and processing operations cease in 2032; however, closure costs are estimated to 2073.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-16 Table 1-5: Operating Cost Estimate Area Unit Value Mining US$ B 2.5 Process US$ B 2 .7 General and administrative US$ B 0.9 Total US$ B 6.1 Note: Numbers have been rounded; totals may not sum due to rounding. Table 1-6: Cashflow Summary Table Item Unit Value Metal Prices Gold US$/oz 1,400 Silver US$/oz 20 Lead US$/lb 1.00 Zinc US$/lb 1.20 Mined Ore Tonnage Mt 291 Gold grade g/t 0.50 Silver grade g/t 33.39 Lead grade % 0.33 Zinc grade % 0.76 Gold ounces Moz 4.6 Silver ounces Moz 313 Lead pounds Blb 2.1 Zinc pounds Blb 4.9 Capital costs US$B 1.1 Costs applicable to sales US$B 7.5 Discount rate % 8 Exchange rate United States dollar:Mexican peso (USD:MXN) 20.0 Free cash flow US$B 1.1 Net present value US$B 1.1 Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-17 Table 1-6 contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Please refer to the note regarding forward-looking information at the front of the Report. The cash flow is only intended to demonstrate the financial viability of the Project. Investors are cautioned that the above is based upon certain assumptions which may differ from Newmont’s long-term outlook or actual financial results, including, but not limited to commodity prices, escalation assumptions and other technical inputs. For example, Table 1-6 uses the price assumptions stated in the table, including a gold commodity price assumption of US$1,400/oz, a silver commodity price of US$20/oz, a lead commodity price of US$1.00/lb and a zinc commodity price of US$1.20/lb, prices which vary significantly from current gold, silver, lead and zinc prices, and the assumptions that Newmont uses for its long-term guidance. Please be reminded that significant variation of metal prices, costs and other key assumptions may require modifications to mine plans, models, and prospects. 1.20.2 Sensitivity Analysis The sensitivity of the Project to changes in metal prices, exchange rate, sustaining capital costs and operating cost assumptions was tested using a range of 25% above and below the base case values. The Project is most sensitive to metal price changes, less sensitive to changes in operating costs, and least sensitive to changes in capital costs. The sensitivity to grade mirrors the sensitivity performed for the commodity prices. 1.21 Risks and Opportunities Factors that may affect the mineral resource and mineral reserve estimates are summarized in Chapter 1.11.3 and Chapter 1.12.3. 1.21.1 Risks The risks associated with the Peñasquito Operations are generally those expected with open pit mining operations and include the accuracy of the resource model, unexpected geological features that cause geotechnical issues, and/or operational impacts. Other risks noted include: • Commodity price increases for key consumables such as diesel, electricity, tires and chemicals would negatively impact the stated mineral reserves and mineral resources; • Labor cost increases or productivity decreases could also impact the stated mineral reserves and mineral resources, or impact the economic analysis that supports the mineral reserves; • Geotechnical and hydrological assumptions used in mine planning are based on historical performance, and to date historical performance has been a reasonable predictor of current conditions. Any changes to the geotechnical and hydrological assumptions could affect mine planning, affect capital cost estimates if any major rehabilitation is required due to a geotechnical or hydrological event, affect operating costs due to mitigation measures that may need to be imposed, and impact the economic analysis that supports the mineral reserve estimates;

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-18 • The mineral resource estimates are sensitive to metal prices. Lower metal prices require revisions to the mineral resource estimates; • Risk to assumed process recoveries if the organic carbon present cannot be successfully mitigated during processing; • While there is sufficient space within the TSF for the planned LOM operations, if mineral resources are converted to mineral reserves, additional storage capacity will be required. Any expansion of the TSF is likely to require community relocation; • There are communities that are within the zone of influence of the TSF that can potentially be affected by control failures at the TSF. Newmont continues to study relocation options for these communities, but there is a risk that impacted stakeholders are not amenable to relocation; • While water supplies are well understood for the LOM operations, supplementary water studies would be required if additional mineral reserves are added to the LOM plan in the future; • Climate changes could impact operating costs and ability to operate; • Assumptions that the long-term reclamation and mitigation of the Peñasquito Operations can be appropriately managed within the estimated closure timeframes and closure cost estimates; • Political risk from challenges to: o Mining licenses; o Environmental permits; o Newmont’s right to operate; • Changes to assumptions as to governmental tax or royalty rates, such as taxation rate increases or new taxation or royalty imposts. Mexico’s current president introduced a package of reforms in early February 2024. One of the proposed reforms was a ban on the granting of open pit mining concessions and banning activities related to the exploration, exploitation, benefit or use of minerals or metals using open pit mining methods. A second reform seeks to prohibit the granting of water concessions in areas of low water availability, and give preference to personal and domestic consumption. 1.21.2 Opportunities Opportunities for the Peñasquito Operations include moving the stated mineral resources into mineral reserves through additional drilling and study work. The mineral reserves and mineral resources are based on conservative price estimates for gold, silver, lead, and zinc so upside exists, either in terms of the potential to estimate additional mineral reserves and mineral resources or improved economics should the price used for these metals be increased. Opportunities include: • Conversion of some or all of the measured and indicated mineral resources currently reported exclusive of mineral reserves to mineral reserves, with appropriate supporting studies; Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 1-19 • Upgrade of some or all of the inferred mineral resources to higher-confidence categories, such that better-confidence material could be used in mineral reserve estimation; • Higher metal prices than forecast could present upside sales opportunities and potentially an increase in predicted Project economics; • Newmont holds a significant ground package around the Peñasquito Operations that retains exploration potential. 1.22 Conclusions Under the assumptions presented in this Report, the Peñasquito Operations have a positive cash flow, and mineral reserve estimates can be supported. 1.23 Recommendations As the Peñasquito Operations are an operating mine, the QP has no material recommendations to make.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 2-1 2.0 INTRODUCTION 2.1 Introduction This technical report summary (the Report) was prepared for Newmont Corporation (Newmont) on the Peñasquito Operations (Peñasquito Operations or the Project) located in Zacatecas State, Mexico. The location of the operations is shown in Figure 2-1. The operating entity is an indirectly wholly-owned Newmont subsidiary, Minera Peñasquito S.A. de C.V. (Minera Peñasquito). Open pit mining commenced in 2007. 2.2 Terms of Reference 2.2.1 Report Purpose The Report was prepared to be attached as an exhibit to support mineral property disclosure, including mineral resource and mineral reserve estimates, for the Peñasquito Operations in Newmont’s Form 10-K for the year ending December 31, 2023. 2.2.2 Terms of Reference Mineral resources and mineral reserves are reported for the Peñasco and Chile Colorado deposits. Mineral reserves are also estimated for material in stockpiles. Mineral resources and mineral reserves are reported using the definitions in Regulation S–K 1300 (SK1300), under Item 1300. All measurement units used in this Report are metric unless otherwise noted, and currency is expressed in United States dollars (US$) as identified in the text. The Mexican currency is the Mexican peso (MX$). Unless otherwise indicated, all financial values are reported in US$ including all operating costs, capital costs, cash flows, taxes, revenues, expenses, and overhead distributions. The Report uses US English. 2.3 Qualified Persons This Report was prepared by the following Newmont Qualified Person (QP): • Mr. Donald Doe, RM SME, Group Executive Reserves, Newmont. Mr. Doe is responsible for all Report Chapters. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 2-2 Figure 2-1: Project Location Plan

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 2-3 2.4 Site Visits and Scope of Personal Inspection Mr. Doe visited the Peñasquito Operations most recently from October 25–29, 2021. During this site visit, he inspected the operating open pits, visited the core shed, and viewed the general locations planned for the additional laybacks in the mine plan. Mr. Doe also viewed the process plant and associated general site infrastructure, including the current tailings storage facility (TSF) operations. While on site, he discussed aspects of the operation with site-based staff. These discussions included the overall approach to the mine plan, anticipated mining conditions, selection of the production target and potential options for improvement, as well as reconciliation study results. Other areas of discussion included plant operation and recovery forecasts. Mr. Doe reviewed capital and operating forecasts with site staff. Mr. Doe also reviewed Newmont’s processes and the internal controls on those processes at the mine site with operational staff on the workflow for determining mineral resource and mineral reserve estimates, mineral process performance, production forecasts, mining costs, and waste management. 2.5 Report Date Information in this Report is current as at December 31, 2023. 2.6 Information Sources and References The reports and documents listed in Chapter 24 and Chapter 25 of this Report were used to support Report preparation. Subject matter experts have provided information to Mr. Doe in their areas of expertise. 2.7 Previous Technical Report Summaries Newmont prepared a technical report summary on the Project in 2021: • Doe, D., 2021: Peñasquito Operations, Mexico, Technical Report Summary: report prepared for Newmont Corporation, current as at December 31, 2021. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 3-1 3.0 PROPERTY DESCRIPTION 3.1 Introduction The Peñasquito Operations are situated in the western half of the Concepción Del Oro district in the northeast corner of Zacatecas State, Mexico, approximately 200 km northeast of the city of Zacatecas. Project centroid co-ordinates are approximately 24°45’N latitude/101° 30’W longitude. The Peñasquito pit is located at approximately 24.645268 N latitude, -101.655332 W latitude. The Chile Colorado pit is located at 24.659521 N latitude and -101.636357W longitude. 3.2 Property and Title in Mexico 3.2.1 Mineral Title In Mexico, mining concessions are granted by the Economy Ministry and are considered to be exploitation concessions with a 50-year term. Valid mining concessions can be renewed for an additional 50-year term as long as the mine is active, and the applicant has abided by all appropriate regulations and makes the application within five years prior to the expiration date. All concessions must be surveyed by a licensed surveyor. Mining concessions have an annual minimum investment that must be met, an annual mining rights fee to be paid to keep the concessions effective, and compliance with environmental laws. Minimum expenditures, pursuant to Mexican regulations, may be substituted for sales of minerals from the mine for an equivalent amount. 3.2.2 Surface Rights Surface rights in Mexico are commonly owned either by communities (ejidos) or by private owners. The Mexican Mining Law includes provisions to facilitate purchasing land required for mining activities, installations and development. 3.2.3 Water Rights The National Water Law and associated regulations control all water use in Mexico. The Comisión Nacional del Agua (CNA) is the responsible agency. Applications are submitted to this agency indicating the annual water needs for the mine operation and the source of water to be used. The CNA grants water concessions based on water availability in the source area.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 3-2 3.3 Project Ownership The Project is indirectly 100% held by Newmont. Newmont uses an indirectly 100% owned subsidiary, Minera Peñasquito SA de C.V. (Minera Peñasquito), as the operating entity for the mining operations. 3.4 Mineral Tenure Newmont currently holds 80 mining concessions (approximately 89,309 ha). Claims are summarized in Table 3-1, and the claim locations are shown in Figure 3-1. As per Mexican requirements for grant of tenure, the concessions comprising the Project were surveyed by a licensed surveyor. Duty payments for the concessions have been made as required. The mining operations are within the Las Peñas, Alfa, La Peña, Beta and El Peñasquito concessions. 3.5 Surface Rights Newmont has entered into agreements with a number of ejidos in relation to surface rights, either for mining or exploration activities, as summarized in Table 3-2. Under current agreements with the ejidos, payments are made to the ejidos on an annual basis, in addition to certain upfront payments that have already been made. All temporary occupancy (such as land use) agreements are filed with the Public Agrarian Registry and the Public Mining Registry. Surface rights in the vicinity of the Chile Colorado and Peñasco open pits are held by the Ejido Cedros, Ejido Mazapil, and Ejido Cerro Gordo (Figure 3-2). Newmont entered into easement agreements with individual parcel owners for the construction and maintenance of the La Pardita–Cedros Highway, as well as easement agreements in relation to the construction and maintenance of the El Salero–Peñasquito powerline. All required power line and road easements have been granted. 3.6 Water Rights Hydrogeological studies were completed and indicate that the aquifers in the Cedros Basin (the groundwater basin that hosts the Project) have sufficient available water to provide 40 Mm³ per year. The operations have received permits to pump up to 35 Mm³ of this water per year. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 3-3 Table 3-1: Mineral Tenure Table No. Name File Title Validity Surface Owner Grouping Municipality State From To 1 Ampl. A El Cobrizo 007/08625 169240 27/10/1981 26/10/2031 28.6871 MP El Peñasquito Mazapil Zac. 2 La Negra 007/00864 170048 15/03/1982 14/03/2032 31.6127 MP El Peñasquito Mazapil Zac. 3 La Santa Cruz 007/00930 170049 15/03/1982 14/03/2032 13.5196 MP El Peñasquito Mazapil Zac. 4 Las Tres Estrellas 007/01469 170050 15/03/1982 14/03/2032 8.2248 MP El Peñasquito Mazapil Zac. 5 San Vicente 321.43/917 170560 13/05/1982 12/05/2032 2.0000 MP El Peñasquito Mazapil Zac. 6 La Cruz 321.42/918 170678 11/06/1982 10/06/2032 2.9772 MP El Peñasquito Mazapil Zac. 7 El Encino 321.42/914 170997 05/08/1982 04/05/2032 13.3792 MP El Peñasquito Mazapil Zac. 8 Santa Ana y Santa Rita 321.43/1006 172662 28/06/1984 27/06/2034 2.0000 MP El Peñasquito Mazapil Zac. 9 La Favorita 007/08420 172859 29/06/1984 28/06/2034 21.1612 MP El Peñasquito Mazapil Zac. 10 San José 321.43/1067 176503 12/12/1985 11/12/2035 1.0000 MP El Peñasquito Mazapil Zac. 11 El Cobrizo 321.43/1031 181411 18/09/1987 17/09/2037 1.0000 MP El Peñasquito Mazapil Zac. 12 Morena 321.1/7-150 187089 30/05/1990 29/05/2040 79.2102 MP El Peñasquito Mazapil Zac. 13 Rosa María 321.1/7-153 188193 22/11/1990 21/11/2040 34.8928 MP El Peñasquito Mazapil Zac. 14 Macocozac 321.43/1185 188619 29/11/1990 28/11/2040 5.0000 MP El Peñasquito Mazapil Zac. 15 El Coyote 321.1/7-152 190779 29/04/1991 28/04/2041 15.0000 MP El Peñasquito Mazapil Zac. 16 El Cármen 321.1/7-151 191793 19/12/1991 18/12/2041 71.2921 MP El Peñasquito Mazapil Zac. 17 La Peña 7/1.3/547 203264 28/06/1996 27/06/2046 58.0000 MP El Peñasquito Mazapil Zac. 18 El Rayo 321.43/1002 204131 18/12/1996 30/05/2036 2.0000 MP El Peñasquito Mazapil Zac. 19 Beta 8/1.3/01137 211970 18/08/2000 17/08/2050 2,054.7609 MP El Peñasquito Mazapil Zac. 20 Las Peñas 8/1.3/00983 212290 29/09/2000 28/09/2050 40.0000 MP El Peñasquito Mazapil Zac. 21 Santa María 8/1.3/00999 214769 29/11/2001 28/11/2051 3.8534 MP El Peñasquito Mazapil Zac. 22 Paraiso 093/24846 215437 19/02/2002 18/02/2052 96.6747 MP El Peñasquito Mazapil Zac. 23 Paraiso 093/24845 215457 22/02/2002 21/02/2052 95.0000 MP El Peñasquito Mazapil Zac.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 3-4 No. Name File Title Validity Surface Owner Grouping Municipality State From To 24 Paraiso 093/24847 215458 22/02/2002 21/02/2052 75.9503 MP El Peñasquito Mazapil Zac. 25 Paraiso 093/25816 215468 22/02/2002 21/02/2052 93.0070 MP El Peñasquito Mazapil Zac. 26 Mazapil 4 007/13859 215503 22/02/2002 21/02/2052 4,355.0995 MP El Peñasquito Mazapil Zac. 27 C. del Oro 2 8/1.3/01377 216928 05/06/2002 04/06/2052 1,947.4862 MP S/Agrupamto Mazapil Zac. 28 Mazapil 3 Frac. I 007/13852 217001 14/06/2002 13/06/2052 1,950.7022 MP El Peñasquito Mazapil Zac. 29 Mazapil 3 Frac. II 007/13852 217002 14/06/2002 13/06/2052 1,161.9722 MP El Peñasquito Mazapil Zac. 30 Paraiso 093/25701 217178 02/07/2002 01/07/2052 26.8420 MP El Peñasquito Mazapil Zac. 31 Paraiso Frac. 1 093/25701 217179 02/07/2002 01/07/2052 12.0844 MP El Peñasquito Mazapil Zac. 32 Paraiso Frac. 2 093/25701 217180 02/07/2002 01/07/2052 2.8463 MP El Peñasquito Mazapil Zac. 33 La Blanca 093/25822 217577 31/07/2002 30/07/2052 8.6982 MP El Peñasquito Mazapil Zac. 34 Mazapil 8/1.3/01280 218409 05/11/2002 04/11/2052 1,476.0000 MP El Peñasquito Mazapil Zac. 35 Mazapil 2 8/1.3/01281 218420 05/11/2002 04/11/2052 2,396.6794 MP El Peñasquito Mazapil Zac. 36 Los Lobos 093/26372 219628 26/03/2003 25/03/2053 9,521.8608 MP El Peñasquito Mazapil Zac. 37 Cerro del Oro 3 093/26713 220279 03/07/2003 02/07/2053 104.6815 MP S/Agrupamto Mazapil Zac. 38 Mazapil 8 Frac. 1 093/26735 220732 30/09/2003 29/09/2053 77.0000 MP El Peñasquito Mazapil Zac. 39 Mazapil 8 Frac. 2 093/26735 220733 30/09/2003 29/09/2053 235.4514 MP El Peñasquito Mazapil Zac. 40 Mazapil 5 8/1/01527 220915 28/10/2003 27/10/2053 50.0000 MP El Peñasquito Mazapil Zac. 41 Mazapil 6 8/1/01528 220916 28/10/2003 27/10/2053 36.0000 MP El Peñasquito Mazapil Zac. 42 Alondra 2 093/26758 221416 04/02/2004 03/02/2054 142.9449 MP El Peñasquito Mazapil Zac. 43 Alondra 2 Frac. 1 093/26758 221417 04/02/2004 03/02/2054 207.9101 MP El Peñasquito Mazapil Zac. 44 Mazapil 9 Frac. 1 093/26783 221418 04/02/2004 03/02/2054 25.8394 MP El Peñasquito Mazapil Zac. 45 Mazapil 9 Frac. 2 093/26783 221419 04/02/2004 03/02/2054 123.0907 MP El Peñasquito Mazapil Zac. 46 Mazapil 7 Frac. 1 093/26734 221832 02/04/2004 01/04/2054 66.9372 MP El Peñasquito Mazapil Zac. 47 Mazapil 7 Frac. 2 093/26734 221833 02/04/2004 01/04/2054 224.0083 MP El Peñasquito Mazapil Zac. 48 Alondra 1 093/26757 221835 02/04/2004 01/04/2054 238.0724 MP El Peñasquito Mazapil Zac. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 3-5 No. Name File Title Validity Surface Owner Grouping Municipality State From To 49 Alondra 1 Frac. 1 093/26757 221836 02/04/2004 01/04/2054 0.8926 MP El Peñasquito Mazapil Zac. 50 Santa Olaya Frac. I 093/26868 222749 27/08/2004 26/08/2054 130.3070 MP S/Agrupamto Mazapil Zac. 51 Santa Olaya Frac. II 093/26868 222750 27/08/2004 26/08/2054 512.6659 MP S/Agrupamto Mazapil Zac. 52 Mazapil 10 93/26975 223327 02/12/2004 01/12/2054 1,073.5553 MP El Peñasquito Mazapil Zac. 53 Puerto Rico 2/1/02480 223765 15/02/2005 14/02/2055 3,455.0456 MP El Peñasquito El Salvador Zac. 54 El Sol 2 Frac. 1 093/27462 225754 21/10/2005 20/10/2055 309.0000 MP El Peñasquito Mazapil Zac. 55 El Sol 2 Frac. 2 093/27462 225755 21/10/2005 20/10/2055 1,077.7681 MP El Peñasquito Mazapil Zac. 56 Arco Iris 093/27390 226580 27/01/2006 26/01/2056 2,153.8181 MP El Peñasquito El Salvador Zac. 57 Mazapil 11 Frac. 1 093/27461 226582 27/01/2006 26/01/2056 1,974.4668 MP El Peñasquito Mazapil Zac. 58 Mazapil 11 Frac. 2 093/27461 226583 27/01/2006 26/01/2056 4,535.8175 MP El Peñasquito Mazapil Zac. 59 Mazapil 11 Frac. 3 093/27461 226584 27/01/2006 26/01/2056 25.0000 MP El Peñasquito Mazapil Zac. 60 Segunda Reduc. Concha 8/4/00059 228418 07/11/2000 06/11/2050 23,115.7895 MP El Peñasquito Mazapil Zac. 61 Alfa 8/4/00072 228841 11/10/1995 10/10/2045 1,100.0000 MP El Peñasquito Mazapil Zac. 62 La Pinta 06 093/28057 229764 13/06/2007 12/06/2057 7,875.2374 MP El Peñasquito Mazapil Zac. 63 Mazapil 12 093/28109 231847 07/05/2008 06/05/2058 2.1039 MP El Peñasquito Mazapil Zac. 64 El Chava 093/28246 231848 07/05/2008 06/05/2058 200.0000 MP El Chava El Salvador Zac. 65 Zuloaga 3 007/16865 233448 25/02/2009 24/02/2059 546.0000 MP Zuloaga 3 Parras Coah. 66 Mazapil 13 093/28842 234494 03/07/2009 02/07/2059 70.1347 MP El Peñasquito Mazapil Zac. 67 El Chava Tres 007/16874 235682 16/02/2010 15/02/2060 21.9392 MP El Chava Galeana N. L. 68 Mazapil 15 093/29023 236117 11/05/2010 10/05/2060 53.4582 MP Zuloaga 3 Melchor Ocampo Zac. 69 Mazapil 14 093/29300 236118 11/05/2010 10/05/2060 17.4010 MP Zuloaga 3 Melchor Ocampo Zac. 70 Mazapil 16 093/29341 236464 02/07/2010 01/07/2060 76.4234 MP Zuloaga 3 Melchor Ocampo Zac. 71 Martha 9/6/00115 236745 29/11/1952 25/08/2060 12.1655 MP El Peñasquito Mazapil Zac. 72 El Peñasquito 9/6/00116 236746 12/06/1961 25/08/2060 2.0000 MP El Peñasquito Mazapil Zac. 73 Calvo 067/21535 238198 12/08/2011 11/08/2061 5,830.4992 MP Tajo Santo Domingo S.L.P.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 3-6 No. Name File Title Validity Surface Owner Grouping Municipality State From To 74 El Cardito Dos 093/32267 238754 25/10/2011 24/10/2061 9.0000 MP El Peñasquito Mazapil Zac. 75 Mazapil 20 093/32476 240688 19/06/2012 18/06/2062 2.9428 MP Zuloaga 3 Mazapil Zac. 76 El Sol Reduc 93/27287 242968 16/03/2005 15/03/2055 709.7707 MP El Peñasquito Mazapil Zac. 77 El Cardito Reduc. 2/1/02439 244029 18/01/2005 17/01/2055 5,038.0682 MP El Peñasquito Mazapil Zac. 78 El Sol 2 Frac. 3 Reduc 8/002-00215 244812 21/10/2005 20/10/2055 1,288.8169 MP El Peñasquito Mazapil Zac. 79 Reduccion La Brígida 1/002-00194 244752 05/11/2002 04/11/2052 727.0000 MP La Brigida Urique y Batopilas Chih. 80 Reduccion Araceli 2 1/002-00195 244753 04/02/2003 03/02/2053 120.0000 MP La Brigida Urique y Batopilas Chih. Total Area 89,309.4978 Note: MP = Minera Peñasquito. Frac. = fraccione or fraction. Zac. = Zacatecas. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 3-7 Figure 3-1: Mineral Tenure Location Plan Note: Figure prepared by Newmont, 2023.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 3-8 Table 3-2: Surface Rights Agreements Ejido Agreement Date Term Area Covered by Agreement (ha) Cedros June 26, 2008 30 years 1,256.50 March 16, 2006 30 years 4,523.58 August 15, 2020 5 years 8,028.25 August 15, 2020 30 years 1,888.94 Mazapil July 17, 2006 30 years 280.80 August 22, 2006 30 years 1,500 November 25, 2018 30 years 6,706 N.C.P.A.G. El Vergel August 21, 2013 29 years from January 1, 2014 to December 31, 2043 160.10 June 29, 2015 30 years 25.00 June 29, 2015 30 years 25.00 June 29, 2015 30 years 450.00 August 21, 2013 29 years from January 1, 2014 to December 31, 2043 900.15 Cerro Gordo September 28, 2005 30 years 599.28 General Enrique Estrada November 19, 2014 29 years 128.32 November 19, 2014 29 years 5.35 Tecolotes October 30, 2014 29 years 4.53 October 30, 2014 29 years 146.21 October 30, 2014 10 years 28.17 El Rodeo December 3, 2013 31 years 129.46 December 6, 2014 29 years 150.71 December 6, 2014 29 years 6.94 Matamoros February 1, 2014 30 years 134.13 San Antonio del Portezuelo November 22, 2019 30 years 2 27,079.42 Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 3-9 Figure 3-2: District Surface Rights Map Note: Figure prepared by Newmont, 2024.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 3-10 Based on completed applications, a 4.6 Mm3 concession was obtained in August 2006 and an additional water concession of 9.1 Mm3 per year was received in early 2008. A concession title to pump 4.837 Mm3 was received in November 2008. A concession title to pump an additional 0.450 Mm3 was obtained in April 2009, and an additional 16.87 Mm3 concession title was obtained in July 2009. Additional information on the Project water supply is included in Chapter 15.6. 3.7 Property Agreements On July 24, 2007, Goldcorp and Wheaton Precious Metals (Wheaton) entered into a transaction where Wheaton acquired 25% of the silver produced over the life-of mine (LOM) from the Peñasquito Operations for an upfront cash payment of US$485 million. Under this transaction, Wheaton pays Newmont a per-ounce cash payment of the lesser of US$3.90 and the prevailing market price (subject to an inflationary adjustment that commenced in 2011), for silver delivered under the contract. 3.8 Royalties A 2% net smelter return (NSR) royalty is payable to Royal Gold on production from the Chile Colorado and Peñasco deposits. The Mexican Government levies a 7.5% mining royalty that is imposed on earnings before interest, taxes, depreciation, and amortization. There is also a 0.5% environmental erosion fee payable on precious based on gross revenues. 3.9 Encumbrances There are no known encumbrances. 3.10 Permitting Permitting and permitting conditions are discussed in Chapter 17.4 of this Report. There are no relevant permitting timelines that apply; the operations as envisaged in the LOM plan are either fully permitted, or the processes to obtain permits are well understood and similar permits have been granted to the operations in the past, such as tailings storage facility (TSF) raises. There are no current material violations or fines as understood in the United States mining regulatory context that apply to the Peñasquito Operations. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 3-11 3.11 Significant Factors and Risks That May Affect Access, Title or Work Programs To the extent known to the QP, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Project that are not discussed in this Report.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 4-1 4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 4.1 Physiography The Project is situated in a wide valley bounded to the north by the Sierra El Mascaron and the south by the Sierra Las Bocas. The prevailing elevation is approximately 1,900 m above sea level. The terrain is generally flat, with some rolling hills. Vegetation is principally scrub, with cactus and coarse grasses. With the exception of one small outcrop, the Project area is covered by up to 30 m of alluvium. 4.2 Accessibility There are two access routes to the operations: • The first is via a turnoff from Highway 54 onto the State La Pardita road, then onto the Mazapil to Cedros State road. The mine entrance is approximately 10 km after turning northeast onto the Cedros access road; • The second access is via the Salaverna by-pass road from Highway 54 approximately 25 km south of Concepcion Del Oro. The Salaverna by-pass is a purpose-built gravel road that eliminates steep switchback sections of cobblestone road just west of Concepción Del Oro and passes the town of Mazapil. From Mazapil, this is a well-maintained 12 km gravel road that accesses the mine main gate. Within the operations area, access is primarily by gravel roads, and foot trails and tracks. The closest rail link is 100 km to the west. There is a private airport on site and commercial airports in the cities of Saltillo, Zacatecas and Monterrey. Travel from Monterrey/Saltillo is approximately 260 km, about three hours to site. Travel from Zacatecas is approximately 275 km, about 3.5 hours to site. 4.3 Climate Temperatures range between 30º C and 20º C in the summer and 15º C to 0º C in the winter. The climate is generally dry with precipitation being limited for the most part to a rainy season in the months of June and July. Annual precipitation for the area is approximately 700 mm, most of which falls in the rainy season. The Project area is affected by tropical storms and hurricanes that result in short-term, high-precipitation events. Mining operations are conducted year-round. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 4-2 4.4 Local Resources and Infrastructure A skilled labor force is available in the region and surrounding mining areas of Mexico. Fuel and supplies are sourced from nearby regional centers such as Monterrey, Monclova, Saltillo and Zacatecas. Imports from the United States are sourced via Laredo. The Peñasquito Operations currently have all infrastructure in place to support mining and processing activities (see also discussions in Chapter 13, Chapter 14, and Chapter 15 of this Report). These Report chapters also discuss water sources, electricity, personnel, and supplies.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 5-1 5.0 HISTORY 5.1 Exploration History A summary of the exploration and development history of the Peñasquito Operations is provided in Table 5-1. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 5-2 Table 5-1: Exploration History Year Operator Work Undertaken 1950s Minera Peñoles Excavation of a 61 m shaft with a crosscut to the old workings and completion of two drill holes. 1994–1998 Minera Kennecott SA de CV (Kennecott) Discovery of two large mineralized diatreme breccia bodies, the Outcrop (Peñasco) and Azul Breccias. Geochemical surveys. Gravity, CSAMT, reconnaissance IP, scaler IP, airborne radiometrics and magnetics and ground magnetics surveys. 250 RAB drill holes (9,314 m). 72 RC and core drill holes (2 ,209 m): 23 drill holes were drilled in the Peñasco Outcrop Breccia zone, 15 drill holes at Brecha Azul, 13 drill holes at Chile Colorado, and other drill holes scattered outside these zones. 1998 Western Copper Holdings Ltd. (Western Copper) Acquired Project from Kennecott. 9 core holes (3,185 m). 13.4 line km of Tensor CSAMT geophysical survey 2000 Minera Hochschild S.A (Hochschild) 14 core holes (4,601 m); 11 at Chile Colorado. 2000–2003 Western Copper 149 core and RC drill holes (45,916.5 m), and completion of a scoping study. 2003–2006 Western Silver Corporation (Western Silver) Corporate name change from Western Copper to Western Silver. 480 core drill holes, including 13 metallurgical drill holes. Scoping, pre-feasibility and feasibility studies completed. Glamis Gold Ltd. (Glamis Gold) acquired Western Silver in May 2006; Glamis Gold was acquired by Goldcorp Inc. (Goldcorp) in November 2006. 2012 CIVIS Inc on behalf of Goldcorp Topography surface flown on May 25, 2012; flight over the open pit area covered 16 km2 and had a resolution of 10 cm 2006–2018 Goldcorp Updated feasibility study. Mining began in July 2007, the first doré was produced in May 2008, mechanical completion of the first mill/ flotation line (50 kt/d) as achieved in July 2009, and the first concentrates were produced and shipped in October 2009. High-sensitivity aeromagnetic and FALCON Airborne Gravity Gradiometer system flown in 2010; 1,789 line-km of data acquired. HELITEM time domain EM helicopter survey flown in 2010–2011; 1,597 line- km of data acquired. 1,143 core and RC holes drilled (542,750.49 m) for resource definition, metallurgy, geotechnical evaluation, and condemnation for infrastructure. 2019 Goldcorp/Newmont Mining Corp. Corporate merger; Goldcorp Inc. became a fully owned subsidiary of Newmont Mining Corporation and its shares were delisted from stock exchanges; following transaction completion Newmont changed its name to Newmont Goldcorp Corporation. The company name was shortened to Newmont Corporation in 2020. 2019–2023 Newmont 360 holes drilled (115,909 m).

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 6-1 6.0 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT 6.1 Deposit Type The deposits within the Peñasquito Operations are examples of breccia pipe deposits developed as a result of intrusion-related hydrothermal activity. Such deposits are hosted in a tectonic setting of continental magmatism, well-inboard of inferred or recognized convergent plate boundaries, and which commonly contains coeval intrusions of alkalic, metaluminous calc-alkalic, and peraluminous compositions. Preferred host strata include reducing basinal sedimentary or metasedimentary rocks. Deposit locations are often controlled by graben faults and ring complexes related to cauldron development. Deposits typically consist of mineralized, funnel-shaped, pipe-like, discordant breccia bodies and sheeted fracture zones. Mineralization is hosted by a variety of breccia types, including magmatic- hydrothermal, phreatomagmatic, hydraulic and collapse varieties. Breccia cement consists dominantly of quartz and carbonate (calcite, ankerite, siderite), with specularite and tourmaline at some deposits. Mineralization characteristically has a low sulfide content (<5 volume %), and contains pyrite, chalcopyrite, sphalerite, galena, and pyrrhotite, with minor molybdenite, bismuthinite, tellurobismuthite and tetrahedrite, which occur either in the matrix or in rock fragments. It is typically silver-rich (gold:silver ratios of 1:10), with associated lead, zinc, copper, ± molybdenum, manganese, bismuth, tellurium, and tungsten), and a lateral (concentric) metal zoning is present at some deposits. A sericite–quartz–carbonate–pyrite alteration assemblage and variably developed silicification is coincident with mineralized zones, grading outward into propylitic alteration. An early-stage potassium–silicate alteration locally occurs in some deposit areas. 6.2 Regional Geology The regional geology of the project area is dominated by Mesozoic sedimentary rocks, which are intruded by Tertiary stocks of intermediate composition (granodiorite and quartz monzonite) and overlain by Tertiary terrestrial sediments and Quaternary alluvium. The Mesozoic sedimentary rocks consist of a >2.5 km thick series of marine sediments deposited during the Jurassic and Cretaceous Periods with a 2,000 m thick sequence of carbonaceous and calcareous turbiditic siltstones and interbedded sandstones underlain by a 1,500–2,000 m thick limestone sequence. Following a period of compressional deformation, uplift, and subsequent erosion, the Mesozoic marine sediments were overlain by the Tertiary Mazapil Conglomerate. Large granodiorite stocks are interpreted to underlie large portions of the mineralized areas within the Concepción Del Oro District, including the Peñasquito area. Slightly younger quartz–feldspar porphyries, quartz monzonite porphyries, and other feldspar-phyric intrusions occurring as dikes, Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 6-2 sills, and stocks cut the sedimentary units. The intrusions are interpreted to have been emplaced from the late Eocene to mid-Oligocene. 6.3 Project Geology The Mesozoic sedimentary rocks of the Mazapil area were folded into east–west arcuate folds during the Laramide orogeny. The end-Laramide extension was accommodated by northwest-, northeast- and north-striking faults, contemporaneous with deposition of Tertiary-aged terrestrial sediments in fault–bounded basins. Tertiary granodiorite, quartz monzonite, and quartz–feldspar porphyry bodies were intruded during this period of extension. Typically, the magmatic bodies were emplaced along anticlines and local syncline axes, and fault intersections. The current topography reflects the underlying geology, with ranges exposing anticlines of the older Mesozoic rocks, while valleys are filled with alluvium and Tertiary sediments overlying synclinal folds in younger Mesozoic units. Tertiary stocks and batholiths are better exposed in the ranges. Figure 6-1 is a schematic stratigraphic column for the Project area. Figure 6-2 shows the regional geology. Two breccia pipes, Peñasco and Brecha Azul, intrude Cretaceous Caracol Formation siltstones in the center of the Mazapil valley. The Peñasco diatreme forms the principal host for known gold–silver–lead–zinc mineralization at the Peñasquito deposit. The Chile Colorado deposit comprises mineralized sedimentary rocks adjacent to the Brecha Azul diatreme. The breccia pipes are believed to be related to quartz–feldspar porphyry stocks beneath the Peñasquito area. The current bedrock surface is estimated to be a minimum of 50 m (and possibly several hundred meters) below the original paleo-surface when the diatremes were formed. The brecciated nature of the host rock indicates that the diatremes explosively penetrated the Mesozoic sedimentary units and it is likely that they breached the surface; however, eruption craters and ejecta aprons have since been eroded away. Alluvium thickness averages 30–50 m at Peñasquito, and this cover obscured the diatremes. There is one small outcrop of breccia near the center of the Peñasco diatreme, rising about 5 m above the valley surface. The single outcrop near the center of the Peñasco pipe contained weak sulfide mineralization along the south and west side of the outcrop, representing the uppermost expression of much larger mineralized zones at depth. 6.4 Deposit Descriptions 6.4.1 Overview Peñasco and Brecha Azul are funnel-shaped breccia pipes, which flare upward, and are filled with brecciated sedimentary and intrusive rocks, cut by intrusive dikes. The larger diatreme, Peñasco, has a diameter of 900 m by 800 m immediately beneath surface alluvial cover, and diatreme breccias extend to at least 1,000 m below surface.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 6-3 Figure 6-1: Stratigraphic Column Schematic Sketch Note: Figure from Rocha-Rocha, 2016. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 6-4 Figure 6-2: Regional Geology Map Note: Figure prepared by Newmont, 2020.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 6-5 The Brecha Azul diatreme, which lies to the southeast of Peñasco, is about 500 m in diameter immediately below alluvium, and diatreme breccias also extend to at least 1,000 m below surface. Chile Colorado is a mineralized stockwork located southwest of Brecha Azul, hosted in sediments of the Caracol Formation. It has dimensions of approximately 600 m by 400 m immediately beneath surface alluvial cover, and extends to at least 500 m below the current land surface. Figure 6-3 is a geology plan of the diatreme area. Polymetallic mineralization is hosted by the diatreme breccias, intrusive dikes, and surrounding siltstone and sandstone units of the Caracol Formation. The diatreme breccias are broadly classified into three units, in order of occurrence from top to bottom within the breccia column, which are determined by clast composition: • Sediment-clast breccia; • Mixed-clast breccia (sedimentary and igneous clasts); • Intrusive-clast breccia. Sedimentary rock clasts consist of Caracol Formation siltstone and sandstone. Intrusive rock clasts are dominated by quartz–feldspar porphyry. For the purposes of the geological block model, the sediment-clast breccia (BXS), the sediment-crackle breccia (CkBx), mixed-clast breccia (BXM) and intrusion-clast breccia (BXI) are modeled as separate lithological solids. A variety of dikes cut the breccia pipes and the immediately adjacent clastic wall-rocks. These dikes display a range of textures from porphyry breccia to quartz–feldspar and quartz-eye porphyries, to aphanitic micro breccias. For block modelling purposes, the units are simplified into three intrusive lithologies; brecciated intrusive rocks (IBX), felsites and felsic breccias (FI/FBX), and quartz–feldspar porphyry (QFP). 6.4.2 Structure A complex structural setting generated the structural conditions for magma ascent. When the magma encountered phreatic water, violent explosions and brecciation ensued, giving rise to the phreatomagmatic breccias. A number of mineralized fault zones have been identified (Figure 6-4) and are included as solids in the block model. The Peñasquito area appears to be focus of four major structural elements: • The axis of a flat-lying syncline; • Normal N40–50ºW-striking faults; • Normal N70°W striking faults; • Normal north–northeast-striking faults. These structural elements are related to three primary deformational episodes: pre-mineral (D1), syn-mineral (D2), and post-mineral (D3). During the Jurassic, the D1 extensional regime associated with the opening of the Gulf of Mexico and formation of the Mesozoic basin generated a northwest-trending strike. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 6-6 Figure 6-3: Deposit Geology Map Note: Ovb = overburden; KucSlt = Kuc Caracol Formation, siltstone>sandstone; Bxi = sediment, QFP and Fi clasts/milled intrusive mixed hydrothermal breccia; Bxm: mixed sediment>intrusive clasts/milled sediment–intrusive mixed breccia; Bxs: sediment clasts/milled sediment mixed breccias; Ibx: quartz–feldspar porphyry intrusive breccia; Ft: felsite intrusive or breccia; Qfp: quartz– feldspar porphyry.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 6-7 Figure 6-4: Deposit Structural Setting Note: Figure prepared by Newmont, 2023. KucSlt = Kuc Caracol Formation, siltstone>sandstone; Bxi = sediment, QFP and Fi clasts/milled intrusive mixed hydrothermal breccia; Bxm: mixed sediment>intrusive clasts/milled sediment–intrusive mixed breccia; Bxs: sediment clasts/milled sediment mixed breccias; Ibx: quartz–feldspar porphyry intrusive breccia; Ft: felsite intrusive or breccia; Qfp: quartz–feldspar porphyry. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 6-8 During the Cretaceous to Early Tertiary, the D2 contractional regime associated with the Laramide Orogeny reactivated the northwest-trending basin bounding faults. Lastly, during the Miocene, the D3 extensional regime resulted in basin-and-range style extension and basaltic extrusion along extensional faults. 6.4.3 Alteration Both of the breccia pipes lie within a hydrothermal alteration shell consisting of a proximal sericite– pyrite–quartz (phyllic) alteration (QSP) assemblage, distal sericite–pyrite–quartz–calcite (QSPC) assemblage, and peripheral pyrite–calcite (PC) alteration halo. There is an inverse relationship between degree of alteration and organic carbon in the Caracol Formation sedimentary rocks, suggesting organic carbon was mobilized or destroyed during alteration. At depth, metasomatic alteration resulted by interaction between porphyry system and calcareous sedimentary sequence. Endoskarn was produced along contacts between quartz–feldspar porphyry and calcareous rock, with exoskarn developed in siliciclastic-rich limestone the Cuesta del Cura and La Pena Formations and, to a lesser degree, the Indidura, Taraises, and La Caja Formations). Massive, pure limestone was converted to marble. A distal hornfels alteration can be observed in the Caracol Formation. 6.4.4 Mineralization The diatreme and sediments contain, and are surrounded by, disseminated, veinlet and vein- hosted sulfides and sulfosalts containing base metals, silver, and gold. Mineralization is breccia or dike hosted, forms mantos, or is associated with skarns. Figure 6-5 is a schematic that shows the relationship between the various mineralization styles. Mineralization consists of disseminations, veinlets and veins of various combinations of medium to coarse-grained pyrite, sphalerite, galena, and argentite (Ag2S). Sulfosalts of various compositions are also abundant in places, including bournonite (PbCuSbS3), jamesonite (PbSb2S4), tetrahedrite, polybasite ((Ag,Cu)16(Sb,As)2S11), and pyrargyrite (Ag3SbS3). Stibnite (Sb2S3), rare hessite (AgTe), chalcopyrite, and molybdenite have also been identified. Telluride minerals are the main gold-bearing phase, with electrum and native gold also identified. Gangue mineralogy includes calcite, sericite, and quartz, with rhodochrosite, fluorite, magnetite, hematite, garnets (grossularite–andradite) and chlorite–epidote. Carbonate is more abundant than quartz as a gangue mineral in veins and veinlets, particularly in the “crackle breccia” that occurs commonly at the diatreme margins.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 6-9 Figure 6-5: Mineralization Setting Note: Figure prepared by Newmont, 2024. 6.4.4.1 Breccia- and Dike-Hosted Mineralization Breccia-hosted mineralization is dominated by sulfide disseminations within the matrix with lesser disseminated and veinlet-controlled mineralization in clasts. All breccia types host mineralization, but the favored host is the intrusion-clast breccia. Much of the mineralization within the Peñasco and Brecha Azul pipes lie within the intrusion-clast breccia. All of the dike varieties are locally mineralized, and they are almost always strongly altered. Mineralization of dikes occurs as breccia matrix fillings, disseminations and minor veinlet stockworks at intrusion margins, and veinlets or veins cutting the more massive dikes. Mineralized dikes form an important ore host in the Peñasco diatreme but are not as abundant in Brecha Azul. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 6-10 Mineralization of the Caracol Formation clastic sedimentary units where the units are cut by the diatremes is dominated by sulfide replacement of calcite matrix in sandstone beds and lenses and disseminated sulfides and sulfide clusters in sandstone and siltstones. Cross-cutting vein and veinlet mineralization consists of sulfide and sulfide-calcite fillings. The Chile Colorado deposit is the largest known sediment-hosted mineralized zone, although others also occur adjacent to Peñasco (e.g., El Sotol), and between the diatremes (e.g., La Palma). El Sotol, located to the west of Peñasco, consists of small horizons mineralized with sulfides and sulfosalts, which are consistent with the stratification of the Caracol Formation. Reforma is a northwest–southeast oriented vein system consisting of rhodochrosite, sulfides, and sulfosalts that occurs within the Chile Colorado deposit and to the south–southwest of the Peñasco breccia. There is a spatial association between strong QSP alteration and the highest degree of sulfide and sulfosalt mineralization. A halo of generally lower-grade disseminated zinc–lead–gold–silver mineralization lies within the QSPC assemblage surrounding the two breccia pipes. 6.4.4.2 Mantos-Style Mineralization Mantos-style sulfide replacements of carbonate strata have been identified within and beneath the Caracol Formation adjacent to the diatreme pipes, beneath the clastic-hosted disseminated sulfide zones. They consist of semi-massive to massive sulfide replacements of sub-horizontal limestone beds, as well as structurally-controlled cross-cutting chimney-style, steeply dipping, fracture and breccia zones filled with high sulfide concentrations. The sulfides are generally dominated by sphalerite and galena, but also contain significant pyrite. Gangue minerals (commonly carbonates) are subordinate in these strata-replacement mantos and cross-cutting chimneys. Stratiform and chimney mantos are characterized by their very high zinc, lead, and silver contents, with variable copper and gold contributions. 6.4.4.3 Skarn Mineralization Garnet skarn-hosted copper–gold–silver–zinc–lead mineralization (carbonate replacement deposits or CRDs) within dissolution breccias was identified at depth between the Peñasco and Brecha Azul diatremes (Figure 6-5). The mineralized skarns trend northwest–southeast, and have been divided into the following zones: • CRD Upper zone: a garnet skarn hosted within the Indidura and Cuesta del Cura Formations; x, y, z dimensions of 1,500 x 600 x 450 m; • CRD Deeps zone: a garnet skarn hosted within the Taraises and La Caja Formations; x, y, z dimensions of 1,300 x 550 x 250 m. Polymetallic mineralization is hosted by garnet skarn and associated breccias, mainly as chalcopyrite and sphalerite with some gold and silver. Gangue minerals consist of pyrite, calcite, garnet, and magnetite. The garnet skarns are often surrounded by halos of hornfels, especially in siliciclastic units, and/or marble and recrystallized limestone in carbonate units. Deep

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 6-11 exploration programs identified quartz feldspar porphyry with strong QSPC and potassic alteration that contains occasional veinlets of quartz with molybdenite, and veins with secondary biotite and magnetite disseminated in the wall rocks. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-1 7.0 EXPLORATION 7.1 Exploration A summary of the exploration conducted is provided in Table 7-1. As there is a single small outcrop in the Project area, the primary exploration tools have been geophysics and drilling. 7.1.1 Grids and Surveys The Project uses UTM NAD27. All data collected prior to establishment of the mining operation were converted to this datum. Digital terrain data were supplied to Newmont by Eagle Mapping, Vancouver, Canada, from aerial photography completed on November 13, 2003. Aerial photography provided a 0.24 m resolution and a vertical and horizontal accuracy of ± 1.0 m. Eagle Mapping also provided an updated topographic surface in 2008. The last version of digital terrain data was supplied by CIVIS Inc. from photographic flights completed on May 25, 2012. The photography covering the open pit and TSF from the 2012 flights was completed with a resolution of 0.1 m. 7.1.2 Petrology, Mineralogy, and Research Studies A doctoral thesis was completed on the deposit area in 2016: • Rocha-Rocha, M., 2016: Metallogenesis of the Penasquito polymetallic deposit: a contribution to the understanding of the magmatic ore system: PhD thesis, University of Nevada, Reno, 338 p. 7.1.3 Qualified Person’s Interpretation of the Exploration Information The exploration programs completed to date are appropriate to the style of the deposits and prospects. Additional exploration has a likelihood of generating further exploration successes particularly as regional exploration has been limited to date. 7.1.4 Exploration Potential Potential exists at depth below the operating pits within the diatreme bodies as well as for skarn and mantos mineralization within the surrounding limestone units. The surrounding district has relatively little exploration work completed. Newmont is planning a staged approach at identifying potential targets with geophysical and geochemical surveys, as well as detailed mapping campaigns. This will aid in prioritizing drill targets.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-2 Table 7-1: Exploration Summary Table Type Comment/Result Geological mapping Mapping within the district surrounding Peñasquito is conducted at 1:5,000 scale. Information mapped includes lithology, and structural measurements. Mapping in the field is mylar using a topography base. It is then digitized using ArcMap software. Open pit mapping Geological mapping at 1:2,000 scale within the pit identifies lithologies and structural elements that are important for geological modeling and geotechnical considerations. Geochemical sampling The only original bedrock exposure at Peñasquito was on a single low hill in the center of what is now known as the Peñasco diatreme. Early explorers in the district collected rock-chip samples from this outcrop. The remainder of the operations area was covered by alluvium, generally 30–40 m thick, and surface sampling was not possible. Airborne and ground- based magnetic surveys, airborne radiometric surveys, CSAMT and ground gravity and induced polarization (IP) surveys The aeromagnetic survey defined an 8 km x 4 km, north–south-trending magnetic high which was approximately centered on the Outcrop (Peñasco) Breccia. The airborne and ground magnetometer surveys suggested the presence of deep-seated granodioritic intrusions and indicated a relationship between mineralization and the underlying plutons. Kennecott identified and defined IP chargeability and resistivity anomalies in the central Peñasquito area and the surveys were instrumental in locating the sulfide stockwork zone at the Chile Colorado. The gravity surveys identified the Brecha Azul diatreme and partially outlined the Peñasco diatreme pipe. Airborne magnetic surveys (Goldcorp) Included coverage of the Peñasquito and Camino Rojo blocks, in Zacatecas State. The first survey utilized a high-sensitivity aeromagnetic and FALCON Airborne Gravity Gradiometer system. This survey was flown on November 11– 19, 2010, with a total of 1,789 line-km of data being acquired. The second survey used the HELITEM time domain EM helicopter system and was flown between December 11, 2010 and January 9, 2011 for a total of 1,597 line-km. The two surveys approximately covered the same areas with only modest differences in the positioning of lines. Some anomalies were detected toward the north and east of the Peñasco diatreme, which require exploration follow- up. To date, no exploration has been conducted on these anomalies. Structural interpretations Field evaluations and data collection on the deposit structural setting was conducted in 2017. These data were used to update the structural model used in resource estimation. Alteration interpretations An analytical spectral device was used to collect alteration data from each mining cutback. These data were used to refine the regional alteration model to aid in exploration vectoring, particularly for Caracol Formation sediments. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-3 7.2 Drilling 7.2.1 Overview 7.2.1.1 Drilling on Property Drilling to December 31, 2023 comprises 1,844 core holes (929,760 m), 52 RC holes with core tails (26,332 m) and 331 RC holes (48,563m) for a total of 2,227 drill holes (1,004,664 m). A drill summary table is presented in Table 7-2. Drilling focused on the exploration and delineation of Chile Colorado, Brecha Azul Zone and Peñasco. Drilling that supports mineral resource and mineral reserve estimates consists of core and RC drill holes, and totals 1,937 holes for 903,219 m (Table 7-3). The database closeout date for the data supporting mineral resource and mineral reserve estimates is June 26, 2023. Drill collar locations within the Project area are shown in Figure 7-1. The collars of those drill holes used in mineral resource estimation are shown in Figure 7-2. 7.2.1.2 Drilling Excluded For Estimation Purposes Fourteen drill holes (MHC-01 to MHC-14) completed by Mauricio Hochschild in the current open pit area in 2000 are excluded from estimation, because there are no assay certificates. Short (<40 m) RC holes were not used in mineral resource estimation. 7.2.2 Drill Methods Seven drill contractors were used over the Project duration, including Major Drilling Co (core and RC); Adviser Drilling, S.A. de C.V. (core); Layne de Mexico (RC); BDW Drilling (core); KDL Mexico SA de C.V. (core); Boart Longyear Drilling Services-Mexico (core); and Globexplore (RC). RC drilling was conducted using down-hole hammers and tricone bits, both dry and with water injection. Water flow was rarely high enough to impact the drilling, although water had to be injected to improve sample quality. Some RC drilling was performed as pre-collars for core drill holes. Sample recoveries were not routinely recorded for RC holes. 7.2.3 Logging Logging of RC drill cuttings and core used standard logging procedures. The level of detail collected varied by drill program and operator, but generally collected lithology, alteration, mineralization, structural features, oxidation description, and vein types. Core is photographed.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-4 Table 7-2: Drill Summary Table Year Project Operator Core Mixed RC Total Number of Holes Drilled Meters Number of Holes Drilled Meters Number of Holes Drilled Meters Number of Holes Drilled Meters 1994– 1997 Kennecott 17 5,358 24 13,602 31 5,075 72 24,035 1998 Western Copper 9 3,185 — — — — 9 3,185 2000 Hochschild 14 4,601 — — — — 14 4,601 2002 Western Copper 46 20,198 — — — — 46 20,198 2003 46 18,946 2 865 55 5,908 103 25,719 2004 Western Silver 126 59,118 — — — — 126 59,118 2005 162 98,333 — — — — 162 98,333 2006 192 110,752 — — — — 192 110,752 2007 Goldcorp 195 132,366 — — 23 4,946 218 137,312 2008 58 50,643 — — 12 3,254 70 53,897 2009 47 22,182 — — — — 47 22,182 2010 37 22,175 — — — — 37 22,175 2011 21 14,032 — — 59 2,495 80 16,527 2012 85 52,991 — — — — 85 52,991 2013 72 43,342 — — — — 72 43,342 2014 129 48,825 — — — — 129 48,825 2015 103 45,626 — — — — 103 45,626 2016 119 43,754 — — 3 99 122 43,853 2017 43 13,980 5 2,068 35 7,116 83 23,164 2018 26 10,436 21 9,797 50 12,633 97 32,866 2019 Newmont 18 10,162 — — 1 271 19 10,433 2020 42 14,719 — — — — 42 14,719 2021 63 21,360 — — — — 63 21,360 Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-5 Year Project Operator Core Mixed RC Total Number of Holes Drilled Meters Number of Holes Drilled Meters Number of Holes Drilled Meters Number of Holes Drilled Meters 2022 104 42,947 — — 62 6,766 166 49,713 2023 70 19,738 — — — — 70 19,738 Totals 1,844 929,769 52 26,332 331 48,563 2,227 1,004,664 Note: Metreage has been rounded; totals may not sum due to rounding. Mixed = drilling that commenced with RC and was finished using core. Table 7-3: Drill Summary Table Supporting Mineral Resource Estimates Year Project Operator Core Mixed RC Total Number of Holes Drilled Meters Number of Holes Drilled Meters Number of Holes Drilled Meters Number of Holes Drilled Meters 1994–1997 Kennecott 17 5,358 24 13,602 26 4,358 67 23,318 1998 Western Copper 9 3,185 — — — — 9 3,185 2002 Western Copper 46 20,198 — — — — 46 20,198 2003 46 18,946 2 865 46 5,008 94 24,819 2004 Western Silver 124 58,354 — — — — 124 58,354 2005 157 96,331 — — — — 157 96,331 2006 124 83,715 — — — — 124 83,715 2007 Goldcorp 133 108,899 — — 23 4,946 156 113,845 2008 58 50,643 — — 12 3,254 70 53,897 2009 34 16,863 — — — — 34 16,863 2010 30 18,871 — — — — 30 18,871 2011 8 8,806 — — 32 1,365 40 10,171 2012 20 26,013 — — — — 20 26,013 2013 72 43,342 — — — — 72 43,342 2014 129 48,825 — — — — 129 48,825 2015 103 45,626 — — — — 103 45,626

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-6 Year Project Operator Core Mixed RC Total Number of Holes Drilled Meters Number of Holes Drilled Meters Number of Holes Drilled Meters Number of Holes Drilled Meters 2016 119 43,754 — — 3 99 122 43,853 2017 43 13,980 5 2,068 35 7,116 83 23,164 2018 26 10,436 21 9,797 50 12,633 97 32,866 2019 Newmont 18 10,162 — — 1 271 19 10,433 2020 42 14,719 — — — — 42 14,719 2021 63 21,360 — — — — 63 21,360 2022 104 42,947 — — 62 6,766 166 49,713 2023 70 19,738 — — — — 70 19,738 Totals 1,591 831,071 52 26,332 290 45,816 1,937 903,219 Note: Metreage has been rounded; totals may not sum due to rounding. Mixed = drilling that commenced with RC and was finished using core. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-7 Figure 7-1: Drill Collar Location Map Note: Map current as at December 31, 2023. No drilling occurred between May and December, 2023.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-8 Figure 7-2: Drill Collar Location Map for Drilling Supporting Mineral Resource Estimates Note: Breccia pipes shown as red outlines. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-9 7.2.4 Recovery Core recovery is good, averaging about 96%. Core drilling typically recovered HQ/HTW (63.5–70.92 mm diameter) size core from surface, then was reduced to NQ/NTW (47.6–56.0 mm) size core and, subsequently, BQ/BTW (36.5–42.0 mm) size where ground conditions warranted. Metallurgical holes were typically drilled using PQ (85 mm) core size. Occasionally, PQ core was used in pre-collars followed by HQ–HTW core. 7.2.5 Collar Surveys Prior to 2001, drill holes were located using chain-and-compass methods. From 2002 onwards, collar survey was performed by a qualified surveyor. Once mining operations commenced, all surveys were performed using differential global positioning system (DGPS) instruments. The mine currently uses Trimble R-6 GPS instruments. 7.2.6 Downhole Surveys Downhole surveys are completed by the drilling contractor using a single shot, through the bit, survey instrument. Drill holes are surveyed on completion of each hole as the drill rods are being pulled from the hole. All drill holes have been downhole surveyed except the 51 Western Silver RC drill holes and 11 of the 17 Kennecott drill holes. Use of gyroscopic survey instruments began in 2012, with measurements taken at 30 m intervals. In 2022, a continuous downhole survey method was implemented using a north-seeking gyroscope. 7.2.7 Grade Control Grade control drilling was completed as part of an infill drilling program using core. 7.2.8 Comment on Material Results and Interpretation Drill hole spacing is generally on 50 m sections in the main deposits, with tighter spacing for infill drilling within the Peñasco pit. Drilling on 400 m spaced sections was completed in the condemnation zones and drill spacing is wider again in the areas outside the conceptual pit outlines used to constrain mineral resources. Drilling covers an area approximately 11 km east– west by 7 km north–south in size, with the majority of drill holes concentrated in an area of about 2.1 km east–west by 2.8 km north–south. Drilling is normally perpendicular to the strike of the mineralization. Depending on the dip of the drill hole, and the dip of the mineralization, drill intercept widths are typically greater than true widths. Drill orientations are generally appropriate for the mineralization style, and have been drilled at orientations that are optimal for the orientation of mineralization for the bulk of the deposit areas (Figure 7-3 and Figure 7-4).

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-10 Figure 7-3: Example Drill Section Note: Figure prepared by Newmont, 2024. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-11 Figure 7-4: Example Drill Section Note: Figure prepared by Newmont, 2024.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-12 Sampling is representative of the grades in the deposit area, reflecting areas of higher and lower grades. No material factors were identified with the data collection from the drill programs that could affect mineral resource or mineral reserve estimation. 7.3 Hydrogeology Pit dewatering is undertaken using 10 vertical in-pit dewatering wells, drilled to 1,000–1,050 m depths. The holes are 444.5 mm in diameter, have 305 mm steel casing and screen over the entire hole (i.e., to total depth), and are installed with electrical submersible pumps controlled by variable frequency drives. Contingency measures have included sump and surface pumping to mitigate the presence of groundwater at the pit bottom (pit lake and pit sumps). 7.3.1 Sampling Methods and Laboratory Determinations Mining operations staff perform water level monitoring on observation and pumping wells by means of numerous vibrating wire piezometers and pump pressure transducers. Water monitoring sampling is conducted by the environmental department, on wells within the pit, and external wells, as well as monitoring wells upstream and downstream of the TSF and the heap leach pad facilities. Groundwater in the vicinity of the TSF and heap leach pad facilities is analyzed for environmental compliance purposes, and analysis is performed for standard water chemistry parameters on the pumping wells. Collection of hydrological data is done by site staff, and typically includes airlift testing during RC drilling and well development, water level measurements and pumping tests from dewatering wells. 7.3.2 Groundwater Models There are currently two groundwater models for pit dewatering that cover the two open pits. The first model was developed by third-party consultants Newfields in 2019, and the second, updated numerical model was prepared by third-party consultants Itasca in 2020. A regional-scale aquifer model was constructed by third-party consultants Geomega in 2018. The water models of external wells fields were completed in 2023 and were constructed by Hidrologica, another third-party consultant. 7.3.3 Comment on Results A combination of historical and current hydrological data, together with operating experience, governs the pit dewatering plan. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-13 Monitoring wells are used to track potential environmental non-compliance in the vicinity of the TSF and heap leach pad facilities. 7.4 Geotechnical Geotechnical drilling was completed in support of infrastructure locations and in support of pit designs. 7.4.1 Sampling Methods and Laboratory Determinations The geotechnical model for the Peñasquito Operations was defined by geotechnical drilling and logging, laboratory testwork, rock mass classification, structural analysis and stability modeling. Completed testwork included: • Degree of alteration; • Point load index testing; • Unconfined compressive strength testing; • Triaxial compressive strength testing; • Brazilian tensile strength testing; • Determination of Hoek-Brown material constant “mi”; • Shear strength of discontinuities; • Rock mass strength; • Shear strength anisotropy. Rock mass rating (RMR) and Q-Barton parameters were logged for rock mass strength evaluations. Unconfined compressive strength testing was conducted by third-party consultants Call & Nicholas, Inc. (CNI; 2009–2015) and SRK Consulting Inc. (SRK, 2016). Additional tests included uniaxial and triaxial compressive strength testing. Rock strength index determinations from core logging resulted in a 90% ratio match or with slightly lower estimates than the unconfined compression strength determinations from the laboratory testing, indicating that core logging estimates are suitable and slightly conservative for design purposes. Estimates of hardness, based on ISRM (1981), were collected on a run-by-run basis by third- party consultants Golder Associates (Golder; 2005), SRK (2016b), and Piteau Associates (Piteau; 2017, 2018). Values for the Hoek-Brown material constant “mi” that were used by Piteau (2018) for pit designs, were derived using results from triaxial strength, unconfined compressive strength, and Brazilian tensile strength testing results. Discontinuity shear strengths were based on the results of historical laboratory direct shear testing.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-14 CNI, Golder, SRK, and Piteau are independent third-party consultants who have specialist geotechnical testing facilities. Testing followed standard protocols for geotechnical testwork. There is no system for accreditation of geotechnical laboratories. 7.4.2 Models A continuum model for rock mass disturbance for phases of the open pits was developed to account for the effects of blasting and stress relief on rock mass strength based on the results of yield percentage versus depth relationships from a preliminary Universal Distinct Element Code software model. Assessment of fault, bedding shear, joint, and bedding structural sets defining shear strength anisotropy and two-dimensional (2D) anisotropic limit equilibrium stability analyses was conducted using SLIDE2 2018 software on cross-sections through the Phase 9 of the open pit, incorporating the combined influence of adverse structural orientations and potential for shearing through intact rock mass; and development of bench, inter-ramp, and overall slope design criteria for the Phase 9 mine plan. During 2019, SRK created a 3D geotechnical domain model for the Peñasco pit using MineSight software, based on available laboratory tests and the retrospective analysis of the north wall macroblock. Depending on the relative content of quartz, sericite, or silica in a geotechnical domain, the rock mass geomechanical behavior can differ significantly. As a result, each time the geological models undergo significant changes, the geotechnical domain model is updated. 7.4.3 Monitoring There are six displacement monitoring radars on site, three of which monitor the Peñasco pit, and three monitor the Chile Colorado pit. There are five robotic total station instruments, three at the Peñasco pit, and two at the Chile Colorado pit. Radar is used to monitor issues and known problems, including displacement, old failures, bench-scale bedding plane movements, wedge slides, and material spills. Blast vibration is monitored using Instantel blast monitoring equipment. A geotechnical events register is maintained, and incidences are logged. There is also a record of instability zones in each pit, with information such as location, key structural data, lithologies, and event type noted. Daily geotechnical inspections are completed of the open pits and the WRSFs. WRSF designs are also regularly reviewed for geotechnical compliance and the potential for the facilities to interface with infrastructure or roads. 7.4.4 Comment on Results A combination of historical and current geotechnical data, together with mining experience, are used to established pit slope designs and procedures that all benches must follow. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 7-15 Analytical methods are used to evaluate structural behavior of the rock mass. Third-party consultants were retained to provide the recommended pit slope guidelines. These data and mining experience support the geotechnical operating considerations used in the mine plans in Chapter 13 of this Report.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 8-1 8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY 8.1 Sampling Methods 8.1.1 RC RC drill holes were sampled at intervals of 2 m. The drill cuttings were split at the drill into several portions of ≤12 kg. A handful of rock chips from each sample interval was collected and logged by experienced onsite geologists. Data from the drill logs were entered digitally into ASCII files, then uploaded to the Project database. From 2021 onwards, logging information has been collected using Newmont’s proprietary Visual Logger software, and uploaded to Newmont’s global GED_Drillholes database. 8.1.2 Core For all core holes, the nominal sample interval is 2 m. Sample lengths may be adjusted to accommodate geological features, and in areas of low recovery. Core is halved using saws. Half of the cut core is placed in the plastic sample bag and half remains in the boxes which are stored on shelves in several large, secure warehouses. For condemnation drill holes, one sample of 2 m was taken every 20 m unless geological inspection dictated otherwise. Quality assurance and quality control (QA/QC) materials were inserted by exploration staff in the dispatch portion of the sampling area. The bags were tied with string and placed in rice bags, three per bag, the sample numbers written on the rice bags. Bags were stacked for shipment. 8.1.3 Grade Control Blast hole samples for submission to the on-site laboratory are collected by the Mine Geology staff using a hand held rotary drill to collect cuttings on a pre-defined pattern from the cone of cuttings. For blast holes where there is poor recovery, a larger number of sampling points is used. Samplers try to maintain an 8 kg sample size. 8.2 Sample Security Methods Sample security was not generally practiced at the Peñasquito Operations during the exploration drilling programs, due to the remote nature of the site. Sample security relied upon the fact that the samples were always attended or locked at the sample dispatch facility. Sample collection and transportation have always been undertaken by company or laboratory personnel using company vehicles. Current practice is for drill core to be collected from the drill rig by Newmont employees and delivered to the secure exploration facility in the town of Mazapil, 12 km east of the mine where it Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 8-2 is logged and sampled. Sample shipments are picked up once a week by a truck from ALS Global and taken to one of their sample preparation facilities. Formerly, samples were sent to the ALS facility in Guadalajara, Mexico (ALS Guadalajara) but are currently prepared at the ALS facility in Zacatecas, Mexico (ALS Zacatecas). After preparation samples are sent by air to the ALS Global analytical facility in North Vancouver, Canada (ALS Vancouver) for analysis. Chain-of-custody procedures consist of filling out sample submittal forms that are sent to the laboratory with sample shipments to make certain that all samples were received by the laboratory. After sampling, core is stored in secure facilities in Mazapil for future reference. Some core is stored on steel shelves within the secure exploration facility, and some core is stored in secure warehouses a short distance away. As far as is practicable, core is stored in numeric sequence by drill hole number and depth. Sample rejects and pulps are returned by ALS Global to Newmont’s core shack in Mazapil for storage. Coarse rejects in plastic bags are stored in wooden boxes in an outdoor storage area, and covered by heavy duty tarps. Boxes are labelled and stored by sample number. Weathering has deteriorated the integrity of individual rejects and pulps from earlier drill programs. 8.3 Density Determinations A total of 7,304 density measurements have been utilized for density determinations. Density measurements are completed by Newmont staff at site. Density samples of whole core, generally 5–20 cm in length, are taken every 50 m from core holes. Core is wax coated, and the density determined using the standard water immersion method. Samples are stored for quality checks or possible future determinations. Between 5–10% of samples are sent to a third-party laboratory for QC density measurements. In 2021 and 2022 QC measurements were completed by the SGS laboratory in Durango, Mexico (SGS Durango). Beginning in 2023, density QC measurements were completed by the ActLabs laboratory in Zacatecas, Mexico (Actlabs Zacatecas). 8.4 Analytical and Test Laboratories Sample preparation and analytical laboratories used for primary analyses during the exploration programs on the Project include ALS Chemex, and Bondar Clegg (absorbed into ALS Chemex in 2001). The current primary analytical laboratory is ALS Global. ALS Chemex was responsible for sample preparation throughout the Western Copper, Western Silver, and Goldcorp exploration and infill drilling phases, except between March and September 2003 when ACME was used as the primary laboratory. Preparation facilities at ALS Guadalajara were used until March 2009. Since April 2009 samples have been prepared at ALS Zacatecas. On occasion, samples are prepared at other ALS facilities in Mexico due to excess sample loads at ALS Zacatecas. The sample preparation facilities are not accredited. All prepared samples (pulps) are dispatched to ALS Vancouver for analysis. At the time the early work was performed the ALS Vancouver was ISO 9000 accredited for analysis;

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 8-3 the laboratory is currently ISO 17025 certified for selected analytical techniques. ALS Global is independent of Newmont. Early check assays (umpire) analyses were performed by Acme Laboratories in Vancouver (Acme Vancouver), which at the time held ISO-9000 accreditation. From 2013 to 2022 SGS Mexico (SGS) was used for check assays. SGS holds ISO/IEC 17025:2005 certification for selected analytical techniques. In 2023, check assay analyses were completed by ActLabs Zacataces. Acme, SGS, and ActLabs are independent of Newmont. The on-site mine laboratory is not certified and is not independent of Newmont. 8.5 Sample Preparation Sample preparation methods for the various major sampling types are summarized in Table 8-1. 8.6 Analysis Table 8-2 summarizes the analytical methods used, which can vary by sample type and laboratory. Blast hole samples are analyzed by standard fire assay for gold and silver using a standard fire assay with an atomic absorption spectrometry (AA) finish. If the assay prill weighs more than 5 mg, a second assay is run with a gravimetric finish. Analysis for copper, lead, zinc, arsenic, antimony and cadmium are performed on a 1 g sample that is subject to a multi-acid digestion and determination by AA. Systematic assay of blast hole samples for organic carbon began in June 2016, using a hydrochloric acid digest and LECO finish. 8.7 Quality Assurance and Quality Control Goldcorp, Newmont Goldcorp, and Newmont maintained a quality assurance and quality control (QA/QC) program for the Peñasquito Operations. This included regular submissions of blank, duplicate and standard reference materials (standards) in samples sent for analysis from both exploration and mine geology. Results were regularly monitored. Random laboratory visits, including site or project geologists, must be conducted and documented. The minimum requirement is an annual laboratory visit. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 8-4 Table 8-1: Sample Preparation Procedures Laboratory Duration Sample Type Preparation Procedure ALS Chemex (Western Copper) 1998, 2002– 2003 RC and core Crush to ≥70% passing 10 mesh (2.0 mm); pulverize to ≥85% passing 200 mesh (75 µm) ALS Chemex/ ALS Global Pre-2003 RC and core Crush to ≥75% passing 10 mesh (2.0 mm); pulverize to ≥95% passing 150 mesh (105 µm) 2003–2023 RC and core Crush to ≥70% passing 10 mesh (2.0 mm); pulverizing to ≥85% passing 200 mesh (75 µm) On-site laboratory 2010–2023 Grade control Crush to ≥70% passing 10 mesh (2.0 mm); pulverize to ≥85% passing 200 mesh (75 µm) Table 8-2: Analytical Methods Laboratory Element Method ALS Chemex/ ALS Global Gold 1995–1997: Au-AA23 and Au-GRA21 when Au-AA23 ≥ 10 g/t Au 2002–2010: Au-AA23 and Au-SCR21 for high grades 2011–2023: Au-AA23 and Au-GRA21 when Au-AA23 ≥ 10 g/t Au. Au-SCR21 when Au-AA23 ≥ 5 g/t Au Au-AA23: 30 g fire assay; AA finish Au-GRA21: 30 g fire assay ;gravimetric finish Au-SCR21: 1 kg screen fire assay Silver 1995–1997: ME-ICP41 and Ag-GRA21 for overlimits 2002–2010: ME-ICP41 and Ag-GRA21 when value is different than lower detection limit 2011–2023: ME-ICP41 and Ag-GRA21 for overlimits ME-ICP41: 0.5 g ICP-AES aqua regia digest Ag-GRA21: 30 g fire assay gravimetric finish Zinc ME-ICP41; Zn-OG46 used which uses a 0.4 g charge digested in aqua regia acid and analyzed by ICP-AES or ICP-MS Lead ME-ECP41; 0.5 g charge digested in aqua regia acid and analyzed with ICP-AES; for over limits method Pb-OG46 is used Acme Gold Group 6; fire assay with ICP-ES analytical finish on a one-assay-ton charge (30 g) Silver Group D; 0.5 g charge digested in aqua regia acid and analyzed with and ICP-ES; and for over limits Ag-AA46, which uses a 0.4 g charge digested in aqua regia acid and analyzed using ICP-ES Zinc Group D; 1 g charge digested in aqua regia acid and analyzed with ICP-ES; Ag-AA46 for over limits Lead Group D; 0.5 g charge digested in aqua regia acid and analyzed with ICP-ES; Ag- AA46 for over limits

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 8-5 Laboratory Element Method SGS Gold GE FAA313; 30 g fire assay with AA finish Silver ICP-14B; ICP-AES. For assays>100g/t GO FAG313; 30 g fire assay with AA finish Zinc ICP14B; 0.5 g charge digested in aqua regia and analyzed with ICP-AES. ICP90q for over limits) Lead ICP14B; 0.5 g charge digested in aqua regia and analyzed with ICP-AES. ICP90q for over limits) ActLabs Gold 1A2-30: 30 g fire assay AA finish 1A3-30: 30 g fire assay gravimetric finish (overlimits) Silver 1E3: 0.5 g ICP-AES aqua regia digest 8-AG: 30 g fire assay gravimetric finish (overlimits) Zinc 1E3: 0.5 g ICP-AES aqua regia digest 8-AR-ICP: 0.5 g ICP-AES aqua regia digest (overlimits) Lead ME-ICP41 and Pb-OG46 for overlimits +A1:C17ME-ICP41: 0.5 g ICP-AES aqua regia digest+C5 Pb-OG46: 0.4 g ICP-AES or ICP-MS aqua regia digest Note: ICP = inductively coupled plasma; AES = atomic emission spectroscopy, MS = mass spectrometry, ES = emission spectroscopy, AA = atomic absorption. 8.7.1 Goldcorp (2006–2017) During the 2006–2017 Goldcorp programs, two primary field blanks were used with Goldcorp drill samples, sourced from local materials. In general, these blanks have performed well in monitoring for contamination; however, both blanks have a number of unexplained failures that suggest the material used is occasionally weakly mineralized. One standard set was generated by Metcon Research of Tucson, Arizona using core from Peñasquito, and a second set of standards were prepared by SGS in Durango from Peñasquito open pit material. Results for the Metcon standards generally displayed very good assay accuracy, although there were a number of weak biases relative to the expected values. The SGS standards also generally showed good assay precision but similarly showed weak biases, primarily for lead and zinc. Such biases relative to expected values are not considered to be unusual. Submission of half-core duplicates indicated good assay precision. 8.7.2 Newmont (2017–2023) In 2019, the insertion rate for standards was changed to one in 84 to ensure that one standard was included into a fusion batch of 84 crucibles in the laboratory. Pulp and preparation duplicates were introduced to monitor sample preparation performance by the laboratory. In 2021, the insertion rate for standards was changed to one in 50, because the previous insertion rate did not consider the internal laboratory quality control samples. In 2023, six standards purchased from OREAS and five standards created from Peñasquito mineralization were used. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 8-6 The current insertion rate for quality control samples is: • Standard (SGS Durango): 1 in 50 samples; • Field duplicate: 1 in 50 samples; • Blank: 1 in 100 samples; • Pulp duplicate: 1 in 100 samples; • Preparation duplicate: 1 in 100 samples. 8.7.3 Check Assays Insertion rates of quality control samples met Newmont’s minimum insertion rate requirements. Field duplicates showed good precision and insignificant bias. Preparation blanks showed no contamination issues for gold or silver, but did indicate minor lead and zinc contamination during sample preparation. The contamination levels were not considered to be a risk to mineral resource estimation. Standard results indicated no concerns with precision. Pulp check and check assay results from SGS correlated very well with the original ALS Global assays, with very good precision and insignificant bias. 8.7.4 Grade Control The current grade control quality control insertion rates are: • Field duplicates: 1 in 50 samples(second sample from a blast cone); • Preparation duplicates: 1 in 30 samples (second sample from crusher at laboratory); • Pulp duplicates: 1 in 30 samples (second sample from pulverizer at laboratory); • Standards: one standard per assay batch; • Coarse (preferred) blanks: at least 1 in 100 samples. Grade control quality control samples include field duplicates from blast holes and blanks. Assay precision as determined by the duplicates was good. There was an issue with the original blank, as it had elevated gold, silver, lead and zinc values. This blank source was replaced in 2015, and current blanks are showing acceptable results. Check assays on grade control samples are sent regularly to ALS Global. ALS Global does display weak to moderate high biases relative to the mine laboratory for gold, silver, lead and zinc, mainly at higher grades for the latter two. Additional multi-element standards are being acquired for use in grade control. Monthly meetings are conducted to discuss performance and the current work in process. Results to the Report date indicate good assay precision.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 8-7 8.7.5 Mine Laboratory The on-site laboratory uses pulp blanks in its fire assay runs and has included quartz washes in sample preparation in the past. The laboratory currently passes a blank for each batch received in the crushing and every 27 samples or less cleans the pulverizer. Results from the pulp blanks indicates no problems with contamination. Standards purchased from Rocklabs are inserted at a one in 30 frequency, and show good assay accuracy. Multi-element standards were added to the program in 2016, and current results reflect good performance from the laboratory. The laboratory prepares reject duplicates every 20 samples and regularly runs pulp replicate analyses. Both show good assay precision. The mine laboratory regularly sends pulps for check assay to ALS Global with results displaying similar high biases by ALS Global to those displayed by the grade control check assays. The Geology department also regularly sends pulps for check assay to ALS Global. Results from ALS Global are similar to the original assays from the mine laboratory for the majority of samples that have been check-assayed. 8.8 Database Database entry procedures historically consisted of entering data from paper logging forms into Excel files before being imported into acQuire. Geological data from early drill programs were entered into spreadsheets in a single pass. It is not known what kind of data base was used prior to 2009. All drill data from 2007 to July 2013 was entered from paper logging forms into Excel files before being imported into acQuire. Since July 2013, logging and recording of other drill hole data by geologists and technicians has been directly into acQuire on laptop computers, with the data subsequently imported into the main database. Assays received electronically from the laboratories are imported directly into the database. Analytical certificates received since 2010 have been stored in the database and were validated via the acQuire software. Data were verified on entry to the database by means of built-in program triggers within the mining software. Checks were performed on surveys, collar co-ordinates, lithology data, and assay data. In February 2021, the Peñasquito exploration drill database was migrated from acQuire into the Newmont Global Exploration Database structure (GED). Newmont’s in-house applications are used to load drilling relevant data such as collar, downhole surveys, geotechnical and geological logging, samples and assays. The procedures used to manage the database are the same as used by the company globally. Paper records are retained on file. Exploration data are appropriately stored on a mine server, and data are regularly backed up by the mine information technology (IT) department. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 8-8 8.9 Qualified Person’s Opinion on Sample Preparation, Security, and Analytical Procedures The sample preparation, analysis, quality control, and security procedures used by the Peñasquito Operations have changed over time to meet evolving industry practices. Practices at the time the information was collected were industry-standard. The Qualified Person is of the opinion that the sample preparation, analysis, quality control, and security procedures are sufficient to provide reliable data to support estimation of mineral resources and mineral reserves: • Drill collar data are typically verified prior to data entry into the database, by checking the drilled collar position against the planned collar position; • The sampling methods are acceptable, meet industry-standard practice, and are adequate for mineral resource and mineral reserves estimation and mine planning purposes; • The density determination procedure is consistent with industry-standard procedures. A check of the density values for lithologies across the different deposits indicates that there are no major variations in the density results; • The quality of the analytical data is reliable, and that sample preparation, analysis, and security are generally performed in accordance with exploration best practices and industry standards; • Newmont has a QA/QC program comprising blank, standard and duplicate samples. Newmont’s QA/QC submission rate meets industry-accepted standards of insertion rates. The QA/QC data support that there are no material issues with analytical precision or accuracy; • Verification is performed on all digitally-collected data on upload to the main database, and includes checks on surveys, collar co-ordinates, lithology, and assay data. The checks are appropriate, and consistent with industry standards.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 9-1 9.0 DATA VERIFICATION 9.1 Internal Data Verification 9.1.1 Data Validation Validation checks are performed by operations personnel on data used to support estimation comprise checks on surveys, collar coordinates, lithology data (cross-checking from photographs), and assay data. Errors noted are rectified in the database. Three different databases are in use at the mine site: • Mapinfo dataset; compiled historic assay tables in Excel, with lithology data; • Resource dataset; pre-2010 resource database with appended 2011 data manipulated in Excel from acQuire exports; • acQuire database; • Current GED database. A review of the datasets indicated that there were some extremely high copper values especially in the historic WC series drilling, and that the 2013 acQuire database might not contain a full set of historic assay records due to data loading errors during the original implementation of the acQuire system in 2008–2009. Goldcorp was provided with permission from the laboratory to download the original Western Copper and Western Silver assays. Subsequently, the 2011–2012 drill data sets were reviewed for completeness of historic drill information, and any missing data were entered into acQuire. Comments were added to the collar information as required. All other legacy (pre-Goldcorp) data were carefully reviewed and verified by Goldcorp personnel. The revised historic assay data in the database are now considered to reflect the information in the downloaded assay certificates, and are suitable for use for exploration targeting and construction of geological models. The following are undertaken in support of database quality: • Inspection of all laboratories are undertaken on a regular basis to ensure that they are well maintained and that all procedures are being properly followed. Deficiencies or concerns are reported to the laboratory manager; • QA/QC data is monitored closely and detailed reports are prepared on a monthly basis. Assay data needs to be approved before import in to the database; • Drill data including collar co-ordinates, down hole surveys, lithology data, and assay data are typically verified prior to mineral resource and mineral reserve estimation by running program checks in both database and resource modelling software packages. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 9-2 9.1.2 Reviews and Audits Newmont has a policy of peer reviews of all aspects of the mineral resource estimates. Those reviews include evaluations of the database, geological models and the mineral resource estimates. The most recent reviews were performed in 2019 and 2021. The Reserve and Resource Review or “3R” reviews examined: • Geology and geostatistics: ore control, exploration development, data collection/management, QA/QC and geological modeling; • Geotechnical and hydrological: pit slope design and execution, tailings management, heap leaching, and waste rock facilities; • Processing: metallurgical accounting; business plan inputs; risk and opportunity management; • Mine engineering: equipment productivity, costs, unitized costs for pit optimization and cut- off, Whittle inputs, pit optimization, pit designs, cut-off grades, reserves test. No significant or critical issues were noted as a result of the 3R audits. A number of recommendations were put forward to address potential gaps and inconsistencies between legacy Goldcorp practices and Newmont’s current standards. 9.1.3 Mineral Resource and Mineral Reserve Estimates Newmont established a system of “layered responsibility” for documenting the information supporting the mineral resource and mineral reserve estimates, describing the methods used, and ensuring the validity of the estimates. The concept of a system of “layered responsibility” is that individuals at each level within the organization assume responsibility, through a sign-off or certification process, for the work relating to preparation of mineral resource and mineral reserve estimates that they are most actively involved in. Mineral reserve and mineral resource estimates are prepared and certified by QPs at the mine site level, and are subsequently reviewed by QPs in the Newmont-designated “region”, and finally by corporate QPs based in Newmont’s Denver head office. 9.1.4 Reconciliation Newmont staff perform a number of internal studies and reports in support of mineral resource and mineral reserve estimation. These include reconciliation studies, mineability and dilution evaluations, investigations of grade discrepancies between model assumptions and probe data, drill hole density evaluations, long-range plan reviews, and mining studies to meet internal financing criteria for project advancement.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 9-3 9.1.5 Subject Matter Expert Reviews The QP requested that information, conclusions, and recommendations presented in the body of this Report be reviewed by Newmont experts or experts retained by Newmont in each discipline area as a further level of data verification. Peer reviewers were requested to cross-check all numerical data, flag any data omissions or errors, review the manner in which the data were reported in the technical report summary, check the interpretations arising from the data as presented in the report, and were asked to review that the QP’s opinions stated as required in certain Report chapters were supported by the data and by Newmont’s future intentions and Project planning. Feedback from the subject matter experts was incorporated into the Report as required. 9.2 External Data Verification A number of third-party consultants have performed external data reviews, as summarized in Table 12-1. These external reviews were undertaken in support of acquisitions, support of feasibility-level studies, and in support of technical reports, producing independent assessments of the database quality. No significant problems with the database, sampling protocols, flowsheets, check analysis program, or data storage were noted. 9.3 Data Verification by Qualified Person The QP performed a site visit in October 2021 (refer to Chapter 2.4). Observations made during the visit, in conjunction with discussions with site-based technical staff also support the geological interpretations, and analytical and database quality. The QP’s personal inspection supports the use of the data in mineral resource and mineral reserve estimation, and in mine planning. The QP’s site visit in 2021 was part of Newmont’s Reserve and Resource Review (3R) process, which requires internal reviews of all sites on a rotating basis. The 2021 3R found that Peñasquito generally meets all of Newmont’s internal standards and guidelines regarding mineral resource and mineral reserve estimation. The QP receives and reviews monthly reconciliation reports from the mine site. These reports include the industry standard reconciliation factors for tonnage, grade and metal; F1 (reserve model compared to ore control model), F2 (mine delivered compared to mill received) and F3 (F1 x F2) along with other measures such as compliance of actual production to mine plan and polygon mining accuracy. The reconciliation factors are recorded monthly and reported in a quarterly control document. Through the review of these reconciliation factors the QP is able to ascertain the quality and accuracy of the data and its suitability for use in the assumptions underlying the mineral resource and mineral reserve estimates. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 9-4 Table 9-1: External Data Reviews Consultant Year Comment SNC Lavalin 2003 Database audit, check assay review, independent witness sampling. Independent Mining Consultants 2005 Database review for feasibility purposes, check assay review, review of variances between drill campaigns. Mine Development Associates 2007 Review of check assay data. P&E Mining Consultants 2008 QA/QC review. Hamilton 2014 QA/QC review. 9.4 Qualified Person’s Opinion on Data Adequacy Data that were verified on upload to the database, checked using the layered responsibility protocols, and reviewed by subject matter experts are acceptable for use in mineral resource and mineral reserve estimation.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 10-1 10.0 MINERAL PROCESSING AND METALLURGICAL TESTING 10.1 Test Laboratories Metallurgical testwork was conducted by a number of laboratories prior to and during early operations. These included: Hazen Research, Golden Colorado, USA; Instituto de Metalurgia, UASLP, San Luis Potosi, México; FLSmidth Knelson, British Columbia, Canada; ALS Metallurgy Kamloops, British Columbia; Kemetco, Richmond, British Columbia; Surface Science Western, London, Ontario; AuTec, Vancouver, British Columbia; Blue Coast Research, Parksville, British Columbia; XPS, Falconbridge, Ontario; and Met-Solve, Langley, British Columbia. All of these laboratories were and are independent. Additional metallurgical tests were performed at the Minera Peñasquito Metallurgical Laboratory, which is not independent. Current testwork is being performed at Newmont’s internal Malozemoff Technical Facility which is not independent and by independent laboratories Alfa Laval, Coatex, Solvay, Patterson and Cooke, and Microanalytical. There is no international standard of accreditation provided for metallurgical testing laboratories or metallurgical testing techniques. 10.2 Metallurgical Testwork Metallurgical testwork included: mineralogy; open and closed-circuit flotation; lead–copper separation flotation; pyrite flotation; bottle and column cyanide leaching; flotation kinetics and cell design parameters, flowsheet definition, and leach response with regrind size, slurry density, leaching time, reagent consumption values, and organic carbon effects; gravity-recoverable gold; hardness characterization (SMC, breakage parameter, Bond ball mill work index, drop weight index, rod work index, unconfined compressive strength, semi-autogenous grind (SAG) power index); and batch and pilot plant tests. Test results for the most recent programs, from 2015–2023 are included in Table 10-1. These test programs were sufficient to establish the optimal processing routes for the oxide and sulfide ores, and were performed on mineralization that was typical of the deposits. Testwork aimed at increasing the knowledge of the different ore types in the mine, was targeted to ensure the best treatment for each ore category, and aimed to maximize recovery. The results obtained supported estimation of recovery factors for the various ore types. Since the early start-up of operations, metallurgical testing was performed on a daily basis for all ores that were fed to the mill. These daily tests were designed to capture the expected performance of the ore in the sulfide plant to determine in advance any change in the reagent scheme or in the impurity levels into the final concentrates. Current understanding of ore characterization and variability has simplified forecast metallurgical recovery classification to sediment and diatreme ores and the relative organic carbon content. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 10-2 Table 10-1: Metallurgical Testwork Summary Table Test Notes Mineralogy The lead concentrate consists mainly of galena with lesser amounts of bournonite; tetrahedrite–tennantite is the main carrier of copper into the lead concentrate. The lead flotation circuit also recovers significant amounts of the associated silver and gold-bearing minerals into the lead concentrate, mainly as electrum, native gold, native silver, and hessite, and other minor mineral species. The zinc concentrate is a very clean product where sphalerite is the main zinc mineral species. A small amount of silver is present as a solid solution in tetrahedrite–tennantite crystals associated with sphalerite. 80% of the gold that was not recovered into either of the two concentrates was present in association with pyrite. For the recovery of gold and silver, this mineralization responded best to a combination of bulk pyrite flotation + cyanide leaching. For the recovery of gold and silver, this mineralization responded best to a combination of bulk pyrite flotation + cyanide leaching. Gold primarily occurs as a gold-silver telluride (51%), less commonly as a lead–gold-silver telluride (31%), and the remainder less frequently in the form of electrum and native gold. Approximately 45% of the gold occurs on the surface of pyrite grains, 45% is locked within the pyrite grain, and the balance occurs as free gold-bearing particles. This indicates that flotation will recover significant amounts of the gold (and silver), but that the leaching of the pyrite concentrate will result in the incomplete extraction of the gold and silver unless fine grinding of the concentrate is employed. Comminution 214 drill core samples from 24 metallurgical drill holes were submitted to the Hazen Research facility in Golden, CO to determine the ore physical characteristics. The program completed included the following tests: semi-autogenous grinding (SAG) mill comminution (SMC) testing as developed by SMC Testing Pty Ltd (SMCT); the JK breakage parameters A and b, abrasion breakage (ta), tumbling mill index (Mia), abrasion index (Ai), drop weight index (DWi), Bond ball mill work index (BWi), Bond rod mill work index (RWi), and unconfined compressive strength (UCS) tests. Hardness parameters were used to estimate the throughput in the milling circuit using specialized simulation studies. A total of 139 samples were selected and tested for ore hardness to cover the 2018–2028 production period. All test work was done at Hazen Research Inc. and consisted of SMC, BWi and Ai tests on each of the samples. High-carbon mineralization A mineralogical study was carried out to better understand the valuable minerals and gangue in carbon containing ores. Highly gold-robbing samples analyzed contained purely amorphous carbon, while non gold-robbing samples contained crystalline carbon. This implied that carbon structure could be an indicator for gold-robbing in carbon containing polymetallic ores to a certain extent. Two potential processes were considered for mitigation of the impact of processing high- carbon ores; chemical depression and pre-flotation. Testwork carried out in 2022 confirmed operational challenges associated with treating high-carbon ores using a pre-flotation approach. The testwork also showed that the use of carbon depressant in the flotation plant gave better plant performance. Pyrite leach process An extensive investigative program to determine whether it is economically viable to recover pyritic gold from final tails was completed. Recovery is typically 85% of the pyrite contained in the zinc tails, which contains roughly 75% of the residual gold, depending on head grade, along with approximately 70% of residual silver. Gold and silver grades reporting to leach will fluctuate with ore type, metal grades, and pyrite content.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 10-3 Test Notes Flotation and leaching testwork results from 2015 testwork confirmed the design criteria previously determined, including the optimal regrind size as 20–24 μm, a slurry density of 45% solids, and a leaching time of 28 hours. A finer grind resulted in higher extraction values for gold and silver. However, it was established that the difference between the extraction values in the particle size range of interest (18–24 µm) was not significant. The leaching tests also highlighted that preferential blinding of gold, “preg-robbing”, occurred during the leaching process and that the extent of the preg-robbing losses was dependent on the amount of organic carbon present in the sample, and the amount of exposed surface area of the organic carbon that was available for adsorption of the dissolved gold (and silver to a lesser extent). Preg-robbing mitigation tests were also conducted indicating that, for samples within the range of organic carbon studied, the extent of preg-robbing could be reduced. CIL tests were also performed on several samples to evaluate the preg-robbing effect and predict the Au and Ag extraction under preg-robbing conditions. Other tests included the addition of blinding agents to mitigate the preg-robbing effect. To mitigate preg-robbing, an allowance for up to two blinding reagents was included in the plant design. The overall recovery in the pyrite leach circuit is dependent on several variables, and will be expected to be about 35–40% for gold and 45–50% for silver on average. Geometallurgy A geometallurgical program was completed at ALS Kamloops, Canada, in 2019. The testwork scheme consisted of carbon pre-flotation (for carbonaceous ores), a sequential rougher Pb and Zn flotation test, pyrite flotation, pre-leach flotation and dynamic cyanidation tests as well as CIL tests to assess the degree of preg-robbing for carbonaceous ores. 10.3 Pyrite Leach Process Newmont investigated a process to treat the zinc rougher tailing from the concentrator for recovery of residual gold and silver. A pyrite leach plant recovery model was built on operational information from 2019–April 2020 and integrated into mine planning during mid-2020. The process comprises pyrite rougher and cleaner flotation, pre-cleaner concentrate regrinding, pyrite thickening, and post-cleaner regrind, agitated tank leaching, counter-current decantation, Merrill-Crowe precipitation, precious metals refining and a cyanide detoxification circuit. The plant was placed on care and maintenance in June 2023. 10.4 Tertiary Precious Metals Recovery Process A tertiary precious metals recovery circuit was installed to minimize precious metal lost with the carbon pre-flotation process carbon concentrate, and to indirectly recover precious metal value associated with the pyrite leach process pre-leach flotation concentrate, which will be directed to the carbon pre-treatment cleaner flotation cells. Without the tertiary precious metals recovery, the carbon concentrate and contained gold and silver values would be directed to tailings. Operational issues with the carbon pre-flotation process resulted in Newmont continuing to evaluate the impact of organic carbon, the expected Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 10-4 performance of the tertiary precious metals recovery process plant, and other options for handling high organic carbon mineralization. A chemistry solution that was more robust and effective than the carbon pre-flotation process was identified, consisting of the addition of depressants. This approach removed a bottleneck on plant throughput due to the carbon prefloat plant, and allowed throughput to increase from 85,000 t/d to a nominal 115,000 t/d. It also increased the stability of rougher and cleaner circuits, increased lead concentrate grades with no associated decrease in lead recovery, and improved concentrate filtration performance and targeted moisture content. The tertiary precious metals recovery circuit was placed on care and maintenance. 10.5 Recovery Estimates The mineralogical complexity of the Peñasquito ores makes the development of recovery models difficult as eight elements (gold, silver, lead, zinc, copper, iron, arsenic, and antimony) are tracked through the process. Recovery models need to be sufficiently robust to allow for changes in mineralogy and plant operations, while providing reasonable predictions of concentrate quality and tonnage. Updates to the recovery models for each element were made in early 2023, to incorporate the changes in ore feed characteristics and to reflect the plant’s current operation and configuration. The models are based on the operational data from 2021–January 2023. All recoveries exhibit short-term variability, for all ore types, around the stated life of mine average recoveries and are dependent on ore grades fed to the plant. Forecast average life-of-mine recoveries for the sulfide plant are: • Gold: 59.1%; • Silver: 80.4%; • Lead: 72.9%; • Zinc: 81.7%. The last fresh ore was placed onto the oxide heap leach pad in March, 2019. The oxide heap leach is currently being recirculated with water, and closure studies are in progress. 10.6 Metallurgical Variability Samples selected for metallurgical testing during feasibility and development studies were representative of the various types and styles of mineralization within the deposit. Samples were selected from a range of locations within the deposit zones. Sufficient samples were taken so that tests were performed on sufficient sample mass.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 10-5 10.7 Deleterious Elements Galena and sphalerite are the main payable base metals minerals, with a host of complex sulfosalts (including tennantite and tetrahedrite) also reporting to the concentrates. These sulfosalts can carry varying amounts of deleterious elements such as arsenic, antimony, copper and mercury. Copper can also be considered as a commodity as it is paid by certain customers. At the date of this Report, the processing plant, in particular the flotation portion of the circuit, does not separate the copper-bearing minerals from the lead minerals, so when present the sulfosalts report (primarily) to the lead concentrate. There is no direct effect of deleterious elements on the recovery of precious and base metals. The marketing contracts are structured to allow for small percentages of these deleterious elements to be incorporated into the final product, with any exceedances then incurring nominal penalties. Historically, due to the relatively small proportion of concentrate that has high levels of deleterious elements, the marketing group was able to sufficiently blend the majority of the deleterious elements such that little or no financial impact has resulted. Within the metallurgical models used at Peñasquito, copper recovery to lead concentrate varies from 55–75%, with 10–15% copper recovery into zinc concentrate. Due to the close mineralogical association, arsenic and antimony recovery to concentrate is based on a relationship to the copper in the concentrate. The future impact of the deleterious elements is thus highly dependent on the lead–copper ratio in ores. Mercury is not included in the metallurgical models as it is not included in the mine plan. One small area of the mine (located within a narrow fault zone that is hosted in sedimentary rock in the southwest of the pit) was defined as containing above-average mercury grades. Due to its limited size, blending should be sufficient to minimize the impact of mercury from this area on concentrate quality. Organic carbon was recognized as a deleterious element affecting gold recovery and plant operating costs. Testwork indicates that applying a carbon depression scheme will mitigate the carbon impact, albeit with higher operating costs. 10.8 Qualified Person’s Opinion on Data Adequacy In the opinion of the QP, the metallurgical test work and reconciliation and production data support the declaration of mineral resources and mineral reserves: • The metallurgical test work completed on the Project was appropriate for optimizing processing conditions and routes for proper process operation; • Tests were performed on samples that are considered to be representative for the deposit and its mineralogy; • Recovery factors estimated are based on appropriate metallurgical testwork, plant operational information, and are appropriate to the mineralization types and the selected process route; Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 10-6 • The recovery models consider the effect of organic carbon throughout the process. These models are robust and should provide an accurate estimation of production and recoveries; • The 2021 throughput model is a power-based model that integrates feed material lithology into recovery calculations, and therefore considers the effects of the properties of the various ores on the process. • The plant will produce variations in recovery due to the day-to-day changes in ore type or combinations of ore type being processed. These variations are expected to trend to the forecast recovery value for monthly or longer reporting periods.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 11-1 11.0 MINERAL RESOURCE ESTIMATES 11.1 Introduction The database supporting resource estimation contains core drilling information from numerous drilling campaigns beginning in the 1990s through to the database close-out date of June 7, 2023. Geological interpretations were compiled using Leapfrog software. RMS software was used for compositing and grade interpolation. The parent block size selected was 15 x 15 x 15 m, with sub-blocks at 5 x 5 x 5 m. 11.2 Geological Models The 2023 geological model was completed in Leapfrog Geo (v. 2022.1) using implicit modelling methods to create a model representative of observed geology based on drill hole information, mapping, and other available geological data. Models constructed included lithology, alteration, structure, oxidation, zone (Peñasco, Chile Colorado (CC 2 and CC3), area (diatremes, sediments and deep), north–south domains, fault domains, and organic carbon. Model construction is summarized in Table 11-1. 11.3 Exploratory Data Analysis The raw drilling data and composites were coded by lithology, alteration, oxide, structural, north– south domains and fault domains, and statistically analyzed using summary statistics, log histograms, and log probability plots to determine domain selection for the resource estimation. Contact boundary analysis was used to determine whether domain contacts would be treated as soft, firm, or hard during estimation. 11.4 Density Assignment Density was tabulated by a combination of lithology, alteration, oxidation, deposit area and zone. Density values could be adjusted, based on the presence of oxides and/or faults within the block being estimated in contrast to sulfide areas. Density values were assigned as fixed values, based on exploratory data analysis. 11.5 Grade Capping/Outlier Restrictions Outlier grades were investigated using cumulative probability plots and histograms of the raw assay grades by estimation domain. Grade caps were applied to raw assay data before compositing. The capping threshold was selected at around the 99–99.9th percentile for all interpolated metals. Grade caps were applied by domain and could vary. Depending on the domain, gold, silver, lead, zinc, copper, arsenic, iron, antimony sulfur and organic carbon grades could be capped. Capping and high yield restriction tools were used to constrain the extrapolation of high grades (outlier restriction) for most elements and domains. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 11-2 Table 11-1: Model Construction Model Note Geology model Separated into smaller subsets with associated output volumes that were delivered for resource estimation. All lithological output volumes used interval selection columns based on logged lithology and simplified lithological groupings. Overburden Modelled as an erosional surface and refined to separate alluvium from conglomerate. Stratigraphic units Modeled using stratigraphy contact surfaces. The diatreme bodies (Peñasco, Azul, and Mar), breccias, QFP, and deep QFP intrusions were modelled as intrusions. QFP dikes were modelled as veins. Output volumes were cross-checked with blasthole data. Oxidation modelled as deposit contact surfaces due to the sheet-like nature of the contact surfaces between the oxide, transition, and sulfide zones. Some oxides were modelled as veins where the oxides were constrained within structures. An interval selection column based on percent sulfide from LECO analysis and/or sulfide index calculation and logged oxide was used to generate the output volumes. Alteration modelled as intrusions and veins based on interval selections using a simplified alteration column and alteration groupings. Structures modelled as planar surfaces using planar structural data (field mapping, photogrammetry, I-Site, and drone imagery), logged structures, and blasthole trends. Two vein volumes (Mar and Cristina) were included in the structural model, which were generated from interval selections on logged veins, structures, and mineralization. 11.6 Composites Composites were created down each hole at 5 m fixed intervals. In the models that use grade domains, composites were constructed to honor grade–domain contacts, that is, composites end at each grade–domain contacts, and start again after the contact. Composites <2 m in length were discarded. 11.7 Variography Multi-directional variograms were developed using RMS software for gold, silver, lead, and zinc for each domain to determine the grade continuity of these elements. The standardized experimental variograms were fitted using a linear model of regionalization (or a positive definite variogram model) in all directions simultaneously using a spherical or exponential variogram model with two or three nested structures. The resulting variogram models were used to define the search anisotropy for estimation, the nearest neighbor (NN) and inverse distance weighting (IDW) declustering methods as well as trend modeling. Before modeling directional variograms, the nugget effect was modeled using omnidirectional pairwise relative variograms. Most variograms are modelled with two exponential models and the nugget set using the down- hole variogram or an omni-directional variogram with a short lag spacing.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 11-3 11.8 Estimation/Interpolation Methods Ordinary kriging (OK) was used to estimate potentially economic and deleterious variables, including gold, silver, lead, zinc, arsenic, copper, iron, sulfur, antimony, and organic carbon. Estimation ranges were variable by domain. 11.9 Block Model Validation Model validation processes included: • Visual inspection of the results on plan and section compared to the composites data and blastholes data; • Comparison of each metal estimate against the metal estimates in the previous model; • Inspection of resource model plans and cross-sections against composite and blasthole data; • Comparison of OK models against previous models, and NN and IDW models using visual checks, and statistical comparisons; • Comparison of the estimated models against ore control models using sections, swath plots, and grade–tonnage curves; • Comparison of the estimated models to the ore control models within selected production periods (F1 factor). The checks showed that the models were acceptable for use in mineral resource and mineral reserve estimation. 11.10 Classification of Mineral Resources 11.10.1 Mineral Resource Confidence Classification Mineral resources are classified using criteria based primarily on drilling spacing and a minimum number of drill holes informing each estimated block: • Measured mineral resources require an average drill spacing distance of 27.5 m and at least three drill holes; • Indicated mineral resources require an average drill spacing of 55 m and at least three drill holes; • Inferred mineral resources require an average drill spacing of 110 m and at least three drill holes. All blocks within the overburden domain were classified as Inferred. Smoothing was undertaken to eliminate isolated blocks of one class surrounded by blocks of a different class. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 11-4 11.10.2 Uncertainties Considered During Confidence Classification Following the analysis in Chapter 11.11.1 that classified the mineral resource estimates into the measured, indicated and inferred confidence categories, uncertainties regarding sampling and drilling methods, data processing and handling, geological modelling, and estimation were incorporated into the classifications assigned. The areas with the most uncertainty was assigned to the inferred category, and the areas with fewest uncertainties (including stockpiles) were classified as measured. 11.11 Reasonable Prospects of Economic Extraction 11.11.1 Input Assumptions For each resource estimate, an initial assessment was carried out that examined likely infrastructure, mining, and process plant requirements; mining methods; process recoveries and throughputs; environmental, permitting and social considerations relating to the proposed mining and processing methods, and proposed waste disposal; and technical and economic considerations in support of an assessment of reasonable prospects of economic extraction. Mineral resources were constrained within a designed pit shell that is based on a Lerchs– Grossmann pit shell that used the parameter assumptions listed in Table 11-2. 11.11.2 Commodity Price Commodity prices used in resource estimation are based on long-term analyst and bank forecasts, supplemented with research by Newmont’s internal specialists. An explanation of the derivation of the commodity prices is provided in Chapter 16.3. The estimated timeframe used for the price forecasts is the nine-year LOM that supports the mineral reserve estimates. 11.11.3 Cut-off Mineral resources are reported using cut-offs that are determined by the process route. The cut- off is based on generating positive net smelter return (NSR) on a block-by-block basis, applying all revenue and associated costs. The incremental NSR cost used for mill feed material is US$14.07/t, and includes all process operating, administrative and sustaining capital costs. Other factors considered include product freight to market costs, smelter costs (including penalties), and royalties.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 11-5 Table 11-2: Conceptual Pit Parameter Input Assumptions Area Item Units Value Bench face angles Range from/to º 38.4–54.9 Metallurgical recoveries (average, LOM) Gold % 55 Silver % 78 Lead % 71 Zinc % 82 Costs Mining cost, Penasquito, Chile Colorado US$/t 3.57; 2.59 Mill processing cost US$/t 9.18 Operational support G&A US$/t 2.56 Sustaining capital allocation (TSF construction cost) US$/t 1.23 Sustaining capital allocation (other) US$/t 0.52 Process closure cost US$/t 0.040 Saavi Energia electricity US$/t 0.54 Commodity prices Gold US$/oz 1,600 Silver US$/oz 23 Lead US$/lb 1.20 Zinc US$/lb 1.45 Exchange rate Mexican peso: US dollar 20.0 11.11.4 QP Statement The QP is of the opinion that any issues that arise in relation to relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work. The mineral resource estimates are performed for a deposit that is in a well-documented geological setting; the Peñasquito deposits have seen nearly 14 years of active open pit operations conducted by Newmont and other parties; Newmont is familiar with the economic parameters required for successful operations in the Peñasquito area; and Newmont has a history of being able to obtain and maintain permits, and the social license to operate, and meet environmental standards in the Peñasquito area. There is sufficient time in the nine-year timeframe considered for the commodity price forecast for Newmont to address any issues that may arise, or perform appropriate additional drilling, testwork and engineering studies to mitigate identified issues with the estimates. 11.12 Mineral Resource Statement Mineral resources are reported using the mineral resource definitions set out in SK1300 on a 100% basis. Newmont holds a 100% Project interest. The estimates are current as at December 31, 2023. The reference point for the estimates is in situ. Mineral resources are reported exclusive of those mineral resources converted to mineral Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 11-6 reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Measured and indicated mineral resources are summarized in Table 11-3 and inferred mineral resources in Table 11-4. The Qualified Person for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 11.13 Uncertainties (Factors) That May Affect the Mineral Resource Estimate Areas of uncertainty that may materially impact the mineral resource estimates include: • Changes to long-term commodity price assumptions; • Changes in local interpretations of mineralization geometry and continuity of mineralized zones; • Changes to geological shape and continuity assumptions; • Changes to metallurgical recovery assumptions; • Changes to the operating cut-off assumptions for mill feed or stockpile feed; • Changes to the input assumptions used to derive the conceptual open pit outlines used to constrain the estimate; • Changes to the cut-off grades used to constrain the estimates; • Variations in geotechnical, hydrogeological and mining assumptions; • Changes to governmental regulations; • Changes to environmental assessments; • Changes to environmental, permitting and social license assumptions. There are no other environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the QP that would materially affect the estimation of mineral resources that are not discussed in this Report.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 11-7 Table 11-3: Measured and Indicated Mineral Resource Statement Resource Confidence Classification Tonnes (kt) Grade Contained Metal Au (g/t) Ag (g/t) Pb (%) Zn (%) Au (koz) Ag (koz) Pb (Mlb) Zn (Mlb) Measured 37,400 0.26 24.48 0.28 0.69 300 29,400 200 600 Indicated 157,300 0.22 25.12 0.24 0.59 1,100 127,100 800 2,000 Total measured and indicated 194,700 0.23 25.00 0.24 0.61 1,400 156,500 1,000 2,600 Table 11-4: Inferred Mineral Resource Statement Resource Confidence Classification Tonnes (kt) Grade Contained Metal Au (g/t) Ag (g/t) Pb (%) Zn (%) Au (koz) Ag (koz) Pb (Mlb) Zn (Mlb) Inferred 22,800 0.2 25.4 0.2 0.6 100 18,700 100 300 Notes to accompany mineral resource tables: 1. Mineral resources are current as at December 31, 2023. Mineral resources are reported using the definitions in SK1300 on a 100% basis. The Qualified Person responsible for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 2. The reference point for the mineral resources is in situ. 3. Mineral resources are reported exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 4. Mineral resources that are potentially amenable to open pit mining methods are constrained within a designed pit . Parameters used are included in Table 11-2. 5. Tonnages are metric tonnes. Gold and silver ounces and lead and zinc pounds are estimates of metal contained in tonnages and do not include allowances for processing losses. 6. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. Tonnes are rounded to the nearest 100,000 tonnes. Ounces are rounded to the nearest 100,000 ounces and pounds are rounded to the nearest 100 million pounds. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 12-1 12.0 MINERAL RESERVE ESTIMATES 12.1 Introduction Measured and indicated mineral resources were converted to mineral reserves. Mineral reserves include mineralization within the Peñasco and Chile Colorado open pits, and stockpiled material. All inferred blocks are classified as waste in the mine plan and cashflow analysis that supports mineral reserve estimation. 12.2 Pit Optimization Pit optimization through the commercially-available Whittle software package was used to perform a Lerchs–Grossmann optimization. The reserve pit designs were full crest and toe detailed designs with final ramps. For mineral reserves, Newmont applies a time discount factor to the dollar value block model that is generated in the Lerchs–Grossmann pit-limit analysis, to account for the fact that a pit will be mined over a period of years, and that the cost of waste stripping in the early years must bear the cost of the time value of money. In some deposits, where mineralization is uniformly distributed throughout the pit, or where the pit is shallow, discounting has little effect on the economic pit limit. Pit discounting is accomplished by running the pit-limit “dollar” model through a program that discounts the dollar model values at a compound rate based on the depth of the block. In this manner, discounting is applied to future costs as well as future revenues, to represent the fact that mining proceeds from the top down within a phase. Optimization work involved floating cones at a series of gold prices. The generated nested pit shells were evaluated using the mineral reserve prices of US$1,400/oz for gold, US$20/oz for silver, US$1.00/lb for lead, and US$1.20/lb for zinc and an 8% discount rate. The pit shells with the highest NPV were selected for detailed engineering design work. A realistic schedule, that includes consideration of available tailings capacity, was developed in order to determine the optimal pit shell for each deposit; schedule inputs include the minimum mining width, and vertical rate of advance, mining rate, and mining sequence. 12.3 Optimization Inputs and Assumptions The pit slope, metallurgical recovery, and commodity price optimization inputs are summarized in Table 12-1.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 12-2 Table 12-1:Optimization Input Parameters Area Item Units Value Overall slope angles Range from/to º 38.4–54.9 Metallurgical recoveries (average, LOM) Gold % 59 Silver % 80 Lead % 73 Zinc % 82 Costs Mining cost, Penasquito, Chile Colorado US$/t 3.52; 3.28 Mill processing cost US$/t 9.18 Operational support G&A US$/t 2.56 Cut-off adjustment to don´t exceed TSF capacity US$/t 0.36 Sustaining capital allocation (TSF construction cost) US$/t 0.82 Sustaining capital allocation (other) US$/t 0.52 Process closure cost US$/t 0.040 Saavi Energia electricity US$/t 0.54 Commodity prices Gold US$/oz 1,400 Silver US$/oz 20 Lead US$/lb 1.10 Zinc US$/lb 1.20 Exchange rate Mexican peso/US dollar 20.0 Mining considerations included: • Operational considerations with respect to active mining area interaction and ramp usage from the exit from the pit bottom; • Ramp connections, ramp placement, and ramp exits; • Minimum mining width of 45 m; • The existing topography and target final pit limits. Pit designs are full crest and toe detailed designs with final ramps based on the selected optimum pit shells. Pit designs honor geotechnical guidelines. Newmont updates its LOM plan each year in preparation for its business plan. All aspects of the plan, including pit stage design and sequencing, cut-off optimization and WRSF and stockpiling strategies are reviewed. The process plant processes higher-grade ores delivered from the mine at an elevated cut-off. The ore between the elevated cut-off and the marginal cut-off is stockpiled for later processing at the end of the mine life. Most of the ore will be directly fed to the process plant; however, some re-handling is required. Direct feeding to the crusher is constrained by where the ore is located in the open pit and the crusher availability. Some higher-grade ore is stockpiled and fed back to the crusher when required. Approximately 36,000 t/d of feed is re-handled material from the stockpiles. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 12-3 The mine plan is based on a 37 Mt/a mill throughput rate. The schedule was developed at an NSR cut-off of US$14.02/t, incorporating ore mining, processing, incremental, process sustaining capital, and TSF-related rehabilitation costs, as well as metallurgical recovery. The net revenue calculation assumes a gold price of US$1,400/oz, a silver price of US$20/oz, a lead price of US$1.00/lb, and a zinc price of US$1.20/lb. The assumed exchange rate for mineral reserves was 20.0 Mexican pesos per US$. 12.4 Ore Loss and Dilution The block models were constructed to include the expected dilution and ore loss based on mining methods, bench height and other factors. The current mine and process reconciliation support this assumption. 12.5 Stockpiles Stockpile estimates were based on mine dispatch data; the grade comes from closely-spaced blasthole sampling and tonnage sourced from truck factors. The stockpile volumes are typically updated based on monthly surveys. The average grade of the stockpiles is adjusted based on the material balance to and from the stockpile. 12.6 Commodity Prices Mineral reserves that will be mined using open pit mining methods are reported within a mine design. Commodity prices used in mineral reserve estimation are based on long-term analyst and bank forecasts, supplemented with research by Newmont’s internal specialists (refer to Chapter 16). The estimated timeframe used for the price forecasts is the nine-year LOM that supports the mineral reserve estimates. 12.7 Mineral Reserves Statement Mineral reserves are reported using the mineral reserve definitions set out in SK1300 on a 100% basis. Mineral reserves are current as at December 31, 2023. The reference point for the mineral reserve estimate is as delivered to the process facilities. Mineral reserves are reported in Table 12-2. The Qualified Person for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 12-4 Table 12-2: Mineral Reserves Statement Reserve Confidence Classification Tonnes (kt) Grade Contained Metal Au (g/t) Ag (g/t) Pb (%) Zn (%) Au (koz) Ag (koz) Pb (Mlb) Zn (Mlb) Proven 123,700 0.57 37.91 0.37 0.94 2,200 150,800 1,000 2,600 Probable 167,300 0.44 30.09 0.30 0.63 2,400 161,800 1,100 2,300 Total proven and probable 291,000 0.50 33.42 0.33 0.77 4,600 312,600 2,100 4,900 Notes to accompany mineral reserve tables: 1. Mineral reserves current as at December 31, 2023. Mineral reserves are reported using the definitions in SK1300 on a 100% basis. The Qualified Person responsible for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 2. The reference point for the mineral reserves is the point of delivery to the process plant. 3. Mineral reserves are confined within open pit designs or in stockpiles. Parameters used are summarized in Table 12-1. 4. Tonnages are metric tonnes. Gold and silver ounces and lead and zinc pounds are estimates of metal contained in tonnages and do not include allowances for processing losses. 5. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. Tonnes are rounded to the nearest 100,000 tonnes. Ounces are rounded to the nearest 100,000 ounces and pounds are rounded to the nearest 100 million pounds. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 12-5 12.8 Uncertainties (Factors) That May Affect the Mineral Reserve Estimate Areas of uncertainty that may materially impact all of the mineral reserve estimates include: • Changes to long-term metal price and exchange rate assumptions; • Changes to metallurgical recovery assumptions; • Changes to the input assumptions used to derive the mineable shapes applicable to the open pit mining methods used to constrain the estimates; • Changes to the forecast dilution and mining recovery assumptions; • Changes to the cut-off values applied to the estimates; • Variations in geotechnical (including seismicity), hydrogeological and mining method assumptions; • Changes to governmental regulations, including taxation regimes; • Changes to environmental, permitting and social license assumptions. There are no other environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the QP that would materially affect the estimation of mineral reserves that are not discussed in this Report.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 13-1 13.0 MINING METHODS 13.1 Introduction Open pit mining is conducted using conventional techniques and an Owner-operated conventional truck and shovel fleet. Currently, the Peñasco and Chile Colorado open pits are being mined. 13.2 Geotechnical Considerations Geotechnical and hydrogeological studies were completed by Newmont staff with the support of third-party consultants Piteau Associates and Golder Associates to analyze slope stability, support blasting and mining operations, and provide environmental input. The geotechnical model for Peñasquito was prepared using inputs from geotechnical drilling and logging, laboratory test work, rock mass classification, structural analysis and stability modeling. A total of 12 geotechnical units are defined for planning purposes, using a combination of lithology, mineralization, alteration, and laboratory test results. These units are grouped into design sectors, of which there are five in each of the Cerro Colorado and Peñasco pits. Overall pit slope angles vary by sector. In the Chile Colorado pit, inter-ramp angles vary from 37–58º, and in the Peñasco pit, the inter-ramp angles vary from 38–63º. The overall designs are based around 15 m mining bench and 30 m double bench intervals. Some inter-ramp heights extend to 45 m and have 5 m-wide step-outs to control potential slope instabilities. Designs take into account haulage ramp positioning, safety berms, and other geotechnical features required to maintain safe inter-ramp slope angles. As mining operations progress in the pits, additional geotechnical drilling and stability analysis will continue to be conducted to support optimization of the geotechnical parameters in the LOM designs. 13.3 Hydrogeological Considerations A combination of Newmont staff and external consultants have developed the pit water management program, completed surface water studies, and estimated the life- of-mine site water balance. Management of water inflows to date have been appropriate, and no significant hydrological issues that could impact mining operations have been encountered. Water levels are maintained at least 30 m below the active mining elevation (bench) to ensure efficient production and safe access. The current pumping system consists of seven wells surrounding the Peñasco open pit. Six of the wells are located inside the pit and the remaining well is located outside the current mining boundary, but within the overall tenement holdings. The mine dewatering wells are drilled to 43 cm diameter and then a 25.4 cm casing is installed with gravel pack between the casing and drill hole to provide a conductive flow path. The average depth of the wells is 850 m. All wells are vertical and contain downhole submersible pumps which discharge into high-density polyethylene (HDPE) conveyance lines for collection in the fresh water Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 13-2 pond. Well control is maintained via a fiber-optic line that is directly connected to the plant control room. The pit area water levels are monitored through a network of piezometer wells, located both within the pit and surrounding it, for accurate water level measurement and reporting. 13.4 Operations A mine schedule was developed using the commercially-available Deswik Scheduler software package. In this schedule, the Peñasco pit has three remaining stages (Phases 7 to 9), and will be excavated to a total depth of 780 m. The Chile Colorado pit has one remaining stage (Phase 2), and will reach 365 m ultimate depth. A final pit layout plan showing the pit phases is provided in Figure 13-1. The remaining mine life is nine years, with the last year, 2032, being a partial year. The open pit operations progress at a nominal annual mining rate of 170 Mt/a until the end of 2024, subsequently decreasing to a nominal mining rate of 135 Mt/a until the end of 2027. The LOM plan assumes a nominal milling rate of 37 Mt/a until 2028. Operations use a standard drill-and-blast, truck-and-shovel configuration. The ramp design comprises two traffic lanes, safety berms and ditches. Ramp gradients are established at 10%. Haul road width assumptions include an 8 m wide berm. An ore stockpiling strategy is practiced. The mine plan considers the value of the blocks mined on a continuous basis combined with the expected concentrates quality. From time to time ore material with a lower NSR value will be stockpiled to bring forward the processing of higher-value ore earlier in the LOM. Ore can be segregated into stockpiles of known composition to allow for later blending to meet mill or customer requirements. Stockpiling also allows for forward planning for ore quality to ensure optimal mill performance and consistent gold production. 13.5 Blasting and Explosives Drill patterns range from 8 x 9 m in overburden to 5 x 5.50 m in sulfide ore. Blasting is carried out primarily with conventional ANFO explosives, supplied by an explosives contractor. Appropriate powder factors are used to match ore, waste, and overburden types. 13.6 Grade Control Ore control is undertaken 24 hrs/seven days a week in 12-hour shifts. Samples are taken from blast holes and sent to the mine laboratory. Once results are available, the database is updated, and interpolation is carried out in the ore control model.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 13-3 Figure 13-1: Final Pit Layout Plan Note: Figure prepared by Newmont, 2023. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 13-4 Ore and waste boundaries are delineated using an NSR cut-off of US$14.02/t. The material is released according to ore type and the stockpile destination is defined. Field geologists supervise the digging accuracy, and ensure that the correct materials are sent to the correct destination. Ore control staff also provides guidance on material specifications, and provide input so that short-term blending plans are complied with. 13.7 Production Schedule The LOM production schedule is included in the cashflow analysis in Chapter 19. 13.8 Mining Equipment Open pit mining is undertaken using a conventional truck-and-shovel fleet, using the equipment listed in Table 13-1. 13.9 Personnel The LOM personal requirements for LOM mine operations including mine operation/maintenance and mine technical services is 1,201.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 13-5 Table 13-1: LOM Equipment List Item/Purpose Comment Peak Number Bucyrus 495 Rope shovel 5 Komatsu PC8000 Hydraulic shovel 2 Komatsu PC5500 Hydraulic shovel 1 Komatsu WA1200 Loader 3 Komatsu 930 Haul truck 81 Cat777 Haul truck 4 Pit Viper 351 Production drill 5 Pit Viper 271 Production drill 5 Flexiroc D65 Pre-split drill 4 Komatsu D475 Track dozer 4 Cat D11 Track dozer 6 Komatsu WD900 Wheel dozer 7 Cat 24m Grader 7 Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 14-1 14.0 PROCESSING AND RECOVERY METHODS 14.1 Introduction The Peñasquito Operations consist of an inactive heap leach gold and silver recovery facility and a sulfide plant that can process a maximum of 124,000 t/d of sulfide ore. The sulfide plant design is conventional to the gold industry and has no novel parameters. The process plant was designed to treat a range of ore hardness, but as the mine has become deeper, the softer oxide ores are no longer the predominant feed material. 14.2 Process Flowsheet A schematic of the sulfide process flowsheet is included as Figure 14-1. 14.3 Plant Design 14.3.1 Oxide Plant The last fresh ore was placed on the heap leach pad in March, 2019, and the heap is currently being recirculated with water. Closure plans are in development. 14.3.2 Sulfide Plant Run-of-mine (ROM) ore is delivered to the crusher dump pocket from the mine by 290 t rear- dump–haul trucks. The crushing circuit is designed to process 136,000 t/d of ROM ore to 80% passing 150 mm. The crushing facility consists of a gyratory crusher capable of supporting a 92% utilization on a 24-hour-per-day, 365-days-per-year basis. A near-pit sizing conveyor supports higher throughputs by facilitating waste removal. Product from the gyratory crusher discharges into a 500 t surge pocket directly below the crusher. The crusher feeds, via an apron feeder, a coarse ore stockpile that has a 91,800 t live capacity. A total of 10 apron feeders arranged in two lines, of five feeders each, reclaim ore from the coarse ore stockpile. Nine feeders report the coarse ore to two semi-autogenous grinding (SAG) mills operating in closed circuit with pebble crushers and one high pressure grinding roller (HPGR) unit. Each SAG mill operates with two ball mills. The pebble crushing circuit includes three cone crushers working in parallel and one HPGR unit working in series with the cone crushers. An “augmented feed” secondary cone crusher is fed directly with coarse ore stockpile material by a single apron feeder and the product is dry screened. The oversize from the augmented feed crusher screen together with the oversize from the SAG trommel screens constitutes the feed to the pebble cone crushers. The pebble crusher product together with the fines produced by the augmented feed crusher screen are discharged to a bin that feeds the HPGR or, when necessary, feeds directly to the SAG mills.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 14-2 Figure 14-1: Sulfide Process Flowsheet Note: Figure prepared by Newmont, 2020. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 14-3 Each grinding circuit reduces the crushed ore from a passing P80 of 159 mm size to a passing P80 of 125 µm. The SAG trommel screen undersize (minus 19 mm material) discharges to a common sump. Secondary grinding is performed in four ball mills, operating in closed circuit with cyclones. Ball mill discharge is combined with SAG mill trommel screen undersize and the combined slurry is pumped to the primary cyclone clusters. Cyclone underflow reports back to the ball mills. Cyclone overflow flows by gravity to the flotation area as final grinding product. The flotation area is comprised of carbon, lead and zinc flotation circuits. The carbon pre-flotation circuit consists of two banks each with two cells of rougher in parallel. Carbon rougher concentrate proceeds to a single bank of three cleaner cells. The cleaner concentrate is treated in a single re-cleaner column, while the cleaner tails flow to a single bank of three cleaner-scavenger cells. Cleaner-scavenger concentrate returns to the cleaner circuit, while cleaner-scavenger tails are mixed with rougher tails which then become feed to the lead circuit. The recleaner column concentrate proceeds primarily to the tertiary precious metals recovery circuit, but can also be directed to final tails. The lead rougher flotation consists of six rows of rougher flotation machines in parallel, each row consisting of five cells. Lead rougher concentrate is bypassed directly to the lead cleaner conditioning tank. Product at a passing P80 of 30 µm is cleaned in a three-stage cleaner circuit. Reagents are added into the rougher and cleaner circuits on as-required basis. Tailings from the lead circuit flow by gravity to the zinc rougher conditioner tanks. One conditioner tank is installed for each bank of zinc rougher flotation cells. The conditioner tanks provide retention to facilitate activation of the sphalerite by copper sulfate addition. Collector is added to recover the zinc associated with activated sphalerite. Frother is added as required. The slurry in the conditioners overflows to the zinc rougher flotation circuit, which consists of six banks of six tank-type, self-aerating, rougher flotation cells. Tailings from all rows of zinc rougher cells are combined in a tailings box and are pumped to the pyrite leach process circuit. The rougher zinc concentrate is reground in vertical mills operating in closed circuit with cyclones. Product at a passing P80 of 30 µm is cleaned in a three-stage cleaner circuit. Reagents are added into the rougher and cleaner circuits on as-required basis. Final lead and zinc concentrates are thickened, pressure filtered, and trucked to inland smelters or to ports for overseas shipment. 14.4 Equipment Sizing Table 14-1 lists the major equipment currently operating in the sulfide circuit.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 14-4 Table 14-1: Process Equipment List, Sulfide Circuit Area Equipment Parameter Value Crushing and grinding Primary crusher Type FFE – gyratory crusher Size 152.4 x 287 cm (60 x 113 inch) Conveyor belts Width 183 cm (72 inch) Coarse ore stockpile Live Capacity 91,800 t Total Live Capacity 238,800 t Apron feeders Quantity 5 per line Dimensions 122 x 43.2 cm (48 x 17 inch) Augmented crusher Type Cone crusher Model Raptor XL 1100 Motor 820 kW SAG mill Quantity 2 Type FFE – SAG gearless Size 11.6 m x 6.1 m Motor 19,400 kW Ball mill Quantity 4 (2 lines) Type FFE – ball mill Size 7.3 m x 11.3 m Motor 6,000 kW synchronous Cyclones Quantity 24 (4 cyclobanks) Type G-max 33 Pebble crusher Quantity 3 Type Sandvik CH880 Motor 600 kW HPGR Quantity 1 Type Polycom 61/43.2 cm (24/17 inch) Motor 5,000 kW Carbon pre-flotation circuit Rougher flotation Type Outotec Quantity 2 banks of 2 cells Volume 630 m3 Cleaner flotation Type Outotec Quantity 1 bank of 3 cells Volume 300 m3 Scavenger flotation Type Outotec Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 14-5 Area Equipment Parameter Value Quantity 1 bank of 3 cells Volume 300 m3 Re-cleaner flotation Type Outotec Quantity 1 column cell Dimensions 5.5 m diameter x 14 m Tertiary precious metals recovery circuit Gravity concentrator Type Falcon ultrafine gravity concentrator Quantity 32 Size 1.5 m dia Lead flotation circuit Rougher flotation Type Wemco/Dorr Oliver Quantity 30 (6 rows, 5 cells per row) Volume 250 m3 1st cleaner Quantity 7 Volume 42.5 m3 2nd cleaner Quantity 8 Volume 2.5 m3 3rd cleaner Quantity 4 Volume 2.5 m3 Zinc flotation circuit Rougher flotation Type Wemco/Dorr Oliver Quantity 36 (6 rows, 6 cells per row) Volume 250 m3 1st cleaner Quantity 7 Volume 42.5 m3 2nd cleaner Quantity 8 Volume 8.5 m3 3rd cleaner Quantity 5 Volume 8.5 m3 Vertical mill Quantity 2 Type Metso – 485 kW Lead concentrate thickening Thickener Quantity 2 Type Outokumpu – high rate Size 10 m (32.81 ft.) dia Storage tank Quantity 2 Size 325 m3 Zinc concentrate thickening Thickener Quantity 2 Type Outokumpu – high rate

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 14-6 Area Equipment Parameter Value Size 14 m (45.93 ft.) dia Storage tank Quantity 2 Size 325 m3 Lead concentrate filtering Filters Type Pneumapress 14 plates Size 2.8 m2 Quantity 3 Zinc concentrate filtering Filters Type Pneumapress 14 plates Size 2.8 m2 Quantity 3 Tailings classification Cyclone towers Quantity 2 (north tower & south tower) Cyclone feed pumps Type 600 mm x 650 mm GIW Quantity 3 per tower Cyclone cluster Type Gmax 20 Quantity 15 cyclones per cluster Quantity 2 clusters per tower 14.5 Energy, Water, and Process Materials Requirements 14.5.1 Energy Newmont currently uses power sourced from Saavi Energia (formerly Intergen) located in San Luis de la Paz, Guanajuato as its central power grid; however, the Peñasquito Operations are still using Mexican Electricity Federal Commission infrastructure to bring the electricity from Guanajuato to Mazapil. The annual power consumption ranges from 165–175 MW per day. The process plant accounts for around 85% of the total consumption. 14.5.2 Consumables Reagents are typically trucked to site and stored onsite in quantities sufficient for mine usage, plus sufficient supply to cover potential interruptions in the delivery of the reagents. The major reagents include: • Sulfide plant: collectors, depressants, frothers and activators; • Precious metals plant: lime, flocculant and zinc. Other consumables include grinding media, oxygen, and air. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 14-7 14.5.3 Water Supply Water is sourced from several locations: the tailings storage facility (TSF), well fields, pit dewatering wells, and process operational recycle streams. The operating philosophy is to maximize the amount of recycled water within the process plant, and a significant proportion of the total mine site water requirements is made up from recycled water. Fresh water is used only for reagent makeup and gland service water for the pumps. 14.6 Personnel The process personnel required for the LOM plan total 673 persons, including plant operations and maintenance.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 15-1 15.0 PROJECT INFRASTRUCTURE 15.1 Introduction Site infrastructure comprises: • Two open pits: Peñasco and Chile Colorado; • Three waste rock facilities (with conveying and stacking system for the NPSC waste facility); • One concentrator plant and associated conveying systems; • One heap leach pad and Merrill Crowe plant; • Camp/accommodation complex; • Maintenance, administration and warehouse facilities; • TSF; • Medical clinic; • Various ancillary buildings; • Paved airstrip; • Diversion channels; • Pipelines and pumping systems for water and tailings; • Access roads; • Explosive storage facilities; • High-voltage transmission line; • Environmental monitoring facilities. Figure 15-1 is an infrastructure layout plan for the Project. 15.2 Road and Logistics Road access is outlined in Chapter 4.2. Within the Project area, access is by foot trails and tracks. The Peñasquito mine has a 610 m long (2,000 ft) asphalt airstrip and associated terminal building. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 15-2 Figure 15-1: Infrastructure Layout Plan Note: Figure prepared by Newmont, 2024.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 15-3 15.3 Stockpiles Stockpile classification is based on material types that require different treatment at the process plant. Classifications that determine stockpile routing to one of six major stockpiles are based on elements such as organic carbon content, NSR value, lead, and zinc grades. A stockpile block model is used, based on dumping locations and grades. These data are cross- checked with the weekly stockpile topographic surface to obtain more accurate grades by area. The block model grades are used in support of short-term mine plans and to optimize blending. 15.4 Waste Rock Storage Facilities The approximately 640 Mt of waste rock remaining to be mined in the LOM plan will be stored in a series of five waste rock storage facilities (WRSFs). The remaining storage capacity in these facilities is about 780 Mt. All facilities are located with Newmont’s overall operating area. The development schedule for each facility is based on an optimization of the overall haulage profile, the requirements for waste material for tailing storage, and the incorporation of additional haulage trucks into the current mining fleet. The current WRSF strategy does not consider pit backfilling. All of the WRSFs are located well beyond the crest of the ultimate pit; however, further optimization of the LOM waste storage plan will continue to be examined by Newmont, in an effort to further reduce haulage profiles and resulting unit mining costs. The WRSF designs were reviewed by Golder, a third-party consultant. Factors of safety range from 1.2–1.3. 15.5 Tailings Storage Facilities 15.5.1 Tailings Storage Tailings are deposited onsite into the Presa de Jales TSF, which is a paddock-style facility with four perimeter containment structures, the north, south, east, and west dams. The north, west, and south dams were constructed using centerline methods. The eastern dam is a geomembrane and bituminous-lined water-retaining dam constructed of rockfill using a downstream raise configuration. The internal water reclaim pond is maintained against this structure. Key elements of the TSF include: • Whole tailings classification, transport and distribution systems (including pipelines and north and south cyclone stations); • Underflow tailings placement (perimeter dam construction); • Overflow tailings and whole tailings placement (basin area); • Seepage collection system, including interception system, wells, tanks, pumps, and pipelines; Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 15-4 • Water reclaim system, including pumps, tanks, and pipelines (reclaim pond). The TSF is currently constructed to an ultimate dam crest elevation of 1,875.2 masl; however, future plans for the TSF include its raising to 1,905.2 masl. The maximum storage allowed under the current tailings dam construction plan at elevation 1,905.2 masl is 292 Mt, consisting of 271 Mt of stored tailings and 21 Mt of hydraulic sand construction. This is sufficient for the current LOM plan. 15.5.2 Tailings Reclaim Pond The water reclaim from the TSF originates from two sources: precipitation falling within the TSF footprint, and reclaim water from the tailing depositional process. Reclaim water is collected in the internal reclaim pond at the TSF and provides 70% of the plant makeup water. 15.5.3 External Ponds Four ponds are sited to the east of the TSF, and are referred to as the external ponds. The ponds are designed to reduce the solids content of the reclaim water, as well as provide water storage to accommodate fluctuations in plant operations, fresh water supplies, precipitation, evaporation, and other variables that feed into the site-wide water balance. Additionally, the external ponds were commissioned to reduce the volume of water contained on the TSF within the tailings reclaim pond. 15.6 Water Management 15.6.1 Water Sources The mine is located in the Mazapil valley, which forms part of the Cedros administrative aquifer. Hydrologically, this aquifer is part of the Nazas Aguanaval sub-basin, which forms part of the Laguna de Mayrán y Viesca Regional Basin. Because there are no surface water resources, the water supply for the Peñasquito Operations is obtained from groundwater in the Cedros basin, from an area known as the Torres and Vergel well field. The mine has received permits to pump up to 35,247 Mm³ of this water per year via eight water rights titles over the Torres and Vergel water well field and Northern well field (NWF). The Torres and Vergel well field (16 wells) is being pumped at an average daily rate of approximately 31,000 m³ per day. The NWF well field extracts approximately 30,000 m³ per day (14 wells). As much water as practicable is recycled. Newmont continues to monitor the local aquifers to ensure they remain sustainable. A network of monitoring wells was established to monitor water levels and water quality.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 15-5 15.6.2 Dewatering Activities Dewatering wells from the open pit area are currently sufficient being pumped at an average rate of 27,500 m³/d. This rate as well as currently budgeted replacement wells is sufficient for LOM dewatering. Water is used by the mine and plant, as required. 15.6.3 Water Balance A probabilistic water balance model was developed for the entire mine site including the plant, heap leach facilities, diversion channels, tailings facility, other users of water, and the water supply system. The software used for this water balance is the industry standard GoldSim modeling package. This model is tracked and updated on a monthly basis. Modelling allows Newmont to define initial and operating conditions, and simulate the projected performance of the mine water system over a given time period. The mine is operated as a zero-discharge system. Process water is not discharged to surface waters, nor are there direct discharges to surface waters. 15.6.4 Waste Water All wastewater from the mine offices, camp and cafeteria is treated in a wastewater treatment plant prior to discharge to the environment. All storm water is diverted from the main infrastructure facilities through use of diversion channels. 15.7 Camps and Accommodation On-site accommodation comprises a 3,421-bed camp with full dining, laundry and recreational facilities. 15.8 Power and Electrical Power is currently supplied from the 182 MW power purchase agreement with Saavi Energia, delivered to the mine by the Mexican Federal Electricity Commission (Comisión Federal de Electricidad or CFE). CFE also continues to provide backup power supply for both planned and unplanned shutdowns from the Saavi Energia power plant. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 16-1 16.0 MARKET STUDIES 16.1 Market Studies Bullion from the Peñasquito Operations is sold on the spot market, by corporate in-house marketing experts. The terms in these contracts are in line with industry standard terms and are consistent with doré sold from other operations. The doré is not subject to product specification requirements. Newmont has established contracts and buyers for its lead and zinc concentrate, and has a corporate internal marketing group that monitors markets for its concentrate and negotiates contracts on behalf of the operations. Together with public documents and analyst forecasts, these data support that there is a reasonable basis to assume that for the LOM plan, that the lead and zinc concentrate will be saleable at the assumed commodity pricing. The lead concentrate produced at Peñasquito is typically marketed as a high gold and high silver, lead concentrate. Smelters operating their own precious metal refineries (with a strong ability to recover gold) at their lead smelting operations are best suited to purchase and treat Peñasquito lead concentrates. The zinc concentrate produced at Peñasquito is marketed as a high gold and high silver, zinc concentrate. Smelters with the ability to recover gold and silver from their zinc processes are best suited to purchase and treat Peñasquito zinc concentrates. Long-term contracts have been negotiated with smelters in Korea, Spain, Antwerp, Canada, Mexico and Japan for a large portion of the mine production of concentrates. The remaining production is tendered on the spot market. The pricing of the concentrate is driven by London Metal Exchange (LME) lead and zinc pricing, London Bullion Market Association (LBMA) gold and silver pricing, and annual processing benchmark terms negotiated by major industry players and published by third-party data providers. There are no agency relationships relevant to the marketing strategies used. 16.2 Commodity Price Forecasts Newmont uses a combination of historical and current contract pricing, contract negotiations, knowledge of its key markets from a long operations production record, short-term versus long- term price forecasts prepared by Newmont’s corporate internal marketing group, public documents, and analyst forecasts when considering long-term commodity price forecasts. Higher metal prices are used for the mineral resource estimates to ensure the mineral reserves are a sub-set of, and not constrained by, the mineral resources, in accordance with industry- accepted practice. The long-term commodity price and exchange rate forecasts are: • Mineral reserves: o Gold: $1,400/oz;

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 16-2 o Silver: $20/oz; o Lead: $1.0 /lb; o Zinc: $1.20 /lb; o Mexican peso to US$: 20.0; • Mineral resources: o Gold: $1,600/oz; o Silver: $23/oz; o Lead: $1.20/lb; o Zinc: $1.45 /lb; o Mexican peso to US$: 20.0. 16.3 Contracts Newmont has multiple long-term contracts in place covering the majority of the lead and zinc concentrate production. The terms contained within the concentrate sales contracts are typical and consistent with standard industry practice for lead and zinc concentrates with high gold and silver contents. The contracts include industry benchmark terms for metal payables, treatment charges and refining charges for concentrates produced. Depending on the specific contract, the terms for the sale of the lead and zinc concentrates are either referenced to benchmark-based treatment and refining charges, or are negotiated fixed terms. Treatment charges assumed for estimation of mineral reserves are based on forecasts published by third-party data providers such as Wood Mackenzie or the CRU Group. The formula used for mineral reserves is sensitive to the underlying metal prices (gold, silver, lead, zinc) and is consistent with long-term expectations for lead and zinc treatment and gold and silver refining charges in lead concentrates. The largest in-place contracts other than for product sales cover items such as bulk commodities, operational and technical services, mining and process equipment, and administrative support services. Contracts are negotiated and renewed as needed. Contract terms are typical of similar contracts in Mexico that Newmont is familiar with. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 17-1 17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS 17.1 Baseline and Supporting Studies The key baseline studies completed over the Project area in support of the original environmental assessment and later Project expansion included: • Hydrogeology and groundwater quality; • Aquifer assessments; • Surface water quality and sediment; • Metals toxicity and acid mine drainage studies; • Air and climate; • Noise and vibration; • Vegetation; • Wildlife; • Conservation area management plan; • Biomass and carbon fixation studies; • Land use and resources; • Socio-economics. 17.2 Environmental Considerations/Monitoring Programs Environmental monitoring is ongoing at the Project and will continue over the life of the operations. Key monitoring areas include air, water, noise, wildlife, forest resources and waste management. Characterization studies of waste rock, pit walls, and tailings materials were undertaken to determine the acid rock drainage (ARD) and metal leaching (ML) potential. Peñasco and Chile Colorado waste rock was found to have low potential for acidic drainage from the oxidized waste rock lithologies. However, there was potential for waste rock with sulfides to oxidize to produce acidity; however, this could be controlled by adequate neutralization in these materials to overcome acidic drainage. Potentially acid-forming waste (PAG) materials and rock types that have ML potential are currently stored in the waste rock facilities and encapsulated with non- reactive rock. The tailings materials have somewhat higher potential to produce ARD and ML (selenium being the only metal potentially outside Mexican standards). Control of ARD and ML from tailings materials will be achieved through reclamation of the current TSF after its closure in

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 17-2 2027, concurrent with ongoing mining activities, and reclamation of the final TSF immediately after mine closure. 17.3 Closure and Reclamation Considerations A closure and reclamation plan was prepared for the mine site. The cost for this plan was calculated based on the standard reclamation cost estimator (SRCE) model which is based on the Nevada State regulations. The closure cost spending schedule was updated for the current mine life, and reflects anticipated expenditures prior to closure, during decommissioning and during the post-closure monitoring and maintenance period. Site closure costs are funded by allocating a percentage of sales revenue to closure activities. The closure and reclamation plan also incorporates international best practices, including the World Bank Environment, Health and Safety Guidelines Mining and Milling - Open Pit, the Draft International Finance Corporation (IFC) Environmental, Health and Safety Guidelines – Mining, and the International Cyanide Management Code For the Manufacture, Transport, and Use of Cyanide in the Production of Gold. Mexican legislation does not require the posting of reclamation or performance bonds. Asset retirement obligation (ARO) closure costs were estimated in 2021 at approximately US$0.5 B for rehabilitation activities associated with existing disturbance. The closure costs used in the economic analysis total US$0.8 B. A comprehensive study is ongoing to potentially resettle the communities in close proximity to the mine. Any such decision will require approval from the Newmont’s senior management, and will have impacts on future closure cost estimates. 17.4 Permitting All major permits and approvals are in place to support operations. Where permits have specific terms, renewal applications are made of the relevant regulatory authority as required, prior to the end of the permit term. Newmont monitors the regulatory regime in place at each of its operations and ensures that all permits are updated in line with any regulatory changes. 17.5 Social Considerations, Plans, Negotiations and Agreements Public consultation and community assistance and development programs are ongoing. Newmont, Ejido Cedros and Ejido Mazapil have established trust funds for locally-managed infrastructure, education and health projects. Newmont provides annual funding for these trusts. The communities around the Peñasquito mine also benefit from a number of programs and services provided, or supported, by the mine. In addition, the Peñasquito mine operates a forestry nursery that produces 3.5 million trees annually. These trees are used for reforestation around the mine and within the local communities. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 17-3 17.6 Qualified Person’s Opinion on Adequacy of Current Plans to Address Issues Based on the information provided to the QP by Newmont (see Chapter 25), there are no material issues known to the QP. The Peñasquito Operations are mature mining operations and currently have the social license to operate within its local communities.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 18-1 18.0 CAPITAL AND OPERATING COSTS 18.1 Introduction Capital and operating cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. 18.2 Capital Cost Estimates Capital costs are based on recent prices or operating data. Capital costs include funding for infrastructure, pit dewatering, development drilling, and permitting as well as miscellaneous expenditures required to maintain production. Mobile equipment re-build/replacement schedules and fixed asset replacement and refurbishment schedules are included. Sustaining capital costs reflect current price trends. The overall capital cost estimate for the LOM is US$0.8 B, as summarized in Table 18-1. 18.3 Operating Cost Estimates Operating costs are based on actual costs seen during operations and are projected through the LOM plan. Historical costs are used as the basis for operating cost forecasts for supplies and services unless there are new contract terms for these items. Labor and energy costs are based on budgeted rates applied to headcounts and energy consumption estimates. Operating costs for the LOM are estimated at US$6.1 B, as summarized in Table 1-5. The estimated LOM mining cost is US$2.73/t mined. Base processing costs are estimated at US$9.26/t milled. In addition, G&A costs are estimated at US$3.07/t milled. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 18-2 Table 18-1: Capital Cost Estimate Area Unit Value Mining US$ B 0.3 Process US$ B 0.4 Site general and administrative US$ B 0.1 Total US$ B 0.8 Note: Numbers have been rounded; totals may not sum due to rounding. Table 18-2: Operating Cost Estimate Area Unit Value Mining US$ B 2.5 Process US$ B 2.7 General and administrative US$ B 0.9 Total US$ B 6.1 Note: Numbers have been rounded; totals may not sum due to rounding.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 19-1 19.0 ECONOMIC ANALYSIS 19.1 Methodology Used The financial model that supports the mineral reserve declaration is a standalone model that calculates annual cash flows based on scheduled ore production, assumed processing recoveries, metal sale prices and MXN$/US$ exchange rate, projected operating and capital costs and estimated taxes. The financial analysis is based on an after-tax discount rate of 8%. All costs and prices are in unescalated “real” dollars. The currency used to document the cash flow is US$. All costs are based on the 2024 budget. Revenue is calculated from the recoverable metals and long-term metal price and exchange rate forecasts. 19.2 Financial Model Parameters The economic analysis is based on the metallurgical recovery predictions in Chapter 10.4, the mineral reserve estimates in Chapter 13, the mine plan discussed in Chapter 14, the commodity price forecasts in Chapter 16, closure cost estimates in Chapter 17.4, and the capital and operating costs outlined in Chapter 18. Royalties were summarized in Chapter 3.9. The Peñasquito Operations are subject to a federal tax of 30%, and mining tax of 7.5%. The economic analysis is reported on a 100% project ownership basis. The economic analysis assumes constant prices with no inflationary adjustments. The NPV8% is US$1.12 B. As the cashflows are based on existing operations where all costs are considered sunk to January 1, 2024, considerations of payback and internal rate of return are not relevant. A summary of the financial results is provided in Table 19-1. An annualized cashflow statement is provided in Table 19-2. In these tables, EBITDA = earnings before interest, taxes, depreciation and amortization. The active mining and processing operations cease in 2032; however, closure costs are estimated to 2073. The closure costs, from 2033–2073 total US$0.8 B. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 19-2 Table 19-1: Cashflow Summary Table Item Unit Value Gold price US$/oz 1,400 Silver price US$/oz 20 Lead price US$/lb 1.00 Zinc price US$/lb 1.20 Tonnage Mtonnes 291 Gold grade g/t 0.50 Silver grade g/t 33.42 Lead grade % 0.33 Zinc grade % 0.77 Gold ounces Moz 4.6 Silver ounces Moz 313 Lead pounds Blb 2.1 Zinc pounds Blb 4.9 Capital costs US$B 0.8 Costs applicable to sales US$B 7.5 Discount rate % 8 Exchange rate United States dollar:Mexican peso (US$:MX$) 20.0 Free cash flow US$B 1.1 Net present value US$B 1.1 Note: Cashflow presented on a 100% ownership and Project basis. Numbers have been rounded.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 19-3 Table 19-2: Annualized Cashflow Item Units LOM Total 2024 2025 2026 2027 2028 2029 2030 2031 2032 Material mined Mt 909 171 138 137 134 106 89 61 56 18 Ore processed Mt 291 37 37 37 37 38 28 28 36 13 Contained gold, processed Moz 4.6 0.5 0.8 0.5 0.5 0.7 0.4 0.5 0.6 0.1 Contained silver, processed Moz 313 50 41 37 36 36 31 25 43 14 Contained lead, processed Mlbs 2,094 341 318 191 284 290 235 182 205 47 Contained zinc, processed Mlbs 4,909 782 775 677 517 510 441 424 633 149 Processed ore gold grade g/t 0.50 0.45 0.66 0.39 0.42 0.55 0.41 0.59 0.54 0.35 Processed ore silver grade g/t 33.39 41.80 34.06 30.66 30.10 29.94 34.08 27.73 37.68 33.54 Processed ore lead grade % 0.33 0.42 0.39 0.23 0.35 0.35 0.38 0.29 0.26 0.17 Processed ore zinc grade % 0.76 0.95 0.95 0.83 0.63 0.61 0.71 0.68 0.81 0.52 Recovered gold Moz 2.7 0.3 0.5 0.3 0.3 0.4 0.2 0.3 0.4 0.1 Recovered silver Moz 251 39 33 30 28 29 25 20 35 11 Recovered lead Mlbs 1,525 243 235 140 205 212 173 133 151 34 Recovered zinc Mlbs 4,013 639 646 563 413 406 358 344 526 119 Recovery, gold % 59 55 63 58 56 59 55 61 61 59 Recovery, silver % 80 78 81 81 79 81 80 82 82 81 Recovery, lead % 73 71 74 73 72 73 74 73 74 73 Recovery, zinc % 82 82 83 83 80 80 81 81 83 80 Net revenue US$B 11.5 1.6 1.8 1.3 1.2 1.4 1.0 1.1 1.5 0.4 Costs associated with sales (CAS) US$B -7.5 -1.0 -1.1 -0.9 -0.9 -1.0 -0.9 -0.6 -0.8 -0.3 Other expenses US$B -0.5 -0.1 -0.1 -0.1 0.0 -0.1 -0.1 -0.1 -0.1 -0.1 EBITDA US$B 3.4 0.6 0.7 0.3 0.3 0.4 0.1 0.4 0.7 0.0 Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 19-4 Item Units LOM Total 2024 2025 2026 2027 2028 2029 2030 2031 2032 Depreciation, other US$B -1.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 -0.2 Earnings before taxes US$B 2.4 0.5 0.6 0.2 0.2 0.3 0.0 0.3 0.5 -0.2 Cash taxes US$B -0.7 -0.1 -0.2 0.0 0.0 -0.1 0.0 -0.1 -0.2 0.0 After-tax income US$B 1.7 0.4 0.4 0.2 0.1 0.2 0.0 0.2 0.4 -0.2 Add backs (e.g. depreciation, working capital, inventory changes) US$B 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.0 0.2 Operating cashflow (after depreciation, taxes, other adjustments) US$B 2.0 0.3 0.5 0.3 0.2 0.3 0.3 0.3 0.4 0.1 Total Capital US$B -0.8 -0.2 -0.2 -0.2 -0.1 -0.1 -0.1 0.0 0.0 0.0 Free Cashflow US$B 1.1 0.2 0.3 0.1 0.1 0.2 0.2 0.2 0.4 0.1 Note: Numbers have been rounded; totals may not sum due to rounding. EBITDA = earnings before interest, taxes, depreciation and amortization.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 19-5 Table 19-1 and Table 19-2 contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Please refer to the note regarding forward-looking information at the front of the Report. The cash flow is only intended to demonstrate the financial viability of the Project. Investors are cautioned that the above is based upon certain assumptions which may differ from Newmont’s long-term outlook or actual financial results, including, but not limited to commodity prices, escalation assumptions and other technical inputs. For example, Table 19-1 and Table 19-2 use the price assumptions stated in the table, including a gold commodity price assumption of US$1,400/oz, a silver commodity price of US$20/oz, a lead commodity price of US$1.00/lb and a zinc commodity price of US$1.20/lb, prices which vary significantly from current gold, silver, lead and zinc prices, and the assumptions that Newmont uses for its long-term guidance. Please be reminded that significant variation of metal prices, costs and other key assumptions may require modifications to mine plans, models, and prospects. 19.3 Sensitivity Analysis The sensitivity of the Project to changes in metal prices, exchange rate, sustaining capital costs and operating cost assumptions was tested using a range of 25% above and below the base case values (Figure 19-1). The Project is most sensitive to metal price changes, less sensitive to changes in operating costs, and least sensitive to changes in capital costs. The sensitivity to grade mirrors the sensitivity performed for the commodity prices and payable metals, and is not shown. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 19-6 Figure 19-1: NPV Sensitivity Note: Figure prepared by Newmont, 2024. FCF = free cashflow; op cost = operating cost; cap cost = capital cost; op cost = operating cost; NPV = net present value. -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 -25% -15% Base 15% 25% $U S B ill io n Op Cost FCF Op Cost NPV Cap Cost FCF Cap Cost NPV Metal Price FCF Metal Price NPV Payable FCF Payable NPV

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 20-1 20.0 ADJACENT PROPERTIES This Chapter is not relevant to this Report. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 21-1 21.0 OTHER RELEVANT DATA AND INFORMATION This Chapter is not relevant to this Report.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 22-1 22.0 INTERPRETATION AND CONCLUSIONS 22.1 Introduction The QP notes the following interpretations and conclusions, based on the review of data available for this Report. 22.2 Property Setting The Peñasquito Operations are situated in an area that has had modern mining activities underway for about 14 years. As a result, local and regional infrastructure and the supply of goods available to support mining operations is well-established. Personnel with experience in mining-related activities are available in the district. Transportation routes access the Peñasquito Operations area. There are no significant topographic or physiographic issues that would affect the Peñasquito Operations. The dominant vegetation types are cactus and coarse grasses. Mining operations are conducted year-round. 22.3 Ownership Newmont uses an indirectly 100% owned subsidiary, Minera Peñasquito, as the operating entity for the mining operations. 22.4 Mineral Tenure, Surface Rights, Water Rights, and Royalties a Newmont currently holds 80 mining concessions (approximately 89,309 ha). Surface rights in the vicinity of the Chile Colorado and Peñasco open pits are held by Ejido Cedros, Ejido Mazapil, and Ejido Cerro Gordo. Newmont has entered into agreements with a number of ejidos in relation to surface rights, either for mining or exploration activities. All required power line and road easements have been granted. Newmont has active water extraction permits, which together with water sourced from the tailings reclaim pond, are sufficient to support the LOM. Wheaton pays Newmont a per-ounce cash payment of the lesser of US$3.90 and the prevailing market price (subject to an inflationary adjustment that commenced in 2011), for silver delivered under a streaming contract. A 2% NSR royalty is payable to Royal Gold on production from the Chile Colorado and Peñasco deposits. The Mexican Government levies a 7.5% mining royalty that is imposed on earnings before interest, taxes, depreciation, and amortization. There is also a 0.5% environmental erosion fee payable on precious based on gross revenues. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 22-2 22.5 Geology and Mineralization The deposits within the Peñasquito Operations are considered to be examples of breccia pipe deposits developed as a result of intrusion-related hydrothermal activity. The geological understanding of the settings, lithologies, and structural and alteration controls on mineralization in the different zones is sufficient to support estimation of mineral resources and mineral reserves. The geological knowledge of the area is also considered sufficiently acceptable to reliably inform mine planning. The mineralization style and setting are well understood and can support declaration of mineral resources and mineral reserves. Potential exists at depth below the current operating pits within the current diatreme bodies as well as skarn and mantos mineralization within the surrounding limestone units. Additionally, the surrounding district has relatively little exploration work completed. 22.6 History The Peñasquito Operations have over 14 years of active mining history, and exploration activities date back to 1994 when the mineralization-hosting diatremes were first discovered. 22.7 Exploration, Drilling, and Sampling The exploration programs completed to date are appropriate for the style of the mineralization within the Peñasquito Operations area. Drilling is normally perpendicular to the strike of the mineralization. Depending on the dip of the drill hole, and the dip of the mineralization, drill intercept widths are typically greater than true widths. Sampling methods, sample preparation, analysis and security conducted prior to Newmont’s interest in the operations were in accordance with exploration practices and industry standards at the time the information was collected. Current Newmont sampling methods are acceptable for mineral resource and mineral reserve estimation. Sample preparation, analysis and security for the Newmont programs are currently performed in accordance with exploration best practices and industry standards. The quantity and quality of the lithological, geotechnical, collar and down-hole survey data collected during the exploration and delineation drilling programs are sufficient to support mineral resource and mineral reserve estimation. The collected sample data adequately reflect deposit dimensions, true widths of mineralization, and the style of the deposits. Sampling is representative of the gold and copper grades in the deposit, reflecting areas of higher and lower grades. Density measurements are considered to provide acceptable density values for use in mineral resource and mineral reserve estimation.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 22-3 The sample preparation, analysis, quality control, and security procedures used by the Peñasquito Operations have changed over time to meet evolving industry practices. Practices at the time the information was collected were industry-standard, and frequently were industry- leading practices. The sample preparation, analysis, quality control, and security procedures are sufficient to provide reliable data to support estimation of mineral resources and mineral reserves. The QA/QC programs adequately address issues of precision, accuracy and contamination. Modern drilling programs typically included blanks, duplicates, and standard samples. QA/QC submission rates meet industry-accepted standards. 22.8 Data Verification The database that supports mineral resource and mineral reserve estimates is checked using electronic data scripts and triggers. Data verification was performed by external consultants in support of mine development and operations. No material issues were identified in the reviews. Observations made during the QP’s site visit, in conjunction with discussions with site-based technical staff also support the geological interpretations, and analytical and database quality. The QP’s personal inspection supports the use of the data in mineral resource and mineral reserve estimation, and in mine planning. The QP receives and reviews monthly reconciliation reports from the mine site. Through the review of these reconciliation factors the QP is able to ascertain the quality and accuracy of the data and its suitability for use in the assumptions underlying the mineral resource and mineral reserve estimates. 22.9 Metallurgical Testwork Industry-standard studies were performed as part of process development and initial mill design. Subsequent production experience and focused investigations guided mill alterations and process changes. Testwork programs, both internal and external, continue to be performed to support current operations and potential improvements. From time to time, this may lead to requirements to adjust cut-off grades, modify the process flowsheet, or change reagent additions and plant parameters to meet concentrate quality, production, and economic targets. Samples selected for testing were representative of the various types and styles of mineralization. Samples were selected from a range of depths within the deposit. Sufficient samples were taken so that tests were performed on sufficient sample mass. Recovery factors estimated are based on appropriate metallurgical testwork, and are appropriate to the mineralization types and the selected process routes. However, the mineralogical complexity of the Peñasquito ores makes the development of recovery models difficult as eight elements (gold, silver, lead, zinc, copper, iron, arsenic, and antimony) are tracked through the process. Recovery models need to be sufficiently robust to allow for changes in mineralogy and plant operations, while providing reasonable predictions of concentrate quality and tonnage. LOM recovery forecasts the sulfide plant are 59.1% for gold, 80.4% for silver, 72.6% for lead, and 81.7% for zinc. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 22-4 The mill throughput and associated recovery factors are considered appropriate to support mineral resource and mineral reserve estimation, and mine planning. Galena and sphalerite are the main payable base metals minerals, with a host of complex sulfosalts (including tennantite and tetrahedrite) also reporting to the concentrates. These sulfosalts can carry varying amounts of deleterious elements such as arsenic, antimony, copper and mercury. Copper can also be considered as a commodity as it is paid by certain customers. At the date of this Report, the processing plant, in particular the flotation portion of the circuit, does not separate the copper-bearing minerals from the lead minerals, so when present the sulfosalts report (primarily) to the lead concentrate. There is no direct effect of deleterious elements on the recovery of precious and base metals. The marketing contracts are structured to allow for small percentages of these deleterious elements to be incorporated into the final product, with any exceedances then incurring nominal penalties. Historically, due to the relatively small proportion of concentrate that has high levels of deleterious elements, the marketing group was able to sufficiently blend the majority of the deleterious elements such that little or no financial impact has resulted. One small area of the mine was defined as containing above-average mercury grades. Due to its limited size, blending should be sufficient to minimize the impact of mercury from this area on concentrate quality. Organic carbon has also been recognized as a deleterious element affecting the recovery of gold and the operational cost in the process plant. The carbon pre-flotation process was built to allow for removal of liberated organic carbon ahead of lead and zinc flotation and the pyrite leach plant, so that those process steps could operate in a similar fashion to operation with low-carbon ores. 22.10 Mineral Resource Estimates Mineral resources are reported using the mineral resource definitions set out in SK1300, and are reported exclusive of those mineral resources converted to mineral reserves. The reference point for the estimate is in situ. Areas of uncertainty that may materially impact the mineral resource estimates include: changes to long-term commodity price assumptions; changes in local interpretations of mineralization geometry and continuity of mineralized zones; changes to geological shape and continuity assumptions; changes to metallurgical recovery assumptions; changes to the operating cut-off assumptions for mill feed or stockpile feed; changes to the input assumptions used to derive the conceptual open pit outlines used to constrain the estimate; changes to the cut-off grades used to constrain the estimates; variations in geotechnical, hydrogeological and mining assumptions; changes to governmental regulations, changes to environmental assessments, and changes to environmental, permitting and social license assumptions. 22.11 Mineral Reserve Estimates Mineral reserves were converted from measured and indicated mineral resources. Inferred mineral resources were set to waste. Estimation was performed by Newmont personnel.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 22-5 Mineral reserves are reported using the mineral reserve definitions set out in SK1300 The reference point for the point of delivery to the process plant. Areas of uncertainty that may materially impact the mineral reserve estimates include: changes to long-term metal price and exchange rate assumptions; changes to metallurgical recovery assumptions; changes to the input assumptions used to derive the pit designs applicable to the open pit mining methods used to constrain the estimates; changes to the forecast dilution and mining recovery assumptions; changes to the cut-off values applied to the estimates; variations in geotechnical (including seismicity), hydrogeological and mining method assumptions; and changes to environmental, permitting and social license assumptions. 22.12 Mining Methods Open pit mining is conducted using conventional techniques and an Owner-operated conventional truck and shovel fleet. Open pit designs were assessed and reviewed prior to pit excavation to ensure adequacy and integrity of design geometry with consideration to ground conditions. As mining operations progress in the pit, additional geotechnical drilling and stability analysis will continue to be conducted to support optimization of the geotechnical parameters in the LOM designs. A combination of Newmont staff and external consultants have developed the pit water management program, completed surface water studies, and estimated the life- of-mine site water balance. Management of water inflows to date have been appropriate, and no hydrological issues that could impact mining operations have been encountered. The Peñasquito pit has three remaining stages (Phases 7 to 9), and will be excavated to a total depth of 780 m. The Chile Colorado pit has one remaining stage (Phase 2), and will reach 375 m ultimate depth. An ore stockpiling strategy is practiced. The remaining mine life is nine years, with the last year, 2032, being a partial year. As part of day-to-day operations, Newmont will continue to perform reviews of the mine plan and consider alternatives to, and variations within, the plan. Alternative scenarios and reviews may be based on ongoing or future mining considerations, evaluation of different potential input factors and assumptions, and corporate directives. 22.13 Recovery Methods The last fresh ore was placed on the heap leach pad in March 2019. The heap leach pad is being recirculated with water, and closure studies are underway. The process plant design was based on a combination of metallurgical testwork, previous study designs, previous operating experience. The design is conventional to the mining industry and has no novel parameters. The plant will produce variations in recovery due to the day-to-day changes in ore type or combinations of ore type being processed. These variations are expected to trend to the forecast recovery value for monthly or longer reporting periods. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 22-6 22.14 Infrastructure The majority of the key infrastructure to support the mining activities envisaged in the LOM is in place. Personnel reside in an on-site accommodation complex. Waste is stored in a series of WRSFs, which have sufficient capacity for the LOM plan. The current WRSF strategy does not consider pit backfilling. All of the WRSFs are located well beyond the crest of the ultimate pit; however, further optimization of the LOM waste storage plan will continue to be examined by Newmont, in an effort to further reduce haulage profiles and resulting unit mining costs. There is sufficient capacity within the TSF for the current LOM plan. Within Newmont’s ground holdings, there is sufficient area to allow construction of any additional infrastructure that may be required in the future. Water supply for the Peñasquito Operations is obtained from groundwater. Newmont continues to monitor the local aquifers to ensure they remain sustainable. A network of monitoring wells was established to monitor water levels and water quality. Power is currently supplied from the 182 MW power purchase agreement with Saavi Energia, delivered to the mine by the Mexican Federal Electricity Commission. The Federal Electricity Commission continues to provide backup power supply for both planned and unplanned shutdowns from the Saavi Energia power plant. 22.15 Market Studies Newmont has established contracts and buyers for its lead and zinc concentrate, and has a corporate internal marketing group that monitors markets for its concentrate and negotiates contracts on behalf of the operations. Together with public documents and analyst forecasts, these data support that there is a reasonable basis to assume that for the LOM plan, that the lead and zinc concentrate will be saleable at the assumed commodity pricing. Newmont uses a combination of historical and current contract pricing, contract negotiations, knowledge of its key markets from a long operations production record, short-term versus long- term price forecasts prepared by Newmont’s corporate internal marketing group, public documents, and analyst forecasts when considering long-term commodity price forecasts. Higher metal prices are used for the mineral resource estimates to ensure the mineral reserves are a sub-set of, and not constrained by, the mineral resources, in accordance with industry-accepted practice. Newmont has multiple long-term contracts in place covering the majority of the lead and zinc concentrate production. The terms contained within the concentrate sales contracts are typical and consistent with standard industry practice for lead and zinc concentrates with high gold and silver contents. The largest in-place contracts other than for product sales cover items such as bulk commodities, operational and technical services, mining and process equipment, and administrative support

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 22-7 services. Contracts are negotiated and renewed as needed. Contract terms are typical of similar contracts in Mexico that Newmont is familiar with. 22.16 Environmental, Permitting and Social Considerations Baseline and supporting environmental studies were completed to assess both pre-existing and ongoing site environmental conditions, as well as to support decision-making processes during operations start-up. Characterization studies were completed. Environmental monitoring is ongoing at the Project and will continue over the life of the operations. Key monitoring areas include air, water, noise, wildlife, forest resources and waste management. The closure costs used in the economic analysis total US$0.8 B. All major permits and approvals are either in place or Newmont expects to obtain them in the normal course of business. Where permits have specific terms, renewal applications are made of the relevant regulatory authority as required, prior to the end of the permit term. Public consultation and community assistance and development programs are ongoing. 22.17 Capital Cost Estimates Capital costs were based on recent prices or operating data and are at a minimum at a pre- feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. Capital costs included funding for infrastructure, pit dewatering, development drilling, and permitting as well as miscellaneous expenditures required to maintain production. Mobile equipment re-build/replacement schedules and fixed asset replacement and refurbishment schedules were included. Sustaining capital costs reflected current price trends. The overall capital cost estimate for the LOM is US$0.8 B. 22.18 Operating Cost Estimates Operating costs were based on actual costs seen during operations and are projected through the LOM plan, and are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. Historical costs were used as the basis for operating cost forecasts for supplies and services unless there are new contract terms for these items. Labor and energy costs were based on budgeted rates applied to headcounts and energy consumption estimates. Operating costs for the LOM are estimated at US$6.1 B. The estimated LOM mining cost is US$2.73/t mined. Base processing costs are estimated at US$9.26/t milled. In addition, G&A costs are estimated at US$3.07/t milled. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 22-8 22.19 Economic Analysis The NPV8% is US$1.1 B. As the cashflows are based on existing operations where all costs are considered sunk to January 1, 2024, considerations of payback and internal rate of return are not relevant. 22.20 Risks and Opportunities 22.20.1 Risks The risks associated with the Peñasquito Operations are generally those expected with open pit mining operations and include the accuracy of the resource model, unexpected geological features that cause geotechnical issues, and/or operational impacts. Other risks noted include: • Commodity price increases for key consumables such as diesel, electricity, tires and chemicals would negatively impact the stated mineral reserves and mineral resources; • Labor cost increases or productivity decreases could also impact the stated mineral reserves and mineral resources, or impact the economic analysis that supports the mineral reserves; • Geotechnical and hydrological assumptions used in mine planning are based on historical performance, and to date historical performance has been a reasonable predictor of current conditions. Any changes to the geotechnical and hydrological assumptions could affect mine planning, affect capital cost estimates if any major rehabilitation is required due to a geotechnical or hydrological event, affect operating costs due to mitigation measures that may need to be imposed, and impact the economic analysis that supports the mineral reserve estimates; • The mineral resource estimates are sensitive to metal prices. Lower metal prices require revisions to the mineral resource estimates; • Risk to assumed process recoveries if the organic carbon present cannot be successfully mitigated during processing; • If mineral resources are converted to mineral reserves with appropriate supporting studies, additional storage capacity will be required. Any expansion of the current TSF is likely to require community relocation; • There are communities that are within the zone of influence of the TSF that can potentially be affected TSF failures. Newmont continues to study relocation options for these communities, but there is a risk that impacted stakeholders are not amenable to relocation; • While water supplies are well understood for the LOM operations, supplementary water studies would be required if additional mineral reserves are added to the LOM plan in the future; • Climate changes could impact operating costs and ability to operate;

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 22-9 • Assumptions that the long-term reclamation and mitigation of the Peñasquito Operations can be appropriately managed within the estimated closure timeframes and closure cost estimates; • Political risk from challenges to: o Mining licenses; o Environmental permits; o Newmont’s right to operate; • Changes to assumptions as to governmental tax or royalty rates, such as taxation rate increases or new taxation or royalty imposts. Mexico’s current president introduced a package of reforms in early February 2024. One of the proposed reforms was a ban on the granting of open pit mining concessions and banning activities related to the exploration, exploitation, benefit or use of minerals or metals using open pit mining methods. A second reform seeks to prohibit the granting of water concessions in areas of low water availability, and give preference to personal and domestic consumption. 22.20.2 Opportunities Opportunities for the Peñasquito Operations include moving the stated mineral resources into mineral reserves through additional drilling and study work. The mineral reserves and mineral resources are based on conservative price estimates for gold, silver, lead, and zinc so upside exists, either in terms of the potential to estimate additional mineral reserves and mineral resources or improved economics should the price used for these metals be increased. Opportunities include: • Conversion of some or all of the measured and indicated mineral resources currently reported exclusive of mineral reserves to mineral reserves, with appropriate supporting studies; • Upgrade of some or all of the inferred mineral resources to higher-confidence categories, such that better-confidence material could be used in mineral reserve estimation; • Higher metal prices than forecast could present upside sales opportunities and potentially an increase in predicted Project economics; • Newmont holds a significant ground package around the Peñasquito Operations that retains exploration potential. 22.21 Conclusions Under the assumptions presented in this Report, the Peñasquito Operations have a positive cash flow, and mineral reserve estimates can be supported. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 23-1 23.0 RECOMMENDATIONS As the Peñasquito Operations are an operating mine, the QP has no material recommendations to make.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 24-1 24.0 REFERENCES 24.1 Bibliography Ashby, Z., and Hanson, W.C., 2003: Minera Peñasquito, S.A. De C.V., Preliminary Mineral Resource Estimate: NI 43-101 technical report prepared by SNC Lavalin for Western Silver Corporation, March 2003. Belanger, M., and Pareja, G., 2014: Peñasquito Polymetallic Operation Zacatecas State Mexico, NI 43-101 Technical Report: NI 43-101 technical report prepared for Goldcorp, effective date January 8, 2014. Belanger, M., Pareja, G., Chen, E. and Nahan, P., 2011: Peñasquito Polymetallic Operation, Zacatecas State, Mexico, NI 43-101 Technical Report: NI 43-101 technical report prepared for Goldcorp, effective date December 31, 2011. Bryson, R.H., Brown, F.H., Rivera, R., and Butcher, M.G., 2009: Peñasquito Project Technical Report, Concepción del Oro District, Zacatecas State, México: NI 43-101 technical report prepared for Goldcorp, effective date March 10, 2009. Bryson, R.H., Brown, F.H., Rivera, R., and Ristorcelli, S., 2007: Peñasquito Project Technical Report, Concepción del Oro District, Zacatecas State, México: NI 43-101 technical report prepared for Goldcorp, effective date December 31, 2007. Canadian Institute of Mining, Metallurgy and Petroleum (CIM), 2014: CIM Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines: Canadian Institute of Mining, Metallurgy and Petroleum. De Rujiter, A., Goodman, S., Pareja, G., and Redmond, D., 2015: Peñasquito Polymetallic Operation Zacatecas State México, NI 43-101 Technical Report: NI 43-101 technical report prepared for Goldcorp, effective date December 31, 2015. Doe, D., 2021: Peñasquito Operations, Mexico, Technical Report Summary: report prepared for Newmont Corporation, current as at December 31, 2021. Independent Mining Consultants, 2005: Executive Summary of the Technical Report Preliminary Resource Estimate Update for the Peñasco Deposit, Peñasquito Project State of Zacatecas, Mexico: NI 43-101 technical report prepared by Independent Mining Consultants for Western Silver Corporation, April 2005. M3 Engineering and Technology Corp., 2004: Western Silver Corporation, Peñasquito Pre- Feasibility Study: NI 43-101 technical report prepared by Independent Mining Consultants for Western Silver Corporation, April 2004; amended and restated November 8, 2004, further amended and restated December 10, 2004. Marek, J., Hanks, J.T., Wythes, T.J., Huss, C.E., and Pegnam, M.L., 2005: Peñasquito Feasibility Study Volume I NI 43-101 Technical Report: NI 43-101 technical report prepared by M3 Engineering and Technology Corp. for Western Silver Corporation, November 2005. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 24-2 Marlow, J., 2004: Technical Report, Preliminary Resource Estimate, for the Peñasco Deposit Peñasquito Project State of Zacatecas, Mexico: NI 43-101 technical report prepared for Western Silver Corporation, effective date November 3, 2004. Redmond, D., Goodman, S., Pareja, G., De Ruijter, 2015: Peñasquito Polymetallic Operations, Zacatecas State, México, NI 43-101 Technical Report: NI 43-101 technical report prepared for Goldcorp, effective date December 31, 2015. Rocha-Rocha, M., 2016: Metallogenesis of the Penasquito polymetallic deposit: a contribution to the understanding of the magmatic ore system: PhD thesis, University of Nevada, Reno, 338 p. SNC Lavalin, 2004: Minera Penasquito, S.A. De C.V., Peñasquito Project, Mineral Resource Estimate for Chile Colorado Zone: unpublished NI 43-101 technical report prepared by SNC Lavalin for Western Silver Corporation, March 2004. Vdovin, V., Pareja, G., and Lind, P., 2018: Peñasquito Polymetallic Operation, Zacatecas State, Mexico, NI 43-101 Technical Report: report prepared for Goldcorp Inc., effective date 30 June, 2018. Voorhees J.S., Hanks, J.T., Drielick, T.L., Wythes, T.J., Huss, C.E., Pegnam, M.L., and Johnson, J.M., 2008: Peñasquito Feasibility Study, 100,000 Mtpd, NI 43-101 Technical Report: NI 43-101 technical report prepared by M3 Engineering and Technology Corp. for Glamis Gold Inc., effective date July 31, 2006. 24.2 Abbreviations and Symbols Abbreviation/Symbol Term AA atomic absorption ARD acid rock drainage CFE Comisión Federal de Electricidad CNA Comisión Nacional del Agua DGPS differential global positioning system dia. diameter FA fire assay G&A general and administrative GPS global positioning system HPGR high pressure grinding roller ICP-AES inductively coupled plasma atomic emission spectroscopy ICP-MS inductively coupled plasma–mass spectrometry ICP-OES inductively coupled plasma optical emission spectroscopy ID2 inverse distance to the power of two IFC International Finance Corporation IP induced polarization koz thousand ounces

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 24-3 Abbreviation/Symbol Term kt thousand tonnes LECO Analyzer designed for wide-range measurement of carbon and sulfur content of mineralization LBMA London Bullion Market Association (now known simply as LBMA) LME London Metal Exchange LOM life-of-mine Mlb million pounds Mt million tonnes MXN Mexican MX$ Mexican peso Newmont Newmont Corporation NN nearest neighbor NWF Northern well field NPSC near-pit sizing conveyor NPV net present value NSR net smelter return QSP Quartz–sericite–pyrite alteration QSPC Quartz–sericite–pyrite–calcite alteration OES optical emission spectrometry PAG potentially acid-generating PC pyrite calcite alteration PLP pyrite leach process QA/QC quality assurance and quality control QP Qualified Person RAB rotary air blast RC reverse circulation RMR rock mass rating RQD rock quality description SAG semi-autogenous grind SG specific gravity SME Society for Mining, Metallurgy and Exploration SRCE standard reclamation cost estimator TSF tailings storage facility US United States US$ United States dollar WRSF waste rock storage facility Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 24-4 24.3 Glossary of Terms Term Definition acid rock drainage/ acid mine drainage Characterized by low pH, high sulfate, and high iron and other metal species. alluvium Unconsolidated terrestrial sediment composed of sorted or unsorted sand, gravel, and clay that was deposited by water. ANFO A free-running explosive used in mine blasting made of 94% prilled aluminum nitrate and 6% No. 3 fuel oil. aquifer A geologic formation capable of transmitting significant quantities of groundwater under normal hydraulic gradients. azimuth The direction of one object from another, usually expressed as an angle in degrees relative to true north. Azimuths are usually measured in the clockwise direction, thus an azimuth of 90 degrees indicates that the second object is due east of the first. ball mill A piece of milling equipment used to grind ore into small particles. It is a cylindrical shaped steel container filled with steel balls into which crushed ore is fed. The ball mill is rotated causing the balls themselves to cascade, which in turn grinds the ore. breccia Rock composed of fragments of minerals or rocks cemented together by a fine-grained matrix. bullion Unrefined gold and/or silver mixtures that have been melted and cast into a bar or ingot. carbonaceous Containing graphitic or hydrocarbon species, e.g., in an ore or concentrate; such materials generally present some challenge in processing, e.g., preg- robbing characteristics. comminution/crushing/grinding Crushing and/or grinding of ore by impact and abrasion. Usually, the word "crushing" is used for dry methods and "grinding" for wet methods. Also, "crushing" usually denotes reducing the size of coarse rock while "grinding" usually refers to the reduction of the fine sizes. concentrate The concentrate is the valuable product from mineral processing, as opposed to the tailing, which contains the waste minerals. The concentrate represents a smaller volume than the original ore cut-off grade A grade level below which the material is not “ore” and considered to be uneconomical to mine and process. The minimum grade of ore used to establish reserves. data verification The process of confirming that data was generated with proper procedures, was accurately transcribed from the original source and is suitable to be used for mineral resource and mineral reserve estimation density The mass per unit volume of a substance, commonly expressed in grams/ cubic centimeter. diatreme A volcanic vent or pipe that formed when magma was forced through flat-lying sedimentary rock dilution Waste of low-grade rock which is unavoidably removed along with the ore in the mining process. easement Areas of land owned by the property owner, but in which other parties, such as utility companies, may have limited rights granted for a specific purpose.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 24-5 Term Definition EM Geophysical method, electromagnetic system, measures the earth's response to electromagnetic signals transmitted by an induction coil encumbrance An interest or partial right in real property which diminished the value of ownership, but does not prevent the transfer of ownership. Mortgages, taxes and judgements are encumbrances known as liens. Restrictions, easements, and reservations are also encumbrances, although not liens. endoskarn Replacement of intrusive rock in contact zones where the intrusive rock is genetically related to the skarn-forming fluids. Replacement is usually late in the intrusive emplacement. exoskarn Replacement of carbonate rock in contact zones where the intrusive rock is genetically related to the skarn-forming fluids feasibility study A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section, together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. A feasibility study is more comprehensive, and with a higher degree of accuracy, than a pre-feasibility study. It must contain mining, infrastructure, and process designs completed with sufficient rigor to serve as the basis for an investment decision or to support project financing. flotation Separation of minerals based on the interfacial chemistry of the mineral particles in solution. Reagents are added to the ore slurry to render the surface of selected minerals hydrophobic. Air bubbles are introduced to which the hydrophobic minerals attach. The selected minerals are levitated to the top of the flotation machine by their attachment to the bubbles and into a froth product, called the "flotation concentrate." If this froth carries more than one mineral as a designated main constituent, it is called a "bulk float". If it is selective to one constituent of the ore, where more than one will be floated, it is a "differential" float. flowsheet The sequence of operations, step by step, by which ore is treated in a milling, concentration, or smelting process. frother A type of flotation reagent which, when dissolved in water, imparts to it the ability to form a stable froth gangue The fraction of ore rejected as tailing in a separating process. It is usually the valueless portion, but may have some secondary commercial use gravity concentrator Uses the differences in specific gravity between gold and gangue minerals to realize a separation of the gold from the gangue. heap leaching A process whereby valuable metals, usually gold and silver, are leached from a heap or pad of crushed ore by leaching solutions percolating down through the heap and collected from a sloping, impermeable liner below the pad. high pressure grinding rolls (HPGR) A type of crushing machine consisting of two large studded rolls that rotate inwards and apply a high pressure compressive force to break rocks. indicated mineral resource An indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The term adequate geological evidence Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 24-6 Term Definition means evidence that is sufficient to establish geological and grade or quality continuity with reasonable certainty. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. inferred mineral resource An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The term limited geological evidence means evidence that is only sufficient to establish that geological and grade or quality continuity is more likely than not. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. A qualified person must have a reasonable expectation that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration; and should be able to defend the basis of this expectation before his or her peers. initial assessment An initial assessment is a preliminary technical and economic study of the economic potential of all or parts of mineralization to support the disclosure of mineral resources. The initial assessment must be prepared by a qualified person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment is required for disclosure of mineral resources but cannot be used as the basis for disclosure of mineral reserves internal rate of return (IRR) The rate of return at which the Net Present Value of a project is zero; the rate at which the present value of cash inflows is equal to the present value of the cash outflows. IP Geophysical method, induced polarization; used to directly detect scattered primary sulfide mineralization. Most metal sulfides produce IP effects, e.g., chalcopyrite, bornite, chalcocite, pyrite, pyrrhotite life of mine (LOM) Number of years that the operation is planning to mine and treat ore, and is taken from the current mine plan based on the current evaluation of ore reserves. measured mineral resource A measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The term conclusive geological evidence means evidence that is sufficient to test and confirm geological and grade or quality continuity. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. merger A voluntary combination of two or more companies whereby both stocks are merged into one. Merrill-Crowe circuit A process which recovers precious metals from solution by first clarifying the solution, then removing the air contained in the clarified solution, and then precipitating the gold and silver from the solution by injecting zinc dust into the solution. The valuable sludge is collected in a filter press for drying and further treatment

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 24-7 Term Definition mill Includes any ore mill, sampling works, concentration, and any crushing, grinding, or screening plant used at, and in connection with, an excavation or mine. mineral reserve A mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. The determination that part of a measured or indicated mineral resource is economically mineable must be based on a preliminary feasibility (pre- feasibility) or feasibility study, as defined by this section, conducted by a qualified person applying the modifying factors to indicated or measured mineral resources. Such study must demonstrate that, at the time of reporting, extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The study must establish a life of mine plan that is technically achievable and economically viable, which will be the basis of determining the mineral reserve. The term economically viable means that the qualified person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The term investment and market assumptions includes all assumptions made about the prices, exchange rates, interest and discount rates, sales volumes, and costs that are necessary to determine the economic viability of the mineral reserves. The qualified person must use a price for each commodity that provides a reasonable basis for establishing that the project is economically viable. mineral resource A mineral resource is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. The term material of economic interest includes mineralization, including dumps and tailings, mineral brines, and other resources extracted on or within the earth’s crust. It does not include oil and gas resources, gases (e.g., helium and carbon dioxide), geothermal fields, and water. When determining the existence of a mineral resource, a qualified person, as defined by this section, must be able to estimate or interpret the location, quantity, grade or quality continuity, and other geological characteristics of the mineral resource from specific geological evidence and knowledge, including sampling; and conclude that there are reasonable prospects for economic extraction of the mineral resource based on an initial assessment, as defined in this section, that he or she conducts by qualitatively applying relevant technical and economic factors likely to influence the prospect of economic extraction. net present value (NPV) The present value of the difference between the future cash flows associated with a project and the investment required for acquiring the project. Aggregate of future net cash flows discounted back to a common base date, usually the present. NPV is an indicator of how much value an investment or project adds to a company. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 24-8 Term Definition net smelter return (NSR) A defined percentage of the gross revenue from a resource extraction operation, less a proportionate share of transportation, insurance, and processing costs. open pit A mine that is entirely on the surface. Also referred to as open-cut or open- cast mine. orogeny A process in which a section of the earth's crust is folded and deformed by lateral compression to form a mountain range ounce (oz) (troy) Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035 grams. overburden Material of any nature, consolidated or unconsolidated, that overlies a deposit of ore that is to be mined. pebble crushing A crushing process on screened larger particles that exit through the grates of a SAG mill. Such particles (typically approx. 50 mm diameter) are not efficiently broken in the SAG mill and are therefore removed and broken, typically using a cone crusher. The crushed pebbles are then fed to a grinding mill for further breakage. phyllic alteration Minerals include quartz-sericite-pyrite plant A group of buildings, and especially to their contained equipment, in which a process or function is carried out; on a mine it will include warehouses, hoisting equipment, compressors, repair shops, offices, mill or concentrator. potassic alteration A relatively high temperature type of alteration which results from potassium enrichment. Characterized by biotite, K-feldspar, adularia. preg-robbing A characteristic of certain ores, typically that contain carbonaceous species, where dissolved gold is re-adsorbed by these species, leading to an overall reduction in gold recovery. Such ores require more complex treatment circuits to maximize gold recovery. preliminary feasibility study, pre- feasibility study A preliminary feasibility study (prefeasibility study) is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product. A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a qualified person to determine if all or part of the indicated and measured mineral resources may be converted to mineral reserves at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable probable mineral reserve A probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource. For a probable mineral reserve, the qualified person’s confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality is lower than what is sufficient for a classification as a proven mineral reserve, but is still sufficient to demonstrate that, at the time of reporting, extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The lower level of confidence

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 24-9 Term Definition is due to higher geologic uncertainty when the qualified person converts an indicated mineral resource to a probable reserve or higher risk in the results of the application of modifying factors at the time when the qualified person converts a measured mineral resource to a probable mineral reserve. A qualified person must classify a measured mineral resource as a probable mineral reserve when his or her confidence in the results obtained from the application of the modifying factors to the measured mineral resource is lower than what is sufficient for a proven mineral reserve. propylitic Characteristic greenish color. Minerals include chlorite, actinolite and epidote. Typically contains the assemblage quartz–chlorite–carbonate proven mineral reserve A proven mineral reserve is the economically mineable part of a measured mineral resource. For a proven mineral reserve, the qualified person has a high degree of confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality. A proven mineral reserve can only result from conversion of a measured mineral resource. qualified person A qualified person is an individual who is a mineral industry professional with at least five years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and an eligible member or licensee in good standing of a recognized professional organization at the time the technical report is prepared. For an organization to be a recognized professional organization, it must: (A) Be either: (1) An organization recognized within the mining industry as a reputable professional association, or (2) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining, geoscience or related field; (B) Admit eligible members primarily on the basis of their academic qualifications and experience; (C) Establish and require compliance with professional standards of competence and ethics; (D) Require or encourage continuing professional development; (E) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of where the member practices or resides; and; (F) Provide a public list of members in good standing. reclamation The restoration of a site after mining or exploration activity is completed. refining A high temperature process in which impure metal is reacted with flux to reduce the impurities. The metal is collected in a molten layer and the impurities in a slag layer. Refining results in the production of a marketable material. resistivity Observation of electric fields caused by current introduced into the ground as a means of studying earth resistivity in geophysical exploration. Resistivity is the property of a material that resists the flow of electrical current rock quality designation (RQD) A measure of the competency of a rock, determined by the number of fractures in a given length of drill core. For example, a friable ore will have many fractures and a low RQD. Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 24-10 Term Definition royalty An amount of money paid at regular intervals by the lessee or operator of an exploration or mining property to the owner of the ground. Generally based on a specific amount per tonne or a percentage of the total production or profits. Also, the fee paid for the right to use a patented process. run-of-mine (ROM) Rehandle where the raw mine ore material is fed into the processing plant’s system, usually the crusher. This is where material that is not direct feed from the mine is stockpiled for later feeding. Run-of-mine relates to the rehandle being for any mine material, regardless of source, before entry into the processing plant’s system. semi-autogenous grinding (SAG) A method of grinding rock into fine powder whereby the grinding media consists of larger chunks of rocks and steel balls. skarn A calc-silicate metamorphic rock that has been chemically and mineralogically altered by metasomatism of fluid of magmatic, metamorphic, meteoric or are origin. specific gravity The weight of a substance compared with the weight of an equal volume of pure water at 4°C. tailings Material rejected from a mill after the recoverable valuable minerals have been extracted. triaxial compressive strength A test for the compressive strength in all directions of a rock or soil sample uniaxial compressive strength A measure of the strength of a rock, which can be determined through laboratory testing, and used both for predicting ground stability underground, and the relative difficulty of crushing.

 
Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 25-1 25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT 25.1 Introduction The QP fully relied on the registrant for the information used in the areas noted in the following sub-sections. The QP considers it reasonable to rely on the registrant for the information identified in those sub-sections, for the following reasons: • The registrant has been Owner and operator of the mining operations for more than 17 years; • The registrant has employed industry professionals with expertise in the areas listed in the following sub-sections; • The registrant has a formal system of oversight and governance over these activities, including a layered responsibility for review and approval; • The registrant has considerable experience in each of these areas. 25.2 Macroeconomic Trends • Information relating to inflation, interest rates, discount rates, exchange rates, and taxes was obtained from the registrant. This information is used in the economic analysis in Chapter 19. It supports the assessment of reasonable prospects for economic extraction of the mineral resource estimates in Chapter 11, and inputs to the determination of economic viability of the mineral reserve estimates in Chapter 12. 25.3 Markets • Information relating to market studies/markets for product, market entry strategies, marketing and sales contracts, product valuation, product specifications, refining and treatment charges, transportation costs, agency relationships, material contracts (e.g., mining, concentrating, smelting, refining, transportation, handling, hedging arrangements, and forward sales contracts), and contract status (in place, renewals), was obtained from the registrant. This information is used in the economic analysis in Chapter 19. It supports the assessment of reasonable prospects for economic extraction of the mineral resource estimates in Chapter 11, and inputs to the determination of economic viability of the mineral reserve estimates in Chapter 12. 25.4 Legal Matters • Information relating to the corporate ownership interest, the mineral tenure (concessions, payments to retain property rights, obligations to meet expenditure/reporting of work conducted), surface rights, water rights (water take allowances), royalties, encumbrances, Peñasquito Operations Mexico Technical Report Summary Date: February 2024 Page 25-2 easements and rights-of-way, violations and fines, permitting requirements, and the ability to maintain and renew permits was obtained from the registrant. This information is used in support of the property description and ownership information in Chapter 3, the permitting and mine closure descriptions in Chapter 17, and the economic analysis in Chapter 19. It supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11, and the assumptions used in demonstrating economic viability of the mineral reserve estimates in Chapter 12. 25.5 Environmental Matters • Information relating to baseline and supporting studies for environmental permitting, environmental permitting and monitoring requirements, ability to maintain and renew permits, emissions controls, closure planning, closure and reclamation bonding and bonding requirements, sustainability accommodations, and monitoring for and compliance with requirements relating to protected areas and protected species was obtained from the registrant. This information is used when discussing property ownership information in Chapter 3, the permitting and closure discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11, and the assumptions used in demonstrating economic viability of the mineral reserve estimates in Chapter 12. 25.6 Stakeholder Accommodations • Information relating to social and stakeholder baseline and supporting studies, hiring and training policies for workforce from local communities, partnerships with stakeholders (including national, regional, and state mining associations; trade organizations; fishing organizations; state and local chambers of commerce; economic development organizations; non-government organizations; and, state and federal governments), and the community relations plan was obtained from the registrant. This information is used in the social and community discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11, and the assumptions used in demonstrating economic viability of the mineral reserve estimates in Chapter 12. 25.7 Governmental Factors • Information relating to taxation and royalty considerations at the Project level, monitoring requirements and monitoring frequency, bonding requirements, and violations and fines was obtained from the registrant. This information is used in the discussion on royalties and property encumbrances in Chapter 3, the monitoring, permitting and closure discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11, and the assumptions used in demonstrating economic viability of the mineral reserve estimates in Chapter 12.

 
EX-96.6 20 exhibit966-cadiaoperatio.htm EX-96.6 exhibit966-cadiaoperatio
Cadia Valley Operations New South Wales Australia Technical Report Summary Report current as at: December 31, 2023 Qualified Person: Mr. Donald Doe, RM SME. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page a NOTE REGARDING FORWARD-LOOKING INFORMATION This Technical Report Summary contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934 (and the equivalent under Canadian securities laws), that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements include, without limitation, statements regarding Newmont’s expectation for its mines and any related development or expansions, including estimated cash flows, production, revenue, EBITDA, costs, taxes, capital, rates of return, mine plans, material mined and processed, recoveries and grade, future mineralization, future adjustments and sensitivities and other statements that are not historical facts. Forward-looking statements address activities, events, or developments that Newmont expects or anticipates will or may occur in the future and are based on current expectations and assumptions. Although Newmont’s management believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which Newmont operates being consistent with its current expectations; (iv) certain exchange rate assumptions being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, molybdenum and oil; (vi) prices for key supplies being approximately consistent with current levels; and (vii) other planning assumptions. Important factors that could cause actual results to differ materially from those in the forward- looking statements include, among others, risks that estimates of mineral reserves and mineral resources are uncertain and the volume and grade of ore actually recovered may vary from our estimates, risks relating to fluctuations in metal prices; risks due to the inherently hazardous nature of mining-related activities; risks related to the jurisdictions in which we operate, uncertainties due to health and safety considerations, uncertainties related to environmental considerations, including, without limitation, climate change, uncertainties relating to obtaining approvals and permits, including renewals, from governmental regulatory authorities; and uncertainties related to changes in law; as well as those factors discussed in Newmont’s filings with the U.S. Securities and Exchange Commission, including Newmont’s latest Annual Report on Form 10-K for the period ended December 31, 2023, which is available on newmont.com. Newmont does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this document, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page i CONTENTS 1.0 EXECUTIVE SUMMARY ........................................................................................................... 1-1 1.1 Introduction ................................................................................................................................. 1-1 1.2 Terms of Reference ................................................................................................................... 1-1 1.3 Property Setting.......................................................................................................................... 1-1 1.4 Ownership .................................................................................................................................. 1-2 1.5 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements .............................. 1-2 1.6 Geology and Mineralization ........................................................................................................ 1-3 1.7 History and Exploration .............................................................................................................. 1-5 1.8 Drilling and Sampling ................................................................................................................. 1-5 1.8.1 Drilling .................................................................................................................................... 1-5 1.8.2 Hydrogeology ......................................................................................................................... 1-6 1.8.3 Geotechnical .......................................................................................................................... 1-6 1.8.4 Sampling and Assay .............................................................................................................. 1-7 1.8.5 Quality Assurance and Quality Control .................................................................................. 1-8 1.9 Data Verification ......................................................................................................................... 1-8 1.10 Metallurgical Testwork ............................................................................................................... 1-8 1.11 Mineral Resource Estimation ..................................................................................................... 1-9 1.11.1 Estimation Methodology ......................................................................................................... 1-9 1.11.2 Mineral Resource Statement ................................................................................................ 1-11 1.11.3 Factors That May Affect the Mineral Resource Estimate .................................................... 1-13 1.12 Mineral Reserve Estimation ..................................................................................................... 1-13 1.12.1 Estimation Methodology ....................................................................................................... 1-13 1.12.2 Mineral Reserve Statement .................................................................................................. 1-14 1.12.3 Factors That May Affect the Mineral Reserve Estimate ...................................................... 1-15 1.13 Mining Methods ........................................................................................................................ 1-16 1.13.1 Cadia East ............................................................................................................................ 1-16 1.13.2 Ridgeway .............................................................................................................................. 1-18 1.14 Recovery Methods ................................................................................................................... 1-18 1.15 Infrastructure ............................................................................................................................ 1-20 1.16 Markets and Contracts ............................................................................................................. 1-21 1.17 Environmental, Permitting and Social Considerations ............................................................. 1-22 1.17.1 Environmental Studies and Monitoring ................................................................................ 1-23 1.17.2 Waste Rock .......................................................................................................................... 1-23 1.17.3 Tailings Storage Facilities .................................................................................................... 1-23 1.17.4 Water Supply and Water Management ................................................................................ 1-24 1.17.5 Closure and Reclamation Considerations ............................................................................ 1-25 1.17.6 Permitting ............................................................................................................................. 1-25 1.17.7 Social Considerations, Plans, Negotiations and Agreements .............................................. 1-25 1.18 Capital Cost Estimates ............................................................................................................. 1-25 1.19 Operating Cost Estimates ........................................................................................................ 1-26 1.20 Economic Analysis ................................................................................................................... 1-26 1.20.1 Economic Analysis ............................................................................................................... 1-26 1.20.2 Sensitivity Analysis ............................................................................................................... 1-28 1.21 Risks and Opportunities ........................................................................................................... 1-28 1.21.1 Risks ..................................................................................................................................... 1-28 1.21.2 Opportunities ........................................................................................................................ 1-29 1.22 Conclusions .............................................................................................................................. 1-30 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page ii 1.23 Recommendations ................................................................................................................... 1-30 2.0 INTRODUCTION ........................................................................................................................ 2-1 2.1 Introduction ................................................................................................................................. 2-1 2.2 Terms of Reference ................................................................................................................... 2-1 2.2.1 Report Purpose ...................................................................................................................... 2-1 2.2.2 Terms of Reference ............................................................................................................... 2-1 2.3 Qualified Persons ....................................................................................................................... 2-3 2.4 Site Visits and Scope of Personal Inspection ............................................................................ 2-4 2.5 Report Date ................................................................................................................................ 2-4 2.6 Information Sources and References ........................................................................................ 2-4 2.7 Previous Technical Report Summaries ...................................................................................... 2-4 3.0 PROPERTY DESCRIPTION ...................................................................................................... 3-1 3.1 Introduction ................................................................................................................................. 3-1 3.2 Property and Title in New South Wales ..................................................................................... 3-1 3.2.1 Mineral Title ............................................................................................................................ 3-1 3.2.2 Surface Rights ........................................................................................................................ 3-1 3.2.3 Government Mining Taxes, Levies or Royalties .................................................................... 3-1 3.3 Ownership .................................................................................................................................. 3-1 3.4 Mineral Title ................................................................................................................................ 3-3 3.5 Surface Rights ............................................................................................................................ 3-3 3.6 Water Rights ............................................................................................................................... 3-7 3.7 Royalties ..................................................................................................................................... 3-7 3.8 Encumbrances ........................................................................................................................... 3-7 3.9 Permitting ................................................................................................................................... 3-7 3.10 Community Concerns, Regulatory Actions, and Legal Proceedings ......................................... 3-7 3.11 Significant Factors and Risks That May Affect Access, Title or Work Programs .................... 3-10 4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ...................................................................................................................................... 4-1 4.1 Physiography .............................................................................................................................. 4-1 4.2 Accessibility ................................................................................................................................ 4-1 4.3 Climate ....................................................................................................................................... 4-2 4.4 Local Resources and Infrastructure ........................................................................................... 4-2 4.5 Seismicity ................................................................................................................................... 4-3 5.0 HISTORY ................................................................................................................................... 5-1 6.0 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT ............................................... 6-1 6.1 Deposit Type .............................................................................................................................. 6-1 6.1.1 Alkalic Porphyry Gold–Copper Deposits ................................................................................ 6-1 6.1.2 Skarn Deposits ....................................................................................................................... 6-1 6.2 Regional Geology ....................................................................................................................... 6-1 6.3 Local Geology ............................................................................................................................ 6-5 6.3.1 Lithologies .............................................................................................................................. 6-5 6.3.2 Metamorphism ........................................................................................................................ 6-9 6.3.3 Structure ................................................................................................................................. 6-9 6.3.4 Mineralization ....................................................................................................................... 6-10 6.3.5 Weathering ........................................................................................................................... 6-10 6.4 Deposit Geology ....................................................................................................................... 6-10 6.4.1 Cadia East ............................................................................................................................ 6-12 6.4.1.1 Geology ............................................................................................................................ 6-13 6.4.1.2 Alteration .......................................................................................................................... 6-16

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page iii 6.4.1.3 Structure ........................................................................................................................... 6-16 6.4.1.4 Mineralization ................................................................................................................... 6-16 6.4.2 Ridgeway .............................................................................................................................. 6-16 6.4.2.1 Geology ............................................................................................................................ 6-19 6.4.2.2 Alteration .......................................................................................................................... 6-19 6.4.2.3 Structure ........................................................................................................................... 6-19 6.4.2.4 Mineralization ................................................................................................................... 6-23 6.4.3 Big Cadia .............................................................................................................................. 6-26 6.4.3.1 Geology ............................................................................................................................ 6-26 6.4.3.2 Alteration .......................................................................................................................... 6-26 6.4.3.3 Mineralization ................................................................................................................... 6-29 6.4.4 Cadia Hill .............................................................................................................................. 6-29 6.4.5 Cadia Extended (Cadia Quarry) ........................................................................................... 6-29 6.4.6 Little Cadia ........................................................................................................................... 6-29 7.0 EXPLORATION ......................................................................................................................... 7-1 7.1 Exploration ................................................................................................................................. 7-1 7.1.1 Grids and Surveys .................................................................................................................. 7-1 7.1.2 Geological Mapping ............................................................................................................... 7-1 7.1.3 Geochemistry ......................................................................................................................... 7-2 7.1.4 Geophysics ............................................................................................................................. 7-2 7.1.5 Petrology, Mineralogy, and Research Studies ....................................................................... 7-2 7.1.6 Qualified Person’s Interpretation of the Exploration Information ........................................... 7-9 7.1.7 Exploration Potential .............................................................................................................. 7-9 7.2 Drilling ...................................................................................................................................... 7-11 7.2.1 Overview .............................................................................................................................. 7-11 7.2.1.1 Drilling on Property ........................................................................................................... 7-11 7.2.1.2 Drilling Excluded For Estimation Purposes ...................................................................... 7-20 7.2.1.3 Drilling Since Database Close-out Date ........................................................................... 7-20 7.2.2 Drill Methods ........................................................................................................................ 7-20 7.2.3 Logging ................................................................................................................................. 7-22 7.2.4 Recovery .............................................................................................................................. 7-23 7.2.5 Collar Surveys ...................................................................................................................... 7-23 7.2.6 Down Hole Surveys .............................................................................................................. 7-23 7.2.7 Comment on Material Results and Interpretation ................................................................ 7-24 7.3 Hydrogeology ........................................................................................................................... 7-24 7.3.1 Overview .............................................................................................................................. 7-24 7.3.2 Sampling Methods and Laboratory Determinations ............................................................. 7-25 7.3.3 Comment on Results ............................................................................................................ 7-25 7.3.4 Groundwater Models ............................................................................................................ 7-25 7.3.5 Water Balance ...................................................................................................................... 7-26 7.4 Geotechnical ............................................................................................................................ 7-26 7.4.1 Overview .............................................................................................................................. 7-26 7.4.2 Sampling Methods and Laboratory Determinations ............................................................. 7-26 7.4.2.1 Geotechnical Logging ...................................................................................................... 7-26 7.4.2.2 Laboratory Rock Strength Testing ................................................................................... 7-27 7.4.2.3 On-site Point Load Testing ............................................................................................... 7-27 7.4.3 Comment on Results ............................................................................................................ 7-27 8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY ...................................................... 8-1 8.1 Sampling Methods ..................................................................................................................... 8-1 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page iv 8.1.1 RC .......................................................................................................................................... 8-1 8.1.2 Core ........................................................................................................................................ 8-1 8.1.3 Grade Control ......................................................................................................................... 8-2 8.1.4 Production Sampling .............................................................................................................. 8-2 8.2 Sample Security Methods .......................................................................................................... 8-2 8.3 Density Determinations .............................................................................................................. 8-3 8.4 Analytical and Test Laboratories ................................................................................................ 8-4 8.5 Sample Preparation ................................................................................................................... 8-5 8.6 Analysis ...................................................................................................................................... 8-5 8.7 Quality Assurance and Quality Control ...................................................................................... 8-6 8.7.1 QA/QC Procedures ................................................................................................................ 8-6 8.7.2 Current QA/QC Reviews ........................................................................................................ 8-9 8.7.2.1 Short-Term Control Measures and Reporting .................................................................... 8-9 8.7.2.2 Longer-Term Control Measures and Reporting ................................................................. 8-9 8.7.3 Analytical QA/QC Review ...................................................................................................... 8-9 8.8 Database .................................................................................................................................... 8-9 8.9 Qualified Person’s Opinion on Sample Preparation, Security, and Analytical Procedures ..... 8-10 9.0 DATA VERIFICATION ............................................................................................................... 9-1 9.1 Internal Data verification ............................................................................................................ 9-1 9.1.1 Laboratory Visits..................................................................................................................... 9-1 9.1.2 Laboratory Checks ................................................................................................................. 9-1 9.1.3 Internal Data Verification ........................................................................................................ 9-1 9.1.4 Database Review ................................................................................................................... 9-1 9.1.5 Model Input Review ................................................................................................................ 9-2 9.1.6 Big Cadia ................................................................................................................................ 9-2 9.1.7 Mineral Resource and Mineral Reserve Estimates ................................................................ 9-3 9.1.8 Reconciliation ......................................................................................................................... 9-3 9.1.9 Mineral Resource and Mineral Reserve Review .................................................................... 9-3 9.1.10 Subject Matter Expert Reviews .............................................................................................. 9-4 9.2 External Data Verification ........................................................................................................... 9-4 9.3 Data Verification by Qualified Person ........................................................................................ 9-6 9.4 Qualified Person’s Opinion on Data Adequacy .......................................................................... 9-6 10.0 MINERAL PROCESSING AND METALLURGICAL TESTING .............................................. 10-1 10.1 Introduction ............................................................................................................................... 10-1 10.2 Metallurgical Testwork ............................................................................................................. 10-1 10.2.1 Cadia East ............................................................................................................................ 10-1 10.2.1.1 Sample Selection ......................................................................................................... 10-2 10.2.1.2 Testwork Summary ...................................................................................................... 10-2 10.2.2 Ridgeway .............................................................................................................................. 10-6 10.2.2.1 Sample Selection ......................................................................................................... 10-6 10.2.2.2 Testwork Summary ...................................................................................................... 10-6 10.2.3 Big Cadia .............................................................................................................................. 10-7 10.3 Recovery Estimates ................................................................................................................. 10-8 10.3.1 Cadia East ............................................................................................................................ 10-8 10.3.2 Ridgeway ............................................................................................................................ 10-12 10.3.3 Big Cadia ............................................................................................................................ 10-12 10.4 Metallurgical Variability .......................................................................................................... 10-12 10.5 Deleterious Elements ............................................................................................................. 10-13 10.5.1 Cadia East .......................................................................................................................... 10-13

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page v 10.5.2 Ridgeway ............................................................................................................................ 10-14 10.5.3 Big Cadia ............................................................................................................................ 10-14 10.6 Qualified Person’s Opinion on Data Adequacy ...................................................................... 10-14 11.0 MINERAL RESOURCE ESTIMATES .................................................................................... 11-16 11.1 Introduction ............................................................................................................................. 11-16 11.2 Modelling Approach ............................................................................................................... 11-16 11.3 Exploratory Data Analysis ...................................................................................................... 11-17 11.4 Composites ............................................................................................................................ 11-17 11.5 Grade Capping/Outlier Restrictions ....................................................................................... 11-18 11.6 Density (Specific Gravity) Assignment ................................................................................... 11-18 11.7 Variography ............................................................................................................................ 11-18 11.8 Estimation/Interpolation Methods ........................................................................................... 11-19 11.9 Block Model Validation ........................................................................................................... 11-20 11.10 Confidence Classification of Mineral Resource Estimate ...................................................... 11-20 11.10.1.1 Mineral Resource Confidence Classification ............................................................. 11-20 11.10.1.2 Uncertainties Considered During Confidence Classification...................................... 11-21 11.11 Stockpiles ............................................................................................................................... 11-21 11.12 Reasonable Prospects of Economic Extraction ..................................................................... 11-22 11.12.1 Input Assumptions .......................................................................................................... 11-22 11.12.1.1 Cadia East .................................................................................................................. 11-22 11.12.1.2 Ridgeway .................................................................................................................... 11-22 11.12.1.3 Big Cadia .................................................................................................................... 11-24 11.12.1.4 Cadia Hill Stockpiles................................................................................................... 11-25 11.12.2 Commodity Price ............................................................................................................ 11-26 11.12.3 Cut-off ............................................................................................................................. 11-26 11.12.4 QP Statement ................................................................................................................. 11-26 11.13 Mineral Resource Statement .................................................................................................. 11-27 11.14 Uncertainties (Factors) That May Affect the Mineral Resource Estimate .............................. 11-27 12.0 MINERAL RESERVE ESTIMATES ......................................................................................... 12-1 12.1 Introduction ............................................................................................................................... 12-1 12.2 Cadia East ................................................................................................................................ 12-1 12.2.1 Overview .............................................................................................................................. 12-1 12.2.2 Net Smelter Return .............................................................................................................. 12-3 12.2.3 Development Ore Selection ................................................................................................. 12-3 12.2.4 Panel Cave Ore Selection .................................................................................................... 12-3 12.2.5 Shut-off Values ..................................................................................................................... 12-3 12.2.6 Dilution ................................................................................................................................. 12-3 12.2.7 Metallurgical Recoveries ...................................................................................................... 12-4 12.3 Ridgeway .................................................................................................................................. 12-4 12.3.1 Overview .............................................................................................................................. 12-4 12.3.2 Net Smelter Return .............................................................................................................. 12-4 12.3.3 Development Ore Selection ................................................................................................. 12-6 12.3.4 Block Cave Ore Selection .................................................................................................... 12-6 12.3.5 Metallurgical Recovery ......................................................................................................... 12-6 12.4 Royalties ................................................................................................................................... 12-6 12.5 Mineral Reserve Statement ...................................................................................................... 12-6 12.6 Uncertainties (Factors) That May Affect the Mineral Reserve Estimate .................................. 12-8 13.0 MINING METHODS ................................................................................................................. 13-1 13.1 Cadia East Operations ............................................................................................................. 13-1 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page vi 13.1.1 Overview .............................................................................................................................. 13-1 13.1.2 Geotechnical Considerations ............................................................................................... 13-3 13.1.2.1 Rock Quality and Geotechnical Domains..................................................................... 13-3 13.1.2.2 Design Considerations ................................................................................................. 13-4 13.1.2.3 Cave Initiation ............................................................................................................... 13-5 13.1.2.4 Hydraulic Fracturing ..................................................................................................... 13-5 13.1.2.5 Caveability, Fragmentation, and Flow .......................................................................... 13-5 13.1.2.6 Cave Subsidence ......................................................................................................... 13-6 13.1.2.7 Ground Support ............................................................................................................ 13-6 13.1.3 Hydrogeological Considerations .......................................................................................... 13-6 13.1.3.1 Hydrogeology ............................................................................................................... 13-6 13.1.3.2 Inflows .......................................................................................................................... 13-6 13.1.3.3 Dewatering ................................................................................................................... 13-7 13.1.4 Design Considerations ......................................................................................................... 13-7 13.1.4.1 Extraction Levels .......................................................................................................... 13-7 13.1.4.2 Undercut Levels ........................................................................................................... 13-9 13.1.4.3 Monitoring and Cave Engineering Horizon .................................................................. 13-9 13.1.4.4 Waste ........................................................................................................................... 13-9 13.1.5 Declines ................................................................................................................................ 13-9 13.1.6 Ventilation ........................................................................................................................... 13-10 13.1.7 Materials Handling System ................................................................................................ 13-10 13.1.8 Equipment .......................................................................................................................... 13-10 13.1.9 Facilities ............................................................................................................................. 13-12 13.1.10 Blasting ........................................................................................................................... 13-13 13.1.11 Production Schedule ...................................................................................................... 13-13 13.1.12 Personnel ....................................................................................................................... 13-14 13.2 Ridgeway ................................................................................................................................ 13-14 13.2.1 Introduction ......................................................................................................................... 13-14 13.2.2 Geotechnical Considerations ............................................................................................. 13-15 13.2.3 Hydrogeological Considerations ........................................................................................ 13-15 13.2.3.1 Inflows ........................................................................................................................ 13-15 13.2.3.2 Dewatering ................................................................................................................. 13-15 13.2.4 Design Considerations ....................................................................................................... 13-15 13.2.5 Ventilation ........................................................................................................................... 13-17 13.2.6 Materials Handling System ................................................................................................ 13-17 13.2.7 Facilities ............................................................................................................................. 13-17 13.2.8 Equipment .......................................................................................................................... 13-17 13.2.9 Production Schedule .......................................................................................................... 13-17 13.2.10 Personnel ....................................................................................................................... 13-17 14.0 PROCESSING AND RECOVERY METHODS ........................................................................ 14-1 14.1 Introduction ............................................................................................................................... 14-1 14.2 Flowsheet ................................................................................................................................. 14-1 14.3 Plant Design ............................................................................................................................. 14-1 14.3.1 Concentrator 1 Design ......................................................................................................... 14-1 14.3.2 Concentrator 2 Design ......................................................................................................... 14-4 14.3.3 Molybdenum Plant Design ................................................................................................... 14-4 14.4 Equipment Sizing ..................................................................................................................... 14-4 14.5 Power and Consumables ......................................................................................................... 14-9 14.5.1 Energy .................................................................................................................................. 14-9

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page vii 14.5.2 Water .................................................................................................................................... 14-9 14.5.3 Process Consumables ......................................................................................................... 14-9 14.6 Personnel ................................................................................................................................. 14-9 15.0 INFRASTRUCTURE ................................................................................................................ 15-1 15.1 Introduction ............................................................................................................................... 15-1 15.2 Road and Logistics ................................................................................................................... 15-3 15.2.1 Roads ................................................................................................................................... 15-3 15.2.2 Concentrate Dewatering and Handling ................................................................................ 15-3 15.3 Stockpiles ................................................................................................................................. 15-5 15.4 Waste Storage Facilities .......................................................................................................... 15-5 15.5 Tailings Storage Facilities ........................................................................................................ 15-5 15.6 Water Management .................................................................................................................. 15-5 15.7 Built Infrastructure .................................................................................................................... 15-5 15.8 Camps and Accommodation .................................................................................................... 15-6 15.9 Power and Electrical ................................................................................................................ 15-6 15.10 Fuel .......................................................................................................................................... 15-7 15.11 Communications....................................................................................................................... 15-7 15.12 Water Supply ............................................................................................................................ 15-7 16.0 MARKET STUDIES ................................................................................................................. 16-1 16.1 Markets ..................................................................................................................................... 16-1 16.1.1 Existing Markets ................................................................................................................... 16-1 16.1.2 Cadia East ............................................................................................................................ 16-1 16.1.3 Ridgeway .............................................................................................................................. 16-3 16.2 Commodity Price Forecasts ..................................................................................................... 16-3 16.3 Contracts .................................................................................................................................. 16-4 17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS ................................................................. 17-1 17.1 Introduction ............................................................................................................................... 17-1 17.2 Baseline and Supporting Studies ............................................................................................. 17-1 17.3 Environmental Considerations/Monitoring Programs ............................................................... 17-2 17.4 Stockpiles ................................................................................................................................. 17-5 17.5 Waste Rock Storage Facilities ................................................................................................. 17-5 17.6 Tailings Storage Facility ........................................................................................................... 17-6 17.6.1 Overview .............................................................................................................................. 17-6 17.6.2 NTSF Embankment Failure .................................................................................................. 17-8 17.6.3 LOM Requirements .............................................................................................................. 17-8 17.6.4 Deposition Methods ............................................................................................................. 17-9 17.7 Water Management .................................................................................................................. 17-9 17.7.1 Management Strategy .......................................................................................................... 17-9 17.7.2 Cadia Pit TSF ....................................................................................................................... 17-9 17.8 Water Supply .......................................................................................................................... 17-11 17.8.1 Overview ............................................................................................................................ 17-11 17.8.2 Water Recycling ................................................................................................................. 17-12 17.9 Closure Plan ........................................................................................................................... 17-13 17.10 Permitting ............................................................................................................................... 17-14 17.10.1 Statutory Environmental Approvals and Compliance ..................................................... 17-14 17.10.2 Operating Permits .......................................................................................................... 17-14 17.10.3 Modification 15 ............................................................................................................... 17-14 17.10.4 Cadia Continued Operations Project ............................................................................. 17-15 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page viii 17.11 Considerations of Social and Community Impacts ................................................................ 17-16 17.12 Qualified Person’s Opinion on Adequacy of Current Plans to Address Issues...................... 17-16 18.0 CAPITAL AND OPERATING COSTS ..................................................................................... 18-1 18.1 Introduction ............................................................................................................................... 18-1 18.2 Capital Cost Estimates ............................................................................................................. 18-1 18.2.1 Basis of Estimate ................................................................................................................. 18-1 18.2.2 Capital Cost Summary ......................................................................................................... 18-2 18.3 Operating Cost Estimates ........................................................................................................ 18-2 18.3.1 Basis of Estimate ................................................................................................................. 18-2 18.3.2 Operating Cost Summary ..................................................................................................... 18-2 19.0 ECONOMIC ANALYSIS .......................................................................................................... 19-1 19.1 Methodology Used ................................................................................................................... 19-1 19.2 Financial Model Parameters .................................................................................................... 19-1 19.3 Sensitivity Analysis ................................................................................................................... 19-8 20.0 ADJACENT PROPERTIES ..................................................................................................... 20-1 21.0 OTHER RELEVANT DATA AND INFORMATION .................................................................. 21-1 22.0 INTERPRETATION AND CONCLUSIONS ............................................................................. 22-1 22.1 Introduction ............................................................................................................................... 22-1 22.2 Property Setting........................................................................................................................ 22-1 22.3 Ownership ................................................................................................................................ 22-1 22.4 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements ............................ 22-1 22.5 Geology and Mineralization ...................................................................................................... 22-2 22.6 History ...................................................................................................................................... 22-2 22.7 Exploration, Drilling, and Sampling .......................................................................................... 22-2 22.8 Data Verification ....................................................................................................................... 22-3 22.9 Metallurgical Testwork ............................................................................................................. 22-4 22.10 Mineral Resource Estimates .................................................................................................... 22-4 22.11 Mineral Reserve Estimates ...................................................................................................... 22-5 22.12 Mining Methods ........................................................................................................................ 22-5 22.13 Recovery Methods ................................................................................................................... 22-6 22.14 Infrastructure ............................................................................................................................ 22-6 22.15 Market Studies ......................................................................................................................... 22-6 22.16 Environmental, Permitting and Social Considerations ............................................................. 22-7 22.17 Capital Cost Estimates ............................................................................................................. 22-8 22.18 Operating Cost Estimates ........................................................................................................ 22-8 22.19 Economic Analysis ................................................................................................................... 22-8 22.20 Risks and Opportunities ........................................................................................................... 22-8 22.20.1 Risks ................................................................................................................................. 22-8 22.20.2 Opportunities .................................................................................................................. 22-10 22.21 Conclusions ............................................................................................................................ 22-10 23.0 RECOMMENDATIONS ............................................................................................................ 23-1 24.0 REFERENCES ......................................................................................................................... 24-1 24.1 Bibliography .............................................................................................................................. 24-1 24.2 Abbreviations ............................................................................................................................ 24-4 24.3 Glossary of Terms .................................................................................................................... 24-6 25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT ................................... 25-1 25.1 Introduction ............................................................................................................................... 25-1 25.2 Macroeconomic Trends ............................................................................................................ 25-1 25.3 Markets ..................................................................................................................................... 25-1

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page ix 25.4 Legal Matters ............................................................................................................................ 25-2 25.5 Environmental Matters ............................................................................................................. 25-2 25.6 Stakeholder Accommodations ................................................................................................. 25-2 25.7 Governmental Factors .............................................................................................................. 25-2 TABLES Table 1-1: Measured and Indicated Mineral Resource Statement .................................................... 1-12 Table 1-2: Inferred Mineral Resource Statement .............................................................................. 1-12 Table 1-3: Proven and Probable Mineral Reserve Statement ........................................................... 1-15 Table 1-4: Capital Cost Estimate Summary ...................................................................................... 1-27 Table 1-5: Operating Cost Estimate Summary .................................................................................. 1-27 Table 1-6: Cashflow Summary Table ................................................................................................ 1-28 Table 3-1: Deposit Locations ............................................................................................................... 3-2 Table 3-2: Mineral Titles ...................................................................................................................... 3-2 Table 3-3: Mineral Tenure Summary Table ......................................................................................... 3-4 Table 3-4: Water Access Licenses ...................................................................................................... 3-8 Table 5-1: Project History .................................................................................................................... 5-2 Table 6-1: Deposit Model Features ..................................................................................................... 6-2 Table 6-2: Major Fault Types, Cadia East ......................................................................................... 6-17 Table 6-3: Ridgeway Fault Types ...................................................................................................... 6-22 Table 6-4: Deformation History ......................................................................................................... 6-23 Table 7-1: Geophysical Surveys ......................................................................................................... 7-4 Table 7-2: Research Theses ............................................................................................................... 7-9 Table 7-3: Project Drill Summary Table by Company ....................................................................... 7-12 Table 7-4: Project Drill Summary Table by Area ............................................................................... 7-14 Table 7-5: Drill Holes Supporting Cadia East Mineral Resource Estimate ....................................... 7-15 Table 7-6: Drill Holes Supporting Ridgeway Mineral Resource Estimate ......................................... 7-15 Table 7-7: Drill Holes Supporting Big Cadia Mineral Resource Estimate ......................................... 7-16 Table 8-1: Elements Analyzed and Detection Limits ........................................................................... 8-7 Table 9-1: External Data Verification Programs .................................................................................. 9-5 Table 10-1: Cadia East Testwork Summary (1995–2011) .................................................................. 10-3 Table 10-2: Cadia East Testwork Summary (2015–2021) .................................................................. 10-4 Table 10-3: Ridgeway Deeps Testwork Summary .............................................................................. 10-7 Table 10-4: Big Cadia 2011 Testwork Summary ................................................................................. 10-9 Table 10-5: Cadia East Gold Recovery Models ................................................................................ 10-10 Table 10-6: Cadia East Copper Recovery Models ............................................................................ 10-11 Table 10-7: Big Cadia Forecast Metallurgical Recovery Parameters ............................................... 10-13 Table 11-1: Cadia East Drill Spacing Supporting Confidence Categories ........................................ 11-21 Table 11-2: Metal Price and Exchange Rate Assumptions ............................................................... 11-23 Table 11-3: Inputs Used for Reasonable Prospects of Economic Extraction, Cadia East ................ 11-23 Table 11-4: Inputs Used for Reasonable Prospects of Economic Extraction, Ridgeway ................. 11-24 Table 11-5: Inputs Used for Reasonable Prospects of Economic Extraction, Big Cadia .................. 11-25 Table 11-6: Inputs Used for Reasonable Prospects of Economic Extraction, Cadia Hill Stockpiles 11-26 Table 11-7: Measured and Indicated Mineral Resource Statement .................................................. 11-28 Table 11-8: Inferred Mineral Resource Statement ............................................................................ 11-28 Table 12-1: Metal Price and Exchange Rate Assumptions ................................................................. 12-2 Table 12-2: Mineral Reserve Shut-off Value ....................................................................................... 12-4 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page x Table 12-3: Metallurgical Recovery, Cadia East ................................................................................. 12-5 Table 12-4: Ridgeway Deeps Lift 1 Cut-Off Values ............................................................................ 12-6 Table 12-5: Metallurgical Recovery, Ridgeway ................................................................................... 12-7 Table 12-6: Proven and Probable Mineral Reserve Statement ........................................................... 12-7 Table 13-1: Cadia East Key Design Parameters................................................................................. 13-8 Table 13-2: Future Development Profiles ............................................................................................ 13-8 Table 13-3: Primary Equipment Summary, Cadia East .................................................................... 13-11 Table 13-4: Secondary Production Equipment Summary, Cadia East ............................................. 13-12 Table 13-5: Forecast Production Schedule, Cadia East ................................................................... 13-14 Table 13-6: Key Design Parameters, Ridgeway ............................................................................... 13-16 Table 13-7: Primary Equipment, Ridgeway ....................................................................................... 13-18 Table 14-1: Process Equipment .......................................................................................................... 14-5 Table 17-1: Environmental Management and Monitoring Regime ...................................................... 17-3 Table 17-2: Waste Management ......................................................................................................... 17-6 Table 17-3: Water Management System Elements........................................................................... 17-10 Table 17-4: Water Management Strategy ......................................................................................... 17-10 Table 17-5: Key Permits .................................................................................................................... 17-15 Table 18-1: Capital Cost Estimate Summary ...................................................................................... 18-3 Table 18-2: Operating Cost Estimate Summary .................................................................................. 18-3 Table 19-1: Cashflow Summary Table ................................................................................................ 19-2 Table 19-2: Annualized Cashflow (FY24 H2–FY30) ........................................................................... 19-3 Table 19-3: Annualized Cashflow (FY31–FY40) ................................................................................. 19-4 Table 19-4: Annualized Cashflow (FY41–FY50) ................................................................................. 19-5 Table 19-5: Annualized Cashflow (FY51–FY60) ................................................................................. 19-6 FIGURES Figure 2-1: Project Location Plan ......................................................................................................... 2-2 Figure 2-2: Deposit Locations ............................................................................................................... 2-3 Figure 3-1: Mineral Tenure Location Plan ............................................................................................ 3-5 Figure 3-2: Surface Land Owned by CHPL in the Cadia Valley Operations Area ............................... 3-6 Figure 6-1: Regional Geology of the Ordovician Rocks of New South Wales ..................................... 6-3 Figure 6-2: Cadia Valley Geological Plan ............................................................................................. 6-4 Figure 6-3: Cadia Valley Geological Cross Section (long-section looking north 22500N) ................... 6-6 Figure 6-4: Comparative Stratigraphy .................................................................................................. 6-7 Figure 6-5: Comparative Geological Cross-Sections ........................................................................... 6-8 Figure 6-6: Geology Section, Cadia East (15,820 mE) ...................................................................... 6-14 Figure 6-7: Geology Section, Cadia Far East (Section 15820 mE) .................................................... 6-15 Figure 6-8: Key Structures, Cadia East .............................................................................................. 6-18 Figure 6-9: Geology Level Plan, Ridgeway (5280RL level) ................................................................ 6-20 Figure 6-10: Geological Sections, Ridgeway ........................................................................................ 6-21 Figure 6-11: Simplified Geology of Ridgeway Drill Hole NC498 Illustrating the Relationship Between Grade and Monzonite ............................................................................................................................... 6-24 Figure 6-12: Alteration and Pyrite Zoning, Ridgeway (section 11050 mE) .......................................... 6-25 Figure 6-13: Geological Section Cadia Extended and Big Cadia (section 13,000 mE) ....................... 6-27 Figure 6-14: Geological Section Cadia Extended and Big Cadia (section 13,100 mE) ....................... 6-28 Figure 7-1: Geochemical Sampling ...................................................................................................... 7-3 Figure 7-2: Geophysical Survey Location Plan .................................................................................... 7-7

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page xi Figure 7-3: Geophysical RTP Regional Magnetic image (0.5vd) ......................................................... 7-8 Figure 7-4: Regional Prospects .......................................................................................................... 7-10 Figure 7-5: Project Drill Hole Location Plan ........................................................................................ 7-13 Figure 7-6: Cadia East Drill Hole Location Plan ................................................................................. 7-17 Figure 7-7: Ridgeway Drill Hole Location Plan ................................................................................... 7-18 Figure 7-8: Big Cadia Drill Hole Location Plan ................................................................................... 7-19 Figure 7-9: Drilling Since Cadia East Database Closeout Date ......................................................... 7-21 Figure 10-1: Cadia East Future and Current Gold Recovery Predictions .......................................... 10-10 Figure 12-1: Planned Mine Layout Schematic, Cadia East .................................................................. 12-2 Figure 12-2: Ridgeway Mine Layout Schematic ................................................................................... 12-5 Figure 13-1: Schematic Showing Mining Operations ........................................................................... 13-2 Figure 13-2: Geotechnical Block Model Schematic .............................................................................. 13-4 Figure 13-3: Planned Infrastructure Schematic, Cadia East .............................................................. 13-11 Figure 13-4: Offset Herringbone Layout Schematic ........................................................................... 13-16 Figure 14-1: Simplified Process Flow Diagram .................................................................................... 14-2 Figure 14-2: Molybdenum Plant Flowsheet .......................................................................................... 14-3 Figure 15-1: Infrastructure Layout for LOM Plan .................................................................................. 15-2 Figure 15-2: Final Project Layout ......................................................................................................... 15-4 Figure 17-1: Tailings Storage Facility Location Plan ............................................................................ 17-7 Figure 19-1: Sensitivity Analysis ........................................................................................................... 19-9 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-1 1.0 EXECUTIVE SUMMARY 1.1 Introduction This technical report summary (the Report) was prepared for Newmont Corporation (Newmont) on the Cadia Valley Operations (Cadia Valley Operations or the Project), in New South Wales (NSW), Australia. The Cadia Valley Operations are 100% owned by Newmont, and consist of the operating Cadia East gold mine (Cadia East), the mined-out Cadia Hill gold mine (Cadia Hill), and the Ridgeway gold mine (Ridgeway) that is on care-and-maintenance. 1.2 Terms of Reference Mineral resources are estimated for the Cadia East, Ridgeway, Cadia Extended, Big Cadia deposits and the Cadia Hill stockpile. Mineral reserves are estimated for Cadia East and Ridgeway, and in stockpiles. Mineral resources and mineral reserves are reported using the definitions in Regulation S–K 1300 (SK1300), under Item 1300. All measurement units used in this Report are metric unless otherwise noted, and currency is expressed in United States dollars (US$) as identified in the text. The Australian currency is the Australian dollar (A$). Unless otherwise indicated, all financial values are reported in US$ including all operating costs, capital costs, cash flows, taxes, revenues, expenses, and overhead distributions. The mine plan uses the terms block cave (Ridgeway) and panel cave (Cadia East). A block cave operation produces from the full orebody footprint from the outset of the operation. In panel caving the active caving zone moves across the full footprint with time. Development of a new panel in a panel caving operation is analogous to a pit cutback in an open pit mining operation. The Report uses US English. 1.3 Property Setting The Cadia Valley Operations are located approximately 25 km south–southwest of the town of Orange in NSW, and approximately 200 km west–northwest of Sydney. The Cadia Valley Operations are accessed by sealed road from Orange. Commuter airlines provide Brisbane to Orange, Sydney to Orange, and Melbourne to Orange services. The Orange airport is about 12 km northeast of the Cadia Valley Operations. The area experiences the warmest temperatures from November to March and the coolest from May to August. The lowest mean monthly rainfall occurs March and April and the highest mean monthly rainfall occurs in August. The most common wind directions are from the southwest and northeast. Mining and exploration activities are conducted year-round. Elevations range from approximately 600 m Australian height datum (AHD) to 1,000 mAHD. The region is characterized by gently undulating hills, cleared open grassland and vegetation

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-2 consisting mainly of scattered paddock trees, with isolated patches of remnant woodland and shelterbelts, and State Forest plantations of Monterey Pine. The dominant land use in the Orange region is agriculture, principally grazing (sheep and cattle), cropping and orchards. The bushfire season in the Cadia valley area and Central West Region is generally from mid- November to mid-March. Depending on factors such as weather, fuel loads (build-up of leaf litter and broken branches), and drought indices, this season can be extended from early September to late April. There are moderate fuel loads associated with the open forest and woodland areas within the Cadia East subsidence zone and the tailings storage facilities (TSF) expansion areas that may present a fire hazard. The deposits are located in an area that has been seismically active both prior to and subsequent to the commencement of mining by Newcrest. These events can produce seismic loading, and this risk is considered in infrastructure design. 1.4 Ownership The Cadia Valley Operations are 100% owned by Newmont through its wholly-owned subsidiary, Cadia Holdings Pty Ltd. 1.5 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements The Cadia Valley Operations consist of six granted Mining Leases and five granted Exploration Licenses, with a total approximate area of 215 km2. The current minimum statutory annual expenditure commitment for the Project is $122,000. The commitment changes on an annual basis, depending on approved work programs. Mining Leases do not have statutory annual expenditure requirements. All statutory obligations to retain the Exploration Licenses had been met as at December 31, 2023. Newmont predominantly owns all surface properties covered by the six Mining Leases and a number of properties in the surrounding area. Newmont also holds licenses to occupy crown roads within the Mining Leases and two small portions of crown land comprising Lot 7001 in Deposited Land (DP) 1020360 and Lot 103 in DP 750371 within Mining Lease 1405. Newmont holds occupation permits for infrastructure within surrounding State forest lands. The concentrate pipeline and return water line from Blayney is subject to leases within public lands under the control of the Blayney and Cabonne local government areas. Newmont owns the land on which the Cadia dewatering plant is located (Lot 106 DP1161062) and leases adjoining Lot 102 which contains the rail track spur line from Mitziya Pty Ltd as owner of the adjoining ‘Sea-Link’ development site. The rail track spur line connects to the Great Western Railway line, with transport of concentrate ultimately to Port Kembla. An Environmental Protection License covers the operations within the six Mining Leases plus the Cadia dewatering facilities, and ancillary infrastructure. Newmont holds water access licenses under the Water Management Act 2000 for water extraction. In New South Wales the royalty rate is 4% of the ex-mine value of the bullion and concentrate “recovered” (recovered being sold material and increases in stockpile material), less allowable Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-3 deductions (treatment, depreciation, realization, and administration costs). Currently, gold, silver, copper, and molybdenum are levied at 4% of the ex-mine value less allowable deductions. There are no other royalties or similar obligations payable on the Project. There are a number of current community concerns, regulatory actions, and legal proceedings in relation to the Cadia Valley Operations. There have been dust emissions and other air pollutants from the Cadia tailings storage facilities and ventilation rises that exceeded levels permitted by applicable law. The Environment Protection Authority commenced proceedings in the NSW Land and Environment Court against the Cadia Valley Operations for these exceedances. The Cadia Valley Operations have entered guilty pleas and sentencing hearings are pending. Residents living near Cadia raised concerns about potential impacts to drinking water supplies by various contaminants. The majority of the instances of non-compliance from both the Cadia Valley Operations and the NSW Environment Protection Authority’s subsequent water sampling programs showed that such instances of non-compliance were influenced by building and plumbing materials. A particulate characterization study, which was undertaken by the Australian government’s Australian Nuclear Science Technology Organisation (ANSTO) and commissioned by the Cadia Valley Operations in collaboration with the local community, assessed the PM2.5 dust contribution from Cadia to the regional air shed over a 12-month period and concluded that Cadia contributed only a small percentage of soil particulate matter. In July 2023, a New South Wales Parliamentary Inquiry (Legislative Council’s Portfolio Committee No. 2 – Health) (the Parliamentary Inquiry) was initiated into current and potential community impacts of gold, silver, lead, and zinc mining on human health, land, air, and water quality in New South Wales. Newmont acknowledges and understands that some local residents living close to Cadia have concerns about dust emissions from Cadia’s tailings storage facilities and ventilation rises. Prior to Newmont’s acquisition of Newcrest, Newcrest provided a submission to the Parliamentary Inquiry and hosted a number of the Parliamentary Inquiry members on a tour of the Cadia Valley Operations. Newcrest’s Interim Chief Executive Officer and Cadia’s General Manager also appeared before the Parliamentary Inquiry as witnesses. 1.6 Geology and Mineralization The Cadia East and Ridgeway deposits are considered to be examples of alkalic porphyry gold– copper-style mineralization. The Big Cadia deposit is a skarn-style occurrence. The Cadia deposits are located in the eastern Lachlan Fold Belt of NSW and formed within the intra-oceanic Macquarie Arc, a belt of Ordovician to early Silurian mafic to intermediate volcanic, volcaniclastic and intrusive rocks. Post-mineral deformation partially dismembered the district, thereby superposing different porphyry copper–gold systems as well as the host stratigraphy level. The basement rocks in the Cadia district are Ordovician siltstones and volcanic units of the Weemalla Formation. They are conformably overlain by andesitic to basaltic andesitic lithologies of the Ordovician Forest Reefs Volcanics. Silurian conglomerates, sandstones and siltstones (part of the Waugoola Group) cover large portions of the Ordovician volcano-sedimentary succession. Tertiary basalts of the Canobolas Volcanic Complex cover the Paleozoic rocks to the north and east of the district.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-4 Mineralization-related Ordovician to Silurian alkalic intrusions young eastwards across the Cadia Valley, with Ridgeway being the oldest deposit in the district and Cadia East the youngest. Three main intrusive complexes were identified. Although currently spatially separated due to the current erosion level, they may be connected at depth. The Cadia Intrusive Complex (CIC) consists of pyroxene diorite, monzodiorite and occasional pyroxenite in the west to monzonite, quartz monzonite and quartz monzodiorite in the east. The mafic, western portion of the CIC is interpreted to be separated from the eastern, felsic portion of the CIC by a major north–northwest-striking, west–southwest-dipping thrust fault, the Purple Fault. The Ridgeway Intrusive Complex (RIC) is located 2.5 km northwest of the Cadia Hill portion of the CIC, with the top of the RIC occurring about 500 m below surface. At least three intrusive stages were defined, of which the latter two have a clearly demonstrated temporal relationship with Ridgeway deposit alteration and mineralization. The RIC comprises a vertically attenuated composite pipe of monzodiorite to quartz monzonite. It has horizontal dimensions of 200 x 100 m, is elongated along a northwest trending axis, and extends subvertically for at least 1 km. The Cadia East Intrusive Complex (CEIC) comprises a series of west–northwest- to west-striking dikes that dip steeply to the north. The top of the complex averages about 800 m below the surface. Dyke compositions range from monzodiorite and quartz monzodiorite to quartz monzonite. The major regional structure is the 30 km long Werribee–Cadiangullong Fault Zone. Where the Werribee–Cadiangullong Fault Zone intersects structures related to the west–northwest-oriented Lachlan Transverse Zone, it forms a series of north–northwest- and northeast-trending thrust faults. This structural intersection appears to have controlled the location of the CIC and associated mineralization. Newcrest identified more than 56 structures during production and development activities that influence the Cadia Valley-wide structural setting, and therefore mine planning and caving operations. Underground mapping demonstrated that fault behavior at the local scale can be highly complex, particularly for steeply-dipping structures. The Cadia porphyry deposits record a sequence of alteration and mineralization events that evolved from early-stage magnetite-stable sodic, potassic and calc-potassic alteration with locally significant gold–copper mineralization, through a period of transitional stage potassic alteration that introduced most of the gold–copper mineralization. Propylitic and calc-silicate alteration were developed in the deposit peripheries at this time and a late stage of feldspathic alteration developed irregularly around the deposit margins and locally destroyed mineralization. The mineralization within the Project area occurs within a 6 km-long west–northwest-oriented corridor. Mineralization in the porphyry deposits occurs as sheeted and stockwork quartz–sulfide veins, and locally as broadly stratabound disseminated mineralization (Cadia East) and skarn (Big Cadia and Little Cadia). The Cadia deposit occupies a mineralized zone 2.5 km in strike length, 600 m in width and over 1,900 m in vertical extent. Mineralization at Cadia East is divided into two broad overlapping zones: an upper, copper-rich disseminated zone and a deeper gold-rich zone associated with sheeted veins. The upper zone forms a relatively small cap to the overall mineralized envelope and has a core of disseminated chalcopyrite (and rare bornite), capped by chalcopyrite–pyrite mineralization. The deeper zone is localized around a core of steeply-dipping, sheeted, quartz– calcite–bornite–chalcopyrite–molybdenite veins, with the highest gold grades associated with the Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-5 bornite-bearing veins. Copper and molybdenite form a mineralized blanket above and to the east of the higher-grade gold envelope. The Ridgeway deposit is a subvertical body of quartz–sulfide vein stockwork mineralization with an elliptical, pipe-like geometry, elongated along a northwest-striking axis. Stockwork dimensions are approximately 400 m east–west, 250 m north–south and the deposit extends to a depth in excess of 1,000 m. Mineralization at Ridgeway and Ridgeway Deeps occurs in dense quartz vein stockworks and sheeted arrays localized in and around the small (50–100 m diameter) composite diorite to quartz–monzonite intrusive complex. The most strongly developed quartz stockwork veining and alteration, and the highest copper and gold grades, occur immediately adjacent to the monzonite. Sulfide minerals are zoned from a bornite to chalcopyrite (plus gold) core, outwards and upwards through a chalcopyrite-rich to an outer pyrite-rich domain. The Big Cadia iron–copper–gold skarn deposit is hosted by an intensely-altered, bedded, calcareous volcaniclastic unit. Magnetite skarn mineralization is localized in a dilatant site at the intersection of the PC40 and Raggatts/Steep Fault. The skarn is zoned around a series of southeasterly-trending steeply-dipping breccia zones. The Big Cadia deposit has dimensions of 1,000 x 200 m, and a drill-tested depth extent of about 400 m. It consists of an oxide lens, and sulfide mineralization at depth. Chalcopyrite and minor gold are closely associated with bladed hematite, magnetite and epidote (with lesser chlorite–quartz–calcite) replacements. 1.7 History and Exploration Historical gold and copper mining operations occurred at a number of small deposits in the general Cadia area. Prior to Newmont’s interest, Pacific Copper Limited (Pacific Copper), and Homestake Australia Limited conducted exploration in the Big Cadia area, including soil sampling, core, reverse circulation (RC), and rotary air blast (RAB) drilling. Newcrest acquired the property in March 1991 with an initial focus on the small shallow oxide resources at Big Cadia. Newcrest completed rock chip, soil, and stream sediment geochemical sampling, down-hole, ground and airborne geophysical surveys, technical studies, and mining operations. Newmont acquired Newcrest in November, 2023. Cadia is a mature district with numerous exploration prospects. As such, the amount of data and geological knowledge that is available is extensive. Newmont is currently using district-scale datasets and tools to potentially identify additional mineralization surrounding current Cadia Valley Operations. A number of possible caving fronts are being investigated and may represent upside potential for the operations if these areas can be included in the life-of-mine (LOM) plan. 1.8 Drilling and Sampling 1.8.1 Drilling Drilling to December 31, 2023 on a Project-wide basis totals 6,813 drill holes (about 1,696,221 m). Drill types used on a Project basis to December 31, 2023 include core, RC, aircore, rotary air blast (RAB), sonic, and percussion. Core drilling is the predominant drill type. The drilling that supports the mineral resource estimates consists of:

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-6  Cadia East: 530 drill holes (about 420,800 m);  Ridgeway: 532 drill holes (about 258,622 m);  Big Cadia: 558 drill holes (about 71,447 m). Aircore, RAB, sonic, and percussion drill types are not used in mineral resource estimation. Core drilling has included LTK60 (44.0 mm core diameter), NQ/NQ3 (47.6 mm), HQ/HQ3 (63.5 mm), and PQ (85 mm) sizes. Most of the drilling uses triple-tube core tools. RC drilling is used for infill resource definition on occasion; however, geotechnical data are not collected from RC drilling. Early logging (pre–2000) was typically conducted on 1 m intervals. After 2000, lithology was logged on a variable interval basis with intervals determined from combinations of rock type, alteration, structure, and mineralization. Logging and data collection include collar, lithology, mineralization, structure, geotechnical and bulk density information. Lithology is logged based on the geological unit, with subdivisions created based on alteration and mineralization. There are only minor zones of lost core or poor core recovery overall. Core recovery is generally excellent Project-wide, with core recoveries in fresh rock of around 99–100%. Survey methods included theodolite surveys and differential global positioning system (DGPS) instruments. A variety of methods were used to measure down-hole deviation (dip and azimuth), including FlexIT, Ranger, Eastman, Maxibor, Multishot, and gyroscopic instruments. Face and wall samples are located using iSITE mapping equipment, with field data processed in Vulcan. Drawpoint samples do not require accurate location and are labelled according to the drawpoint number. 1.8.2 Hydrogeology The Cadia monitoring drill hole network has continuously expanded over time due to the inherent complexity of fractured bedrock aquifers. Currently there are 149 groundwater drill holes active within, and surrounding, the Cadia Valley Operations, of which 120 are monitored on a routine basis. To the Report date, the hydrogeological data collection programs have provided data suitable for use in the mining operations, and have supported the assumptions used in the active mining operations. Monitoring data are collected for the following elements: groundwater level (piezometric surface) and water quality variables. A regional numerical groundwater flow model has been developed to predict impacts from mining and tailings storage at Cadia. A new regional numerical flow model is under development. The site water balance is on average negative and as a result, the site needs to import water to satisfy all the demand requirements. During wet seasons, however, the site water balance becomes positive, capturing more water than required. 1.8.3 Geotechnical The geological hard rock setting at Cadia East and Ridgeway is well understood and displays reasonable consistency through the spatial extent of the host sequences. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-7 Where this is not the case due to geotechnical conditions or alteration (e.g. Ca-La Fracture Zones), these areas are well defined and domained accordingly. To date, the geotechnical data collection programs have provided data suitable for use in the mining operations, with this data used in various geotechnical models (e.g., RMR, Q’, P32 and Is50) that inform at both tunnel (development design) and cave/mine-wide (e.g., subsidence, flow, fragmentation, propagation and seismic hazard) scale. 1.8.4 Sampling and Assay Core is sampled and analyzed on intervals determined by the geologist, with the aim of a nominal 2 m sample interval. Minimal RC sampling has been undertaken. Intervals for bulk density determination are selected according to lithology, alteration and mineralization considerations. Density determinations are performed on site by geologists or geological assistants as part of the logging process, and use the water immersion method. Depending on the deposit and the geotechnical conditions encountered, measurements are generally taken at 20–50 m intervals down hole. Third-party, independent analytical and sample preparation laboratories used during early exploration efforts include Genalysis (Townsville), AAL (Orange), Analabs (Townsville), ALS Chemex (Townsville), and AMDEL (Orange, Perth). There are no accreditation data available in the Project database for these laboratories at the time of use. Other third-party, independent analytical and sample preparation laboratories include ALS Chemex (Orange), and Intertek (Perth), both of which hold ISO170025 accreditations for selected analytical techniques. The Newcrest Services Laboratory, located in Orange (NSLO), has been used as the primary laboratory since June 2010. NSLO holds ISO 17025 accreditations but is not independent. Sample preparation and analytical methods varied over time. Earlier programs typically crushed to 2 mm and pulverized to 90% passing 75 µm; after 2009 this was amended to crushing to 2 mm and pulverizing to 95% passing 75 µm. The analytical methods used for the majority of the legacy data are not recorded in the Project database. Information recorded typically consists of the element and detection limit. Legacy analyses were primarily for gold and copper, but a multi-element suite could occasionally be completed. Depending on the area, some core may have gaps where no assays were recorded. Samples collected during the Newcrest/Newmont programs were routinely assayed for gold, copper, and a multi-element suite. Data are stored in a SQL server database using acQuire software. Regular reviews of data quality are conducted by site and corporate teams prior to resource estimation, in addition to external reviews. The database is regularly backed up, and copies are stored both offsite and in Newmont- owned facilities. Sample security has not historically been monitored. Sample collection from drill point to laboratory relies upon the fact that samples are either always attended, or stored in the locked on-site preparation facility, or stored in a secure area prior to laboratory shipment. Chain-of- custody procedures consist of sample submittal forms to be sent to the laboratory with sample shipments to ensure that all samples are received by the laboratory.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-8 1.8.5 Quality Assurance and Quality Control A comprehensive quality assurance and quality control (QA/QC) program is in place for sample analysis. The process typically involves submission and analysis of standard reference materials, blanks, duplicates, replicates, and grind and crush size checks. QA/QC submission rates are typical for the program at the time the data were collected. Results are regularly monitored. The QA/QC programs adequately address issues of precision, accuracy and contamination. 1.9 Data Verification Newmont personnel regularly visit the laboratories that process Newmont samples to inspect sample preparation and analytical procedures. The database that supports mineral resource and mineral reserve estimates is checked using electronic data scripts and triggers. Data verification was performed by external consultants in support of mine development and operations. No material issues were identified in the reviews. Observations made during the QP’s site visit, in conjunction with discussions with site-based technical staff also support the geological interpretations, and analytical and database quality. The QP’s personal inspection supports the use of the data in mineral resource and mineral reserve estimation, and in mine planning. The QP received reconciliation reports from the operations. Through the review of these reconciliation factors, the QP can accept the use of the data in support of the mineral resource and mineral reserve estimates. 1.10 Metallurgical Testwork Independent laboratories and testwork facilities used during metallurgical evaluation included AMML, ALS Townsville, ALS Brisbane, Metso Minerals Process Technology, JKTech, Metcon, Enviromet, Optimet, Amdel, Normet, and Lakefield Laboratory (Canada). Metallurgical testwork and mineralogical information supporting the process design and metal recovery estimates included: optical mineralogy; X-ray diffraction (XRD) and mineral laboratory analysis (MLA); comminution tests (drop-weight (DWi), SAG mill comminution (SMC), Bond ball work index (BWi), rod work index (RWi), abrasion (Ai); rougher and cleaner flotation tests, gravity testwork, primary grind and regrind size sensitivity tests; evaluation of alternate reagents; flash flotation testing, fluorine depression batch flotation tests and locked cycle flotation tests. Overall, samples selected for metallurgical testing during feasibility, development and expansion studies were representative of the various styles of mineralization within the different mineralized zones. Samples were selected from a range of locations and metal grades within the deposit zones. Sample density is acceptable for forecasting purposes. Cadia East and Ridgeway can be described as "well behaved" porphyry copper deposits where the mineralogical drivers of metallurgical performance are well understood, risks were recognized and appropriate industry standard mitigating actions are identified. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-9 Metallurgical recovery forecasts are:  Cadia East: LOM gold recovery rates are forecast at approximately 80%, copper recovery rates at approximately 86%, silver recovery rates at approximately 65% and molybdenum recovery rates (relative to plant feed) of approximately 72%.  Ridgeway: Recovery forecasts for the overall LOM are 81% for gold, 87% for copper and 66% for silver;  Big Cadia: recoveries vary by weathering profile and host rock type. Gold recoveries range from 45–70%, silver recoveries from 35–70%, and copper recoveries from 35–90%.  Stockpiles: gold recovery of 64%, and copper recovery of 75%. Fluorine is the main deleterious element identified at Cadia East that could influence concentrate sales and marketing. Since 2017, all material within the plant has been processed through a Jameson cell, giving maximum fluorine rejection, particularly of the entrained fluorine-bearing minerals, and therefore it is unlikely that fluorine levels in copper concentrate will exceed the maximum contractual limits over the LOM. There are expected to be no deleterious elements in any Ridgeway concentrates that will trigger penalty payments or rejection rates. No formal deleterious element assessment has been undertaken for the Big Cadia mineralization. 1.11 Mineral Resource Estimation 1.11.1 Estimation Methodology The Cadia East grade shells were constructed using a 0.1% Cu threshold. The resource model is also based on a structural model and lithological model that uses multi-element geochemistry. A total of three domains were constructed, and were used in the estimation of gold, copper, silver, molybdenum and fluorine. OK was used as the estimation method for all domains for primary elements. Gold and molybdenum were estimated using locally varying anisotropy (LVA) in areas, due to their relationship with the structurally-controlled mineralized veining, and the regional rotation of the dominant structural fabric. At Ridgeway, estimation domains were based on lithology and structure inside a mineralized envelope. Individual domains were created for gold, copper, sulfur and silver. Data were separated into six geological domains, seven structural domains, and six grade domains. Models for the Big Cadia deposit included lithology (limestone, monzonite, volcanic units and sedimentary units), oxidation surfaces (base of complete oxidation, and top of fresh rock), alteration (inner or massive skarn consisting of magnetite/hematite without epidote, and outer or transitional skarn consisting of magnetite/hematite with epidote), and PC40 Fault. No specific mineralization shells were constructed. At Cadia East, the drill hole database was composited to 10 m downhole for use in all subsequent analysis and estimation. Composite lengths of 2 m and 4 m were tested at Ridgeway to verify the optimum length, and the 4 m length was selected to support resource estimation of gold and copper. A composite length of 10 m was selected to normalize the dataset for Cadia Extended. At Big Cadia, composite intervals were standardized at 4 m. Capping was only applied to selected elements and domains at Cadia East. No capping was applied to gold or copper. No grade caps were applied during estimation at Ridgeway. Top-cuts

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-10 were applied to gold, copper and molybdenum data at Cadia Extended and to all data at Big Cadia. At Cadia East, bulk density was estimated using an inverse distance weighting to the second power method. Bulk density was assigned by domain at Ridgeway. Density values used in estimation at Cadia Extended were assigned by lithology and oxide domain. Density values used in block model at Big Cadia represent weighted averages by lithology. These values were directly assigned into the block model. For Cadia East, grade estimations for the major elements are by ordinary kriging (OK). A kriging neighborhood analysis was used for the search neighborhoods. A minimum of 12 composites and a maximum of 20 composites were used in estimating. A restriction of maximum of four composites per drill hole was applied to avoid any single drill hole having too much influence on an estimated block. A block discretization of 4 x 4 x 4 was applied to all the blocks for estimation. A 30 m soft-boundary was applied for all elements for all domains. The following estimation parameters were used for the Ridgeway mineral resource estimate: block size of 25 m (E) x 25 m (N) x 25 m (elevation); minimum of eight samples and maximum of 48 samples; and OK interpolation. Estimation parameters for the Ridgeway resource model were optimized using quantitative kriging neighborhood analysis. OK interpolation was used for copper, gold, silver, sulfur and molybdenum for the Cadia Extended deposit. At Big Cadia, the grade model was estimated with OK using back-transformed normal-score variograms on 4 m composites for gold, copper, silver, molybdenum, and sulfur. The block models and informing composites were validated using a combination of visual inspection in plan and section, nearest-neighbor model comparison, swath plots, grade–tonnage curves, and direct block simulation. Resource confidence categories were assigned on the basis of drill spacing studies at Cadia East. The gold average variogram weighted distance was taken as a proxy for the gold average drill hole spacing. Mineral resources for Ridgeway were classified within a 0.2 g/t Au grade shell based on drill spacing. Mineral resources for Cadia Extended were classified based on an extension variance examination. Confidence classifications were assigned at Big Cadia primarily on drill spacing. Stockpiles generated from the mining of the former Cadia Hill open pit are estimated as measured mineral resources using the cost assumptions for Cadia Hill at the time the stockpile material was deposited. The mineral resource estimate for Cadia East was reported within an outline determined by net smelter return (NSR) cut-offs for each block in the resource model. The NSR was the estimated proceeds from the sale of mineral products after the application of metal recoveries and deduction of transport, smelting, refining and marketing charges, as well as royalty payments. The reporting shell (potentially economic outline) was expanded or contracted (in places) to fully encompass the panel cave footprints, or remove areas that were not considered potentially mineable. The classification of material at Cadia East was constrained within an A$18 NSR cut-off (rounded from A$18.01), and was considered to be the boundary at which the material had reasonable prospects for economic extraction. The Ridgeway estimate was reported assuming an underground mass mining method, likely block/panel caving. There was an assumption of a change in the mining method at 5040m RL, from sub-level caving to block caving. The conceptual cave was constructed by assigning an Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-11 NSR value to all blocks in the resource block model, determining a cave footprint string, and projecting directly to the top of the cave column. The cave was not allowed to expand beyond the extraction level footprint but could be reduced in diameter as a draw bell can be shut-off at cut-off grade before the entire column was extracted. Column heights ranged from 150–400 m with minimum diameters of 120 m. Mineral resources were reported inclusive of internal zones of non-mineralized diluting material. These zones can include low-grade to barren monzonite zones and late-stage pyroxene porphyry dikes. Mineral resources were reported using an A$12.50/t value shell. The mineral resource estimate for Cadia Extended is constrained by an outline that approximates the degree of selectivity afforded by a block cave mining method. The block cave conceptual design includes dilution, and assumes vertical side stopes between 150–400 m height, and 120 m minimum diameter. Conventional open pit mining methods have been assumed for Big Cadia. The estimate is confined within a conceptual pit shell. Depletion for historical mining activities was included. Commodity prices used in resource estimation are based on long-term analyst and bank forecasts, supplemented with research by Newmont’s internal specialists. The estimated timeframe used for the price forecasts is the 34-year LOM that supports the mineral reserve estimates. For those deposits considered potentially amenable to underground mass mining methods, Cadia East, Ridgeway, and Cadia Extended, no cut-off is used. The entire volume within the mineable shape outline is reported including internal dilution. An NSR cut-off is used for Big Cadia. 1.11.2 Mineral Resource Statement Mineral resources are reported using the mineral resource definitions set out in SK1300 on a 100% basis. Newmont holds a 100% Project interest. The estimates are current as at December 31, 2023. The reference point for the estimates is in situ or in stockpiles. Mineral resources are reported exclusive of those mineral resources converted to mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Measured and indicated mineral resources are summarized in Table 1-1. Inferred mineral resources are presented in Table 1-2. The Qualified Person for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-12 Table 1-1: Measured and Indicated Mineral Resource Statement Resource Confidence Classification Area Tonnes (kt) Grade Contained Metal Au (g/t) Cu (%) Ag (g/t) Au (koz) Cu (Mlb) Ag (koz) Measured Stockpile 30,900 0.3 0.13 — 300 100 — Indicated Underground 1,596,600 0.32 0.23 0.61 16,200 8,200 31,300 Total measured and indicated 1,627,500 0.32 0.23 0.61 16,500 8,300 31,300 Resource Confidence Classification Area Tonnes (kt) Grade Contained Metal Mo (%) Mo (Mlb) Indicated Underground 1,515,400 0.01 200 Total measured and indicated 1,515,400 0.01 200 Table 1-2: Inferred Mineral Resource Statement Resource Confidence Classification Area Tonnes (kt) Grade Contained Metal Au (g/t) Cu (%) Ag (g/t) Au (koz) Cu (Mlb) Ag (koz) Inferred Underground 497,000 0.2 0.2 0.5 3,800 1,900 7,500 Open pit 11,000 0.7 0.5 — 200 100 — Total inferred 508,000 0.3 0.3 0.5 4,100 2,000 7,500 Resource Confidence Classification Area Tonnes (kt) Grade Contained Metal Mo (%) Mo (Mlb) Inferred Underground 497,000 0.003 0 Notes to Accompany Mineral Resource Tables: 1. Mineral resources are current as at December 31, 2023. Mineral resources are reported using the definitions in SK1300 on a 100% basis. The Qualified Person responsible for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 2. The reference point for the mineral resources is in situ or in stockpiles. 3. Mineral resources are reported exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 4. Mineral resources that are potentially amenable to underground mass mining methods are reported using the inputs summarized in Table 11-2, Table 11-3, and Table 11-4. Mineral resources that are potentially amenable to open pit mining methods are reported using the inputs summarized in Table 11-2 and Table 11-5. Mineral resources in stockpiles are constrained using the inputs summarized in Table 11-2 and Table 11-6. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-13 5. Tonnages are metric tonnes. Gold and silver ounces and copper and molybdenum pounds are estimates of metal contained in tonnages and do not include allowances for processing losses. 6. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. Tonnes are rounded to the nearest 100,000 tonnes. Ounces are rounded to the nearest 100,000 ounces and pounds are rounded to the nearest 100 million pounds. In instances where tonnage and grade are presented but metal is not shown, this is due to the metal contained falling below the metal rounding limit. 1.11.3 Factors That May Affect the Mineral Resource Estimate Areas of uncertainty that may materially impact the mineral resource estimates include: changes to long-term metal and exchange rate price assumptions; changes in local interpretations of mineralization geometry, structures, and continuity of mineralized zones; changes to geological and grade shape and geological and grade continuity assumptions; changes to metallurgical recovery assumptions; changes to the input assumptions used to derive the conceptual underground mass mining methods used to constrain the estimates; changes to the to the input assumptions used in the constraining pit shell for those mineral resources amenable to open pit mining methods; changes to the NSR cut-offs applied to the estimates; variations in geotechnical (including seismicity), hydrogeological and mining assumptions; and changes to environmental, permitting and social license assumptions. A risk to the resource estimates is the assumption that there will be sufficient tailings storage capacity at the tailings cost input assumption used when considering reasonable prospects of economic extraction. Testwork results from the Big Cadia deposit indicate that there is risk associated with metallurgical performance if the material is sent to the current processing plants. Development of a Big Cadia materials process flowsheet will be required. 1.12 Mineral Reserve Estimation 1.12.1 Estimation Methodology Mineral reserves are reported for Cadia East and Ridgeway. The Cadia East mine is operating; Ridgeway is currently on care-and-maintenance. Mineral reserves are estimated assuming bulk underground mining methods. Mine designs supporting the mineral reserves were based on the most recently approved pre-feasibility and feasibility studies, and the operating mine life-of-mine plans. At Cadia East, only draw-columns generating a positive NSR value (economic draw-columns) are included in the reserve, except where it is necessary to include an uneconomic draw-column to ensure a practical mining shape. Draw-column heights were limited by a shut-off NSR value of A$18.00/t. All development material is planned to be hauled to the surface portal dump. From the portal, dump ore is then screened and cleaned of any remnant ground support steel and then hauled to the mill for processing. Waste is hauled to the waste rock storage facility (WRSF) using surface equipment. Mining footprints were determined using a cost of A$750,000 per drawpoint, or A$1.5 million per drawbell. No other capital costs are included in the evaluations as the remaining costs are sunk as part of footprint establishment. Internal dilution is incorporated into

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-14 the mine plan. All development has mining factors for dilution and recovery applied to accurately represent the expected mined tonnes. The following recovery ranges are anticipated over the LOM: gold: 70–85%; copper: 80–87%; molybdenum: 65–75%. Estimation of the mineral reserves at Ridgeway involved standard steps of mine optimization, mine design, production scheduling and financial modelling. Factors and assumptions were based on operating experience and performance in gained in the Cadia Valley Operations. The basis of the analysis is considered to be at a pre-feasibility level of study or higher. Mine plans are based on the extraction of caving blocks solely delineated on the basis of Indicated material. Dilution is included within the probable mineral reserve. The NSR calculation includes reserve revenue factors, metallurgical recovery assumptions, transport costs and refining charges and royalty charges. The site operating costs include mining cost, processing cost, relevant site general and administration costs and relevant sustaining capital costs. This cost equates to a break-even cut-off value (equivalent to a shut-off value) of approximately A$25.17/t milled. All development material is planned to be hauled to the surface portal dump. All drawpoints with a positive net present value (NPV) are considered, with the assumption that all draw columns will be mined to a profitable height after the cost of cave establishment has been sunk. Recoveries for gold are anticipated to range from approximately 60–70% and recoveries of copper are expected to range from approximately 65–75% through the life of the project. Royalties are calculated as 4% of block revenue less all off site realization costs (treatment and refining charges), less ore treatments costs and less one third of site general and administrative costs. The royalty payments equate to approximately 3% of total revenue on average. 1.12.2 Mineral Reserve Statement Mineral reserves are reported using the mineral reserve definitions set out in SK1300 on a 100% basis. Mineral reserves are current as at December 31, 2023. The reference point for the mineral reserve estimate is as delivered to the process facilities. Mineral reserves are reported in Table 1-3. The Qualified Person for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-15 Table 1-3: Proven and Probable Mineral Reserve Statement Reserve Confidence Classification Area Tonnage (kt) Grade Contained Metal Gold (g/t Au) Copper (% Cu) Silver (g/t Ag) Gold (koz) Copper (Mlb) Silver (koz) Probable Underground 1,097,300 0.42 0.29 0.68 14,600 7,100 23,900 Stockpile 5,000 0.63 0.38 0.77 100 0 100 Total probable mineral reserves 1,102,300 0.42 0.29 0.68 14,700 7,100 24,000 Reserve Confidence Classification Area Tonnage (kt) Grade Molybdenum (% Mo) Contained Metal Molybdenum (Mlb) Probable Underground 1,080,100 0.01 200 Stockpile 5,000 0.01 0 Total probable mineral reserves 1,085,100 0.01 200 Notes to Accompany Mineral Reserves Table: 1. Mineral reserves current as at December 31, 2023. Mineral reserves are reported using the definitions in SK1300 on a 100% basis. The Qualified Person responsible for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 2. The reference point for the mineral reserves is the point of delivery to the process plant. 3. Mineral reserves are reported using the assumptions listed in Table 12-1 to Table 12-4. 4. Tonnages are metric tonnes. Gold and silver ounces and copper and molybdenum pounds are estimates of metal contained in tonnages and do not include allowances for processing losses. 5. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. Tonnes are rounded to the nearest 100,000 tonnes. Ounces are rounded to the nearest 100,000 ounces and pounds are rounded to the nearest 100 million pounds. In instances where tonnage and grade are presented but metal is not shown, this is due to the metal contained falling below the metal rounding limit. 1.12.3 Factors That May Affect the Mineral Reserve Estimate Areas of uncertainty that may materially impact the mineral reserve estimates include: changes to long-term metal price and exchange rate assumptions; changes to metallurgical recovery assumptions; changes to the input assumptions used to derive the cave outlines and the mine plan that is based on those cave designs; changes to operating and capital cost assumptions used, including changes to input cost assumptions such as consumables, labor costs, royalty and taxation rates; variations in geotechnical, mining, dilution and processing recovery assumptions, including changes to designs as a result of changes to geotechnical, hydrogeological, and engineering data used; changes to the shut-off criteria used to constrain the estimates; ability to source power supplies if the current assumptions cannot be met; ability to obtain sufficient water to meet operational needs; changes to the assumed permitting and regulatory environment under

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-16 which the mine plan was developed; ability to permit additional TSF capacities or facilities; ability to maintain mining permits and/or surface rights; ability to obtain operations certificates in support of mine plans; ability to obtain and maintain social and environmental license to operate. There is a risk to the mineral reserve estimates if Newmont is not able to demonstrate that the Cadia Valley Operations can remediate, maintain and operate the existing TSFs in line with the costs estimated in the LOM plan. A similar risk exists with the costs estimated for the TSF expansion included in the cashflow analysis. Newmont must also demonstrate that the operations can be mined within the existing environmental permit requirements. 1.13 Mining Methods 1.13.1 Cadia East The current Cadia East operations are planned as a series of three lifts (Lifts 1, 2, and 3). The relative elevation of these lifts and all underground infrastructure is expressed in mine height datum which is 5,000 m above AHD. Lifts 1 and 2 are approximately 1,200–1,400 m high with their bases located at approximately 4650 mRL and 4450 mRL, respectively. Lift 3 sits below Lift 2 with a block height of 275 m and a base at 4,175 mRL. Lift 1 refers to the following panel caves: PC1–1, PC1–2, PC1–3 and PC1–4. Lift 2 refers to the following panel caves: PC2, PC2–3, PC2– 4 and PC2–5. Lift 3 refers to the following panel cave: PC 3–1. Cadia East is accessed via two declines, the main access decline, and the conveyor decline. An overall geotechnical block model was created for the Cadia underground mining area. This model allows for a detailed understanding of the rock mass and its likely response to the cave mining process. Caveability tests and modelling undertaken as part of studies has shown that the orebody is amenable to caving. The planned preconditioning design for cave growth is one that implements a regular and tightly-spaced hydraulic fracturing geometry of between 1.5–2 m fracture spacing with a draw sequence that is initiated adjacent to the existing cave, to mitigate any potential pendant effect. Cave initiation will commence adjacent to existing caves for operations on the Lift 1 and Lift 2 levels. This cave initiation position was aligned to prevent the formation of a low-mobility cave-flow area (pendant). The Lift 3 level will be initiated under the existing Lift 2 caves, and the breakthrough to the lift above will be managed via a combination of fracturing, draw control, and personnel exclusion from high-risk zones. Future mining blocks at Cadia will adopt new technologies in cave monitoring, using magnetic cave beacons that can actively monitor the cave propagation and material flow and can be combined with expert systems and software packages that simulate the whole caving process. At the end of the Cadia East mine life, the surface subsidence area would be approximately 250 ha and would resemble a dish-shaped depression surrounded by steep slopes on the margin. A quantitative prediction of water inflow to the extraction level was completed with modelling predicting an increase of cave moisture with time and an increase of total discharge (both ore moisture and seepage). Most of inflow will occur from the base of the subsidence crater. Inflow via the non-ponded crater zone will be limited. The modelling predicted that peak discharge to the extraction level will mimic surface infiltration, with multi-day extreme storm events associated with the highest risks of increased inflow. Dewatering facilities are designed to accommodate groundwater and surface catchment area water inflows for a one-in-100-year rainfall event. There Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-17 is no discharge of water from the mine dewatering activities to the environment, with water reused in processing facilities or recycled into the underground operations. The mining method involves inducing caving of the rock mass by undercutting a block of ore. Mining proceeds by progressively advancing an “undercut” level beneath the block of ore. Above the undercut level, the overlying host rocks are pre-conditioned using blasting and/or hydraulic fracturing, resulting in controlled fracturing of the ore block. Following pre-conditioning of the overlying host rocks, broken ore is removed through an extraction level developed below the undercut level. The extraction level is connected to the undercut level by drawbells, through which the ore gravitates to drawpoints on the extraction level. The ore is removed by a load–haul–dump (LHD) fleet to underground crushing stations. At each crushing station, ore is tipped into a coarse ore bin, which then feeds the crusher itself which passes material to a surge bin used to regulate the feed from the crushing station onto the collection conveyors. The collection conveyors are in turn used to regulate feed onto the main trunk belt system and to allow for the automated removal of tramp metals. The main trunk belt is used to transport ore to the surface at a rate of approximately 4,600 t/h (with work underway to upgrade this to 5,150 t/h). The incline conveyor commences at 4,400 mRL (i.e. the base of Lift 2), extends approximately 7,500 m to the surface and is deposited onto the concentrator coarse ore stockpile where it is gravity fed into the ore processing system. Waste rock is removed from the underground workings via the decline and is hauled to the South Waste Rock Facility. Fresh air enters the underground workings via the main and conveyor declines and six ventilation intake shafts (VR4, VR6, VR10, VR12, with plans to construct a further system, VR18) A total flow intake of approximately 1,500 m3/s is installed with plans during expansion to raise this to 2,200 m3/s of fresh air to maintain underground air quality. Air is expelled from the workings via four vertical shafts and exhaust fan installations (VR3A, VR5, VR7, VR8, VR15, with construction underway for VR11). Blasting consists of development blasting and production blasting to precondition the ore. Emulsion explosives are typically used for blasting purposes. Ammonium nitrate fuel oil (ANFO) may be used on occasions if emulsion charging is not available. Hydraulic fracturing is used to augment the caving process. Groundwater that accumulates in the underground mine workings is collected, and then pumped to the surface at a maximum rate of about 160 L/s. Underground facilities include workshops, wash bays, fuel bays, offices, and crib rooms. Underground workshops are used to maintain the development and production fleet. The Cadia East mine is supplied by a dedicated 132 kV transmission line feed which in turn feeds into the site switchyard. Three 33 kV feeders run from the surface substation to provide a ring main to the underground workings. Equipment requirements include primary development, cave development, and production equipment. A secondary production fleet will support this equipment. These equipment types are conventional to panel cave mining operations. The mining personnel total requirement for LOM operations is approximately 505 for underground production and 424 for mining projects.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-18 1.13.2 Ridgeway The upper portion of the deposit down to 5040 Level (approximately 800 m below surface) has been mined using SLC methods, resulting in a column of caved material that extends to the surface to form a subsidence zone. An underground crusher was installed at the base of the SLC area and crushed ore was conveyed out of the mine via an inclined conveyor system. SLC mining is now complete. As a result of extensive reviews and study it was proposed that a 5.6 Mt/a block cave mine be established 250 m downdip of the base of the SLC at the 4786 mRL. Subsequent to establishment and ramp-up, the mine was debottlenecked to the point of achieving a total of 9.6 Mt/a. Mineral reserves still remain in Lift 1. There are four primary domains of generally good RMR rates within Ridgeway Deeps. The drawpoints are designed to manage cave draw and the extraction is scheduled to manage load transfer within the cave footprint. The primary ground support consists of fiber-reinforced shotcrete, mesh and rock bolts. Secondary support consists of Osro straps and cables. Subsidence zone monitoring has been modelled using FLAC3D for surface and underground subsidence. Existing monitoring of the subsidence undertaken through a mixture of techniques, including LiDAR survey, InSAR and visual inspections. A simple model that assumes a direct hydraulic connection between rain falling in the catchment formed by the crater and being directly transmitted to the workings is used for pump designs. Pumping capacity was found to be adequate to deal with inflows generated by a one-in-100-year rainfall event. The Ridgeway deposit is accessed via two declines. Ridgeway Deeps L1 uses an offset herringbone design for drawpoint layouts. Extraction crosscuts are spaced at 30 m intervals and drawbells at 18 m apart. Ridgeway has an established ventilation system that uses the VR1, VR2, VR3 and VR7 raises to provide fresh air. Return air reports to the VR4 and VR6 systems. There are no proposed changes to the current ventilation plan at Ridgeway. Ore will initially be transported to surface using of 60 t trucks while evaluation of reinstating the crushing and materials handling system is undertaken. There are jaw crushers with tipping points installed on the 4786 level with rock breakers installed to precondition oversize. The currently installed maintenance workshop, refueling station, crib room and offices will be used to support current underground operations. Equipment requirements include loaders, grader, service truck, rock breaker, and integrated tool carrier. The mining personnel total requirement for LOM operations is approximately 180 for Ridgeway Deeps Lift 1. 1.14 Recovery Methods Metallurgical testing programs have been conducted since the 1990s to test the amenability of the mineralization to conventional separation processes for gold, copper, and molybdenum. Based on these tests, two concentrators were constructed using conventional flotation and gravity separation methods and have subsequently treated the Cadia Hill, Ridgeway, and Cadia East Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-19 mineralization. Testing programs have also included extensive comminution testing with results informing past and future throughput upgrades and debottlenecking of the two concentrator plants. Concentrator 1 was commissioned in 1998, designed for Cadia Hill ore and had a design capacity of 17 Mt/a. The circuit consisted of primary crushing, SAG and ball milling, gravity concentration to produce gold doré and flotation to produce copper–gold concentrate. In 2012, Concentrator 1 was upgraded for the processing of harder Cadia East ore which included the addition of a HPGR circuit, ahead of the SAG mill, and a third ball mill and third flotation train. In 2022, Concentrator 1 was upgraded to increase the throughput and recovery of Cadia East ore. This included the addition of a third secondary crusher, upgrading the SAG mill motor to 22 MW and a coarse particle flotation circuit. The modifications will result in a throughput increase to 26 Mt/a nominal capacity over a three-year ramp up period. Concentrator 1 consists of: a gyratory crusher crushing excess ore stockpiled on the surface; a screening plant; two cone crushers for secondary crushing of screen oversize; a HPGR for further size reduction ahead of SAG milling; a single 20 MW SAG mill in open circuit configuration with oversize pebbles returning to the screening plant; three ball mills in closed circuit with hydrocyclones; flash flotation and gravity concentrator processing of hydrocyclone underflow, gravity concentrator processing of flash flotation concentrate; and rougher and scavenger flotation of the slurry from three ball mill circuits (i.e. flotation trains 1, 2, and 3) with concentrate reporting to regrind mills; a coarse ore flotation circuit using HydroFloat technology on train 3 rougher tailings; cleaner flotation circuits using both conventional and Jameson cell technology; and thickening of rougher tailings before pumping to the tailings storage facilities. Concentrator 2 was commissioned in 2002 and had a target rate of 4 Mt/a. The circuit consisted of primary crushing, SAG and ball milling, gravity concentration to produce gold doré and flotation to produce copper–gold concentrate. In mid-2008, the facilities were upgraded to suit predictions of harder and fines-deficient ore from Ridgeway Deeps block cave mine. The upgrade included installation of a secondary crushing circuit and additional regrind mill power. A 2.24 MW Vertimill was installed in 2011 in a tertiary milling duty to reduce flotation feed size and improve metal recoveries. In 2022, Concentrator 2 was upgraded to increase throughput and maintain recovery of Cadia East ore. This included the addition of a second tertiary duty 3.2 MW Vertimill, upgraded secondary and tertiary crushers from MP800 to MP1000, upgraded primary cyclones and pumps, and a rougher Jameson cell. Capacity will increase to over 8 Mt/a nominal capacity over a three- year ramp up period. Concentrator 2 consists of: an overland conveyor system transporting ore from the main coarse ore stockpile (COS) to the processing plant; secondary and tertiary crushing using conventional cone crushers; a SAG mill in closed circuit with two pebble crushers; a ball mill and Vertimill (0.93 MW) in closed circuit with hydrocyclones for secondary grinding; another Vertimill (2.2 MW) for tertiary grinding; flash flotation and gravity concentrators processing hydrocylone underflow; additional gravity concentrator treating flash flotation concentrate; and rougher and scavenger flotation (conventional cells) processing grinding circuit product; regrind mill; cleaner flotation stages using both conventional and Jameson flotation cells; thickening of rougher tailings before pumping to tailings storage facility; and thickening of final gold/copper concentrate product. The combined, thickened copper concentrate slurry, with a grade of 23–26% copper, is pumped to Blayney where it is filtered and railed to Port Kembla before export. Approximately 15% of the

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-20 gold in feed ore is recovered from the gravity concentrator product via shaking tables and then smelted on site to produce gold doré for sale. The molybdenum plant produces molybdenum by processing the copper concentrate stream to produce two saleable products, a gold-rich copper concentrate and a molybdenum-rich concentrate. The flotation circuit consists of conditioning, a rougher flotation, cleaner–scavenger, and regrind circuits. Each stage of the flotation process increases the molybdenum grade and returns copper ores to the discharge streams. The final molybdenum concentrate is thickened, filtered and dried before being packed into bulk bags for transport. The rougher tails are sent to rejoin the Blayney copper concentrate slurry pipeline. Power is sourced from the State grid. Concentrator 1 uses approximately 60% of the site total power consumption, with Concentrator 2 using an additional 15%. The process plants use a combination of on-site recycled water (e.g. thickener overflow and TSF return water) and make- up water. Sources have included Cadiangullong Dam, Rodds Creek Water Holding Dam, Belubula River, Flyers Creek Weir, Cadia Creek Weir, on-site groundwater extraction bores, and site run-off. Key processing reagents include collectors, frother, lime, and flocculant with other key materials being mill grinding media. The processing facilities directly employ 250 persons. 1.15 Infrastructure Existing project infrastructure includes the following: operating panel cave mining operations at Cadia East; block cave operations at Ridgeway (on care and maintenance); Ridgeway and Cadia declines and conveyor incline boxcuts and portals, hardstand areas, contractor area, mine workshops, general stores building, fuel storage facility, and administration and ablution facilities; underground crushing, handling and incline conveyor systems to transfer ore and waste rock mined from Cadia East and Ridgeway to the Cadia Valley Operations processing facilities; ventilation shafts; Concentrator 1 and Concentrator 2, molybdenum plant (under construction); TSFs and associated tailings pipelines, pumps and tailings water return infrastructure; concentrate dewatering facilities; concentrate loading and handling facilities; water management structures; water pipelines and pumping stations; electrical substations and associated electrical infrastructure; support facilities such as truck and vehicle shops, warehouse, offices, clinic and emergency response facilities, and environmental monitoring facilities. The railway facilities are leased. The ongoing Cadia expansion project includes the following still to be executed:  Underground mine cave establishment for PC2–3, PC1–2, PC1–3, PC1–4, PC2–4, PC2–5, and PC3–1 in Cadia East and Ridgeway Deeps Lift 1 at Ridgeway with associated support infrastructure. Additional infrastructure will be required to support the LOM plan, including: construction of a larger tailings pilot plant and embankment using sand (known as hydrocyclone sands); expansion of the existing 132 kV electrical substation; upgrade of existing infrastructure at the PAX facility; two HydroFloat cells; realignment of a section of the Belubula River pipeline; two additional Cadia East Underground Mine upcast surface ventilation fans; a minor realignment of Panuara Road; and relocation of the existing on-site batch plant, warehouse and associated laydown facility. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-21 As the Project is drive-in-drive-out of Orange and other nearby communities, there are no accommodation requirements. The power demand is currently limited at 220 MVA due to voltage stability and thermal limits of the 132kV supply into Orange via the TransGrid network. Planning studies indicate the current central west network is not capable of supplying the combined increases in load in the area without breaching the National Electricity Rules requirements and that voltage-limited constraints will have to be applied in the 132 kV supply network if action is not taken, leading to substantial levels of unserved energy to end customers. Specifically, TransGrid forecast significant under- voltage conditions in this region if action is not taken. This will directly impact Cadia due to the Undervoltage Load Shedding Scheme which prioritizes the Cadia Valley Operations as the primary load shedding mechanism within the region. If the longer-term voltage constraints associated with the load growth in Orange and Parkes areas are unresolved, it could result in the interruption of a significant amount of electricity supply to customers under both normal and contingency conditions. TransGrid initiated the RIT-T process to identify a network or non- network solution titled “To maintain reliable supply to Bathurst Orange and Parkes”. The preferred option involves a non-network solution provided through new battery energy storage systems at Parkes and Panorama along with the installation of static synchronous compensators at Parkes and Panorama or a synchronous condenser (as a network investment) at Parkes in the near-term. It also involves a new 132 kV line between Wellington and Parkes in the future, with the date of this line depending on outturn demand forecasts. The non-network solutions will provide up to 50 MVAr at Parkes and up to 30 MVAr at Panorama of dynamic reactive support by 2025 to manage voltage variations during high demand periods. Options with non-network solutions generally have higher net benefits because they can be deployed an estimated one to two years earlier than the pure network options, avoiding significant unserved energy in that period. TransGrid have advised that this non-network solution will resolve the Bathurst–Orange–Parkes network reliability and availability issues in the short term, thereby mitigating the Cadia site exposure to forced load shedding events. 1.16 Markets and Contracts The Cadia Valley Operations produce a high-quality clean copper concentrate with typical copper grade, high gold grades, payable silver credits and relatively low levels of impurities. Because of its quality and the continuing strong global demand for concentrate, the current copper concentrate is readily marketable to smelters globally. The Cadia Valley Operations also produce doré that is delivered to a gold refinery in Australia to produce refined gold and silver. Once refined, gold and silver is sold on the open market. The molybdenum plant was commissioned in 2022, and the plant is forecast reach full production in 2024. The molybdenum concentrate will have a grade ranging from 48–52% Mo with <2% Cu. The standard payable terms for molybdenum are 100% of the molybdenum value. Each concentrate is assessed on a case-by-case basis and discounts are applied to cover the cost of consumers treatment costs. Commodity pricing for the mineral resource and mineral reserve estimates were set by Newcrest, prior to the Newmont takeover. Newcrest assessed a combination of spot metal pricing, short- term versus long-term price forecasts prepared by Newcrest’s internal finance team with reference to analyst forecasts available as at October 4, 2022, peer benchmarks and historic metal price volatility when considering long-term commodity price forecasts. Higher metal prices

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-22 are used for the mineral resource estimates to ensure the mineral reserves are a sub-set of, and not constrained by, the mineral resources, in accordance with industry-accepted practice. A single value was used for all forecasts and averaged over the entire LOM. The long-term commodity price and exchange rate forecasts are:  Mineral reserves: o Gold: US$1,300/oz; o Silver: US$18/oz; o Copper: US$3.00/lb; o Molybdenum: US$8.00/lb; o US$:AU$: 0.75;  Mineral resources: o Gold: variable by deposit;  US$1,400/oz (Cadia East, Cadia Hill stockpiles);  US$1,350/oz (Big Cadia);  US$1,300/oz (Ridgeway); o Copper: US$3.40/lb (Cadia East, Ridgeway, Big Cadia, Cadia Hill stockpiles); o Silver: US$21/lb (Cadia East, Ridgeway); o Molybdenum: US$10.00/lb (Cadia East); o US$:AU$: variable;  0.75 (Cadia East, Cadia Hill stockpiles);  0.80 (Ridgeway, Big Cadia). There are contracts currently in place to support sales of all products produced by the Cadia Valley Operations; including long-term, smelter direct copper concentrates sales and purchase agreements, moly concentrate sales and purchase agreements, doer refining agreements. The are contracts in place providing ship loading services, rail services, and loading/port agency services. Other major contracts for the Cadia Valley Operations cover categories such as electricity supply, bulk commodities, operational and technical services, mining and process equipment, earthworks projects, security, transportation and logistics, and administrative support services. Contracts are typically reviewed and negotiated on an as-needs basis. Based on Newmont’s knowledge, the contract terms are typical of similar contracts both regionally and nationally. Contracts required to support the future Cadia East and Ridgeway developments are expected to be in line with existing contract terms and norms. 1.17 Environmental, Permitting and Social Considerations Newmont presently holds a Project Approval for the Cadia East Project (06_0295) under the Environmental Planning and Assessment Act 1979 (EP&A Act; as modified) that provides for Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-23 mining operations until June 30, 2031. Newmont holds an approval under the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) that is current until June 30, 2031. Detailed baseline studies were completed at each major development stage of the Cadia Valley Operations. It is expected that a number of social, cultural heritage and environmental baseline studies will require updating to support the submission of the proposed Cadia expansion project permitting application. 1.17.1 Environmental Studies and Monitoring Environmental monitoring across the Project includes the following key areas: noise monitoring; air quality monitoring; blast and vibration monitoring; groundwater level and quality monitoring; spring monitoring; surface water flows and quality; aquatic ecosystem monitoring; rehabilitation monitoring; and pollution discharge monitoring. The Mining Leases require a Mining Operations Plan to be prepared that outlines significant disturbance, rehabilitation plans and mine closure strategies. Development not otherwise covered by existing approvals and Mining Operation Plans will require new authorizations. 1.17.2 Waste Rock The current waste rock materials and low-grade ore categories are classified using color nomenclature that reflects the management approach to that material (yellow, green, blue and pink). Low-grade ore and mineralized waste (yellow and green materials) are placed in accessible parts of the South Waste Rock Facility for reclamation. Blue waste rock can be used as construction material (e.g. for raising of the TSFs). Pink waste material is encapsulated with a combination of a low permeability layer and a cover of blue waste rock over each layer of pink waste material. The cover system is designed to reduce oxygenation and infiltration rates. 1.17.3 Tailings Storage Facilities There are three tailings storage facilities: the Northern TSF (NTSF), the Southern TSF (STSF), and the mined-out Cadia Hill open pit (Cadia Pit TSF), each of which are located within the Cadia mining lease. Newcrest was granted approval on April 20, 2018 to use the former Cadia Hill open pit as a TSF. Tailings were shown to be non-acid-forming (NAF). The NTSF design consists of an earth and rock-fill dam, with nine embankment raises undertaken. All raises since 2008 have involved upstream construction. The STSF is also an earth and rock- fill dam, with, to date, six embankment raises undertaken, the last three of which used the upstream method. On March 9, 2018, a slump (the Event) occurred in the southern wall of the NTSF, causing it to lose containment of tailings. The tailings were captured within the basin of the STSF. A prohibition notice issued by the NSW resources regulator on depositing tailings in the NTSF remains in place as at December 31, 2023. An Independent Technical Review Board (ITRB) investigation of the Event was completed in April, 2019 and has been publicly released. The ITRB ultimately attributed the failure to slow movement

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-24 in a previously unidentified weak foundation layer, which lead to the liquefaction of tailings and sudden failure of the slope. In response to the ITRB recommendations, Newcrest expanded geotechnical investigations of the TSF foundations and identified areas where additional embankment buttressing was required. Newcrest/Newmont have also significantly increased surface and subsurface monitoring of the TSFs since the Event. The remediation of the slump zone is required to be constructed concurrently with the remediation of adjacent embankments; these projects are in progress. Since April 2018, tailings deposition has primarily been in the Cadia Pit TSF with some deposition in the STSF also occurring, with no deposition in the NTSF. Two buttresses were constructed at the STSF to support on-going operations. Newcrest engaged expert engineering firms to develop buttress designs and to remediate existing TSF embankments to acceptable safety levels. Where there was a lack of data, conservative assumptions on foundation strengths were assumed. Initial buttressing of the NTSF western wall was completed in 2023, with buttressing work on-going as of December 31, 2023. The Cadia Pit TSF and STSF are planned to be operated to the current approved tailings elevations with future STSF raises converted from upstream towards centerline raise methods. The tailings delivery infrastructure currently delivers tailings from Concentrator 1 and Concentrator 2 to the Cadia Pit TSF. As at December 31, 2023, no tailings are being deposited into the NTSF and STSF. Future tailings storage beyond the Cadia Pit TSF and STSF storage capacities will be required later in the mine plan to support the LOM production plan envisaged in this Report. Planning and community engagement is currently ongoing to extend the STSF in height and footprint (referred to as the Southern Tailings Storage Facility Extended) and different technologies are being considered as part of the regulatory approvals process. The capital and operating cost estimates include provision for future tailings storage. These costs were included in the economic analysis that supports the mineral reserves. 1.17.4 Water Supply and Water Management Water supply is characterized by variable supply sources. Water requirements are proportional to the amount of mineral processing and significant water storage is required to provide consistent supply. The amount of water taken from each source is dependent on the conditions set through agreement or licensing and the physical amount available. The water supply scheme comprises recycling of water used on-site and make-up water required to compensate for losses in the system. Newmont also manages water that accumulates in the Cadia Pit TSF (from tailings supernatant water and rainfall runoff) by recovering (pumping) this water to the water management system for re-use in ore processing. Droughts have, in the past, resulted in a prolonged period of very low water supply. Drought conditions are a risk to future operations if unduly prolonged. The LOM plan assumes that 65– 70% of all water will be recycled. Newcrest continues to pursue further water saving initiatives, both in the plant and by way of optimization of onsite bores. Water management structures and facilities include: tailings storage facilities return water system including the Central Pumping Station; process water pond; Cadia Pit TSF, NTSF, and STSF; Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-25 sediment dams and ponds containing site runoff; WRSF leachate ponds; Cadiangullong Dam; Cadia Creek Weir; Belubula River pumping system; and the Rodds Creek Water Holding Dam. 1.17.5 Closure and Reclamation Considerations The Cadia Mine Closure Plan includes a detailed cost estimate, which is used in determining the closure liability. Additionally, the Mining Operations Plan is a requirement of the mining leases and contains Newcrest’s rehabilitation commitments for the period of the plan (usually three years). Considerable rehabilitation of WRSFs has already been completed, with success evidenced by the absence of significant erosion and by well-established vegetation. Newmont’s closure planning includes provision for retention of infrastructure of potential use to other parties, and extensive monitoring, especially of water quality and landform stability. The closure provision in the financial analysis supporting the mineral reserves, is estimated at A$427 M. 1.17.6 Permitting Newmont holds the key permits required to support the current operations. The Cadia expansion will trigger a need to evaluate the proposal under various NSW Government environment and mining legislation and key Commonwealth legislation. Changes to the project will require a new application and reviews conducted under a number of these legislative acts. 1.17.7 Social Considerations, Plans, Negotiations and Agreements Community Relations are managed in accordance with the Communities Policy and Social Performance Standard. Community relations are undertaken by the Health, Safety, Environment and Social Responsibility Department in line with the Community Relations Strategy. The objective of the Cadia Community Relations Strategy is to provide a strategic and systematic organizational approach to interactions with local communities and stakeholders which facilitate the open exchange of information so that Newmont can respond to emerging needs at any point of its operations in the Cadia area. Regular forums are held with local government authorities and residents and contributes to a Community Partnerships Program (CPP) in which employee volunteers are involved in assessing applications for funding of community projects based on established criteria. In accordance with the requirements of the site’s Project Approval, the Cadia Valley Operations have a Community Consultative Committee, which provides a regular forum for discussion of community issues related to operational activities, and for accurate dissemination of material about those activities. 1.18 Capital Cost Estimates Capital cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. The Cadia East estimate was broken down into:

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-26  Direct costs: Permanent plant equipment supply; bulk materials supply; direct labor; contractors’ distributable costs; construction equipment for mass earthworks; freight, construction indirect costs;  Indirect costs: Engineering, procurement and contract management (EPCM) costs including field construction management services, project office and home office costs for engineering, procurement, project services and sub-consultant EPCM costs; Owner’s team costs; and contingency. The Ridgeway cost estimate was based on the following parameters:  Mining: detailed estimate;  Underground material handling and infrastructure: factored estimate for direct costs, indirect costs factored. The overall capital cost estimate for the combined Cadia East and Ridgeway operations as envisaged in the financial analysis is outlined in Table 1-4. 1.19 Operating Cost Estimates Operating cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. Operating costs were based on actual costs seen during operations and were projected through the LOM plan. These costs were applied to an activity-based cost model and factored according to estimated fixed/variable components for existing assets. Operating costs for new infrastructure were based on a zero-based forecast cost base. Labor and energy costs were based on budgeted rates applied to headcounts and energy consumption estimates. Site operating costs for the LOM total A$27.0 B or US$18.3 B. The operating cost estimate is summarized in Table 1-5. 1.20 Economic Analysis 1.20.1 Economic Analysis The financial model that supports the mineral reserve declaration is a standalone model that calculates annual cash flows based on scheduled ore production, assumed processing recoveries, metal sale prices and A$/US$ exchange rate, projected operating and capital costs and estimated taxes. The financial analysis is based on an after-tax discount rate of 5%. All costs and prices are in unescalated “real” dollars. The currency used to document the cash flow is US$. All costs are based on the 2024 business plan budget. Revenue is calculated from the recoverable metals and long-term metal price and exchange rate forecasts. Taxation considerations include: Federal tax rate of 30%; State government royalty of 4%; payroll tax; annual land taxes; and local government area rates and levies. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-27 Table 1-4: Capital Cost Estimate Summary Cost Area Units Value (A$) Value (US$) Mining $B 6.6 4.7 Processing $B 4.9 3.5 Site general and administrative $B — — Total Capital $B 11.6 8.1 Note: numbers have been rounded. Exchange rate assumption A$:US$ = 0.70 Table 1-5: Operating Cost Estimate Summary Cost Area Units Value (A$) Value (US$) Mining $B 7.4 5.2 Processing $B 13.5 9.5 General and administrative $B 5.2 3.6 Total Operating Costs $B 26.1 18.3 Note: numbers have been rounded. Exchange rate assumption A$:US$ = 0.70 The economic analysis is based on 100% equity financing and is reported on a 100% project ownership basis. The economic analysis assumes constant prices with no inflationary adjustments. The NPV at a discount rate of 5% is US$1.8 B. The internal rate of return is 17%, and the estimated payback period is 8.7 years, from 2025. A summary of the financial results is provided in Table 1-6. Table 1-6 contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Please refer to the note regarding forward-looking information at the front of the Report. The cash flow is only intended to demonstrate the financial viability of the Project. Investors are cautioned that the above is based upon certain assumptions which may differ from Newmont’s long-term outlook or actual financial results, including, but not limited to commodity prices, escalation assumptions and other technical inputs. For example, Table 1-6 uses the price assumptions stated in the table, including a gold commodity price assumption of US$1,400/oz, a silver commodity price of US$20.00/oz, a copper commodity price of US$3.50/lb, and a molybdenum commodity price of US$9/lb, prices which vary significantly from current gold prices and the assumptions that Newmont uses for its long-term guidance. Please be reminded that significant variation of metal prices, costs and other key assumptions may require modifications to mine plans, models, and prospects.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-28 Table 1-6: Cashflow Summary Table Item Unit Value Gold price US$/oz 1,400 Copper price US$/lb 3.50 Silver price US$/oz 20.00 Molybdenum price US$/lb 9.00 Tonnage Mt 1,100 Gold grade g/t 0.41 Copper grade % 0.29 Gold ounces Moz 15.0 Copper pounds Mlb 7,100 Capital Costs US$B 8.4 Costs applicable to sales US$B 25.0 Discount rate % 5.0 Exchange Rate A$:US$ 0.70 Free cash flow US$B 5.3 Net present value US$B 1.8 Note: Cashflow presented on a 100% basis. Numbers have been rounded. In the cashflow analysis 2024 is evaluated at a gold price of US$1,400/oz; and a copper price of US$3.50/lb. 1.20.2 Sensitivity Analysis The sensitivity of the Project to changes in grades, sustaining capital costs and operating cost assumptions was tested using a range of 25% above and below the base case values. The changes in metal prices are representative of changes in grade. The Project is most sensitive, in order, to metal prices and grade, less sensitive to operating costs, and least sensitive to capital costs. 1.21 Risks and Opportunities 1.21.1 Risks Risks that may affect the mineral resource and mineral reserve estimates are identified in Chapter 11.14 and Chapter 12.6 respectively. Risks associated with the block cave mining method include a cave not propagating as anticipated, excessive air gaps forming during the cave propagation, unplanned ground movement occurring due to changes in stresses released in the surrounding rock and larger or more frequent mining-induced seismicity than anticipated. Additionally, during cave establishment and propagation, higher levels of seismic activity, and higher likelihood of damage Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-29 to excavations from seismic events, are expected. This has been observed during the cave establishment phase of Cadia’s PC2–3 project and is expected during the establishment of Cadia’s PC1–2 project in the coming years. Such seismic events and associated damage may require changes to the mining plan and upgrades to ground support systems, which could take several months. Large seismic events may also occur after cave establishment and propagation and during steady state caving, although the likelihood of this is lower. Excessive water ingress, disturbance and the presence of fine materials may also give rise to unplanned releases of material of varying properties and of water through drawbells. The Cadia Valley Operations recorded sudden unplanned releases of both dry fine ore material and wet mud material through drawbells in 2023. Failure to maintain compliance with applicable law or the Cadia Valley Operations’ Environmental Protection License may result in the Environment Protection Authority suspending or revoking the Environmental Protection License, seeking court orders, or issuing additional prevention notices to specify actions that must, or must not, be taken, or prohibition notices directing Cadia to cease an activity. Ongoing enforcement, and challenges in maintaining compliance, may impact the Cadia Valley Operations’ ability to secure a future expansion of its project approval to extend the LOM beyond 2031. The Cadia Valley Operations have previously been, and may in the future be, subject to prosecutions and penalties for noncompliance with air quality requirements or the terms of its Environmental Protection License, including in respect of emissions from any vent rise or emissions from the NTSF and the STSF. Operational changes required to achieve or maintain compliance, including reductions in mining rates and other limitations on mining or processing operations, or additional requirements to install costly pollution control equipment, may adversely impact the assumptions used in the mine plan and economic analysis that supports mineral reserves. An ongoing Project risk is the operations’ ability to manage the TSF instability. The LOM plan assumes that the STSF can resume operations. If this cannot be managed, there is a risk that once the Cadia Pit TSF is filled mining and processing operations will cease pending other solutions. This will affect both the Project LOM plan and forecast economic outcomes. There is a risk that the Southern Tailings Storage Facility Extended cannot be permitted as envisaged in this Report. In this instance, mining and processing operations will be delayed or could even cease. This will affect both the Project LOM plan and forecast economic outcomes. There is a heightened level of community concern relating to the perceived impact of mining activities on the health of the community, and the condition of residential properties, located in proximity to the Project. These developments, including community complaints associated with Newmont’s Cadia Valley Operations activities could give rise to reputational harm, operational disruptions, increased regulatory scrutiny of mining activities or delays to Project development. 1.21.2 Opportunities The commodity price assumptions used by Newcrest for mineral resource and mineral reserve estimation are more conservative than Newmont’s current price forecasts. There is minor upside potential for the fiscal year ended December 31, 2024, if Newmont’s higher commodity price forecasts are still current at that fiscal year end.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 1-30 There is Project upside opportunity if the mineral resources exclusive of mineral reserves can be upgraded to mineral reserves with additional testwork and study. Newmont intends to introduce its “Full Potential” program to the Cadia Valley Operations. This program seeks to implement continuous improvements in cost reduction and productivity. 1.22 Conclusions Under the assumptions presented in this Report, the Cadia Valley Operations have a positive cash flow, and mineral reserve estimates can be supported. 1.23 Recommendations As Cadia is an operating mine, the QP has no material recommendations to make. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 2-1 2.0 INTRODUCTION 2.1 Introduction This technical report summary (the Report) was prepared for Newmont Corporation (Newmont) on the Cadia Valley Operations (Cadia Valley Operations or the Project), in New South Wales (NSW), Australia. The location of the Cadia Valley Operations is shown in Figure 2-1. The Cadia Valley Operations are 100% owned by Newmont. The operations consist of the operating Cadia East gold mine (Cadia East), the mined-out Cadia Hill gold mine (Cadia Hill), and the Ridgeway gold mine (Ridgeway) that is on care-and-maintenance. 2.2 Terms of Reference 2.2.1 Report Purpose The Report was prepared to be attached as an exhibit to support mineral property disclosure, including mineral resource and mineral reserve estimates, for the Cadia Valley Operations in Newmont’s Form 10-K for the year ending December 31, 2023. 2.2.2 Terms of Reference Mineral resources are estimated for the Cadia East, Ridgeway, Cadia Extended, Big Cadia deposits and the Cadia Hill stockpile. Mineral reserves are estimated for Cadia East and Ridgeway, and in stockpiles. The major deposits within the Project area are shown in Figure 2-2. Mineral resources and mineral reserves are reported using the definitions in Regulation S–K 1300 (SK1300), under Item 1300. All measurement units used in this Report are metric unless otherwise noted, and currency is expressed in United States dollars (US$) as identified in the text. The Australian currency is the Australian dollar (A$). Unless otherwise indicated, all financial values are reported in US$ including all operating costs, capital costs, cash flows, taxes, revenues, expenses, and overhead distributions. The mine plan uses the terms block cave (Ridgeway) and panel cave (Cadia East). A block cave operation produces from the full orebody footprint from the outset of the operation. In panel caving the active caving zone moves across the full footprint with time. Development of a new panel in a panel caving operation is analogous to a pit cutback in an open pit mining operation. The Report uses US English.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 2-2 Figure 2-1: Project Location Plan Note: Figure prepared by Newcrest, 2020. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 2-3 Figure 2-2: Deposit Locations Note: Figure prepared by Newmont, 2024. 2.3 Qualified Persons This Report was prepared by the following Newmont Qualified Person (QP):  Mr. Donald Doe, RM SME, Group Executive Reserves, Newmont. Mr. Doe is responsible for all Report chapters.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 2-4 2.4 Site Visits and Scope of Personal Inspection Mr. Doe visited the Cadia Valley Operations from November 13 to November 16, 2023. During that visit he inspected the underground operations, visited the core shed and inspected selected drill core, toured the mill facility, and viewed the tailings storage facilities. Mr. Doe had meetings with onsite staff and management discussing aspects of mine plans and costs. 2.5 Report Date Information in this Report is current as at December 31, 2023. 2.6 Information Sources and References The reports and documents listed in Chapter 24 and Chapter 25 of this Report were used to support Report preparation. Mr. Doe was accompanied during his site visit by subject matter experts in the fields of geology, geostatistics, mining engineering, process engineering, tailings facility construction and operation, geotechnical, and sustainability. 2.7 Previous Technical Report Summaries Newmont has not previously filed a technical report summary on the Project. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 3-1 3.0 PROPERTY DESCRIPTION 3.1 Introduction The Cadia Valley Operations are located approximately 25 km south–southwest of the town of Orange in NSW, and about 190 km west–northwest of Sydney, at approximately 33o28’25” S latitude, 149o00’00” E longitude. The deposit locations are summarized in Table 3-1. 3.2 Property and Title in New South Wales 3.2.1 Mineral Title All exploration and mining activity in NSW must be conducted under an exploration, assessment or mining title. Licenses are granted for one or more ‘groups’ of minerals. The types of licenses are summarized in Table 3-2. NSW uses a graticular system for granting of Exploration Licenses. This system divides the State into a series of ‘blocks’ with dimensions of five minutes of latitude by five minutes of longitude. Each block comprises 25 ‘units’ with dimensions of one minute of latitude by one minute of longitude. Although the area of a unit varies slightly depending on the location within the State, each unit is approximately 3 km2. 3.2.2 Surface Rights Mineral rights are separate to surface rights. Land access agreements must be negotiated with surface rights holders for exploration activities. The duration of those agreements will vary depending on the terms agreed to by the various parties. 3.2.3 Government Mining Taxes, Levies or Royalties In New South Wales the royalty rate is 4% of the ex-mine value of the bullion and concentrate “recovered” (recovered being sold material and increases in stockpile material), less allowable deductions (treatment, depreciation, realization, and administration costs). Currently, gold, silver, copper, and molybdenum are levied at 4% of the ex-mine value less allowable deductions. 3.3 Ownership The Cadia Valley Operations are 100% owned by Newmont through its wholly-owned subsidiary, Cadia Holdings Pty Ltd (CHPL).

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 3-2 Table 3-1: Deposit Locations Deposit Latitude (South) Longitude (East) Big Cadia -33.440429 148.992763 Cadia East -33.464307 149.014074 Cadia Hill -33.457351 148.995975 Ridgeway -33.435933 148.977096 Table 3-2: Mineral Titles Title Type Note Exploration License Gives the holder the exclusive right to explore for specified mineral group(s) within the Exploration License area, during the term of the license. The granting of an Exploration License does not give any right to mine, nor does it guarantee a Mining Lease will be granted with the Exploration License area. Although Exploration Licenses may be granted for periods of up to six years, they are usually granted for a period of five years. They can be renewed for a further term (up to six years but usually five years), with the opportunity for subsequent renewals. Exploration Licenses are generally required to be reduced by 50% on each renewal. Applications for Exploration Licenses must include a program of activities that the applicant proposes to undertake if the license is granted. Assessment Lease An Assessment Lease is designed to cater for situations between exploration and mining. The lease allows the holder to maintain an authority over a potential project area, without having to commit to further exploration. The holder can, however, continue exploration to further assess the viability of commercial mining. The application area must generally coincide with what would normally be appropriate for a Mining Lease. It must include the mining area outlined in the conceptual mine plan, together with areas for infrastructure and any appropriate buffer zone. Any portions of the original exploration title beyond the application should be relinquished unless the applicant can justify the retention of these areas. Assessment leases may be granted for up to six years and may be renewed for further periods of up to six years. Mining Lease A Mining Lease gives the holder the exclusive right to mine for specified minerals within the Mining Lease area during the term of the lease. In addition to allowing mining, a Mining Lease permits prospecting operations and Ancillary Mining Activities (AMA) to be conducted in association with mining operations. A Mining Lease for mining purposes only may also be applied for. A Mining Lease area may also include any associated infrastructure and must be consistent with the development consent area. Mining Leases may be granted for up to 21 years, and may be renewed for further period of 21 years (or longer with the approval of the Premier). Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 3-3 Title Type Note Ancillary Mining Activities Titleholders seeking regulation for their AMAs have the option to either apply for a mining lease for Ancillary Mining Activities only, or an Ancillary Mining Activity (AMA) Condition to be imposed on an existing mining lease for minerals. 3.4 Mineral Title The Cadia Valley Operations consist of six granted Mining Leases and five granted Exploration Licenses, with a total approximate area of 215 km2. Details of leases and licenses are provided in Table 3-3 and Figure 3-1. Mining Leases do not have statutory annual expenditure requirements. The current minimum statutory annual expenditure commitment for the Exploration Licenses is $122,000. The commitment changes on an annual basis, depending on approved work programs. All statutory obligations to retain the Exploration Licenses had been met as at December 31, 2023. 3.5 Surface Rights Land over which Newmont holds surface rights is shown in Figure 3-2. Newmont predominantly owns all surface properties covered by the six Mining Leases and a number of surface properties in the surrounding area. Newmont also holds licenses to occupy crown roads within the Mining Leases and a small portion of crown land comprising Lot 7001 in Deposited Land (DP) 1020360 within Mining Lease 1405. Newmont holds occupation permits for infrastructure within surrounding State forest lands. Some road areas within crown lands are still in the process of purchase. The concentrate pipeline and return water line from Blayney are subject to leases within public lands under the control of the Blayney and Cabonne local government areas (LGAs or councils). Newmont owns the land on which the Cadia dewatering plant is located (Lot 106 DP1161062) and leases adjoining Lot 102 that contain the rail track spur line from Mitziya Pty Ltd as owner of the adjoining ‘Sea-Link’ development site. The rail track spur line connects to the Great Western Railway line, with transport of concentrate ultimately to Port Kembla. Under the Minister’s Condition of Approval issued under the Environmental Planning and Assessment Act 1979 (EP&A Act), Newmont may be required to acquire additional properties where mining operations may have environmental impacts that exceed certain specified limits upon those properties. The surface rights are sufficient to support mining operations, provided that subsidence or other impacts do not occur outside existing approved Mining Leases.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 3-4 Table 3-3: Mineral Tenure Summary Table Lease Type Lease Status Grant Date Expiry Date Area (km2) E(P)L 1024 Exploration License Granted 21/05/1985 20/05/2028 16.8 EL3856 Exploration License Granted 21/05/1991 20/05/2024 117.6 EL4616 Exploration License Granted 8/11/1993 7/11/2026 11.2 EL4620 Exploration License Granted 19/11/1993 18/11/2024 14 EL5609 Exploration License Granted 23/08/1999 22/08/2024 2.8 ML1405 Mining Lease Granted 5/10/1996 4/10/2038 31.16 ML1449 Mining Lease Granted 1/6/1999 4/10/2038 0.99 ML1472 Mining Lease Granted 23/10/2000 22/10/2021 (renewal pending) 12 ML1481 Mining Lease Granted 8/3/2001 7/3/2043 5.84 ML 1689 Mining Lease Granted 11/9/2013 11/9/2034 1.54 ML 1690 Mining Lease Granted 10/9/2013 10/9/2034 0.7 214.63 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 3-5 Figure 3-1: Mineral Tenure Location Plan Note: Figure prepared by Newcrest, 2020.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 3-6 Figure 3-2: Surface Land Owned by CHPL in the Cadia Valley Operations Area Note: Figure prepared by Newmont, 2024. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 3-7 3.6 Water Rights Newmont holds water access licenses under the Water Management Act 2000 for water extraction (Table 3-4). Harvesting of water on-site (including Cadiangullong Creek, Flyers Creek, Cadia Creek, Rodds Creek and Copper Gully) is licensed at 4,200 ML/a. Newmont also holds about 1,588 ML in groundwater licenses in the Orange Basalt and Lachlan Fold Belt lithologies. Newmont must demonstrate through groundwater impact assessments that there is minimal to no impact on surrounding groundwater levels if such extraction is undertaken. Additional information on water management is provided in Chapter 15. 3.7 Royalties Royalties levied at the State level are outlined in Chapter 3.2.3. There are no other royalties or similar obligations payable on the Project. 3.8 Encumbrances There are no known encumbrances. 3.9 Permitting Permitting and permitting conditions are discussed in Chapter 17.10 of this Report. The operations as envisaged in the life-of-mine (LOM) plan are either fully permitted, or the processes to obtain permits are well understood and similar permits were granted to the operations in the past, such as TSF raises. There are no current material violations or fines, as imposed in the mining regulatory context of the Mine Safety and Health Administration (MSHA) in the United States, that apply to the Cadia Valley Operations. 3.10 Community Concerns, Regulatory Actions, and Legal Proceedings Ongoing issues related to tailings storage are discussed in Chapter 17.6.2. An independent air quality audit report published by the Cadia Valley Operations in August 2022 indicated that dust emitted from two ventilation exhaust rises which vent emissions from underground processing operations exceeded levels permitted by applicable law. During the quarter ended June 2023, the Environment Protection Authority issued variations to its Environmental Protection License, a Prevention Notice and Notices to Provide Information regarding the management of, and investigation into potential breaches relating to, dust emissions and other air pollutants from the Cadia tailings storage facilities and ventilation rises.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 3-8 Table 3-4: Water Access Licenses Water Access License (WAL) Water Source Unit Share (ML) Description 31062  Orange Basalt 286 Pumped extraction: ‘Te Anau’ bore. Incidental groundwater inflow: Ridgeway and Cadia East. 31072 * Lachlan Fold Belt MDB 371 Pumped extraction: CB3, CB6, CB8, CB9 and RH641. 36229 Lachlan Fold Belt MDB 931 Incidental groundwater inflow: Ridgeway, Cadia East, Cadia Extended Pit and the Pit tailings storage facility. 32255 Belubula River Regulated Water Source 3,125 Pumped extraction: Belubula River, Supplementary. 32280 Belubula River Regulated water Source 4,080 Pumped extraction: Belubula River, General Security. 31527 Lachlan Unregulated and Alluvial Water Source 4,200 Pumped/piped extraction: Cadiangullong Creek, Cadia Creek #, Copper Gully, Rodds Creek, Flyers Creek. 31517 Belubula tributaries below Carcoar Dam 6 Irrigation supply for ‘Narambon’ property. 31505 Lachlan Unregulated and Alluvial Water Source 4 Stock and domestic supply for ‘Stratton Vale’ property. Notes: * = groundwater extraction from water supply bores is limited to a maximum of 2.5 ML/day up to the total water access license limit in each water year. # = water is piped from Cadia Creek to Cadiangullong Dam and accounted for as a component of the total Cadiangullong Creek extraction. The license variations largely formalized the actions that the Cadia Valley Operations had developed in consultation with the Environment Protection Authority and was already undertaking across a range of measures. The Cadia Valley Operations received a letter from the Environment Protection Authority in June 2023 requiring it to immediately comply with specific statutory requirements and Environmental Protection License conditions. Adjustments were implemented underground, including a reduction in mining rates, modifications to the ventilation circuit, and the installation of additional dust sprays and spray curtains. Additional dust collection units were subsequently installed, enabling normal mining rates to be restored. In August 2023, the Environment Protection Authority commenced proceedings in the NSW Land and Environment Court against the Cadia Valley Operations, alleging that air emissions from Cadia in on or about March 1, 2022 exceeded the standard of concentration for total solid particles permitted under applicable laws due to the use of surface exhaust fans at the mine. On September 29, 2023, the Cadia Valley Operations entered a plea of guilty and the NSW Land and Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 3-9 Environmental Court listed the case for a sentencing hearing on March 28, 2024. On October 13, 2023, the Environment Protection Authority commenced additional proceedings in the NSW Land and Environment Court against the Cadia Valley Operations, alleging two additional contraventions of applicable air emissions requirements between November 3–5, 2021 and May 24–25, 2023 and two contraventions related to alleged air pollution from the tailings storage facilities on October 13 and 31, 2022. On November 24, 2023, the Cadia Valley Operations entered a plea of guilty to the two additional charges relating to applicable air emissions requirements and extended the timeframe to make a plea on the alleged contraventions relating to the tailings storage facilities. The proceedings related to alleged air pollution from Cadia Valley Operations’ tailings storage facilities are adjourned for further directions on February 23, 2024. The Environment Protection Authority’s investigation regarding the management of air emissions from the Cadia Valley Operations is ongoing. In early 2023, residents living near Cadia raised concerns about potential impacts to drinking water supplies by various contaminants, including metals such as lead, nickel, and copper, which they allege are related to emissions from the vent rises at Cadia, as well as periodic dust emission events at NTSF and STSF. In response to community concerns, the New South Wales Ministry of Health tested the quality of residents’ kitchen tap water and reported that it was safe to drink. The Environment Protection Authority undertook water testing in the local area and the majority of results from the kitchen tap samples showed metals concentrations below the Australian Drinking Water Guidelines values. External experts retained by Newcrest prior to Newmont’s acquisition of Newcrest also conducted sampling of more than 100 residential rainwater tanks, the results of which indicated only eight instances in which applicable quality standards were not satisfied. The majority of the instances of non-compliance from both the Cadia Valley Operations and the NSW Environment Protection Authority’s sampling programs showed that such instances of non-compliance were influenced by building and plumbing materials. A particulate characterization study, which was undertaken by the Australian government’s Australian Nuclear Science Technology Organisation (ANSTO) and commissioned by the Cadia Valley Operations in collaboration with the local community, assessed the PM2.5 dust contribution from Cadia to the regional air shed over a 12-month period and concluded that Cadia contributed only a small percentage of soil particulate matter. In fact, soil was determined to be the least significant source of air pollution over the 12-month period, contributing <10% to the total PM2.5 mass. The ANSTO study also determined that metals of concern recently identified by the community, such as lead, nickel, selenium, and chromium, occurred at very low levels in the PM2.5 fraction and did not exceed any national standard. The report is part of a comprehensive suite of independent air and water quality investigations, including with respect to sampling of drinking water sources, air quality monitoring, dispersion modelling and lead fingerprinting, that have been or are being conducted to determine the source of metals within the local airshed and to assess any health risks to the local community, if any, from air emissions from the Cadia mine site. In July 2023, a New South Wales Parliamentary Inquiry (Legislative Council’s Portfolio Committee No. 2 – Health) (the Parliamentary Inquiry) was initiated into current and potential community impacts of gold, silver, lead and zinc mining on human health, land, air, and water quality in New South Wales. The inquiry process included written submissions, public hearings, and witness testimony. The Parliamentary Inquiry released its report including non-binding recommendations

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 3-10 to the New South Wales Government on December 15, 2023. The government is required to respond to the report within three months of the report being tabled in the NSW Parliament, with its response expected in May 2024. Newmont acknowledges and understands that some local residents living close to Cadia have concerns about dust emissions from Cadia’s tailings storage facilities and ventilation rises. Prior to Newmont’s acquisition of Newcrest, Newcrest provided a submission to the Parliamentary Inquiry and hosted a number of Parliamentary Inquiry members on a tour of the Cadia Valley Operations. Newcrest’s Interim Chief Executive Officer and Cadia’s General Manager also appeared before the Parliamentary Inquiry as witnesses. 3.11 Significant Factors and Risks That May Affect Access, Title or Work Programs To the extent known to the QP, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Cadia Valley Operations that are not discussed in this Report. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 4-1 4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 4.1 Physiography The Cadia Valley Operations are located in the Central Tablelands of NSW on the western side of the Great Dividing Range. Elevations range from approximately 600 m Australian Height Datum (AHD) to 1,000 mAHD. Areas of higher elevation in the region include Mount Canobolas (1,396 mAHD) and Mount Towac (1,136 mAHD) located to the north of the Cadia Valley. The region is characterized by gently-undulating hills, cleared open grassland and vegetation consisting mainly of scattered paddock trees, with isolated patches of remnant woodland and shelterbelts, and State Forest plantations of Monterey Pine. State Forests situated in the area include the Glenwood and Canobolas State Forests to the southwest of Orange, and Mullion Range State Forest to the north of Orange. The main watercourse through the Cadia valley is Cadiangullong Creek, which flows in a southerly direction to its junction with the Belubula River, some 15 km south. Tributaries of Cadiangullong Creek within the Cadia valley include Rodds Creek, Cadia Creek, Copper Gully and Hoares Creek. The Cadia Valley is defined by a series of rolling hills which form ridgelines to the east and west of Cadiangullong Creek. To the south, the Cadia Valley opens out to generally gently-undulating land extending to the Belubula River, with occasional steeply sided gullies in the lower portion of the catchment. The dominant land use in the Orange region is agriculture, principally grazing (sheep and cattle), cropping and orchards. Other agricultural activities include honey production, viticulture and softwood production. Land use in the vicinity of the Cadia Valley Operations is dominated by sheep and cattle grazing in the more gently undulating areas, and private and state forestry operations on poorer soil and steeper slopes such as the Mount Canobolas State Forest. The bushfire season experienced in the Cadia Valley area and Central West Region is generally from mid-November to mid-March. Depending on factors such as weather, fuel loads (build-up of leaf litter and broken branches) and drought indices, this season can be extended from early September to late April. There are moderate fuel loads associated with the open forest and woodland areas within the Cadia East subsidence zone and the tailings storage facilities expansion areas. 4.2 Accessibility The Cadia Valley Operations are located approximately 25 km southwest of Orange, in the NSW Central Tablelands. Orange is connected to Sydney, the largest city in NSW, by 265 km of sealed road.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 4-2 The Mid-Western Highway (State Highway 6) and the Mitchell Highway (State Highway 7) provide regional highway access to the Cadia area. The Mid-Western Highway connects Bathurst to West Wyalong in western NSW, via Blayney, and the Mitchell Highway connects Bathurst to Bourke in northwestern NSW, via Orange. The Great Western Highway (State Highway 5), connects Bathurst to Sydney. Access to the operations from Orange, Blayney and surrounding regional road network is available via Forest Road, Cadia Road, Orchard Road, Long Swamp Road/Woodville Road and Panuara Road. Panuara Road is a local road that provides an east–west link between Four Mile Creek Road and Errowanbang Road, passing to the south of Cadia. The principal route used to access the Cadia Valley Operations from Orange is via Forest Road, Cadia Road and Ridgeway Road. The existing site access road is located off Ridgeway Road. A secondary access road, the molybdenum plant access road, also provides access to the operations, and is located approximately 5 km to the south of the intersection of the Cadia and Ridgeway Roads. Commuter airlines provide Brisbane to Orange, Sydney to Orange, and Melbourne to Orange services. The Orange airport is about 12 km northeast of the Cadia Valley Operations. Bus and passenger rail services also operate between Orange and Sydney. 4.3 Climate The closest Bureau of Meteorology weather station to the Cadia Valley Operations is located approximately 12 km east–northeast, at Orange airport. The mean annual rainfall recorded at the station is approximately 885 mm. The lowest mean monthly rainfall (approximately 50 mm) occurs in autumn (March and April) and the highest mean monthly rainfall occurs in August (approximately 92 mm). Evaporation rates vary markedly between winter and summer. The area experiences the warmest temperatures from November to March and the coolest from May to August. Average daily maximum temperatures peak in January, while average daily minimum temperatures are lowest in July. The most common wind directions are from the southwest and northeast. The bushfire season is typically from mid-November to mid-March. Mining and exploration activities are currently conducted year-round. It is expected that mining activities associated with the Ridgeway operations will also be year-round. 4.4 Local Resources and Infrastructure Local shires or local government authorities include Orange (population of approximately 38,000), Blayney (population approximately 7,000) and Cabonne (population approximately 12,000). The Cadia Valley Operations are located on lands designated under the respective LGA Local Environment Plans (LEP) as Zone 1(a) or general rural; Zone 1(f) or forestry; Zone 1(c) or rural Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 4-3 small holdings; Zone 2(v) or urban or village; and Zone 7(a) which is designated for environment protection. The operations are located within rural zone RU1 Primary Production land in both the Blayney Local Environment Plan (LEP) 2012 and Cabonne LEP 2012. The Cadia East project area falls within the Blayney and Cabonne LGAs. Surrounding land is also zoned RU1 Primary Production except for state forest land to the north and east of Cadia which is zoned RU3 Forestry where located on state forest-owned land. The Cadia dewatering plant is situated on land zoned IN1 General Industrial, while the rail track spur line is within zone SP2 Rail Infrastructure Facilities. The mining operations are within driving distance of Orange. There is a skilled mining workforce in the region. The Cadia Valley Operations currently either have all infrastructure in place to support mining and processing activities (see also discussions in Chapter 13, Chapter 14, and Chapter 15 of this Report), or the requirements for LOM are well understood. These Report chapters also discuss water sources, electricity, personnel, and supplies. 4.5 Seismicity The deposits are located in an area which has been seismically active both prior to and subsequent to mining by Newmont. These events can produce seismic loading at the site and this risk is considered in infrastructure design. Block caving operations can induce local seismicity. In the case of the Cadia Valley Operations, the risk impacts are managed by the Technical Services department.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 5-1 5.0 HISTORY The Project history is summarized in Table 5-1. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 5-2 Table 5-1: Project History Year Company Work Completed 1851 Discovery of copper and gold in Cadia area. 1918– 1929; 1941–1943 Quarrying and underground operations undertaken at Big Cadia. mid-1960s Pacific Copper Limited (Pacific Copper) Targeted the Big and Little Cadia deposits, prompted by the proximity of historical mine workings, and in particular, by magnetic anomalies over the skarn at Big Cadia. 1980s Pacific Copper, Homestake Australia Limited (Homestake) Joint venture to explore for gold. Work completed included grid-based soil sampling and drilling at Cadia Hill, core, reverse circulation (RC) and rotary air blast (RAB) drilling. Drilled two RC percussion holes to downhole depths of 95 m to test magnetic targets, with poor results. Seven core holes, three RC percussion holes and numerous RAB holes at Cadia Hill. None of this work continued on to the main area of mineralized monzonite, partly due to the presence of post-mineral sediments and residual and transported soil. Newcrest 1991–2023 Acquired the property in March 1991 with an initial focus on the small shallow oxide resources at Big Cadia. Completed soil, rock chip geochemical sampling; core and RC drilling; mining studies; environmental baseline and supporting studies; metallurgical testwork. Feasibility study assuming open pit mining methods at Cadia Hill, mining commenced 1998, and was completed in 2012, after more than 4 Moz Au and 0.35 Mt Cu were produced over the LOM. Stockpile treatment continued until 2018. Concentrator 1 constructed to support Cadia Hill operation. Construction of Ridgeway underground operations commenced 2000, first production recorded in 2002. The Ridgeway mine is currently on care and maintenance. Ridgeway ore supplied to a new 4 Mt/a concentrator (Concentrator 2) adjacent to Concentrator 1. Concentrator 2 capacity was increased to about 8 Mt/a. Mining of Cadia Extended, via open pit methods, commenced 2003, ceased in 2004, following pit highwall failure, and displacement of the access ramp. As instability of the pit walls prevented mining of the lowest two benches, the pit was permanently closed and backfilled. In 2009, mining extended into the Ridgeway Deeps area below the completed sub-level caving (SLC) operation using the lower-cost block cave mining method. Mining operations were completed in 2016. Some stockpile material was treated in 2017–2018. Underground operations at Cadia East approved in 2010, and mining commenced in 2012 as a series of panel caves, across multiple lifts. Panel Cave 1 (PC1) commenced in January 2013. Commercial production from Panel Cave 2 (PC2) commenced in October 2014. Panel Cave 2–3 (PC2– 3) commenced production in 2023. Panel Cave 1–2 (PC1–2) is currently being developed in preparation for production.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 5-3 Year Company Work Completed Program of upgrades and modifications was completed at Concentrator 1 to enable ore from Cadia East to be processed at a design capacity rate of 20 Mt/a. Concentrator upgrade included provision to produce a separate molybdenum concentrate due to elevated molybdenum grades in some parts of Cadia East. Modification 14, approved in December 2021, to increase the permitted processing capacity from 32 Mt/a to 35 Mt/a is subject to condition 6A (reproduced below) which includes Newcrest commissioning an independent air quality audit report to the satisfaction of the DPE Secretary in relation to Newcrest’s approach to managing and minimizing the off-site air quality impacts of the Cadia Valley Operations. The independent air quality audit report has been undertaken and Newmont is continuing to work with NSW government agencies to gain approval to increase the throughput rate to 35 Mt/a of ore processed on-site. Condition 6A states: A maximum of 35 million tonnes of ore from the project in a calendar year may be processed on-site, subject to the Proponent commissioning an independent air quality audit report to the satisfaction of the Secretary. The independent audit report must: (a) be prepared in accordance with the Independent Environmental Audit requirements in Schedule 5 of this approval; and (b) describe details and scheduling of all reasonable and feasible best practice measures that are being implemented for managing and minimizing off-site air quality impacts of the project, particularly from the NTSF, STSF, and ventilations shafts. 2023 Newmont Acquires Newcrest November 2023. Note: NTSF = north tailings storage facility; STSF = south tailings storage facility. DPE: New South Wales Department of Planning and Environment. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-1 6.0 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT 6.1 Deposit Type 6.1.1 Alkalic Porphyry Gold–Copper Deposits The major deposits that comprise the Cadia Valley Operations are considered to be examples of alkalic porphyry gold–copper-style mineralization. Features of this deposit style are summarized in Table 6-1. 6.1.2 Skarn Deposits The Big Cadia and Little Cadia deposits are slightly different from the majority of the Cadia deposits in that each is a calcic iron–copper–gold skarn. However, the skarn is typical of those found in association with porphyry deposits in volcanic arcs. Skarn systems can form in diverse settings, and are therefore typically defined by mineralogy, rather than deposit setting. 6.2 Regional Geology The alkalic porphyry gold–copper deposits of the Cadia district are located in the eastern Lachlan Fold Belt of New South Wales. The district comprises four porphyry deposits, Ridgeway, Cadia Extended (Cadia Quarry), Cadia Hill and Cadia East, and two related iron-skarn deposits, Big Cadia and Little Cadia. The Cadia deposits formed within the intra-oceanic Macquarie Arc (Figure 6-1), a belt of Ordovician to early Silurian mafic to intermediate volcanic, volcaniclastic and intrusive rocks. As much as 2.5 km of Ordovician stratigraphy is preserved in the Cadia district, including siltstone and sandstones of the Weemalla Formation and andesitic to basaltic andesitic Forest Reefs Volcanics (FRV; Wilson et al., 2003; Harris et al., 2009). Porphyry-style mineralization is centered on multiphase monzodiorite to quartz monzonite intrusions (Figure 6-2; Wilson et al., 2003) of the Cadia Intrusive Complex (CIC). Silurian conglomerates, sandstones and siltstones (part of the Waugoola Group) cover large portions of the Ordovician volcano-sedimentary succession. Tertiary basalts of the Canobolas Volcanic Complex cover the Paleozoic rocks to the north and east of the district. Published geochronologic studies show that the mineralization-related Ordovician to Silurian alkalic intrusions become progressively younger to the east across the Cadia Valley, with Ridgeway being the oldest deposit in the district (ca. 455 Ma) and Cadia East the youngest (ca. 437 Ma; Wilson et al., 2007). Narrow pipe-like stocks and dikes that are associated with gold and copper mineralization cut the volcano–sedimentary rocks and the large, compositionally zoned (dioritic to monzonitic) intrusive suite that is exposed in the center of the district.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-2 Table 6-1: Deposit Model Features Item Note Setting Alkaline rocks associated with gold–copper deposition are commonly found in arc environments and areas of extensional tectonics. Host rocks are often subaqueous volcanic-related sequences that were intruded by equigranular to coarsely porphyritic and locally pegmatitic, high-level stocks and dike complexes. Multiple intrusive phases are common, and a wide variety of breccia types can develop. Intrusive rocks can range from (alkalic) gabbro to syenite in composition. Host features Alkalic deposits are typically locally high-grade, and are associated with small volume, pipe- like alkalic intrusions that may be as small as a few hundred meters. Deposit outlines are highly variable, ranging from small to large, but typically showing significant vertical extents. Deposits can occur in clusters, with locations influenced by a combination of structural, stratigraphic, breccia and intrusive controls. Alteration Alteration generally has a restricted footprint, but displays complex assemblages and zonation. Potassium metasomatism leads to the development of a potassic alteration footprint commonly surrounded by a propylitic aureole. The deepest parts of some systems can be associated with a calc-silicate assemblage, commonly accompanied by sodic alteration. Sodic alteration has also been recognized peripheral to potassic zones. Advanced argillic alteration is rarely present, and phyllic zones are usually restricted to fault zones that developed late in the history of the hydrothermal system. Supergene enrichment zones are generally not present. Wall rock alteration is often represented by a biotite–magnetite–orthoclase assemblage. The abundance of biotite and magnetite is controlled by the iron and magnesium content of the wall rocks. Skarns may occur and can be economically significant. Potassic-style alteration in igneous rocks tends to correlate with calc–potassic assemblages in altered carbonate rocks dominated by andraditic garnets, diopside, epidote, and sometimes biotite. Mineralization Mineralization can be present in the form of stockworks, veinlets, disseminations and replacements. The major sulfides present can include chalcopyrite, pyrite and magnetite. Other minerals can include bornite, chalcocite, galena, sphalerite, tellurides, and tetrahedrite. Gangue minerals often include K-feldspar, and sericite, with lesser garnet, clinopyroxene (diopsidic) and anhydrite. Hydrothermal magnetite veinlets are generally abundant. Quartz veining is well developed in the Cadia Valley. Brecciation Breccias in alkalic systems are associated with hydrothermal and phreatomagmatic processes. Magnetite-cemented hydrothermal breccias may host high-grade mineralization. Gold–copper mineralogical associations Gold may be present as discrete grains of native gold, tellurides, or auriferous sulfides. Alkalic porphyry deposits may also show elevated tellurium and platinum-group element concentrations. In copper-rich deposits, gold is commonly associated with bornite and high copper concentration. Gold is usually found in stockwork veins of quartz, sulfides, native gold and tellurides. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-3 Figure 6-1: Regional Geology of the Ordovician Rocks of New South Wales Note: Figure prepared by Newcrest, 2011. RBVB = Rockley–Gulgong Volcanic Belt; JNVB = Junee–Narromine Volcanic Belt; MVB = Molong Volcanic Belt; KVB = Kiandra Volcanic Belt; CVO = Cadia Valley Operations; MORB = mid-ocean ridge basalt.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-4 Figure 6-2: Cadia Valley Geological Plan Note: Figure prepared by Newcrest, 2011. Cadia Hill and Cadia Quarry are not reported as having current mineral resource or mineral reserve estimates. Mining has previously occurred at both Cadia Hill and Cadia Quarry. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-5 Regional east–west shortening, linked to terrane docking and accretion at the end of the Benambran Orogeny, produced thrust fault systems around the CIC during the early Silurian, including curviplanar, northerly-striking, moderately-dipping basement thrust faults of the Cadiangullong system. Post-mineral deformation has partially dismembered the district, superposing different porphyry copper–gold systems as well as the host stratigraphy levels (Figure 6-3; Harris et al., 2009). 6.3 Local Geology The mineralization within the Project area occurs within a 6 km-long west–northwest-oriented corridor. 6.3.1 Lithologies Figure 6-4 presents a comparative stratigraphy across the Cadia Valley. Figure 6-5 presents a series of geological cross-sections through the deposits. The basement rocks in the Cadia district are fine-grained, thinly-laminated, carbonaceous to volcanic siltstones, with minor arenaceous volcanic beds of the Weemalla Formation. The Weemalla Formation crops out to the south and southwest of Cadia Hill and to the west of Ridgeway. It is conformably overlain by the FRV, a sequence of basic to intermediate volcanic and volcano- sedimentary rocks. The FRV is divided into four lithofacies (Wilson, 2003):  Volcanic lithic conglomerates, breccias and sandstones;  Planar laminated volcanic siltstone;  Bedded calcareous volcanic sandstone;  Clinopyroxene- and plagioclase-phyric lava and subvolcanic intrusions of basaltic to basalt– andesite composition. Three main Ordovician intrusive complexes were identified in the Cadia district. Although currently spatially separated due to the current erosion level, they may be connected at depth. The Cadia Intrusive Complex (CIC) consists of pyroxene diorite, monzodiorite and occasional pyroxenite in the west to monzonite, quartz monzonite and quartz monzodiorite in the east. The mafic, western portion of the CIC is interpreted to be separated from the eastern, felsic portion of the CIC by a major north–northwest-striking, west–southwest-dipping thrust fault, the Purple Fault. The Ridgeway Intrusive Complex (RIC) is located 2.5 km northwest of the Cadia Hill portion of the CIC, with the top of the RIC occurring about 500 m below surface. At least three intrusive stages were defined, of which the latter two have a clearly demonstrated temporal relationship with Ridgeway deposit alteration and mineralization. The RIC comprises a vertically attenuated composite pipe of monzodiorite to quartz monzonite. It has horizontal dimensions of 200 x 100 m, is elongated along a northwest trending axis, and extends subvertically for at least 1 km.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-6 Figure 6-3: Cadia Valley Geological Cross Section (long-section looking north 22500N) Note: Figure prepared by Newmont, 2024. Cadia Hill and Cadia Quarry are not reported as having current mineral resource or mineral reserve estimates. Mining has previously occurred at both Cadia Hill and Cadia Quarry. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-7 Figure 6-4: Comparative Stratigraphy Note: Figure from Wilson, 2003. The Cadia Far East Intrusive Complex referred to in the figure is currently termed the Cadia East Intrusive Complex.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-8 Figure 6-5: Comparative Geological Cross-Sections Note: Figure from Wilson, 2003. The Cadia Far East Intrusive Complex referred to in the figure is currently termed the Cadia East Intrusive Complex. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-9 The Cadia East Intrusive Complex (CEIC; formerly termed the Cadia Far East Intrusive Complex) comprises a series of west–northwest- to west-striking dikes that dip steeply to the north. The top of the complex averages about 800 m below the surface. Dyke compositions range from monzodiorite and quartz monzodiorite to quartz monzonite. Middle to Late Silurian shale, sandstones and fossiliferous limestone of the Cadia Coach Shale unconformably overlie the eastern part of the district. This unit can reach 200 m in thickness above the Ordovician rocks at Cadia East. Elsewhere in the district, the Cadia Coach Shale infills deep down-faulted basins and can be as much as 1,500 m thick. Rafts and inliers of Silurian lithologies are also preserved along part of some major fault structures. A clast to cobble-rich lithology, informally termed the “valley-fill breccia”, also of Silurian age, forms a north–south-oriented zone that is preserved on the southern slopes of Sharps Ridge, the highest local topography. Patchy outcrops of Tertiary olivine basalt to basaltic andesite, related to the Canobolas Volcanic Complex, occur throughout the Cadia district. They totally conceal the Ridgeway deposit and partially overlie the Cadia East and Little Cadia deposits. The basalts are up to 80 m thick at Cadia Far East and comprise at least six lava flows with vesicular tops and local intercalations of peat. 6.3.2 Metamorphism Regional metamorphism is sub to lower greenschist facies. 6.3.3 Structure The major regional structure is the 30 km long Werribee–Cadiangullong Fault Zone. Where the Werribee–Cadiangullong Fault Zone intersects structures related to the west–northwest oriented Lachlan Transverse Zone, it forms a series of north–northwest- and northeast-trending thrust faults. This structural intersection appears to have controlled the location of the CIC and associated mineralization, and has disrupted the Cadia Hill deposit. The Cadia Hill deposit sits in a fault-bounded block within the basement thrust fault system, whereas the Ridgeway deposits lie in the hanging wall and the Cadia East deposit in the footwall. Three major splays of the Werribee–Cadiangullong Fault Zone were identified in the Cadia district, consisting of the Cadiangullong, Gibb and Purple Faults. The Cadiangullong Fault occurs between Cadia Hill and Cadia Quarry, and the Gibb Fault has placed Cadia Hill in structural contact with the western end of the Cadia East orebody. Three major west–northwest- to east–west-oriented fault zones occur in the Cadia district:  The PC40 Fault forms the southern boundary of the outcropping portion of the Big Cadia skarn deposit;  The North Fault passes through the Ridgeway deposit and may represent a western extension of the PC40 Fault;

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-10  A fault zone, characterized by sericite, chlorite, clay, and pyrite, occurs at depth in the Cadia East–Cadia Far East deposit. Regional faults can be strike-slip or reverse in movement sense. Newmont has identified more than 56 structures of geological and operational significance during production and development activities that influence the Cadia Valley-wide structural setting, and therefore mine planning and caving operations. Underground mapping has demonstrated that fault behavior at the local scale can be highly complex, particularly for steeply-dipping structures. 6.3.4 Mineralization Several mineralization styles are known in the district:  Cadia Hill: intrusive wall rock, and volcanic-hosted deposit associated with sheeted quartz vein mineralization;  Cadia East: volcanic-hosted, intrusion-centered deposit with disseminated and sheeted quartz vein mineralization;  Cadia Far East (historical, now discontinued name; part of Cadia East): volcanic- and intrusion-hosted deposit with mainly sheeted quartz vein mineralization;  Cadia Quarry: intrusive wall rock deposit associated with sheeted quartz–calcite–sulfide veins and locally developed zones of mineralized pegmatitic breccia;  Ridgeway: intrusion- and volcanic-hosted quartz stockwork vein mineralization;  Big/Little Cadia, Little Cadia: iron-rich skarn mineralization. 6.3.5 Weathering Weathering is typically restricted to 30–60 m depth. The overlying Silurian sedimentary and Tertiary volcanic rocks have largely protected the mineralization from weathering effects. 6.4 Deposit Geology Mineralization in the porphyry deposits occurs as sheeted and stockwork quartz–sulfide veins, and locally as broadly stratabound disseminated mineralization (Cadia East) and skarn (Big Cadia and Little Cadia). The Cadia district porphyry deposits have recorded a sequence of alteration and mineralization events that evolved from early-stage magnetite-stable sodic, potassic and calc-potassic alteration with locally significant gold–copper mineralization, through a period of transitional stage potassic alteration that introduced most of the gold–copper mineralization. Propylitic and calc-silicate alteration were developed in the deposit peripheries at this time and a late stage of feldspathic alteration developed irregularly around the deposit margins and locally destroyed mineralization. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-11 All of the porphyry deposits show a close spatial association with shoshonitic monzodiorite to quartz monzonite dikes and stocks of the CIC. Gold–copper mineralization is hosted by these intrusions and also by the enclosing FRV wall rocks. Field evidence (e.g., cross-cutting intrusive and vein relationships, vein dikes, inter-mineral comb quartz layers) strongly supports the hypothesis of deposit formation at the same time as the emplacement of the intrusive rocks that host mineralization. Wilson (2003) divided the Cadia porphyry deposits into two types:  Intrusive wall rock deposits. Monzonitic intrusions in these deposits were interpreted to be country rock, upon which porphyry-style mineralization was superimposed (e.g., Cadia Quarry and Cadia Hill). These deposits display no field evidence for a temporal relationship between intrusion and mineralization;  Intrusive-centered deposits. The intrusions in this deposit class display textural evidence to indicate the existence of a temporal and genetic link between the monzonitic intrusive complexes and hydrothermal alteration and mineralization (e.g., Ridgeway, Cadia East). The two types have distinctive alteration and mineralization characteristics, but share a number of paragenetic features. Early-stage magmatic/hydrothermal events introduced high grade gold–copper mineralization locally in the intrusive centered deposits; but were not associated with significant mineralization to the intrusive wall rock deposits. Features of the early event include:  Emplacement of monzonitic intrusions that are locally associated with high-grade gold– copper mineralization;  Selectively pervasive albite–hematite alteration of the plagioclase feldspar component of the quartz monzonite porphyry (QMP) stocks in the intrusive wall rock deposits;  Local development of fracture and vein controlled, selectively pervasive sodic and sodic– calcic alteration (all deposits). These alteration assemblages are typically associated with magnetite and actinolite, in addition to minor bornite and chalcopyrite;  Subsequent formation of pervasive calc-potassic and potassic alteration assemblages, associated with multiple generations of quartz–magnetite–actinolite ± sulfide veinlets and veins. High-grade gold–copper mineralization is developed in some of the intrusive-centered deposits, typically in association with bornite-rich quartz–magnetite veins (e.g. Ridgeway);  Emplacement of transitional magmatic–hydrothermal aplite vein-dikes synchronous with hydrothermal quartz–magnetite–sulfide veins. Transitional stage events are associated with most of the gold–copper mineralization in the intrusive wall rock deposits. Additional gold–copper mineralization was introduced into the intrusive-centered deposits. Key features of this phase included:  Emplacement, in the intrusive-centered deposits, of QMP stocks and dikes into potassic/calc- potassic-altered early-stage monzonite intrusions and wall rocks;

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-12  Formation of sheeted to randomly oriented quartz–sulfide ± calcite veins, associated with selectively pervasive, magnetite-destructive potassic alteration. In the intrusive-centered deposits, vein formation closely followed intrusion emplacement and younger intrusions have progressively lower quartz vein densities;  Chalcopyrite is the predominant sulfide in transitional stage quartz veins. Bornite is abundant locally in transitional-stage quartz veins at depth in the intrusive-centered deposits. In contrast, bornite occurs in the upper levels of transitional quartz veins in the intrusive wall rock deposits;  Continued development of transitional magmatic–hydrothermal features. Mineralized aplite vein-dikes and comb quartz layers are associated with intermineral QMP intrusions in the intrusive-centered deposits. Vein-dikes also occur locally throughout the intrusive wall rock deposits;  Formation of broadly stratabound biotite–chalcopyrite–tourmaline alteration several hundreds of meters above QMP intrusions in the intrusive-centered deposits;  Propylitic alteration assemblages developed peripheral to the potassic assemblages, associated with prehnite-calcite veining. A subzone of hematite-bearing propylitic alteration (inner propylitic) formed between the potassic alteration zone and the regional propylitic alteration zone;  Calc-silicate alteration of chemically reactive units. Alteration assemblages proximal to QMP intrusions are garnet-rich, whereas magnetite–calcite–sulfide assemblages developed several hundreds of meters away from the intrusions. The late stages of magmatic and hydrothermal activity contributed minor amounts of zinc and lead mineralization to the porphyry deposits. Gold and copper were locally removed during this stage. The main late-stage events are:  Formation of pervasive zones of feldspar alteration in the upper levels of the intrusive- centered deposits. This alteration has overprinted and partially destroyed transitional-stage disseminated chalcopyrite mineralization;  Development of fault-bounded zones of phyllic alteration, associated with minor quantities of lead–zinc mineralization. Fracture-controlled to selectively pervasive phyllic alteration has also overprinted late-stage feldspar alteration locally in the intrusive-centered deposits;  Late-stage potassic alteration occurs at depth in the intrusive-centered deposits, in association with the intrusion of a mafic hornblende-bearing diorite stock. 6.4.1 Cadia East The Cadia East deposit occupies a mineralized zone 2.5 km in strike length, 600 m in width and over 1,900 m in vertical extent. It is located below and to the east of the Cadia Hill deposit. During early exploration activities, the name “Cadia East” was used to refer to disseminated near- surface mineralization that was hosted by FRV valley-fill units, while the name “Cadia Far East” Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-13 referred to the sheeted vein-hosted mineralization within the underlying FRV basement. After mining commenced at Cadia East, the distinction between the two mineralization types as separate deposits was discontinued. 6.4.1.1 Geology Mineralization is developed in the FRV, and in a series of subvertical to steeply north-dipping monzodioritic to quartz monzonitic dikes, that are termed the Cadia Far East intrusive complex (CFEIC). The syn-mineral nature of at least some of the intrusions is indicated by the presence of mineralized xenoliths within monzonite porphyry dikes that also host porphyry-style veining and alteration. The Weemalla Formation has been intersected at depth and consists of finely-bedded siltstone interbedded with basaltic volcanic rocks. Overlying this unit are five lithofacies of the FRV, and from shallow emplacement to depth, the lithofacies include:  Upper bedded unit: approximately 80 m thickness of finely planar-laminated feldspathic siltstone;  Volcaniclastic unit: approximately 200 m thickness of sandy matrix polymictic conglomerate and volcaniclastic sandstones and locally volcanic breccia;  Lower bedded unit: around 60 m thickness of bedded calcareous sandstone, typically altered to skarn mineral assemblages;  Massive volcanic rocks: about 150 m thickness of massive pyroxene phyric basalt to andesite lavas;  Lower sequence: at least 1,100 m thickness of polymictic conglomerates and volcaniclastic sandstones. Intrusive porphyry dikes and sills are interpreted to be coeval with the FRV volcanic units. In the Cadia East area, the 5–30 m thick porphyry dikes appear to be stratigraphically controlled by the bedded units, and acted as feeders to overlying sills. The largest dyke has been traced for 1,500 m along strike, is coincident with a change in shape of the orebody on Easting 15570, and is cross-cut by mineralized veins. Two large porphyry sills located above the lower bedded unit can be traced along the upper portion of Cadia East. Numerous smaller sills and dikes also exist in this area. The uppermost of the units is termed the capping porphyry, and is thickest (approximately 70 m) in the middle of the deposit. Figure 6-6 and Figure 6-7 are sections showing the geology, alteration, mineralization zoning, and vein distribution in the Cadia East and Cadia Far East zones respectively.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-14 Figure 6-6: Geology Section, Cadia East (15,820 mE) Note: Figure from Wilson, 2003. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-15 Figure 6-7: Geology Section, Cadia Far East (Section 15820 mE) Note: Figure from Wilson, 2003.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-16 6.4.1.2 Alteration Mineralization at Cadia East is associated with an alteration system that occurs in roughly concentric zones about the core of the deposit. Within this alteration system both pervasive and selvage styles of alteration are recognized. The pervasive alteration overprints regional propylitic (chlorite–carbonate–epidote) alteration and is characterized by variably intense albite alteration. The selvage style of alteration is largely made up of three alteration types:  Hematite/K-feldspar alteration associated with quartz veins (generally mineralized);  Phyllic alteration associated with faults;  Iron carbonate–albite alteration associated with faults. Figure 6-6 and Figure 6-7 include example sections showing alteration zoning. 6.4.1.3 Structure Three major groups of faults were identified (Table 6-4). Figure 6-8 shows the key structures that influence mine planning. 6.4.1.4 Mineralization Mineralization at Cadia East is divided into two broad overlapping zones: an upper, copper-rich disseminated zone and a deeper gold-rich zone associated with sheeted veins. The upper zone forms a relatively small cap to the overall mineralized envelope and has a core of disseminated chalcopyrite (and rare bornite), capped by chalcopyrite–pyrite mineralization (Fox et al., 2009). The deeper zone is localized around a core of steeply-dipping, sheeted, quartz–calcite–bornite– chalcopyrite–molybdenite veins, with the highest gold grades associated with the bornite-bearing veins. Copper and molybdenite form a mineralized blanket above and to the east of the higher- grade gold envelope. Au:Cu values are vertically zoned. The upper, disseminated zone of volcanic-hosted mineralization typically has low Au:Cu values (<1), whereas the envelopes of sheeted quartz- calcite–sulfide veins have higher Au:Cu values (typically >2). Figure 6-6 and Figure 6-7 include examples of mineralization zoning. 6.4.2 Ridgeway The deposit is a subvertical body of quartz–sulfide vein stockwork mineralization with an elliptical, pipe-like geometry, elongated along a northwest-striking axis. Stockwork dimensions are approximately 400 m east–west, 250 m north–south and the deposit extends to a depth in excess of 1,000 m. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-17 Table 6-2: Major Fault Types, Cadia East Fault Type Description Sericite–chlorite– clay (SCC) shears Most common type of fault at Cadia East, and range in scale from millimeters wide to tens of centimeters wide. Infill can vary from friable sericite–chlorite to puggy clay–gouge. Pyrite is common, hence the former description as a “pyrite fault”, a nomenclature that has been discontinued. The most continuous sub-set, the P Faults (P1 and P2) are east–northeast– west–southwest-striking (parallel to the orebody) and transect the panel cave areas. These faults are anastomosing, and locally discontinuous with splays, and consist of SCC shears that are soft, present deteriorating ground upon exposure, and have a well-developed shear fabric. East–northeast–west–southwest- and east–southeast–west–southwest-striking fault subsets appear to be limited to a 50–100 m strike length and do not have the continuity of the P Faults. The east–southeast-striking shears may be shear fractures that link the tensional fractures within a fault jog, hence their limited (<100 m) continuity along strike. Carbonate– laumontite (Ca– La) fracture zones Highly fractured and veined zones to tens of meters wide. Calcite-laumontite mineralization is common throughout the Cadia East system, but there are concentrations of calcite– laumontite on the hanging wall (Ca–La North) and footwall (Ca–La Central) sides of the higher-grade orebody (copper and gold), and on the northwest corner of the lower-grade copper zone (Ca–La West). No Ca–La zones were identified in PC2–3. Ca–La Central has not been identified above 5100 RL, and Ca-La North above 5500 RL. The faults are late- stage zones of very poor ground conditions as a consequence of the hydration/dehydration of laumontite and reactivation of sub-vertical faults during episodes of basin inversion. Carbonate faults Either related to late low-angle thrusts that are likely splays off the regional Gibb Fault (e.g., Cat Fault), or flexural slip along bedding planes and volcanic contacts during basin inversion and reactivation of steeper SCCs (e.g. Carb 1,2, 3,4,5). Characterized by zones of iron- carbonate–albite alteration and chlorite shearing around a zone of calcite veins, or intervals of calcite-rich puggy (sticky) gouge with an iron carbonate selvedge. The main Carbonate Faults interpreted to have an impact on PC2–3 are Carbonate 2 and Carbonate 5. The Cat Fault and Splay overlie PC2–3 near-surface and are zones of well-developed gouge, up to a couple of meters thick. The Cat Fault has been estimated to have at least 80 m of reverse movement and 200m of sinistral offset.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-18 Figure 6-8: Key Structures, Cadia East Note: Figure prepared by Newmont, 2023. Section (15300E) and Plan (4430RL) views of the Cadia East litho-structural model. Grids indicate north. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-19 6.4.2.1 Geology Mineralization is spatially and temporally associated with a composite intrusive plug consisting of multiple mafic monzonite to quartz monzonite phases that intruded the FRV. The earliest phase is a mafic monzonite, which is a northwest striking, subvertical body with horizontal dimensions of 200 x 50 m wide and a vertical extent of at least 500 m. It occurs as a subvertical plug along the southern side of the Ridgeway deposit. Three phases of porphyritic intrusion (early-mineral monzonite, and inter- and late-mineral quartz monzonite) post-date the mafic monzonite, and form a composite pipe along the northeastern margin of the mafic monzonite. This pipe has a horizontal footprint of about 130 x 40 m, oriented along a west–northwest trending axis. The pipe has been recognized over a vertical interval of >650 m and remains open at depth. Figure 6-9 is a level plan showing the relationship of the various intrusive phases. Figure 6-10 is a section through the deposit showing the geology in relation to the copper and gold grade shells. 6.4.2.2 Alteration Hydrothermal alteration is broadly zoned from an inner calc-potassic (actinolite–biotite– orthoclase) and potassic (orthoclase–biotite–quartz) core, outwards through propylitic (chlorite– hematite–magnetite–epidote–albite–pyrite ± calcite) and sodic (albite–pyrite) assemblages (Wilson et al., 2003). The transition to more distal metal-poor propylitic alteration zones has been long recognized by the disappearance of hematite-dusted secondary albite (Holliday et al., 2002). Figure 6-10 includes a cross-section through the deposit showing the alteration zoning. 6.4.2.3 Structure The Ridgeway deposit is centered on multiple steeply-dipping porphyries occurring at the confluence of two gently-dipping structural blocks. To the west of Ridgeway, stratigraphy gently dips east, whereas sedimentary units to the east dip west to west–northwest at 10–20°. These rocks are cut by multiple moderate-dipping reverse faults. A single prominent fault, the Tinnock Fault, occurs with ~500 m of stratigraphic offset (as defined by two stratigraphic pinpoints, including the two lowermost units of the Forest Reefs Volcanics), placing lower parts of the stratigraphy over higher parts. Numerous other moderately-dipping faults splay from this master fault and dismember parts of the Ridgeway deposit. In the deposit, these faults only displace the intrusions by several tens of meters (Harris et al., 2009). The main fault types as summarized by Cuison (2010) are listed in Table 6-3.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-20 Figure 6-9: Geology Level Plan, Ridgeway (5280RL level) Note: Figure from Wilson, 2003. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-21 Figure 6-10: Geological Sections, Ridgeway Note: Figure from Wilson, 2003. Section on left at 11,050 mE; section on right at 22,750 mE.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-22 Table 6-3: Ridgeway Fault Types Fault Set Fault Strike Dip/Dip Direction Interpretation Northwest-striking, steeply-dipping North Fault Northwest 80º southwest to vertical Pre-existing faults that are active before, during and after mineralization; pre- mineralization pyroxene-phyric dikes occupy these faults. Merkin Fault Northwest Near-vertical Delphin Fault Northwest Near-vertical South Fault Northwest Approx. 70º to northeast North–northwest- striking, southwest- dipping reverse faults Purple Fault and fault splays North– northwest Approx. 50– 70º to southwest Post-mineralization structures; displaced intrusive complex and mineralization. Rimmers Fault Northeast Near vertical Accommodation structure or transfer fault zone to Purple Fault. Low-angle thrust faults Allana Thrust Fault Northwest 10–20º northeast Latest post-mineralization structures; displaced intrusive complex at depth. Claudia Thrust Fault Northwest Approx. 20– 30º northeast Pamela Thrust Fault Northwest 10–20º northeast Isopach maps combined with 3D modelling show that the ore-related intrusions at Ridgeway occur in the thickest parts of basin-fill successions preserved in both the Forest Reefs Volcanics and the upper parts of the Weemalla Formation. Basin-fill strata laterally vary and broadly thin to the south and west, defining half-graben basin geometries. Tilting (approximately 20° to the west/west–northwest) and structural offset of basin-related sedimentary sequences implies the ongoing dismemberment and expansion of the basins. Well-constrained cross-sections show that the pencil-like intrusions at Ridgeway were probably localized along basin-bounding faults that occur at the margins of the thickest parts of the preserved basin-fill succession. At Ridgeway, structurally-controlled mineralization is dominated by sub-vertical vein systems:  North-, west–northwest- and northeast-striking mineralized stockworks and veins most intensely developed in the porphyry intrusions and wall rock;  East-, northeast- and northwest-striking chalcopyrite-rich sheeted quartz veins. The vein orientations were generally controlled by pre-existing fractures and the prevailing stress state, and in part by the geometry of the intrusions with which the mineralized veins are associated (Cuison, 2010). Four deformational events were recognized in the Ridgeway area, and are summarized in Table 6-4. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-23 Table 6-4: Deformation History Deformation Event Comment D1: north–south extension Resulted in the intrusion of east–west striking, sub-vertical mafic dikes. These dikes appear to have no genetic association to the subsequent mineralization. D2: northwest–southeast compression Resulted in the formation of an east–west orientated dextral strike-slip fault (Ridgeway Fault). It is interpreted that a northwest flexure in this fault became a zone of extension, marked at Ridgeway by a normal fault. The Ridgeway Fault down-throws the FRV–Weemalla Formation contact by 300 m to the northeast. It is interpreted that this fault is now occupied by the Ridgeway deposit. D3: northeast–southwest compression post mineralization Resulted in steep-dipping reverse faults along the margins of the Intrusive Complex. Later movement took place along a 50° southeast dipping thrust fault (Purple Fault) which has displaced the deposit by up to 80 m. The additional movement was accommodated by the steep-dipping reverse faults. D4: northeast–southwest compression post mineralization Resulted in a series of shallow northeast-dipping thrusts. 6.4.2.4 Mineralization Mineralization at Ridgeway and Ridgeway Deeps occurs in dense quartz vein stockworks and sheeted arrays localized in and around the small (50–100 m diameter) composite diorite to quartz–monzonite intrusive complex. The most strongly developed quartz stockwork veining and alteration, and the highest copper and gold grades, occur immediately adjacent to the monzonite (Figure 6-11). The frequency of the veins and intensity of alteration decreases away from the intrusive complex margin (Wilson et al., 2003). Ore minerals include bornite and chalcopyrite with lesser covellite and gold and occur in veins and as disseminations (Wilson et al., 2003). Sulfide minerals are zoned from a bornite to chalcopyrite (plus gold) core, outwards and upwards through a chalcopyrite-rich to an outer pyrite-rich domain. Figure 6-12 includes a cross-section through the deposit showing the sulfide mineralization zoning.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-24 Figure 6-11: Simplified Geology of Ridgeway Drill Hole NC498 Illustrating the Relationship Between Grade and Monzonite Note: Figure from Wilson, 2003 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-25 Figure 6-12: Alteration and Pyrite Zoning, Ridgeway (section 11050 mE) Note: Figure from Wilson, 2003. Section at top at 11,050mE; section on bottom at 22,750mE. Bn = bornite, ccp = chalcopyrite, cpx = clinopyroxene, pl = plagioclase, py = pyrite

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-26 6.4.3 Big Cadia 6.4.3.1 Geology The Big Cadia iron–copper–gold skarn deposit lies about 600 m north of the Cadia Quarry deposit and is hosted by calcareous volcanic sandstone and limestone units of the FRV (Figure 6-13). These units occupy a reasonably high stratigraphic position within the FRV. The fault-bounded magnetite (epidote) skarn deposit dips to the southeast, and strikes west–northwest. Below the skarn, pyroxene-phyric volcanic rocks are dominant, including basaltic lavas, peperites, pillow basalts and monomict porphyritic basalt clast conglomerates. A polymictic rounded cobble conglomerate overlies the skarn. This unit is mostly restricted to the footwall (southern side) of the PC40 fault. Skarn mineralization is hosted in an intensely-altered, bedded, calcareous volcaniclastic unit. It is most conspicuously altered to bladed magnetite after hematite + calcite ± pyrite ± chalcopyrite. Magnetite and sulfides can also be seen replacing fossils. The magnetite rich skarn core varies between massive, banded, and wrigglite-bedded textures. Zones of massive magnetite skarn contain up to 70% magnetite, with the remaining rock being composed of sulfides (mostly pyrite), calcite, and black chlorite. Wrigglite-bedded skarn zones contain 20–50% magnetite, and compositional banding is preserved. Banded texture is intermediate between the massive and wrigglite-bedded skarn in magnetite proportion and appearance. Chlorite-rich, magnetite-poor volcaniclastic sandstone interbeds are present in some intervals within the skarn, and are typically <1 m wide. The massive magnetite skarn is surrounded by a transitional, or peripheral skarn zone envelope containing typically <5% magnetite. This envelope has higher gold grades than the massive magnetite skarn. Figure 6-14 illustrates the geology, alteration, vein and sulfide distribution in the Big Cadia/Cadia Extended area. 6.4.3.2 Alteration Alteration and mineralization at Big Cadia occurred in two phases. An early, high-temperature prograde calc-silicate (grossular andradite) phase resulted in carbonate being replaced by bladed hematite and subsequently hematite replaced by hydrothermal magnetite. The later, lower- temperature phase consisted of the remaining carbonate replaced by sulfides (primarily chalcopyrite). However, these breccias are cemented with hydrothermal quartz and or magnetite, unlike the gouge zones which define the PC40 fault and related structures. The breccias may represent flower faults that formed splays off the PC40 fault zone. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-27 Figure 6-13: Geological Section Cadia Extended and Big Cadia (section 13,000 mE) Note: Figure from Wilson, 2003. Cadia Extended is shown to the left in each figure, with Big Cadia to the right. ab = albite, bt = biotite, cal = calcite, ccp = chalcopyrite, chl = chlorite, ep = epidote, mlb = molybdenite, or = orthoclase, py = pyrite.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-28 Figure 6-14: Geological Section Cadia Extended and Big Cadia (section 13,100 mE) Note: Figure from Wilson, 2003. Cadia Extended is shown to the left in each figure, with Big Cadia to the right. bt = biotite, cal = calcite, ccp = chalcopyrite, chl = chlorite, ep = epidote, mgt = magnetite, or = orthoclase, py = pyrite, qtz = quartz, wm = white mica. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 6-29 6.4.3.3 Mineralization The Big Cadia deposit has dimensions of 1,000 x 200 m, and a drill-tested depth extent of about 400 m. It consists of an oxide lens, and sulfide mineralization at depth. Chalcopyrite and minor gold are closely associated with bladed hematite, magnetite and epidote (with lesser chlorite–quartz–calcite) replacements. 6.4.4 Cadia Hill The deposit was mined out in 2012 and the open pit is currently being used for tailings backfill. The Cadia Hill deposit was about 900 m long. Quartz vein-hosted mineralization extended down dip for over 600 m, although the vein system continued for at least 350 m beyond the base of significant gold and copper mineralization. 6.4.5 Cadia Extended (Cadia Quarry) Cadia Extended occurs on the northwestern side of the reverse faults that have truncated mineralization at Cadia Hill. The deposit has dimensions of about 1,200 x 1,100 m, and extends to about 900 m depth. It is located partly beneath the backfilled Cadia Extended open pit. 6.4.6 Little Cadia The Little Cadia deposit has dimensions of 800 x 300 m, and extends to about 150 m depth. The Little Cadia deposit is hosted by bedded, calcareous volcanic-derived sandstones that correlate to the same skarn host at Big Cadia (Packham et al., 1999). Gold and chalcopyrite are associated with epidote ± quartz in the interstices of bladed hematite–magnetite aggregates that have replaced the calcareous sandstone (Forster et al., 2004).

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-1 7.0 EXPLORATION 7.1 Exploration 7.1.1 Grids and Surveys The Cadia Valley Operations grid and co-ordinate system is consistent for all deposits and operations. Grid north is aligned at 30.5º east of true north, and 19.3º east of magnetic north. This grid was used to locate all historical data, including drilling, and is used for all current drilling. A constant added to the entire Project grid co-ordinates in approximately 1995, to allow for the Ridgeway area, such that 10,000 was added to the easting, 20,000 to the northing, and 5,000 m added to the Australian height datum (AHD) elevation for all deposits. Surface topography as-builts across the Cadia East area are based on a combination of GPS, theodolite/total station and aerial photogrammetry surveys. Photogrammetry is levelled by ground-surveyed control points. The data is considered to be accurate to within ±500 mm. 7.1.2 Geological Mapping Surface geological mapping was performed by Newcrest geologists, in conjunction with staff of the NSW Department of Primary Industry (Orange 1:100 000 Geological Sheet, 1997). At the Ridgeway mine, during operations, development advances of approximately 4 m in length were mapped in detail to paper, at 1:250 scale for rock type, quartz veining and structures. The paper maps were georeferenced and digitized. The information was used to update the geological and fault interpretations for the deposit. Paper-based mapping was completed during the development of Cadia East Panel Caves 1 and 2. Underground mapping at a scale of 1:500, captured rock type and structures that were used to inform geological and structural interpretations. Data collected from mapping were transferred to the acQuire database, with digital records of the maps stored on the local network. Underground digital mapping at Cadia East commenced in November 2018, using the Maptek I- Site SR3 laser scanner, coinciding with commencement of the early works for PC2-3 development. This technology enables the capture of high-quality 3D photogrammetry for more accurate geological and structural interpretations. In addition, the system reduced the exposure of personnel at the development face underground and can be used to collect digital scans of unsupported development headings. Digital images are collected, geo-referenced and geologically mapped to inform the geological interpretation of the PC2-3 and PC1-2 footprint. Geological interpretation is focused on structural and lithological mapping within the mining footprint. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-2 7.1.3 Geochemistry Geochemical sampling has predominantly been completed in areas of Ordovician basement outcrop. Areas of Silurian sedimentary cover and Tertiary basalt are largely unsampled due to the lack of effectiveness of sampling techniques within these areas. Sampling methods included rock chip (1,336 samples), stream sediment (288) and soil sampling (8,397), for a total of 10,021 samples recorded in the Project database. Sample locations are shown in Figure 7-1. Surface geochemical sampling has principally been used as a mineralization vectoring tool to prioritize exploration prospects and generate direct drill targets. 7.1.4 Geophysics Airborne, ground, and drill hole geophysical surveys were conducted as summarized in Table 7-1. The areas of the completed airborne and ground geophysical surveys are summarized in Figure 7-2. A magnetic image of the Cadia area is provided in Figure 7-3. 7.1.5 Petrology, Mineralogy, and Research Studies Numerous research projects and studies were completed on the Cadia district and deposits within the district. These are summarized in Table 7-2. Regional/academic studies were completed that include:  Geochemical vectors to mineralization from hydrothermal alteration minerals such as epidote (green rocks studies);  Evaluation of the relationship of shoshonitic magmatism to gold–copper porphyry mineralization;  Examination of the system architecture of the alkalic porphyry copper deposits in the Cadia area. Multiple petrological studies were conducted as part of broader research studies and to directly understand the mineralogy of the Cadia deposits. Petrology has been completed on selected core and rock samples from Ridgeway, Cadia East, Cadia Hill and numerous exploration prospects. Corescan infra-red and near-infra-red hyperspectral analyses were conducted on selected drill core and RC chips from the Cadia deposits. This technique provides accurate mineralogical information through very high-resolution scanning of the sample and use of specific algorithmic processing of the acquired spectra. This technique can be used to accurately identify hydrothermal alteration minerals that are not readily identifiable during geological logging.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-3 Figure 7-1: Geochemical Sampling Note: Figure prepared by Newmont, 2024. N Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-4 Table 7-1: Geophysical Surveys Survey Type Year Note Airborne heli-magnetic and radiometric survey 1996 The entire Cadia mineralized system was covered by a heli-magnetic and radiometric survey, acquired by Geoinstruments during 1996. The system used a compensated ‘stinger’ magnetometer mounted on a Bell JetRanger, and a 16 L radiometric crystal pack. The specifications were 50 m spaced north–south lines, and a 25 m flight height. Magnetic data were acquired at 0.1 s intervals, and radiometric data at 1 s intervals. The heli-magnetic and radiometric data provide lithological, structural, and alteration information over the area. Three-dimensional inversion of the total magnetic intensity (TMI) data using UBC MAG3D software was used to create a 3D susceptibility block model. The magnetic response west of Cadia Hill is primarily the result of more mafic phases of the intrusive complex, which average around 0.01 SI susceptibility. The anomalies associated with Ridgeway, Cadia East, and the magnetic rim around part of Cadia Hill are primarily a result of magnetite alteration. The Tertiary basalt can sometimes be observed in the TMI data as remnantly-magnetized ‘lows’. Heliborne Falcon geophysical survey 2010 A heliborne Falcon geophysical survey was completed in June 2010. The survey was conducted on a 200 m traverse line spacing, and 2 km tie-line spacings, with a terrain clearance of 80 m. The survey was designed to gain a better picture of structure and gross lithology not evident in existing helimagnetic data as well as facilitate the investigation of blind felsic intrusive targets, and to assist in optimizing future drilling campaigns. Data interpretation indicates the presence of a number of felsic bodies in the survey area. Intrepid Geophysics were approached in September 2023 to apply their full-tensor processing workflow on the Falcon airborne (heliborne) gravity gradiometry (AGG) survey data acquired in 2010, across the Cadia Valley Operations. The full-tensor workflow is designed to maximize the AGG data signal to noise ratio to ensure the cleanest possible primary products for input into derived enhancements and other applications. The resultant data processed by Intrepid showed more consistency than the original Fugro data with more detail and less line parallel striations in the data. The processed raster images will be useful in the understanding of fundamental basement faults and the orientation of late intrusions along favorable hydrothermal pathways across Newmont’s tenure. Ground magnetic survey 1992 A ground magnetic survey using Overhauser magnetometers was conducted around the Cadia Hill and Cadia East areas. Newcrest personnel acquired the data on the local grid at 50 m line spacing, using a hip chain to trigger readings every meter. These data were used to help optimize the direction of the initial drilling at Cadia Hill. The data confirmed north–northwest structural and alteration trends extending outwards from limited

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-5 Survey Type Year Note exposures of quartz veining. Drill holes were oriented normal to this strike, which proved to be the dominant direction of mineralization. In early 1994, 2D and 2.5D inversions were performed on the ground magnetic data at Cadia East, using Geosoft MAGMOD3 software. The models suggested that an earlier 221 m hole drilled by Pacific Copper did not properly test the magnetic ‘high’ anomaly at Cadia East, as seen in the TMI data. As a result, a vertical core hole was drilled to 404 m depth in early 1994 (NC104). The hole intersected magnetite veins, monzonite dikes, and increasing copper grades at depth. Follow- up drilling discovered the Cadia East mineralization under Silurian sedimentary cover. Ground magnetic survey 1994 Partly as a result of the magnetite association with mineralization, the ground magnetic survey work was extended over the entire contiguous Cadia magnetic complex. This included the Ridgeway area northwest of Cadia Hill, where the magnetic complex continued under Tertiary basalt cover. Ground induced polarization 1995 Trial 200 m dipole-dipole induced polarization (IP) surveys were carried out by Scintrex Pty Ltd at Cadia Hill and Cadia East, with the dipole spacing selected to provide adequate depth of investigation. A Scintrex IPR-12 receiver was used, measuring apparent chargeability and resistivity. The Cadia Hill sulfides gave a large response about three times background in the pseudosection. Cadia East, which has a very high pyrite content in an upper disseminated zone (Sulfide Lode), gave a very large response about three times background beneath a minimum of 60 m of cover. Due to the success of these trials, additional lines along strike to the southeast and northwest were acquired. The stronger IP responses measured within the Cadia East area are due to the pyrite-rich Weemalla Formation sediments. The Ridgeway IP anomaly was drilled by RC drilling during 1995, and the drill hole intersected as much as 5% pyrite, with anomalous copper and gold, below the Tertiary cover. Subsequent deeper drilling discovered the Ridgeway deposit, at depths below 500 m. Ground 2D Mount Isa Mines Distributed Acquisition System (MIMDAS) IP and magneto- tellurics (MT) 2018– 2019 Geophysical Resources and Services Pty Ltd (GRS) carried out a survey of 2D MIMDAS IP and MT)to survey four prospects in the greater Cadia area, two of which, Cadia NE and Cadia NW, are within the current Project area. All lines used 200 m spaced receivers with a dipole- dipole configuration. The transmitter dipole locations, also on 200 m intervals, were spaced equidistantly between the receivers. Ground 3D MIMDAS IP and MT survey 2023 GRS were consulted to carry out a 3D MIMDAS IP and MT survey over the Barton Park– Rowan Brae prospects, situated to the northwest of the Ridgeway and Cadia mines. The array used 200 m spaced receivers with a dipole-dipole configuration. The transmitter dipole Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-6 Survey Type Year Note locations were read on 400 m intervals between the receivers. An additional sulfide discrimination AMIRA-P1245 Spectral IP project is proposed to be run once the final block is completed, providing suitable target and chargeability contrast exists. The survey was completed in November 2023. Preliminary 3D models have been produced with data quality control on the contractor’s final model underway. Geological interpretation of geophysical signatures within the models has also commenced for the purpose of target generation. Ground gravity 1994– 1995 Acquired at nominal 500 m spacing, using digital global positioning system (DGPS) instruments for positioning and levelling. Significant structural trends are evident in the data, especially a northeast-oriented structure in the vicinity of Cadia Hill, and the west over east Cadiangullong thrust fault. Ground magneto-telluric survey 2017 Consisted of two lines, with station spacings at 500 m along lines 1 km apart. Due to the limited nature of the data collected, no evaluations have been done to date. Magneto-telluric survey extensions are planned as part of anticipated MIMDAS IP survey activity. Downhole electromagnetics Downhole transient electromagnetics has been trialed in the Ridgeway area, with data being acquired by Outer Rim using Crone equipment. No off-hole conductors were observed. Physical property measurements 1995– 2023 A significant quantity of physical property information has been acquired, both from well logs, and measurements on core. The information has been used as constraints in geophysical modelling, as well as to assist density characterization for resource calculations. Remnant magnetization measurements were performed on core from the Big and Little Cadia magnetite-bearing skarns.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-7 Figure 7-2: Geophysical Survey Location Plan Note: Figure prepared by Newmont, 2024. N Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-8 Figure 7-3: Geophysical RTP Regional Magnetic image (0.5vd) Note: Figure prepared by Newmont, 2024.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-9 Table 7-2: Research Theses Thesis Type Year Author Title PhD 2003 A. Wilson The Geology, Genesis and Exploration Context of the Cadia Gold–Copper Porphyry Deposits, New South Wales, Australia: PhD thesis, University of Tasmania. 2010 A.L. Garcia- Cuison Geology and Genesis of the Ridgeway Porphyry Au-Cu Deposit, NSW: PhD thesis, University of Tasmania. 2012 N. Fox Controls on Alteration and Mineralization at the Cadia East Alkalic Porphyry Au-Cu Deposit, NSW: PhD thesis, University of Tasmania. MSc 2006 M. Washburn Architecture of the Silurian Cover Sequence in the Cadia Porphyry Au-Cu District, NSW, Australia: Implications for Post-Mineral Deformation: MSc thesis, University of Maine. BSc Honors 2005 J.C. Kitto Lithostratigraphy, Alteration and Geochemistry at the Cadia East Au-Cu Porphyry Deposit, NSW: BSc Hons thesis, University of Tasmania. 2006 D.J. Finn Late Stage Phyllic Alteration in the Cadia East Copper–Gold Porphyry Deposit NSW, Implications to Mineralization: BSc Hons thesis, University of Tasmania. As the targeted mineralization styles are well known to have predictably zoned hydrothermal alteration patterns around mineralized centers, being able to identify the mineralogical assemblages of drilling samples can be a useful tool for improving the understanding of the known orebodies and vectoring towards orebodies in exploration. Drill core from the Cadia East and Ridgeway deposits, as well as from regional prospects, were analyzed to assist in this process. 7.1.6 Qualified Person’s Interpretation of the Exploration Information The exploration programs completed to date are appropriate to the style of the deposits and prospects; Exploration potential remains within the Project area, and Newmont is actively exploring using a number of conceptual geological models to drive the exploration activities. 7.1.7 Exploration Potential Cadia is a mature district, and the amount of data and geological knowledge that is available is extensive. Prospects within the Project area are shown in Figure 7-4. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-10 Figure 7-4: Regional Prospects Note: Figure prepared by Newmont, 2024.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-11 Historically these prospects have broadly been divided into the following target styles:  Porphyry gold–copper, mainly located on northwest–southeast-oriented structural trends extending outwards from the Cadia deposits. Includes associated pegmatite-related sulfide lenses and breccias;  Gold–base metal quartz–carbonate veins and breccias;  Gold–copper ‘breccia pipes’;  Replacement style magnetite/hematite–copper–gold skarns;  Distal reduced gold skarns. 7.2 Drilling 7.2.1 Overview 7.2.1.1 Drilling on Property Table 7-3 summarizes the drilling to December 31, 2023 on a Project-wide basis. Across all programs, a total of 6,813 drill holes (about 1,696,221 m), has been completed. A Project-wide drill location plan is included as Figure 7-5. Drill types used on a Project basis to December 31, 2023 include core, RC, aircore, rotary air blast (RAB), sonic, and percussion (Table 7-4). Core drilling is the predominant drill type. Drill holes are typically coded in the database by drill hole purpose, which can include geotechnical, raise bore, resource development (ResDev) and general underground designations; however, the database may not record the drill hole type for every drill hole. Drill holes for which no purpose or drill type were recorded are tabulated as “other”. The database stores trench data as a dummy drill hole type. The drilling that supports the mineral resource estimates consists of:  Cadia East: 530 drill holes (about 420,800 m), Table 7-5;  Ridgeway: 532 drill holes (about 258,622 m), Table 7-6;  Big Cadia: 558 drill holes (about 71,447 m), Table 7-7. Drill collar location plans showing the drilling supporting the estimates are provided as Figure 7-6 for Cadia East, Figure 7-7 for Ridgeway, and Figure 7-8 for Big Cadia. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-12 Table 7-3: Project Drill Summary Table by Company Operator Number of Drill Holes Meters Drilled (m) BHP Gold Mines 33 571 Newcrest 4,947 1,534,474 Pacific Copper 363 31,690 Unknown 1,470 129,486 Totals 6,813 1,696,221 Note: numbers have been rounded

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-13 Figure 7-5: Project Drill Hole Location Plan Note: Figure prepared by Newmont, 2024 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-14 Table 7-4: Project Drill Summary Table by Area Deposit/Location Drill Types Number of Drill Holes Meters Drilled (m) Big Cadia Core, resource development, RC, percussion, trench, other 500 40,134 Cadia Central Core, resource development 22 9,131 Cadia East Aircore, core, geotechnical, raisebore, resource development, RC, RAB, percussion, sonic, other 1,981 718,685 Cadia Hill Aircore, core, geotechnical, resource development, RC, RAB, percussion, other 1,488 288,208 Cadia Extended (Cadia Quarry) Core, resource development, RC, trench, other 531 118,486 Cadia West Core 6 5,853 Forest Core, RC, other 305 33,753 Four Mile Creek Core, resource development, RC, percussion, other 301 54,039 General exploration Aircore, core, RC, other 64 5,050 Nashdale Core, RC 21 3,245 Paunara Other 624 102,429 Ridgeway Aircore, core, geotechnical, resource development, underground, RC, percussion, RAB, trench, other 965 313,769 Wire Gully Core, resource development 5 3,439 Total 6,813 1,696,221 Note: Numbers have been rounded. “Other” is assigned to drill holes in the database for which no drill hole purpose was allocated. General exploration includes some RC holes that were assigned to joint venture purposes in the database, but are within the Project mineral tenure outline. Trenches are included in the drill database as dummy drill holes. There are 29 geotechnical inspection and monitoring drill holes that have no recorded metreage in the database.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-15 Table 7-5: Drill Holes Supporting Cadia East Mineral Resource Estimate Company Drill Type Number of Drill Holes Meters Drilled (m) Newcrest Core 530 420,800 Total 530 420,800 Note: numbers have been rounded Table 7-6: Drill Holes Supporting Ridgeway Mineral Resource Estimate Company Drill Type Number of Drill Holes Meters Drilled (m) Newcrest Core 517 258,065 Subtotal 517 258,065 Pacific Copper ResDev department 1 61 Subtotal 1 61 Unknown Aircore, percussion, RC, RAB 14 496 Subtotal 14 496 Total 532 258,622 Note: numbers have been rounded Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-16 Table 7-7: Drill Holes Supporting Big Cadia Mineral Resource Estimate Company Drill Type Number of Drill Holes Meters Drilled (m) Newcrest Core 84 23,650 Other 17 102 Percussion 19 348 ResDev department 78 21,064 RC 54 2,557 Subtotal 252 47,721 Other Core 1 100 Other 29 1,569 Percussion 4 232 ResDev department 4 155 Reverse Circulation 2 174 Subtotal 40 2,230 Pacific Copper Other 101 4,664 ResDev department 165 16,832 Subtotal 266 21,496 Total 558 71,447 Note: numbers have been rounded

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-17 Figure 7-6: Cadia East Drill Hole Location Plan Note: Figure prepared by Newmont, 2023. Due to the block model extents, some drilling that is used in the Ridgeway model is included in the plan view. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-18 Figure 7-7: Ridgeway Drill Hole Location Plan Note: Figure prepared by Newmont, 2023. Due to the block model extents, some drilling that is used in the Cadia East model is included in the plan view.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-19 Figure 7-8: Big Cadia Drill Hole Location Plan Note: Figure prepared by Newmont, 2024. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-20 7.2.1.2 Drilling Excluded For Estimation Purposes Aircore, RAB, sonic, and percussion drill types are not used in mineral resource estimation. 7.2.1.3 Drilling Since Database Close-out Date The data supporting the Cadia East resource estimate was extracted on February 8, 2021. Since the database closeout, 363 drill holes have been completed for 60,869 m. Drill hole locations are shown on Figure 7-9. Recent drilling and assaying has been completed within PC1–2, PC1–3, PC2–3 and PC3–1 cave volumes. Additional drilling and sampling located in PC1–2, PC1–3, PC2–3 was completed to increase the level of insitu geological confidence and is expected to have only a local impact on grade. Drilling proximal to PC3–1 and the mineralization margins at depth is expected to have a larger impact on the resource model, when incorporated, due to the wide drill spacing. Changes may occur in the locations of the bounding lithological contacts, to the grades assumed on the edges of the cave design, and to mine planning optimization of higher grades in the upper portion of the lift. The data supporting the Ridgeway mineral resource estimate was extracted on March 31, 2009. Due to the nature of caving operations, no insitu drilling data can be obtained once material is mobile. As a result, since the database close out, only 29 drill holes have been completed for 5,953 m. Holes have been drilled for a variety of reasons, including geotechnical investigation, resource definition and infrastructure installation. As a result, not all drill holes have been assayed. As only a small number of drill holes have been added, the estimate has remained consistent since 2009. 7.2.2 Drill Methods The drilling of the Cadia East deposit includes drill core of the following sizes, NQ3 (47.6 mm core diameter), HQ3 (63.5 mm) and PQ (85 mm). Drilling at Ridgeway is predominantly LTK60 (44.0 mm), NQ (47.6 mm) or HQ (63.5 mm) core sizes. Drilling at Cadia Extended included NQ, and HQ core, and RC drill holes. The Cadia Extended RC program was primarily for production purposes in the period the open pit was operational. The Big Cadia deposit drilling consists of PQ, NQ, and HQ core, and RC drill holes. Most drill holes are collared at PQ or HQ sizes for accurate and safe drilling. The drill hole size is then reduced at the geologist’s discretion as the drill hole advances. All recent drilling is orientated using the Reflex Orientation tool (ACT III). During logging the length (or number) of consistently oriented runs provides a gauge of the reliability of oriented core. Core drilling in the 2000s was oriented using the BallMark orientation system or the ACE electronic (accelerometer) tool. During early programs, drill holes were oriented using a chinagraph spear on three consecutive runs at defined intervals.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-21 Figure 7-9: Drilling Since Cadia East Database Closeout Date Note: Figure prepared by Newmont, 2024. N Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-22 All recent core drilling retrieves the core using triple-tube splits for enhanced recovery and protection from core loss. Surface RC drilling has historically been used for infill resource definition on occasion; however, geotechnical data is not collected from RC drilling. Percussion, RC, aircore, and RAB drilling techniques have been used, where Project requirements and objectives allow; however, currently core drilling is the preferred drill method. 7.2.3 Logging Early logging (pre-2000) was conducted on 1 m intervals. Geological logging style and quality is dependent on the drill program and date. Logging completed prior to 1995 was recorded on paper logs. Only Newcrest drill holes after 1995 are electronically recorded in acQuire. For Newcrest programs after 2000, lithology is logged on a variable interval basis with intervals determined from combinations of rock type, alteration, structure, and mineralization. Geological logging is performed using acQuire software to record observations made on core and percussion chips onto laptop computers. Procedures for geological and geotechnical logging are outlined in Newcrest’s logging guides. The exploration drill core logging system consists of six log sheets (windows) into which data are entered. Log sheets include information on the drill collar, lithology, mineralization, structure, geotechnical, and bulk density. Lithology is logged based on the geological unit, with subdivision created based on alteration and mineralization. The lithology intervals form the base for lithological models and geotechnical domains. Historically, mineralization was logged on 2 m intervals that corresponded to the 2 m sample intervals. Modern logging records mineralization from short to broad intervals relative to the absence/presence of potentially-economic sulfide content. The structure log is designed to capture major discontinuities such as shears, faults, intrusive contacts, foliation, bedding, and veins. Geotechnical logging includes interpretation and identification of major structures likely to form a discrete failure surface. Unless joints and fractures are related to a larger structure, their logging is recorded as a set. Detailed geotechnical data collection is not routinely obtained from all core drill holes; however, basic geotechnical parameters such as rock quality designation (RQD), recovery and fracture frequency are collected. Logging information is recorded directly from the digital loggers. The software automatically validates the data using validation checking tables to ensure only accepted codes can be entered into specific areas. The acQuire database management software has data entry protocols that ensure the soundness of imported data. Sample identifiers are generated on site and assays are loaded by direct transfer from laboratory, validated by a geologist. All assay results are provided with laboratory certification. All core holes are processed in-house by, in order, orienting, marking-up, then photographing, and cutting for sample assay.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-23 7.2.4 Recovery There are only minor zones of lost core or poor core recovery overall. Core recovery is generally excellent Project-wide, with core recoveries in fresh rock of around 99–100%. Core recoveries are routinely recorded by geologists and core technicians. This is monitored by geological personnel to highlight core loss in mineralized areas. At Cadia East, there are small zones of lost core or poor core recovery. Core loss is largely constrained to surface drilling, with underground drilling returning 99.7% recovery. At Ridgeway, in general, there are only minor zones of lost core or poor core recovery. For the majority of the completed drill holes, core recovery is 100%. Core loss at Big Cadia is moderate in the weathered zones and where old workings are intersected. For drill programs conducted by Newcrest, core recovery averaged 90% overall, with 86% recovery in oxide and partially oxide material, and 99% in fresh rock. No core recovery information exists for non-Newcrest drill holes within the current database. In the QP’s opinion, the core recovery data are acceptable and will not bias the mineral resource estimate for Big Cadia. 7.2.5 Collar Surveys All drill hole collars were surveyed by Newcrest or predecessor company survey staff. Survey methods included theodolite surveys and differential global positioning system (DGPS) instruments. The majority of drill hole collars are recorded by mine surveyors, loaded by the database administrator or geologists, and validated by supervising geologist. Drill holes that require high accuracy are aligned by mine surveyors before commencement of drilling. 7.2.6 Down Hole Surveys Drill holes are normally surveyed using a combination of electronic and gyroscope survey tools. Currently, at Cadia East, single-shot surveys using the Imdex OMNIx42 tool at 15 m or 30 m intervals. At the geologist’s discretion, end-of-hole continuous surveys are requested if there are suspect surveys throughout the hole. Historically, tools such as the FlexIT Smart Tool EMS system (EMS), the Ranger EMS system, and an Eastman camera were used. Down-hole surveys at Ridgeway were collected using a variety of instrumentation, including Eastman Camera, Eastman single-shot, electronic multi-shot, Maxibor, north-seeking gyro, and standard gyro. The majority of underground drill holes were surveyed using the Maxibor optical tool. Gyro surveys were completed by Downhole Surveys Pty Ltd at drill hole completion at down- hole intervals of 5 m. Surveys were completed to as close to total hole depth as possible. The legacy downhole surveying techniques at Big Cadia are unknown. Newcrest’s downhole surveying was completed using Eastman single-shot instruments outside the magnetic skarn units. Post-2004, downhole drill surveys were conducted using gyroscopic instruments at nominal 30 m intervals down hole. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-24 7.2.7 Comment on Material Results and Interpretation Drill spacing in Cadia East ranges from approximately 20 x 20 m in the better drilled deposit areas to about 200 m spacing on the less well drilled portions of the deposit. Ridgeway Deeps drill spacing ranges from approximately 30 x 30 m to about 100 x 100 m. The drill spacing at Big Cadia varies from 25 x 25 m in the upper elevations to 50 x 50 m spacing at depth. The term “true thickness” is not generally applicable to porphyry-style deposits as the entire rock mass is potentially mineralized and there is often no preferred orientation to the mineralization. In areas that display porphyry-style mineralization, in general, most drill holes intersect mineralized zones at an angle, and the drill hole intercept widths reported for those drill holes are typically greater than the true widths of the mineralization at the drill intercept point. The Big Cadia deposit is essentially flat-lying. Drilling is typically near-vertical. This drill orientation is acceptable for the majority of the mineralization orientation, and results in drilled widths that approximate true widths. In the opinion of the QP, the quantity and quality of the logged geological data, collar, and downhole survey data collected in the exploration and infill drill programs are sufficient to support mineral resource (Ridgeway and Big Cadia) or mineral reserve (Cadia East, Ridgeway) estimation. While dated, the Ridgeway information is considered sufficient for the proposed mining method, based on historical reconciliation. In the QP’s opinion, no material factors were identified with the data collection from the drill programs that could significantly affect mineral resource (Ridgeway and Big Cadia) or mineral reserve (Cadia East, Ridgeway) estimation other than outlined for Big Cadia in Chapter 9.1.6, where confidence classifications were restricted. 7.3 Hydrogeology 7.3.1 Overview The main aquifers in the Cadia region are within fractured systems of the Tertiary basalt and structural zones in the underlying Silurian and Ordovician rocks. The extent of the fractured aquifer system is uncertain, and is dependent on the connectivity of fracture networks, as well as the occurrence of chemical precipitates, or clay infill restricting groundwater flow. The transmission of groundwater within these fractured systems may be enhanced in the weathered zone and restricted at depth, due to a combination of rock mass loading (which reduces fracture apertures) and an absence of weathering. Perched groundwater systems may form at the interface between weathered and fractured units (including Silurian/Ordovician rocks and Tertiary basalt), which overlie fresh massive rock. These systems will drain downslope and emanate as surface seepage typically within creek lines or topographic breaks of slope.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-25 7.3.2 Sampling Methods and Laboratory Determinations The Cadia monitoring drill hole network has continuously expanded over time due to the inherent complexity of fractured bedrock aquifers. Currently there are 149 groundwater drill holes active within, and surrounding, the Cadia Valley Operations, of which 120 are monitored on a routine basis. Groundwater monitoring is completed via this network of monitoring drill holes, covering all areas of the mine lease and the regional areas peripheral to the mine operations. In total, 321 groundwater quality samples are collected annually. Monitoring data are collected for the following variables:  Groundwater level (piezometric surface);  Water quality variables. Groundwater quality sampling is performed in accordance with Australian New Zealand Standard AS/NZS 5667.11. All samples sent for analytical testing are provided to ALS Environmental Division, a National Association of Testing Authorities (NATA) certified laboratory, located in Sydney, NSW. ALS is independent of Newmont. 7.3.3 Comment on Results Groundwater levels are constantly monitored via a telemetry network of 66 monitoring bores, providing six hourly data on water levels. Additional to the automated network, site personnel routinely collect water level and quality information on a monthly, quarterly, and annual basis. Information obtained from monitoring is summarized and reviewed by specialist hydrogeology third party consultants every six months. The piezometric surface on a regional scale has been relatively stable over time, with the exception of the steep zone of depressurization that has developed locally around the Cadia Hill Pit and the Ridgeway/Cadia East mines. 7.3.4 Groundwater Models A regional numerical groundwater flow model has been developed to predict impacts from mining and tailings storage at Cadia. This model has been modified, refined, and improved to replicate site conditions and prediction capacity through subsequent updates in 2013, 2016, and 2021. The most recent revision of the groundwater model (using MODFLOW-USG software) occurred in 2021 using monitoring data up to mid-2020. The updated model provides predictions of groundwater level drawdown, inflow to mining areas and pits, leakage from TSFs, and baseflow losses in creeks and streams. A new regional numerical flow model is under development and, when finalized, will integrate all of the geological, hydrological and hydrogeological information gathered after 2021. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-26 7.3.5 Water Balance The site water balance is on average negative and as a result, the site needs to import water to satisfy all the demand requirements. During wet seasons, however, the site water balance becomes positive, capturing more water than required. The climatic cycle from late 2019 to early 2023 resulted in an excess of water on site, primarily stored in the former Cadia pit, which is being used as tailings storage facility. The water balance model, a Goldsim model, simulates water storage, supply, and use based on historical weather data and climatic scenarios. The model incorporates extensive variables related to starting water storage, pumping rates, processing rates, triggers, and others. It serves as a forecasting tool to assess the site water balance for both short and long terms. The model's input assumptions include water availability, water security licenses, future production rates, water recovery, the settled density of tailings, and operational water demand. 7.4 Geotechnical 7.4.1 Overview Most drilling is core drilling with a triple tube configuration, as this suits the mineralization style. Geotechnical data are not collected from RC drill holes. The procedures for geotechnical logging are outlined in an internal guidance document, the Cadia Logging Guide. Core drillers are directed to mark induced breaks in the core so that these breaks are not counted as natural fractures. The geotechnical logger also assesses the breaks and excludes any deemed to be mechanically induced that have not been marked by the core driller. Detailed geotechnical data collection is not routinely obtained from all core drill holes, with the extent of collection dictated by the aims of the individual drilling program, considering the existing geotechnical data proximal to the planned drilling targets. At pre-mining stages when limited data may be available, geotechnical logging and sampling of drill core is prioritized to obtain sufficient data to make an informed geotechnical assessment of the rock mass conditions. At later development stages, rock strength testing and geotechnical logging may not be considered necessary, though all attempts are made to geotechnically log the core if the resources are available. 7.4.2 Sampling Methods and Laboratory Determinations 7.4.2.1 Geotechnical Logging Newmont uses acQuire software systems to record geological and geotechnical observations on to laptop computers. Until April 2021, geotechnical logging was collected in one data entry object that covered rock mass data (e.g., RQD, fracture frequency, intact rock strength) and defect data (e.g., joint, fracture, vein) grouped into sets.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 7-27 From April 2021, the rock mass and defect data have been separated into two data entry objects (rock mass and defects), with the defect data collected per defect (and not as sets within a defined interval) to allow for fracture spacing analysis to be undertaken and average spacing to be calculated. 7.4.2.2 Laboratory Rock Strength Testing Where considered necessary by the Geotechnical Department, core specimens are sent to a NATA (National Association of Testing Laboratories, Australia) accredited laboratory for rock strength testing. These tests routinely include uni-axial compressive, tri-axial and tensile strength tests, with specialty testing (e.g., raise bore index, CERCHAR abrasivity index) as required for the drill hole purpose. 7.4.2.3 On-site Point Load Testing Selected drillholes are point load tested at the on-site Core Processing Facility using a Geosystems PLT-10 point load tester to obtain Is50 values. This is usually done systematically (every 1 or 2 m, on the meter mark) to remove sample selection bias and to facilitate determining rock mass quality at various scales, in addition to providing an intact rock strength determination at the tested depth. 7.4.3 Comment on Results The geological hard rock setting at Cadia East and Ridgeway is well understood and displays reasonable consistency through the spatial extent of the host sequences. Where this is not the case due to geotechnical conditions or alteration (e.g. Ca-La Fracture Zones), these areas are well defined and domained accordingly. To date, the geotechnical data collection programs have provided data suitable for use in the mining operations, with this data used in various geotechnical models (e.g., RMR, Q’, P32 and Is50) that inform at both tunnel (development design) and cave/mine-wide (e.g., subsidence, flow, fragmentation, propagation and seismic hazard) scale. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 8-1 8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY 8.1 Sampling Methods 8.1.1 RC RC drilling is not a preferred technique. Big Cadia was drilled using RC methods. RC drilling at Big Cadia included 1 m intervals in pre-2000 drill programs. Splits were retained in calico bags and placed on spoil piles on the ground. Scoop samples were taken from the spoil piles for 4 m composites. If anomalous grades were returned, the 1 m splits were submitted and analyzed. Post 2000, resource definition samples were collected through a 1:8 riffle splitter attached to the rig cyclone. The splitter produced a bulk reject that was bagged (numbered) and temporarily stored for reference and logging. A primary split of 2 to 5 kg was achieved through the 1:8 chute. 8.1.2 Core Core sampling is the primary method for collecting insitu elemental information. Currently, core is sampled and analyzed on 2 m intervals. Intact and competent drill core is cut in half along the cut-line using a diamond saw. Where the core is too soft to be cut with a diamond saw, a knife is used to cut the core in the core tray. Where the core is too broken or brittle to be cut by the saw, the fragments are manually sampled. The left hand of the cut core is placed in a calico bag, marked with a unique sample number and sent to the laboratory for assaying. The remaining half-core is stored in the original tray on a pallet at the core processing facility for an unspecified period and then moved to storage at the Cadia core farm. Exclusive control over the checking and entry of analyses from the laboratory is restricted to database administrator(s) and selected geologists. Sampling statistics recorded in the acQuire database include:  Ridgeway: minimum 0.10 m, maximum 9.40 m, average 1.5 m. Core is sampled and analyzed on intervals determined by the geologist, with the aim of a nominal 2 m sample interval;  Cadia East: minimum 0.10 m, maximum 10.60 m, average 1.72 m. Core is sampled and analyzed on intervals determined by the geologist, with the aim of a nominal 2 m sample interval;  Big Cadia: NQ and HQ core sampled on 1 m sample intervals. PQ core was sampled on 0.5 m sample intervals within mineralization and 1 m sample intervals in visually un- mineralized zones. After core logging is complete, the core is photographed.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 8-2 8.1.3 Grade Control Once a block or panel cave has mobilized, it is not possible to obtain insitu drilling data. As such, progressive grade control drilling is currently not completed at Cadia East. At the commencement of caving, all insitu data were collected for the life of the caving front. Historically, pre-conditioning drilling was completed to sufficiently facture the groundmass for successful caving in PC1–1, PC2–1 and PC2–3 caves. The drill core was subsequently logged and assayed as grade control drilling to provided robust insitu assay modelling and interpretation data into geological models and estimates. During operations at Ridgeway, an approximate 30 kg grab sample was collected from every 4 m development cut, and assayed for gold and copper. Results were used for grade control purposes. 8.1.4 Production Sampling Cadia East production drawpoint samples are typically collected as 5–8 kg of sample in calico bags from the buckets of the load–haul–dump (LHD or bogger) vehicles. A nominal 45 mm screen is used to eliminate bias from large particles, and to ensure sample representivity. The Cadia East development face sampling procedure is to sample from one side of the muck pile moving across to the other side of the muck pile, sampling at a minimum of three different locations. The sampler also ensures there no individual rock is greater than fist size to eliminate bias from large particles, and to ensure sample representivity. During operations at Ridgeway, an approximate 30 kg grab sample was collected from every 4 m development cut, and assayed for gold and copper. Results were used for reconciliation purposes. Production reconciliation sampling was collected as 8–12 kg of sample in calico bags from the buckets of the LHD or bogger vehicles, or from pre-made bunds of sample material. Samples were typically collected every 400 t from three locations across the LHD or bogger bucket or bund to ensure sample retrospectivity, and ultimately combined into one sample for submission. 8.2 Sample Security Methods Sample security at the Cadia Valley Operations has not previously been monitored. Historically, sample collection from drill point to laboratory relies upon the fact that samples are either always attended to, or stored in the locked on-site preparation facility, or stored in a secure area prior to laboratory shipment. In June 2023, the core processing facility transitioned to a boom gate security system, which is activated when persons entering the location are ‘tagged on’ and logged into the site. This allows for the monitoring of all personnel entering the sample preparation area. Chain-of-custody procedures consist of sample submittal forms to be sent to the laboratory with sample shipments to ensure that all samples are received by the laboratory. Three core yards are currently in use: Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 8-3  Mine site core processing facility: secure facility used for core processing (logging, sampling);  Mine site core storage facility: approximately 2 km north of the mine site processing yard; designated yard used to store core following processing at the mine site facility;  Exploration yard: about 5 km northeast of the mine site core processing facility; used for exploration core processing and storage. Core is stacked on pallets so that a forklift can be used to order and retrieve core. Site personnel have a system of ordering the archival core. Exploration core tray locations are recorded. Pulps and coarse rejects are delivered to the Corfe Processing Facility and Exploration Yard in shrink wrapped (plastic wrapping) pallets. Exploration and resource definition drilling pulps are sorted and housed within sea containers or sheds for permanent storage. Grade control pulps (drawpoint and/or face samples) are stored for a period of six months before disposal. 8.3 Density Determinations Intervals for bulk density determination are selected according to lithology, alteration and mineralization considerations. Density determinations are performed on site by geologists or geological assistants as part of the logging process, and use the water immersion method. Depending on the deposit and the geotechnical conditions encountered, measurements are generally taken at 20–50 m intervals down hole. Dry and wet core wights are recorded in the acQuire database manually, with the calculation occurring within the acQuire software. Bulk density is calculated using the formula:  Bulk density (g/cm³ or t/m³) = dry weight (g)/(dry weight – wet weight) (g). Density measurements are statistically analyzed during the estimation process, with outlying or erroneous data excluded from any calculations or estimations. There are 15,828 density determinations in the database for Cadia East as at December 31, 2023. These range from 1.00–to 5.26 t/m³, with a mean of 2.76 t/m³, and median of 2.76 t/m³. At Cadia East, bulk density has been estimated using an inverse distance weighting to the second power (ID2) method. There are 9,421 density determinations in the database for Ridgeway as at December 31, 2023. These range from 0.76–7.90 t/m³, with a mean of 2.80 t/m³, and median of 2.79 t/m³. Bulk density was assigned by domain at Ridgeway. Assigned values ranged from 2.76 t/m³ in the Barren Monzonite below Purple Fault to 2.85 t/m³ in the Forest Reef Volcanics and Monzodiorite west of Rimmers Fault. A total of 539 density measurements are in the Big Cadia database. Density was assigned by lithology type, using different density values for fresh, transition and oxide materials as follows:  Skarn: 3.5 t/m3 (fresh), 3.2 t/m3 (transition), 3 t/m3 (oxide);  Transition skarn: 3.3 t/m3 (fresh), 2.7 t/m3 (transition), 2.4 t/m3 (oxide);  Limestone: 2.7 t/m3 (fresh), 2.4 t/m3 (transition), 2.1 t/m3 (oxide);

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 8-4  Volcanics: 2.8 t/m3 (fresh), 2.5 t/m3 (transition), 2.2 t/m3 (oxide);  CIC: 2.7 t/m3 (fresh), 2.4 t/m3 (transition), 2.1 t/m3 (oxide);  Sediment: 2.6 t/m3 (fresh), 2.3 t/m3 (transition), 2 t/m3 (oxide). A density of 2.2 t/m3 was assigned to underground workings to allow for some backfill material. 8.4 Analytical and Test Laboratories A number of laboratories were used during the exploration and operational history:  Analabs, located in Townsville (Analabs): used as the primary laboratory in early campaigns from 1998–2000. Laboratory was independent of Newmont/Newcrest. Accreditations during the time used are not recorded in the Project database;  AMDEL, located in Orange (AMDEL Orange): used as the primary laboratory for assaying until May 2004. Laboratory was independent of Newmont/Newcrest. Accreditations during the time used are not recorded in the Project database;  AMDEL, located in Perth (AMDEL Perth): noted to have been used for primary assay of two drill holes from Ridgeway in 2005–2006. Laboratory was independent of Newmont/Newcrest. Accreditations during the time used are not recorded in the Project database. There is no information as to sample preparation or analytical protocols used;  ALS Chemex, located in Orange (ALS Orange): used from May 2004 until May 2010 as a primary laboratory, and since September 2023, currently used to perform resource definition assays. Laboratory was independent of Newmont/Newcrest. ALS Orange and ALS Brisbane are currently used as the primary laboratories for all resource definition core samples. Preparation and fire assay is performed at ALS Orange. Pulp samples, prepared at ALS Orange, are currently being sent on to ALS Brisbane for multi-element assay. Both ALS laboratories are ISO 17025-2005 accredited for specific analytical methods and ISO 9001- 2015 accredited;  Newcrest Services Laboratory, located in Orange (NSLO): used as the primary laboratory for resource sample analysis from June 2010, until 2023. Currently, the NSLO is used as the primary laboratory for production drawpoint and development samples. The NSLO holds ISO 17025 accreditations, and is not independent of Newmont/Newcrest;  Intertek Laboratory, located in Perth, Western Australia (Intertek Perth): used as check laboratory from 2018 to date. Laboratory is independent of Newmont/Newcrest. ISO 17025 accredited for specific analytical methods. Earlier in the Project history, check assays were completed at Genalysis in Townsville, AAL in Orange, Analabs in Townsville, and ALS Chemex in Townsville. Genalysis is now owned by the Intertek Group. Laboratory accreditations at the time used are not recorded in the Project database. All of these laboratories were independent of Newmont/Newcrest. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 8-5 8.5 Sample Preparation Sample preparation methods have some variations over time. For sample preparation prior to April 2009, where known, the overall sample preparation procedure typically included:  Weighing and oven-drying;  Crushing to 2 mm;  Pulverizing to 90% passing 75 µm. After April 2009, and to date, the sample preparation procedure has typically been:  Weighing and oven-drying;  Crushing to 2 mm;  Pulverizing to 95% passing 106 µm. 8.6 Analysis Sample preparation and analytical methods have some variations over time. Prior to 2016, samples were generally assayed, where known, as follows:  Gold determined using fire assay and atomic absorption spectroscopy (AAS);  Copper in the Ridgeway deposit area was initially determined by multi-acid digest with AAS finish;  Copper determined by inductively coupled plasma–optical emission spectrometry (ICP– OES). Ore grade (>1%) mixed acid digest for Cu ≥1% with flame AAS finish;  Sulfur, iron, molybdenum, lead, zinc grades determined by ICP–OES;  Cyanide-soluble copper (CuCN) determined by flame AAS. Results were recorded electronically and uploaded to the resource database for checking and validation. Analytical methods from 2016 onward include:  Fire assay using a nominal 30 g or 50 g sample charge, four-acid digest/AAS read, two-acid digest/OES read for grade control samples;  Copper determined by ICP–OES after four-acid digest;  Ag, As, Bi, Co, Fe, Ni, Pb, Sn, Zn and S determined by ICP–OES after four-acid digest;  S >10% by combustion analysis (furnace and infra-red absorption);  CuCN (solution strength 0.4% CN/sample weight 0.2 g and time four-hour leach).

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 8-6 Where known, the laboratories, analytical methods, elements analyzed, and detection limits are provided in Table 8-1. 8.7 Quality Assurance and Quality Control 8.7.1 QA/QC Procedures A comprehensive QA/QC program is in place for sample analysis. Metallurgy and waste characterization are generally determined once assays have been received, validated, and interpreted. The QA/QC procedures currently involve some or all of the following:  Received sample weights;  Standard reference material (SRMs);  Duplicates from the crusher coarse splits;  Duplicates from the pulverizer pulp;  Checks on grind and crush size from the sample preparation steps;  Replicate submissions of pulps to an alternative laboratory for analysis;  Replicate submissions of pulps to the same laboratory for analysis;  Random insertion of blank samples. The procedures also include visits to the laboratory for confirmation of actual procedures applied, and monthly QA/QC meetings with laboratory personnel. A monthly report is prepared for the site Superintendent – Geology detailing QA/QC performance and reports are prepared to support the documentation of the mineral resource estimates. All assays are checked and verified in accordance with QA/QC and database management procedures. Sample identifiers are generated on site and assays are loaded by direct transfer from one of the laboratories, then validated by a geologist. All assay results are also provided with laboratory certification. Logging information is transferred directly from the digital loggers. A validation checking table ensures only valid codes can be entered to specific areas. The acQuire database management software has data entry protocols that ensure the validity of imported data. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 8-7 Table 8-1: Elements Analyzed and Detection Limits Laboratory Method Element and Detection Limit AAL As (1 ppm); Au (1 ppm); Mo (1 ppm) ALS Chemex OG46 Ag (1 ppm) OG49 Ag (1 ppm); Cu (0.01%); Zn (0.01%) IC581 Ag (1 ppm); As (2 ppm); Bi (5 ppm); Co (5 ppm); Cu (1, 5 ppm); Mo (5 ppm); Pb (5 ppm); S (1, 10 ppm); Zn (1, 5 ppm) MEICP41 Ag (0.1, 0.2 ppm); As (1, 2 ppm); Bi (1, 2 ppm); Co (1 ppm); Cu (1 ppm); Fe (0.01%); Hg (1 ppm); Mo (1 ppm); Ni (1 ppm); Pb (1, 2 ppm); S (0.01%); Sb (1, 2 ppm); Sn (10 ppm); Te (10 ppm); W (10 ppm); Zn (1, 2 ppm) MEICP42 Ag (1 ppm); As (2 ppm); Cu (1 ppm); Fe (0.01%); Mo (5 ppm); Pb (5 ppm); S (0.001%, 10 ppm); Sb (5 ppm); Zn (5 ppm); MEICP49 Ag (0.1, 0.2 ppm); As (1, 2 ppm); Bi (0.1, 5 ppm); Cu (1, 2 ppm); Fe (0.01%); Mo (1 ppm); Pb (1, 2 ppm); S (0.01%); Zn (1 ppm) MEMS61 Ag (0.01%, 0.1 ppm); As (0.2 ppm); Ba (10 ppm); Be (0.05 ppm); Ca (0.01 ppm) Cd (0.02 ppm); Ce (0.01 ppm); Cr (1 ppm); Cs (0.05 ppm), Cu (2 ppm); Fe (0.01%); Ge (0.05 ppm); Hf (0.1 ppm); In (0.005 ppm); K (0.01%); La (0.5 ppm); Li (0.2 ppm); Mg (0.1%); Mn 5 ppm; Mo (0.05 ppm); Na (0.05 ppm); Nb (0.1 ppm); Ni (0.2 pm); P (10 ppm); Pb (0.5 ppm); Rb (0.1 ppm); Re (0.002 ppm); S (0.01%); Sb (0.05 ppm); Sc (0.1, 1 ppm); Sn (0.2 ppm); Ta (0.05 ppm); Te (0.05 ppm); Th (0.2 ppm); Ti (0.005 %); Tl (0.02 ppm); U (0.1 ppm); V (0.1 ppm); W (0.1 ppm); Y (0.1 ppm); Zn (2 ppm); Zr (0.5 ppm) MEAD4OES Ce (1 ppm) AA22 Au (0.001 ppm) AA25 Au (0.01 ppm) AA26 Au (0.01 ppm) AAFA Au (0.001 ppm) PM209 Au (0.01 ppm) Cu19 CuCN (2 ppm) FA_FUS04 Au (1 ppm) ELE81a F (20 ppm) AMDEL Unknown Ag (1 ppm); As (5 ppm); Cu (1 ppm); Fe (1 ppm); Mo (1 ppm); Pb (3 ppm); S (1 ppm); Zn (1 ppm) IC2L As (5 ppm); Cu (5 ppm); Mo (1 ppm); Pb (20 ppm); S (100 ppm); Zn (5 ppm) FA Au (0.01 ppm) Analabs A102 Ag (1, 50 ppm); Cu (2 ppm); Mo (5 ppm); Pb (3 ppm); Zn (2 ppm) H102 As (1, 10 ppm) IC2L As (5 ppm); Cu (2, 5 ppm); Mo (1 ppm); Pb (3, 20 ppm); S (10, 100 ppm); Sr (10 ppm); Zn (1, 5 ppm) F650 Au (0.01 ppm) FA1 Au (0.01 ppm)

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 8-8 Laboratory Method Element and Detection Limit I104 Ca (50 ppm); Cu (5 ppm); Fe (100 ppm); Mo (10 ppm); Pb (20 ppm); S (10 ppm) V821 S (0.005%) Intertek 4AMS Ag (0.05 ppm); Ag (0.005%); As (0.2 ppm); Ba (0.1 ppm); Be (0.05 ppm); Bi (0.01 ppm); Ca (0.005, 0.05%); Cd (0.02 ppm); Ce (0.01 ppm); Co (0.1 ppm); Cr (1 ppm); Cs (0.05 ppm); Cu (0.5 ppm); Fe (0.01%); Ga (0.1 ppm); Ge (0.1 ppm); Hf (0.05 ppm); In (0.01 ppm); K (0.002%); La (0.01 ppm); Li (0.1 ppm); Mg (0.002%); Mn (1 ppm); Mo (0.1 ppm); Na (0.01%); Nb (0.05 ppm); Ni (0.5 ppm); P (0.005%); Pb (0.5 ppm); Rb (0.05 ppm); Re (0.002 ppm); S (0.05%); Sb (0.05 ppm); Sc (0.1 ppm); Se (0.5 ppm); Sn (0.1 ppm); Sr (0.05 ppm); Ta (0.01 ppm); Te (0.2 ppm); Th (0.01 ppm); Ti (0.005%); Tl (0.02 ppm); U (0.01 ppm); V (2 ppm); W (0.1 ppm); Y (0.05 ppm); Zn (1 ppm); Zr (0.1 ppm) FA50MS Au (1 ppb) 4AHOE Ba (20 ppm); Cu (10 ppm); Ti (50 ppm) CSA S (0.01 ppm) NSLO ICP2AO Ag (0.2 ppm); Al (10 ppm); As (3 ppm); Ca (0.01, 10 ppm, 0.01%); Co (5 ppm); Cu (5 ppm); Fe (100 ppm; 0.01%); K (20 ppm); Mg (0.01, 10 ppm, 0.1%); Mn (5 ppm); Mo (1 ppm); Na (50 ppm); Ni (5 ppm); P (10 ppm); Pb (5 ppm); S (100 ppm; 0.01%); Ti (10 ppm); Zn (2 ppm) ICP3AO Cu (0.01%); Fe (0.01 ppm, 0.01%); Mn (0.01%); Zn (0.001, 0.1%) ME2ADOES Ag (0.2, 0.5 ppm); Cu (1, 2 ppm); Fe (0.01%); Hg (0.05 ppm); Mo (2, 3 ppm); Pb (2, 5, 10 ppm); S (0.01%); Zn (0.5, 2 ppm) MEAD4MS Ag (0.05, 0.1 ppm); As (1 ppm); Ba (0.05, 1 ppm); Be (0.01, 0.2 ppm); Cd (0.02, 0.05 ppm); C4 (0.5 ppm); Ga (0.02, 0.2 ppm); Ge (0.05, 0.2 ppm); Hf (0.01, 0.1 ppm); In (0.005, 0.5 ppm); La (0.01, 0.1 ppm); Li (0.02, 0.1 ppm); Mo (0.02, 0.1 ppm); Na (0.01, 0.1 ppm); Rb (0.02, 0.1 ppm); Re (0.005, 0.5 ppm); Sb (0.05, 0.1 ppm); Sc (0.05, 1 ppm); Se (0.1, 2 ppm); Sn (0.1 ppm); Sr (0.05, 0.5 ppm); Ta (0.01, 1 ppm); Te (0.01, 0.1 ppm); Th (0.005, 0.05 ppm); Tl (0.01, 0.02 ppm); U (0.05, 0.5 ppm); W (0.05 ppm); Y (0.01, 0.1 ppm); Zr (0.05, 0.5 ppm) MEAD4OES Ag (0.2 ppm); Al (100 ppm, 0.01%); As (2, 5 ppm); B (5 ppm); Ba (0.5 ppm); Bi (0.005, 0.05 ppm); Ca (100 pm, 0.01%); Cd (0.05, 0.01 ppm); Co (0.5, 3 ppm); Cr (1, 2 ppm); Cs (0.005 ppm); Cu (2 ppm); Fe (0.01 ppm, 0.01%); K (100 ppm; 0.01%); La (1 ppm); Mg (100 ppm, 0.01%); Mn (0.05, 0.1 ppm); Mo (2 ppm); Nb (100 ppm, 0.01%); Ni (1, 2 ppm); P (5, 10 ppm); Pb (2, 15 ppm); S (0.01 ppm, 0.01%); Sr (10 ppm); Ti (100 ppm, 0.01%); V (1, 2, 5 ppm); W (1, 2, 5 ppm); Zn (0.5, 2 ppm) XRFOR2 Al2O3 (0.05%); Ca (0.05%); MgO (0.01%) ICPMS1 As (0.1 ppm); B (0.1 ppm); Ba (1 ppm); Be (0.1 ppm); Bi (0.1 ppm); Cd (0.05 ppm); Cr (0.05 ppm); Ga (0.2 ppm); Hg (0.05 ppm); La (0.05 ppm); Mo (0.2 ppm); Sb (0.1 ppm); Sc (2 ppm); Sr (0.1 ppm); Th (20 ppm); Tl (0.02 ppm); U (0.05 ppm); V (0.05 ppm); W (0.05 ppm) FA301 Au (0.01 ppm) FA501 Au ( 0.01ppm) PGM505 Au (0.001 ppm) XRFOR1 Ca (0.05%); Fe (0.01%); S (0.01%) Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 8-9 Laboratory Method Element and Detection Limit AAS3A Cu (0.01%) CUCN1 CuCN (5 ppm) FZFU4ISE F (20 ppm) FA501 Au ( 0.01ppm) 8.7.2 Current QA/QC Reviews 8.7.2.1 Short-Term Control Measures and Reporting Weekly monitoring of key metrics including SRMs and blanks have been recorded by the sites on the corporate server since November 2011 and that process was in place as at December 31, 2023. A log of non-compliant laboratory batches with associated actions has been filed on the corporate server since December 2013. This monitoring continued as at December 31, 2023. 8.7.2.2 Longer-Term Control Measures and Reporting From November 2010 to June 2017, the corporate QA/QC specialist prepared monthly consolidated assay reviews that highlighted improvements and issues needing attention. This reporting was accompanied by individual QA/QC reviews of assays used for resource modelling. These reports are filed on the corporate server and were reviewed by the QA/QC specialist to investigate any issues requiring improvement actions. From June 2017 to July 2019, the procedure was modified such that all reporting was done by the mine site on a monthly basis. A corporate review of the monitoring was conducted in July 2019. From July 2019 onward, monthly site-based reporting was undertaken, and all reports were filed on the Newmont server and reviewed by the corporate QA/QC specialist. 8.7.3 Analytical QA/QC Review All resource development data are checked as the batch is loaded and any errors are corrected if possible. If there is any indication of a systematic error that could have an effect on either the geological interpretation or the resource model, then all or part of the analytical job is likely to be re-assayed. 8.8 Database Data are stored in a SQL server database using acQuire software.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 8-10 Assay data and geological data are electronically loaded into acQuire and the database is replicated in a centralized database system. Regular reviews of data quality are conducted by site and corporate teams prior to resource estimation, in addition to external reviews. The databases are regularly backed up, and copies are stored both offsite and in Newmont facilities. 8.9 Qualified Person’s Opinion on Sample Preparation, Security, and Analytical Procedures In the opinion of the QP, the sample methods, including preparation, analysis, and security practices and results are acceptable, are in line with industry-accepted practices, and are adequate to support mineral resource and mineral reserve estimation and mine planning purposes at Cadia East and Ridgeway, and mineral resource estimates at Big Cadia, based on the following:  Drill sampling was adequately spaced to first define, then infill, gold, copper, silver and molybdenum (Cadia East) and gold and copper (Ridgeway and Big Cadia) anomalies to produce prospect-scale and deposit-scale drill data;  Sample preparation for core samples has followed a similar procedure since Newmont/Newcrest’s Project involvement. The preparation procedure is in line with industry- standard methods;  Analytical methods for core samples used similar procedures for the core drill programs. The analytical procedure is in line with industry-standard methods;  Newmont/Newcrest used a QA/QC program comprising blank, SRM and duplicate samples. QA/QC submission rates are typical for the program at the time the data were collected. Evaluations of the QA/QC data do not indicate any material problems with the analytical programs; therefore, the gold, copper, silver and molybdenum (Cadia East) and gold and copper (Ridgeway and Big Cadia) analyses from the core drilling are suitable for inclusion in mineral resource estimates;  Confidence classifications were restricted for Big Cadia (see discussion in Chapter 9.1.6);  Data collected prior to the introduction of digital logging were subject to validation, using inbuilt program triggers that automatically checked data on upload to the database;  Verification is performed on all digitally-collected data on upload to the main database, and includes checks on surveys, collar co-ordinates, lithology, and assay data. The checks are appropriate, and consistent with industry standards;  Sample security has relied upon the fact that the samples were always attended or locked in the on-site sample preparation facility. Chain-of-custody procedures consist of filling out sample submittal forms that are sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory;  Current sample storage procedures and storage areas are consistent with industry norms. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 9-1 9.0 DATA VERIFICATION 9.1 Internal Data verification 9.1.1 Laboratory Visits Laboratory inspections are regularly carried out on all in use laboratories, by Newmont site and corporate staff. Digital records are retained summarizing each visit, in addition to key findings included in monthly and quarterly QA/QC reports. Historically, laboratory inspections were regularly carried out, although older inspection records are no longer available. Inspection periods have varied between monthly and six-monthly intervals. Additional measures include laboratory visits performed by the Newcrest Operations Chemist. Visits included:  Intertek Perth: 2013, 2017, 2018, 2019, 2021, 2023;  ALS Orange: 2023;  ALS Brisbane: 2023;  Newcrest Laboratory Service in Orange (NLSO): annual. 9.1.2 Laboratory Checks Round-robin programs are run by Geostats Pty Ltd (Geostats), an independent third-party organization that undertakes world-wide assay programs. Each program is run quarterly and routinely involves more than 200 laboratories each time. The NSLO participates in Geostats’ programs on a six-monthly basis, and has performed within expected industry standards. The most recent program participation report was dated October 2023. Laboratory performance details were reviewed by the Newcrest Operational Chemist and improvement plans put in place if required. 9.1.3 Internal Data Verification All data and interpretative inputs to mineral resource models are checked and verified in accordance with a range of site operating procedures and governance standards. 9.1.4 Database Review Newmont employs an in-house database administrators, centralized within the corporate minerals resource management team, to check, verify and validate new data and to ensure the integrity of the total resource database. On-site geologists are employed at Cadia and roles include the following general activities:

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 9-2  Ensuring compatibility of total hole depth in the collar, survey, assay and geology database files;  Checking of drill hole survey data for unusual or suspect down hole deviations; ensuring sequential down hole depth and interval data in the survey, assay and geology files;  Checking of lithology and alteration codes. Day-to-day management of the data is undertaken by geologists on site using the acQuire database system. 9.1.5 Model Input Review The following detailed data review was carried out for the current resource models:  Validation of collar surveys against the DTM;  Downhole surveys consistency of hole path;  Missing or overlapping intervals;  Negative values;  Depth of the assayed holes compared to the hole depth stored with the collar details;  Silver assay values and detection limits;  Removal and correction of duplicate assays stored in database as primary assays. All corrections were completed before final data extraction for input into the mineral resource estimate. 9.1.6 Big Cadia About 58% of the data in the database was collected prior to Newcrest/Newmont’s Project interest. Legacy data reviews noted:  Legacy data were not subject to the same QA/QC as Newcrest-collected data. Most of this legacy data is over 25 years old;  The distribution of copper when remobilized in the weathered zones results in leached and enriched horizons that are spatially poorly understood or constrained;  The volumes of alluvial and fill (mine dumps, excavations and not in-situ material) are poorly estimated and unverified;  Not all legacy drill holes were analyzed for copper and gold; this has resulted in grade uncertainties for the missing intervals. A sensitivity model was run to assess the impact of excluding the legacy data from estimation support whereby the legacy data were removed, and the grades re-estimated using the same variogram and search parameters as the original model. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 9-3 The exclusion of the legacy data did not have a significant impact on the gold grade, with only a 3% global total difference between the two models. There was, however, a 15% drop in total copper grade when the legacy data were removed. The copper grade was markedly lower in the oxide and lower skarn areas, but negligibly lower in the upper skarn area, indicating that the bias is not consistent between skarn zones. In 2021, analysis of historical drill core pulps was completed on a selection of 443 primary samples from 12 legacy core drill holes within the Big Cadia resource estimate area. Selection criteria for re-assay was to focus on holes with a lack of QA/QC support in the original dispatching, and located in areas where higher local variance was noted in sensitivity modeling. Results for silver, gold, and copper were compared back to the legacy assay, and generally showed a negative bias. Molybdenum showed a reverse trend, with the check sample assaying higher than original. Newcrest concluded that estimation would benefit from legacy data inclusion, but until a new estimation could be completed, confidence classifications should be restricted to Inferred. 9.1.7 Mineral Resource and Mineral Reserve Estimates Newmont established a system of “layered responsibility” for documenting the information supporting the mineral resource and mineral reserve estimates, describing the methods used, and ensuring the validity of the estimates. The concept of a system of “layered responsibility” is that individuals at each level within the organization assume responsibility, through a sign-off or certification process, for the work relating to preparation of mineral resource and mineral reserve estimates that they are most actively involved in. In the case of the Cadia Valley Operations, the resource model, mine designs, and mine plans were built by Newcrest. Newmont staff reviewed the models and designs, and requested that certain aspects be adjusted to align with Newmont’s corporate standards and procedures. Mineral reserve and mineral resource estimates were prepared after the acquisition by Newmont personnel at the regional level, and were subsequently reviewed by corporate qualified persons based in Newmont’s Melbourne and Denver offices. 9.1.8 Reconciliation Newmont staff have performed a number of internal studies and reports in support of mineral resource and mineral reserve estimation. These include reviews of the reconciliation and mixing model, drill hole spacing evaluations, ventilation, and long-range plan reviews. 9.1.9 Mineral Resource and Mineral Reserve Review Newmont completed a mineral resource and mineral reserve review, termed a 3R review, which examined  Geological model;  Geostatistical assumptions;

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 9-4  Confidence classifications;  Assumptions used when assessing reasonable prospects of economic extraction;  Inferred not included in mine plan;  Cave design;  Geotechnical and hydrogeological assumptions;  Throughput rates and metallurgical recovery assumptions;  Capital and operating costs;  Sustainability;  Mine plan and production schedule;  Tailings;  Review of risks and opportunities. Mr. Doe led the team that completed the 3R review. The review identified areas within the estimates that required reclassification from mineral reserves to mineral resources, or downgrading of mineral resources. 9.1.10 Subject Matter Expert Reviews The QP requested that information, conclusions, and recommendations presented in the body of this Report be reviewed by Newmont experts or experts retained by Newmont in each discipline area as a further level of data verification. Peer reviewers were requested to cross-check all numerical data, flag any data omissions or errors, review the manner in which the data were reported in the technical report summary, check the interpretations arising from the data as presented in the report, and were asked to review that the QP’s opinions stated as required in certain Report chapters were supported by the data and by Newmont’s future intentions and Project planning. Feedback from the subject matter experts was incorporated into the Report as required. 9.2 External Data Verification A number of external data verification programs have been undertaken and are summarized in Table 9-1. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 9-5 Table 9-1: External Data Verification Programs Year Consultant Review Findings and Notes December 2011 N. Fordyce of Minffordd Pty Ltd acQuire resource development database No material issues were identified following the review. March 2013 acQuire Technology Solutions Resource development and ore control databases No material issues were noted with either database. 2015 SRK Cadia Extended and Big Cadia resource estimates No material issues were identified following the reviews. September 2015 Agoratek International Consultants Inc. (Agoratek) investigate possible causes for underground mine to mill variances in grade at Cadia East No material issues were identified following the reviews, with several recommendations actioned. 2016 Mr. Daniel Guibal, Corporate Consultant – Geostatistics & Resource, of SRK 2016 Cadia East resource model No material issues were identified with the gold, copper, molybdenum or silver estimates following the review. July 2016 Agoratek Investigate behavior of coarse and gravity recoverable gold in the plant processing streams and determining whether some of it could escape the successive sampling stages between mine and ship No material issues were identified following the reviews, with several recommendations actioned. March 2018 Agoratek Review Cadia East geological draw point sampling method, sample weight, sample frequency, sample size fraction The current sampling methodology is adequate in most areas when followed. Some improvements were recommended for the process. July 2018 Agoratek Validate the drawpoint sampling practice at Cadia East, by reviewing recently acquired, new experimental data Noted that the current drawpoint sampling was globally correct and satisfactory, with minor recommendations actioned. March 2019 Agoratek Validation of current sampling per cave, deportment of Au, Cu and Mo at each cave, sample frequency, effect of maturation of caves on sampling performance No material issues were identified following the reviews, with several recommendations actioned. 2021 Mr. Mark Berry, Derisk Geomining Consultants 2021 Cadia East mineral resource estimate (model) The estimate is robust with no material or immaterial concerns.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 9-6 9.3 Data Verification by Qualified Person The QP performed a site visit in November 2023 (refer to Chapter 2.4). Observations made during the visit, in conjunction with discussions with site-based technical staff also support the geological interpretations, and analytical and database quality. The QP’s personal inspection supports the use of the data in mineral resource and mineral reserve estimation, and in mine planning. The QP received reconciliation reports from the operations. Through the review of these reconciliation factors, the QP can accept the use of the data in support of the mineral resource and mineral reserve estimates. 9.4 Qualified Person’s Opinion on Data Adequacy Data that were verified on upload to the database, checked using the layered responsibility protocols, and reviewed by subject matter experts are acceptable for use in mineral resource and mineral reserve estimation. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-1 10.0 MINERAL PROCESSING AND METALLURGICAL TESTING 10.1 Introduction Newmont operates two adjacent concentrators, Concentrator 1 and Concentrator 2, currently treating ore from Cadia East mine. Both concentrators have undergone throughput upgrades, including operational improvements, over the years. Metallurgical testing programs have been conducted since the 1990s to test the amenability of the mineralization to conventional separation processes for gold, copper, and molybdenum. Based on these tests, two concentrators were constructed using conventional flotation and gravity separation methods and have subsequently treated the Cadia Hill, Ridgeway, and Cadia East mineralization. Testing programs have also included extensive comminution testing with results informing past and future throughput upgrades and debottlenecking of the two concentrator plants. Laboratories and testwork facilities used during metallurgical evaluation included AMML, ALS Townsville, ALS Brisbane, Metso Minerals Process Technology, JKTech, Metcon, Enviromet, Optimet, Amdel, Normet, Lakefield Laboratory (Canada), ALS Burnie, ALS Perth, Aminpro Santiago (Chile), and KYSPYmet. These facilities are independent of Newmont. Metallurgical testwork facilities are typically not accredited for metallurgical testwork techniques. 10.2 Metallurgical Testwork Metallurgical testwork and mineralogical analysis completed on the deposits has included:  Cadia East: optical mineralogy, micro-XRF (µXRF), X-ray diffraction (XRD) and mineral laboratory analysis (MLA); comminution tests (drop-weight (DWi), SAG mill comminution (SMC) tests, Bond ball work index (BWi), rod work index (RWi) and abrasion (Ai)); gravity testwork; rougher and cleaner flotation tests, primary grind and regrind size sensitivity tests; evaluation of alternate reagents; flash flotation testing, fluorine depression batch flotation tests, and locked cycle flotation tests;  Ridgeway: BWi, DWi, SMC tests; comparison to the original feasibility data; gravity and flotation testing; primary grind and regrind sensitivity flotation tests; and locked cycle confirmatory tests;  Big Cadia: BWi and abrasion tests; sulfide and oxide flotation tests; primary grind sensitivity, gravity and magnetics separation tests; and cyanide and acid leach tests. 10.2.1 Cadia East Initial testwork programs focused on determining the response of Cadia East ores types to the original Concentrator 1 flowsheet designed for processing Cadia Hill open pit ore. Subsequent

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-2 metallurgical investigation efforts were directed towards improving the understanding of the specific processing needs of the Cadia East mineralization, particularly in regard to maximizing gold recovery and reducing fluorine content in copper concentrate product. A total of 12 campaigns (stages) of bench-scale laboratory testwork were completed between 1995 and 2011. Confirmatory testing of bulk ore samples in a laboratory pilot plant, and also in a plant trial with Cadia East underground ore, was completed in 2008. Testwork conducted from 2015 to 2021 focused on revising the models used to forecast copper and gold recoveries based on information gathered from further drill sampling, face samples and the metallurgical response in the process plants from ore provided from the PC1 and PC2 caves. These data were used to update all areas of the orebody to provide a realistic representation of the expected processing performance, and were incorporated into a LOM plan which will have the concentrator throughput increase to 33–35 Mt/a. 10.2.1.1 Sample Selection The mine plan presented in the Cadia East feasibility study recommended two initial panel caves (PC) PC1–1 and PC2–1, to be followed by two larger panel caves, PC1–2 and PC2–2. Samples used in the early testwork (Stages 1 to 8) were core samples mostly sourced relatively high in the PC1–2 cave, consistent with the initial open pit mining concept. Later program stages (Stages 9 to 12) selected material from PC1–1, PC1–2 and an area east of the mine; samples based on lithology and grade, categorized as volcanic, breccia, monzonite, conglomerate or porphyry; composites with similar grades and expected mineralogy, but not lying within any one particular mining block; and a composite sample sourced from a drill hole intersecting the lower-central, and upper-central portion of the PC2–1 mining block. The 2015–2021 tests included material from panel caves designated as PC1–2, PC1-3, PC2–3, PC3–1 and PC2 to reflect updated mine plans. 10.2.1.2 Testwork Summary Testwork and results from the early feasibility-stage evaluations are summarized in Table 10-1. The key implications from all the metallurgical testwork results for processing of Cadia East ore in Concentrator 1 are that:  Additional comminution energy was required to maintain high throughput;  Additional flotation capacity was required to suit the higher copper grade and slower kinetics of Cadia East ore;  A finer concentrate regrind size was required to control fluorine to acceptable levels. Table 10-2 provides a summary of the 2015–2021 testwork results that support the current LOM plan designs. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-3 Table 10-1: Cadia East Testwork Summary (1995–2011) Test Notes Optical mineralogy, X- ray diffraction and mineral laboratory analysis Identified two geometallurgical domains: a finer grained, disseminated chalcopyrite domain, predominantly near surface; and sheeted veining, containing bornite, predominantly at depth. Both chalcopyrite and bornite were observed to be relatively coarse grained. Pyrite content is variable but tends to be higher at the periphery of the ore body. Gold occurs as either fine grained free gold or attached to the copper minerals. Gangue minerals present include fluorine containing minerals sericite and fluorite, as well as minor apatite and biotite. The mineralogy of the fluorine containing minerals is important with regards to meeting concentrate fluorine specifications. DWi; SAG mill competency The 75th percentile value for the DWi results was calculated to be 10.0, and was used in flowsheet design. This represented approximately 20% increased energy demand when compared with Cadia Hill ore with a typical value of 8.1. BWi BWi average for all tests was 20.6 kWh/t, which is higher than the typical values of 17.5 kWh/t for Cadia Hill ores and 18.7 kWh/t for Ridgeway ores. The 75th percentile value of 21.5 kWh/t was used for plant design. Rod work index (RWi) RWi average of all tests was 29.1 kWh/t and is therefore over 40% harder than the typical values of 20 kWh/t for Cadia Hill ores, and 21 kWh/t for Ridgeway ores. The 75th percentile value of 31.1 kWh/t was used for plant design. Abrasion index (Ai) The average from all tests was 0.193, which is lower than typical values for Cadia Hill and Ridgeway, indicating that the Cadia East underground ore is less abrasive. A value of 0.21 was used in design. High pressure grinding rolls (HPGR) Tests were encouraging. Design parameters were determined for inclusion of a HGPR circuit to reduce ore sizing ahead of the semi-autogenous grind (SAG) mill. Gravity recoverable gold Recovery increases with increasing gold head grade; recovery increases at finer grind sizes. Based on a primary grind size of P80 = 150 μm the following relationship was proposed: For gold head grade < 0.5 g/t: gravity gold recovery (%) = 22.9 x Au + 0.54; For gold head grade > 0.5 g/t: gravity gold recovery (%) = 5.0365 x Au + 10.94. Flotation testing Design primary grind size of P80 = 150 μm selected. Regrinding testwork indicated a requirement for rougher and scavenger concentrates to be reground to a particle size of P80 = 38 μm for optimum copper recovery. Concentrate regrinding at a size of P80 = 38 μm results in concentrate with fluorine content near to, or above, the rejection limit in most samples. A nominal regrind size of 25 μm was shown to reduce fluorine to more acceptable levels, but at the expense of copper and gold recovery. Other elements of potential concern in final concentrate quality as determined in batch tests were chlorine, mercury and molybdenum. However, mercury levels from both piloting and a plant trial were satisfactory, and molybdenum can be recovered from concentrate as a by-product, leaving fluorine and chlorine as the principal elements to be managed. The Cadia East ore types are composed of a finer mineral grain structure than the Cadia Hill and Ridgeway ores, resulting in slower flotation kinetics.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-4 Test Notes Flotation recovery models for gold and copper were developed based on batch tests, but it was noted that variability within the models was high. The major driver for higher gold recovery was found to be gold grade of feed, and likewise copper head grade was found to be the major driver for higher copper recovery. Flotation piloting of four ore types resulted in copper recoveries varying between 85% and 94%, at concentrate grades of 19.9% to 25.5% Cu. A plant trial with underground ore resulted in recoveries of 80.1% for gold and 83.6% for copper. Evaluation of alternative reagent schemes resulted in the standard Cadia Hill flotation reagent suite, consisting of Cytec 8761 collector and MIBC frother, being used as the basis of flotation design. Table 10-2: Cadia East Testwork Summary (2015–2021) Test Notes Mineralogy PC1-2 samples exhibit consistency in their general mineralogy. Mineralogical evaluation of PC1-2 ores indicates that chalcopyrite is the dominant CuS mineral; no anomalous Cu mineralogy was detected. There does not appear to be variation in mineral abundances with location within the cave; however, the CuS association data indicates that there are distinct spatial zones of differing mineral association. This regional difference is further supported by the analysis of CuS grain size data. PC1-2 ores contain higher levels of pyrite than PC2, but similar levels to PC1-1 and PC2-3 ores. The pyrite to copper sulfide ratio in PC1-2 is higher than other caves due to lower copper mineralization. The ores tested under the feasibility study cover a wide range of sulfide mineral ratios and grades, which should provide a sound basis for the recovery modelling work. Mineralogical evaluation of PC2-3 ores indicates that chalcopyrite is the dominant CuS mineral in PC2-3 ores. No anomalous Cu mineralogy was detected, with chalcopyrite and bornite the only significant Cu species. PC2-3 is considered to be a high Cu, low Au zone. Plant Cu recovery is anticipated to be higher than PC1-1 and PC2 ores currently being processed, commensurate with PC2-3’s higher average Cu head grade (0.42% versus 0.32% Cu for PC2). PC2-3 has the highest Mo head grade of all Cadia East mining zones and this Mo is observed to be present in a similar form to that found in all other samples analyzed for Cadia to date, ranging from disseminated grains at low grades through to clustered at higher grades. 138 samples have been tested for mineralogy across the Cadia East deposit. Comminution All ores are generally categorized as ‘hard’. Ores that have previously been processed are represented by PC1 and PC2 belt cut data tested routinely. The remaining ores in PC1–2, PC2–3 and PC3–1 are all harder than any ore processed to date and are considered to be harder than the Stage 9 CE feasibility testwork samples that were used as the basis for the existing plant design. The updated hardness values were incorporated into the LOM plan. Recoveries The metallurgical performance of Cadia East has been tested using diamond drill core samples primarily using the mineral laboratory AMML (formally known as Metcon). All recovery figures quoted as based on a laboratory batch flotation test at 150 micron primary grind size. PC2-3 specifically has been benchmarked against a large number of other Cu-Au porphyry ores as part of the Feasibility Study evaluation conducted by consultancy, Mineralis (Brisbane, Queensland). This work has shown Cadia East to be a well-behaved ore zone. Detailed recovery and mineralogical investigations conducted through the pre-feasibility and feasibility studies of the mine macro blocks has determined the following: Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-5 Test Notes  Gold recovery is mineralogically driven by association with copper sulfide grains. Gold recovery is modelled using spatial location and Au assays to estimate Au recovery.  Copper recovery is mineralogically driven by copper sulfide grain size. Copper recovery model uses spatial location and Cu assay to estimate Cu recovery.  Molybdenum recovery is driven by Mo grain type, which corresponds to increases in head grade. Mo flotation response is observed to be aligned with changes in grain type and consequently, head assay with an inflection point observed at 70 and 300 ppm in the feed. 36 samples were geometallurgical tested within PC2-3. The average gold head grade for ores tested from PC2–3 is 0.36 g/t, ranging from 0.01–1.58 g/t. The average copper head grade for ores tested from PC2–3 is 0.41%, ranging from 0.09–0.97%. Gold diagnostic performed at a grind P80 of 150 μm indicates the proportion of gold reported as free or cyanide soluble averages 73.1%, with 22.9% being locked in sulfides which does not specifically limit their capacity for flotation recovery. The 3.9% of gold reported as gangue-locked can be considered essentially unrecoverable. Copper diagnostic leaching performed at a grind P80 of 150 μm indicates the proportion of copper reported as being locked in gangue averages of 3.9%. This indicates that a proportion of copper has a mineralogical association with potentially non-floating gangue which is reflected by the average copper recovery for a 20-minute rougher flotation test being 91.6%. The average Au recovery of PC2–3 ores is 83.5% Au recovery over the total flotation time. In general, PC2–3 ores are performing consistently in terms of their gold recovery. The copper recovery performance of PC2–3 ores can be considered high, averaging 91.6% over the total flotation time, which is the highest copper recoveries of all ores tested. 90 samples were geometallurgical tested within PC1-2. The average gold head grade for ores tested from PC1–2 was 0.52 g/t, ranging from 0. 04–2.47 g/t. The average copper head grade of ores tested from PC1–2 was 0.22%, ranging from 0.09–0.69%. Gold diagnostic performed at a grind P80 of 150 μm indicates the proportion of gold reported as free or cyanide soluble averages 75.7%, with 21.5% being locked in sulfides, which does not specifically limit their capacity for flotation recovery. The 2.8% of Au reported as gangue-locked can be considered essentially unrecoverable. Copper diagnostic leaching performed at a grind P80 of 150 μm indicates the proportion of copper reported as being locked in gangue averages 4.0%, indicative that a proportion of copper has a mineralogical association with potentially non-floating gangue. This is reflected by the average copper recovery for a 20-minute flotation test being 90.4%. The gold recovery performance of PC1–2 ores have the highest recoveries from all ores tested, averaging 85.6% over the total flotation time. The copper recovery performance of PC1-2E ores can be considered high, averaging 90.4% Cu recovery over the total flotation time. 26 samples were geometallurgical tested within PC3-1. The average gold head grade of ores tested from PC3–1 is 0.77 g/t, ranging from 0.18–3.21 g/t. The average copper head grade of ores tested from PC3–1 is 0.42%, ranging from 0.19–0.75%. Gold diagnostic performed at a grind P80 of 150 μm indicates the proportion of gold reported as cyanide soluble averages 64.7%, with 21.9% being locked in sulfides, which does not specifically limit their capacity for flotation recovery. The 3.1% of gold reported as gangue-locked can be considered essentially unrecoverable. The balance is considered to be ‘free’ or liberated gold. Copper diagnostic leaching performed at a grind P80 of 150 μm indicates the proportion of copper reported as being locked in gangue averages 6.7%, indicative that a proportion of copper has a mineralogical association with potentially non-floating gangue. This is reflected by the average copper recovery over a 20-minute flotation test being 90.0%. The average gold recovery of PC3–1 ores was 82.7% over the total flotation time, which is the lowest of the ores tested. The average copper recovery of PC3–1 ores tested was 90.0% which is consistent with the recoveries reported for PC2, and the average

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-6 Test Notes recovery to the first flotation concentrate of 56.1% is also consistent with PC2 performance, showing slower flotation kinetics than PC1–2. 69 samples were geometallurgical tested within PC2. The average gold head grade of ore samples tested from PC2 was 1.30 g/t, ranging from 0.12–5.11 g/t. The average copper head grade of ores tested from PC2 was 0.47%, ranging from 0.12–0.94%. Gold diagnostic performed at a grind P80 of 150 μm indicates the proportion of gold reported as ‘free’ is on average 23.6%, while cyanide soluble gold averages 40.6%, with 34.1% being locked in sulfides, which does not specifically limit their capacity for flotation recovery. The 1.7% of gold reported as gangue-locked can be considered essentially unrecoverable. Copper diagnostic leaching performed at a grind P80 of 150 μm indicates the proportion of copper reported as being locked in gangue averages 4.2%, indicative that a proportion of copper has a mineralogical association with potentially non- floating gangue. This is reflected by the average copper recovery for a 20-minute flotation test being 91.6%. The average gold recovery of PC2 ores was 84.8% over the total flotation time. The average copper recovery of PC2 ores was 91.6% over the total flotation time. 10.2.2 Ridgeway Concentrator 2 was designed to treat a throughput rate of 4 Mt/a from the Ridgeway underground mine. Testwork was undertaken as part of initial feasibility studies, and the concentrator was commissioned in 2002. The flowsheet included autogenous (AG) grinding, pebble crushing, ball milling, flash float and gravity concentration, rougher flotation, and cleaner flotation to produce gold doré, and a marketable gold-rich copper sulfide concentrate. The circuit capacity was progressively increased to 5.6 Mt/a through the conversion of the AG mill to a SAG mill. A regrind mill was installed to improve copper concentrate grades. In 2007, additional phases of metallurgical testwork were undertaken to investigate the predicted metallurgical performance of deeper ore below the 5065 mRL crusher, and to support changes that would result from moving from sub-level caving (SLC) to block caving (Ridgeway Deeps). 10.2.2.1 Sample Selection Drill core intervals from a wide range of spatial locations across the deposit were selected and sorted by lithology to prepare five variability lithology composites. The lithology composites were subjected to grind sensitivity flotation testing and locked cycle flotation tests. A master composite sample was used in comminution testing, grind sensitivity flotation tests, gravity/flotation testing and locked cycle confirmatory tests. The master composite consisted of 33% sediment, 30% volcanic, 21% monzonite, 11% porphyry and 6% monzodiorite lithologies. Other selected variability intercepts were used for comminution parameter testing and flotation recovery variability testing. 10.2.2.2 Testwork Summary Testwork and testwork results are summarized in Table 10-3. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-7 Table 10-3: Ridgeway Deeps Testwork Summary Test Notes Bond work index (BWi) The average BWi for Ridgeway Deeps ore was 18.9 kWh/t, compared with 17.2 kWh/t achieved in previous Ridgeway ore testing. Sediment material was shown to be the hardest ore type with an average BWi of 20.1 kWh/t. Drop weight (DWi); SAG mill competency Impact to breakage resistance was higher for Ridgeway Deeps ore than previous ore mined. The average breakage hardness as defined by a standard comminution parameter (A*b) for Ridgeway Deeps was 40.1, compared to an equivalent average of 45.5 for previous ore mined at Ridgeway (the lower the A*b result, the higher the hardness). Flotation grind Conducted at sizes between 53–150 µm. Flotation performance of Ridgeway Deeps ore is grind-dependent. Gold recovery is very grind dependent while copper recovery was less dependent. A finer grind in the regrind of rougher flotation concentrate was considered necessary to realize optimum recovery. Grind sensitivity with individual rock types showed differences in sensitivity to grind, with monzonite as the least sensitive, and porphyry the most sensitive. Gravity gold Variable between rock types with mean gravity recovery values ranging between 17% and 26%. Locked cycle; rougher flotation copper recovery Locked cycle tests at simulated plant conditions resulted in final concentrate grades ranging from 18–26% copper and copper recoveries ranging between 89–96%. Concentrate Concentrate generally had low levels of penalty elements, but the levels of fluorine and Al2O3+MgO in some samples were of concern. The higher hardness with increasing depth and the change from SLC mining to block cave mining, resulted in a requirement to install more energy in the Concentrator 2 comminution circuit. Comminution modelling showed that installation of a secondary crusher would be required to maintain target throughput. Based on an analysis of all results, the required changes to Concentrator 2 for processing of the deeper ore were determined to be:  Installation of a secondary crusher to allow the mill to maintain 5.6 Mt/a;  Installation of additional grinding capacity to achieve a finer primary grind;  An upgrade of the concentrate regrind circuit to target a concentrate P80 of 38 μm. 10.2.3 Big Cadia Flotation testwork on the Big Cadia deposit was carried out by BMI Mining Pty Ltd in 1982. A range of samples of varying mineralization types (magnetite skarn or andesite skarn) and degree of weathering (fresh, moderate or intensely weathered) were tested. The results were highly variable, with copper recovery ranging between 35–90%, and gold recovery ranging from 45– 70%. Highly weathered skarn materials had a recovery of about 20% for both copper and gold, and were concluded to be uneconomic to recover by flotation methods.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-8 Further testwork was carried out in 1991 and 1992 by Envriomet, Optimet, Amdel and Normet. Both flotation testwork and cyanide leaching was completed, as well as diagnostic assays and mineralogical analysis on select composites. Heap leach testing was conducted on two samples. Copper and gold rougher recovery results from these tests ranged between 11–94 and 38–95%, respectively. Cyanide recovery of gold ranged between 45–100%, with highly variable and erratic cyanide consumption rates due to the varying amount of cyanide-soluble copper minerals present, making cyanide leaching potentially uneconomic and high risk. No metallurgical recovery models were developed from the 1991 and 1992 program results. Eacham Metallurgy conducted mineralogical analysis and flotation optimization programs in 2008. The response to varying pH, grind size, blending, collector type and addition and cleaning options were all tested. No additional model improvements resulted from this work. Eighteen variability samples, composited from 127 quarter core samples, were tested by Metcon in 2011 for amenability to magnetite recovery, gravity gold recovery from non-magnetic material, and copper flotation of gravity tailings. The samples were taken from two zones, designated Upper Block and Lower Block. Sample head grades were assayed at ALS Ammtec, Perth. Testwork is summarized in Table 10-4. 10.3 Recovery Estimates 10.3.1 Cadia East The 2015–2021 testwork resulted in mine block-specific gold recovery models being developed for the purpose of forecasting the expected gold recovery on the basis of gold head grade and spatial location. These are summarized in Table 10-5. Comparison with the 2012 gold recovery model highlighted that this model was likely to under- predict gold recoveries at feed grades of less than 0.6 g/t Au and over-predict recovery as gold feed grade increased. For this reason, it was recommended that the customized models developed in 2017–2021 be applied to the specific mine blocks they were developed for, as a replacement for the current site model. The recommendation was adopted. Gold recovery is expected to be lowest for PC3–1 and the lower part of PC2–1. The middle and upper parts of PC2 are expected to have lower gold recoveries than those of the PC1 group ores. Figure 10-1 summarizes the predicted LOM gold recoveries against existing data. Block-specific copper recovery models were developed for the purpose of forecasting the expected copper recovery on the basis of copper head grade and spatial location. These are summarized in Table 10-6. Copper recoveries for PC1-2 are expected to be higher than those experienced for PC1–1 ores (baseline). Current experience of lower plant recoveries while treating PC2 lower ores is indicated to be limited to those ores, and copper recoveries are expected to improve as ores from the middle and upper parts of PC2 begin to be processed. PC3–1 is expected to have lower copper recoveries than the PC1–1 ores currently treated. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-9 Table 10-4: Big Cadia 2011 Testwork Summary Composite Test Type Note Massive Magnetite’ composite comprising eight Upper Block samples with average head grades of 0.58% Cu, 0.32g/t Au and 53.1% Fe. Magnetic separation efficiency versus grind sizes ranging from 2 mm to 75 μm Iron recovery was 81% at the 1200 μm grind reducing to 73% at 75 μm which a corresponding grade increase from 59.7% Fe to 65.4%. Silica recovery to magnetics Silica grade needs to be low for concentrate saleability and the effect with grind size showed the magnetics silica content was reduced from 8% to 4.2% 18 samples, Upper and Lower Blocks Variability All variability samples gave >60% Fe grade in the magnetite concentrate with the exception of: MS010 (Upper Block, Lower Transitional) which gave a magnetics mass recovery of only 0.3% indicating very low magnetite in the feed, and MS011 (Upper Block, Lower Transitional) which produced a concentrate of 56.9% Fe but had the highest silica content of 9.47% SiO2. Each variability sample was tested individually for gold recovery at 75 μm grind. Grind size–gold Gold recovery to the non-magnetics of the grind series tests increased by grinding to 80% passing 500 μm with little benefit to grinding finer. Tests on the composite non-magnetics (further ground to 80% passing 106 μm) recovered 12% of the gold to a gravity concentrate and 42% by flotation of the gravity tails. This totaled 53% recovery however when adjusted to reflect gold in the mill feed before removing the magnetite, recovery was 47%. Grind size–copper The grind size tests on the massive magnetite composite showed the copper reporting to the non-magnetics and thus available for flotation recovery was increased from 63% to 85% by grinding to 75 μm. Subsequent tests on the composite non-magnetics (further ground to 80% passing 106 μm) recovered only 23% to the flotation recleaner concentrate (of the non-magnetics copper content) and concentrate copper grade was 16%. The low concentrate copper grade can be largely attributed to high pyrite content.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-10 Table 10-5: Cadia East Gold Recovery Models Area Model/Algorithm PC3–1 and PC2–L (lower) Gold recovery (%) = 76.68 + 2.25 x Ln (Au) PC2–M (middle) PC2–U (upper) Gold recovery (%) = 79.76 + 3.52 x Ln (Au) PC2–3 Low Fe:S group (the majority of ore): gold recovery (%) = (9.022 – 0.000417 x Y + 0.000210 x Z + 0.0560 x Ln (Au)) x 100; High Fe:S group (a small subset of the ore): gold recovery (%) = (0.855+0.133 x Ln (Au)) x 100. PC1–1 Gold recovery (%) = 80.65 + 2.88 x Ln (Au) PC1–2, PC1–3 Gold above the Carb 2 Fault: gold recovery (%) = 100 x (0.7499 + 0.0609 x Au (g/t) + 0.0723 x S %) Gold dominant domain: gold recovery (%) = 24.32 + (0.7 x CuRghrRec%) + 3.67 x Ln(Aug/t:S%) + 3.51 x S% Copper dominant domain: gold recovery (%) = 1.0 x CuRghrRec% - 8.06 Figure 10-1: Cadia East Future and Current Gold Recovery Predictions Note: Figure prepared by Newcrest, 2020. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-11 Table 10-6: Cadia East Copper Recovery Models Area Model/Algorithm PC2–M Copper recovery (%) = 90.92 +7.30 x Ln (Cu) PC3–1 Copper recovery (%) = 88.49 + 4.45 x Ln (Cu) PC1–1, PC2–M, PC2–U, PC1-4, PC2-4 & PC2-5 Copper recovery (%) = ((Cu) – 0.067 x (Cu) + 0.0127)) ÷ (Cu) x 100 – 3 PC2–3 Copper recovery (%) = (1.126 + 0.170 x Ln (Cu) – 0.234 x Cu) x 100 PC1–2, PC1–3 Copper above the Carb 2 Fault: copper recovery (%) = 2.9693 x Ln(Cu x 10000) + 68.216 High copper recovery domain (massive/vein textured): copper recovery (%) = 1.76 x Ln (Cu) + 95.59 Mixed copper recovery domain (mixed texture): copper recovery (%) = 4.42 x Ln(Cu) + 93.18 Low copper recovery domain (disseminated texture): copper recovery (%) = 10.52 x Ln(Cu) + 92.39 Molybdenum recovery is driven by molybdenite morphology, which is related to increases in head grade. Molybdenite flotation response is observed to have data inflection points at head grades of 70 and 300 ppm in feed. Three models were developed based on these inflection points for molybdenum recovery to copper concentrate:  Mo in feed >70 ppm, recovery (%) = 56.40 + 5.811 x Ln (Mo in ppm);  Mo in feed ≤70 ppm, recovery (%) = 21.047 + 13.788 x Ln (Mo in ppm);  Mo in feed >300 ppm, recovery (%) = 89.5. The overall sliver recovery model for Cadia East ore is:  Silver recovery (%) = 0.81 x gold recovery (%). An optimization testwork program, including both locked cycle tests and piloting was conducted to evaluate whether a saleable molybdenum concentrate could be produced from copper concentrate. The outcomes of this testwork included:  High concentrate grades of >52% Mo were achieved at recoveries up to 96% Mo recovery;  The use of diesel as a molybdenum collector was required to give high molybdenum recoveries;  The inclusion of a Jameson cell in the roughing duty, followed by mechanical rougher scavenger cells, enabled higher concentrate grades in pilot plant test work. A Jameson cell has been included in the plant flowsheet;  Regrinding was shown to be beneficial for both grade and recovery.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-12 The gold and copper recovery equations are based on standardized laboratory results. For final anticipated recovery performance, a number of modifying factors are applied in order to account for actual plant performance. These modifying factors account the recovery impact of flowsheet unit processes including Jameson cells, HydroFloat and gravity concentration and plant grind variability. These modifying factors take the form of a copper and gold adjustment of +2–3% for the current concentrators and are included in the LOM recoveries reported. LOM gold recovery rates are forecast at approximately 80%, copper recovery rates at approximately 86%, silver recovery rates at approximately 65%, and molybdenum recovery rates (relative to plant feed) of approximately 72%. 10.3.2 Ridgeway The overall copper recovery algorithm for Ridgeway Deeps mineralization is:  Copper recovery (%) = 83.5447 + 8.2837 * Copper head grade (%Cu) + 1.5007 * Cu:S ratio in feed. The overall gold recovery model for Ridgeway Deeps mineralization is:  Gold recovery (%) = 4.0445 x Gold head grade (g/t) + 77.406. The overall sliver recovery model for Ridgeway Deeps mineralization is:  Silver recovery (%) = 0.81 x gold recovery (%). Recovery forecasts for the overall LOM are 81% for gold, 87% for copper and 66% for silver. 10.3.3 Big Cadia Recommended metallurgical recovery values for the purposes of mineral resource estimation were derived from the 1982 testwork program (Table 10-7). 10.4 Metallurgical Variability Samples selected for metallurgical testing during feasibility and development studies for Cadia East and Ridgeway were representative of the various styles of mineralization within the different deposits. Samples were selected from a range of locations within the deposits. Sufficient samples were taken, and tests were performed using sufficient sample mass for the respective tests undertaken. Variability assessments are supported by mill production and extensive underground exposures. Cadia East and Ridgeway are “well-behaved” porphyry copper deposits where the mineralogical drivers of metallurgical performance are well understood, risks have been recognized and appropriate industry standard mitigating actions are identified. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-13 Table 10-7: Big Cadia Forecast Metallurgical Recovery Parameters Unit Grade Fresh Rock Recovery (%) Slightly Weathered Rock Recovery (%) Moderately Weathered Rock Recovery (%) Cu Au Ag Cu Au Ag Cu Au Ag Andesite >0.5% Cu 90 70 70 85 65 65 40 60 40 <0.5% Cu 85 60 60 80 55 55 35 50 35 Magnetite >0.5% Cu 85 60 50 80 50 65 <0.5% Cu 80 55 45 75 45 30 The Big Cadia mineralization is atypical of mineralization from the remainder of the Cadia deposits, as much of the material is strongly to weakly weathered with a leached and enriched profile resulting in common secondary copper minerals especially chalcocite and pseudo- malachite. Additional testwork will be required to fully establish the metallurgical variability across the deposit. 10.5 Deleterious Elements 10.5.1 Cadia East Fluorine is the main deleterious element identified at Cadia East that could influence concentrate sales and marketing. A campaign of fluorine assaying on existing pulp samples took place between October and November 2009, and the additional fluorine data allowed estimation of a fluorine model using ordinary kriging (OK). This model has been used to improve understanding of fluorine distribution to assist with mine planning. Based on this work, the average fluorine head grade in the mill feed material is predicted to be 1,500 ppm F, and in the range of 1,200–1,900 ppm F over the LOM. The majority of fluorine is present as fluorite (about 50%) and as biotite-dominant and sericite micas (also about 50%). Minor amounts are present as fluorapatite, tourmaline and other minerals. The relationship between copper concentrate quality and deleterious fluorine is dependent on the type and quantity of fluorine-bearing minerals. Fluorine-bearing minerals may end up in the concentrate through either of two processes:  Fluorine minerals attached to, or locked within, sulfide or other floating minerals, and recovered into concentrate;  Fluorine minerals recovered into concentrate by entrainment, physically “dragged” in to concentrate by high mass recovery and poor froth washing. Jameson cells were installed in the plant to remove fluorine from the concentrate. The first Jameson cell was installed in Concentrator 1 in 2013, followed by Concentrator 2 in 2016. In 2017, two additional Jameson cells were installed into Concentrator 1. Since 2017, all material

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-14 within the plant has been processed through a Jameson cell, giving maximum fluorine rejection, particularly of the entrained fluorine-bearing minerals, and therefore it is unlikely that fluorine levels in copper concentrate will exceed the maximum contractual limits over the LOM. 10.5.2 Ridgeway During its operating history, Ridgeway produced a high-quality copper concentrate with high gold grades, payable silver credits and relatively low levels of impurities that did not attract a penalty from smelters. There are expected to be no deleterious elements in any Ridgeway concentrates that will trigger penalty payments or rejection rates. This forecast is supported by resource analyses that do not indicate any change in geochemistry which is likely to impact on concentrate sales for the Ridgeway material. 10.5.3 Big Cadia No formal deleterious element assessment has been undertaken for the Big Cadia mineralization. 10.6 Qualified Person’s Opinion on Data Adequacy The QP notes:  The testwork undertaken is of an adequate level to ensure an appropriate representation of metallurgical characterization and the derivation of corresponding metallurgical recovery factors for Cadia East and Ridgeway. Independent external reviews of its Cadia East geometallurgical program in recent years. Initial metallurgical assumptions are supported by multiple years of production data;  More recent testwork data were used to update all areas of the Cadia East to provide a realistic representation of the performance;  Block-specific gold and copper recovery models were developed for Cadia East for the purpose of forecasting the expected gold recovery on the basis of head grade and spatial location. Each model is customized during pre-feasibility and feasibility studies and are applied to the specific Cadia East mine blocks the models were developed for. Mineralogical drivers have been identified for areas of gold and copper recovery variability linked to copper sulfide grain size;  Molybdenum recovery at Cadia East is driven by molybdenite morphology, which corresponds to increases in head grade. Molybdenum flotation response is observed to be aligned with changes in grain type and consequently, head assay with inflection points observed at 70 and 300 ppm in feed;  LOM gold recovery rates are forecast at approximately 80%, copper recovery rates at approximately 86%, silver recovery rates at approximately 65% and molybdenum recovery rates (relative to plant feed) of approximately 72%; Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 10-15  Recoveries for Ridgeway are based on algorithms; gold recovery forecasts for the overall LOM are 81% for gold, 87% for copper and 66% for silver;  Fluorine is the main deleterious element identified at Cadia East that could influence concentrate sales and marketing. Since 2017, all material within Concentrator 1 has been processed through a Jameson cell giving maximum fluorine rejection of fluorine-bearing entrained minerals, and therefore it is considered unlikely that future concentrate will not be able to meet the marketing conditions set by the smelters;  The Ridgeway concentrate was historically clean, very marketable, and had high copper grades. There are expected to be no deleterious elements in any Ridgeway concentrates that will trigger penalty payments or rejection rates;  Testwork results from the Big Cadia deposit indicate that there is risk associated with metallurgical performance if the material is sent to the current processing plants. Development of a Big Cadia materials process flowsheet will be required. Based on these checks, the geometallurgical testwork, geometallurgical recovery modelling, and reconciliation and historical production data support the estimation of mineral resources and mineral reserves, and the inputs to the economic analysis.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-16 11.0 MINERAL RESOURCE ESTIMATES 11.1 Introduction The following database closeout dates and modelling assumptions apply:  Cadia East: February 8, 2021. The model was constructed from 20 x 20 x 20 m cells, with no sub-celling;  Ridgeway: March 31, 2009. The model was estimated using Datamine software. Modelling used a block size of 25 x 25 x 25 m with subcelling to 5 x 5 x 5 m;  Big Cadia: May 27, 2015. The model was estimated using Vulcan software. Modelling used a block size of 25 x 25 x 5 m with subcelling to 6.25 x 6.25 x 2.5 m. 11.2 Modelling Approach The Cadia East grade shells were constructed using a 0.1% Cu threshold. The resource model is also based on a structural model and lithological model that uses multi-element geochemistry. All Cadia East wireframes were constructed in Leapfrog software using implicit modelling interpolations from primary logging codes extracted from the acQuire database. A total of three domains were constructed, and were used in the estimation of gold, copper, silver, molybdenum and fluorine. OK was used as the estimation method for all domains for primary elements. Gold and molybdenum were estimated using locally varying anisotropy (LVA) in areas, due to their relationship with the structurally-controlled mineralized veining, and the regional rotation of the dominant structural fabric. The geological inputs for the Ridgeway resource model were constructed by incorporating all available drill holes (surface and underground) and data collected from the underground mining levels. The interpretations were conducted on mining level plans between 5330RL and 4980RL. Level plans were generated in MapInfo and included all “backs” mapping and drill hole data. Major structures and lithologies were interpreted and then digitized for loading into Datamine. Estimation domains were based on lithology and structure inside a mineralized envelope. Individual domains were created for gold, copper, sulfur and silver. Data were separated into six geological domains, seven structural domains, and six grade domains. The Claudia Fault shows a 150 m offset, and was interpreted to be a hard domain boundary. To accommodate the fault influence, two sub-faults were interpolated, the Deep Purple and Deep Red faults, which had the same relationships and orientations of the faults of the same names above the Claudia Fault. The Deep Red fault was not used to domain grade; however, the Deep Purple fault was a major hard boundary for both mineralization and grade. Wireframes for Big Cadia were constructed in Leapfrog software using implicit modelling interpolations from primary logging codes extracted from the acQuire database and historical drill logs. The logging data from historical drilling were incorporated into the interpretation. Models included lithology (limestone, monzonite, volcanic units and sedimentary units), oxidation surfaces (base of complete oxidation, and top of fresh rock), alteration (inner or massive skarn Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-17 consisting of magnetite/hematite without epidote, and outer or transitional skarn consisting of magnetite/hematite with epidote), and PC40 Fault. No specific mineralization shells were constructed. The mineralization is intimately related to the magnetite–epidote alteration. 11.3 Exploratory Data Analysis Core drilling is the primary drill method for Cadia East, with drill holes ranging from PQ through to NQ size. All core drill holes that were captured in the acQuire database under the CE project code were extracted to ensure all holes across the Cadia East deposit were used. At Cadia East, histograms of all elements were prepared by domain to ensure that domains were valid. Domains were analyzed using contact and quantile–quantile plots to arrive at the final estimation domains. Based on the histogram data and correlation matrices, domain contacts were assigned as semi- soft boundaries. The statistical characteristics of the gold, copper and sulfur domains were reviewed for the Ridgeway deposit in 25 m horizontal, east–west and north–south slices through the mineralized system. The statistical characteristics of the gold, copper, molybdenum, silver, and sulfur assays at Big Cadia were reviewed. 11.4 Composites At Cadia East, the drill hole database was composited to 10 m downhole for use in all subsequent analysis and estimation. The length of 10 m was selected as a balance between geological resolution, scale of the mineralization and mining, and the block size used for estimation (20 x 20 x 20 m). The composites are distributed evenly, to ensure all sampling is retained. Missing assay values were set to -9007 and ignored during compositing. The drill hole database is first composited, and then flagged by the final estimation domains. Checks were completed on the raw grades before and after compositing to ensure that no samples were lost during the compositing process. Cell and OK declustering were conducted in Vulcan. Declustering was undertaken for gold, copper, molybdenum and sulfur. Cell declustering was undertaken for silver, which has sparser and relatively discontinuous sampling. The declustering weights were used for all elements for statistics, histograms, log probability, mean and variance, and box and whisker plots. Composite lengths of 2 m and 4 m were tested at Ridgeway to verify the optimum length, and the 4 m length was selected to support resource estimation of gold and copper. The global statistics and stationarity of all of the domains were assessed using Isatis software. Subsequently, some of the original domains were re-combined due to similar geostatistical characteristics and some were discarded. The quartz veining and sulfide species domains, and the majority of the grade domains were not used. However, the 0.2 g/t Au and 0.2% Cu domains were retained as they separate background metal values from the Ridgeway mineralization. The resulting domains were a combination of the geological and structural domains within a 0.2 g/t Au and/or 0.2% Cu grade domain.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-18 Average raw sample lengths at Big Cadia are dominantly 1 m or 2 m intervals with some approximately 1.5 m (5 ft) intervals from legacy samples. Composite intervals were standardized at 4 m. 11.5 Grade Capping/Outlier Restrictions At Cadia East, the decision to apply grade caps were based on a combination of factors;  Metal contained in the top percentile of the declustered population;  Continuity of the distribution in histograms;  Mean and variance plots;  Historical production reconciliation. Capping was only applied to selected elements and domains for molybdenum, sulfur and silver. No capping was applied to gold or copper. A high-yield restriction was applied to Domain 1200 to bring the estimated block model grade to the declustered composite grade. No grade caps were applied during estimation at Ridgeway. Top-cuts were determined for Big Cadia by review of the histograms and percentage of declustered metal contributed from the highest-grade samples. Top-cuts were used for all estimated elements. 11.6 Density (Specific Gravity) Assignment At Cadia, intervals for bulk density determination are selected according to lithology/alteration/mineralization as part of the logging process. The measurements are performed on site by geologists or geological assistants using the Archimedes water immersion method. Measurements are generally taken at 20–50 m intervals down hole. At Cadia East, bulk density has been estimated using an inverse distance weighting to the second power (ID2) method. Bulk density was assigned by domain at Ridgeway. Density values used in block model at Big Cadia represent weighted averages by lithology. These values were directly assigned into the block model. 11.7 Variography Variography was completed for Cadia East using Snowden Supervisor software. As the copper– gold porphyry follows the properties of a diffusion model, Gaussian transforms were used for variogram calculations. On occasion, lower and upper caps were used to assess best model and fits. This was only for the purposes of variogram modelling and was by trial and error. Any caps applied were articulated in the final BackTransform variogram window. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-19 Ridgeway variograms were modelled for gold, copper, silver and sulfur within each estimation domain. All models are spherical, typically with two structures, and were developed over raw experimental variograms. The main orientation of the Ridgeway mineralization is west–northwest to east–southeast, dipping sub-vertically. This is the plane of maximum continuity. Drilling at Ridgeway is predominantly from south to north at various dips. Downhole variograms orientated in this direction (with tolerances ± slicing width applied) were generated to provide information on the nugget and short-range structures, and in the wider domains to provide insight into longer- range structures. At Big Cadia, all experimental variograms were generated in Supervisor software; variograms were modelled for all domains for all elements. Directions of continuity for gold and copper derived from the fitted variogram models were consistent with the geological understanding of mineralization in addition to 3D interpretations. 11.8 Estimation/Interpolation Methods For Cadia East, grade estimations for the major elements are by OK in Vulcan. The kriging neighborhood analysis was used for the search neighborhoods. A minimum of 12 composites and a maximum of 20 composites were used in estimating. A restriction of maximum of four composites per drill hole was applied to avoid any single drill hole having too much influence on an estimated block. A block discretization of 4 x 4 x 4 was applied to all the blocks for estimation. The diffusive nature of mineralization and contact plot analysis suggested that there was continuity between estimation boundaries. Visual inspection of the data the boundaries and insitu geological knowledge suggested that there may be a minor, local, influence of the structures. A 30 m soft-boundary was applied for all elements for all domains. In view of a high nugget global variogram and low co-efficient of variation of the bulk density samples, an ID2 estimation technique was applied, using the global domain and samples. An isotropic search neighborhood of 1,000 x 1,000 x 1,000 m was used for the bulk density estimates. A minimum of 12 composites and a maximum of 20 composites were used, with a single drill hole contribution maximum of four composites. Estimation parameters for the Ridgeway resource model were optimized using quantitative kriging neighborhood analysis. This process involved estimating individual blocks using OK to test the slope of regression between the true and estimated grade, estimate value, variance and percentage of negative kriging weights. Each block was simple kriged to record the weight-of- the-mean, which was used as an indicator of estimation quality. Blocks on the margins of domains, in the center of domains, of higher than average grade, average grade and lower than average grade were tested. The results of analysis indicate that the estimation parameters are not sensitive to changes in search neighborhood. The most sensitive estimation parameter was found to be the number of samples used to estimate each block. The following estimation parameters were used for the Ridgeway mineral resource estimate:  Block size of 25 m (E) x 25 m (N) x 25 m (elevation);  Minimum of eight samples and maximum of 48 samples;  OK interpolation.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-20 Quantitative kriging neighborhood analysis was used to establish model search parameters and maximum search distances at Big Cadia. A discretization size of 4 x 4 x 4 was used for all estimates. The grade model was estimated with OK using back-transformed normal-score variograms on 4 m composites for gold, copper, silver, molybdenum, and sulfur. The estimation used the domain composites as informing samples, back-transformed normal score variogram models for composite weighting, and ellipsoidal search neighborhoods for composite selection. 11.9 Block Model Validation Block model validation varied by deposit, and could include the following methods: visual inspection; filtering the models and checking for any un-estimated blocks; comparing the global statistics of each domain and variable with the corresponding block estimates; comparing OK estimates and the kriging and cell declustered composite means; comparing the composite and block grades in slices throughout the deposit; locally comparing drill holes and estimated blocks in cross-section and plan; comparing the models to the previous estimate by area and level; swath plots; and discrete Gaussian change of support models. A direct block simulation study was undertaken at Cadia East to evaluate gold and copper grade variability within the resource model performance in the context of the expected range of outcomes in terms of the inherent variability, and mill performance. No material issues or biases were identified. 11.10 Confidence Classification of Mineral Resource Estimate 11.10.1.1 Mineral Resource Confidence Classification At Cadia East, geological continuity is satisfied by restraining the resource model to an interpretation that encompasses first appearance of copper dominated sulfides and/or a 0.1% copper grade cut-off. Grade continuity is confined to gold, as gold has lesser grade continuity than copper, and if gold grade continuity is satisfied then the copper grade continuity is automatically satisfied. Gold also contributes the majority of revenue in the core of the deposit. Both gold and copper become equal revenue contributors in the peripheries of the mineralization. Resource confidence categories were assigned on the basis of drill spacing studies. Resultant drill spacing is provided in Table 11-1. The gold average variogram weighted distance was taken as a proxy for the gold average drill hole spacing. The Ridgeway resource classification was reviewed with relation to sample density, hole spacing, survey method, geological interpretation and confidence in the geological model (especially fault projection) and geologically through slope of regression. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-21 Table 11-1: Cadia East Drill Spacing Supporting Confidence Categories Domain Indicated Upper Limit (m) Inferred Upper Limit (m) 1100 100 200 1200 150 250 1300 150 250 Mineral resources were classified within a 0.2 g/t Au grade shell based on the following assumptions:  Indicated mineral resources: an average weighted sample distance of <60 m;  Inferred mineral resources: an average weighted sample distance of 60–100 m. The Big Cadia model was reviewed for:  Slope of regression;  Average weighted distance from informing samples;  Geological continuity/confidence. The average weighted distance for the mineralized skarn domains is approximately 30 m, the slope of regression averages about 0.9 in the oxide skarn domain and around 0.7 in both the lower and upper skarn domains. Apart for a small portion of the lower skarn down dip of the last mineralized drill holes, the parameters support the classification of an indicated mineral resource. The average weighted distance within the mineralized skarn domains is primarily within 70% of the variogram ranges. However, as over 50% of the estimation samples were derived from legacy data that cannot be demonstrated to have been collected in accordance with the current Newmont internal requirements, the classification was downgraded to inferred. The sensitivity model and quantile–quantile plots suggest a risk of copper bias towards the legacy drilling. This result is likely due to the lack of drilling within the transitional (high copper) skarn areas rather than a true bias. 11.10.1.2 Uncertainties Considered During Confidence Classification Following the analysis in Chapter 11.10.1.1 that classified the mineral resource estimates into the indicated and inferred confidence category, uncertainties regarding sampling and drilling methods, data processing and handling, geological modelling, and estimation were incorporated into the classification assigned. The areas with the most uncertainty were assigned to the inferred category, and the areas with fewest uncertainties were classified as indicated. 11.11 Stockpiles Stockpile tonnes and grades are built up from a combination of truck and survey data, and modelled in three dimensions.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-22 Stockpiled material is classed as measured mineral resources. 11.12 Reasonable Prospects of Economic Extraction 11.12.1 Input Assumptions Metal price assumptions used in mineral resource estimation are summarized in Table 11-2. 11.12.1.1 Cadia East The mineral resource estimate for Cadia East was reported within an outline determined by net smelter return (NSR) cut-offs for each block in the resource model. The NSR was the estimated proceeds from the sale of mineral products after the application of metal recoveries and deduction of transport, smelting, refining and marketing charges, as well as royalty payments. No geotechnical inputs were used when assessing the parameters to the resource model; however, the reporting shell (potentially economic outline) was expanded or contracted (in places) to fully encompass the panel cave footprints, or remove areas that were are not considered potentially mineable. This includes consideration of cave flow rock mechanics within panel caving operations. The reporting shell (potentially economic outline) was expanded or contracted (in places) to fully encompass the panel cave footprints, or remove areas that are not considered potentially mineable. Using the reported resource metal price assumptions and costs aligned to the current and future expected recoveries and costs, the classification of material at Cadia East was constrained within an A$18 NSR cut-off (rounded from A$18.01), and was considered to be the boundary at which the material had reasonable prospects for economic extraction. Input values to the NSR are provided in Table 11-3. The metallurgical recovery assumptions were provided in Chapter 10.3.1. 11.12.1.2 Ridgeway The estimate was reported assuming an underground mass mining method, likely block/panel caving. There was an assumption of a change in the mining method at 5040m RL, from sub-level caving to block caving. The conceptual cave was constructed by assigning an NSR value to all blocks in the resource block model, determining a cave footprint string, and projecting directly to the top of the cave column. The cave was not allowed to expand beyond the extraction level footprint, but could be reduced in diameter as a draw bell can be shut-off at cut-off grade before the entire column was extracted. Column heights ranged from 150–400 m with minimum diameters of 120 m. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-23 Table 11-2: Metal Price and Exchange Rate Assumptions Metal Price Assumptions Units Value Gold US$/oz 1,400 (Cadia East, Cadia Hill Stockpiles) 1,350 (Big Cadia) 1,300 (Ridgeway) Copper US$/lb 3.40 (Cadia East, Ridgeway, Big Cadia, Cadia Hill Stockpiles) Silver US$/lb 21.00 (Cadia East, Ridgeway) Molybdenum US$/lb 10.00 (Cadia East) Exchange rate US$:A$ 0.75 (Cadia East, Cadia Hill Stockpiles) 0.80 (Ridgeway; Big Cadia) Note: numbers have been rounded. Table 11-3: Inputs Used for Reasonable Prospects of Economic Extraction, Cadia East Activity Units Value Mine operating cost A$/t 5.37 Ore treatment operating cost A$/t 9.58 General & administrative cost A$/t 3.06 Total Cost A$/t 18.01 Total Cost Applied A$/t 18.00 Gold recovery % 81 Copper recovery % 85 Silver recovery % 65 Molybdenum recovery % 72 Note: numbers have been rounded. Metallurgical formulae were used on the Ridgeway grade model to estimate recoverable metal, regardless of sulfide species as input to the estimated block value. The formulae estimate the metal deportment to gravity, tailings, and concentrate (refer to discussion in Chapter 10.3.2). The recoveries were grind-size dependent. There was no direct input of geotechnical parameters to the resource model. Mineral resources were reported inclusive of internal zones of non-mineralized diluting material. These zones can include low-grade to barren monzonite zones and late-stage pyroxene porphyry dikes. Mineral resources were reported using an A$12.50/t value shell and the input parameters provided in Table 11-4. Metal prices used were included in Table 11-2.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-24 Table 11-4: Inputs Used for Reasonable Prospects of Economic Extraction, Ridgeway Item Unit Original Input Sensitivity Input Transport cost A$/wmt 109.64 Concentrate treatment charge A$/t 98.33 Copper refining charge A$/lb 0.0934 Gold refining charge A$/oz 8.00 Concentrate moisture content % by weight 8.50 Payable gold % 98 Total cost sub-level cave A$/t 12.50 Total cost block cave A$/t 12.50 Mine operating cost A$/t 5.31 Mine sustaining capital cost A$/t 0.79 Mineralization treatment operating cost A$/t 8.30 Mineralization treatment sustaining capital cost A$/t 0.89 Tailings dams sustaining capital cost A$/t 0.75 General and administrative (G&A) cost A$/t 2.67 NSR A$/t 12.50 18.71 Gold recovery % 81 81 Copper recovery % 87 87 Silver recovery % 63 63 Molybdenum recovery % 81 81 Note: numbers have been rounded. A sensitivity assessment against December 2023 economic assumptions (A$18.71/t) was undertaken to confirm that the mineral resource estimate retains reasonable prospects of economic extraction. The assessment found that the changes to the NSR cut-off were not material to the mineral resource, due to the vertical Ridgeway deposit geometry and relatively sharp peripheral mineralization gradient. The sensitivity analysis used the input parameters that were included in Table 11-4. 11.12.1.3 Big Cadia Mineralization crops out on surface. Conventional open pit mining methods have been assumed. The estimate is confined within a conceptual pit shell that used the input parameters in Table 11-5. Inputs used for the NSR calculation are also provided in Table 11-5. Metallurgical recoveries that are based on metallurgical recovery algorithms, which have maxima of 95% for gold and 91% for copper (refer to Chapter 10.3.4). Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-25 Table 11-5: Inputs Used for Reasonable Prospects of Economic Extraction, Big Cadia Activity Units Pit Shell Value NSR Value Royalty % 4 4 Geotechnical slope parameters degrees 28º for cover material, and 45º in basement Gold price US$/oz 1,400 1,350 Copper price US$/lb 4.00 3.40 Exchange rate A$:US$ 0.80 0.80 Mining costs A$/t mined 3.93 Processing costs A$/t milled 8.30 8.30 G&A costs A$/t milled 2.83 2.83 Gold refining costs A$/oz 6.00 Copper refining cost A$/lb 0.09 Transport costs US$/wmt 72.95 (consists of two inputs, US$35.70, and $A43.82, converted to US$) Concentrate treatment cost US$/dmt 90 Gold recovery % (maximum) 95 95 Copper recovery % (maximum) 91 91 Royalty % 4 4 Geotechnical slope parameters degrees 28º for cover material, and 45º in basement Gold price US$/oz 1,400 1,350 Note: numbers have been rounded. Where cells are blank, no assumption was used. Depletion for historical mining activities was included. Historical drawings of shafts, underground drives and pit slopes were digitized, transferred to current grid references and grades re-set within the model to background values. 11.12.1.4 Cadia Hill Stockpiles Assumptions used in the determination of reasonable prospects of economic extraction for the Cadia Hill stockpiles are provided in Table 11-6.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-26 Table 11-6: Inputs Used for Reasonable Prospects of Economic Extraction, Cadia Hill Stockpiles Assumption Unit Input Gold recovery % 64 Copper recovery % 75 Gold price US$/oz 1,400 Copper price US$/lb 3.40 Exchange rate US$:A$ 0.75 Surface rehandle US$/t 1.34 Processing US$/t 7.28 General and administrative US$/t 2.35 Note: numbers have been rounded. 11.12.2 Commodity Price Commodity prices used in resource estimation are based on long-term analyst and bank forecasts, supplemented with research by Newmont’s internal specialists. An explanation of the derivation of the commodity prices is provided in Chapter 16.2. The estimated timeframe used for the price forecasts is the 34-year LOM that supports the mineral reserve estimates. 11.12.3 Cut-off For those deposits considered potentially amenable to underground mass mining methods, Cadia East and Ridgeway, no cut-off is used. The entire volume within the mineable shape outline is reported including internal dilution. An NSR cut-off is used for Big Cadia, see Chapter 11.12.1.4. Stockpiles reported as mineral resources are reported above a US$10.94/t cut-off. The cut-off grade must cover the costs of surface rehandle (US$1.34/t), processing (US$7.28/t) and general and administrative costs (US$2.35/t). 11.12.4 QP Statement The QP is of the opinion that any issues that arise in relation to relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work. The mineral resource estimates are performed for a deposit that is in a well-documented geological setting; the district has seen nearly decades of open pit and underground operations conducted by Newmont and tis predecessors; Newmont is familiar with the economic parameters required for successful operations in the Cadia area; and Newmont has a history of being able to obtain and maintain permits, social license and meet environmental standards in New South Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-27 Wales. There is sufficient time in the 34-year timeframe considered for the commodity price forecast for Newmont to address any issues that may arise, or perform appropriate additional drilling, testwork and engineering studies to mitigate identified issues with the estimates. 11.13 Mineral Resource Statement Mineral resources are reported using the mineral resource definitions set out in SK1300 on a 100% basis. Newmont holds a 100% Project interest. The estimates are current as at December 31, 2023. The reference point for the estimates is in situ and in stockpiles. Mineral resources are reported exclusive of those mineral resources converted to mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Measured and indicated mineral resources are included in Table 11-7. Inferred mineral resources are summarized in Table 11-8. The Qualified Person for the estimates is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 11.14 Uncertainties (Factors) That May Affect the Mineral Resource Estimate Areas of uncertainty that may materially impact the mineral resource estimates include:  Changes to long-term metal price and exchange rate assumptions;  Changes in local interpretations of mineralization geometry, structures, and continuity of mineralized zones;  Changes to geological and grade shape and geological and grade continuity assumptions;  Changes to metallurgical recovery assumptions;  Changes to the input assumptions used to derive the conceptual underground mass mining methods used to constrain the estimates;  Changes to the to the input assumptions used in the constraining pit shell for those mineral resources amenable to open pit mining methods;  Changes to the NSR cut-offs applied to the estimates;  Variations in geotechnical (including seismicity), hydrogeological and mining assumptions;  Forecast dilution;  Changes to environmental, permitting and social license assumptions.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-28 Table 11-7: Measured and Indicated Mineral Resource Statement Resource Confidence Classification Area Tonnes (kt) Grade Contained Metal Au (g/t) Cu (%) Ag (g/t) Au (koz) Cu (Mlb) Ag (koz) Measured Stockpile 30,900 0.3 0.13 — 300 100 — Indicated Underground 1,596,600 0.32 0.23 0.61 16,200 8,200 31,300 Total measured and indicated 1,627,500 0.32 0.23 0.61 16,500 8,300 31,300 Resource Confidence Classification Area Tonnes (kt) Grade Contained Metal Mo (%) Mo (Mlb) Indicated Underground 1,515,400 0.01 200 Total measured and indicated 1,515,400 0.01 200 Table 11-8: Inferred Mineral Resource Statement Resource Confidence Classification Area Tonnes (kt) Grade Contained Metal Au (g/t) Cu (%) Ag (g/t) Au (koz) Cu (Mlb) Ag (koz) Inferred Underground 497,000 0.2 0.2 0.5 3,800 1,900 7,500 Open pit 11,000 0.7 0.5 — 200 100 — Total inferred 508,000 0.3 0.3 0.5 4,100 2,000 7,500 Resource Confidence Classification Area Tonnes (kt) Grade Contained Metal Mo (%) Mo (Mlb) Inferred Underground 497,000 0.003 0 Notes to Accompany Mineral Resource Tables: 1. Mineral resources are current as at December 31, 2023. Mineral resources are reported using the definitions in SK1300 on a 100% basis. The Qualified Person responsible for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 2. The reference point for the mineral resources is in situ or in stockpiles. 3. Mineral resources are reported exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 4. Mineral resources that are potentially amenable to underground mass mining methods are reported using the inputs summarized in Table 11-2, Table 11-3, and Table 11-4. Mineral resources that are potentially amenable to open pit mining Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 11-29 methods are reported using the inputs summarized in Table 11-2 and Table 11-5. Mineral resources in stockpiles are constrained using the inputs summarized in Table 11-2 and Table 11-6. 5. Tonnages are metric tonnes. Gold and silver ounces and copper and molybdenum pounds are estimates of metal contained in tonnages and do not include allowances for processing losses. 6. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. Tonnes are rounded to the nearest 100,000 tonnes. Ounces are rounded to the nearest 100,000 ounces and pounds are rounded to the nearest 100 million pounds. In instances where tonnage and grade are presented but metal is not shown, this is due to the metal contained falling below the metal rounding limit. A risk to the resource estimate is the assumption that there will be sufficient tailings storage capacity at the tailings cost input assumption used when considering reasonable prospects of economic extraction. As noted in Chapter 10.6, testwork results from the Big Cadia deposit indicate that there is risk associated with metallurgical performance if the material is sent to the current processing plants. Development of a Big Cadia materials process flowsheet will be required. There are no other environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the QP that would materially affect the estimation of mineral resources that are not discussed in this Report.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 12-1 12.0 MINERAL RESERVE ESTIMATES 12.1 Introduction Mineral reserves are reported for Cadia East and Ridgeway. The Cadia East mine is operating; Ridgeway is currently on care-and-maintenance. Mine designs supporting the mineral reserves were based on the most recently approved pre- feasibility and feasibility studies, and the operating mine life-of-mine plans. Metal price and exchange rate assumptions used in mineral reserve estimation are provided in Table 12-1. Cost estimates used in the preparation of the mineral reserves are based on the most recent studies approved by Newcrest relating to the exploitation of the two deposits. The mineral reserves include material that, when delivered to the mine portals, has a recovered value greater than the cost of all downstream processes, including fixed costs. Mineral reserves are estimated assuming bulk underground mining methods. 12.2 Cadia East 12.2.1 Overview The current Cadia East mine plan is at a minimum of pre-feasibility level of evaluation and outlines the execution of the life of mine plan over a series of three lifts (Lifts 1, 2, and 3). Lift 1 and Lift 2 have an existing panel cave and will, by the end of operations, have four extensions in total each with Lift 3 having one panel extension. The planned mine layout is provided in Figure 12-1. The basic methodology employed to complete mine designs included:  Creation of drawbell footprints;  Extraction and undercut layouts were designed and access, infrastructure and related ventilation and materials handling development were added to build total mine design;  All design was undertaken using mine design and geotechnical parameters;  Geotechnical modelling was undertaken on mine design to determine stability and highlight problem areas that need modification;  Final mine design was completed using geotechnical recommendations. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 12-2 Table 12-1: Metal Price and Exchange Rate Assumptions Item Units Price Gold price US$/oz 1,300 Copper price US$/lb 3.00 Molybdenum price US$/lb 8.00 Silver price US$/oz 18.00 Long-term exchange rate A$:US$ 0.75 Figure 12-1: Planned Mine Layout Schematic, Cadia East Note: Figure prepared by Newmont, 2024.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 12-3 12.2.2 Net Smelter Return The panel cave outline was prepared by analyzing the cost of constructing and establishing drawpoints, and mining and processing ore. These cost estimates were then compared to the estimated NSR generated by mining the material from the draw-column overlying the drawpoint. NSR values are calculated on a payable metal basis taking metal prices, metallurgical recoveries, and realization costs (transportation, smelting, royalties, etc.) into account. Only draw-columns generating a positive NSR value (economic draw-columns) are included in the reserve, except where it is necessary to include an uneconomic draw-column to ensure a practical mining shape. Draw-column heights were limited by a shut-off NSR value of A$18.00/t. 12.2.3 Development Ore Selection All development material is planned to be hauled to the surface portal dump. From the portal, dump ore is then screened and cleaned of any remnant ground support steel and then hauled to the mill for processing. Waste is hauled to the waste rock storage facility (WRSF) using surface equipment. The costs involved are:  Site processing cost A$12.50/t;  Surface haulage cost waste to WRSF: A$1.81/t;  Surface haulage cost to plant (includes A$4.50/t for cleaning/screening): A$10.43/t. A breakeven cut-off value has been used for ore waste delineation of A$13.34/t. 12.2.4 Panel Cave Ore Selection Mining footprints were determined using a cost of A$750,000 per drawpoint, or A$1.5 million per drawbell. No other capital costs are included in the evaluations as the remaining costs are sunk as part of footprint establishment. All drawpoints with a positive net present value (NPV) are considered, with the assumption that all draw columns will be mined to a profitable height after the cost of cave establishment has been sunk. 12.2.5 Shut-off Values Long term breakeven mineral reserve shut-off value inputs are provided in Table 12-2. A marginal shutoff of $18.00/t is also used when required in the production schedule. 12.2.6 Dilution Internal dilution is incorporated into the mine plan. All development has mining factors for dilution and recovery applied to accurately represent the expected mined tonnes. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 12-4 Table 12-2: Mineral Reserve Shut-off Value Activity Units Value Mining A$/t 6.14 Processing A$/t 9.71 Site general & administrative (G&A) A$/t 3.13 Sustaining capital cost A$/t 2.72 Total Cost Applied A$/t 21.70 12.2.7 Metallurgical Recoveries The recovery ranges in Table 12-3 are anticipated over the LOM. 12.3 Ridgeway 12.3.1 Overview A schematic showing the relationships of the mined-out SLC and Ridgeway Deeps Lift 1 operations is provided in Figure 12-2. Estimation of the mineral reserves involved standard steps of mine optimization, mine design, production scheduling and financial modelling. Factors and assumptions were based on operating experience and performance in gained in the Cadia Valley Operations. The basis of the analysis is considered to be at a pre-feasibility study level or higher. Mine plans are based on the extraction of caving blocks solely delineated on the basis of Indicated material. Dilution is included within the probable mineral reserve. 12.3.2 Net Smelter Return Estimation uses a value-based cut-off by determining the NSR value equal to the relevant site operating cost. The NSR calculation considers reserve revenue factors, metallurgical recovery assumptions, transport costs and refining charges and royalty charges. The site operating costs include mining cost, processing cost, relevant site general and administration costs and relevant sustaining capital costs. This cost equates to a break-even cut-off value (equivalent to a shut-off value) of approximately A$25.17/t milled (Table 12-4).

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 12-5 Table 12-3: Metallurgical Recovery, Cadia East Element Unit Value Gold % 70–85 Copper % 80–87 Silver % 62–67 Molybdenum % 65–75 Figure 12-2: Ridgeway Mine Layout Schematic Note: Figure prepared by Newmont, 2024. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 12-6 Table 12-4: Ridgeway Deeps Lift 1 Cut-Off Values Activity Unit Break Even NSR Mine operating cost A$/t mined 9.61 Mining sustaining capital cost A$/t mined 2.72 Ore treatment operating cost A$/t milled 9.71 General & administration cost A$/t milled 3.13 Total Cost A$/t milled 25.17 12.3.3 Development Ore Selection All development material is planned to be hauled to the surface portal dump. From the portal, dump ore will be screened and cleaned of any remnant ground support steel and hauled to the mill for processing. Waste will be hauled to the waste dump using surface equipment. 12.3.4 Block Cave Ore Selection All drawpoints with a positive net present value (NPV) are considered, with the assumption that all draw columns will be mined to a profitable height after the cost of cave establishment has been sunk. 12.3.5 Metallurgical Recovery Metallurgical recoveries are listed in Table 12-5. 12.4 Royalties Royalties are calculated as 4% of block revenue less all off site realization costs (treatment and refining charges), less ore treatments costs and less one third of site general and administrative costs. The royalty payments equate to approximately 3% of total revenue on average. 12.5 Mineral Reserve Statement Mineral reserves are reported using the mineral reserve definitions set out in SK1300 on a 100% basis. Mineral reserves are current as at December 31, 2023. The reference point for the mineral reserve estimate is as delivered to the process facilities. Mineral reserves are reported in Table 12-6. The Qualified Person for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 12-7 Table 12-5: Metallurgical Recovery, Ridgeway Element Unit Value Gold % 70–80 Copper % 80–90 Silver % 55-65 Table 12-6: Proven and Probable Mineral Reserve Statement Reserve Confidence Classification Area Tonnage (kt) Grade Contained Metal Gold (g/t Au) Copper (% Cu) Silver (g/t Ag) Gold (koz) Copper (Mlb) Silver (koz) Probable Underground 1,097,300 0.42 0.29 0.68 14,600 7,100 23,900 Stockpile 5,000 0.63 0.38 0.77 100 0 100 Total probable mineral reserves 1,102,300 0.42 0.29 0.68 14,700 7,100 24,000 Reserve Confidence Classification Area Tonnage (kt) Grade Molybdenum (% Mo) Contained Metal Molybdenum (Mlb) Probable Underground 1,080,100 0.01 200 Stockpile 5,000 0.01 0 Total probable mineral reserves 1,085,100 0.01 200 Notes to Accompany Mineral Reserves Table: 1. Mineral reserves current as at December 31, 2023. Mineral reserves are reported using the definitions in SK1300 on a 100% basis. The Qualified Person responsible for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 2. The reference point for the mineral reserves is the point of delivery to the process plant. 3. Mineral reserves are reported using the assumptions listed in Table 12-1 to Table 12-4. 4. Tonnages are metric tonnes. Gold and silver ounces and copper and molybdenum pounds are estimates of metal contained in tonnages and do not include allowances for processing losses. 5. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. Tonnes are rounded to the nearest 100,000 tonnes. Ounces are rounded to the nearest 100,000 ounces and pounds are rounded to the nearest 100 million pounds. In instances where tonnage and grade are presented but metal is not shown, this is due to the metal contained falling below the metal rounding limit. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 12-8 12.6 Uncertainties (Factors) That May Affect the Mineral Reserve Estimate Areas of uncertainty that may materially impact the mineral reserve estimates include:  Changes to long-term metal price and exchange rate assumptions;  Changes to metallurgical recovery assumptions;  Changes to the input assumptions used to derive the cave outlines and the mine plan that is based on those cave designs;  Changes to the shut-off criteria used to constrain the estimates;  Changes to operating and capital cost assumptions used, including changes to input cost assumptions such as consumables, labor costs, royalty and taxation rates;  Variations in geotechnical, mining, dilution and processing recovery assumptions, including changes to designs as a result of changes to geotechnical, hydrogeological, and engineering data used;  Ability to source power supplies if the current assumptions cannot be met;  Ability to obtain sufficient water to meet operational needs;  Changes to the assumed permitting and regulatory environment under which the mine plan was developed;  Ability to permit additional TSF capacities or facilities;  Ability to maintain mining permits and/or surface rights;  Ability to obtain operations certificates in support of mine plans;  Ability to obtain and maintain social and environmental license to operate. There is a risk to the mineral reserve estimates if Newmont is not able to demonstrate that the Cadia Valley Operations can remediate, maintain and operate the existing TSFs in line with the costs estimated in the LOM plan. A similar risk exists with the costs estimated for the TSF expansion included in the cashflow analysis. Newmont must also demonstrate that the operations can be mined within the existing environmental permit requirements. There are no other environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the QP that would materially affect the estimation of mineral reserves that are not discussed in this Report.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-1 13.0 MINING METHODS 13.1 Cadia East Operations 13.1.1 Overview The current operations are planned as a series of three lifts (Lifts 1, 2, and 3). The relative elevation of these lifts and all underground infrastructure is expressed in mine height datum which is 5,000 m above AHD. Lifts 1 and 2 are approximately 1,200–1,400 m high with their bases located at approximately 4650 mRL and 4450 mRL, respectively. Lift 3 sits below Lift 2 with a block height of 275 m and a base at 4,175 mRL. Lift 1 refers to the following panel caves: PC1–1, PC1–2, PC1–3 and PC1–4. Lift 2 refers to the following panel caves: PC2, PC2–3, PC2–4 and PC2–5. Lift 3 refers to the following panel cave: PC 3–1. Cadia East is accessed via two declines, the main access decline, and the conveyor decline. The mining method involves inducing caving of the rock mass by undercutting a block of ore. Mining proceeds by progressively advancing an “undercut” level beneath the block of ore. Above the undercut level, the overlying host rocks are pre-conditioned using blasting and/or hydraulic fracturing, resulting in controlled fracturing of the ore block (Figure 13-1). Following pre-conditioning of the overlying host rocks, broken ore is removed through an extraction level developed below the undercut level. The extraction level is connected to the undercut level by drawbells, through which the ore gravitates to drawpoints on the extraction level. The ore is removed by a LHD fleet to underground crushing stations. At each crushing station, ore is tipped into a coarse ore bin, which then feeds the crusher itself which passes material to a surge bin used to regulate the feed from the crushing station onto the collection conveyors. The collection conveyors are in turn used to regulate feed onto the main trunk belt system and to allow for the automated removal of tramp metals. The main trunk belt is used to transport ore to the surface at a rate of approximately 4,600 t/h (with work underway to upgrade this to 5,150 t/h). The incline conveyor commences at 4,400 mRL (i.e. the base of Lift 2), extends approximately 7,500 m to the surface and is deposited onto the concentrator coarse ore stockpile where it is gravity fed into the ore processing system. Waste rock is removed from the underground workings via the decline and is hauled to the South Waste Rock Facility. Fresh air enters the underground workings via the main and conveyor declines and six ventilation intake shafts (VR4, VR6, VR10, VR12, with plans to construct a further system, VR18) A total flow intake of approximately 1,500 m3/s is installed with plans during expansion to raise this to 2,200 m3/s of fresh air to maintain underground air quality. Air is expelled from the workings via four vertical shafts and exhaust fan installations (VR3A, VR5, VR7, VR8, VR15, with construction underway for VR11). Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-2 Figure 13-1: Schematic Showing Mining Operations Note: Figure prepared by Resource Strategies, 2012.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-3 Blasting consists of development blasting and production blasting to precondition the ore. Emulsion explosives are typically used for blasting purposes. Ammonium nitrate fuel oil (ANFO) may be used on occasions if emulsion charging is not available. Hydraulic fracturing is used to augment the caving process. Groundwater that accumulates in the underground mine workings is collected, and then pumped to the surface at a maximum rate of about 160 L/s. Underground facilities include workshops, wash bays, fuel bays, offices, and crib rooms. Underground workshops are used to maintain the development and production fleet. The Cadia East mine is supplied by a dedicated 132 kV transmission line feed which in turn feeds into the site switchyard. Three 33 kV feeders run from the surface substation to provide a ring main to the underground workings. 13.1.2 Geotechnical Considerations 13.1.2.1 Rock Quality and Geotechnical Domains Geotechnical data collection included:  Rock mass rating (RMR90);  Q prime (Q and Q') values. In an effort to provide additional insight into the potential for veining or small defects within intact rock to affect the overall strength and behavior of the rock mass, where possible the data was used to calculate in-situ rock mass rating classification values. Intact rock strength and competency generally increases with depth and to the east of the mine at Cadia East. Laboratory strength testing has confirmed these rock mass findings. Monzonite is the main intrusive type at Cadia East with varying levels found within the host volcanic unit. An overall geotechnical block model was created for the Cadia underground mining area, and divided into five areas:  Far West (including PC1–2 and PC1–4);  Centre West (including PC1–2, PC1–4, and part of PC1);  Centre East (including PC2, part of PC1 and the western part of PC3–1);  Middle East (including PC2-3 and the eastern half of PC3–1);  Far East (including some access development). A schematic section through the model is provided as Figure 13-2. This model allows for a detailed understanding of the rock mass and its likely response to the cave mining process. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-4 Figure 13-2: Geotechnical Block Model Schematic Note: Figure prepared by Newcrest, 2020. 13.1.2.2 Design Considerations Modelling indicates that the caveability of panel caves is not significantly influenced by faults that are known to exist within the orebody. Localized effects, predominantly on cave establishment processes, have been taken into account whilst completing mine designs for the panel caves. Caveability tests and modelling undertaken as part of studies has shown that the orebody is amenable to caving. Modelling also indicate that effective homogeneous preconditioning could increase the recovery of ore by having more material caved from the flanks, and prevent potential hangs-up in the areas that are not caved due to lower intensity hydraulic fracturing. The increased mobilization of the cave flanks would appear to reduce cave necking.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-5 The planned preconditioning design for cave growth is one that implements a regular and tightly- spaced hydraulic fracturing geometry of between 1.5–2 m fracture spacing with a draw sequence that is initiated adjacent to the existing cave, to mitigate any potential pendant effect. 13.1.2.3 Cave Initiation Cave initiation will commence adjacent to existing caves for operations on the Lift 1 and Lift 2 levels. This cave initiation position was aligned to prevent the formation of a low-mobility cave- flow area (pendant). The Lift 3 level will be initiated under the existing Lift 2 caves, and the breakthrough to the lift above will be managed via a combination of fracturing, draw control, and personnel exclusion from high-risk zones. 13.1.2.4 Hydraulic Fracturing Hydraulic fracturing activities will be conducted in two main functional areas, the orebody and infrastructure areas with two separate intents. The orebody will be fractured at a minimum of 1.5– 2 m vertical spacings to enhance cave propagation. Pre-conditioning is expected to provide caving angles of 85–90°. Infrastructure areas will be fractured at a minimum of 4 m vertical spacings to reduce the seismic hazard. Areas within the infrastructure that require fracturing are defined by excavations that are within 30 m of areas where there is significant potential for strain-bursting (based on numerical models), or excavations within 30 m of a major structure with the potential to produce local slippage along discontinuities. 13.1.2.5 Caveability, Fragmentation, and Flow Findings from fragmentation studies, which included analysis of over 500 drawpoint photos and the results from cave markers and cave tracker beacons supports the current extraction level spacing, drawbell, and drawpoint designs being used as optimum for recovery of the fragmented ore. Draw behavior results derived from the current cave marker and cave tracker beacons show that disturbed flow mechanisms are occurring in the cave material during cave draw. Pre-conditioning was applied to the rock mass in Cadia East PC1 and PC2, and the results of this, combined with the rock mass properties, have shown that the mine is capable of caving to surface without significant risk of stall. Future caves have similarly been planned with pre- conditioning, and rock mass conditions are anticipated to be similar to current site experience. The implementation of preconditioning reduces drawpoint hang-ups, oversize rocks and provides an improvement in caveability by placing regular fractures in the caving block. This preconditioning is specifically designed to address the first 50 m of draw where the largest and most inefficient production draw exists. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-6 13.1.2.6 Cave Subsidence A mine-scale numerical model using FLAC3d was completed and used to assess the potential underground and surface subsidence. The average break angle for the Ordovician volcaniclastic rock and the Silurian sediments at Cadia East are 70º and 55°, respectively. At the end of the Cadia East mine life, the surface subsidence area would be approximately 250 ha and would resemble a dish-shaped depression surrounded by steep slopes on the margin. 13.1.2.7 Ground Support Primary support will consist of fiber-reinforced shotcrete, mesh and rock bolts. In addition, each cut will have face meshing, and an additional ring of rock bolts to join mesh with the previous cut. Secondary support will consist of cables. In-cycle cables will be required through zones of high deformation such as strain burst-prone areas. 13.1.3 Hydrogeological Considerations 13.1.3.1 Hydrogeology The hydrogeology of the Cadia East deposit area can be described as following:  The Tertiary basalt forms a productive aquifer with yields that vary from low to high and produces consistently good water quality suitable for potable use;  The underlying Silurian sequence is more variable but can form low yield aquifer from sandstone and siltstones, with locally high yields where fractured limestones are present;  The Ordovician volcaniclastic basement rocks have widely spaced and poorly interconnected fracture networks beyond the major fault zones and form an aquitard with very low yields and slightly brackish water quality. Any surface runoff from the within the subsidence crater and the upslope areas will drain into the cave, eventually flowing to the lowest point in the cave column. Some of the water will be held as entrained moisture in the cave material. 13.1.3.2 Inflows A quantitative prediction of water inflow to the extraction level was completed with modelling predicting an increase of cave moisture with time, and an increase of total discharge (both ore moisture and seepage), typically for the 50th rainfall percentile:  By FY29: 5–45 L/s;  By FY48: 30–85 L/s. Most of inflow will occur from the base of the subsidence crater. Inflow via the non-ponded crater zone will be limited. Cave moisture is predicted to increase through the mine life, although the

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-7 muck pile is expected to remain largely unsaturated. There may still be pathways of quick water transfer, for example, under ponded areas or through fracture zones. The modelling predicted that peak discharge to the extraction level will mimic surface infiltration, with multi-day extreme storm events associated with the highest risks of increased inflow. Recharge of the groundwater levels is noted to occur following substantial rainfall events across the region. The actual recharge amount varies substantially across the entire field, due in part to the variable rock storage, permeability parameters, and topographic features. Discharge of groundwater in the field will occur in two main areas, baseflow into creeks and into mining voids. 13.1.3.3 Dewatering Mine dewatering is currently achieved with a vertical dam and Geho positive displacement pump system placing water into thickener TH2003 for reuse in the ore treatment facility. The dewatering facilities are designed to accommodate groundwater and surface catchment area water inflows for a one-in-100-year rainfall event. There is no discharge of water from the mine dewatering activities to the environment, with water reused in processing facilities or recycled into the underground operations. 13.1.4 Design Considerations Key assumptions in the design process are included as Table 13-1. The default density for caved material is 2.2 t/m3. The range for neighboring drawpoints is 28 m. In each case, this allows for rilling and toppling interaction between neighboring drawpoints within the specified radius. The draw cone used has a maximum radius of 14 m and a maximum height of 1,350 m. Development profile assumptions are provided in Table 13-2. 13.1.4.1 Extraction Levels Future extraction level development (inclusive of PC2–3) will consist of:  1,119 drawbells, with total footprint dimensions of 700,000 m2 across seven panel areas;  Crushers located adjacent to the footprint, connected to the level via development drives for LHD operation and situated with a 110–130 m standoff from the edge outer edge of the nearest drawbells. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-8 Table 13-1: Cadia East Key Design Parameters Development Area Gradient Access declines (max) 1 in 6 Conveyor declines (max) 1 in 5.3 Level development (max) 1 in 6 Level development (min) 1 in 50 Minimum development radius 25 m Excavation Sizes: Vertical Diameter Ore passes 4.5 m Ventilation rises 3.0–6.0 m Geotechnical Distance Drawbell spacing 32 x 20 m Major apex pillar 44 m Minor apex pillar 22.5 m Crusher cave footprint standoff 110 m Minimum pillar distance (XY or Z) 17 m Min angle BTW drives 59° Table 13-2: Future Development Profiles Profile Width (m) Height (m) Arch radius (m) Type A 5.5 6.0 5.7 Decline, access, ventilation B 5.0 5.7 3.7 Turning bays P 5.7 6.3 3.6 Conveyor decline T 5.0 4.6 5.8 Drawpoints, perimeter drives, undercut drill drives U 5.4 4.6 6.5 Extraction drive, tipple approaches H 4.7 4.6 3.5 Sumps Mass excavation 6–12 8–15 65% of width Workshops, conveyor transfers, crushing station

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-9  The standard extraction level layout used in mine planning is an El Teniente layout with spacing of 32 x 20 m, a 60° turn out angle and 5.4 m wide x 4.6 m high drive, as per PC1 and PC2. This spacing is considered to meet the needs of extraction level stability and ore recovery under Cadia East conditions;  Extraction level perimeter drives are located at least 50 m from the edge of the undercut;  Crushing stations have a four- or five-tipple dump arrangement;  Extraction level drainage are designed so that water flows away from the crusher. 13.1.4.2 Undercut Levels A number of undercutting processes are planned for Cadia East. These are summarized as:  Post undercutting: PC2–3, PC1–2, PC1–3; high post undercut;  Advanced undercut: PC1–4, PC2–4, PC2–5 and PC3–1; W-cut advanced undercut with apex drive. 13.1.4.3 Monitoring and Cave Engineering Horizon A monitoring and cave engineering horizon was designed for the 5050 mRL for PC1–1, PC1–2 and PC2–3. A perimeter drive was designed 150 m from the undercut edge to ensure adequate monitoring access post cave breakthrough. The development will be used for infrastructure hydro-fracturing, orebody hydrofracturing, geotechnical instrumentation, and ventilation. 13.1.4.4 Waste Waste material from development activities will be trucked to the surface by underground trucks to a stockpile near the portal, and then be rehandled to the surface South Waste Rock Facility by surface equipment. 13.1.5 Declines The Cadia East deposit is accessed via two declines:  Main access decline: approximately 10 km long; dimensions of 6.0 mW x 6.5 mH; gradient of 1:7 to 1:8. Functions as an air intake, and is the general mine access for heavy vehicles, light vehicles and personnel;  Conveyor decline: about 7 km long; dimensions of 6.0 mW x 6.5 mH; gradient of 1:5. Functions as an air intake, and is the main trunk conveyor system and secondary access for light vehicles and personnel. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-10 13.1.6 Ventilation Fresh air enters the underground workings via the main decline, conveyor decline, the northern ventilation decline, three surface ventilation intake shaft systems (VR4, VR6 and VR12) and one internal ventilation shaft system (VR10). Return air reports to vertical shafts and exhaust fan systems (VR3, VR5, VR7, VR8) and one internal ventilation shaft system (VR15). The ventilation and cooling requirements for a base annual production rate of 33-35 Mt were examined. The airflow requirement was determined and a general allowance for fixed infrastructure and system leakage was included in the ventilation calculations. It was assumed a development rate of up to 1,000 m per month would be achieved during peak development. An allowance of 5% of mine ventilation requirements was added for ventilation system leakage to determine the total exhaust capacity requirements. To match the required airflow, the current intake and exhaust airway capacities need to be increased. Proposed increases will include the following:  VR11 system to support exhaust to surface for Lift 1 during peak production;  VR18 system to support intake from surface for Lift 2 during peak production;  VR16 system to as an internal intake from the northern ventilation decline for Lift 1 during peak production. 13.1.7 Materials Handling System Infrastructure required to support each cave will include:  Primary crusher (2 x in the case of PC1–2);  Four- or five-way tipple arrangement;  ROM bin (at least 450 t capacity);  Crushed ore bin (at least 1,000 t capacity);  Extension of an existing conveyor to transfer station 20 for PC2–3 and transfer station 30 for PC3–1; other caves will use the existing transfer stations on the trunk belt;  Each crushing station will require the installation of lateral conveyors at a rate of up to 3,000 t/h (5,150 t/h in the case of PC1–2 and PC1–3). The infrastructure required is illustrated in Figure 13-3. In that figure, PC1 and PC1–2 are shown in the uppermost image, and the remaining caves in the lowermost image. 13.1.8 Equipment Equipment forecasts are included in Table 13-3 and Table 13-4.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-11 Figure 13-3: Planned Infrastructure Schematic, Cadia East Note: Figure prepared by Newcrest, 2023. Table 13-3: Primary Equipment Summary, Cadia East Purpose Equipment Description Equipment Type Number at Peak Primary development equipment Face drilling jumbo Atlas Copco E2C30 1 Atlas Copco E2C 1 Rock bolting jumbo Atlas Copco M2D18 6 Cable bolting jumbo Sandvik DS422i 6 Development loader Sandvik LH621 5 Truck 60 t Sandvik TH663 10 Tool carrier Volvo L120F/ L90F 9 Shotcrete rig Jacon Maxijet X3 1 Normet MF050VC Spraymec 3 Elphinstone WR820 7 Development charge up rig Normet Charmec 4 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-12 Purpose Equipment Description Equipment Type Number at Peak Primary cave preparation equipment Production drill Atlas Copco E7C 7 Charge-up Unit Explosives Supplier Emulsion Truck 2 Development loader Sandvik LH621 2 Primary production equipment Production loader Caterpillar R3000H 25 Epiroc S18 12 Sandvik LH621i 2 CAT R2900XE 1 Secondary break hammer Cat 321 3 Sandvik LH517 Rockbreaker 3 Epiroc ST14 LHD Rockbreaker 1 Secondary break drill and blast Maclean Engineering BH3 Blockholer 2 Water cannon Maclean WC3 3 High hangup removal Maclean Engineering High Hang-up Removal Unit BH3 6 Secondary break preparation loader Sandvik LH621i 2 Table 13-4: Secondary Production Equipment Summary, Cadia East Equipment Description Equipment Type Number at Peak Grader Caterpillar 12M2 1 Water truck Caterpillar 730C converted to water truck 2 Roller Bomag 213 1 Light vehicle Toyota Landcruiser 70 50–100 Backhoe JCB 2 Service truck Caterpillar 730 Service Truck 2 Integrated tool carrier Volvo IT 16 13.1.9 Facilities No changes are expected to the types of facilities that are used in support of current underground operations such as maintenance workshop facilities, refueling station, crib rooms, and offices. In addition to these facilities, the following will be required during the expansion:

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-13  Lunch room and workshops;  Substations and pumping facilities;  Further dewatering surface connection for dewatering as the mine progresses;  Additional ventilation fans. The existing 33 kV and 11 kV electrical distribution systems will be extended to supply power to the operating caves. The current operational philosophy for the existing dewatering system has three pump types to remove water from underground to the surface. Raw water will be supplied from the surface raw and fire water tank, and distributed underground via the conveyor decline. Potable water is delivered underground in the form of water bottles. The underground network system includes two fiber optic cable systems: one multi-mode fiber optic network, which connects protection relays to the site-wide load monitoring and control system; and one single-mode fiber optic network, which handles the plant control system and general communications. 13.1.10 Blasting Drawbells will be drilled using 76 mm blastholes and blasted using smooth blasting techniques to minimize pillar damage. Each drawbell will require approximately 1,600 m of drilling. Undercuts will be drilled with 102 mm diameter blastholes. Minor bogging will be conducted from the undercut level which will be conducted for advanced undercutting and clean up any swell reporting into the drill drive for post undercutting areas. Intensive blast preconditioning will be undertaken as part of the PC2–3 undercutting process. The design consists of 102 mm diameter blastholes to heavily fragment the ore. 13.1.11 Production Schedule The dates of initiation of each cave are provided in Table 13-5. The cave locations are shown in Figure 12-2. During cave construction, an additional 7 Mt of cave development ore will be extracted and processed. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-14 Table 13-5: Forecast Production Schedule, Cadia East Panel Cave ID Start of Construction Year of First Production Anticipated Ore (Mt) PC2–3 FY19 FY23 142 PC1–2 FY22 FY27 279 PC1–3 FY31 FY32 108 PC3–1 FY34 FY37 157 PC2–4 FY40 FY42 109 PC1–4 FY43 FY45 139 PC2–5 FY52 FY52 20 The LOM production schedule that includes the production from Cadia East is provided with the cashflow analysis in Chapter 19. 13.1.12 Personnel The mining personnel total requirement for LOM operations is approximately 505 for underground production and 424 for mining projects. 13.2 Ridgeway 13.2.1 Introduction Ridgeway is a vertical porphyry copper/gold deposit located within the Cadia Valley and approximately 5 km from the ore treatment facility and adjacent to the Cadia Hill deposit. The upper portion of the deposit down to 5040 Level (approximately 800 m below surface) has been mined using SLC methods, resulting in a column of caved material that extends to the surface to form a subsidence zone. An underground crusher was installed at the base of the SLC area and crushed ore was conveyed out of the mine via an inclined conveyor system. SLC mining is now complete. The Ridgeway Deeps Lift 1 block cave operation was mined from 2007–2015, and was Newcrest’s first block cave operation. The change to block caving was introduced after the identification that the grade profile for Ridgeway was declining to the point where subsequent SLC levels below the 5040 mRL were uneconomic. It was also recognized that experience with techniques and methods of cave establishment were required for the then future Cadia East operations which were significantly larger in scale. As a result of extensive reviews and study it was proposed that a 5.6 Mt/a block cave mine be established 250 m downdip of the base of the SLC at the 4786 mRL. Subsequent to establishment and ramp-up, the mine was debottlenecked to the point of achieving a total of 9.6 Mt/a. A total of 17 Mt grading 0.57g/t Au and 0.29% Cu remains in the Lift 1 level.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-15 13.2.2 Geotechnical Considerations There are four primary domains of generally good RMR rates within Ridgeway Deeps, the Eastern block volcanic rocks, Western block fractured sedimentary rocks, southern monzonite and the southeastern massive sedimentary rocks. The drawpoints are designed to manage cave draw and the extraction is scheduled to manage load transfer within the cave footprint. The primary ground support consists of fiber-reinforced shotcrete, mesh and rock bolts. Secondary support consists of Osro straps and cables. Subsidence zone monitoring has been modelled using FLAC3D for surface and underground subsidence. Existing monitoring of the subsidence undertaken through a mixture of techniques, including LiDAR survey, InSAR and visual inspections. 13.2.3 Hydrogeological Considerations 13.2.3.1 Inflows A study was undertaken by third-party hydrologists Kalf & Associates in 2002 to assess the implications of a direct connection between the surface crater and the underground workings. The findings of this study proposed a simple model having a direct hydraulic connection between rain falling in the catchment formed by the crater and being directly transmitted to the workings. Pumping capacity was found to be adequate to deal with inflows generated by a one-in-100-year rainfall event. 13.2.3.2 Dewatering The design criteria for the pumping system were assumed to be unchanged from Ridgeway Deeps Lift 1 block cave with expected normal flows of 10–30 L/s, and capable of handling emergency flows of 85 L/s. 13.2.4 Design Considerations Key assumptions used in the design process are provided in Table 13-6. Ridgeway Deeps L1 uses an offset herringbone design for drawpoint layouts (Figure 13-4). Extraction crosscuts are spaced at 30 m intervals and drawbells at 18 m apart. The Ridgeway deposit is accessed via two declines;  Main access decline: approximately 10 km long; dimensions of 6.0 mW x 6.0 mH; and a gradient of 1:10 to 1:6. Functions as an air intake, and is the general mine access for heavy vehicles, light vehicles and personnel;  Conveyor decline: about 7 km long, dimensions of 6.0 mW x 6.0 mH; and a gradient of 1:6 to 1:5.3. Functions as an air intake, and contains the main trunk conveyor system and secondary access for light vehicles and personnel. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-16 Table 13-6: Key Design Parameters, Ridgeway Development Width (m) Height (m) Access decline 5.5 6.0 Conveyor decline 6.0 6.0 Undercut level access 5.0 5.7 Undercut crosscuts 4.5 4.5 Extraction level access 5.5 6.0 Extraction level crosscuts 4.5 4.5 Drawpoint 4.0 4.0 Figure 13-4: Offset Herringbone Layout Schematic Note: Figure prepared by Newcrest, 2014.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-17 13.2.5 Ventilation Ridgeway has an established ventilation system that uses the VR1, VR2, VR3 and VR7 raises to provide fresh air. Return air reports to the VR4 and VR6 systems. There are no proposed changes to the current ventilation plan at Ridgeway. 13.2.6 Materials Handling System Ore will initially be transported to surface using of 60 t trucks while evaluation of reinstating the crushing and materials handling system is undertaken. There are jaw crushers with tipping points installed on the 4786 level with rock breakers installed to precondition oversize. 13.2.7 Facilities The currently installed maintenance workshop, refueling station, crib room and offices will be used to support current underground operations. 13.2.8 Equipment Equipment requirements are included in Table 13-7. 13.2.9 Production Schedule The LOM production schedule that includes the production from Ridgeway is provided with the cashflow analysis in Chapter 19. 13.2.10 Personnel The mining personnel total requirement for LOM operations is approximately 180 for Ridgeway Deeps Lift 1. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 13-18 Table 13-7: Primary Equipment, Ridgeway Equipment Description Equipment Type Number at Peak Loaders Sandvik LH517 1 Epiroc ST18 LHD 1 Grader Caterpillar 12M2 1 Service truck Caterpillar 730 1 Rock breaker Maclean BH3 1 Integrated tool carrier Volvo IT 90F 1

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 14-1 14.0 PROCESSING AND RECOVERY METHODS 14.1 Introduction The copper-gold plants were first commissioned in 1998 and 2002 respectively for Concentrator 1 and Concentrator 2. Both concentrators have undergone a number of alterations and expansions. The testwork discussed in Chapter 10, in conjunction with operational results, were used to refine plant operations. Metallurgical testing programs have been conducted since the 1990s to test the amenability of the mineralization to conventional separation processes for gold, copper, and molybdenum. Based on these tests, two concentrators were constructed using conventional flotation and gravity separation methods and have subsequently treated the Cadia Hill, Ridgeway, and Cadia East mineralization. Testing programs have also included extensive comminution testing with results informing past and future throughput upgrades and debottlenecking of the two concentrator plants. Coarse particle flotation in copper processing has been used since 2018 on the Concentrator 1 train 3 scavenger tailings. The molybdenum plant was designed to produce molybdenum concentrate as a by-product from the concentrator operations. 14.2 Flowsheet A simplified flow diagram for the concentrators is included as Figure 14-1. The figure shows the existing major equipment and the debottlenecking steps discussed in Section 14.5. A flowsheet for the molybdenum plant is included as Figure 14-2. 14.3 Plant Design 14.3.1 Concentrator 1 Design Concentrator 1 was commissioned in 1998, designed for Cadia Hill ore and had a design capacity of 17 Mt/a. The circuit consisted of primary crushing, SAG and ball milling, gravity concentration to produce gold doré and flotation to produce copper–gold concentrate. In 2012, Concentrator 1 was upgraded for the processing of harder Cadia East ore which included the addition of a HPGR circuit, ahead of the SAG mill, and a third ball mill and third flotation train. In 2022, Concentrator 1 was upgraded to increase the throughput and recovery of Cadia East ore. This included the addition of a third secondary crusher, upgrading the SAG mill motor to 22 MW and a coarse particle flotation circuit. The modifications will result in a throughput increase to 26 Mt/a nominal capacity over a three-year ramp up period. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 14-2 Figure 14-1: Simplified Process Flow Diagram Note: Figure prepared by Newcrest, 2020.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 14-3 Figure 14-2: Molybdenum Plant Flowsheet Note: Figure prepared by Newcrest, 2019. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 14-4 14.3.2 Concentrator 2 Design Concentrator 2 was commissioned in 2002 and had a target rate of 4 Mt/a. The circuit consisted of primary crushing, SAG and ball milling, gravity concentration to produce gold doré and flotation to produce copper–gold concentrate. In mid-2008, the facilities were upgraded to suit predictions of harder and fines-deficient ore from Ridgeway Deeps block cave mine. The upgrade included installation of a secondary crushing circuit and additional regrind mill power. A 2.24 MW Vertimill was installed in 2011 in a tertiary milling duty to reduce flotation feed size and improve metal recoveries. In 2022, Concentrator 2 was upgraded to increase throughput and maintain recovery of Cadia East ore. This included the addition of a second tertiary duty 3.2 MW Vertimill, upgraded secondary and tertiary crushers from MP800 to MP1000, upgraded primary cyclones and pumps, and a rougher Jameson cell. Capacity will increase to over 8 Mt/a nominal capacity over a three- year ramp up period. 14.3.3 Molybdenum Plant Design Construction of the molybdenum plant commenced in 2020, and the plant was commissioned in 2022. The plant is scheduled to process between 300,000–400,000 t of Cadia concentrate and produce about 3,500–4,000 t of molybdenum concentrate annually. The molybdenum plant receives feed from the overland copper concentrate pipeline that transports concentrate slurry from the copper concentrators to the Blayney concentrate filter plant. The molybdenum flotation circuit includes a conditioning Eh/pH stage, a rougher flotation stage, a four-stage cleaner-scavenger circuit, a regrind stage, and thickener stage. The molybdenum concentrate is thickened, filtered and dried, before being packaged into bulk bags for transport. Copper-rich tails from the molybdenum plant rougher flotation stage are thickened and returned to the existing copper concentrate transport system for pumping to Blayney. 14.4 Equipment Sizing An equipment list for the concentrators and molybdenum plant is provided in Table 14-1.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 14-5 Table 14-1: Process Equipment Plant Area Description Manufacturer Model/Size Quantity Note Underground Jaw-gyratory crusher Thyssen-Krupp BK 63-75 4 Surface Jaw-gyratory crusher Thyssen-Krupp BK 63-75 1 Concentrator 1 HPGR Thyssen-Krupp (Polysius) PM 8-24 / 17 M 1 Secondary crusher Metso (Nordberg) MP1000 2 SAG mill Mill – Metso (Svedala), gearless motor drive – Siemens 40 ft 1 Gearless motor drive (GMD) 22MW Ball mill Metso (Svedala) 22 ft x 36 ft 6 in 2 Dual pinion drive Ball mill Metso 26 ft x 42 ft 1 Dual pinion drive Flash flotation cell Outotec SK1200 3 Batch centrifugal concentrator ConSep QS48 5 Knelson concentrator Batch centrifugal concentrator Sepro SB2400 2 Falcon concentrator Batch centrifugal concentrator Sepro SB5200 1 Falcon concentrator Rougher/scavenger flotation cells Outotec OK150 14 Rougher/scavenger flotation cells Outotec OK300 5 Cleaner/cleaner scavenger flotation cells Outotec OK30 10 Recleaner flotation cells Outotec OK8 3 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 14-6 Plant Area Description Manufacturer Model/Size Quantity Note Cleaner/cleaner scavenger flotation cells Outotec e50 10 Vertimill Metso VTM1250 1 Vertimill Metso (Svedala) VTM650 1 Although the body is that of a VTM650, the motor and gear box were modified effectively to a VTM800 Vertimill Metso VTM4500 1 Cleaner Jameson cell Glencore Technology B6500/24 1 (Formerly Xstrata Technology) Cleaner Jameson cell Glencore Technology B5400/18 1 (Formerly Xstrata Technology) Recleaner Jameson cell Glencore Technology E2532/6 1 (Formerly Xstrata Technology) Cleaner Jameson cell Glencore Technology E4232/10 1 (Formerly Xstrata Technology) Tailings thickener EIMCO 53 m 1 Tailings thickener FLSmidth 40 m 1 Concentrate thickener Outokumpu Supaflo 20 m 1 Cross flow classifier Eriez XF-3050 4 HydroFloat cell Eriez HF-3350 2 HydroFloat cell Eriez HF-4250 4 Concentrator 2 Secondary crusher Metso MP1000 1 Tertiary crusher Metso MP1000 1 Pebble recycle crusher Kawasaki 1500Z 2 AG mill Metso (Svedala) 32’ x 16’ 1 Single pinion drive Ball mill Metso (Svedala) 6,706 mm x 8,534 mm 1 Single pinion drive Flash flotation cell Outotec SK1200 1 Batch centrifugal concentrator ConSep QS48 2 Knelson concentrator

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 14-7 Plant Area Description Manufacturer Model/Size Quantity Note Batch centrifugal concentrator Sepro SB2400 2 Falcon concentrator Rougher Jameson cell Glencore Technology Z8500/12 1 (Formerly Xstrata Technology) Rougher/scavenger flotation cells Outotec OK100 7 Cleaner/cleaner scavenger flotation cells Outotec OK30 9 Recleaner flotation cells Outotec OK20 1 Recleaner flotation cells Outotec OK8 3 Vertimill Metso VTM1250 2 Flotation regrind application Vertimill Metso VTM3000 1 Tertiary milling application Vertimill Metso VTM4500 1 Tertiary milling application Recleaner Concorde Cell MetsoOutotec E3432/8 1 Retrofit to E-Type Jameson cell Tailings thickener Outokumpu Supaflo 29 m 1 Concentrate thickener Outokumpu Supaflo 12 m 1 Molybdenum Concentrator Rougher Jameson cell Glencore Technology E2532/6 1 (Formerly Xstrata Technology) Rougher-scavenger cells Outotec e30 5 Intermediate thickener Outotec 7m 1 HiGmill Outotec HIG75/200F 1 Flotation regrind application Cleaner/cleaner scavenger flotation cells Outotec e5 10 Recleaner Jameson cells Glencore Technology Z1200/1 2 (Formerly Xstrata Technology) Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 14-8 Plant Area Description Manufacturer Model/Size Quantity Note Concentrate thickener Outotec 7m 1 Dewatering filter press Outotec PF1281 1 Larox filter Tailings thickener Outotec 24m 1 Copper–gold concentrate filtration GEHO pump Weir Minerals TZPM500 1 Dewatering filter press Jord C-3811 2 Plate and frame filter

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 14-9 14.5 Power and Consumables 14.5.1 Energy Concentrator 1 uses approximately 60% of the site total power consumption, with Concentrator 2 using a further 15%. The site processing areas including water reticulation and tailings storage account for 75% of site power demand. Power is delivered via a distribution network fed by the site link to the state electricity grid. Power for the molybdenum plant is sourced from the Cadia Valley Operations network. 14.5.2 Water The water supply for the operations is from a number of sources including recovered water from tailings storage facility locations and tailings thickeners, onsite rainfall catchment, onsite bores and nearby river systems. 14.5.3 Process Consumables The two copper–gold concentrators use the same suite of consumable products in the extraction of gold and copper from Cadia East ore including grinding media, primary collector (thiocarbamate), secondary collector (dithiophosphinate), tertiary collector (xanthate), emulsified diesel, frother, lime and flocculent. No cyanide products are used at the Cadia Valley Operations. The molybdenum plant uses a suite of consumable products in the extraction of molybdenum from Cadia East copper–gold concentrate including sodium hydrosulfide, sodium hypochlorite, caustic soda, frother, carbon dioxide, defoaming agents and emulsified diesel. The site has suitable reagent handling and storage facilities for these items, with all materials transported to site via road transport. 14.6 Personnel The processing facilities directly employ 250 persons. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 15-1 15.0 INFRASTRUCTURE 15.1 Introduction Key infrastructure supporting the Cadia Valley Operations includes:  Operating panel cave mining operations at Cadia East;  Block cave operations at Ridgeway (on care and maintenance);  Ridgeway and Cadia decline and conveyor incline boxcuts and portals, hardstand areas, contractor’s area, mine workshops, general stores building, fuel storage facility, and administration and ablution facilities;  Underground crushing, handling and incline conveyor systems to transfer ore and waste rock mined from Cadia East and Ridgeway to the ore processing facilities;  Ventilation shafts at both Cadia East and Ridgeway;  South Waste Rock Facility;  Ore treatment facilities consisting of Concentrator 1 and Concentrator 2;  Molybdenum recovery plant;  Northern tailings storage facility (NTSF), southern tailings storage facility (STSF) and Cadia Pit TSF and associated tailings pipelines, pumps and tailings water return infrastructure;  Water management structures (Cadiangullong Dam, Copper Gully Dam, Hoares Creek Dam, Cadia Creek Weir, process water pond, site runoff pond, sediment ponds, waste rock dump leachate ponds, tailings drainage collection ponds);  Water pipelines and pumping stations;  Electricity substation, powerlines, communication towers, and switching stations;  Cadia dewatering facilities;  Various support facilities including truck and vehicle shops, warehouse, administration, contractor and temporary offices, fuel storage, core processing facilities, clinic and emergency response facilities, gatehouse, mess facilities, change rooms, personnel training facilities, information technology (IT) communications setups and towers, environmental monitoring facilities, water treatment plants, sewage treatment plants, reagents shed, and plant nurseries;  Concentrate loading and handling facilities. The railway facilities are leased. The infrastructure layout for the operations is shown in Figure 15-1.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 15-2 Figure 15-1: Infrastructure Layout for LOM Plan Note: Figure prepared by Newmont, 2024. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 15-3 The ongoing Cadia expansion project includes the following still to be executed:  Underground mine cave establishment for PC2–3, PC1–2, PC1–3, PC1–4, PC2–4, PC2–5, and PC3–1 in Cadia East with associated support infrastructure;  Ridgeway Deeps Lift 1 at Ridgeway with associated support infrastructure. An expansion to the tailings storage infrastructure that will be required for the LOM plan is discussed in Chapter 17.6.3. The final infrastructure layout that supports the LOM plan is provided in Figure 15-2. 15.2 Road and Logistics 15.2.1 Roads Access details are discussed in Chapter 4.2. The Mid-Western Highway (State Highway 6) connects Bathurst to Hay in western NSW, via Blayney, and the Mitchell Highway (State Highway 7) connects Bathurst to Bourke in northwestern NSW, via Orange. The Great Western Highway (State Highway 5) which connects Bathurst to Sydney provides access to Sydney. Main Roads 245 and 559 provide a link between Orange and Blayney. The principal route used to access the Cadia Valley Operations is from Orange via Forest Road and Cadia Road. Gravel haul roads provide access to the processing facilities, TSFs, and WRSFs. Gravel roads are used to access areas such as water supply dams, and ventilation shafts. Use of these internal access roads is restricted to mine personnel. The Cadia Valley Operations Dewatering Facility is accessed from Newbridge Road, which connects to the Mid-Western Highway in Blayney. 15.2.2 Concentrate Dewatering and Handling Copper concentrates are pumped to the Cadia dewatering facility at Blayney for final dewatering and railing to the Port Kembla Gateway for shipping to customer smelters. Design capacity is based on a concentrator copper metal production of up to 115 kt/a with a copper concentrate grade of 20.8% copper and 9% moisture content. The design of the dewatering facility includes an additional allowance for concentrate volume variations on a daily, weekly, and monthly basis, and maximum design capacity is 622,000 dt/a. Concentrate is loaded into containers using a mobile loader and forklift. The current rail contract with Qube Logistics allows for trains of 44 wagons (88 containers), based on about 5.5 rail services per week.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 15-4 Figure 15-2: Final Project Layout Note: Figure prepared by Newmont, 2024. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 15-5 Port Kembla Gateway currently loads between two and three ships per month at an annual rate of between 300,000–400,000 dt/a, and has the potential capacity to handle between 600,000– 700,000 dt/a. Newcrest has a Services Agreement in place with Port Kembla Gateway for the receival of concentrate by rail, unloading of trains, storage of concentrate prior to shiploading, stevedoring of concentrate and loading by bulk conveyor and spout onto export vessels. 15.3 Stockpiles Stockpiles are discussed in Chapter 17.4. 15.4 Waste Storage Facilities The WRSFs are discussed in Chapter 17.5. 15.5 Tailings Storage Facilities The TSFs are discussed in Chapter 17.6. 15.6 Water Management The water management strategy and supporting infrastructure are discussed in Chapter 17.7. 15.7 Built Infrastructure As noted in Section 18.1, much of the mine infrastructure is constructed and operational. However, additional infrastructure will be required to support the LOM plan:  Construction of a larger tailings pilot plant and embankment using sand (known as hydrocyclone sands);  Expansion of the existing 132 kV electrical substation;  Upgrade of existing infrastructure at the PAX facility;  Two HydroFloat cells;  Realignment of a section of the Belubula River pipeline;  Two additional Cadia East Underground Mine upcast surface ventilation fans;  A major realignment of Panuara Road;  Relocation of the existing on-site batch plant, warehouse and associated laydown facility;  Additional tailings storage capacity (see discussion in Chapter 17.6.3.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 15-6 15.8 Camps and Accommodation As the Project is drive-in-drive-out of Orange and other nearby communities, there are no accommodation requirements. 15.9 Power and Electrical The operations are supplied by dual 132 kV feeders from Orange, known as the 9MC and 94G circuits, each consisting of a 5.2 km underground section of cable from the Orange North 132 kV switching station to the outskirts of Orange. The 94G circuit continues via a 22.2 km long overhead line directly to the Cadia 132 kV substation. The 9MC circuit continued via an overhead line to the Flyers Creek 132 kV switching station where it then splits into the 9MT circuit, which supplies Flyers Creek Wind Farm, and the 9MR circuit that supplies the Cadia 132 kV substation. Ownership of the assets is as follows:  Cadia Valley Operations: 132/33 kV substation at the Cadia mine;  Transgrid: Orange North 132 kV switching station;  Essential Energy: Flyers Creek 132 kV switching station; 132 kV circuits connecting Transgrid Orange North switching station, Flyers Creek switching station and the Cadia Valley Operations. The combined 9MR/94G service load is limited to the connection agreement maximum site load of 220MVA. The 9MR circuit is limited by the rating of the 9MC buried cable in Orange. In the event of one circuit being unavailable, the site is required to manually reduce loads to ensure the thermal capacity of the remaining line is not exceeded. Newmont re-negotiated the connection agreement with Essential Energy in 2022 to increase the maximum transfer capacity to 220 MVA. This will satisfy the maximum demand requirements for the site throughput rate of 32–35 Mt/a, the Southern Tailings Storage Facility Extended project and the Ridgeway throughput rate of 1–2 Mt/a. However, this does not take into consideration any increased electrical load due to fleet electrification. The power demand is currently limited at 220 MVA due to voltage stability and thermal limits of the 132kV supply into Orange via the TransGrid network. TransGrid forecasts have indicated that electricity demand is expected to increase substantially in the Orange and Parkes areas due to expected demand growth associated with the ongoing Cadia expansions, the planned connection of new mine/industrial loads (McPhillamy’s) and general load growth around Parkes, including from the NSW government’s Parkes Special Activation Precinct. Planning studies indicate the current central west network is not capable of supplying the combined increases in load in the area without breaching the National Electricity Rules requirements and that voltage-limited constraints will have to be applied in the 132 kV supply network if action is not taken, leading to substantial levels of unserved energy to end customers. Specifically, TransGrid forecast significant under-voltage conditions in this region if action is not taken. This will directly impact Cadia due to the Undervoltage Load Shedding Scheme which Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 15-7 prioritizes the Cadia Valley Operations as the primary load shedding mechanism within the region. If the longer-term voltage constraints associated with the load growth in Orange and Parkes areas are unresolved, it could result in the interruption of a significant amount of electricity supply to customers under both normal and contingency conditions. TransGrid initiated the RIT-T process to identify a network or non-network solution titled “To maintain reliable supply to Bathurst Orange and Parkes”. The RIT-T consultation process commenced in March 2021 with the publication of the Project Specification Consultation Report. Transgrid published the Project Assessment Conclusions Report for the RIT-T on January 31, 2023 as the final report of the RIT-T process. The preferred option involves a non-network solution provided through new battery energy storage systems at Parkes and Panorama along with the installation of static synchronous compensators at Parkes and Panorama or a synchronous condenser (as a network investment) at Parkes in the near-term. It also involves a new 132 kV line between Wellington and Parkes in the future, with the date of this line depending on outturn demand forecasts. The non-network solutions will provide up to 50 MVAr at Parkes and up to 30 MVAr at Panorama of dynamic reactive support by 2025 to manage voltage variations during high demand periods. Options with non-network solutions generally have higher net benefits because they can be deployed an estimated one to two years earlier than the pure network options, avoiding significant unserved energy in that period. TransGrid have advised that this non-network solution will resolve the Bathurst–Orange–Parkes network reliability and availability issues in the short term, thereby mitigating the Cadia site exposure to forced load shedding events. 15.10 Fuel The Cadia Valley Operations maintain a month’s fuel supplies on site to service the light and heavy vehicle fleet requirements. 15.11 Communications There are two public cell towers in the Cadia Valley, owned by Telstra and Optus. There are three wide-area network connections to the operations. 15.12 Water Supply Water requirements for the Project are discussed in Chapter 17.7.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 16-1 16.0 MARKET STUDIES 16.1 Markets 16.1.1 Existing Markets The Cadia Valley Operations produce a high-quality clean copper concentrate with typical copper grade, high gold grades, payable silver credits and relatively low levels of impurities. Because of its quality and the continuing strong global demand for concentrate, the current copper concentrate is readily marketable to smelters globally. The Cadia Valley Operations also produce doré that is delivered to a gold refinery in Australia to produce refined gold and silver. Once refined, gold and silver is sold on the open market. 16.1.2 Cadia East The majority of the world’s copper concentrate production is processed through pyrometallurgical processes in copper smelters and refineries throughout the world. Primary smelting technologies may be further broken down to Outokumpu, Mitsubishi, Teniente, Noranda, Isasmelt and Vanyukov processes. Recent technological advances have seen the introduction of double-flash and bottom-blown furnaces (BBFs), with both technologies being advanced significantly in China. The BBFs are said to be able to treat lower concentrate grades with higher impurities while maintaining high metal recoveries. Copper market demand is largely driven by the development of electrical transport, electrical transmission grids and renewable power generation. Global copper demand is fueled by the backdrop of an expected acceleration in Chinese economic activity. Mines producing concentrate and smelters smelting and refining concentrate can be categorized as either integrated or custom. Integrated mines/smelters produce concentrate from their own mines for feed to their own smelters. Custom producers buy or sell concentrate on the open market. Some integrated producers cross the arbitrary definition by buying or selling concentrate on the market from time to time to supplement smelter feed or to offload excess mine production. The custom market accounts for about 60% of global copper concentrate and has grown markedly over the last 20 years. In contrast, the integrated share of the market has diminished over time. Growth in demand for refined copper has been dominated by China over recent years, and global refined copper marginal demand is virtually completely dependent on Chinese demand. Demand for custom concentrate is manifested through demand by custom smelters. In terms of demand for copper concentrate, this market is also China-centric. China has emerged as the largest buyer of copper concentrate on a global basis. Consequently, whereas Japanese and European smelters once led the market in establishing commercial terms which were often followed by others in the market, the Chinese smelters now share that role. Some 60% of custom concentrate purchasers are located in the Asian region. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 16-2 The natural market for concentrate from the Cadia Valley Operations is Asia, and the operations have a comparative advantage in selling to nearby smelters in Asia when compared with mines in the Americas and Africa. As additional tonnage at Cadia is produced, it will either be added to existing contracts (those contracts will be expanded) or sold to new smelter customers in Asia with whom direct communication already takes place. Although most smelters once sought to feed concentrate at 28–33% Cu on a blended basis, declining grades from major mines have forced them to feed at about 25–28% Cu. At a grade of around 22–25% Cu, Cadia concentrate will continue to be purchased for blending with other qualities of concentrates, in accordance with smelters feed plans. The forecast average concentrate volume of 390,000 dmt per annum will be able to be sold into the market on a forward (contracted) basis, with smelter direct contracts being the first preference. Any excess concentrate would be sold into the trader/spot market. Typical clean concentrates attract copper payable of 96.5%, subject to a 1.0 unit deduction. The gold-payable scale in a sales contract will vary depending on the smelter’s capabilities and gold in concentrate grade. Generally, the higher the gold in concentrate grade is the higher the payables will be. Gold payability typically ranges from 97.5–98.25%. In Asian markets, silver is paid at 90% of the analytical silver content subject to such content being higher than 30 g/t Ag. No payment is made below 30 g/t Ag. The concentrate market is influenced by an annual treatment and refinery charge (TC/RC), which are fees paid to smelters/refineries by mines for converting copper concentrate to copper cathode. These fees, known as the benchmark, are currently set by leading miners such as Freeport McMoRan, BHP or Antofagasta and Chinese smelters, and signal to the market that copper concentrate supply is in deficit or surplus. Molybdenum is used in steel alloys to increase strength, hardness, electrical conductivity and resistance to corrosion and wear. These 'moly steel' alloys are used in parts of engines. Other alloys are used in heating elements, drills and saw blades. The main end-use industries include building and construction industries and the aerospace and defense industries. Molybdenum supply predominantly comes from producers such as China, Chile, and the United States, with over 50% of production in 2023 produced as a by-product from mining operations with other commodities as the primary payable element. The market is currently operating in supply deficit with non-Chinese mine production dropping 23% since 2020. The expectation is that additional molybdenum supply will come online in 2024 causing the market to move into oversupply in 2025. The molybdenum plant was commissioned in 2022, and the plant is forecast reach full production in 2024. The molybdenum concentrate will have a grade ranging from 48–52% Mo with <2% Cu. The standard payable terms for molybdenum are 100% of the molybdenum value. Each concentrate is assessed on a case-by-case basis and discounts are applied to cover the cost of consumers’ treatment costs. Material is currently loaded into bulk bags and containerized for global shipment.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 16-3 16.1.3 Ridgeway Marketing for any future copper concentrate and doré production from Ridgeway would use similar approaches to those outlined in Chapter 16.1.2. for Cadia East. Ridgeway would not produce a molybdenum concentrate. 16.2 Commodity Price Forecasts Commodity pricing for the mineral resource and mineral reserve estimates were set by Newcrest, prior to the Newmont acquisition. Newcrest assessed a combination of spot metal pricing, short-term versus long-term price forecasts prepared by Newcrest’s internal finance team with reference to analyst forecasts available as at October 4, 2022, peer benchmarks and historic metal price volatility when considering long-term commodity price forecasts. Higher metal prices are used for the mineral resource estimates to ensure the mineral reserves are a sub-set of, and not constrained by, the mineral resources, in accordance with industry- accepted practice. A single value was used for all forecasts and averaged over the entire LOM. The long-term commodity price and exchange rate forecasts are:  Mineral reserves: o Gold: US$1,300/oz; o Silver: US$18/oz; o Copper: US$3.00/lb; o Molybdenum: US$8.00/lb; o US$:AU$: 0.75;  Mineral resources: o Gold: variable by deposit;  US$1,400/oz (Cadia East, Cadia Hill stockpiles);  US$1,350/oz (Big Cadia);  US$1,300/oz (Ridgeway); o Copper: US$3.40/lb (Cadia East, Ridgeway, Big Cadia, Cadia Hill stockpiles); o Silver: US$21.00/lb (Cadia East, Ridgeway); o Molybdenum: US$10.00/lb (Cadia East); o US$:AU$: variable;  0.75 (Cadia East, Cadia Hill stockpiles); Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 16-4  0.80 (Ridgeway, Big Cadia). 16.3 Contracts There are contracts currently in place to support sales of all products produced by the Cadia Valley Operations; including long-term, smelter direct copper concentrates sales and purchase agreements, moly concentrate sales and purchase agreements, doer refining agreements. The are contracts in place providing ship loading services, rail services, and loading/port agency services. Other major contracts for the Cadia Valley Operations cover categories such as electricity supply, bulk commodities, operational and technical services, mining and process equipment, earthworks projects, security, transportation and logistics, and administrative support services. Contracts are typically reviewed and negotiated on an as-needs basis. Based on Newmont’s knowledge, the contract terms are typical of similar contracts both regionally and nationally. Contracts required to support the future Cadia East and Ridgeway developments are expected to be in line with existing contract terms and norms.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-1 17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS 17.1 Introduction The main New South Wales legislation of relevance is the EP&A Act. Newmont presently holds a Project Approval for the Cadia East Project (06_0295) under the EP&A Act (as modified) that provides for mining operations until June 30, 2031. Other NSW State legislation of particular relevance to the proposed Cadia expansion include the following Acts and subordinate regulations:  Mining Act, 1992;  Protection of the Environment Operations Act, 1997;  Water Management Act, 2000;  Biodiversity Conservation Act, 2016;  National Parks and Wildlife Act, 1974. The key Commonwealth act of potential relevance to the Cadia expansion is the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act). Newmont holds an approval under the EPBC Act for the Cadia East Project (2006/3196). The EPBC Act approval (2006/3196) also has effect until June 30, 2031. 17.2 Baseline and Supporting Studies Environmental monitoring is documented in the following reports:  Cadia Water Management Plan (2023);  Cadia Offsite Traffic Management Plan (2023);  12 month Final Report: Cadia Valley Operations PM2.5 Study (2023);  Human Health Risk Assessment (2023);  Cadia Land & Biodiversity Management Plan (2022);  Cadia Rehabilitation Management Plan (2022);  Cadia Cultural Heritage Management Plan (2022);  Cadia Historic Heritage Management Plan (2022);  Cadia Noise Monitoring Program (2021); Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-2  Cadia Blast Monitoring Program, (2020);  Cadia Air Quality Monitoring Program (2019). Social community related baseline studies include:  Cadia Socio-Economic Study (2023).  Community Sentiment Survey (2016);  Cadia Socio-Economic Study (2013);  Community Sentiment Survey (2010);  Cadia Community Impact Review (2009). 17.3 Environmental Considerations/Monitoring Programs Monitoring undertaken across the Project includes:  Noise monitoring;  Air quality monitoring;  Blast and vibration monitoring;  Groundwater level and quality monitoring;  Spring monitoring;  Surface water flows and quality;  Aquatic ecosystem monitoring;  Rehabilitation monitoring;  Pollution discharge monitoring. Conditions in the Project Approvals, Environmental Protection License 5590, and mining leases, require annual reporting to various organizations, and local and State government departments on Newmont’s environmental performance at the Cadia Valley Operations. The mining leases further require a Forward Works Program to be prepared that outlines significant disturbance, rehabilitation plans and mine closure strategies. Development not otherwise covered by the project approvals and Mining Operation Plans require new authorizations. Management plans and programs were developed in consultation with relevant community groups, government agencies and departments, and are updated as required. Table 17-1 summarizes the key documents and the monitoring regime in place. Reports and results are regularly posted to the Cadia Valley Operations website.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-3 Table 17-1: Environmental Management and Monitoring Regime Aspect Management/Monitoring Plan or Program Monitoring Type/ Parameters Frequency of Sampling or Monitoring Monitoring Locations Vibration and overpressure Cadia vibration (blast) monitoring program Blast monitoring units (measure ground vibration (mm/sec) & air overpressure dB (Lin Peak)) 24 hours continual (12:00 – 12:00) Coorabin Meribah; Chimney; Chesterfield; Rosebank; Mayburies; Warrengong Air quality Cadia air quality monitoring program Dust deposition (g/m2/month) Monthly DG5A: Bundella; DG15A: Bundarra; DG17: Ashleigh Park; DG18: Wire Gully; DG19: Oakey Creek; DG29A: Meribah; DG12A: Flyers Creek Weir; DG9A: Exploration; GL6: Somervaille; DGL8: CDWF; DGL9 – Hollwood BAM (PM10 and PM2.5) 24 hours continual (12:00 – 12:00) D1: Bundarra; D2: Woodville; D3: Triangle Flat; D4: Meribah Noise Cadia noise monitoring program Directional unattended (7-day period) dBA and attended Biannually on a rotation basis Chesterfield; Warrengong; Willow Creek; South Log; Bonnie Glen; Rosebank; Northwest; Somervaille; Hollwood; 247 Newbridge Road; Athol Attended Biannually on a rotation basis Chesterfield; Warrengong; Willow Creek; South Log; Bonnie Glen; Rosebank; Northwest; Somervaille; Hollwood; 247 Newbridge Road; Athol Cadia Offsite Traffic Management Plan Traffic (directional unattended) Biannually on a progressive basis Cadia Road; Woodville Road; Orchard Road Pests and weeds Land and biodiversity (landscape) management plan Vertebrate pests, noxious weeds, environmental weeds Continuous Site wide CDFs and neighboring farms Meteorology Water Management Plan Temperature; barometric pressure; wind direction; wind speed; sigma-theta; relative humidity; solar radiation; evaporation; rainfall Continuous Weather stations Ridgeway; Southern Lease Boundary Pluviometers (rainfall only) PVDC; PVLO; 412147; USFC; SPR03; PV3; PV6; MB74; CWRR; 412167; 412702 Rehabilitation Cadia Rehabilitation Management Plan Ecology monitoring Annually* *Pending climatic conditions, reference site monitoring may be extended to biannual Woodland Reference Sites* RfWood01: Bundarra; RfWood02: Ashleigh Park; RfWood04: CVO Access Rd; RWood05 (RfBush01); RfPast01; RfPast03; RrRip02 (Bakers Shaft); RrRip03 (CVO Cadiang Ck) Monitoring Sites Ashleigh Park; South Dump 01; South Dump 02; South Dump 03; South Dump 04; Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-4 Aspect Management/Monitoring Plan or Program Monitoring Type/ Parameters Frequency of Sampling or Monitoring Monitoring Locations South Dump 05; South Dump 06; South Dump 07; South Dump 08; South Dump 09; South Dump 10; North Dump 01; North Dump 02; North Dump 03; Willunga DS01; Willunga DS02; Cadiangullong Creek; Creek Diversion Cover system performance (including acid rock drainage) Land and biodiversity (landscape) management plan Thermal conductivity water; content sensor net; radiometer water levels; interflow monitoring; rain gauge Continuous North Waste Rock Dump P1; P2; P3; P4; P5; P6; S1; S2 Natural Site South Waste Rock Dump P1; P2; P3, P4; P5; P6 Aquatic ecosystem monitoring Water Management Plan Macroinvertebrate, fish populations and aquatic habitat condition Biannually (autumn and spring) Cadiangullong Creek CC1; CC2; CC3; CC4; CC5 Flyers Creek FC1; FC2 Swallow Creek SC1 Panuara Rivulet PR1; PR2 Rodd’s Creek RC1 Diggers Creek DG1 Historical heritage Historical heritage management plan Monitoring for structural damage of Cornish engine house, crusher and chimney & historic surrounds in SHR779 Monthly (internal); annual (external independent) SHR 779 Sediment dams Water management plan Water level and maintenance/pump out requirements Following 10 mm rainfall 1:100 ARI design dams SROP; northern leachate (NLD); southern leachate (SLD); ST14; R2 1:20 ARI Design Dams CS; AR1; AR4-5 combined; CD GL; CD HT; SB4A; SB10; SB12; SB14; SB15; CD15; CP1A*; CP2; CP3; CP4; CD11’ CD13; CD14; molybdenum plant area; RCD (1); H18-H19 combined; T6; T7-T8 combined (1)

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-5 Newmont’s Health, Safety and Environment Management System is used in the operations. In addition to established site standards and procedures, the Cadia Valley Operations maintain major hazard and risk registers. 17.4 Stockpiles The majority of the surface stockpiles generated from the mining of Cadia Hill and Ridgeway were processed through the concentrator facilities. Mineral resources in stockpiled materials were estimated at Cadia Hill. 17.5 Waste Rock Storage Facilities The current waste rock materials and low-grade ore categories are classified using color nomenclature (Table 17-2). Low-grade ore and mineralized waste (i.e. yellow and green materials) are placed in accessible parts of the South Waste Rock Facility for reclamation. Blue waste rock can be used as construction material (e.g. for TSF raises). Pink waste is encapsulated with a combination of a low permeability layer and a cover of blue waste material over each layer of pink waste material. The cover system is designed to reduce oxygenation and infiltration rates. The approved South Waste Rock Facility has a surface disturbance area of approximately 450 ha and extends to about 100 m above the natural surface level. The facility is partially rehabilitated in accordance with Newmont’s commitment for progressive rehabilitation over the life of the mine. In-line with this strategy, additional rehabilitation is planned to be completed prior to operational closure. Mine waste and tailings were subject to rigorous geochemical testwork, using best-practice methods to assess risks of acid generation from oxidation of sulfides. While some waste is potentially acid forming (PAF), kinetic testwork (regular leaching of columns of material) has shown that sulfide oxidation is slow, so that PAF waste is unlikely to produce acid drainage while stored at surface prior to being encapsulated with non-acid forming (NAF) and/or acid-consuming waste. Prior to encapsulation, PAF material is stored in a designated compartment within the waste stockpile, to manage risks of acidic and metal-enriched (particularly copper-enriched) drainage escaping to the broader environment. As much as 50% of the open-pit mine waste was PAF, as is almost all underground waste. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-6 Table 17-2: Waste Management Waste Type Comment Blue waste Managed as non-acid forming (NAF); identified by ore control as having a modelled total sulfur content that is less than 0.5%. Pink waste Managed as potentially acid-forming (PAF); identified by ore control as having modelled total sulfur content that is greater than or equal to 0.5%. Yellow waste Stockpiled, low-grade mineralized ore. Green waste Stockpiled mineralized waste rock with current sub-economic gold/copper content. This material may or may not be reclaimed for processing before the end of the mine life; is mineralized and managed as PAF. 17.6 Tailings Storage Facility 17.6.1 Overview There are three tailings storage facilities: the NTSF, the STSF, and the mined-out Cadia Hill open pit (Cadia Pit TSF), each of which are located within the Cadia mining lease (Figure 17-1). The NTSF, in operation since 1998, is located approximately 3 km south of the processing plant site, and the STSF, in operation since 2002, is downstream of the NTSF. Both TSF embankments were constructed across the former Rodds Creek; the NTSF being at the upstream location and the STSF at the downstream location. The NTSF design consists of an earth and rock-fill dam, with nine embankment raises undertaken. All raises since 2008 have involved upstream construction. The STSF is also an earth and rock-fill dam, with, to date, six embankment raises undertaken, a the last three of which used the upstream method. The Cadia Pit TSF and STSF are planned to be operated to the current approved tailings elevations with future STSF raises converted from upstream towards centerline raise methods. Tailings were shown to be NAF, which significantly reduces potential costs of closure and rehabilitation of the TSFs.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-7 Figure 17-1: Tailings Storage Facility Location Plan Note: Figure prepared by Newcrest, 2018. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-8 17.6.2 NTSF Embankment Failure On March 9, 2018, a slump (the Event) occurred in the southern wall of the NTSF, causing it to lose containment of tailings. The tailings were captured within the basin of the STSF. A prohibition notice issued by the NSW resources regulator on depositing tailings in the NTSF remains in place as at December 31, 2023. An Independent Technical Review Board (ITRB) investigation of the Event was completed in April, 2019 and has been publicly released. The ITRB ultimately attributed the failure to slow movement in a previously unidentified weak foundation layer, which lead to the liquefaction of tailings and sudden failure of the slope. In response to the ITRB recommendations, Newcrest expanded geotechnical investigations of the TSF foundations and identified areas where additional embankment buttressing was required. Newcrest/Newmont have also significantly increased surface and subsurface monitoring of the TSFs since the Event. The remediation of the slump zone is required to be constructed concurrently with the remediation of adjacent embankments; these projects are in progress. Since April 2018, tailings deposition has primarily been in the Cadia Pit TSF with some deposition in the STSF also occurring, with no deposition in the NTSF. Two buttresses were constructed at the STSF to support on-going operations. Newcrest engaged expert engineering firms to develop buttress designs and to remediate existing TSF embankments to acceptable safety levels. Where there was a lack of data, conservative assumptions on foundation strengths were assumed. Initial buttressing of the NTSF western wall was completed in 2023, with buttressing work on-going as of December 31, 2023. 17.6.3 LOM Requirements LOM plan requirements for tailings storage were reviewed during 2023. Storage capacity of the STSF was estimated at 85 Mt from December 31, 2023 to the currently-approved design height. The total deposition storage for the Cadia Pit TSF would be 140 Mt from July 1, 2023. The deposition plan for operations would therefore consist of the two TSFs, with the Cadia Pit TSF receiving tailings from trains 1, 2 and 3 from Concentrator 1 and the STSF receiving tailings from Concentrator 2. In this scenario, the current tailings facilities will be filled after 2030. Future tailings storage beyond the Cadia Pit TSF and STSF storage capacities will be required later in the mine plan to support the LOM production plan envisaged in this Report. Planning and community engagement is currently ongoing to extend the STSF in height and footprint (referred to as the Southern Tailings Storage Facility Extended) and different technologies are being considered as part of the regulatory approvals process. The capital and operating cost estimates include provision for future tailings storage. These costs were included in the economic analysis that supports the mineral reserves.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-9 17.6.4 Deposition Methods The tailings delivery infrastructure currently delivers tailings from Concentrator 1 and Concentrator 2 to the Cadia Pit TSF. As at December 31, 2023, no tailings are being deposited into the NTSF and STSF. 17.7 Water Management 17.7.1 Management Strategy The water management system includes the components in Table 17-3. The majority of water on-site is recycled. The water management strategy is outlined in Table 17-4. The objectives of the erosion and sediment control system are to control soil erosion and sediment generation from areas disturbed by construction activities; and to maintain water quality (particularly in terms of suspended solids content) in local watercourses to acceptable standards for downstream use. The water management strategy incorporates the following components:  Sequencing to reduce to minimum practicable levels the potential for sediment generation;  Upslope clean water diversions to limit run-on to disturbed areas;  Use of small-scale runoff controls comprising silt fences and rockfill filter bunds;  Rapid stabilization and/or revegetation of disturbed areas. 17.7.2 Cadia Pit TSF A review was conducted of the impact of using the mined-out Cadia Hill open pit as a TSF. The geotechnical investigation, based on ongoing recalibration of geotechnical models, indicated that the Cadia Hill open pit and the Cadia East subsidence zone would not intersect. Instead of a single pit lake, there would be a lake on each of the two mining areas. The groundwater assessment considered the potential groundwater implications of the proposed deposition of approximately an additional 177 Mt of tailings in the Cadia Hill open pit. Tailings slurry, initially deposited to 713 mAHD, will settle to about 563 mAHD in the middle of the former Cadia Hill open pit. Within a 6–7-year period, it is anticipated that the level of the tailings will fall below 700 mAHD and a lake will form over the settling tailings. post-closure, as the pit water level falls and equilibrates, the potential for direct seepage to Cadiangullong Creek will reduce to zero. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-10 Table 17-3: Water Management System Elements Item Item Tailings storage facilities return water system including the Central Pumping Station Return water from the Cadia dewatering facilities. Process water pond Cadia Hill open pit (dewatering). NTSF and STSF Ridgeway/Ridgeway Deeps underground mine (dewatering). Sediment dams and ponds containing site runoff Cadia East and Cadia Hill Deeps exploration declines (dewatering). Waste rock dump leachate ponds Orange Sewage Treatment Plant treated effluent (delivered to site via a pipeline owned by Orange City Council. Cadiangullong Dam, which has a capacity of approximately 4,200 ML On-site groundwater extraction bores (potable water, and process water under exceptional circumstances). Cadia Creek Weir (gravity fed to Cadiangullong Dam) Flyers Creek Weir. Allows extraction of water from Flyers Creek when flows in the creek are above 3.5 ML/day. Belubula River pumping system Cadia Extended open pit acts as a water storage reservoir. Rodds Creek Water Holding Dam, which holds water pumped from the Belubula River (maximum annual licensed quantity of 7,205 ML) and other sources as required (see Table 17-4). Table 17-4: Water Management Strategy Area Comment Processing plant and ore stockpile areas Runoff from the ore processing facilities site is intercepted and conveyed to the process water pond via a system of bunded collection drains constructed around the perimeter of the plant area. The design basis is containment of all runoff from a one-in-100 year average recurrence interval (ARI), 48 hour rainfall event. Mining operations A system of sediment dams, clean water diversions, internal runoff drains and culverts are in place. Mine dewatering system Water collected from Ridgeway and Cadia Hill is sent to the process water pond or the Rodds Creek Water Holding Dam. Water from Cadia East is sent to TH2003 or the process water pond. Tailings Seepage from the NTSF reports to the STSF and decant pool. Seepage from the STSF reports to a seepage collection pond below the STSF. A float controlled electric pump located at the seepage collection pond returns collected seepage water to the STSF. Water recycling from the NTSF and STSF is maximized through the use of floating decant structures, a runoff/drainage collection pond and return water system.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-11 Area Comment Rodds Creek Water Holding Dam Collects and holds the following: licensed water extractions from the Belubula River; water transferred from Cadiangullong Dam; excess water in the site water management system, including but not limited to excess water in the tailings storage facilities, water from on-site sediment dams, and water from underground dewatering activities; and treated effluent from Orange. Internal runoff collection Project area runoff is collected by a series of bunds and collection ponds, the majority of which are existing and approved. Runoff from the administration/laydown areas and other disturbed areas is collected during rainfall events and transferred to the process water pond or Rodds Creek Water Holding Dam for inclusion in the water supply system. A post-mining groundwater elevation between 700–710 mAHD in the vicinity of Cadiangullong Creek indicates there will be an inward hydraulic gradient established southwest of the pit wall resulting in the pit forming a long-term ‘sink’. The groundwater quality would remain unchanged, as the water quality will remain subject to the long term evapo-concentration of salts and also acidic drainage of potentially acid-forming Ordovician host rock affecting pH and dissolved metal concentrations. Additional monitoring bores were installed to monitor the impact of tailings deposition in the Cadia Hill open pit, with further bores planned adjacent to the southwestern corner of the Cadia Pit TSF. Surface water monitoring suggests that the in-pit water is currently significantly less saline than long term water quality predicted for the approved final void. From a surface water perspective, it was concluded that there would be minimal surface water impacts from the proposed continued tailings deposition into the Cadia Pit TSF. Newmont manages water that accumulates in the Cadia Pit TSF (from tailings supernatant water and rainfall runoff) by recovering (pumping) this water to the water management system for re- use in ore processing. Pumping rates would approximately match the tailings deposition rate and anticipated rainfall runoff. Reclaim from the Cadia Pit TSF would be given the same use priority as the other operational tailings storages. 17.8 Water Supply 17.8.1 Overview Water supply for mining and processing purposes is characterized by variable supply sources. Water requirements are proportional to the amount of mineral processing and significant water storage is required to provide consistent supply. The amount of water taken from each source is dependent on the conditions set through agreement or licensing and the physical amount available. The water supply scheme consists of recycling of water used on-site and make-up water required to compensate for losses in the system. Mine water and excess water in the TSFs are recycled. Make-up water sources comprise extraction from the Belubula River, Cadiangullong Dam, Rodds Creek Water Holding Dam, Flyers Creek Weir, Cadia Creek Weir, Orange Sewage Treatment Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-12 Plant treated effluent, on-site groundwater extraction bores, and site run-off (see also water management discussion in Section 20.7). Harvesting of water on-site (including Cadiangullong Creek, Flyers Creek, Cadia Creek, Rodds Creek and Copper Gully) is licensed at 4,200 ML/a. In addition to ensuring adequate water supply, the water system also plays a critical role in managing water accumulation during prolonged periods of above average rainfall, as occurs during La Nina events. This is achieved by reserving airspace in the Rodds Creek Water Holding Dam to allow transfer of water from the TSF, leachate collection dams and sediment control dams. Treated sewage effluent is sourced from Orange under an agreement between the Orange City Council and Newcrest (now Newmont). The agreement has an upper limit on the amount that can be supplied per annum, but varies depending on the rainfall. Extraction of water from surface water systems (creeks and river) and groundwater is governed by water licenses issued by the NSW State Government. The conditions imposed on those licenses limit the rate of extraction, the times at which water can be extracted and the total amount of water that can be extracted per year. A water balance review in support of 35 Mt/a operations after 2030 was completed, assuming deposition of highly-thickened tailings, 65% w/w solids, from Concentrator 1 into the Cadia open pit at a rate of 14 Mt/a. The remaining tailings from Concentrator 1 were assumed to continue to go to the NTSF at a rate of around 10 Mt/a, while Concentrator 2 tailings would report to the STSF at approximately 8 Mt/a. Models showed that there is a very low risk of water shortage in the short-term (five years). Over the longer term, there is a small risk of around 10% in any given year of a small shortfall of approximately 1,000 ML which equates to around 2 Mt/a of production rate. Installation of a high compression thickening facility to improve the overall recovery of water from tailings at the higher throughput rates and the installation of 150 L/s of dewatering capacity to return rainfall back to the process plant will be required to ensure acceptable water reliability for the Cadia Valley Operations. No further external water sources or supplies are considered necessary for the proposed project. Droughts have, in the past, resulted in a prolonged period of very low water supply. Drought conditions are a risk to future operations if unduly prolonged. Based on the Aqueduct Water Risk Atlas, which assesses water risk on a five-tiered scale against a series of indicators (including physical quantity, quality, and regulatory and reputational risk), the water risk ranges from medium to high at the Cadia Valley Operations. This rating is the median of the risk ratings assigned in the atlas. 17.8.2 Water Recycling The LOM plan assumes that 65–70% of all water will be recycled. Newmont has continued to implement water saving efficiency measures which has resulted in net water recycling rates increasing from approximately 65–70% to approximately 85%. This higher rate of water recycling has been driven by improving the level of water recycle from the tailings thickeners in the process plant and by exceptionally high water recycle rates being delivered from the Cadia Pit TSF.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-13 Newmont continues to pursue further water saving initiatives, both in the plant and by way of optimization of onsite bores. 17.9 Closure Plan The overarching rehabilitation goals, final land uses and landforms, and mine closure benchmarks are detailed in the Cadia Valley Operations Rehabilitation Management Plan (CHPL, 2022). At the completion of mining, the key final landforms/features, as currently approved, will include the following:  Landscaped pasture and woodlands over the South Waste Rock Facility and North Waste Rock Facility, and waste rock backfilled Cadia Extended open pit including selective encapsulation of potentially acid-forming waste rock, with a non-acid forming material and topsoil cover;  Grazing land over the northern and southern TSFs;  Secured subsidence zones created by Ridgeway and Cadia East;  Water cover Cadia Hill open pit void;  Decommissioning and rehabilitation of mine infrastructure, e.g. ore processing facilities and workshops;  Retaining Rodds Creek Water Holding Dam, Cadiangullong Dam and associated pipelines for potential future regional water infrastructure demands;  Vegetation corridor enhancement areas across Newmont-owned land. The key element of the Cadia expansion project that would require revision of the currently- approved Cadia East project rehabilitation commitments is the development and closure of the Cadia Pit TSF that would largely be backfilled with tailings with a supernatant final void lake. The Cadia Mine Closure Plan includes a detailed cost estimate, which is used in determining the closure liability. Additionally, the Mining Operations Plan is a requirement of the mining leases and contains Newmont’s rehabilitation commitments for the period of the plan (usually three years). Considerable rehabilitation of WRSFs has already been completed, with success evidenced by the absence of significant erosion and by well-established vegetation. Newmont’s closure planning includes provision for retention of infrastructure of potential use to other parties, and extensive monitoring, especially of water quality and landform stability. The closure provision in the financial analysis supporting the mineral reserves is estimated at A$427 M. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-14 17.10 Permitting 17.10.1 Statutory Environmental Approvals and Compliance Project Approval 06_0295 (PA 06_0295) for the Cadia East Project was granted by the NSW Minister for Planning under Part 3A of the EP&A Act on January 6, 2010. PA 06_0295 includes the Cadia East underground mine, the Cadia Hill open pit mine (now used to store tailings), the Ridgeway underground mine, the concentrate dewatering facilities in Blayney, and a wide range of ancillary and supporting infrastructure. Commonwealth (Federal) approval under the EPBC Act was required for Cadia East Project Approval because of potential impacts on a Federally-Listed Endangered Ecological Community. The Commonwealth agreed, as is usual, that Federal requirements could be addressed through the NSW Assessment Bilateral Agreement (the Agreement). The Agreement streamlines the assessment process for major projects that require both NSW and Australian Government environmental approvals. It is made under the Commonwealth's EPBC Act. Under the Agreement, the NSW Government assesses development applications on behalf of the Australian Government. The Australian Government remains the decision-maker for the EPBC Act approval, considering the assessment report prepared by NSW's Department of Planning and Environment. Subordinate approvals (authorities to construct, licenses to operate and to extract groundwater and surface water, etc.) were obtained as required. These approvals have led to the development of sophisticated and well-integrated environmental management plans designed to satisfy the operational performance indicators and thresholds that form part of the approvals. Compliance is primarily reported via an Annual Review Report to the NSW Government, as required by the EA process and Environment Protection License. Other reports are produced to meet conditions of subsidiary licenses, as required by relevant legislation. Copies of these are publicly available on the Cadia Valley Operations website. 17.10.2 Operating Permits Newmont holds the key permits required to support the current operations. Key permits are summarized in Table 17-5. 17.10.3 Modification 15 Newmont is seeking a modification to PA 06_0295 to allow for placing additional buttressing material on the outer wall of the TSF embankment footprints, and therefore changes to the embankment footprints, the restart of the Ridgeway underground mine and other changes to related elements at Cadia (referred to as the Tailings Storage Facility Embankment Buttressing Modification).

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-15 Table 17-5: Key Permits Permit/Permit Area Note Cadia East Project Approval PA06_0295 and subsequent modifications. Granted mining leases ML1405; ML1449; ML1472; ML1481; ML1689; ML1690. Local development consents Black Rock Range Subdivision (Development Consent No. 16/2010). Environmental protection license Approval No. 5590, and subsequent variations and revisions. Heritage approvals and permits General monitoring/archival recording; conservation of Cadia (Cornish) engine house crusher room and chimney; development consent for a rural cemetery, garden of remembrance and interpretive center; excavation permits for Little and Big Cadia; retention of existing strengthening of engine house, crusher room and chimney. Prescribed dams (Dams Safety Act 1978) Cadiangullong Dam; Cadia Tailings Dam (Northern TSF); Cadia Southern Tailings Dam (Southern TSF); Rodds Creek Water Holding Dam; North Waste Rock Dump Detention Basin (Hoares Creek Dam). Enclosure permit No. 20364. Work Cover Hazardous chemicals at premises; license to store explosives. Environmental Protection Authority Resource recovery order and resource recovery exemption – Orange treated sewage biosolids. 17.10.4 Cadia Continued Operations Project The Cadia Continued Operations project is proposal is for a continuation of existing operations beyond 2031 (for a period of approximately 22–25 years from the date of approval, to 2048– 2050). The four main elements are:  Continued underground mining in the Cadia East and Ridgeway mining areas;  Construction of an extension to the current STSF;  An additional water storage within the Cadiangullong Catchment to provide enhanced security of water supply to the mine;  Realignment of the Panuara and Cadia Roads to account for these project features. Community involvement and input also underpins the Social Impact Assessment process that is being undertaken as a part of the Environmental Impact Statement, to ensure that the matters of most importance to stakeholders are understood and inform the planning and assessment of the Cadia Continued Operations project. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 17-16 17.11 Considerations of Social and Community Impacts Community relations are managed in accordance with the Newmont Communities Policy and Social Performance Standard. Community relations are undertaken by the Environment and Social Performance Department in line with the Social Performance Strategy. The objective of the Cadia Social Performance strategy is to provide a strategic and systematic organizational approach to interactions with local communities and stakeholders which facilitate the open exchange of information so that Cadia Valley Operations can respond to emerging needs at any point of its operations in the Cadia area. The Cadia Valley Operations holds regular forums with local government authorities and residents, including the Community Consultative Committee and contributes to a Community Partnerships Program in which employee volunteers are involved in assessing applications for funding of community projects based on established criteria. The Community Consultative Committee involves representatives of the three local government authorities and the community. This provides a regular forum for discussion of community issues related to Cadia Valley Operations’ activities, and for accurate dissemination of material about those activities. 17.12 Qualified Person’s Opinion on Adequacy of Current Plans to Address Issues Newmont notes that there has been some negative community feedback as a result of the operations, and particularly because of dust generation from the NTSF and STSF as they are no longer actively receiving tailings. These areas are actively managed to minimize dust generation, with corrective action plans developed and under implementation. Additionally, studies undertaken in 2023 by Cadia Valley Operations and the Environment Protection Authority showed that dust management practices are effective at protecting human health in alignment with background levels. Following the NTSF embankment slump, Newmont has been actively implementing recommendations from the ITRB to stabilize and repair the area and avoid the type of failure in future. Buttressing work of the western embankment was completed in 2023 with studies in progress to determine further work to stabilize the area further prior to the facility returning to service. Newmont is working closely with the New South Wales regulatory authorities on these plans.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 18-1 18.0 CAPITAL AND OPERATING COSTS 18.1 Introduction Capital and operating cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. 18.2 Capital Cost Estimates 18.2.1 Basis of Estimate The Cadia East estimate was broken down into:  Direct costs: Permanent plant equipment supply; bulk materials supply; direct labor; contractors’ distributable costs; construction equipment for mass earthworks; freight, construction indirect costs;  Indirect costs: Engineering, procurement and contract management (EPCM) costs including field construction management services, project office and home office costs for engineering, procurement, project services and sub-consultant EPCM costs; Owner’s team costs; and contingency. The Ridgeway cost estimate was based on the following parameters:  Mining: detailed estimate;  Underground material handling and infrastructure: factored estimate for direct costs, indirect costs factored. Ridgeway costs were inflated from 2015 pre-feasibility study estimates to 2019 terms. Mine capital costs were based on modelling, using mine plans and schedules, engineering take- off of development quantities, equipment data, consumable estimates and labor schedules. Mine infrastructure and services capital, and mill debottlenecking and supporting infrastructure capital were based on equipment lists and material take-offs from engineering drawings. Owner’s costs were factored from all direct costs, and based on benchmarking against costs from similar projects and historical precedence at site. Sustaining capital costs were taken from current operational practice and adjusted using mine plans and schedules, engineering designs and equipment recapitalization strategies. These costs included estimates for mining, ore processing and tailings deposition. Labor estimates for underground mining at Cadia East were calculated using project underground mine development and operating schedules consistent with site experience in execution of similar activities and using industry standard practices. Operator and maintenance labor rates were taken from standard pay scales and benchmarked against the eastern seaboard hard rock mining cost base in the McDonald Gold & General Mining Industries Remuneration Report (McDonald’s Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 18-2 remuneration survey). Labor estimates for construction activities were calculated using detailed project construction estimates. Labor rates were based on historical and current site project rates. The operating assumption for underground activities is a 12-hour shift with 24/7 continuous work arrangements. For surface construction activities, the assumption was for a day-shift only, with a six-day, 56-hour working week. Labor estimates for underground mining at Ridgeway were calculated using project underground mine development and operating schedules consistent with site experience at Ridgeway Deeps Lift 1 and using industry standard practices. Operator and maintenance labor rates were taken from Newcrest standard pay scales at the time of study and benchmarked against the eastern seaboard hard rock mining cost base in the MacDonald’s remuneration survey. Labor estimates for construction activities were included in the factored estimate for construction activities. Tailings cost estimates were prepared based on an EPCM model execution methodology. Direct and indirect costs were calculated, with Owners’ costs and contingency added. Bulk earthworks package rates were sourced from competitive tender rates as part of the Cadia integrated tailings program. 18.2.2 Capital Cost Summary The overall capital cost estimate for the combined Cadia East and Ridgeway operations as envisaged in the financial analysis is outlined in Table 18-1. 18.3 Operating Cost Estimates 18.3.1 Basis of Estimate Operating costs were based on actual costs seen during operations and were projected through the LOM plan. These costs were applied to an activity-based cost model and factored according to estimated fixed/variable components for existing assets. Operating costs for new infrastructure were based on a zero-based forecast cost base. Labor and energy costs were based on budgeted rates applied to headcounts and energy consumption estimates. 18.3.2 Operating Cost Summary Site operating costs for the LOM total A$27.0 B or US$18.3 B. The operating cost estimate is summarized in Table 18-2.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 18-3 Table 18-1: Capital Cost Estimate Summary Cost Area Units Value (A$) Value (US$) Mining $B 6.6 4.7 Processing $B 4.9 3.5 Site general and administrative $B — — Total Capital $B 11.6 8.1 Note: numbers have been rounded. Exchange rate assumption A$:US$ = 0.70 Table 18-2: Operating Cost Estimate Summary Cost Area Units Value (A$) Value (US$) Mining $B 7.4 5.2 Processing $B 13.5 9.5 General and administrative $B 5.2 3.6 Total Operating Costs $B 26.1 18.3 Note: numbers have been rounded. Exchange rate assumption A$:US$ = 0.70 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 19-1 19.0 ECONOMIC ANALYSIS 19.1 Methodology Used The financial model that supports the mineral reserve declaration is a standalone model that calculates annual cash flows based on scheduled ore production, assumed processing recoveries, metal sale prices and A$/US$ exchange rate, projected operating and capital costs and estimated taxes. The financial analysis is based on an after-tax discount rate of 5%. All costs and prices are in unescalated “real” dollars. The currency used to document the cash flow is US$. All costs are based on the 2024 business plan budget. Revenue is calculated from the recoverable metals and long-term metal price and exchange rate forecasts. 19.2 Financial Model Parameters The economic analysis is based on the metallurgical recovery predictions in Chapter 10.4, the mineral reserve estimates in Chapter 12, the mine plan discussed in Chapter 13.10, the commodity price forecasts in Chapter 16, closure cost estimates in Chapter 17.3, and the capital and operating costs outlined in Chapter 18. Royalties were summarized in Chapter 3.2.5 and Chapter 3.8. Taxation considerations include:  Federal tax rate of 30%;  State government royalty of 4%;  Payroll tax;  Annual land taxes;  Council rates and levies. The economic analysis is based on 100% equity financing and is reported on a 100% project ownership basis. The economic analysis assumes constant prices with no inflationary adjustments. The NPV at a discount rate of 5% is US$1.8 B. The internal rate of return is 17%, and the estimated payback period is 8.7 years, from 2025. A summary of the financial results is provided in Table 19-1. An annualized cashflow statement is provided in Table 19-2 to Table 19-5. The overall recovery estimates shown in Table 19-2 to Table 19-5 will vary depending on the timing and mixing of individual mining zones at the time of processing, as well as the processing rate at the time of treatment. In these tables, EBITDA = earnings before interest, taxes, depreciation and amortization. The active mining and processing operation ceases in 2058; however, closure costs are estimated to 2060.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 19-2 Table 19-1: Cashflow Summary Table Item Unit Value Gold price US$/oz 1,400 Copper price US$/lb 3.50 Silver price US$/oz 20.00 Molybdenum price US$/lb 9.00 Tonnage Mt 1,100 Gold grade g/t 0.41 Copper grade % 0.29 Gold ounces Moz 15.0 Copper pounds Mlb 7,100 Capital Costs US$B 8.4 Costs applicable to sales US$B 25.0 Discount rate % 5.0 Exchange Rate A$:US$ 0.70 Free cash flow US$B 5.3 Net present value US$B 1.8 Note: Cashflow presented on a 100% ownership and Project basis. Numbers have been rounded. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 19-3 Table 19-2: Annualized Cashflow (FY24 H2–FY30) Item Units LOM Total FY24 H2 FY25 FY26 FY27 FY28 FY29 FY30 Material mined Mt 1,097 16 34 34 30 31 33 38 Ore processed Mt 1,102 15 32 32 32 32 32 32 Contained gold, processed Moz 14.7 0.3 0.4 0.4 0.4 0.4 0.5 0.5 Contained copper, processed Mlb 7,140 111 205 209 239 243 244 240 Contained silver, processed Moz 24.0 0.4 0.7 0.7 0.7 0.7 0.7 0.7 Contained molybdenum, processed Mlb 200 3.97 6.94 6.72 6.83 6.66 6.86 6.32 Processed ore gold grade g/t 0.42 0.53 0.36 0.37 0.38 0.39 0.44 0.46 Processed ore copper grade % 0.29 0.33 0.29 0.30 0.34 0.35 0.35 0.34 Processed ore silver grade g/t 0.68 0.81 0.67 0.68 0.70 0.70 0.71 0.68 Processed ore molybdenum grade ppm 82.10 118.59 98.34 95.24 96.84 94.40 97.18 89.54 Recovered gold Moz 12.0 0.2 0.3 0.3 0.3 0.3 0.4 0.4 Recovered copper Mlb 6,300 94 176 181 210 215 218 234 Recovered silver Moz 15.7 0.3 0.4 0.4 0.5 0.5 0.5 0.6 Recovered molybdenum Mlb 144 2.99 5.19 5.02 5.12 4.97 5.11 5.41 Recovery, gold % 81 80 79 79 79 80 81 81 Recovery, copper % 87 85 86 86 88 88 89 89 Recovery, silver % 65 64 64 64 64 64 66 66 Recovery, molybdenum % 72 75 75 75 75 75 74 86 Net revenue US$B 40.1 0.7 1.1 1.1 1.2 1.3 1.3 1.5 Costs applicable to sales US$B 24.2 0.4 0.7 0.7 0.7 0.7 0.7 0.7 Other expenses US$B 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA US$B 15.9 0.3 0.4 0.4 0.5 0.5 0.6 0.8 Operating cashflow (after estimated taxes and other adjustments) US$B 13.2 0.3 0.5 0.4 0.5 0.5 0.5 0.6 Total capital US$B 8.1 0.3 0.7 0.8 0.8 0.8 0.5 0.2

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 19-4 Item Units LOM Total FY24 H2 FY25 FY26 FY27 FY28 FY29 FY30 Free Cash Flow (FCF) US$B 5.1 0.0 -0.2 -0.4 -0.3 -0.3 0.0 0.5 Note: Cashflow presented on a 100% basis. EBITDA = earnings before interest, taxes, depreciation and amortization. The cash flow in this Report has been adjusted to align with the generally-accepted accounting principles (GAAP) required for US-listed companies. In the cashflow analysis 2024 is evaluated at a gold price of US$1,400/oz; with the copper price at US$3.50/lb. Table 19-3: Annualized Cashflow (FY31–FY40) Item Units FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 Material mined Mt 36 35 36 36 36 35 35 35 35 35 Ore processed Mt 35 35 35 35 35 35 35 35 35 35 Contained gold, processed Moz 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 Contained copper, processed Mlb 272 245 222 201 179 170 166 182 217 247 Contained silver, processed Moz 0.8 0.7 0.7 0.7 0.7 0.7 0.8 0.9 0.9 0.9 Contained molybdenum, processed Mlb 6.72 5.70 5.30 4.83 4.42 4.68 5.32 6.07 6.28 6.82 Processed ore gold grade g/t 0.48 0.46 0.43 0.43 0.47 0.46 0.51 0.54 0.52 0.51 Processed ore copper grade % 0.35 0.32 0.29 0.26 0.23 0.22 0.22 0.24 0.28 0.32 Processed ore silver grade g/t 0.69 0.65 0.63 0.63 0.64 0.66 0.71 0.77 0.79 0.80 Processed ore molybdenum grade ppm 87.05 73.92 68.72 62.62 57.22 60.60 68.99 78.67 81.45 88.37 Recovered gold Moz 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 Recovered copper Mlb 244 218 197 176 155 147 144 161 194 221 Recovered silver Moz 0.5 0.5 0.4 0.5 0.5 0.5 0.5 0.6 0.6 0.6 Recovered molybdenum Mlb 4.90 4.06 3.74 3.36 2.98 3.16 3.58 4.09 4.25 4.69 Recovery, gold % 79 80 80 81 82 82 83 83 83 82 Recovery, copper % 90 89 89 88 87 87 87 88 89 89 Recovery, silver % 63 63 62 63 64 64 66 68 68 67 Recovery, molybdenum % 73 71 71 70 68 68 67 67 68 69 Net revenue US$B 1.5 1.4 1.3 1.2 1.2 1.2 1.2 1.3 1.4 1.5 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 19-5 Item Units FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 Costs applicable to sales US$B 0.8 0.8 0.8 0.8 0.8 0.7 0.8 0.8 0.8 0.8 Other expenses US$B 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA US$B 0.7 0.6 0.5 0.4 0.4 0.4 0.5 0.5 0.6 0.7 Operating cashflow (after estimated taxes and other adjustments) US$B 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.6 Total capital US$B 0.1 0.1 0.1 0.1 0.1 0.2 0.4 0.2 0.2 0.3 Free Cash Flow (FCF) US$B 0.4 0.4 0.4 0.3 0.3 0.1 0.0 0.2 0.3 0.2 Note: Cashflow presented on a 100% basis. EBITDA = earnings before interest, taxes, depreciation and amortization. The cash flow in this Report has been adjusted to align with the generally-accepted accounting principles (GAAP) required for US-listed companies. In the cashflow analysis 2024 is evaluated at a gold price of US$1,400/oz; with the copper price at US$3.50/lb. Table 19-4: Annualized Cashflow (FY41–FY50) Item Units FY41 FY42 FY43 FY44 FY45 FY46 FY47 FY48 FY49 FY50 Material mined Mt 35 34 33 34 34 34 35 34 34 35 Ore processed Mt 35 35 35 35 35 35 35 35 35 35 Contained gold, processed Moz 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.4 Contained copper, processed Mlb 255 236 234 243 244 245 249 241 217 208 Contained silver, processed Moz 0.9 0.9 0.8 0.8 0.8 0.7 0.7 0.73 0.7 0.7 Contained molybdenum, processed Mlb 6.91 6.33 6.31 6.46 6.83 6.48 6.15 6.33 5.83 5.64 Processed ore gold grade g/t 0.48 0.44 0.40 0.41 0.40 0.38 0.38 0.37 0.37 0.35 Processed ore copper grade % 0.33 0.31 0.30 0.31 0.32 0.32 0.32 0.31 0.28 0.27 Processed ore silver grade g/t 0.80 0.76 0.73 0.71 0.69 0.63 0.62 0.65 0.64 0.65 Processed ore molybdenum grade ppm 89.56 82.00 81.80 83.76 88.52 83.98 79.77 82.00 75.55 73.11 Recovered gold Moz 0.4 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 Recovered copper Mlb 229 210 207 213 213 213 216 207 186 178

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 19-6 Item Units FY41 FY42 FY43 FY44 FY45 FY46 FY47 FY48 FY49 FY50 Recovered silver Moz 0.6 0.6 0.5 0.5 0.5 0.5 0.4 0.5 0.5 0.5 Recovered molybdenum Mlb 4.79 4.38 4.38 4.55 4.89 4.69 4.46 4.63 4.22 4.08 Recovery, gold % 82 82 81 80 79 78 78 78 78 78 Recovery, copper % 90 89 88 88 87 87 87 86 86 86 Recovery, silver % 68 67 66 65 65 64 63 63 63 63 Recovery, molybdenum % 69 69 69 70 72 72 72 73 72 72 Net revenue US$B 1.5 1.4 1.3 1.3 1.3 1.3 1.3 1.2 1.2 1.1 Costs applicable to sales US$B 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 Other expenses US$B 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA US$B 0.7 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 Operating cashflow (after estimated taxes and other adjustments) US$B 0.6 0.4 0.4 0.5 0.5 0.4 0.4 0.4 0.3 0.3 Total capital US$B 0.3 0.1 0.1 0.2 0.3 0.2 0.1 0.2 0.1 0.1 Free Cash Flow (FCF) US$B 0.2 0.3 0.3 0.3 0.1 0.2 0.3 0.2 0.2 0.3 Note: Cashflow presented on a 100% basis. EBITDA = earnings before interest, taxes, depreciation and amortization. The cash flow in this Report has been adjusted to align with the generally-accepted accounting principles (GAAP) required for US-listed companies. In the cashflow analysis 2024 is evaluated at a gold price of US$1,400/oz; with the copper price at US$3.50/lb. Table 19-5: Annualized Cashflow (FY51–FY60) Item Units FY51 FY52 FY53 FY54 FY55 FY56 FY57 FY58 FY59 FY60 Material mined Mt 33 31 29 24 22 20 18 7 1 0 Ore processed Mt 35 35 34 24 22 20 18 7 1 0 Contained gold, processed Moz 0.4 0.4 0.4 0.3 0.2 0.2 0.2 0.1 0.0 0.0 Contained copper, processed Mlb 213 218 225 143 123 111 100 37 4 0 Contained silver, processed Moz 0.7 0.7 0.7 0.4 0.4 0.4 0.4 0.2 0.0 0.0 Contained molybdenum, processed Mlb 5.33 5.43 5.63 4.54 4.62 4.27 4.09 1.71 0.20 0.00 Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 19-7 Item Units FY51 FY52 FY53 FY54 FY55 FY56 FY57 FY58 FY59 FY60 Processed ore gold grade g/t 0.33 0.31 0.34 0.37 0.30 0.30 0.32 0.24 0.22 0.00 Processed ore copper grade % 0.28 0.28 0.30 0.28 0.25 0.26 0.26 0.23 0.22 0.00 Processed ore silver grade g/t 0.62 0.58 0.59 0.57 0.57 0.62 0.66 0.67 0.69 0.00 Processed ore molybdenum grade ppm 69.02 70.40 74.60 87.17 95.28 98.92 105.18 106.56 106.83 0.00 Recovered gold Moz 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.0 0.0 0.0 Recovered copper Mlb 182 186 192 123 105 95 86 32 3 0 Recovered silver Moz 0.4 0.4 0.4 0.3 0.3 0.3 0.2 0.1 0.0 0.0 Recovered molybdenum Mlb 3.83 3.95 4.13 3.37 3.45 3.19 3.07 1.28 0.15 0.00 Recovery, gold % 78 78 79 80 79 80 80 78 79 0 Recovery, copper % 85 85 85 86 86 86 86 85 85 0 Recovery, silver % 63 63 63 64 64 64 64 63 64 0 Recovery, molybdenum % 72 73 73 74 75 75 75 75 75 0 Net revenue US$B 1.1 1.1 1.1 0.8 0.6 0.6 0.5 0.2 0.0 0.0 Costs applicable to sales US$B 0.7 0.7 0.7 0.6 0.5 0.4 0.4 0.2 0.1 0.0 Other expenses US$B 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA US$B 0.4 0.4 0.4 0.2 0.2 0.2 0.1 0.0 0.0 0.0 Operating cashflow (after estimated taxes and other adjustments) US$B 0.3 0.3 0.3 0.2 0.1 0.1 0.1 -0.1 -0.2 -0.1 Total capital US$B 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Free Cash Flow (FCF) US$B 0.2 0.2 0.3 0.1 0.1 0.1 0.1 -0.1 -0.2 -0.1 Note: Cashflow presented on a 100% basis. EBITDA = earnings before interest, taxes, depreciation and amortization. The cash flow in this Report has been adjusted to align with the generally-accepted accounting principles (GAAP) required for US-listed companies. In the cashflow analysis 2024 is evaluated at a gold price of US$1,400/oz; with the copper price at US$3.50/lb.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 19-8 The overall recovery estimates will vary depending on the timing and mixing of individual mining zones at the time of processing, as well as the processing rate at the time of treatment. Table 19-1 to Table 19-5 contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Please refer to the note regarding forward-looking information at the front of the Report. The cash flow is only intended to demonstrate the financial viability of the Project. Investors are cautioned that the above is based upon certain assumptions which may differ from Newmont’s long-term outlook or actual financial results, including, but not limited to commodity prices, escalation assumptions and other technical inputs. For example, Table 19-1 to Table 19-5 use the price assumptions stated in the table, including a gold commodity price assumption of US$1,400/oz, a silver commodity price of US$20.00/oz, a copper commodity price of US$3.50/lb, and a molybdenum commodity price of US$9/lb, prices which vary significantly from current gold prices and the assumptions that Newmont uses for its long-term guidance. Please be reminded that significant variation of metal prices, costs and other key assumptions may require modifications to mine plans, models, and prospects. 19.3 Sensitivity Analysis The sensitivity of the Project to changes in grades, sustaining capital costs and operating cost assumptions was tested using a range of 25% above and below the base case values. The changes in metal prices are representative of changes in grade. The Project is most sensitive, in order, to metal prices and grade, less sensitive to operating costs, and least sensitive to capital costs (Figure 19-1). Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 19-9 Figure 19-1: Sensitivity Analysis Note: figure prepared by Newmont, 2024. FCF = free cash flow, NPV = net present value at 5% discount rate, OPEX = operating expenditure, CAPEX = capital expenditure.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 20-1 20.0 ADJACENT PROPERTIES This Chapter is not relevant to this Report. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 21-1 21.0 OTHER RELEVANT DATA AND INFORMATION This Chapter is not relevant to this Report.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 22-1 22.0 INTERPRETATION AND CONCLUSIONS 22.1 Introduction The QP notes the following interpretations and conclusions, based on the review of data available for this Report. 22.2 Property Setting The Project is located in an area with good local and regional infrastructure and the ability to supply of goods to support mining operations is well-established. Personnel with experience in mining-related activities are available in the district. There are transportation routes that access the Project area. There are no significant topographic or physiographic issues that would affect the Cadia Valley Operations. However, the Project is in a seismically-active region. Mining operations are conducted year-round. 22.3 Ownership The Cadia Valley Operations are 100% owned by Newmont through its wholly-owned subsidiary, CHPL. 22.4 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements Information from legal experts and Newmont’s in-house experts supports that the tenure held is valid and sufficient to support a declaration of mineral resources and mineral reserves. Newmont holds sufficient surface rights to allow mining activities at Cadia East and Ridgeway. The surface rights are sufficient to support mining operations, provided that subsidence or other impacts do not occur outside existing approved Mining Leases. Additional negotiations and permits may be required in support of additional TSF storage to accommodate the mine plan envisaged in this Report. Newmont holds permits that allow abstraction of groundwater, and surface water in support of the Cadia Valley Operations. Royalties are payable to the NSW State. Currently, gold, silver, and copper are levied at 4% ex- mine value (value less allowable deductions). Environmental liabilities for the Cadia Valley Operations are typical of those that would be expected to be associated with a long-life mining operation where mining activities were conducted via open pit and underground mass mining methods. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 22-2 The Cadia Valley Operations currently have proceeding underway in relation to air emission events from the underground ventilation shaft (November 2021, March 2022 and May 2023) and dust emission from the TSF (October 2022). The Cadia Valley Operations have pleaded guilty to the charges of emissions from the vent rise and sentencing will be held in March 2024. Significant improvements have been made since June 2023 with the installation of underground dust scrubbers. Ongoing monitoring of vent emissions have shown the site to be in compliance with the Protection of the Environment Operations (Clean Air) Regulation 2021 (NSW). On October 12, 2023, the Environment Protection Authority filed two charges alleging that the Cadia Valley Operations committed two criminal offences by “failing to deal with stored tailings in a proper and efficient manner causing air pollution from the premises” on October 13 and 31, 2022. The proceedings related to alleged air pollution from Cadia Valley Operations’ tailings storage facilities are adjourned for further directions on February 23, 2024. The Environment Protection Authority’s investigation regarding the management of air emissions from the Cadia Valley Operations is ongoing. To the extent known to the QP, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Project that are not discussed in this Report. 22.5 Geology and Mineralization The Cadia East and Ridgeway deposits are considered to be examples of alkalic porphyry gold– copper-style mineralization. The Big Cadia deposit is interpreted as a skarn. The understanding of the Cadia East and Ridgeway deposit settings, lithologies, mineralization, and the geological, structural, and alteration controls on mineralization is sufficient to support estimation of mineral resources and mineral reserves. Mineral resources can be estimated for Big Cadia. Exploration potential remains within the Project area, and Newmont is actively exploring using a number of conceptual geological models to drive the exploration activities. 22.6 History The Cadia Valley Operations have had an active mining history, from 1998 onward, firstly by open pit methods, then from underground. Newmont and its predecessor, Newcrest, have been actively exploring in the Orange area since 1991. 22.7 Exploration, Drilling, and Sampling The exploration programs completed to date are appropriate for the style of the deposits in the Project area.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 22-3 Sampling methods, sample preparation, analysis and security conducted prior to Newmont/Newcrest’s interest in the operations were in accordance with exploration practices and industry standards at the time the information was collected. Current sampling methods are acceptable for mineral resource and mineral reserve estimation. Sample preparation, analysis and security for the Newmont/Newcrest programs are performed in accordance with current exploration practices and generally-accepted industry standards. The quantity and quality of the lithological, geotechnical, collar and down-hole survey data collected during the exploration and delineation drilling programs and included in the database subset that supports estimation are sufficient to support mineral resource and mineral reserve estimation. The collected sample data adequately reflect deposit dimensions, true widths of mineralization, and the style of the deposits. Sampling is representative of the gold, copper, silver and molybdenum grades in the relevant deposits, reflecting areas of higher and lower grades. No material factors were identified with the data collection from the drill programs that could significantly affect mineral resource estimation. The sample preparation, analysis, quality control, and security procedures used by the Cadia Valley Operations have changed over time to meet evolving industry practices. Practices at the time the information was collected were industry-standard. The sample preparation, analysis, quality control, and security procedures are sufficient to provide reliable data to support estimation of mineral resources and mineral reserves. The QA/QC programs adequately address issues of precision, accuracy and contamination. Modern drilling programs typically included blanks, duplicates and standard samples. QA/QC submission rates meet industry-accepted standards. There is a bias noted with legacy copper data in the Big Cadia deposit; as a result, the confidence classification for Big Cadia was restricted to inferred. Density measurements are considered to provide acceptable density values for use in mineral resource and mineral reserve estimation. 22.8 Data Verification The database that supports mineral resource and mineral reserve estimates is checked using electronic data scripts and triggers. Data verification was performed by external consultants in support of mine development and operations. No material issues were identified in the reviews. Observations made during the QP’s site visit, in conjunction with discussions with site-based technical staff also support the geological interpretations, and analytical and database quality. The QP’s personal inspection supports the use of the data in mineral resource and mineral reserve estimation, and in mine planning. The QP received reconciliation reports from the operations. Through the review of these reconciliation factors, the QP can accept the use of the data in support of the mineral resource and mineral reserve estimates. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 22-4 22.9 Metallurgical Testwork Metallurgical testwork and associated analytical procedures were appropriate to the mineralization type, appropriate to establish the optimal processing routes, and were performed using samples that are typical of the mineralization styles found within the Cadia East and Ridgeway deposits. Samples selected for testing were representative of the various types and styles of mineralization. Samples were selected from a range of depths within the deposits. Sufficient samples were taken so that tests were performed on sufficient sample mass. Metallurgical recovery forecasts are:  Cadia East: LOM gold recovery rates are forecast at approximately 80%, copper recovery rates at approximately 86%, silver recovery rates at approximately 65% and molybdenum recovery rates (relative to plant feed) of approximately 72%;  Ridgeway: recovery forecasts for the overall LOM are 81% for gold, 87% for copper and 66% for silver;  Big Cadia: recoveries vary by weathering profile and host rock type. Gold recoveries range from 45–70%, silver recoveries from 35–70%, and copper recoveries from 35–90%;  Stockpiles: gold recovery of 64%, and copper recovery of 75%. Fluorine is the main deleterious element identified at Cadia East that could influence concentrate sales and marketing. Since 2017, all material within the plant has been processed through a Jameson cell, giving maximum fluorine rejection, particularly of the entrained fluorine-bearing minerals, and therefore it is unlikely that fluorine levels in copper concentrate will exceed the maximum contractual limits over the LOM. There are expected to be no deleterious elements in any Ridgeway concentrates that will trigger penalty payments or rejection rates. No formal deleterious element assessment has been undertaken for the Big Cadia mineralization. 22.10 Mineral Resource Estimates Mineral resources are reported using the mineral resource definitions set out in SK1300, and are reported exclusive of those mineral resources converted to mineral reserves. The reference point for the estimate is in situ or in stockpiles. Mineral resources are reported on a 100% basis. Areas of uncertainty that may materially impact the mineral resource estimates include: changes to long-term metal and exchange rate price assumptions; changes in local interpretations of mineralization geometry, structures, and continuity of mineralized zones; changes to geological and grade shape and geological and grade continuity assumptions; changes to metallurgical recovery assumptions; changes to the input assumptions used to derive the conceptual underground mass mining methods used to constrain the estimates; changes to the to the input assumptions used in the constraining pit shell for those mineral resources amenable to open pit mining methods; changes to the NSR cut-offs applied to the estimates; variations in geotechnical (including seismicity), hydrogeological and mining assumptions; and changes to environmental, permitting and social license assumptions.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 22-5 A risk to the resource estimates is the assumption that there will be sufficient tailings storage capacity at the tailings cost input assumption used when considering reasonable prospects of economic extraction. Testwork results from the Big Cadia deposit indicate that there is risk associated with metallurgical performance if the material is sent to the current processing plants. Development of a Big Cadia materials process flowsheet will be required. 22.11 Mineral Reserve Estimates Mineral reserves were converted from measured and indicated mineral resources. Inferred mineral resources were set to waste. Mineral reserves are reported using the mineral resource definitions set out in SK1300. The reference point for the estimate is the point of delivery to the process facilities. Mineral reserves are reported on a 100% basis. Areas of uncertainty that may materially impact the mineral reserve estimates include: changes to long-term metal price and exchange rate assumptions; changes to metallurgical recovery assumptions; changes to the input assumptions used to derive the cave outlines and the mine plan that is based on those cave designs; changes to operating and capital cost assumptions used, including changes to input cost assumptions such as consumables, labor costs, royalty and taxation rates; variations in geotechnical, mining, dilution and processing recovery assumptions, including changes to designs as a result of changes to geotechnical, hydrogeological, and engineering data used; changes to the shut-off criteria used to constrain the estimates; ability to source power supplies if the current assumptions cannot be met; ability to obtain sufficient water to meet operational needs; changes to the assumed permitting and regulatory environment under which the mine plan was developed; ability to permit additional TSF capacities or facilities; ability to maintain mining permits and/or surface rights; ability to obtain operations certificates in support of mine plans; ability to obtain and maintain social and environmental license to operate. There is a risk to the mineral reserve estimates if Newmont is not able to demonstrate that the Cadia Valley Operations can remediate, maintain and operate the existing TSFs in line with the costs estimated in the LOM plan. A similar risk exists with the costs estimated for the TSF expansion included in the cashflow analysis. Newmont must also demonstrate that the operations can be mined within the existing environmental permit requirements. 22.12 Mining Methods Mining operations are conducted year-round. It is expected that mining activities associated with the Ridgeway mine will also be year-round. The mine plans are based on the current knowledge of geotechnical, hydrological, mining and processing information. Mine designs incorporate underground infrastructure and ventilation requirements. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 22-6 Underground operations use and will continue to use conventional block or panel cave underground mining methods and equipment fleets. The projected combined Cadia East and Ridgeway mine life is 34 years (2024–2058). 22.13 Recovery Methods The process methods are generally conventional to the industry. The comminution and recovery processes are widely used with no significant elements of technological innovation. The process plant flowsheet designs were based on testwork results, previous study designs and industry-standard practices. The process plants will produce variations in recovery due to the day-to-day changes in ore type or combinations of ore type being processed. These variations are expected to trend to the forecast recovery value for monthly or longer reporting periods. 22.14 Infrastructure Infrastructure required for operations is constructed and operational. Some additional facilities will be required to support the operations as envisaged in the LOM plan. The preliminary modelling of the mid-western NSW transmission system has identified supply restrictions under various contingent scenarios, although under system intact conditions, the regional transmission system has sufficient capacity to meet the Project power demands. 22.15 Market Studies The Cadia copper concentrate is readily marketable. Doré is delivered to a gold refinery in Australia to produce refined gold and silver. The molybdenum plant is currently in the process of ramping up production to meet a targeted 5,000 dmt/a production rate. Standard payable terms for molybdenum concentrate are 100% of the molybdenum value. Each concentrate is assessed on a case-by-case basis and discounts are applied to cover the cost of consumers’ treatment costs. Newmont reviewed and accepted the prices Newcrest used to support mineral resource and mineral reserve estimates. The commodity price assumptions are more conservative than Newmont’s current price forecasts. Contracts are typically reviewed and negotiated on a frequent basis. Contract awarding is in accordance to the procurement standard and a delegation of authority process. Based on Newmont’s knowledge, the contract terms are typical of similar contracts both regionally and nationally.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 22-7 22.16 Environmental, Permitting and Social Considerations Baseline studies were completed in support of current and former operations. Environmental monitoring is undertaken across the Project, and in the vicinity of the Cadia Valley Operations. The mining leases further require a Mining Operations Plan to be prepared that outlines significant disturbance, rehabilitation plans and mine closure strategies. Development not otherwise covered by existing approvals and Mining Operation Plans will require new authorizations. The current waste rock materials and low-grade ore categories are classified using color nomenclature that reflects the management approach to that material. There are three tailings storage facilities: the NTSF, the STSF, and the mined-out Cadia Hill open pit (Cadia Pit TSF), each of which are located within the Cadia mining lease. The NTSF design consists of an earth and rock-fill dam, with nine embankment raises undertaken. All raises since 2008 have involved upstream construction. The STSF is also an earth and rock-fill dam, with, to date, six embankment raises undertaken, the last three of which used the upstream method. The Cadia Pit TSF and STSF are planned to be operated to the current approved tailings elevations with future STSF raises converted from upstream towards centerline raise methods. Tailings were shown to be NAF. The Event occurred in the southern wall of the NTSF in 2018, causing the NTSF to lose containment of tailings. The tailings were captured within the basin of the STSF. A prohibition notice issued by the NSW resources regulator on depositing tailings in the NTSF remains in place as at December 31, 2023. An ITRB investigation of the Event was completed in April, 2019 and has been publicly released. The ITRB ultimately attributed the failure to slow movement in a previously unidentified weak foundation layer, which lead to the liquefaction of tailings and sudden failure of the slope. In response to the ITRB recommendations, Newcrest expanded geotechnical investigations of the TSF foundations and identified areas where additional embankment buttressing was required. Newcrest/Newmont have also significantly increased surface and subsurface monitoring of the TSFs since the Event. The remediation of the slump zone is required to be constructed concurrently with the remediation of adjacent embankments; these projects are in progress. Since April 2018, tailings deposition has primarily been in the Cadia Pit TSF with some deposition in the STSF also occurring, with no deposition in the NTSF. Two buttresses were constructed at the STSF to support on-going operations. Newcrest engaged expert engineering firms to develop buttress designs and to remediate existing TSF embankments to acceptable safety levels. Where there was a lack of data, conservative assumptions on foundation strengths were assumed. Initial buttressing of the NTSF western wall was completed in 2023, with buttressing work on-going as of December 31, 2023. Future tailings storage beyond the Cadia Pit TSF and STSF storage capacities will be required later in the mine plan to support the LOM production plan envisaged in this Report. Planning and community engagement is currently ongoing to extend the STSF in height and footprint and different technologies are being considered as part of the regulatory approvals process. The Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 22-8 capital and operating cost estimates include provision for future tailings storage. These costs were included in the economic analysis that supports the mineral reserves. Water supply is characterized by variable supply sources. Droughts have, in the past, resulted in a prolonged period of very low water supply. Drought conditions are a risk to future operations if unduly prolonged. Newmont holds the key permits required to support the current operations. The Cadia expansion will trigger a need to evaluate the proposal under various NSW Government environment and mining legislation and key Commonwealth legislation. Community relations are managed in accordance with the Communities Policy and Social Performance Standard. The closure provision in the financial analysis supporting the mineral reserves, is estimated at A$427 M. 22.17 Capital Cost Estimates Capital costs are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. The overall capital cost estimate for the LOM is approximately A$11.6 B, or US$8.1 B. 22.18 Operating Cost Estimates Operating costs are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. Operating costs were based on actual costs seen during operations and were projected through the LOM plan. The overall operating cost estimate for the LOM, is approximately A$27 B, or US$18.3 B. 22.19 Economic Analysis The NPV at a discount rate of 5% is US$1.8 B. The internal rate of return is 17%, and the estimated payback period is 8.7 years, from 2025. 22.20 Risks and Opportunities 22.20.1 Risks Risks that may affect the mineral resource and mineral reserve estimates are identified in Chapter 11.14 and Chapter 12.6 respectively. Risks associated with the block cave mining method include a cave not propagating as anticipated, excessive air gaps forming during the cave propagation, unplanned ground

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 22-9 movement occurring due to changes in stresses released in the surrounding rock and larger or more frequent mining-induced seismicity than anticipated. Additionally, during cave establishment and propagation, higher levels of seismic activity, and higher likelihood of damage to excavations from seismic events, are expected. This has been observed during the cave establishment phase of Cadia’s PC2–3 project and is expected during the establishment of Cadia’s PC1–2 project in the coming years. Such seismic events and associated damage may require changes to the mining plan and upgrades to ground support systems, which could take several months. Large seismic events may also occur after cave establishment and propagation and during steady state caving, although the likelihood of this is lower. Excessive water ingress, disturbance and the presence of fine materials may also give rise to unplanned releases of material of varying properties and of water through drawbells. The Cadia Valley Operations recorded sudden unplanned releases of both dry fine ore material and wet mud material through drawbells in 2023. Failure to maintain compliance with applicable law or the Cadia Valley Operations’ Environmental Protection License may result in the Environment Protection Authority suspending or revoking the Environmental Protection License, seeking court orders, or issuing additional prevention notices to specify actions that must, or must not, be taken, or prohibition notices directing Cadia to cease an activity. Ongoing enforcement, and challenges in maintaining compliance, may impact the Cadia Valley Operations’ ability to secure a future expansion of its project approval to extend the LOM beyond 2031. The Cadia Valley Operations have previously been, and may in the future be, subject to prosecutions and penalties for noncompliance with air quality requirements or the terms of its Environmental Protection License, including in respect of emissions from any vent rise or emissions from the NTSF and the STSF. Operational changes required to achieve or maintain compliance, including reductions in mining rates and other limitations on mining or processing operations, or additional requirements to install costly pollution control equipment, may adversely impact the assumptions used in the mine plan and economic analysis that supports mineral reserves. An ongoing Project risk is the operations’ ability to manage the TSF instability. The LOM plan assumes that the STSF can resume operations. If this cannot be managed, there is a risk that once the Cadia Pit TSF is filled mining and processing operations will cease pending other solutions. This will affect both the Project LOM plan and forecast economic outcomes. There is a risk that the Southern Tailings Storage Facility Extended cannot be permitted as envisaged in this Report. In this instance, mining and processing operations will be delayed or could even cease. This will affect both the Project LOM plan and forecast economic outcomes. There is a heightened level of community concern relating to the perceived impact of mining activities on the health of the community, and the condition of residential properties, located in proximity to the Project. These developments, including community complaints associated with Newmont’s Cadia Valley Operations activities could give rise to reputational harm, operational disruptions, increased regulatory scrutiny of mining activities or delays to Project development. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 22-10 22.20.2 Opportunities The commodity price assumptions used by Newcrest for mineral resource and mineral reserve estimation are more conservative than Newmont’s current price forecasts. There is minor upside potential for the fiscal year ended December 31, 2024, if Newmont’s higher commodity price forecasts are still current at that fiscal year end. There is Project upside opportunity if the mineral resources exclusive of mineral reserves can be upgraded to mineral reserves with additional testwork and study. Newmont intends to introduce its “Full Potential” program to the Cadia Valley Operations. This program seeks to implement continuous improvements in cost reduction and productivity. 22.21 Conclusions Under the assumptions presented in this Report, the Cadia Valley Operations have a positive cash flow, and mineral reserve estimates can be supported.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 23-1 23.0 RECOMMENDATIONS As Cadia is an operating mine, the QP has no material recommendations to make. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-1 24.0 REFERENCES 24.1 Bibliography Barton, N., Lien, R., and Lunde, J., 1974: Engineering Classification of Rock Masses for the Design of Tunnel Support: Rock Mechanics vol 6, pp. 189–236. Beck, D, 2013: Ridgeway Deeps Lift 2 Coupled Simulation of Footprint Deformation: Beck Engineering. Cadia Holdings Pty Ltd, 2018: Rehabilitation Strategy: internal CHPL report. Chamberlain, C.M., Jackson, M., Jago, C.P., Pass, H.E., Simpson, K.A., Cooke, D.R., and Tosdal, R.M., 2006: Toward an Integrated Model for Alkalic Porphyry Copper Deposits in British Columbia (NTS 093A, N; 104G): BC Ministry of Energy, Mines and Petroleum Resources, Geological Field work 2006, Paper 2007-1259. Cuison, A.L., 2010: Geology and Genesis of the Ridgeway Porphyry Au-Cu Deposit, NSW: PhD thesis, University of Tasmania. Finn, D., 2015a: Mineral Resource Report, Big Cadia: internal Newcrest report, July 2015, 109 p. Flores G., and Karzulovic, A., 2003: Geotechnical Guideline for a Transition from Open Pit to Underground Mining: Geotechnical Characterization: Report to International Caving Study II, Brisbane, Julius Kruttschnitt Mineral Research Centre. Fluor, 2010: Cadia East Project Feasibility Study Report: April 2010. Forster D.B., Seccombe P.K., and Phillips D., 2004: Controls on Skarn Mineralization and Alteration at the Cadia Deposits, New South Wales, Australia: Economic Geology and the Bulletin of the Society of Economic Geologists 99, pp. 761–788. Fox, N., Harris, A., Cooke, D., and Collett, D., 2009: Controls on the Formation of the Cadia East Alkalic Porphyry Au-Cu Deposit, NSW: Potential Reactivation of Early Basin Structures: Macquarie Arc Conference, Orange. Glen R.A., Walshe J.L., Barron L.M., and Watkins J.J., 1998: Ordovician Convergent-Margin Volcanism and Tectonism in the Lachlan Sector of East Gondwana: Geology 26, pp. 751– 754. Glen R.A., Hancock P.L., and Whittaker A., 2005: Basin Inversion by Distributed Deformation; the Southern Margin of the Bristol Channel Basin, England. Journal of Structural Geology 27, pp. 2,113–2,134. Glen R.A., Crawford A.J., and Cooke D.R., 2007: Tectonic Setting of Porphyry Cu-Au Mineralization in the Ordovician-Early Silurian Macquarie Arc, Eastern Lachlan Orogen, New South Wales; Geological Evolution and Metallogenesis of the Ordovician Macquarie

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-2 Arc, Lachlan Orogen, New South Wales: Australian Journal of Earth Sciences 54, pp. 465–479. Harris, A.C., Percival, I.G., Allen, C.M., Cooke, D.R., Tosdal, R.M., McMillan, C., Dunham, P.D., and Collett, D., 2009: Inverted Submarine Basins Hosting the Cadia Valley Porphyry Ore Deposits, New South Wales: Fundamental Controls on System Architecture: Macquarie Arc Conference, Orange. Holliday J.R., Wilson A.J., Blevin P.L., Tedder I.J., Dunham P.D., and Pfitzner M., 2002: Porphyry Gold-Copper Mineralization in the Cadia District, Eastern Lachlan Fold Belt, New South Wales, and its Relationship to Shoshonitic Magmatism: Mineralium Deposita 37, pp. 100–116. Holliday J.R. and Cooke D.R., 2007: Advances in Geological Models and Exploration Methods for Copper ± Gold Porphyry Deposits: in Milkereit B. ed. Proceedings of Exploration 07: Fifth Decennial International Conference on Mineral Exploration: Toronto, Canada, pp. 791–809. Jeffries, M., Morgenstern, N.R., Van Zyl, D., and Wates, J., 2019: Report on NTSF Embankment Failure, Cadia Valley Operations, for Ashurst Australia: report prepared by the Independent Technical Review Board, April 17, 2019, 119 p. and appendices. Jones, R., 2015b: Big Cadia QAQC Summary to May 2015: internal Newcrest report, October 18, 2015, 18 p. Laubscher, D.H., 1990: A Geomechanics Classification System for the Rating of Rock Mass in Mine Design: Trans. S. Afr. Inst. Min. Metal. 9(10). Micko, J., Tosdal, R.M., Bissig, T., Chamberlain, C.M. and Simpson, K.A., 2014: Hydrothermal Alteration and Mineralization of the Galore Creek Alkalic Cu-Au Porphyry Deposit, Northwestern British Columbia, Canada: Economic Geology, v. 109, pp. 891–914. Newcrest Mining Limited, 2007: Ridgeway Deeps Feasibility Study: internal Newcrest report, Vols 1 to 4. Newcrest Mining Limited, 2014: Pre-Feasibility Study- Ridgeway Deeps Lift 2: internal Newcrest report. Newcrest Mining Limited, 2018: Cadia Expansion Pre-Feasibility Study: internal Newcrest report, August 8, 2018. Newcrest Mining Limited, 2019a: Expert Review of Cadia Tailings Facility Completed: news release, April 30, 2019, 3 p. Newcrest Mining Limited, 2019b: Cadia Valley Operations Cadia Hill Tailings Completion Modification – Modification Report: draft report prepared for NSW Department of Planning & Environment. Newcrest Mining Limited, 2019c: Cadia Expansion Feasibility Study: internal Newcrest report, September 9, 2019. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-3 Packham G., Percival I., and Bischoff G., 1999: Age Constraints on Strata Enclosing the Cadia and Junction Reefs Ore Deposits of Central New South Wales, and Tectonic Implications: Quarterly Notes - Geological Survey of New South Wales 110, pp. 1–12. Panteleyev, A., 1995: Porphyry Cu±Mo±Au: in Selected British Columbia Mineral Deposit Profiles, Volume 1, D.V. Lefebure and G.E. Ray, eds, British Columbia Ministry of Energy, Mines, and Petroleum Resources, pp. 87–91. Pfitzner, M, 2007: Ridgeway Deeps Feasibility Study Volume 4.3: Technical Geotechnical, August 8, 2007. Seedorff, E. Dilles, J.H., Proffett, J.M., Jr., Einaudi, M., Zurcher, L., Stavast, W.J.A., Johnson, D.A., and Barton, M.D., 2005: Porphyry Deposits: Characteristics and Origin of Hypogene Features: Economic Geology 100th Anniversary Volume, pp. 251–298. Sillitoe, R.H., 2000: Role of Gold-Rich Porphyry Models in Exploration, in S.G. Hagerman and P.H. Brown, eds., Gold in 2000, Reviews in Economic Geology, v. 13, pp. 311–346. Sillitoe, R.H., 2010: Porphyry Copper Systems: Economic Geology, v. 105, pp. 3–41. Sinclair, W.D., 2006: Consolidation and Synthesis of Mineral Deposits Knowledge - Porphyry Deposits: report posted to Natural Resources Canada website January 30, 2006, 14 p., <http://gsc.nrcan.gc.ca/mindep/synth_dep/porph/index_e.php>, accessed August 28, 2010. Singer, D.A., Berger, V.I., and Moring, B.C., 2008: Porphyry Copper Deposits of the World: Database and Grade and Tonnage Models: U.S. Geological Survey Open-File Report 2008-1155, version 1.0 (http://pubs.usgs.gov/of/2008/1155/). Stevens, B.P.J., 1972: Mine Data Sheets to Accompany Metallogenic Map Bathurst 1:250,000 sheet: cited in Bajwah, Z.U., Seccombe, P.K., and Offier, R., 1987: Trace Element Distribution, Co:Ni Ratios and Genesis of the Big Cadia Iron-Copper Deposit, New South Wales, Australia: Mineralium Deposita, vol. 22, pp. 292–300. Washburn, M., 2008: Architecture of the Silurian Sedimentary Cover Sequence in the Cadia Porphyry Au-Cu District, NSW, Australia: Implications for Post-Mineral Deformation: M.Sc. thesis, University of British Columbia. Wilson A.J., 2003: The Geology, Genesis and Exploration Context of the Cadia Gold-Copper Porphyry Deposits, New South Wales, Australia: PhD thesis, University of Tasmania, Hobart, Tasmania, Australia. Wilson A.J., Cooke D.R., and Harper B.L., 2003: The Ridgeway Gold-Copper Deposit; a High- Grade Alkalic Porphyry Deposit in the Lachlan Fold Belt, New South Wales, Australia: Economic Geology 98, pp. 1,637–1,666. Wilson A.J., Cooke D.R., Stein H.J., Fanning C.M., Holliday J.R., and Tedder I.J., 2007: U-Pb and Re-Os Geochronologic Evidence for Two Alkalic Porphyry Ore-Forming Events in the Cadia District, New South Wales, Australia: Economic Geology 102, pp. 3–26.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-4 24.2 Abbreviations Abbreviation/Symbol Term µm micrometer A$ Australian dollar AA atomic absorption AG autogenous grind AHD Australian height datum Ai abrasion index ANSTO Australian Nuclear Science Technology Organisation ARD acid rock drainage B billion BWi Bond work index CHPL Cadia Holdings Pty Ltd CY calendar year DGPS differential global positioning system dmt dry metric tonnes dmt/a dry metric tonnes per annum DP Deposited Land DPE New South Wales Department of Planning and Environment. DWi drop weight index EA Environmental Assessment E&PA Act Environmental Planning and Assessment Act 1979 EPA Environment Protection Authority EPBC Act Environment Protection and Biodiversity Conservation Act 1999 EPCM engineering, procurement and construction management EPL Environment Protection Licence FA fire assay FY financial year; in the Australian context G&A general and administrative GPS global positioning system HiG high intensity grind HPGR high pressure grinding roller ICP-AES inductively coupled plasma atomic emission spectroscopy ICP-MS inductively coupled plasma–mass spectrometry ICP-OES inductively coupled plasma optical emission spectroscopy Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-5 Abbreviation/Symbol Term ID2 inverse distance weighting to the power of two IFC International Finance Corporation IP induced polarization koz thousand ounces kt thousand tonnes LBMA London Bullion Market Association (now known simply as LBMA) LECO Analyzer designed for wide-range measurement of carbon and sulfur content of mineralization LG Lerchs–Grossmann LGA local government area LHD load–haul–dump vehicle LiDAR light detection and ranging LME London Metal Exchange LOM life-of-mine mAHD meters above Australian height datum masl meters above sea level mH meters high ML million liters ML/a million liters per annum MLA mineral liberation analysis/analyzer mRL meters relative level MSHA United States Mine Safety and Health Administration Mt million tonnes MVAr megavolt ampere reactive MW megawatt mW meters wide NAF Non-acid forming Newmont Newmont Corporation NN nearest neighbor NPV net present value NSR net smelter return NSW New South Wales NTSF northern tailings storage facility OES optical emission spectrometry PAF potentially acid-forming PM10 Particulate matter with a diameter of ≤10 µm, inhalable into lungs PM2.5 Particulate matter with a diameter of ≤2.5 µm, inhalable into lungs

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-6 Abbreviation/Symbol Term QA/QC quality assurance and quality control QP Qualified Person RAB rotary air blast RC reverse circulation ROM run-of-mine RQD rock quality description RWi Bond rod mill work index SAG semi-autogenous grind SG specific gravity SMC breakage characteristics testing SME Society for Mining, Metallurgy and Exploration STSF southern tailings storage facility TSF tailings storage facility US United States US$ United States dollar wmt wet metric tonnes wmt/a wet metric tonnes per annum WRSF waste rock storage facility XRD X-ray diffraction 24.3 Glossary of Terms Term Definition acid rock drainage/acid mine drainage Characterized by low pH, high sulfate, and high iron and other metal species. alluvium Unconsolidated terrestrial sediment composed of sorted or unsorted sand, gravel, and clay that was deposited by water. ANFO A free-running explosive used in mine blasting made of 94% prilled aluminum nitrate and 6% No. 3 fuel oil. aquifer A geologic formation capable of transmitting significant quantities of groundwater under normal hydraulic gradients. autogenous grinding (AG) A grinding process in which the ore in the mill is crushed by the interaction between the ore particles or the ore and lining plates of the mill. azimuth The direction of one object from another, usually expressed as an angle in degrees relative to true north. Azimuths are usually measured in the clockwise direction, thus an azimuth of 90 degrees indicates that the second object is due east of the first. ball mill A piece of milling equipment used to grind ore into small particles. It is a cylindrical shaped steel container filled with steel balls into which crushed ore Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-7 Term Definition is fed. The ball mill is rotated causing the balls themselves to cascade, which in turn grinds the ore. bullion Unrefined gold and/or silver mixtures that have been melted and cast into a bar or ingot. carbonaceous Containing graphitic or hydrocarbon species, e.g., in an ore or concentrate; such materials generally present some challenge in processing, e.g., preg- robbing characteristics. comminution/crushing/grinding Crushing and/or grinding of ore by impact and abrasion. Usually, the word "crushing" is used for dry methods and "grinding" for wet methods. Also, "crushing" usually denotes reducing the size of coarse rock while "grinding" usually refers to the reduction of the fine sizes. concentrate The concentrate is the valuable product from mineral processing, as opposed to the tailing, which contains the waste minerals. The concentrate represents a smaller volume than the original ore curviplanar Has the form of a curved plane cut-off grade A grade level below which the material is not “ore” and considered to be uneconomical to mine and process. The minimum grade of ore used to establish reserves. data verification The process of confirming that data was generated with proper procedures, was accurately transcribed from the original source and is suitable to be used for mineral resource and mineral reserve estimation density The mass per unit volume of a substance, commonly expressed in grams/ cubic centimeter. diatreme A volcanic vent or pipe that formed when magma was forced through flat-lying sedimentary rock. dilution Waste of low-grade rock which is unavoidably removed along with the ore in the mining process. drawbell A funnel for broken rock that allows for rock extraction, connecting the undercut level, where the rock starts breaking, with the block cave production level, allowing the rock to flow into drawpoints. drawpoint The point at which gravity-fed ore or waste from a higher level is loaded into hauling units. easement Areas of land owned by the property owner, but in which other parties, such as utility companies, may have limited rights granted for a specific purpose. encumbrance An interest or partial right in real property which diminished the value of ownership, but does not prevent the transfer of ownership. Mortgages, taxes and judgements are encumbrances known as liens. Restrictions, easements, and reservations are also encumbrances, although not liens. feasibility study A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section, together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-8 Term Definition A feasibility study is more comprehensive, and with a higher degree of accuracy, than a pre-feasibility study. It must contain mining, infrastructure, and process designs completed with sufficient rigor to serve as the basis for an investment decision or to support project financing. financial year In the Australian context, a year commencing on July 1 and finishing on June 30 flotation Separation of minerals based on the interfacial chemistry of the mineral particles in solution. Reagents are added to the ore slurry to render the surface of selected minerals hydrophobic. Air bubbles are introduced to which the hydrophobic minerals attach. The selected minerals are levitated to the top of the flotation machine by their attachment to the bubbles and into a froth product, called the "flotation concentrate." If this froth carries more than one mineral as a designated main constituent, it is called a "bulk float". If it is selective to one constituent of the ore, where more than one will be floated, it is a "differential" float. flowsheet The sequence of operations, step by step, by which ore is treated in a milling, concentration, or smelting process. frother A type of flotation reagent which, when dissolved in water, imparts to it the ability to form a stable froth gangue The fraction of ore rejected as tailing in a separating process. It is usually the valueless portion, but may have some secondary commercial use graticule A grid of longitudinal/vertical and latitudinal/horizontal lines used in map or other representations. gravity concentrator Uses the differences in specific gravity between gold and gangue minerals to realize a separation of the gold from the gangue. heap leaching A process whereby valuable metals, usually gold and silver, are leached from a heap or pad of crushed ore by leaching solutions percolating down through the heap and collected from a sloping, impermeable liner below the pad. high pressure grinding rolls (HPGR) A type of crushing machine consisting of two large, studded rolls that rotate inwards and apply a high pressure compressive force to break rocks. hydrocyclone Separates out product phases on the basis of gravity within aqueous solutions. HydroFloat A fluidized bed coarse particle flotation device the overcomes buoyancy and froth recovery restrictions through up-current water velocity and plug flow conditions. indicated mineral resource An indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The term adequate geological evidence means evidence that is sufficient to establish geological and grade or quality continuity with reasonable certainty. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. inferred mineral resource An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The term limited geological evidence means evidence that is only sufficient to establish that geological and grade or quality continuity is more likely than not. The level of geological uncertainty Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-9 Term Definition associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. A qualified person must have a reasonable expectation that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration; and should be able to defend the basis of this expectation before his or her peers. initial assessment An initial assessment is a preliminary technical and economic study of the economic potential of all or parts of mineralization to support the disclosure of mineral resources. The initial assessment must be prepared by a qualified person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment is required for disclosure of mineral resources but cannot be used as the basis for disclosure of mineral reserves internal rate of return (IRR) The rate of return at which the Net Present Value of a project is zero; the rate at which the present value of cash inflows is equal to the present value of the cash outflows. IP Geophysical method, induced polarization; used to directly detect scattered primary sulfide mineralization. Most metal sulfides produce IP effects, e.g., chalcopyrite, bornite, chalcocite, pyrite, pyrrhotite Jameson cell High-intensity froth flotation cell. life of mine (LOM) Number of years that the operation is planning to mine and treat ore, and is taken from the current mine plan based on the current evaluation of ore reserves. measured mineral resource A measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The term conclusive geological evidence means evidence that is sufficient to test and confirm geological and grade or quality continuity. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. merger A voluntary combination of two or more companies whereby both stocks are merged into one. Merrill-Crowe circuit A process which recovers precious metals from solution by first clarifying the solution, then removing the air contained in the clarified solution, and then precipitating the gold and silver from the solution by injecting zinc dust into the solution. The valuable sludge is collected in a filter press for drying and further treatment mill Includes any ore mill, sampling works, concentration, and any crushing, grinding, or screening plant used at, and in connection with, an excavation or mine. mineral reserve A mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource,

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-10 Term Definition which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. The determination that part of a measured or indicated mineral resource is economically mineable must be based on a preliminary feasibility (pre- feasibility) or feasibility study, as defined by this section, conducted by a qualified person applying the modifying factors to indicated or measured mineral resources. Such study must demonstrate that, at the time of reporting, extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The study must establish a life of mine plan that is technically achievable and economically viable, which will be the basis of determining the mineral reserve. The term economically viable means that the qualified person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The term investment and market assumptions includes all assumptions made about the prices, exchange rates, interest and discount rates, sales volumes, and costs that are necessary to determine the economic viability of the mineral reserves. The qualified person must use a price for each commodity that provides a reasonable basis for establishing that the project is economically viable. mineral resource A mineral resource is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. The term material of economic interest includes mineralization, including dumps and tailings, mineral brines, and other resources extracted on or within the earth’s crust. It does not include oil and gas resources, gases (e.g., helium and carbon dioxide), geothermal fields, and water. When determining the existence of a mineral resource, a qualified person, as defined by this section, must be able to estimate or interpret the location, quantity, grade or quality continuity, and other geological characteristics of the mineral resource from specific geological evidence and knowledge, including sampling; and conclude that there are reasonable prospects for economic extraction of the mineral resource based on an initial assessment, as defined in this section, that he or she conducts by qualitatively applying relevant technical and economic factors likely to influence the prospect of economic extraction. net present value (NPV) The present value of the difference between the future cash flows associated with a project and the investment required for acquiring the project. Aggregate of future net cash flows discounted back to a common base date, usually the present. NPV is an indicator of how much value an investment or project adds to a company. net smelter return (NSR) A defined percentage of the gross revenue from a resource extraction operation, less a proportionate share of transportation, insurance, and processing costs. open pit A mine that is entirely on the surface. Also referred to as open-cut or open- cast mine. orogeny A process in which a section of the earth's crust is folded and deformed by lateral compression to form a mountain range Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-11 Term Definition ounce (oz) (troy) Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035 grams. overburden Material of any nature, consolidated or unconsolidated, that overlies a deposit of ore that is to be mined. pebble crushing A crushing process on screened larger particles that exit through the grates of a SAG mill. Such particles (typically approx. 50 mm diameter) are not efficiently broken in the SAG mill and are therefore removed and broken, typically using a cone crusher. The crushed pebbles are then fed to a grinding mill for further breakage. peperite A type of rock that forms when magma comes into contact with wet sediments. phyllic alteration Minerals include quartz–sericite–pyrite plant A group of buildings, and especially to their contained equipment, in which a process or function is carried out; on a mine it will include warehouses, hoisting equipment, compressors, repair shops, offices, mill or concentrator. potassic alteration A relatively high temperature type of alteration which results from potassium enrichment. Characterized by biotite, K-feldspar, adularia. preg-robbing A characteristic of certain ores, typically that contain carbonaceous species, where dissolved gold is re-adsorbed by these species, leading to an overall reduction in gold recovery. Such ores require more complex treatment circuits to maximize gold recovery. preliminary feasibility study, pre- feasibility study A preliminary feasibility study (prefeasibility study) is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product. A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a qualified person to determine if all or part of the indicated and measured mineral resources may be converted to mineral reserves at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable probable mineral reserve A probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource. For a probable mineral reserve, the qualified person’s confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality is lower than what is sufficient for a classification as a proven mineral reserve, but is still sufficient to demonstrate that, at the time of reporting, extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The lower level of confidence is due to higher geologic uncertainty when the qualified person converts an indicated mineral resource to a probable reserve or higher risk in the results of the application of modifying factors at the time when the qualified person converts a measured mineral resource to a probable mineral reserve. A qualified person must classify a measured mineral resource as a probable mineral reserve when his or her confidence in the results obtained from the

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-12 Term Definition application of the modifying factors to the measured mineral resource is lower than what is sufficient for a proven mineral reserve. propylitic Characteristic greenish color. Minerals include chlorite, actinolite and epidote. Typically contains the assemblage quartz–chlorite–carbonate proven mineral reserve A proven mineral reserve is the economically mineable part of a measured mineral resource. For a proven mineral reserve, the qualified person has a high degree of confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality. A proven mineral reserve can only result from conversion of a measured mineral resource. qualified person A qualified person is an individual who is a mineral industry professional with at least five years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and an eligible member or licensee in good standing of a recognized professional organization at the time the technical report is prepared. For an organization to be a recognized professional organization, it must: (A) Be either: (1) An organization recognized within the mining industry as a reputable professional association, or (2) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining, geoscience or related field; (B) Admit eligible members primarily on the basis of their academic qualifications and experience; (C) Establish and require compliance with professional standards of competence and ethics; (D) Require or encourage continuing professional development; (E) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of where the member practices or resides; and; (F) Provide a public list of members in good standing. raisebore A method of obtaining vertical openings using a drilling machine reclamation The restoration of a site after mining or exploration activity is completed. refining A high temperature process in which impure metal is reacted with flux to reduce the impurities. The metal is collected in a molten layer and the impurities in a slag layer. Refining results in the production of a marketable material. resistivity Observation of electric fields caused by current introduced into the ground as a means of studying earth resistivity in geophysical exploration. Resistivity is the property of a material that resists the flow of electrical current rilling Running down a slope or chute. rock quality designation (RQD) A measure of the competency of a rock, determined by the number of fractures in a given length of drill core. For example, a friable ore will have many fractures and a low RQD. royalty An amount of money paid at regular intervals by the lessee or operator of an exploration or mining property to the owner of the ground. Generally based on Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 24-13 Term Definition a specific amount per tonne or a percentage of the total production or profits. Also, the fee paid for the right to use a patented process. run-of-mine (ROM) Rehandle where the raw mine ore material is fed into the processing plant’s system, usually the crusher. This is where material that is not direct feed from the mine is stockpiled for later feeding. Run-of-mine relates to the rehandle being for any mine material, regardless of source, before entry into the processing plant’s system. semi-autogenous grinding (SAG) A method of grinding rock into fine powder whereby the grinding media consists of larger chunks of rocks and steel balls. shut-off The shut-off value (grade) in a block or panel cave mine determines when a drawpoint will be shut off and mining will cease from that drawpoint. skarn A calc-silicate metamorphic rock that has been chemically and mineralogically altered by metasomatism of fluid of magmatic, metamorphic, meteoric or are origin. specific gravity The weight of a substance compared with the weight of an equal volume of pure water at 4°C. tailings Material rejected from a mill after the recoverable valuable minerals have been extracted. triaxial compressive strength A test for the compressive strength in all directions of a rock or soil sample uniaxial compressive strength A measure of the strength of a rock, which can be determined through laboratory testing, and used both for predicting ground stability underground, and the relative difficulty of crushing. wrigglite Finely laminated skarn

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 25-1 25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT 25.1 Introduction The QP fully relied on the registrant for the information used in the areas noted in the following sub-sections. The QP considers it reasonable to rely on the registrant for the information identified in those sub-sections, for the following reasons:  The registrant, through its merger with Newcrest, has been Owner and operator of the mining operations for more than 27 years, with 15 of those years focusing on underground operations;  The registrant has employed industry professionals with expertise in the areas listed in the following sub-sections;  The registrant has a formal system of oversight and governance over these activities, including a layered responsibility for review and approval;  The registrant has considerable experience in each of these areas. 25.2 Macroeconomic Trends  Information relating to inflation, interest rates, discount rates, exchange rates, and taxes was obtained from the registrant. This information is used in the economic analysis in Chapter 19. It supports the assessment of reasonable prospects for economic extraction of the mineral resource estimates in Chapter 11, and inputs to the determination of economic viability of the mineral reserve estimates in Chapter 12. 25.3 Markets  Information relating to market studies/markets for product, market entry strategies, marketing and sales contracts, product valuation, product specifications, refining and treatment charges, transportation costs, agency relationships, material contracts (e.g., mining, concentrating, smelting, refining, transportation, handling, hedging arrangements, and forward sales contracts), and contract status (in place, renewals), was obtained from the registrant. This information is used in the economic analysis in Chapter 19. It supports the assessment of reasonable prospects for economic extraction of the mineral resource estimates in Chapter 11, and inputs to the determination of economic viability of the mineral reserve estimates in Chapter 12. Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 25-2 25.4 Legal Matters  Information relating to the corporate ownership interest, the mineral tenure (concessions, payments to retain property rights, obligations to meet expenditure/reporting of work conducted), surface rights, water rights (water take allowances), royalties, encumbrances, easements and rights-of-way, violations and fines, permitting requirements, and the ability to maintain and renew permits was obtained from the registrant. This information is used in support of the property description and ownership information in Chapter 3, the permitting and mine closure descriptions in Chapter 17, and the economic analysis in Chapter 19. It supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11, and the assumptions used in demonstrating economic viability of the mineral reserve estimates in Chapter 12. 25.5 Environmental Matters  Information relating to baseline and supporting studies for environmental permitting, environmental permitting and monitoring requirements, ability to maintain and renew permits, emissions controls, closure planning, closure and reclamation bonding and bonding requirements, sustainability accommodations, and monitoring for and compliance with requirements relating to protected areas and protected species was obtained from the registrant. This information is used when discussing property ownership information in Chapter 3, the permitting and closure discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11, and the assumptions used in demonstrating economic viability of the mineral reserve estimates in Chapter 12. 25.6 Stakeholder Accommodations  Information relating to social and stakeholder baseline and supporting studies, hiring and training policies for workforce from local communities, partnerships with stakeholders (including national, regional, and state mining associations; trade organizations; fishing organizations; state and local chambers of commerce; economic development organizations; non-government organizations; and state and federal governments), and the community relations plan was obtained from the registrant. This information is used in the social and community discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11, and the assumptions used in demonstrating economic viability of the mineral reserve estimates in Chapter 12. 25.7 Governmental Factors  Information relating to taxation and royalty considerations at the Project level, monitoring requirements and monitoring frequency, bonding requirements, and violations and fines was obtained from the registrant.

 
Cadia Valley Operations New South Wales, Australia Technical Report Summary Date: February 2024 Page 25-3 This information is used in the discussion on royalties and property encumbrances in Chapter 3, the monitoring, permitting and closure discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11, and the assumptions used in demonstrating economic viability of the mineral reserve estimates in Chapter 12.

 
EX-96.7 21 exhibit967-lihiroperatio.htm EX-96.7 exhibit967-lihiroperatio
Lihir Operations Papua New Guinea Technical Report Summary Report current as at: December 31, 2023 Qualified Person: Mr. Donald Doe, RM SME. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page a NOTE REGARDING FORWARD-LOOKING INFORMATION This Technical Report Summary contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934 (and the equivalent under Canadian securities laws), that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements include, without limitation, statements regarding Newmont’s expectation for its mines and any related development or expansions, including estimated cash flows, production, revenue, EBITDA, costs, taxes, capital, rates of return, mine plans, material mined and processed, recoveries and grade, future mineralization, future adjustments and sensitivities and other statements that are not historical facts. Forward-looking statements address activities, events, or developments that Newmont expects or anticipates will or may occur in the future and are based on current expectations and assumptions. Although Newmont’s management believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans, including, without limitation, receipt of export approvals; (iii) political developments in any jurisdiction in which Newmont operates being consistent with its current expectations; (iv) certain exchange rate assumptions being approximately consistent with current levels; (v) certain price assumptions for gold and oil; (vi) prices for key supplies being approximately consistent with current levels; and (vii) other planning assumptions. Important factors that could cause actual results to differ materially from those in the forward- looking statements include, among others, risks that estimates of mineral reserves and mineral resources are uncertain and the volume and grade of ore actually recovered may vary from our estimates, risks relating to fluctuations in metal prices; risks due to the inherently hazardous nature of mining-related activities; risks related to the jurisdictions in which we operate, uncertainties due to health and safety considerations, uncertainties related to environmental considerations, including, without limitation, climate change, uncertainties relating to obtaining approvals and permits, including renewals, from governmental regulatory authorities; and uncertainties related to changes in law; as well as those factors discussed in Newmont’s filings with the U.S. Securities and Exchange Commission, including Newmont’s latest Annual Report on Form 10-K for the period ended December 31, 2023, which is available on newmont.com. Newmont does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this document, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page i CONTENTS 1.0 EXECUTIVE SUMMARY ........................................................................................................... 1-1 1.1 Introduction ................................................................................................................................. 1-1 1.2 Terms of Reference ................................................................................................................... 1-1 1.3 Property Setting ......................................................................................................................... 1-1 1.4 Ownership .................................................................................................................................. 1-2 1.5 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements .............................. 1-2 1.6 Geology and Mineralization ........................................................................................................ 1-3 1.7 History and Exploration .............................................................................................................. 1-4 1.8 Drilling and Sampling ................................................................................................................. 1-4 1.8.1 Drilling .................................................................................................................................... 1-4 1.8.2 Hydrogeology ......................................................................................................................... 1-5 1.8.3 Geotechnical .......................................................................................................................... 1-5 1.8.4 Sampling and Assay .............................................................................................................. 1-6 1.8.5 Quality Assurance and Quality Control .................................................................................. 1-7 1.9 Data Verification ......................................................................................................................... 1-7 1.10 Metallurgical Testwork ............................................................................................................... 1-7 1.11 Mineral Resource Estimation ..................................................................................................... 1-9 1.11.1 Estimation Methodology ......................................................................................................... 1-9 1.11.2 Mineral Resource Statement ................................................................................................ 1-10 1.11.3 Factors That May Affect the Mineral Resource Estimate..................................................... 1-11 1.12 Mineral Reserve Estimation ..................................................................................................... 1-11 1.12.1 Estimation Methodology ....................................................................................................... 1-11 1.12.2 Mineral Reserve Statement .................................................................................................. 1-12 1.12.3 Factors That May Affect the Mineral Reserve Estimate ....................................................... 1-13 1.13 Mining Methods ........................................................................................................................ 1-13 1.14 Recovery Methods ................................................................................................................... 1-15 1.15 Infrastructure ............................................................................................................................ 1-17 1.16 Markets and Contracts ............................................................................................................. 1-17 1.17 Environmental, Permitting and Social Considerations ............................................................. 1-18 1.17.1 Environmental Studies and Monitoring ................................................................................ 1-18 1.17.2 Closure and Reclamation Considerations ............................................................................ 1-19 1.17.3 Permitting ............................................................................................................................. 1-19 1.17.4 Social Considerations, Plans, Negotiations and Agreements .............................................. 1-20 1.18 Capital Cost Estimates ............................................................................................................. 1-20 1.19 Operating Cost Estimates ........................................................................................................ 1-21 1.20 Economic Analysis ................................................................................................................... 1-21 1.20.1 Economic Analysis ............................................................................................................... 1-21 1.20.2 Sensitivity Analysis ............................................................................................................... 1-23 1.21 Risks and Opportunities ........................................................................................................... 1-23 1.21.1 Risks ..................................................................................................................................... 1-23 1.21.2 Opportunities ........................................................................................................................ 1-24 1.22 Conclusions .............................................................................................................................. 1-24 1.23 Recommendations ................................................................................................................... 1-24 2.0 INTRODUCTION ........................................................................................................................ 2-1 2.1 Introduction ................................................................................................................................. 2-1 2.2 Terms of Reference ................................................................................................................... 2-1 Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page ii 2.2.1 Report Purpose ...................................................................................................................... 2-1 2.2.2 Terms of Reference................................................................................................................ 2-1 2.3 Qualified Persons ....................................................................................................................... 2-2 2.4 Site Visits and Scope of Personal Inspection ............................................................................ 2-2 2.5 Report Date ................................................................................................................................ 2-3 2.6 Information Sources and References ........................................................................................ 2-3 2.7 Previous Technical Report Summaries ...................................................................................... 2-3 3.0 PROPERTY DESCRIPTION ...................................................................................................... 3-1 3.1 Introduction ................................................................................................................................. 3-1 3.2 Property and Title in Papua New Guinea ................................................................................... 3-1 3.2.1 Mineral Title ............................................................................................................................ 3-1 3.2.2 Surface Rights ........................................................................................................................ 3-1 3.2.3 Government Mining Taxes, Levies or Royalties .................................................................... 3-1 3.3 Ownership .................................................................................................................................. 3-3 3.4 Mineral Title ................................................................................................................................ 3-3 3.5 Surface Rights ............................................................................................................................ 3-3 3.6 Water Rights............................................................................................................................... 3-3 3.7 Royalties ..................................................................................................................................... 3-6 3.8 Encumbrances ........................................................................................................................... 3-6 3.9 Permitting ................................................................................................................................... 3-6 3.10 Significant Factors and Risks That May Affect Access, Title or Work Programs ...................... 3-6 4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ...................................................................................................................................... 4-1 4.1 Physiography.............................................................................................................................. 4-1 4.2 Accessibility ................................................................................................................................ 4-1 4.3 Climate ....................................................................................................................................... 4-1 4.4 Local Resources and Infrastructure ........................................................................................... 4-2 4.5 Seismicity ................................................................................................................................... 4-2 5.0 HISTORY ................................................................................................................................... 5-1 6.0 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT ............................................... 6-1 6.1 Deposit Type .............................................................................................................................. 6-1 6.2 Regional Geology ....................................................................................................................... 6-1 6.3 Local Geology ............................................................................................................................ 6-1 6.4 Deposit Geology ......................................................................................................................... 6-6 6.4.1 Overview ................................................................................................................................ 6-6 6.4.2 Lithologies .............................................................................................................................. 6-6 6.4.3 Structure ................................................................................................................................. 6-8 6.4.4 Alteration ................................................................................................................................ 6-9 6.4.5 Mineralization ....................................................................................................................... 6-10 6.4.6 Oxidation/Weathering ........................................................................................................... 6-10 6.4.7 Alteration Model ................................................................................................................... 6-10 7.0 EXPLORATION ......................................................................................................................... 7-1 7.1 Exploration ................................................................................................................................. 7-1 7.1.1 Grids and Surveys .................................................................................................................. 7-1 7.1.2 Geological Mapping ............................................................................................................... 7-1 7.1.3 Geochemistry ......................................................................................................................... 7-1 7.1.4 Geophysics ............................................................................................................................. 7-2 7.1.5 Airborne Surveys .................................................................................................................... 7-2

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page iii 7.1.6 Ground Surveys ..................................................................................................................... 7-2 7.1.7 Marine and Near-Shore Surveys ............................................................................................ 7-4 7.1.8 Petrology, Mineralogy, and Research Studies ....................................................................... 7-5 7.1.9 Qualified Person’s Interpretation of the Exploration Information ........................................... 7-5 7.1.10 Exploration Potential .............................................................................................................. 7-6 7.2 Drilling ........................................................................................................................................ 7-6 7.2.1 Overview ................................................................................................................................ 7-6 7.2.1.1 Drilling on Property ............................................................................................................. 7-6 7.2.1.2 Drilling Excluded For Estimation Purposes ........................................................................ 7-6 7.2.1.3 Drilling Since Database Close-out Date ............................................................................. 7-6 7.2.2 Drill Methods ........................................................................................................................ 7-15 7.2.3 Logging ................................................................................................................................. 7-15 7.2.4 Recovery .............................................................................................................................. 7-15 7.2.5 Collar Surveys ...................................................................................................................... 7-15 7.2.6 Down Hole Surveys .............................................................................................................. 7-16 7.2.7 Grade Control ....................................................................................................................... 7-16 7.2.8 Comment on Material Results and Interpretation ................................................................ 7-16 7.3 Hydrogeology ........................................................................................................................... 7-17 7.3.1 Overview .............................................................................................................................. 7-17 7.3.2 Sampling Methods and Laboratory Determinations ............................................................. 7-17 7.3.3 Comment on Results ............................................................................................................ 7-17 7.3.4 Groundwater Models ............................................................................................................ 7-17 7.3.5 Water Balance ...................................................................................................................... 7-17 7.3.6 Comment on Results ............................................................................................................ 7-17 7.4 Geotechnical ............................................................................................................................ 7-18 7.4.1 Overview .............................................................................................................................. 7-18 7.4.2 Sampling Methods and Laboratory Determinations ............................................................. 7-18 7.4.3 Comment on Results ............................................................................................................ 7-18 8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY ...................................................... 8-1 8.1 Sampling Methods ..................................................................................................................... 8-1 8.1.1 Geochemical Sampling .......................................................................................................... 8-1 8.1.2 Core Sampling ........................................................................................................................ 8-1 8.1.3 RC Sampling .......................................................................................................................... 8-1 8.1.4 Sonic Sampling ...................................................................................................................... 8-1 8.1.5 Ore Control (Blast Hole) Sampling ......................................................................................... 8-2 8.2 Sample Security Methods .......................................................................................................... 8-2 8.3 Density Determinations .............................................................................................................. 8-2 8.4 Analytical and Test Laboratories ................................................................................................ 8-3 8.5 Sample Preparation ................................................................................................................... 8-3 8.5.1 Legacy .................................................................................................................................... 8-3 8.5.2 Current ................................................................................................................................... 8-4 8.6 Analysis ...................................................................................................................................... 8-4 8.6.1 Legacy .................................................................................................................................... 8-4 8.6.2 Current ................................................................................................................................... 8-4 8.7 Quality Assurance and Quality Control ...................................................................................... 8-6 8.7.1 Procedures ............................................................................................................................. 8-6 8.7.2 Pre-2012 QA/QC .................................................................................................................... 8-7 8.7.2.1 Standard Reference Materials ........................................................................................... 8-7 Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page iv 8.7.2.2 Blanks ................................................................................................................................. 8-7 8.7.2.3 Duplicates ........................................................................................................................... 8-7 8.7.2.4 Check Assays ..................................................................................................................... 8-7 8.7.2.5 Observations and Interpretations ....................................................................................... 8-8 8.7.3 2012–2023 QA/QC ................................................................................................................. 8-8 8.7.3.1 Grind Size ........................................................................................................................... 8-8 8.7.3.2 Blanks ................................................................................................................................. 8-9 8.7.3.3 Crush Duplicates ................................................................................................................ 8-9 8.7.3.4 Pulp Duplicates .................................................................................................................. 8-9 8.7.3.5 Pulp Replicates .................................................................................................................. 8-9 8.7.3.6 Standard Reference Materials ........................................................................................... 8-9 8.7.3.7 Short Term QA/QC Measures and Reporting .................................................................. 8-10 8.7.3.8 Longer Term Control Measures and Reporting ............................................................... 8-10 8.7.4 Newcrest Legacy QA/QC Reviews ...................................................................................... 8-10 8.7.4.1 2013 ................................................................................................................................. 8-10 8.7.4.2 2014 ................................................................................................................................. 8-11 8.7.5 2014 Database Validation .................................................................................................... 8-11 8.7.6 Pulp Checks ......................................................................................................................... 8-11 8.7.7 Sulfur Bias ............................................................................................................................ 8-12 8.8 Database .................................................................................................................................. 8-12 8.9 Qualified Person’s Opinion on Sample Preparation, Security, and Analytical Procedures ..... 8-13 9.0 DATA VERIFICATION ............................................................................................................... 9-1 9.1 Internal Data Verification ............................................................................................................ 9-1 9.1.1 Laboratory Visits..................................................................................................................... 9-1 9.1.2 Laboratory Checks ................................................................................................................. 9-1 9.1.3 Internal Data Verification ........................................................................................................ 9-1 9.1.4 Mineral Resource and Mineral Reserve Estimates ................................................................ 9-2 9.1.5 Reconciliation ......................................................................................................................... 9-2 9.1.6 Mineral Resource and Mineral Reserve Review .................................................................... 9-2 9.1.7 Subject Matter Expert Reviews .............................................................................................. 9-3 9.2 External Data Verification ........................................................................................................... 9-3 9.3 Data Verification by Qualified Person ........................................................................................ 9-3 9.4 Qualified Person’s Opinion on Data Adequacy .......................................................................... 9-4 10.0 MINERAL PROCESSING AND METALLURGICAL TESTING .............................................. 10-1 10.1 Introduction ............................................................................................................................... 10-1 10.2 Metallurgical Testwork ............................................................................................................. 10-2 10.2.1 Early Testwork ...................................................................................................................... 10-2 10.2.2 1992 Feasibility Study .......................................................................................................... 10-2 10.2.3 2014 Pilot Plant Pressure Oxidation .................................................................................... 10-3 10.2.4 Geometallurgical Test Program ........................................................................................... 10-3 10.2.5 Mineralogy ............................................................................................................................ 10-3 10.2.6 Metallurgical Types .............................................................................................................. 10-4 10.3 Recovery Estimates ................................................................................................................. 10-4 10.3.1 Comminution Response ....................................................................................................... 10-4 10.3.2 Basis of Recovery Forecast ................................................................................................. 10-5 10.3.3 Flotation Recovery ............................................................................................................... 10-5 10.3.4 Neutralization, Cyanidation and Adsorption Recovery......................................................... 10-5 10.3.5 Recovery Uplift ..................................................................................................................... 10-5

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page v 10.3.5.1 Front End Recovery ..................................................................................................... 10-6 10.3.5.2 Model Predictive Control .............................................................................................. 10-6 10.3.6 Final Recoveries................................................................................................................... 10-7 10.4 Metallurgical Variability ............................................................................................................ 10-7 10.5 Deleterious Elements ............................................................................................................... 10-8 10.6 Qualified Person’s Opinion on Data Adequacy ........................................................................ 10-8 11.0 MINERAL RESOURCE ESTIMATES ...................................................................................... 11-1 11.1 Introduction ............................................................................................................................... 11-1 11.2 Exploratory Data Analysis ........................................................................................................ 11-1 11.3 Geological Models .................................................................................................................... 11-1 11.4 Density Assignment ................................................................................................................. 11-2 11.5 Grade Capping/Outlier Restrictions ......................................................................................... 11-2 11.6 Composites .............................................................................................................................. 11-2 11.7 Variography .............................................................................................................................. 11-2 11.8 Estimation/interpolation Methods ............................................................................................. 11-3 11.8.1 Kriging Neighborhood Analysis ............................................................................................ 11-3 11.8.2 Gold and Sulfide Sulfur Grade Estimation ........................................................................... 11-3 11.8.3 Minor Element Estimation .................................................................................................... 11-3 11.9 Validation .................................................................................................................................. 11-3 11.10 Reconciliation ........................................................................................................................... 11-4 11.11 Confidence Classification of Mineral Resource Estimate ........................................................ 11-4 11.11.1 Mineral Resource Confidence Classification ................................................................... 11-4 11.11.2 Uncertainties Considered During Confidence Classification ........................................... 11-4 11.12 Reasonable Prospects of Economic Extraction ....................................................................... 11-5 11.12.1 Input Assumptions ............................................................................................................ 11-5 11.12.2 Commodity Price .............................................................................................................. 11-5 11.12.3 Cut-off ............................................................................................................................... 11-5 11.12.4 QP Statement ................................................................................................................... 11-5 11.13 Mineral Resource Statement.................................................................................................... 11-6 11.14 Uncertainties (Factors) That May Affect the Mineral Resource Estimate ................................ 11-7 12.0 MINERAL RESERVE ESTIMATES ......................................................................................... 12-1 12.1 Introduction ............................................................................................................................... 12-1 12.2 Mineral Reserve Inputs and Assumptions ............................................................................... 12-1 12.2.1 Inputs .................................................................................................................................... 12-1 12.2.2 Pit Optimization Considerations ........................................................................................... 12-2 12.3 Ore Loss and Dilution ............................................................................................................... 12-4 12.4 Stockpiles ................................................................................................................................. 12-4 12.5 Mineral Reserve Statement ...................................................................................................... 12-4 12.6 Uncertainties (Factors) That May Affect the Mineral Reserve Estimate .................................. 12-5 13.0 MINING METHODS ................................................................................................................. 13-1 13.1 Introduction ............................................................................................................................... 13-1 13.2 Geotechnical Considerations ................................................................................................... 13-1 13.3 Hydrogeological Considerations .............................................................................................. 13-4 13.4 Geothermal Considerations ..................................................................................................... 13-4 13.4.1 Geothermal Depressurization and Pit Cooling ..................................................................... 13-4 13.4.2 Hot Ground Mining Methods ................................................................................................ 13-5 13.5 Operational Considerations ...................................................................................................... 13-5 13.5.1 Consideration of Marginal Cut-off Grades ........................................................................... 13-5 Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page vi 13.5.2 Operational Cut-off Grades .................................................................................................. 13-6 13.5.3 Grade Control and Production Monitoring ........................................................................... 13-6 13.6 Production Schedule ................................................................................................................ 13-6 13.7 Blasting and Explosives ........................................................................................................... 13-7 13.8 Mining Equipment .................................................................................................................... 13-7 13.9 Personnel ................................................................................................................................. 13-7 14.0 PROCESSING AND RECOVERY METHODS ........................................................................ 14-1 14.1 Process Method Selection ....................................................................................................... 14-1 14.2 Flowsheet ................................................................................................................................. 14-1 14.2.1 Crushing and Milling ............................................................................................................. 14-1 14.2.2 Flotation ................................................................................................................................ 14-4 14.2.3 Flotation Tailings Gold Recovery ......................................................................................... 14-4 14.2.4 Pressure Oxidation ............................................................................................................... 14-4 14.2.5 Counter-Current Decant Washing, Neutralization and Gold Recovery ................................ 14-6 14.2.6 Residue Tailings ................................................................................................................... 14-6 14.3 Blending Strategy ..................................................................................................................... 14-6 14.4 Equipment Sizing ..................................................................................................................... 14-7 14.5 Power and Consumables ......................................................................................................... 14-7 14.5.1 Energy .................................................................................................................................. 14-7 14.5.2 Water .................................................................................................................................... 14-7 14.5.3 Process Materials ................................................................................................................. 14-7 14.6 Personnel ............................................................................................................................... 14-12 15.0 INFRASTRUCTURE ................................................................................................................ 15-1 15.1 Introduction ............................................................................................................................... 15-1 15.2 Roads and Logistics ................................................................................................................. 15-3 15.3 Stockpiles ................................................................................................................................. 15-3 15.4 Waste Storage Facilities .......................................................................................................... 15-3 15.5 Tailings Disposal ...................................................................................................................... 15-3 15.6 Built Infrastructure .................................................................................................................... 15-3 15.7 Camp and Accommodation ...................................................................................................... 15-4 15.8 Power and Electrical ................................................................................................................ 15-4 15.9 Fuel .......................................................................................................................................... 15-4 15.10 Communications ...................................................................................................................... 15-5 15.11 Water Supply ............................................................................................................................ 15-5 16.0 MARKET STUDIES ................................................................................................................. 16-1 16.1 Markets ..................................................................................................................................... 16-1 16.2 Commodity Price Forecasts ..................................................................................................... 16-1 16.3 Contracts .................................................................................................................................. 16-2 17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS ................................................................. 17-1 17.1 Introduction ............................................................................................................................... 17-1 17.2 Baseline and Supporting Studies ............................................................................................. 17-1 17.3 Environmental Considerations/Monitoring Programs............................................................... 17-2 17.4 Stockpiles ................................................................................................................................. 17-3 17.5 Waste Rock Disposal ............................................................................................................... 17-3 17.6 Tailings Disposal ...................................................................................................................... 17-3 17.7 Water Management .................................................................................................................. 17-4 17.8 Nearshore Soil Barrier .............................................................................................................. 17-4

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page vii 17.9 Water Supply ............................................................................................................................ 17-5 17.9.1 Fresh Water Supply Overview ............................................................................................. 17-5 17.9.2 Fresh Water Supply Water Extraction Permits .................................................................... 17-6 17.9.3 Seawater .............................................................................................................................. 17-6 17.10 Closure Considerations ............................................................................................................ 17-6 17.11 Permitting ................................................................................................................................. 17-7 17.12 Considerations of Social and Community Impacts .................................................................. 17-8 17.13 Qualified Person’s Opinion on Adequacy of Current Plans to Address Issues ..................... 17-10 18.0 CAPITAL AND OPERATING COSTS ..................................................................................... 18-1 18.1 Introduction ............................................................................................................................... 18-1 18.2 Capital Cost Estimates ............................................................................................................. 18-1 18.2.1 Basis of Estimate.................................................................................................................. 18-1 18.2.2 Capital Cost Summary ......................................................................................................... 18-2 18.3 Operating Cost Estimates ........................................................................................................ 18-2 18.3.1 Basis of Estimate.................................................................................................................. 18-2 18.3.2 Operating Cost Summary ..................................................................................................... 18-3 19.0 ECONOMIC ANALYSIS .......................................................................................................... 19-1 19.1 Methodology Used ................................................................................................................... 19-1 19.2 Financial Model Parameters .................................................................................................... 19-1 19.3 Sensitivity Analysis ................................................................................................................... 19-5 20.0 ADJACENT PROPERTIES ..................................................................................................... 20-1 21.0 OTHER RELEVANT DATA AND INFORMATION .................................................................. 21-1 22.0 INTERPRETATION AND CONCLUSIONS ............................................................................. 22-1 22.1 Introduction ............................................................................................................................... 22-1 22.2 Property Setting ....................................................................................................................... 22-1 22.3 Ownership ................................................................................................................................ 22-1 22.4 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements ............................ 22-1 22.5 Geology and Mineralization ...................................................................................................... 22-2 22.6 History ...................................................................................................................................... 22-2 22.7 Exploration, Drilling, and Sampling .......................................................................................... 22-2 22.8 Data Verification ....................................................................................................................... 22-3 22.9 Metallurgical Testwork ............................................................................................................. 22-3 22.10 Mineral Resource Estimates .................................................................................................... 22-4 22.11 Mineral Reserve Estimates ...................................................................................................... 22-5 22.12 Mining Methods ........................................................................................................................ 22-5 22.13 Recovery Methods ................................................................................................................... 22-6 22.14 Infrastructure ............................................................................................................................ 22-6 22.15 Market Studies ......................................................................................................................... 22-7 22.16 Environmental, Permitting and Social Considerations ............................................................. 22-7 22.17 Capital Cost Estimates ............................................................................................................. 22-8 22.18 Operating Cost Estimates ........................................................................................................ 22-8 22.19 Economic Analysis ................................................................................................................... 22-8 22.20 Risks and Opportunities ........................................................................................................... 22-9 22.20.1 Risks ................................................................................................................................. 22-9 22.20.2 Opportunities .................................................................................................................. 22-10 22.21 Conclusions ............................................................................................................................ 22-10 23.0 RECOMMENDATIONS ............................................................................................................ 23-1 24.0 REFERENCES ......................................................................................................................... 24-1 Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page viii 24.1 Bibliography.............................................................................................................................. 24-1 24.2 Abbreviations............................................................................................................................ 24-4 24.3 Glossary of Terms .................................................................................................................... 24-6 25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT ................................... 25-1 25.1 Introduction ............................................................................................................................... 25-1 25.2 Macroeconomic Trends ............................................................................................................ 25-1 25.3 Markets ..................................................................................................................................... 25-1 25.4 Legal Matters............................................................................................................................ 25-1 25.5 Environmental Matters ............................................................................................................. 25-2 25.6 Stakeholder Accommodations ................................................................................................. 25-2 25.7 Governmental Factors .............................................................................................................. 25-2 TABLES Table 1-1: Measured and Indicated Mineral Resource Statement .................................................... 1-12 Table 1-2: Inferred Mineral Resource Statement .............................................................................. 1-12 Table 1-3: Proven and Probable Mineral Reserve Statement ........................................................... 1-14 Table 1-4: Sustaining Capital Cost Estimate ..................................................................................... 1-22 Table 1-5: Operating Cost Estimate .................................................................................................. 1-22 Table 1-6: Cashflow Summary Table ................................................................................................ 1-22 Table 3-1: Mineral Title in PNG ........................................................................................................... 3-2 Table 3-2: Mineral Tenure Summary Table ......................................................................................... 3-4 Table 5-1: Exploration and Development History Summary Table ..................................................... 5-2 Table 5-2: Deposit Zone Descriptions ................................................................................................. 5-3 Table 6-1: Deposit Model Features ..................................................................................................... 6-2 Table 6-2: Alteration Domains ........................................................................................................... 6-13 Table 7-1: Prospective Areas .............................................................................................................. 7-7 Table 7-2: Drill Summary Table by Operator ....................................................................................... 7-9 Table 7-3: Drill Summary Table by Drill Purpose ................................................................................ 7-9 Table 7-4: Drilling Used in Mineral Resource Estimation .................................................................. 7-10 Table 7-5: Drilling Since Database Close-Out Date .......................................................................... 7-13 Table 8-1: Assay Techniques and Detection Limits ............................................................................ 8-5 Table 10-1: Metallurgical Recovery Forecasts .................................................................................... 10-7 Table 11-1: Inputs for Marginal Cut-off Grade..................................................................................... 11-6 Table 11-2: Measured and Indicated Mineral Resource Statement .................................................... 11-7 Table 11-3: Inferred Mineral Resource Statement .............................................................................. 11-7 Table 12-1: Proven and Probable Mineral Reserve Statement ........................................................... 12-5 Table 13-1: Geotechnical Zones Grouped By Inter-Ramp Angle ........................................................ 13-2 Table 13-2: Mineral Reserve Marginal Cut-off Grade Input Assumptions .......................................... 13-6 Table 13-3: Primary Mine Fleet ........................................................................................................... 13-8 Table 13-4: Secondary/Support Mine Fleet ......................................................................................... 13-8 Table 14-1: Key Process Equipment ................................................................................................... 14-8 Table 14-2: Water Type Useage ....................................................................................................... 14-12 Table 18-1: Sustaining Capital Cost Estimate ..................................................................................... 18-3 Table 18-2: Operating Cost Estimate .................................................................................................. 18-4 Table 19-1: Cashflow Summary Table ................................................................................................ 19-2 Table 19-2: Annualized Cashflow (2023–2034) .................................................................................. 19-3

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page ix Table 19-3: Annualized Cashflow (2035–2040) .................................................................................. 19-4 FIGURES Figure 2-1: Project Location Plan ......................................................................................................... 2-2 Figure 3-1: Mineral Tenure Location Plan ............................................................................................ 3-5 Figure 5-1: Zone Locations ................................................................................................................... 5-4 Figure 6-1: Regional Tectonic Elements .............................................................................................. 6-3 Figure 6-2: Volcanic Blocks Comprising Aniolam Island ...................................................................... 6-4 Figure 6-3: Volcanic Blocks Showing Fringing Limestone ................................................................... 6-5 Figure 6-4: Stratigraphic Column, Luise Area ...................................................................................... 6-7 Figure 6-5: Long Section, Lihir Deposit .............................................................................................. 6-11 Figure 6-6: Alteration Model ............................................................................................................... 6-12 Figure 7-1: Geophysical Survey Location Plan .................................................................................... 7-3 Figure 7-2: Prospect Location Plan ...................................................................................................... 7-8 Figure 7-3: Project Drill Collar Location Plan ...................................................................................... 7-11 Figure 7-4: Drill Collar Locations Supporting Mineral Resource Estimate ......................................... 7-12 Figure 7-5: Collar Locations, Drilling Completed Since Database Close-Out Date ........................... 7-14 Figure 12-1: LOM Pit Phase Plan ......................................................................................................... 12-3 Figure 13-1: Pit Slope Design Domains ............................................................................................... 13-3 Figure 14-1: Simplified Process Flow Sheet (Part A) ........................................................................... 14-2 Figure 14-2: Simplified Process Flow Sheet (Part B) ........................................................................... 14-3 Figure 14-3: Flotation Tailings Gold Recovery ..................................................................................... 14-5 Figure 15-1: Infrastructure Layout Plan ................................................................................................ 15-2 Figure 19-1: Sensitivity Analysis ........................................................................................................... 19-6 Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-1 1.0 EXECUTIVE SUMMARY 1.1 Introduction This technical report summary (the Report) was prepared for Newmont Corporation (Newmont) on the Lihir Operations (Lihir Operations or the Project) located in Papua New Guinea (PNG). The host island, Aniolam Island, is also known as Niolam Island and Lihir Island, and is the largest of five islands that make up the Lihir Island group (Mali, Mahur, Masehet, Sanambiet and Aniolam). The Lihir Project is 100% owned by Newmont’s wholly-owned subsidiary, Lihir Gold Limited (Lihir Gold). 1.2 Terms of Reference The Report was prepared to be attached as an exhibit to support mineral property disclosure, including mineral resource and mineral reserve estimates, for the Lihir Operations in Newmont’s Form 10-K for the year ending December 31, 2023. Information in the Report is current as at December 31, 2023. Mineral resources and mineral reserves are reported for the Lihir Project. Mineral resources and mineral reserves are also estimated for material in stockpiles. Mineral resources and mineral reserves are reported using the definitions in Regulation S–K 1300 (SK1300), under Item 1300. All measurement units used in this Report are metric unless otherwise noted, and currency is expressed in United States dollars (US$) as identified in the text. The PNG currency is the kina. Unless otherwise indicated, all financial values are reported in US$ including all operating costs, capital costs, cash flows, taxes, revenues, expenses, and overhead distributions. 1.3 Property Setting Aniolam Island is located approximately 900 km northeast of the PNG national capital, Port Moresby. Access to Aniolam Island is through the Kunaye airport located about 7 km north of the Lihir Operations and approximately 3 km north of the Londolovit town site. Newmont employees are predominantly PNG nationals who are fly-in-fly-out (FIFO) of a number of different PNG communities or residents of Aniolam Island. The majority of senior management roles are residential based on Aniolam Island while most expatriate employees typically are FIFO from the hub of Cairns, in Australia. Daily travel to the Lihir Operations from the Londolovit residential town site is by road. Sea passenger services operate to local islands. Marine facilities are established to service oil tankers, general cargo ships, passenger ferries, and work boats. Aniolam Island is located at latitude 3° south and does not experience distinct wet or dry seasons. Rainfall is high year-round. Temperatures at the mine site range from 21–34°C. Wind speeds at

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-2 the mine site are generally light and variable. Mining activities are conducted year-round. Exploration activities may be curtailed by heavy rainfall. The general mine area ranges in elevation from 0–200 masl. Mining is conducted at elevations below sea level. Natural vegetation on the island is predominantly tropical rain forest. Papua New Guinea extends across several major tectonic plate boundaries and is one of the most seismically active regions in the world. Aniolam Island is located in the West Melanesian Arc seismic source zone where earthquakes of magnitude eight have been recorded. Most earthquakes in the region result from strike-slip movement but some occur along steeply-dipping reverse faults resulting in a strong vertical motion component and have potential to generate local tsunamis. Both tsunami and earthquake risks were assessed and incorporated into the Project design criteria. Volcanic activity on Aniolam Island is limited to remnant hydrothermal venting in the Luise Caldera in the form of hot springs and fumaroles. Isolated geothermal activity in the form of hot springs is evident elsewhere on the island, such as within the southern Kinami caldera. 1.4 Ownership Newmont indirectly wholly-owns the Lihir Operations. Newmont acquired Newcrest Mining Limited (Newcrest) in 2023, and is Project operator. 1.5 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements The Project consists of a granted Special Mining Lease, two granted Mining Leases, one granted Exploration License, five granted Leases for Mining Purposes, and three Mining Easements. The total area held in respect to the mineral tenure is approximately 238 km2. The Lihir deposit is located on Special Mining Lease 6. Special Mining Lease 6, Lease for Mining Purposes 34–40, and Mining Easements 71–73 expire on March 16, 2035. Exploration License 485 expires in March 2024, and Mining Lease 125 and Mining Lease 126 both expire on July 20, 2025. Newmont must lodge annual and bi-annual reports on activities conducted on the mineral tenure. As at December 31, 2023, all statutory reporting requirements had been met. The Project area is situated on land held under customary, State and private ownership, including under State lease. The bulk of the land that is, or will be, affected by Project operations and closure is customary owned. Newmont has been granted rights to undertake mining and processing of gold and related activities, through negotiations with the state and local government, and landowners in the area. The Special Mining License entitles Newmont to enter and occupy the land for the purpose of mining and the ancillary mining purposes for which the Mining Lease was granted. There are some areas of the lease where mineral resources are estimated where agreements are not yet in place with local landowners or the community. Environment Permits for water extraction and waste disposal are in place to support mining operations. Newmont is entitled to 100% of the minerals produced from the mineral tenure subject to the payment of prescribed annual rents and royalties. A 2% royalty is payable to the State of PNG on the realized prices of all gold and silver doré produced. Under the Memorandum of Agreement Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-3 (MoA), the State is responsible for direct distribution of all royalties derived from the Lihir Operations to Special Mining Lease 6 landowners (20%), Nimamar Local Level Government (30%) and the New Ireland Provincial Government (50%). A production levy of 0.5% is also payable on the gross value of production (i.e., excluding the offsets of treatment and refining charges, payable terms and freight) to the PNG Minerals Resources Authority. 1.6 Geology and Mineralization The Lihir deposit is considered to be an example of an epithermal gold deposit. Aniolam Island is part of a 250-km long, northwest-trending, alkalic volcanic island chain that sits within an area where several micro-plates (Solomon Sea Plate, South Bismarck Plate and North Bismarck Plate) developed between the converging Australian and South Pacific plates. Aniolam Island comprises five volcanic blocks: • Two Plio–Pleistocene volcanic blocks, Londolovit Block and Wurtol Wedge; • Three Pleistocene volcanic edifices, Huniho, Kinami, and Luise. Areas of hydrothermal alteration occur in each of the volcanic centers. A 10–100 m thick limestone unit overlies and onlaps volcanic units and dips shallowly to the south. The Luise volcano consists of a 4 by 3.5 km wide amphitheater, elongated and breached to the northeast. This is inferred to be a remnant of the original approximately 1.1 km high volcanic cone that underwent sector collapse(s). The Lihir deposit is located in the footwall of the sector collapse detachment surface. Post sector collapse volcanism occurred during the modern geothermal-stage, with the emplacement of several diatreme breccia bodies. The Lihir deposit has dimensions of about 1,500 x 3,000 m and has about 500 m in depth extent. The deposit remains open at depth, along strike, and to the east, where it is currently limited by the Pacific Ocean. Gold is the only metal of economic significance present within the Luise Caldera. Gold mineralization is a complex and refractory assemblage associated mainly with pyrite and marcasite veinlets, disseminations, replacements, and breccia fillings. The sector collapse event(s) superimposed late-stage, gold-rich, alkalic low-sulfidation epithermal mineralization upon early-stage, porphyry-style alteration. Gold occurs as solid solution gold in the crystal structure of pyrite grains. It locally occurs as electrum, as gold tellurides, and as native gold associated with quartz, calcite and bladed anhydrite. A broad, three-fold vertical alteration zonation within the Lihir deposit consists of: • Surficial, generally barren, steam-heated clay alteration zone that is a product of modern high-temperature geothermal activity; • High-grade (>3 g/t Au), refractory sulfide and adularia alteration zone that represents the ancient epithermal environment; • Comparatively low-grade (<1 g/t Au) zone rich in anhydrite ± carbonate, coupled with biotite alteration, that represents the ancient porphyry-style environment.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-4 A detailed alteration model was constructed for process planning purposes. The understanding of the Lihir deposit settings, lithologies, mineralization, and the geological, structural, and alteration controls on mineralization is sufficient to support estimation of mineral resources and mineral reserves. 1.7 History and Exploration Prior to Newmont’s Project interest, exploration and mining activity was conducted by PNG Bureau of Mineral Resources and the Geological Survey of PNG, Kennecott Explorations Australia (Kennecott), Niugini Mining Limited (Niugini), Rio Tinto Zinc Corporation (Rio Tinto), Lihir Gold, and Newcrest. Work conducted included geological mapping, geochemical sampling (stream sediment, soil rock chip, hand augers); hand-cut trenches and benches; airborne and ground geophysical surveys; core drilling; mining studies (optimizing pit, stockpiles and waste rock storage and disposal); and process studies (optimizing plant design and equipment). The Lihir deposit was discovered in 1982. A feasibility study was conducted in 1988 and updated in 1992. The mine was constructed following grant of the special mining lease in 1995, and the first gold pour occurred in 1997. A geothermal power plant was built in 2007 and a flotation circuit was installed the same year. Mining commenced with the development of the Minifie pit sector using a conventional truck and shovel operation. Mining of the Lienetz pit sector commenced in 2004, and mining has continued in both areas from a number of subsequent cutbacks. Newmont obtained its Project interest in November, 2023. 1.8 Drilling and Sampling 1.8.1 Drilling Drilling completed to December 31, 2023 comprises primarily core drilling and RC drilling for short term planning since early-2021. Drilling was completed for exploration, resource delineation, metallurgical, geotechnical, pit cooling, and geothermal purposes, and totals 11,343 drill holes (1,030,344 m). A total of 2,295 drill holes (449,287.23 m) is used in estimation. Grade control drilling is carried out at 5 x 6 m spacing, with hole depths of 12–14 m. Drilling not used in estimation support includes RC, sonic, and blast hole drilling. A single small de-risk core drilling program was completed between mid-2016 and mid-2023. Core holes support mineral resource and mineral reserve estimates. A sensitivity estimate was completed in the area of this de-risk drilling program with no changes noted when compared to the current resource estimate. Logging and data collection include collar, lithology, discontinuities, point load tests, bulk density and magnetic susceptibility. Lithology is logged based on the geological unit, with subdivisions created based on alteration and mineralization. Core recovery is generally excellent with core recoveries around 99%. Historical comparison of core data with blast hole data suggests no appreciable bias related to core recovery. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-5 Drill collar locations were surveyed using either theodolite or differential global positioning system (DGPS) instruments. A variety of methods were used to measure down-hole deviation (dip and azimuth), including Eastman and electronic single shot instrument; the majority of readings were performed using the Eastman camera. Gyroscopic survey methods are typically used for geotechnical drill holes. Depending on the drill hole purpose, not all drill holes may be down-hole surveyed. Drill spacing is variable, as there are limited drill platform sites available due to the rugged topography. Drilling can vary from 40–100 m spacing, depending on the available drill platform locations. Drilling is typically near-vertical. This drill orientation is acceptable for the majority of the mineralization orientation, and results in drilled widths that approximate true widths. 1.8.2 Hydrogeology The Lihir deposit is located within a geothermally active zone. The hydrogeology environment can include both liquid water and steam due to the high temperatures. Hydrogeology data are collected where deemed necessary to provide additional information and to verify pore pressure conditions in the vicinity of open pits. Pore pressures, temperatures and ground water levels are constantly monitored by using a series of grouted multiple vibrating wire piezometer bores. Site personnel routinely collect data, analyze time-series data on daily, weekly and monthly reports to support slope design. As required, corporate subject matter experts and/or third-party consultants undertake specialized hydrogeological/geotechnical evaluations. A numerical groundwater flow model (FEFLOW) was developed by third-party consultants for localized areas of liquid water assessment. Numerical geothermal models have been developed by third party consultants to predict the pore pressure and temperature with mining development. A water balance (GoldSim) model was developed for the site water balance. To the Report date, the hydrogeological data collection programs have provided suitable for use in the mining operations, and have supported the assumptions used in the active pits. 1.8.3 Geotechnical Geotechnical data are collected where deemed necessary to provide additional information and to verify ground conditions in the vicinity of the open pits and terrestrial dumps. Core drilling methods are used to collect soil and or rock core. Materials encountered are logged, sampled, laboratory tested where required. In addition to information gathered during core drilling, geological structures are mapped and documented continuously as mining progresses in the open pits. This is aided through use of geo- referenced photogrammetry and high-definition point cloud scanning that is used to create digital references of structural modelling. The geological and geotechnical setting of the Lihir operations for both soils and hard rock is well understood and displays consistency in the various operating areas on the site. Additional testing continues to confirm the consistency of material strength properties. As required, corporate subject matter experts and/or third-party consultants undertake specialized hydrogeological/geotechnical evaluations.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-6 1.8.4 Sampling and Assay The nominal core sampling interval is 2 m; however, sampling intervals may vary. In particular, samples taken for metallurgical purposes may be significantly longer than the nominal sample interval. Historical RC holes were drilled to 36 m depth with one sample collected every 6 m rod for a 100 mm diameter hole. Currently, samples are taken at 1.5 m intervals to provide a 3 kg split from a cyclone cone splitter. Sonic drill holes completed for metallurgical purposes were sampled at interval lengths ranging from 6–15 m, length to align with compositional variation as determined via Corescan. Sonic drill holes completed for geotechnical purposes were selectively sampled to provide samples for unconfined compressive strength, point load, and other geotechnical tests. Sample security at the Lihir Operations has not historically been monitored. Sample collection from drill point to laboratory relies upon the fact that samples are either always attended to, or stored in the locked on-site preparation facility, or stored in a secure area prior to laboratory shipment. Chain-of-custody procedures consist of sample submittal forms to be sent to the laboratory with sample shipments to ensure that all samples are received by the laboratory. Density determinations use caliper and weighing methods. There is a total of 11,535 determinations available for resource estimation. Density values range from 6.75 t/m3 in fresh rock to 1.01 t/m3 in altered and oxidized material. A number of third-party, independent analytical and sample preparation laboratories were used prior to 1997, and include Pilbara Laboratories (subsequently underwent name change to Analabs, later Genalysis), SGS, Standard and Reference Laboratories and ALS Chemex. There are no accreditation data available in the Project database for the majority of the laboratories at the time of use. Standard and Reference Laboratories was accredited to ISO9001 at the time of use. The onsite laboratory was constructed in 1997, and has been the primary preparation and analytical laboratory since that date. The onsite laboratory is not independent and holds no accreditations. After commissioning, the onsite laboratory was operated by Lihir Gold until 2010. The onsite laboratory has been operated by Newcrest since 2010, and Newmont since November, 2023. Standard and Reference Laboratories, located in Perth, Western Australia, was used as a check laboratory during 2012. The laboratory was independent, and accredited to ISO9001 at the time of use. Standard and Reference Laboratories became part of the Inspectorate group, now Bureau Veritas. From 2010, samples were sent to SGS Lae, SGS Townsville, ALS Chemex Brisbane or the Newcrest (now Newmont) Services Laboratory in Orange (NSLO) for check or additional analysis. Any of these laboratories could be used for primary analysis for selected samples. There is no accreditation data available in the Project database for SGS Lae, or SGS Townsville. Both laboratories were independent at the time. ALS Chemex Brisbane and the NSLO hold ISO17025 accreditations. ALS Chemex Brisbane is an independent laboratory. The NSLO was not independent of Newcrest and is not independent of Newmont. Half-core HQ samples are currently sent to Intertek laboratory in Lae (Papua New Guinea) for sample preparation, and pulp samples flown to Intertek Townsville (Australia) for multi-element geochemistry, LECO, and fire-assay analysis. Intertek Lae and Intertek Townsville were Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-7 independent of Newcrest and are independent of Newmont. The laboratories hold ISO17025 accreditation for selected analytical techniques. Umpire sample checks are completed at the NSLO. Gold and sulfide sulfur assays on ore control and plant samples are currently performed at the onsite mine laboratory. Samples can be sent to the NSLO; however, this is primarily done for metallurgical samples and samples requiring multi-element analyses. 1.8.5 Quality Assurance and Quality Control All assays are checked and verified in accordance quality assurance quality control (QA/QC) and database management procedures. QA/QC procedures were in place for all of the Project legacy drilling programs. The process can involve submission and analysis of standard reference materials (SRMs or standards), blanks, duplicates, replicates, and grind and crush size checks. Data are stored in a SQL server database using acQuire software. Regular reviews of data quality are conducted by Lihir Operations site and Newmont’s corporate teams prior to resource estimation, in addition to external reviews. The database is regularly backed up, and copies are stored both offsite and in Newmont’s facilities. 1.9 Data Verification Recent drilling activity by Newcrest/Newmont has used standard operating procedures that include data verification before data are accepted into the drill hole database. Laboratory inspections are carried out regularly, although older inspection records are no longer available. Inspection periods have varied between monthly and six-monthly intervals. The onsite laboratory and the NSLO participate in third-party round-robin programs on a six-monthly basis, and each has performed within expected industry standards. SRK Consulting (Australasia) Pty Ltd (SRK) performed an independent review of the current resource model in 2018. SRK provided Newcrest with a number of minor recommendations for future modelling efforts and concluded that there were no significant concerns or issues with the reviewed model. Observations made during the QP’s site visit, in conjunction with discussions with site-based technical staff also support the geological interpretations, and analytical and database quality. The QP’s personal inspection supports the use of the data in mineral resource and mineral reserve estimation, and in mine planning. The QP received reconciliation reports from the operations. Through the review of these reconciliation factors, the QP can accept the use of the data in support of the mineral resource and mineral reserve estimates. 1.10 Metallurgical Testwork Independent laboratories and testwork facilities used during initial metallurgical evaluation included: Sherritt International Corporation (Sherritt), Metso Minerals Process Technology (Metso), Hazen Research Inc. (Hazen), Pocock Industrial (Pocock), IPRC, Lakefield, E.L. Bateman, Eimco, RESCAN, Alberta Research Council, Dorr-Oliver, Lurgi, Davy McKee, and NSR

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-8 Environmental. Geometallurgical testwork conducted between 2012 and 2022 was primarily conducted at Core Resources Laboratories in Brisbane, who are independent of Newmont. Metallurgical testwork supporting the original process design included comminution (crushing (impact), rod mill, ball mill, abrasion, MacPherson's semi-autogenous grind (SAG) indices), flotation, pressure oxidation (POX), and mineralogy. Overall, samples selected for metallurgical testing during feasibility, development and expansion studies were representative of the various styles of mineralization within the different mineralized zones. Samples were selected from a range of locations within the deposit zones. Sufficient samples were taken, and tests were performed using sufficient sample mass for the respective tests undertaken. The processing facility commenced operations in 1997 at a nominal 2.8 Mt/a, treating high-grade ore with lower-grade ore stockpiled for later processing. The original process plant flow sheet consisted of grinding, whole ore oxidation in pressure autoclaves, followed by gold recovery from washed oxidized slurry using conventional carbon-in-leach (CIL) cyanidation. In 2001, heat- exchangers were installed ahead of the autoclaves to pre-heat slurry prior to oxidation in the autoclaves in response to declining sulfide sulfur head grade. A pebble crushing circuit was installed on the then single, grinding train to increase mill throughput from a nominal 4 Mt/a to 4.6 Mt/a. In May 2007, an additional grinding and flotation plant upgrade (FGO) was commissioned. The additional grinding train increased nominal throughput to 6 Mt/a. This was achieved without a significant change in autoclave throughput enabled by the introduction of flotation, which was primarily used to increase autoclave feed sulfide sulfur grade. This also reduced the mass flow to the autoclaves. In early 2008, a feasibility study on a major plant expansion (the MOPU expansion) was approved by Lihir Gold, and works commenced in 2009. Following Newcrest’s takeover of Lihir Gold in 2010, Newcrest completed the outstanding work of the major plant upgrade. The plant upgrade added primary jaw crushers, another grinding circuit (HGO2), another autoclave (AC4) and oxygen plant, as well as a second CIL circuit. The plant expansion was completed and commissioned in January 2013. The nominal plant capacity was 11–12 Mt/a; however, actual throughput was about 9–10 Mt/a. Shortly after commissioning of the MOPU expansion, Newcrest installed a second flotation circuit for the original HGO mill, to enable treatment of low-sulfur ores. In December 2014, the operating strategy for the Lihir Operations was changed to using partial pressure oxidation (minimum of 50% sulfide oxidation instead of total pressure oxidation with >98% sulfide oxidized). The switch in strategy was due to the recognition that irrespective of how gold in sulfide sulfur was presented to the autoclave or from which source (ore or flotation concentrate), only a fraction of the refractory sulfide is required to undergo oxidation to unlock the majority of the gold for subsequent recovery. Most of the gold (generally >90%) is associated with arsenian pyrite, which is microcrystalline in nature, highly reactive, and oxidizes fastest in the autoclaves. The other pyrite type, (blocky pyrite) is generally coarser, contains low levels of gold, and is relatively unreactive in acidic conditions. The blocky pyrite requires full oxidation for gold recovery, and it is not economic to specifically target this pyrite if gold-rich arsenian pyrite is available to oxidize. Geometallurgical testwork has shown the connection between process plant response and geological alteration. Ore from historical stockpiles also shows lower flotation recovery. This understanding has formed the basis of metallurgical models and assumptions. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-9 An SMC based power model is used to predict power draw based on mill feed type and grind size. The model is also set up to optimize grind size based on power availability and throughput. For practical reasons, the model limits grind-size selection and optimization within a range of 125– 212 μm. Future recovery projections for Lihir are based on laboratory testwork for future ores in combination with past actual plant performance. This has been found to be sufficiently accurate for the purposes of projecting recovery and hence gold production from Lihir ores. The Kapit area has been metallurgically tested and these data were incorporated into future recovery projections. The average metallurgical recovery for gold over the LOM plan is predicted to be 77.7%. Daily and monthly recovery varies, based on ore grade, the fraction of milled ore sent to flotation, and the amount of stockpiled ore being treated. These values include recovery uplift from projects of 1.65% from the current base. Naturally fine-grained ores (mostly argillic material) and clays (from fresh or stockpile ore) can impact on both plant throughput and metallurgical recovery. For the crushing and materials handling areas, wet and sticky ores are managed through blending and on-going mechanical modifications to conveyors and chutes etc. Once in slurry form, these ores can display high and variable non-Newtonian shear-thinning behavior, which can impact the milling, flotation, POX and CIL circuits. However, dilution has been found effective in controlling slurry rheology to date. The maximum proportion of fines and clays (mainly from argillic ores) that can be treated within the plant is not known with certainty. There are several types of clay minerals with varying impact on plant performance. There is some risk that high proportions of such ore types in plant feed may lead to both lower recovery and throughput, until an adjustment to the mine plan and/or additional plant modifications can be implemented. There are no penalty elements that affect doré sales. Deleterious components in the ore that may affect aspects of plant operation are typically localized, and to date, have had only short- term effects. 1.11 Mineral Resource Estimation 1.11.1 Estimation Methodology The database close-out date for the mineral resource estimate is November 25, 2016. Geological interpretation is supported by core, RC (blast hole), rotary drilling, in-pit mapping, and grade control sampling data. Core drilling can include drill holes completed for geotechnical, geothermal, resource definition, and metallurgical purposes, if there are assay data for the drill holes. Not all core holes, if completed for purposes other than resource definition, have analytical data. Only core holes support grade estimation. The alteration model was used as the underlying geological model because alteration (based on mineralogy and chemistry) was found to characterize key processing parameters better than other geological parameters. Calcium was identified as a suitable proxy for flotation performance and calcium grades were estimated using the alteration domains. Five structural domains and three alteration domains were used in estimation. Block density data were estimated via ordinary kriging (OK), based on alteration domains.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-10 Gold distributions have outliers that required examination and adjustment. Outliers are capped such that the tail of the distribution is reasonably contiguous. Domain cap limits vary by domain and range from 5–30 g/t Au. No capping was applied to sulfide sulfur composites. All core data are composited 12 m downhole; this composite length corresponds to the mining bench height. Variograms were calculated for gold, sulfide sulfur, arsenic, silver, calcium, carbonate, copper, and molybdenum. Gold and sulfide sulfur were estimated with a non-linear uniform conditioning (UC) method into large 100 x 100 x 12 m panels in their respective domains. The panel UC grade–tonnage curve was subdivided into 20 x 20 x 12 m selective mining unit (SMU) blocks for the final output model. All gold and sulfide sulfur boundaries were hard. Minor elements (silver, copper, arsenic, carbonate, calcium, and molybdenum) were estimated directly into the SMU blocks using OK. Hard boundary conditions were used between the argillic, epithermal and porphyry domains. The block model and informing composites were validated using a combination of visual inspection in plan and section, nearest-neighbor model comparison, swath plots, grade–tonnage curves, and direct block simulation. Reconciliation based on blast hole sampling is considered to be acceptable, and the results are adequate to provide validation support for the mineral resource estimate. Mineral resources were classified as either indicated or inferred mineral resources, based on a combination of the estimation slope of regression and the variogram-weighted distance. Mineral resources contained within stockpiles are classified as measured as they are derived from grade control models. Mineral resources were constrained within a conceptual pit design. The 2023 financial year (FY23) LOM plan was used to develop cost inputs for pit optimization. Commodity prices used in resource estimation are based on long-term analyst and bank forecasts, supplemented with research by Newmont’s internal specialists. The estimated timeframe used for the price forecasts is the 16-year LOM that supports the mineral reserve estimates. Mineral resources are reported using a marginal cut-off grade. The mineralization and resource model extents continue offshore. A seaward limit was imposed on the resource pit design optimization based on an alignment of a conceptual outer seepage barrier to constrain the mineral resource estimate on the eastern extent. The conceptual barrier alignment is to the east of the original shoreline located on the harbor waste platform, and represents the maximum seaward extent of reasonable mining scenarios for open pit mining. 1.11.2 Mineral Resource Statement Mineral resources are reported using the mineral resource definitions set out in SK1300 on a 100% basis. Newmont holds a 100% Project interest. The estimates are current as at December 31, 2023. The reference point for the estimates is in situ or in stockpiles. Mineral resources are reported exclusive of those mineral resources converted to mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-11 Measured and indicated mineral resources are provided in Table 1-1. Inferred mineral resources are shown in Table 1-2. The Qualified Person for the estimate is Mr. Donald Doe, RM SME, a Newmont employee. 1.11.3 Factors That May Affect the Mineral Resource Estimate Areas of uncertainty that may materially impact the mineral resource estimates include: the lack of stationarity in gold domains; changes to long-term gold price assumptions; changes in local interpretations of mineralization geometry and continuity of mineralized zones; changes to geological shape and continuity assumptions; changes to metallurgical recovery assumptions; changes to the operating cut-off assumptions for open pit mining methods; changes to the input assumptions used to derive the pit design used to constrain the estimate; changes to the marginal cut-off grade assumptions used to constrain the estimate; variations in geotechnical, geothermal, hydrogeological and mining assumptions; and changes to environmental, permitting and social license assumptions. 1.12 Mineral Reserve Estimation 1.12.1 Estimation Methodology Mineral reserves are reported using open pit mining assumptions. Indicated mineral resources were converted to probable mineral reserves. Inferred mineral resources within the mine plan are set to waste. Mineral reserves are confined within an optimized open pit design. Several sequential cutbacks were developed for the mineral reserves contained in the ultimate phase design. Cutback designs conform to open pit design procedures established for the Lihir deposit, which include 28–31 m wide ramps at 10% gradient, and a minimum mining width of 40 m. Each cutback has independent ramp access, with secondary egress through the Minifie pit sector void. The final pit design incorporates provision for diversion drainage around the pit crest to manage run-off from the caldera slopes. The planned final dimensions of the pit are approximately 2,000 x 1,400 m, with a final depth of approximately 350 m below sea level. Cost inputs are based on the FY23 budget cost model and adjusted for LOM application inclusive of long-term economic parameters that were set by Newcrest and accepted by Newmont. Mining costs included unit operating costs for drill and blast, load and haul, waste disposal by barge, ancillary equipment, pit cooling and a mine overheads component. Pit slope angles range from approximately 15–55°. Internal dilution was considered in the resource model. External dilution as a result of sheeting (competent material rehandled back to the pit) was applied. Sheeting estimates were supported by reconciliation of mine operations over the last several years. As a result, the overall external dilution of insitu resource is 6%. A 3% ore loss was applied as a result of blasting and mining efficiency, reflective of the mining method.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-12 Table 1-1: Measured and Indicated Mineral Resource Statement Mineral Resource Confidence Category Area Tonnage (kt) Grade (g/t Au) Contained Metal (koz Au) Measured — — — Indicated Open pit 25,000 2.03 1,600 Stockpiles 22,200 1.47 1,000 Total measured and indicated 47,100 1.77 2,700 Table 1-2: Inferred Mineral Resource Statement Mineral Resource Confidence Category Tonnage (kt) Grade (g/t Au) Contained Metal (koz) Inferred 227,400 2.4 17,500 Notes to accompany mineral resource tables: 1. Mineral resources are current as at December 31, 2023. Mineral resources are reported using the definitions in SK1300 on a 100% basis. The Qualified Person responsible for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 2. The reference point for the mineral resources is in situ or in stockpiles. 3. Mineral resources are reported exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 4. Mineral resources that are potentially amenable to open pit mining methods are constrained within a conceptual pit design. Parameters used are shown in Table 11-2. Mineral resources in stockpiles are reported above a 1.0 g/t Au cut-off. 5. Tonnages are metric tonnes. Gold ounces are estimates of metal contained in tonnages and do not include allowances for processing losses. 6. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. Tonnes are rounded to the nearest 100,000 tonnes. Ounces are rounded to the nearest 100,000 ounces. Processing unit costs were broken down by plant activity to allow a choice of two processing routes (direct to autoclave, or via flotation). The average metallurgical recovery derived from the pit optimization was 77.7%. Fixed costs per period for G&A, plant maintenance, plant overheads, and power were divided by the nominal mill throughput to provide a unit cost per tonne processed for optimization purposes. Sustaining capital costs for fleet replacement, plant maintenance and capital for other sustaining capital projects were also divided by the nominal mill throughput to provide a unit cost per tonne processed for optimization purposes. As the Lihir Operations are constrained by the ore tonnes that can be processed by the mill, only the higher-grade fraction of ore is processed through the mill while the lower-grade fraction is stored in long-term stockpiles. As a result, a period of low-grade stockpile processing is expected at the end of the mine life when mining operations are completed. 1.12.2 Mineral Reserve Statement Mineral reserves are reported using the mineral reserve definitions set out in SK1300 on a 100% basis. Mineral reserves are current as at December 31, 2023. The reference point for the mineral Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-13 reserve estimate is as delivered to the process facilities. Mineral reserves are reported in Table 1-3. The Qualified Person for the estimate is Mr. Donald Doe, RM SME, a Newmont employee. 1.12.3 Factors That May Affect the Mineral Reserve Estimate Areas of uncertainty that may materially impact the mineral reserve estimates include: changes to long-term gold price assumptions; changes to exchange rate assumptions; changes to the resource model or changes in the model reconciliation performance including operational mining losses; changes to geometallurgical recovery and throughput assumptions; changes to the input assumptions used to generate the open pit design; changes to operating, and capital assumptions used, including changes to input cost assumptions such as consumables, labor costs, royalty and taxation rates; variations in geotechnical and mining assumptions; including changes to designs, schedules, and costs, changes to geotechnical, hydrogeological, geothermal and engineering data used; changes to assumptions as to pit cooling and seepage barrier development and operation; ability to source sufficient quality water supplies to support process plant operations; changes to the assumed permitting and regulatory environment under which the mine plan was developed; continued ability to use sub-sea waste and tailings disposal methods; ability to maintain mining permits and/or surface rights; and the ability to maintain social and environmental license to operate. Ongoing mining adjacent to, and to the west of, Ailaya Rock will require continued community acceptance. The mine plan in that area uses steep wall mining techniques. Geotechnical monitoring will be a critical control. Cut-off grades used in the mine plan assume that future cost reductions at the end of the LOM can be achieved. The mine plan assumes that the existing permitting area for marine tailings and waste disposal can be expanded as required in the LOM plan. 1.13 Mining Methods The Lihir geotechnical slope model has been developed in conjunction with recommendations from external consultants. Slope performances that have been continuously monitored and reviewed have also been considered, verifying the nominated slope recommendation. For designs purposes, the geotechnical slope parameters have been divided into 119 contiguous domain that are expected to exhibit similar geotechnical properties. These domains are typically related to the alteration boundaries and further sub-divided based on further geotechnical modelling based on geotechnical properties. The extents of these domains cover the full resource model framework. Within each domain an appropriate inter-ramp angle, batter face angle and berm width configurations for pit designs were nominated. Inter-ramp angles varied from 10–55° with batter angles varying from 25–70º. Extensive prism, pit face radar and geotechnical monitoring of pit slopes and seismic monitoring is undertaken.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-14 Table 1-3: Proven and Probable Mineral Reserve Statement Mineral Reserve Confidence Classification Area Tonnage (kt) Grade (g/t Au) Contained Metal (koz Au) Proven — — — — Probable Open pit 159,900 2.76 14,200 Stockpiles 57,200 1.83 3,400 Total proven and probable 217,100 2.51 17,500 Notes to accompany mineral reserves table: 1. Mineral reserves current as at December 31, 2023. Mineral reserves are reported using the definitions in SK1300 on a 100% basis. The Qualified Person responsible for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 2. The reference point for the mineral reserves is the point of delivery to the process plant. 3. Parameters used are shown in Table 12-1. Mineral reserves in stockpiles are reported above a 1.2 g/t Au cut-off. 4. Tonnages are metric tonnes. Gold ounces are estimates of metal contained in tonnages and do not include allowances for processing losses. 5. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. Tonnes are rounded to the nearest 100,000 tonnes. Ounces are rounded to the nearest 100,000 ounces. The Lihir Operations receives on average 4.4 m of annual rainfall with surface water from large- scale rainfall events dominating water inflow (approximately 85%) to be managed with the active mine pit. Groundwater inflow provides lesser contribution to pit void inflows and is proportioned between groundwater interflow via the Luise Caledra from the west and seawater inflows to the east. Currently both surface water and groundwater inflows and active mine dewatering and depressurization are managed via: • Passive depressurization using horizontal drain holes and steam relief wells; • Active dewatering using in-pit sump surface water management facilities. These systems are incorporated into the LOM and staged pit designs. The Luise Caldera is still geothermally active, with temperature modelling indicating current rock temperatures in some areas within the ultimate pit design exceeding 100oC. The active zone is extensive within the Kapit pit sector area. Areas with rock temperatures >100oC can cause groundwater to instantaneously flash to steam when confining pressure is released by mining, with the potential for rock outburst events to occur. Potential geothermal outburst areas are managed using a combination of geothermal depressurization and pit cooling. Current operational technology allows mining of hot ground to ground temperatures of up to 160ºC. Additional projects and trials to mitigate the risk to mining activities in hot ground, and to extend successful blasting and mining of ground with temperatures of >170ºC are under evaluation. Production mining is by conventional open pit method, using a fleet of 600/500 t class (operating weight) hydraulic face shovels loading into 135 t capacity rear-dump haul trucks, with a recently demonstrated mining rate of 30–35 Mt/a ex-pit. Ore and waste are drilled and blasted on 12 m benches and mined in a single pass. Where practicable, walls are drilled with a pre-split to assure Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-15 stable wall rock conditions. The ground is frequently too hot for conventional explosives, requiring high-temperature blasting products and specialized blasting procedures for mining in hot ground. Material above the marginal cut-off grade of 1.2 g/t Au is stored in long-term stockpiles for processing after the end of mine life. The marginal cut-off grade assumes a reduction in sustaining capital and G&A costs at the end of mine life, allowing marginal material to be economically processed A majority of ex-pit ore is allocated by gold and sulfur grade into a blend plan agreed with process plant staff along with existing stockpiled ore. Mill feed is based on the blend plan and can be comprised of reclaimed ore from the ROM stockpiles, direct ex-pit ore and existing stockpile ore. Waste rock from the mine is either placed into 1,500 t capacity barges for off-shore submarine disposal or stockpiled for use as road base, bench sheeting, stemming, or construction fill. Submarine waste disposal is carefully planned and controlled to achieve a continuous rill along the steeply-sloping sea floor and minimize the potential for uncontrolled slumping. The mine production schedule includes several phases that first progress through the Kapit pit sector and conclude with the final Minifie pit sector phases. Stockpiled material is reclaimed as required to maximize mill throughput. Ex-pit inventories will be depleted by 2039. Processing will continue until 2040. The ex-pit mining rate of mining averages 37.0 Mt/a until 2035 and then reduces to 8 Mt/a as stockpile feed becomes the majority ore source. The Kapit pit sector will require completion of a number of initiatives, including construction of a, the nearshore soil barrier (cut-off wall) to control seepage, pre-stripping/development of >200 Mt of overlying argillic clay waste rock, construction of a perimeter drainage channel, and geothermal cooling and depressurization to a temperature at which mining can be safely undertaken. Production mining is conducted by Newmont using Owner-operated equipment fleet and an Owner workforce. A separate mining contractor operation using a smaller pioneering fleet is used to develop new working areas on the steep caldera slopes. Newmont is currently reviewing mining rates, waste disposal options, stockpile feed sequences, processing assumptions including material blend constraints, and the relationship to the planned ex-pit mining sequence. Outcomes from these reviews could lead to changes in mining rate and/or equipment requirements in the future. There are a total of approximately 1,800 personnel in mine operations including operations and maintenance. 1.14 Recovery Methods As the gold mineralization is refractory, the plant consists of crushing and grinding followed by partial flotation, pressure oxidation, and then recovery of gold from washed oxidized slurry using conventional cyanidation. The plant was first commissioned in 1997 and has undergone a number of alterations and expansions which has allowed for an improvement in rate. Metallurgical testwork, in conjunction with operational results, were used to refine plant operations. In 2014, Lihir Operations have changed from a “full oxidation” treatment plant to a partial oxidation plant, unlocking additional plant throughput capacity. The switch in strategy was due to the recognition that irrespective of how gold in sulfide sulfur was presented to the autoclave or from which source (ore or flotation concentrate), only a fraction of the refractory sulfide is required to undergo oxidation to unlock the

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-16 majority of the gold for subsequent recovery. In normal operation, there is significantly more milling capacity than autoclave capacity. As a result, a substantial amount of ore is typically sent to flotation to match autoclave throughput. A rate of approximately 13.5 Mt is targeted in the LOM plan. The plant has two primary crushing circuits. The crushing equipment includes a gyratory crusher and toothed MMD rolls crusher in one circuit and two jaw crushers operating in parallel in the second circuit. Limited ore blending is practiced prior to crushing. This assists in managing the significant variability that exists in the mineralization being mined. There are three grinding circuits. One circuit (HGO2) generally treats high-grade ore that is fed direct to the downstream oxidizing autoclaves. The second and third circuits (FGO circuit and HGO circuit) are generally directed to the flotation plants. All three circuits can be directed to flotation, as necessary, and all three circuits can go “direct” to the autoclaves, as necessary. All three grinding circuits have a primary semi-autogenous grinding (SAG) mill, followed by a secondary ball mill in closed circuit with classifying hydrocyclones. Pebbles from the HGO and HGO2 circuits are combined and directed to two cone pebble crushers. Crushed pebbles are directed back to the HGO circuit via the crushed ore stockpile. Two rougher flotation circuits are installed, nominally treating FGO and a portion of HGO milled ore. Both circuits use simple bulk rougher flotation in a single roughing stage. The older FGO flotation circuit consists of a bank of five 150 m3 flotation tank cells, the second, newer HGO circuit has five 300 m3 flotation tank cells. When downstream capacity allows, some limited additional gold recovery occurs through hydrocyclone separation of flotation tailings, thickening then pumping to the autoclave discharge tanks, effectively by-passing the autoclaves. Thickened ore slurry, which is a mixture of flotation concentrate and whole ore, is pumped to four parallel autoclave circuits via six slurry storage tanks. This buffer between the milling and autoclave circuits help stabilize autoclave operations. Feed slurry can be first preheated in heat recovery vessels before being pumped under pressure to each of the eight chamber horizontal autoclave vessels. If sulfide sulfur grades are high enough, operation without pre-heating is often practiced. Three operating cryogenic oxygen plants provide oxygen to the autoclaves. Autoclave temperature is controlled via the addition of fresh water. Oxidized slurry (with some fine flotation tailings) passes through two parallel trains of two-stage counter-current decantation (CCD) circuits, where it is washed with process water and seawater, and neutralized with lime. Gold is recovered from the neutralized slurry by cyanide leaching using conventional CIL technology in a series of agitated tanks. Loaded carbon from the CIL circuit is stripped of gold in an elution system. The resulting gold solution is circulated through electro- winning cells where gold is recovered through electrowinning to form a gold sludge. The sludge is dried and then smelted to produce doré bars which are shipped to a refinery. The CIL leach residue tailings are detoxified by formation of strong metal complexes such as ferrocyanide, and through dilution with seawater (oxygen plant cooling water return). The tailings gravitate to a common disposal system which also collects the flotation tailings, remaining CCD wash water, as well as oxygen plant and power plant cooling water, return streams. The tailings disposal method is by deep sea tailings placement (DSTP). The combined stream flow discharges through a de-aeration tank to the ocean via a pipeline outfall at a depth of 125 m below sea level. The depth of the outfall discharge is below the surface mixing layer of the ocean. Being denser than the receiving seawater, the tailings gravitate down the steep submarine slope. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-17 The average power demand from the process plant is 114 MW, with a peak demand of 130 MW. This is met from a combination of heavy fuel oil (HFO) and geothermal sources. The processing plant uses a combination of seawater, untreated fresh water and various treated water streams. Key processing consumables are oxygen (generated on site), grinding media, lime and cyanide. Other minor reagents are caustic and hydrochloric acid for gold recovery, collector and frother for flotation 1and flocculent for thickening. The process plant has a personnel count of approximately 870 including plant operations and maintenance. 1.15 Infrastructure Roads connect the mining operation with the village of Put Put, the accommodation center at Londolovit, and the airstrip at Kunaye. Haul roads run between the crushing facilities and ROM stockpiles, the barge-loading dock in Luise Harbor, and the low-grade stockpiles. A wharf was constructed at Put Put for general cargo ships and tankers. Mine facilities, including ROM stockpiles, crushing facilities, and mine support facilities, are located in the Ladolam Creek valley, immediately to the east of the ultimate pit boundary. An explosive magazine is located to the west of the ultimate pit boundary. The processing plant is on the northwestern side of Put Put Point on relatively flat land adjacent to the shoreline and on the gentler lower slopes of the eastern end of the Luise Caldera. Support buildings include a main office, laboratory, training building, warehouses, plant workshop, and an emergency and security services building. Facilities for handling and transport of the various fuels, reagents, and consumables required by the processing plant are located near the general ship berth and the processing plant. Port facilities are installed to service oil tankers, general cargo ships, passenger ferries and work boats. Infrastructure for the workforce includes housing and camp accommodation, and related community facilities. Waste rock from the mine is either used for construction purposes or transported in barges for off-shore submarine disposal. Due to the heavy rainfall typically experienced on Aniolam Island, the lack of suitable area for a tailings storage facility, and the high seismicity of the region, DSTP was selected as the preferred tailings placement method for the Lihir Operations. Power is currently produced at site by a combination of HFO reciprocating engines and geothermal steam turbines. The existing total mine site power demand averages around 115 MW and can peak as high as 130 MW when all equipment is at full capacity (peak usage). 1.16 Markets and Contracts The Lihir Operations consist of an operating mine with refining contracts in place. The Lihir Operations produce gold doré containing 91–97% gold, 2.2–8.24% silver and 0.5–3% base metals, which is securely transported from the mine to a refinery. Product valuation is based on a combination of the metallurgical recovery, commodity pricing, and consideration of processing charges. Newmont uses a combination of historical and current contract pricing, contract negotiations, knowledge of its key markets from a long operations production record, short-term versus long-

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-18 term price forecasts prepared by Newmont’s corporate internal marketing group, public documents, and analyst forecasts when considering long-term commodity price forecasts. Higher metal prices are used for the mineral resource estimates to ensure the mineral reserves are a sub-set of, and not constrained by, the mineral resources, in accordance with industry-accepted practice. The long-term commodity price and exchange rate forecasts are: • Mineral reserves: o Gold: US$1,400/oz; o US$:AU$: 0.75; • Mineral resources: o Gold: US$1,600/oz; o US$:AU$: 0.75. Newmont’s doré is sold on the spot market, by marketing experts retained in-house by Newmont. The terms contained within the sales contracts are typical and consistent with standard industry practice and are similar to contracts for the supply of doré elsewhere in the world. There are currently eight major contracts in place to support the Lihir Operations. These contracts cover items such as refining, security transport, data management and invoicing, mining contracts, sea freight, catering and accommodations support, air transport, and labor hire. Contracts are negotiated and renewed as needed. Contract terms are in line with industry norms, and typical of similar contracts in Papua New Guinea that Newmont is familiar with. 1.17 Environmental, Permitting and Social Considerations 1.17.1 Environmental Studies and Monitoring Baseline studies were completed in support of permitting and operations. A regulatory-approved Environmental Management and Monitoring Plan (EMMP) is used to manage and monitor the predicted environmental impacts associated with the Project. The EMMP is updated every four years for review and endorsement by the PNG Conservation and Environment Protection Authority (CEPA). In addition, an annual environmental report is prepared and submitted to CEPA as well as other national, provincial and local level government bodies. Newmont has an operating environmental management system (EMS). Acid and metalliferous drainage (AMD) will be generated from medium-term storage of ore stockpiles prior to processing. This requires management of runoff and drainage to ensure discharges comply with the requirements of the site’s Environment Permits. Regular monitoring is undertaken of water quality for regulatory reporting. Newmont is currently conducting studies to assess appropriate means of managing AMD as the basis for an amendment to the Environment Permit for Waste Discharge. Waste rock from the mine is either transferred into 1,500 t capacity barges for off-shore submarine disposal within the boundaries of the Special Mining Lease, tipped at the harbor waste platform (HWP) location, or stockpiled for use as road base, bench sheeting, stemming or construction fill. Submarine waste disposal is carefully planned and controlled to achieve a continuous rill along the steeply-sloping sea floor and minimize the potential for uncontrolled slumping. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-19 Tailings are disposed using DSTP. Tailings are discharged from a pipeline that extends from the de-aeration tank through a directionally-drilled hole in the shoreline at Put Put Point to a discharge point beneath the productive euphotic (sunlight-penetrating) zone at a depth of approximately 115 m below the surface. Ongoing monitoring of DSTP is conducted under a government-approved EMMP. There have been no significant operational, compliance, environmental or social issues related to the operation of the DSTP system since 2010. The nearshore soil barrier project is required to enable access to the mineral reserves within the Kapit pit sector. The preferred construction method is a high strength reinforced concrete diaphragm wall, spanning 800 m, with a nominal depth of 30.5 m. The operations water demand is currently met by a combination of Londolovit raw water from the weir, caldera extraction via the Kapit spring and seawater supplement. Fresh water from pit diversion can also be substituted into the plant supply. Prolonged drought conditions are a risk to continued plant operations due to the lack of water. Sea water substitution measures can be implemented in the plant under major drought conditions and can mitigate a portion, but not all, of the drought-related effects on production. 1.17.2 Closure and Reclamation Considerations In compliance with regulatory requirements, Newcrest commissioned a conceptual mine closure plan in 1995, which was submitted to the PNG government, and which has been updated and refined in accordance with the closure standard, including in FY23. A detailed Mine Rehabilitation and Mine Closure Plan is required to be submitted to the regulator a minimum of five years prior to the cessation of operations. There are currently no known requirements to post performance or reclamation bonds. However, new closure policy documentation that is being drafted by the State may introduce bonding requirements. A bond of PGK111,000 was posted prior to the Lihir Operations commencing in 1997. A mine closure risk assessment and related cost estimates were updated in June 2023. The LOM closure cost estimate is US$316 million. 1.17.3 Permitting Newmont currently holds the key applicable permits required to support current operations. Permit renewals are applied for where required. Additional permits will be required as follows: • Seepage barrier: currently approved with existing approvals but requires sign off by the Chief Inspector of Mines (MRA) pursuant to the Mining (Safety) Act 1977. The construction of this barrier was previously approved as part of the 2005 Production Improvement Programme Environmental Impact Statement; • In March 2023, Newcrest applied to CEPA and MRA for a new lease for mining purposes to host an extension of the existing marine waste rock dump. The extension will provide sufficient capacity to support mine waste disposal. Approval of the marine waste rock dump extension is assumed to be granted by the end of March 2025; • Special Mining Lease extension: Special Mining Lease 6 expires March 16, 2035.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-20 The Lihir Operations are conducted in accordance with the development plans stipulated in the Mine Development Contract (MDC) and the accompanying Approved Proposal for Development (APFD) signed between the State and Lihir Gold in 1995. The MDC and APFD represent the principal agreement/contract between the State and Lihir Gold in accordance with that described in the Mining Act 1992 Part IV. The MDC and APFD provide details of the conditions and implementation of the Project’s approved environmental, financial, business, training/localization, land-owner agreements and infrastructure plans. The operations have an approved Environmental Plan also known as the EMMP. The EMMP lists the various monitoring requirements, which arose from the identification of key environmental issues documented in the Environmental Plan and subsequent EIS documents. 1.17.4 Social Considerations, Plans, Negotiations and Agreements There are a number of culturally significant sites within the mining area including Ailaya Rock on the edge of the operational pit. Lihirians believe Ailaya Rock to be the portal to the afterlife. There was a cave at the base of the Ailaya prior to disturbance in the 1990s where it was believed that spirits entered and then rose through it to the afterlife. The Ailaya Rock remains a site of deep cultural and religious significance to the majority of Lihirians and the image of the rock is a symbol of Lihirian identity. There is a 10 m exclusion zone around the top of the rock, reduced from the regulated 100 m buffer under an agreement with the landowner group who are custodians of Ailaya Rock. The current suite of Customary Landholder Agreements were signed on December 21, 2020 after a review process with Lihir’s tenement landholders and relocation family groups that lasted several years. The full set of agreements were then registered by the PNG Registrar of Tenements on April 30, 2021 in fulfilment of a key requirement of the Mining Act 1992. All agreements and obligations are registered in the Community, Health, Environment, Safety and Security (CHESS) system. Community Agreements are registered in both the CHESS Obligations register and the Community Agreements register. Environmental Permits, Agreements and Obligations are also registered using the same system. Specific policies, standards and guidelines are referenced in each of the management plans. Newmont has established generally good working relationships with local communities and although occasional disputes do occur, they are relatively minor in nature. The last disputes that resulted in brief disruptions to operations occurred in 2014–2015. 1.18 Capital Cost Estimates Capital cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. As the Lihir Operations are a steady-state operation, sustaining capital costs largely consist of site infrastructure upkeep and mobile equipment replacement costs. An allowance for miscellaneous equipment, small projects, and other minor capital costs was included for mining, processing, and site general. The sustaining capital cost estimate is based current budget level costs, combined with recent average sustaining capital spend. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-21 The major projects capital included in the mineral reserves include the nearshore soil barrier, Phase 14a mining project (this is the steep wall mining phase below Ailaya rock) and for power generation projects. Sustaining and non-sustaining capital costs will total US$2,500 M over the anticipated LOM (Table 1-4). 1.19 Operating Cost Estimates Operating cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. The operating costs used in the financial model were derived from a variety of sources. The mining costs were derived from a purpose-built, activity-based cost model, while ore treatment and G&A costs were based on budgeted numbers adjusted for long-term consumable price forecasts. All operating costs are presented in US$, and reflect 2023 market terms. Inputs in currencies other than US$ were converted at exchange rates as per Newcrest’s economic parameters. These inputs were accepted by Newmont. The projected LOM plan operating costs are summarized in Table 1-5, and are anticipated to total US$56.62/t milled. 1.20 Economic Analysis 1.20.1 Economic Analysis The financial model that supports the mineral reserve declaration is a standalone model that calculates annual cash flows based on scheduled ore production, assumed processing recoveries, metal sale prices and PGK/US$ exchange rate, projected operating and capital costs and estimated taxes. The financial analysis is based on an after-tax discount rate of 10%. All costs and prices are in unescalated “real” dollars. The currency used to document the cash flow is US$. All costs are based on the 2023 budget, as completed in June, 2023. Revenue is calculated from the recoverable metals and long-term metal price and exchange rate forecasts. The Lihir Operations are subject to a corporate income tax rate of 30% on taxable income. The Project is also subject to a mineral royalty of 2% on net smelter returns and a production levy of 0.5% of assessable income. A summary of the financial results is provided in Table 1-6. The NPV at a discount rate of 10% is $1.0 B. The internal rate of return (IRR) is estimated at 37% and the payback period is 5.3 years. The active mining operation ceases in 2039, and processing in 2040; however, closure costs are estimated to 2053.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-22 Table 1-4: Sustaining Capital Cost Estimate Sustaining Capital Description Average Sustaining Capital Cost (US$M/a) Sustaining Capital Cost (US$M) % of Estimate Mining 32 550 35 Processing 40 685 43 Infrastructure (power and utilities) 10 170 11 General and administrative 10 176 11 Totals 92 1,581 100 Note: Numbers have been rounded. Table 1-5: Operating Cost Estimate Cost Area Units Value Mining cost US$/t ore milled 12.72 Ore treatment US$/t ore milled 28.40 General and administrative US$/t ore milled 15.50 Site costs US$/t ore milled 56.62 Note: Numbers have been rounded. Table 1-6: Cashflow Summary Table Item Unit Value Metal price, gold $/oz 1,400 Tonnage treated Mt 217 Gold grade g/t 2.51 Gold ounces, contained Moz 17.5 Capital costs $B 2.5 Direct operating costs $B 14.7 Exchange rate US dollar to PNG kina 3.50 Discount rate % 10 Free cash flow $B 2.5 Net present value $B 1.0 Note: Numbers have been rounded. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-23 Table 1-6 contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Please refer to the note regarding forward-looking information at the front of the Report. The cash flow is only intended to demonstrate the financial viability of the Project. Investors are cautioned that the above is based upon certain assumptions which may differ from Newmont’s long-term outlook or actual financial results, including, but not limited to commodity prices, escalation assumptions and other technical inputs. For example, Table 1-6 uses the price assumptions stated in the table, including a gold commodity price assumption of US$1,400/oz, which varies significantly from current gold prices and the assumptions that Newmont uses for its long-term guidance. Please be reminded that significant variation of metal prices, costs and other key assumptions may require modifications to mine plans, models, and prospects. 1.20.2 Sensitivity Analysis The sensitivity of the Project to changes in grades, sustaining capital costs and operating cost assumptions was tested using a range of 25% above and below the base case values. The changes in metal prices are representative of changes in grade. The Project is most sensitive to changes in the gold price and grade, less sensitive to changes in operating costs, and least sensitive to capital cost changes. 1.21 Risks and Opportunities 1.21.1 Risks Risks that may affect the mineral resource and mineral reserve estimates are identified in Chapter 11.14 and Chapter 12.6 respectively. The Project is located in a seismically-active area, and is subject to risks associated with earthquakes and tsunamis. If such events were to occur, impacts would include effects on infrastructure, the open pit, mine plans and the capital and operating costs that support the mineral reserves and economic analysis. The mine is proximal to a corrosive marine environment, which can have an effect on built infrastructure. The mine plan assumes asset integrity; however, unforeseen major corrosion could have an effect on the infrastructure, mine plan and the capital and operating costs that support the mineral reserves and economic analysis. The economic outcome in this Report assumes that Special Mining Lease 6, Leases for Mining Purposes 34–40, and Mining Easements 71–73, which expire on March 16, 2035, can be renewed for the remaining post-2035 mine life. The current mine plan envisages that mining will be allowed adjacent to, and to the west of, Ailaya Rock. The mine plan assumes steep wall mining techniques, and geotechnical monitoring will be critical to ensure pit wall stability. There is a risk that the technical aspects could result in damage to Ailaya Rock, and result in a significant social issue. The outcome could affect the social license to operate and affect the mine plan and economic forecasts in this Report.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 1-24 The LOM plan assumes that mining is feasible at elevations significantly below sea level, once the seepage, nearshore soil and off-shore barriers are in place and operational. If these barriers are ineffective or permit seawater ingress, there is a likely effect on the mine plan and economic forecasts in this Report. There is a risk that ongoing work will result in confidence classification changes, such that some of the material now classified as higher-confidence categories will be reclassified to lower confidence categories that cannot support conversion to mineral reserves, or be of such low confidence that they cannot be classified as inferred mineral resources. Changes to modelling methods may also affect confidence classifications. This could affect the mineral resource and mineral reserve estimates, locally affect the mine plan, stockpiling and recovery assumptions, and may affect the economic outcomes as presented in the Report. There is a risk that insufficient understanding of the distribution of the advanced/argillic or lower competency material could result in effects on the materials handling assumptions and equipment. There is a risk that the mill and crushers will be unable to efficiently process significant quantities of these types of materials. The mine plan assumes that DSTP can continue for the LOM, and that extensions to the area that is subject to DSTP can be extended. There is a risk that if these assumptions are incorrect, there will be an effect on the mine plan and economic forecasts in this Report if the alternatives come at a higher operating or sustaining capital cost and/or reduced productivity. The LOM plan assumes that future cost reductions at the end of the LOM can be achieved to support processing of lower-grade material. The PNG government has announced that it is considering replacing the current PNG Income Tax Act with a new Income Tax Act with limited consultation undertaken to date. The latest draft legislation provides that the new Income Tax Act will come into force from January 1, 2025. It remains uncertain as to whether existing tax attributes for the Lihir Operations will be transitioned under the new law due to the lack of transitional provisions, key regulations and other key ancillary pieces of legislation. This is a risk to the cashflow analysis that supports the mineral reserves, and the assumptions used when estimating mineral reserves. 1.21.2 Opportunities There is Project upside opportunity if the mineral resources exclusive of mineral reserves can be upgraded to mineral reserves with additional testwork and studies. Newmont intends to introduce its “Full Potential” program to the Lihir Operations. This program seeks to implement continuous improvements in cost reduction and productivity. 1.22 Conclusions Under the assumptions presented in this Report, the Lihir Operations have a positive cash flow, and mineral reserve estimates can be supported. 1.23 Recommendations As Lihir is an operating mine, the QP has no material recommendations to make. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 2-1 2.0 INTRODUCTION 2.1 Introduction This technical report summary (the Report) was prepared for Newmont Corporation (Newmont) on the Lihir Operations (Lihir Operations or the Project) located in Papua New Guinea (PNG). The location of the operations is shown in Figure 2-1. The host island, Aniolam Island, is also known as Niolam Island and Lihir Island, and is the largest of five islands that make up the Lihir Island group (Mali, Mahur, Masehet, Sanambiet and Aniolam). The Lihir Project is 100% owned by Newmont’s wholly-owned subsidiary, Lihir Gold Limited (Lihir Gold). 2.2 Terms of Reference 2.2.1 Report Purpose The Report was prepared to be attached as an exhibit to support mineral property disclosure, including mineral resource and mineral reserve estimates, for the Lihir Operations in Newmont’s Form 10-K for the year ending December 31, 2023. 2.2.2 Terms of Reference Mineral resources and mineral reserves are reported for the Lihir Project. Mineral resources and mineral reserves are also estimated for material in stockpiles. Mineral resources and mineral reserves are reported using the definitions in Regulation S–K 1300 (SK1300), under Item 1300. All measurement units used in this Report are metric unless otherwise noted, and currency is expressed in United States dollars (US$) as identified in the text. The PNG currency is the kina. Unless otherwise indicated, all financial values are reported in US$ including all operating costs, capital costs, cash flows, taxes, revenues, expenses, and overhead distributions. The Report uses US English.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 2-2 Figure 2-1: Project Location Plan Note: Figure from Blackwell (2010). 2.3 Qualified Persons This Report was prepared by the following Newmont Qualified Person (QP): • Mr. Donald Doe, RM SME, Group Executive Reserves, Newmont. Mr. Doe is responsible for all Report chapters. 2.4 Site Visits and Scope of Personal Inspection Mr. Doe visited the Lihir Operations from November 9 to November 11, 2023. During that visit he inspected the open pit operations, including viewing the steep wall mining in Phase 14A of the open pit, viewed the stockpiles, visited the core shed and inspected selected drill core, toured the mill facility, viewed the barge off-loading facility and waste platform, drove through the workshop Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 2-3 and mine maintenance facility area. Mr. Doe had meetings with onsite staff and management discussing aspects of mine plans and costs. He visited the regional Newmont offices from November 6 to November 7, 2023, and while in the offices discussed aspects of mine plans, and mine designs. 2.5 Report Date Information in this Report is current as at December 31, 2023. 2.6 Information Sources and References The reports and documents listed in Chapter 24 and Chapter 25 of this Report were used to support Report preparation. Mr. Doe was accompanied during his site visit by subject matter experts in the fields of geology, geostatistics, mining engineering, process engineering, geotechnical, and sustainability. 2.7 Previous Technical Report Summaries Newmont has not previously filed a technical report summary on the Project.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 3-1 3.0 PROPERTY DESCRIPTION 3.1 Introduction The Project is on Aniolam Island, which is part of the Lihir Group in the Province of New Ireland. The island is located approximately 900 km north–northeast of the national capital, Port Moresby. The Project is located at approximately 3º06’54” S latitude, 152º38’27” E longitude. 3.2 Property and Title in Papua New Guinea 3.2.1 Mineral Title Mineral rights are held by the State of PNG (State), and mining is regulated at the national level. A Special Mining Lease is issued by the Head of State acting on advice from the National Executive Council (Cabinet). Otherwise, mineral titles are issued by the Minister for Mining on recommendation from the Mining Advisory Council (MAC) subject to the Mining Act 1992. The types of licenses are summarized in Table 3-1. The Minerals Resources Authority (MRA) has overall responsibility for the promotion, management and regulation of the mining sector under the Mining Act 1992. 3.2.2 Surface Rights The holder of mineral tenure under the Mining Act 1992 is liable to pay compensation to the landholders for all loss or damage suffered or foreseen to be suffered by the landholders from the exploration or mining or ancillary operations (but not for grant of access, nor in respect of the value of any mineral, nor by reference to any rent, royalty or other amount in respect of mining). 3.2.3 Government Mining Taxes, Levies or Royalties The holder of a Mining Lease must pay a royalty to the State that is equivalent to 2% of the net proceeds of sale of minerals (calculated as either a net smelter return (NSR) or free-on-board (FOB) export value, as appropriate). The State may elect to retain its right to royalty or to distribute it between the provincial government of a mine’s host province and the landholders of the land upon which the mineral resource is mined. Where the State agrees to distribute any royalties, the landholders are entitled to at least 20% of the total amount of royalties paid to the State. A production levy of 0.5% is payable to the MRA under the MRA Act 2018 on the gross value of production (i.e., excluding the offsets of treatment and refining charges, payable terms and freight). Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 3-2 Table 3-1: Mineral Title in PNG Title Type Comment Exploration License (EL) Can be granted for a term not exceeding two years, and may be extended for periods not exceeding two years. Cannot exceed 750 sub-blocks in size; requirements as to contiguousness of sub-blocks at application. Alluvial Mining Lease (AML) An Alluvial Mining Lease may only be granted over land that is a riverbed and land that extends no further than 20 m from any riverbed. An Alluvial Mining Lease may be granted for a term not exceeding five years which may be extended for periods not exceeding five years. License cannot be more than 5 ha in area, and must have a rectangular or polygonal shape. Mining Lease (ML) Generally issued for small to medium-scale alluvial and hard rock mining operations. Can be granted for a term not exceeding 20 years, and may be extended for periods not exceeding 10 years. License cannot be more than 60 km2 in area, and must have a rectangular or polygonal shape. Special Mining Lease (SML) Generally issued to an Exploration License holder for large-scale mining operations. The Minister for Mining may also require the Exploration License holder to be a party to a Mining Development Contract with the government. A Special Mining Lease can be granted for a term not exceeding 40 years, which may be extended for periods not exceeding 20 years. Before grant of a Special Mining Lease, the Minister for Mining is required to convene a development forum to consider the views of the persons and authorities whom the Minister believes will be affected by the grant of the Special Mining Lease. Those represented at this forum will include the applicant for the Special Mining Lease; the landholders of the land that is the subject of the application for the Special Mining Lease and other tenements to which the applicant's proposals relate, the State, and the provincial government, if any, in whose province the land the subject of application for the special mining lease is situated. The Head of State, acting on advice from the National Executive Council is the authority responsible for issuing a Special Mining Lease. Lease for Mining Purpose (LMP) May be granted in connection with mining operations. Covers aspects such as the construction of buildings and other improvements, and operating plant, machinery and equipment; installation of a treatment plant and the treatment of minerals therein; deposition of tailings or waste; housing and other infrastructure required in connection with mining or treatment operations; transport facilities including roads, airstrips and ports; and any other purpose ancillary to mining or treatment operations or to any of the preceding purposes which may be approved by the Minister. The term of a Lease for Mining Purposes is identical to the term of the Special Mining Lease or Mining Lease in relation to which the Lease for Mining Purpose is granted; where there is no associated lease, a term not exceeding 20 years. The term of a Lease for Mining Purpose can be extended. A Lease for Mining Purpose cannot be more than 60 km2 in area, and must have a rectangular or polygonal shape. Mining Easement (ME) Can be granted in connection with mining, treatment or ancillary operations conducted by the applicant for the Mining Easement or some other person for the purpose of constructing and operating one or more of the following facilities: a road; an aerial ropeway; a power transmission line; a pipeline; a conveyor system; a bridge or tunnel; a waterway; any other facility ancillary to mining or treatment or ancillary operations in connection with any of the preceding purposes which may be approved by the Minister. The term of a Mining Easement is identical to the term of the tenement in relation to which the Mining Easement was granted. The area of land over which a Mining Easement may be granted is sufficient for the purpose or purposes for which it was granted and shall be in a rectangular or polygonal shape.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 3-3 3.3 Ownership Newmont indirectly wholly-owns the Lihir Operations. Newmont acquired Newcrest Mining Limited (Newcrest) in 2023, and is Project operator. 3.4 Mineral Title The Project consists of a granted Special Mining Lease, two granted Mining Leases, one granted Exploration License, five granted Leases for Mining Purposes, and three Mining Easements. The total area under license is approximately 238 km2. The Lihir deposit is located on Special Mining Lease 6. Special Mining Lease 6, Leases for Mining Purposes 34–40, and Mining Easements 71–73 expire on March 16, 2035. Exploration License 485 expires in March 2024, and Mining Lease 125 and Mining Lease 126 both expire on July 20, 2025. Mineral tenure is summarized in Table 3-2, and shown in Figure 3-1. Newmont must lodge annual and bi-annual reports on activities conducted on the mineral tenure. As at December 31, 2023, all statutory reporting requirements had been met. 3.5 Surface Rights The Project area is situated on land held under customary, State and private ownership, including under State lease. The bulk of the land that will be affected by Project operations and closure is customary owned. Newmont has been granted rights to undertake mining and processing of gold and related activities, through negotiations with the state and local government, and landowners in the area. Newmont holds a granted Special Mining Lease which encompasses all of the area where mineral reserves are estimated. There are some areas of the lease where mineral resources are estimated where agreements are not yet in place with local landowners or the community. Land within Special Mining Lease 6 is customarily owned and has been divided into blocks of varying sizes. Each block is owned by landowners belonging to one of the six main clan groups: the Tengawom Clan, Lamatlik Clan, Nikama Clan, Nissal Clan, Tinetalgo Clan and Unawos Clan. The landowners that claim ownership over the individual blocks are represented by a nominated clan Block Executive. The Special Mining Lease entitles Newmont to enter and occupy the land for the purpose of mining and the ancillary mining purposes for which the Mining Lease was granted. 3.6 Water Rights An Environment Permit for Water Extraction is in place to support Project operations and water rights and usage are discussed in Chapter 17.9. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 3-4 Table 3-2: Mineral Tenure Summary Table Lease Lease Type Lease Status Grant Date Expiry Date Area (km2) EL485 Exploration License Granted 19/06/1983 31/03/2024 210.0 LMP34 Lease for Mining Purpose Granted 21/07/1995 16/03/2035 3.74 LMP35 Lease for Mining Purpose Granted 21/07/1995 16/03/2035 0.34 LMP38 Lease for Mining Purpose Granted 18/10/1997 16/03/2035 0.04 LMP39 Lease for Mining Purpose Granted 18/10/1997 16/03/2035 0.00 LMP40 Lease for Mining Purpose Granted 18/10/1997 16/03/2035 0.02 ME71 Mining Easement Granted 21/07/1995 16/03/2035 0.06 ME72 Mining Easement Granted 21/07/1995 16/03/2035 0.21 ME73 Mining Easement Granted 21/07/1995 16/03/2035 0.19 ML125 Mining Lease Granted 21/07/1995 20/07/2025 0.48 ML126 Mining Lease Granted 21/07/1995 20/07/2025 0.24 SML6 Special Mining Lease Granted 17/03/1995 16/03/2035 17.39 Total 235.72

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 3-5 Figure 3-1: Mineral Tenure Location Plan Note: Figure prepared by Newcrest, 2020. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 3-6 3.7 Royalties Newmont is entitled to 100% of the minerals produced from the mineral tenure subject to the payment of prescribed annual rents and royalties. A 2% royalty is payable to the State of PNG on the realized prices of all gold and silver doré produced. Under the Memorandum of Agreement (MoA), the State is responsible for direct distribution of all royalties derived from the Lihir Operations to Special Mining Lease 6 landowners (20%), Nimamar Local Level Government (30%) and the New Ireland Provincial Government (50%). A production levy of 0.5% is also payable on the gross value of production (i.e., excluding the offsets of treatment and refining charges, payable terms and freight) to the MRA. 3.8 Encumbrances There are no known encumbrances. 3.9 Permitting Permitting and permitting conditions are discussed in Chapter 17.11 of this Report. The operations as envisaged in the life-of-mine (LOM) plan are either fully permitted, or the processes to obtain permits are well understood and similar permits were granted to the operations in the past. There are no current material violations or fines, as imposed in the mining regulatory context of the Mine Safety and Health Administration (MSHA) in the United States, that apply to the Lihir Operations. 3.10 Significant Factors and Risks That May Affect Access, Title or Work Programs To the extent known to the QP, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Project that are not discussed in this Report.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 4-1 4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 4.1 Physiography The mine is located within the Luise Caldera of the Luise Volcano which is located on the east coast of the island. The caldera is an extinct volcanic crater that is geothermally active. It has a 6 x 4 km elliptical crater with steep walls reaching 600 m above sea level. The eastern, seaward, portion of the Luise Caldera has collapsed, sending debris flows 25–40 km eastward. The submerged slope forms Luise Harbor. Natural vegetation on the island is predominantly tropical rain forest. Subsistence-level agriculture is practiced, with typical crops including taro, coconuts, betelnut, and tobacco. Parts of the narrow coastal plain, particularly in the northern and eastern areas, have formed on coral platforms. This includes the regions around the process plant, Londolovit town site, and Kunaye Airport. The general mine area ranges in elevation from 0–200 masl. Mining is conducted at elevations below sea level. 4.2 Accessibility Most travel to and from the island is via aircraft. Access to Aniolam Island is through the Kunaye airport located about 7 km north of the Lihir Operations and approximately 3 km north of the Londolovit town site. Newmont employees are predominantly PNG nationals who are fly-in-fly- out (FIFO) of a number of different PNG communities or residents of Aniolam Island. The majority of senior management roles are residential based on Aniolam Island while most expatriate employees typically are FIFO from the hub of Cairns, in Australia. Daily travel to the mining operations from the Londolovit residential town site is by road. Sea passenger services operate to local islands. Marine facilities are established to service oil tankers, general cargo ships, passenger ferries, and work boats. Additional information on transportation required to support mining operations is provided in Chapter 15. 4.3 Climate Aniolam Island is located at latitude 3° south and does not experience distinct wet or dry seasons. The Lihir Operations experience high rainfall, averaging about 4.4 m per annum, with mean relative humidity of 80%. Periods of rainfall extremes often, but not always, correlate with the El Niño Southern Oscillation. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 4-2 Air temperatures at the Lihir Operations are relatively constant from month to month. Temperatures at the mine site range from 21–34°C while the sea temperature remains relatively constant at approximately 27–28°C throughout the year. Winds close to sea level are generally light and variable, ranging from 0.6–16.6 km/h, with monthly mean wind speeds of <5 knots. There are two wind seasons of variable duration. Between May and September/October, winds are mainly from the southeast and east and between December and March, winds are mainly from the north and west. November and April are transitional months. The Luise Caldera has a noticeable effect on wind flow. Mining activities are conducted year-round. Exploration activities may be curtailed by heavy rainfall. 4.4 Local Resources and Infrastructure Prior to the discovery of gold, the population of Aniolam Island was approximately 7,100. The economy was centered on subsistence agriculture and the population lived in many small villages around the island. A mine village was constructed at Londolovit to house mine staff, contractors and families who are not year-round Aniolam Island residents, as the local area is unable to supply the workforce required by the mining operations. The Mining Leases are accessed by sealed road from Londolovit, which is approximately 4 km north of the mine. The Lihir Operations currently either have all infrastructure in place to support mining and processing activities (see also discussions in Chapter 13, Chapter 14, and Chapter 15 of this Report), or the requirements for the LOM are well understood. These Report chapters also discuss water sources, electricity, personnel, and supplies. 4.5 Seismicity Papua New Guinea extends across several major tectonic plate boundaries and is one of the most seismically active regions in the world. Aniolam Island is located in the West Melanesian Arc seismic source zone where earthquakes of up to magnitude eight have been recorded. Most earthquakes in the region result from strike-slip movement but some occur along steeply-dipping reverse faults resulting in a strong vertical motion component and have potential to generate local tsunamis. Both tsunami and earthquake risks were assessed and incorporated into the Project design criteria. Volcanic activity on Aniolam Island is limited to remnant hydrothermal venting in the Luise Caldera in the form of hot springs and fumaroles. Steam and gas (including H2S) naturally discharge within the pit area and along the Kapit beach and near shore region. The hydrothermal reservoir temperatures can reach 100°C at the water table and exceed 200°C at depth. Isolated geothermal activity in the form of hot springs is evident elsewhere on the island, such as within the southern Kinami caldera.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 5-1 5.0 HISTORY A summary of the exploration in the Project area is provided Table 5-1. Early studies on the Project separated the mineralization into four zones or “orebodies”. The early descriptions are summarized in Table 5-2, and the zone locations are provided in Figure 6 1. Each zone was interpreted to be localized along north-dipping structural trends separated by about 100–200 m of unmineralized to low-grade (<1.0 g/t Au) altered rocks. This nomenclature has been discontinued with the adoption of an alteration domain model for the Project (refer to discussions on the alteration model in Chapter 6 and Chapter 10). Some research studies refer to the Lihir deposit as the Ladolam deposit; however, for the purposes of this Report, the deposit is referred to as the Lihir deposit. Exploration activities have included geological mapping, geochemical sampling, geophysical surveys, trenching, auger, reverse circulation (RC) and core drilling, hydrogeology, petrology and mineralogy studies, metallurgical testwork, and mining studies. A feasibility study was completed in 1988, based on open pit mining methods, and updated in 1992. The Special Mining Lease for the Project was granted in 1995, and the first gold pour occurred in 1997. Mining commenced with the development of the Minifie pit sector using a conventional truck and shovel operation. Mining of the Lienetz pit sector commenced in 2004, and mining has continued in both areas from a number of subsequent cutbacks. An internal mining study was conducted in 2016 to evaluate optimization of the mine plan, including mining of the Kapit sector. The life-of-mine (LOM) strategy considered alternative material selection, mine sequencing and process scheduling options, appropriate mining methods and civil engineering options to potentially improve project economics. The study reviewed the use of a near-shore cut-off wall (seepage barrier) in place of a coffer dam. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 5-2 Table 5-1: Exploration and Development History Summary Table Year Company/Operator Work Program 1969– 1974 PNG Bureau of Mineral Resources and the Geological Survey of PNG Regional exploration. Stream-sediment sampled for porphyry copper-style mineralization, identified areas of hydrothermal alteration and mineralization. 1982 Kennecott Explorations Australia (Kennecott) and Niugini Mining Limited (Niugini) Discovered gold in rock chip samples taken in Luise Harbor. Exploration License applied for and granted. Lihir Management Company was the operator of the Kennecott and Niugini joint venture (JV). 1983– 1984 Kennecott and Niugini Commenced drilling, identified Lienetz zone. Completed semi- detailed mapping, stream sediment and soil samples, rock chips, hand augers, and hand-cut trenches and benches. 1985– 1987 Kennecott and Niugini Drilling and bulldozer trenching identified the Minifie zone in 1986. Further exploration defined several other adjacent and partly overlapping zones during 1987, referred to as the Camp and Kapit areas. Ground magnetic survey in 1985 within Luise Caldera. Airborne aeromagnetic/radiometric survey in 1987. 1988 Kennecott Completed feasibility study; economics not positive. Airborne aeromagnetic/radiometric survey coverage extended island-wide. 1988 Rio Tinto Zinc Corporation (Rio Tinto) Rio Tinto acquired Kennecott from BP Minerals America and took over as the joint venture partner with Niugini. 1990– 1991 Rio Tinto Ground magnetic surveys at Minifie and within Luise Caldera; Time- domain induced polarization (IP) survey at Minifie and within Luise Caldera. Controlled-source audio-frequency magneto-telluric (CSAMT) survey in 1991. 1992 Rio Tinto and Niugini Updated feasibility study. 1995 Rio Tinto and Niugini Special mining lease granted. Lihir Gold was incorporated for the purpose of acquiring formal ownership of the Project. Lihir Gold listed on Australian Securities Exchange (ASX). 1997 Rio Tinto and Niugini First gold pour. 2004 Rio Tinto and Niugini Magneto-telluric (MT) ground geophysical survey. 2005 Rio Tinto Divests interests in Lihir Gold. 2005 Lihir Gold Lihir Gold becomes sole mine owner and operator. 2007 Lihir Gold Construction of 20 MW geothermal power plant. MT geophysical survey extended. Commissioning of flotation plant allowing throughput increase to 7 Mt/a capacity; expansion of geothermal power plant to 50 MW capacity. 2008 Lihir Gold Million ounce plant upgrade” (MOPU) project commenced. 2010– 2023 Newcrest Acquires Lihir Gold in 2010. Completes power station installations and upgrades, throughput upgrades.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 5-3 Year Company/Operator Work Program Undertakes geophysical surveys, mapping, soil and rock chip sampling, exploration drilling. Mining studies optimizing pit, stockpiles and waste rock storage and disposal; process studies, optimizing plant design and equipment. 2023 Newmont Acquires Newcrest in November, 2023 Table 5-2: Deposit Zone Descriptions Zone Note Minifie Located in the southern portion of the Luise caldera. Occupied an area of approximately 700 x 400 m and between +50 and -250 masl. Mushroom shape. Shallow-level refractory sulfide ore was associated with pervasive adularia–sulfide alteration, and had a concave, blanket-like geometry. Underlying the refractory sulfide mineralization was quartz–calcite vein stockwork material. Lienetz Located north of Minifie. The two zones were separated by unmineralized, propylitically-altered igneous units and breccias. Lienetz occupied an area of approximately 600 x 300 m and between +140m and -350 masl. Kapit Located between Lienetz and Luise Harbor; approximately 500 m due north of the western limit of Lienetz. Kapit is linked to Lienetz by a sub-horizontal zone of low-grade mineralization (generally <2.0 g/t Au) that reaches 100 m in thickness. Funnel-shaped zone associated with adularia–pyrite alteration and open-space breccias. Coastal Northwesterly-trending, moderately to steeply dipping to the northeast. Mineralization hosted within leached, vuggy breccias as well as more discrete calcite–quartz–pyrite–anhydrite vein/breccias. Remains poorly drilled due to its proximity to Luise Harbor and to the apparent relatively small and narrow nature of the mineralized zones. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 5-4 Figure 5-1: Zone Locations Note: Figure from Rutter et al., (2008).

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-1 6.0 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT 6.1 Deposit Type The Lihir deposit is considered to be an example of an epithermal gold deposit. General characteristics of such deposits are provided in Table 6-1, after Corbett (2002). 6.2 Regional Geology Aniolam Island is part of a 250-km long, northwest-trending, alkalic volcanic island chain consisting of the Tabar, Lihir, Tanga and Feni Groups. The island chain sits within an area where several micro-plates (Solomon Sea Plate, South Bismarck Plate and North Bismarck Plate) developed between the converging Australian and South Pacific plates (Figure 6-1). The island chain is located in the ~100 km wide, 250 km long, Eocene to Recent New Ireland Basin, which is parallel to, and east of, New Ireland, and consists of a 5 km thick sediment pile. Each island group is localized along submarine ridges that rise from depths of 2,000 m below sea level, are spaced ~75 km apart and are oriented perpendicular to New Ireland. The islands primarily consist of Pliocene to Pleistocene lavas and volcaniclastic deposits fringed by Quaternary limestone. 6.3 Local Geology The Project geology is summarized from Ageneau (2012), Blackwell (2010), Carman (1994), Davies and Ballantyne (1987) and Sykora (2016). Aniolam Island comprises five volcanic blocks surrounded by limestone (Figure 6-2; Figure 6-3). Based on geomorphology, the five volcanic blocks are: • Two Plio–Pleistocene volcanic blocks, Londolovit Block and Wurtol Wedge; • Three Pleistocene volcanic edifices, Huniho, Kinami, and Luise. A 10–100 m thick limestone unit overlies and onlaps volcanic units and dips shallowly to the south. Compositions of the Aniolam Island rocks range from tephrite, basalt, trachybasalt, basaltic trachyandesite, trachyandesite, phonolite tephrite to tephritic phonolite. The volcaniclastic facies on Aniolam Island are dominated by polymictic volcanic breccia; pyroclastic facies are minor. A 10 m thick ash sequence may have been sourced from the Luise volcano. Lavas and hypabyssal rocks are predominantly clinopyroxene- and feldspar-phyric and have a fine- to medium-grained feldspar-dominated groundmass. Plutonic rocks are equigranular to porphyritic, medium-grained monzodiorites. Pyroclastic rocks consist of lapilli and ash tuffs, as well as phreatic and phreatomagmatic breccias. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-2 Table 6-1: Deposit Model Features Item Note Global examples Cripple Creek (Colorado, USA), Emperor (Fiji), and Porgera (Papua New Guinea). Setting Areas of thickened continental crust or in island arc environments. Host features Calderas, diatremes, hypabyssal intrusive stocks and volcanic sector-collapse amphitheaters. Host rocks Oxidized alkaline igneous rocks to carbonaceous and sulfide-rich sedimentary rocks. Textures Quartz and quartz-adularia veins, vein stockworks, disseminated zones and breccias. Mineralization characteristics Telluride-rich gold veins associated with quartz, carbonates, adularia, barite–celestite, fluorite (felsic rocks) and roscoelite (mafic rocks). Frequently refractory. Alteration characteristics Neutral pH and K-silicate minerals such as adularia, illite, and muscovite. Near-surface zones of advanced argillic alteration (kaolinite–dickite–alunite–quartz) were identified at the Lihir deposit and the Emperor gold mine in Fiji. Sulfide associations Pyrite-dominant. Typically, base metal-poor, only containing traces of sphalerite, chalcopyrite, tetrahedrite and molybdenite, and typically containing more Au than Ag. Mineralizing fluids Temperature <300°C and are low salinity (less than 10 wt% NaCl eq.) with moderate to high CO₂ concentrations. Fluids must be relatively oxidized, based on the presence of sulfates (anhydrite, barite), hematite and/or magnetite. Isotopes Some stable isotopes (δC, δS, δD and δO) suggest a high magmatic component but some δD values suggest a wider range of sources including groundwater and/or seawater.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-3 Figure 6-1: Regional Tectonic Elements Note: Figure from Blackwell, 2010 Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-4 Figure 6-2: Volcanic Blocks Comprising Aniolam Island Note: Figure from Sykora (2016). As indicated by grid markers, map north is to top of figure.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-5 Figure 6-3: Volcanic Blocks Showing Fringing Limestone Note: Figure from Blackwell (2010). Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-6 Areas of hydrothermal alteration occur in each of the volcanic centers and locally appear as vegetation anomalies and/or as demagnetized zones. Modern geothermal activity is interpreted to be the waning stages of the ore-forming Luise hydrothermal system and is expressed as structurally-controlled hot mud pools, solfataras, hot springs of neutral chloride and acid sulfate waters, and low-temperature fumaroles. 6.4 Deposit Geology 6.4.1 Overview The local and deposit geology is summarized from Ageneau (2012), Blackwell (2010), Carman (1994), Davies and Ballantyne (1987), and Sykora (2016). The Luise volcano consists of a 4 by 3.5 km wide amphitheater, elongated and breached to the northeast. This is inferred to be a remnant of the original approximately 1.1 km high volcanic cone that underwent sector collapse(s). The Lihir deposit is located in the footwall of the sector collapse detachment surface. Gold mineralization at the Lihir deposit is a complex and refractory assemblage associated mainly with pyrite and marcasite veinlets, disseminations, replacements, and breccia fillings. The sector collapse event(s) superimposed late-stage, gold-rich, alkalic low-sulfidation epithermal mineralization upon early-stage, porphyry-style alteration. A broad, three-fold vertical alteration zonation is interpreted to represent this evolution. With increasing depth, the alteration zones consist of: • 0.2–Ma, surficial, generally barren, steam-heated clay alteration zone that is a product of modern high-temperature geothermal activity; • 0.6–0.2 Ma, high-grade (> 3 g/t Au), refractory sulfide and adularia alteration zone that represents the ancient epithermal environment; • 0.9–0.3 Ma, comparatively low-grade (< 1 g/t Au) zone rich in anhydrite ± carbonate, coupled with biotite alteration, that represents the ancient porphyry-style environment. Post sector collapse volcanism occurred during the modern geothermal-stage, with the emplacement of several diatreme breccia bodies. Texturally-destructive hydrothermal alteration and mineralization often obscures texture and composition in volcanic and volcaniclastic rocks where these units are cut by multiple diatremes and subvolcanic intrusions. 6.4.2 Lithologies Figure 6-4 is a stratigraphic column through the Luise amphitheater area. Abundant volcaniclastic debris flows (i.e., polymictic, matrix-rich breccias and sandstones) were deposited throughout the succession.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-7 Figure 6-4: Stratigraphic Column, Luise Area Note: Figure from Sykora (2016). Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-8 The depositional environment may have been sub-aerial, or at least proximal to sub-aerial, as indicated by the presence of accretionary lapilli. Sedimentation was interspersed with the emplacement of dykes, sills and autoclastic facies associated with andesitic and basaltic lavas and/or shallow intrusions. Minor mudstone intercalations may represent sub-aqueous depositional periods. Lava, tuff and volcanic breccias are common in the upper parts of the deposit, and on the deposit margins. Breccias tend to dominate over lavas to the north. Primary pyroclastic rocks consist of agglomerate, pyroclastic breccia, lapilli tuff and tuff. Primary epiclastic facies include breccia, conglomerate and sandstone. The polymictic matrix-rich breccias and sandstone are massive to weakly bedded. The mudstones are laminated to massive, and interbedded with, or transitional to, mud-rich breccias. Andesites and basalts are generally tabular, sub-horizontal bodies that variably grade outwards to monomictic breccias. The basalts are volumetrically dominant over the andesites, and are particularly abundant in the upper portions of the strata, where they occur commonly as sub- horizontal lava flows and sills, and less commonly as sub-vertical dykes. Where in contact with mudstone, the margins of some andesite and basalt lavas are peperitic. Clasts of basalt, andesite, as well as rare mudstone, occur within the polymictic breccias. Multiple intrusive phases are recognized, ranging from coarse equigranular monzonites to porphyritic varieties, and thin, fine-grained dykes. These intrusions cross-cut the volcano– sedimentary strata. The largest and oldest intrusions are monzonite ± microdiorite stocks. Cross- cutting the stocks are a series of <20 m wide sub-vertical porphyritic to aphanitic dykes of syenitic composition that reach higher levels in the strata. A series of matrix-rich, polymictic breccia bodies, interpreted to have formed by phreatomagmatic eruptions, form at least seven large north- to northeast-trending, coalescing, downward-tapering, elliptical pipes. The breccia bodies are both spatially and genetically linked to small (about 10 m wide) sub-vertical andesite dykes. Clasts contained within a fine-grained, rock-flour matrix include charcoal, internally stratified or juvenile volcanic components, as well as anhydrite-, pyrite– kaolinite–dickite- and pyrite-altered clasts. The diatreme breccias rarely contain mineralized clasts but locally have complex relationships with mineralization. 6.4.3 Structure Several structural trends appear important in localizing and confining individual breccia units as well as gold mineralization. The predominant regional orientation of dykes and faults on Aniolam Island are north–northeast-trending (~025°), which is interpreted to be associated with deep- seated tensional faults, and which may have controlled the long axis of the Luise volcanic edifice. Other strong structural trends occurring within the Luise Caldera include: • East–northeast-trending structures dipping moderately (60°) to the north; • Arcuate generally east–west-trending, north-dipping, listric-shaped structures believed to be associated with the collapse of the volcanic edifice;

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-9 • Sub-vertical northwest-trending structures; • Steeply eastward-dipping north–south-trending structures. East–northeast- and northeast-trending structures are most common, and coincide with aligned offshore islands, aeromagnetic features and elongation of inferred volcanoes and intrusions. The most prominent faults on Aniolam Island are normal faults striking 040° to 050° and dipping 40° to 50° to the northwest. North-, northwest- and west–northwest-trending structures are defined by magnetic lineaments and truncations. 6.4.4 Alteration Intense alteration was intimately associated with ore-forming events. Early-stage potassic alteration occurred as porphyry-style alteration associated with the emplacement of alkalic stocks within the volcanic edifice, with peripheral and broadly contemporaneous propylitic alteration. Sudden collapse of the volcanic edifice is interpreted to have resulted in the rapid depressurizing of the system and subsequent telescoping of epithermal alteration and associated gold mineralization upon the porphyry environment. Argillic and advanced argillic alteration assemblages developed through continued geothermal activity, driven by post mineralization magmatism. Geothermal activity continues to this day. Three alteration styles are recognized: • Clay zone: equates to argillic ± advanced argillic alteration, about 250 m thick, and subparallel to basal topography of amphitheater; represents the modern geothermal system; • Sulfide–adularia zone: equates to epithermal-style low sulfidation alteration; sub-parallel to basal topography of amphitheater with crenulated local downward projecting base, defined by pyrite-cemented breccias, abundant adularia alteration and disseminated pyrite in altered wall rocks, the lower parts of the sulfide–adularia zone transitions gradationally into the biotite- and K-feldspar-altered rocks of the anhydrite zone. The upper parts are typically more adularia ± illite-altered; • Anhydrite zone: equates to porphyry-style potassic alteration; vertically and horizontally extensive basal alteration unit; lateral and lower limits not demarcated, defined by the presence of >1% anhydrite ± calcite ± quartz occurring as veins, breccia cement and/or intergranular disseminations within wall rocks, it is atypical of calc–alkalic porphyries in terms of lacking well-developed quartz stockwork veining. The three alteration zones overprint each other at their basal contacts, and reflect distinct stages in the evolution of the magmatic–hydrothermal system. The intense alteration from the early porphyry-style, late epithermal, and modern high- temperature geothermal system has obscured many of the primary rock types, and extends vertically and laterally beyond the mineralized zones, with poorly-constrained limits. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-10 6.4.5 Mineralization The Lihir deposit has dimensions of about 1,500 x 3,000 m and has about 500 m in depth extent. A long section through the Lihir deposit is included as Figure 6-5. The deposit remains open at depth, along strike, and to the east, where it is currently limited by the Pacific Ocean. Mineralization consists of a number of styles, ranging from early porphyry to late-stage epithermal mineralization. Two of these gold mineralization styles represent economically significant phases. The most important mineralization style is refractory potassium feldspar–sulfide mineralization. In this association, gold occurs as solid solution gold in the crystal structure of sulfide grains. Overall sulfide content is relatively high, with the average sulfide grade of the mineral reserves being above 6%. The main sulfide mineral is pyrite, with accessory marcasite and rare arsenopyrite and chalcopyrite. Gold also occurs as small (less than 100 µm) blebs within fine pyrite crystals. The sulfides are characterized by their fine-grained nature, and were deposited through wholesale flooding and deposition within all host rocks, imparting a sooty, dark-grey coloring to the host rocks. Mineralization is locally associated with strong leaching of the original lithologies, creating pinhole to open, vuggy textures. Cavities as large as 10 m in extent were encountered. This secondary porosity is thought to be the result of dissolution of host rock by hot alkaline fluids, or alternatively as the result of boiling. Gold locally occurs as electrum, gold tellurides, and native gold associated with quartz, calcite and bladed anhydrite. The second significant style of gold mineralization occurs as a quartz–chlorite–bladed anhydrite association which is more typical of porphyry-style mineralization. This mineralization likely resulted from mixing of magmatic fluids with oxidizing near-surface water. Native gold several millimeters in size has been observed, although it is rare. 6.4.6 Oxidation/Weathering Oxidation locally extends to depths of 70 m but is negligible at the mine scale. Oxide has not been used in any resource model domaining, including density. 6.4.7 Alteration Model The alteration model is based on a combination of logging, chemical (multi-element analysis results) and mineralogical (Corescan hyperspectral data) information. An example section through the model is provided in Figure 6-6. Three vertical partitions or alteration groups, namely argillic, epithermal and porphyry, were identified which reflect the different alteration environments that have cumulatively resulted in deposit formation. Nine separate alteration domains were defined (Table 6-2).

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-11 Figure 6-5: Long Section, Lihir Deposit Note: Figure prepared by Newcrest, 2020. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-12 Figure 6-6: Alteration Model Note: Figure from Gardner, 2019.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 6-13 Table 6-2: Alteration Domains Alteration ‘Group’ Alteration (sub) Domain Distinctive Property (reason for lateral subdivision) Argillic Advanced Argillic (AA) More likely to contain ore grade material than other ‘argillic’ sub-groups. Harder more competent unit may impact comminution. Upper Argillic (UA) Typically waste. Contains ‘weak’ and ‘swelling’ clay minerals which are likely to impact pit wall stability. Argillic Clay (AC) Clay-bearing material, variable competency. Likely to impact processing (particularly flotation and materials handling) if ‘ore’ grade material mined. Epithermal Upper Epithermal (UE) Strongly altered and mineralized material. All calcium-bearing minerals (carbonate and anhydrite) leached. Higher proportion of ‘micro-crystalline pyrite’ which is likely to reduce flotation Au recovery. Silica Breccia (SB) Strongly altered and mineralized material. High silica content results in lower crushing throughput. Lower Epithermal (LE) Less ‘epithermally’ altered material, with some remnant calcium-bearing minerals present. Porphyry Inner Biotite (IB) High temperature core (most intense) area of initial porphyry alteration environment. Anhydrite and biotite dominant. Highest prevalence of dissolution cavities/voids (particularly in upper regions) and permeability. Higher likelihood of non-pyrite Au-bearing minerals. Outer Biotite (OB) Typically lower grade than IB. Moderate temperature porphyry alteration environment. Distal Chlorite (DC) Un-mineralized, least altered rock. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-1 7.0 EXPLORATION 7.1 Exploration 7.1.1 Grids and Surveys All models and drill holes are reported using the Lihir Mine Grid. This grid was established early in the Project history and is based on the Australian Geodetic Datum 1966 (AGD66). This was the principal datum for mapping and survey control in Australia (with a readjustment in some states in 1984) and Papua New Guinea until about 2000. UTM Grid coordinates in AGD66 are referred to as Australian Map Grid 1966 (AMG66) coordinates, with the Lihir deposit lying in Zone 56. 450,000 meters are added to the Lihir Mine Grid eastings to obtain AMG66 Zone 56 eastings and 9,650,000 meters are added to the Lihir Mine Grid northings to obtain AMG66 northings. The Papua New Guinea Geodetic Datum 1994 (PNG94) is the gazetted geodetic datum for Papua New Guinea and is the primary reference system for all cadastral surveys (including customary land surveys), airport surveys, and new resource sector surveys (commencing after 2000) in Papua New Guinea. UTM Grid coordinates in PNG94 are referred to as Papua New Guinea Map Grid 1994 (PNGMG94), with the Lihir deposit lying in Zone 56. Site surveyors have established a set of geodetic datum transformations to support inter-grid conversions. The topographic surface used to constrain the mineral resource and mineral reserve estimates is from a light detection and ranging (LiDAR) survey conducted in 2004. 7.1.2 Geological Mapping As part of early-stage exploration activities, Kennecott conducted ridge-and-spur reconnaissance mapping. The Target B (Kinami prospect) area was mapped by Kennecott at 1:20,000 scale. The 2018 mapping program at Target (B) Kinami conducted by Newcrest was at 1:10,000 scale. Some in-pit mapping has been conducted as part of the research studies listed in Chapter 7.1.8. No regular pit mapping program is in place. 7.1.3 Geochemistry Geochemical sampling was initially performed by Kennecott, who completed an island-wide grassroots reconnaissance program. Soil, rock chip, and stream sediment samples were collected. These samples identified a number of areas of gold anomalism and alteration zones that could be indicative of epithermal-style mineralization. As the work focus quickly shifted to the delineation of the Lihir deposit, the majority of these areas have had limited to no follow up. Newcrest undertook a regional re-assessment of the exploration prospectivity of the island, and commenced exploration activities. The plan is to conduct systematic grid soil sampling in

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-2 conjunction with geological mapping and rock chip sampling with low detection multielement analysis across existing anomalies to potentially define and rank drill targets. As part of this program, 427 soil samples were collected during 2018–2019 over the Target B (Kinami) prospect. Sampling covered an area of 4.4 km2, with samples spaced at 100 x 100 m. Infill sampling covered 1.8 km2 at a 50 x 50 m spacing. Creek mapping and sampling were conducted after the soil grid sampling was completed. Nearly all creek drainage within the Kinami caldera were traversed, mapped and sampled where alteration and mineralization were noted. A total of 10.6 km was traversed and total of 326 samples collected. Sampling was done mostly as rock chips in the form of 2 m channels in alteration and mineralized zones and selective or single grabs in less altered/mineralized zones. Results are considered to warrant drill-testing. 7.1.4 Geophysics The locations of the completed geophysical surveys are provided in Figure 7-1. 7.1.5 Airborne Surveys A heliborne combined aeromagnetic/radiometric survey was flown by Geo Instruments Pty Ltd (Geo Instruments) in 1987, with coverage restricted to the Luise Caldera area and a small area to the north. The sensor was at a 60 m terrain clearance, with flight lines oriented north–south on 100 m line spacings. In 1988, the survey was extended island-wide. Lines were oriented north–south on 150 m line spacings, with a nominal 60 m terrain clearance. Due to levelling problems with the dataset, the survey information was not considered useable with the software available at the time. World Geoscience Corporation re-leveled the data using new micro-leveling regimes in 1991, which produced usable images. Data interpretation showed a significant magnetic low co-incident with the Minifie pit sector. 7.1.6 Ground Surveys Ground magnetic surveys were conducted in 1985 and 1990–1991. The 1985 orientation survey was within the Luise Caldera area, with readings taken at approximate 50 m spacings along variably-oriented lines following roads, tracks, ridges, spurs and the coastline. The survey prompted the 1987 airborne survey to be flown. The 1990 survey concentrated on the Minifie area, with 43.7 line-km of data collected on 10 m station spacing. The survey was extended in 1991 to cover much of the remaining Luise Caldera floor, using 100 m spaced lines and readings at 25 m intervals along the lines. The survey was used to determine if the mineralization or alteration had a useable geophysical signature for exploration vectoring and targeting purposes. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-3 Figure 7-1: Geophysical Survey Location Plan Note: Figure prepared by Newcrest, 2020. Figure backdrop is the island-wide reduced-to-pole magnetic image. Surveys conducted within the Luise Caldera area include IP, ground magnetics, controlled-source audio-frequency magneto-tellurics and magneto- tellurics.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-4 During 1990, a time-domain induced polarization (IP) survey was undertaken, with the aim of better delineating structures that could potentially localize areas of higher grade. An initial 13 km of data was collected using a northwest–southeast oriented gradient-array survey with lines spaced 50 m apart. A total of 3.3 line km of pole–dipole survey was conducted using the same line orientations, but at 150 m spacing. These surveys were extended in 1991 to cover a total of 43.7 line km of gradient-array and 6.8 km of pole-dipole surveys, corresponding to most of the caldera floor. The surveys identified a resistivity and chargeability boundary along the southern edge of the Minifie pit sector. The Luise Caldera area was subject to a controlled-source audio-frequency magneto-telluric (CSAMT) survey in 1991. The survey covered 12.25 line-km, using a 25 m station spacing and 400 m line spacing. The Minifie and Lienitz pit sector areas showed resistivity highs; and a similar boundary along the southern edge of the Minifie pit sector as identified in the IP data. A 62-station magneto-telluric (MT) survey was conducted in 2004, in an attempt to define the area that had geothermal potential. An additional 57 stations were included in a 2007 survey. The 2007 survey and associated modelling results resulted in an expansion of the inferred geothermal resource to the west and north to that indicated by the 2004 survey. In addition, the 2007 geophysical survey results indicate that areas of warm spring activity evident elsewhere across Aniolam Island are not directly related to a high-temperature geothermal resource, and therefore have no geothermal power-generating potential. 7.1.7 Marine and Near-Shore Surveys During 2012, an offshore shallow seismic reflection survey was conducted by Asian Geos Pty Ltd. in support of coffer dam designs, with the following aims: • Determine accurate water depths within the survey site; • Establish seafloor morphology through the survey area including checking for relevant seabed features related to obstructions; • Evaluate sub-bottom (shallow) geological conditions, including the presence of paleo- channels, evidence of anomalous structures (such as shallow faults); • Assess intermediate geological conditions, including the presence of paleo-channels, amplitude anomalies, anomalous structures (such as faults). In January 2017, a trial of a range of geophysical techniques was completed by GBG Australia Pty. Ltd. in and around the inner harbor to investigate the sub-surface materials to better understand the nature of the geology to assist with geotechnical engineering design of the planned seepage barrier to be constructed between Luise Harbor and the open pit crest. Marine hydrographical investigations included side-scan sonar, seismic reflection profiling, and seismic refraction Microtremor methods. Land-based surveys consisted of MASW (a seismic surface wave method for geotechnical applications), resistivity profiling and Tromino (passive seismic) readings. Interpretations of the surveys provided a provisional understanding of the inner harbor geological and geophysical setting, including evidence of a paleochannel and the extent of debris associated with the Kapit landslide. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-5 A detailed geophysical survey was undertaken in January 2018 by Marine & Earth Sciences to assist with the site characterization. Work completed included: • Two continuous marine seismic refraction (CSMR) survey lines, oriented approximately north–south within the inner harbor; • Two multi-channel marine seismic reflection survey along the same lines as the CSMR; • Three MASW lines. During April–May 2018, the geophysical survey was expanded to include additional five seismic refraction survey lines which were correlated to borehole data and a bathymetric survey of the inner harbor reflection surveys and three MASW lines. Survey data from the two programs will be subject to interpretation, and used in support of the seepage barrier designs. 7.1.8 Petrology, Mineralogy, and Research Studies Newmont’s predecessor companies encouraged research on the Lihir deposit. A number of public papers on aspects of geology, mining and processing were presented by predecessor company staff, and by consultants working on the Project. The following theses were completed: • Ageneau, M., 2012: Geology of the Kapit Ore Zone and Comparative Geochemistry with Minifie and Lienetz Ore Zones, Ladolam Gold Deposit, Lihir Island, Papua New Guinea: unpublished PhD thesis, University of Tasmania, 269 p.; • Blackwell, J.L., 2010: Characteristics and Origins of Breccias in a Volcanic-hosted Alkalic Epithermal Gold Deposit, Ladolam, Lihir Island, Papua New Guinea: unpublished PhD thesis, University of Tasmania, Australia, 203 p.; • Carman, G.D., 1994: Genesis of the Ladolam Gold Deposit, Lihir Island, Papua New Guinea: unpublished PhD thesis, Monash University, Australia, 381 p.; • Cater, G., 2002: Deep Hydrothermal Alteration at the Ladolam Epithermal Gold Deposit, Lihir Island, Papua New Guinea: unpublished MSc thesis, University of Auckland, New Zealand, 94 p.; • Lawlis, E., 2020: Geology and Geochemistry of the Kapit NE Prospect, Lihir Gold Deposit, Papua New Guinea: unpublished PhD thesis, University of Tasmania, Australia.; • Sykora, S., 2016: Origin, Evolution and Significance of Anhydrite-Bearing Vein Arrays and Breccias, Lienetz Orebody, Lihir Gold Deposit, Papua New Guinea: unpublished PhD thesis, University of Tasmania, Australia. Age date and fluid inclusions studies were conducted. 7.1.9 Qualified Person’s Interpretation of the Exploration Information The exploration programs completed to date are appropriate to the style of the Lihir deposit.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-6 7.1.10 Exploration Potential A desktop review of historical exploration information was undertaken in 2016, which defined the prospective grassroots areas summarized in Table 7-1. Prospect locations are shown in Figure 7-2. 7.2 Drilling 7.2.1 Overview 7.2.1.1 Drilling on Property Drilling completed to December 31, 2023 comprises primarily core drilling and RC drilling for short term planning since early-2021. Drilling was completed for exploration, resource delineation, metallurgical, geotechnical, pit cooling, and geothermal purposes, and totals 11,343 drill holes (1,030,344 m). A total of 2,295 drill holes (449,287.23 m) is used in estimation. A single small de-risk core drilling program was completed between mid-2016 and mid-2023 when resource delineation core drilling recommenced in the northeastern deposit area (refer to Chapter 7.2.1.3). Table 7-2 summarizes the drilling to December 31, 2023, by operator; Table 7-3 provides the drill hole totals by purpose, on a Project-wide basis, and Table 7-4 summarizes the drilling used in mineral resource estimation. Drill hole collars are shown in Figure 7-3 for the Project as a whole and in Figure 7-4 for the drill holes supporting the mineral resource estimate. 7.2.1.2 Drilling Excluded For Estimation Purposes Core holes support mineral resource and mineral reserve estimates. Drilling not used in estimation support includes RC drilling and blast hole drilling. 7.2.1.3 Drilling Since Database Close-out Date A small, 10 hole, de-risk core drilling program (1,466 m) was completed between mid-2016 and mid-2023. A sensitivity estimate was completed in the area of this de-risk drilling program with no changes noted when compared to the current resource estimate. In mid-2023, a resource delineation program of drilling commenced, with the aim of improving confidence in the northeastern deposit area. As at December 31, 2023, 16 drill holes (4,748 m) had been completed (Table 7-5). Drill collar locations for the completed drill holes are shown in Figure 7-5. This drill program is still in progress with data compilations and reviews still to be completed. Although the newer drilling within the resource modelling area is likely to locally change the grade estimates, overall, the new drilling should have a minimal effect on the average grade of the model. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-7 Table 7-1: Prospective Areas Prospect Note Prospect A (Upper Londolovit) Potential porphyry target; consists of elevated copper and molybdenum values in rock chip samples with subordinate gold anomalism; elevated molybdenum values in stream sediment sampling, and an overall manganese-zinc depletion anomaly. Co-incident radiometric anomaly and visible surface clay alteration. Prospect B (Kinami) Potential epithermal target; consists of anomalous gold and arsenic values in rock chip sampling. Co-incident large outcropping argillic alteration zone. Prospect C (Wurtol River) Potential epithermal and porphyry target; consists of anomalous gold, copper and silver values in rock chip sampling; associated with elevated potassium, tellurium, antimony and arsenic assays. Anomalous gold, silver and tellurium values in stream sediment sampling. Co-incident visible argillic and phyllic alteration. Warm springs in vicinity. Visible gold noted in adjacent drainages; soil sampling observed rare veins. Prospect D (East Lakakot) Potential porphyry target; consists of low-order copper–molybdenum anomalism in stream sediments; elevated copper, molybdenum, zinc, and manganese assays in soil sampling. Co-incident radiometric anomaly and visible surface clay alteration. Prospect E (Huniho) Potential epithermal target; consists of low-order gold–copper anomalism in stream sediment samples; arsenic–antimony anomaly evident from soil sampling. Some evidence of silica alteration associated with northeast-trending structures; weak fracture-controlled argillic alteration. Prospect F (Illkot) Potential epithermal target; consists of anomalous gold values in soils and elevated gold and silver values in rock chip samples. Associated with argillic alteration. Surface channel sampling encountered significantly anomalous gold values in association with banded quartz veins that display elevated arsenic, silver, tellurium and antimony grades.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-8 Figure 7-2: Prospect Location Plan Note: Figure prepared by Newcrest, 2020. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-9 Table 7-2: Drill Summary Table by Operator Company Number of Drill Holes Meters Drilled (m) Kennecott 519 88,551 Lihir Gold 447 129,490 Lihir Gold/Rio Tinto 967 265,848 Newcrest 8,567 500,354 Unknown 843 46,101 Totals 11,343 1,030,344 Note: Unknown = no company name recorded in the current database. Meterage may not sum as totals were rounded. Table 7-3: Drill Summary Table by Drill Purpose Purpose Number of Drill Holes Meters Drilled (m) Exploration 23 4,383 Geotechnical 1,183 111,539 Geothermal 318 164,858 Pit cooling 11 3,628 Resource/mine 2,305 450,053 Metallurgy 17 7,226 Short term ore control 3,534 168,495 Stockpile ore control 3,952 120,162 Totals 11,343 1,030,344 Note: Meterage may not sum as totals were rounded.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-10 Table 7-4: Drilling Used in Mineral Resource Estimation Company Drill Purpose Number of Drill Holes Meters Drilled (m) Kennecott Geothermal 1 750.3 Resource/mine 409 83,815.1 Lihir Gold Geotechnical 1 125.3 Geothermal 2 800.26 Resource/mine 165 49,220.47 Lihir Gold/Rio Tinto Geotechnical 1 1,044.39 Resource/mine 787 211,729.9 Newcrest Geotechnical 12 2,410.6 Geothermal 3 1,150 Resource/mine 176 55,709.24 Unknown Resource/mine 737 42,531.67 Totals 2,295 449,287.23 Note: Meterage may not sum as totals were rounded. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-11 Figure 7-3: Project Drill Collar Location Plan Note: Figure prepared by Newmont, 2024.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-12 Figure 7-4: Drill Collar Locations Supporting Mineral Resource Estimate Note: Figure prepared by Newcrest, 2020. Magenta outline shown is the outline of the resource model. Dashed outline is the ML boundary. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-13 Table 7-5: Drilling Since Database Close-Out Date Purpose Number of Drill Holes Meters Drilled (m) Geotechnical 241 22,813 Geothermal 249 5,847 Pit cooling 21 7,153 Resource/mine 26 6,214 Metallurgy 16 2,473 Short term ore control 3,534 168,495 Note: Drilling from November 26, 2016 to December 31, 2023.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-14 Figure 7-5: Collar Locations, Drilling Completed Since Database Close-Out Date Note: Figure prepared by Newmont, 2024. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-15 7.2.2 Drill Methods Core sizes drilled included PQ (84.8 mm core diameter), HQ (63.5 mm core diameter) and NQ (47.6 mm core diameter). Triple tube methods are routinely used for geotechnical drilling. RC drilling was conducted on low-grade stockpiles for the purpose of constructing run-of-mine (ROM) stockpiles. This practice was discontinued during 2023. RC drilling is also completed to support medium-term geology and planning models. The drill pattern is a 20 x 20 m grid with drill hole depths to 48 m. 7.2.3 Logging All data collection and sampling are conducted on site at the Lihir Operations core processing facility, which includes logging sheds, core cutting, and storage areas. Geological logging is performed using acQuire software to record observations made on core and percussion chips into touch screen and laptop computers. The data are then transferred into various database systems depending on desired end use of the data. The drill core logging system consists of seven log sheets (windows) into which data are entered, including: • Collar; • Lithology; • Discontinuities; • Point load tests; • Geotechnical; • Bulk density; • Magnetic susceptibility. 7.2.4 Recovery There are only minor zones of lost core or poor core recovery, which are usually restricted to broken or faulted ground and areas of high clay contents in the upper sections of the deposit. Core recovery is generally excellent with core recoveries around 99%. Historical comparison of core data with blast hole data suggests no appreciable bias related to core recovery. 7.2.5 Collar Surveys Drill collar locations were surveyed using either theodolite or differential global positioning system (DGPS) instruments.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-16 Current drill collars are surveyed using the Lihir Mine Grid. Mine surveyors either locate, or lay out design locations for drill collars using DGPS instruments. 7.2.6 Down Hole Surveys A variety of methods were used to measure down-hole deviation (dip and azimuth), including Eastman and electronic single shot instrument; the majority of readings were performed using the Eastman camera. Gyroscopic survey methods are typically used for geotechnical drill holes. Depending on the drill hole purpose, not all drill holes may be down-hole surveyed. Survey station spacing generally ranges from 30–50 m down-hole intervals, depending on the age of the drill hole and the survey instrument used. However, in some drill holes there can be several hundreds of meters between survey depths. 7.2.7 Grade Control Grade control drilling is carried out at 5 x 6 m spacing, with hole depths of 12–14 m. Holes are completed using Sandvik D55, Atlas Copco PV271 or Atlas Copco D65 blast hole drill rigs. A separate grade control database is maintained at the mine site. 7.2.8 Comment on Material Results and Interpretation The geological model is based on alteration domains. These domains are essentially horizontally layered, with clay-altered argillic materials at the surface, and relic porphyry alteration at depth. A horizon of epithermal-style mineralization exists between these two alteration domains, as epithermal fluids have flooded laterally through porous and fractured host rock. Drilling is typically near-vertical. This drill orientation is acceptable for the majority of the mineralization orientation, and results in drilled widths that approximate true widths. An example drill sections showing the relationship of the drilling to the mineralization was provided in Figure 6-5. Drill spacing is variable, as there are limited drill platform sites available due to the rugged topography. Drilling can vary from 40–100 m spacing, depending on the available drill platform locations. Drilling and surveying were conducted in accordance with industry-standard practices at the time the drilling was performed and provide suitable coverage of the zones of gold–silver mineralization. Collar and down hole survey methods used generally provide reliable sample locations. Drilling methods provide good core recovery. Logging procedures provide consistency in descriptions. These data are considered to be suitable for mineral resource and mineral reserve estimation. There are no drilling or core recovery factors in the drilling that supports the estimates that are known to the QP that could materially impact the accuracy and reliability of the results. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-17 7.3 Hydrogeology 7.3.1 Overview The Lihir deposit is located within a geothermally active zone. The hydrogeology environment can comprise of both liquid water and steam due to the high temperatures. Hydrogeology data are collected where deemed necessary to provide additional information and to verify pore pressure conditions in the vicinity of open pits. 7.3.2 Sampling Methods and Laboratory Determinations Pore pressure and temperature data is collected via instrumentation comprising of vibrating wire piezometers installed within drill holes at varying depths below ground surface along the perimeter of the pit and within the pit. 7.3.3 Comment on Results Pore pressures, temperatures and ground water levels are constantly monitored by using a series of grouted multiple vibrating wire piezometer bores. Site personnel routinely collect data, analyze time-series data on daily, weekly and monthly reports to support slope design. As required, corporate subject matter experts and/or third-party consultants undertake specialized hydrogeological/geotechnical evaluations. 7.3.4 Groundwater Models A numerical groundwater flow model (FEFLOW) was developed by third-party consultants for localized areas of liquid water assessment. Numerical geothermal models have been developed by third party consultants to predict the pore pressure and temperature with mining development. 7.3.5 Water Balance A water balance (GoldSim) model was developed for the site water balance. 7.3.6 Comment on Results To the Report date, the hydrogeological data collection programs have provided data suitable for use in the mining operations, and have supported the assumptions used in the active pit.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 7-18 7.4 Geotechnical 7.4.1 Overview Geotechnical data are collected to provide additional information and to verify ground conditions in the vicinity of the open pits and terrestrial dumps. Core drilling methods are used to collect soil and or rock core. Materials encountered are logged, sampled, laboratory tested where required. In addition to information gathered during core drilling, geological structures are mapped and documented continuously as mining progresses in the open pits. This is aided through use of geo-referenced photogrammetry and high-definition point cloud scanning that is used to create digital references of structural modelling. 7.4.2 Sampling Methods and Laboratory Determinations Laboratory testing includes a variety of tests used to derive engineering characteristics of soils and rock materials. Material testing for strength and material characterization include the following: • Triaxial; • Unconfined compressive strength; • Shear strength; • Tensile strength; • Soil strength testing; • Soil material classification. Newmont uses National Associate of Testing Authorities-accredited laboratories to ensure adequate quality and integrity of testing procedures and results. A central database of material logs is maintained to enable orderly access to information. 7.4.3 Comment on Results The geological and geotechnical setting of the Lihir operations for both soils and hard rock is well understood and displays consistency in the various operating areas on the site. Additional testing continues to confirm the consistency of material strength properties. As required, corporate subject matter experts and/or third-party consultants undertake specialized hydrogeological/geotechnical evaluations. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-1 8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY 8.1 Sampling Methods 8.1.1 Geochemical Sampling No information on the early Kennecott geochemical sampling is available. Soil sampling completed by Newcrest in 2018–2019 used a manual auger drill to sample the C- horizon. 8.1.2 Core Sampling After core logging, the current procedure is to draw a cut-line on the core and photograph the core. Intact and competent drill core is cut in half along the cut-line using a diamond saw. Where the core is too soft to be cut with a diamond saw, a knife is used to cut the core in the core tray. Where the core is too broken or brittle to be cut by the saw, the fragments are manually sampled. The nominal sampling interval is 2 m; however, sampling intervals may vary. In particular, samples taken for metallurgical purposes may be significantly longer than the nominal sample interval. The left-hand half of the core is placed in a calico bag marked with the appropriate sample number and sent to the laboratory for sample preparation and assaying. 8.1.3 RC Sampling Historical RC holes were drilled to 36 m depth with one sample collected every 6 m rod for a 100 mm diameter hole. No sample recovery records are collected for RC drilling. Prior to 2019 the primary RC samples were collected after a straight flush through a cyclone and cone splitter. The sample was transferred by plastic tubs to a multi-deck riffle splitter for the collection of a 3 kg sample split. Currently, samples are taken at 1.5 m intervals to provide a 3 kg split from a cyclone cone splitter. Sample splits are weighed and recorded with duplicate splits taken every 20 m. 8.1.4 Sonic Sampling Sonic drill campaigns were completed for metallurgical and geotechnical purposes, and are not used to support mineral resource estimates. Sonic drill holes completed for geotechnical purposes were selectively sampled to provide samples for unconfined compressive strength, point load, and other geotechnical tests. Sonic drill holes completed for metallurgical purposes were sampled at interval lengths ranging from 6–15 m, length to align with compositional variation as determined via Corescan.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-2 8.1.5 Ore Control (Blast Hole) Sampling Blast hole sampling is conducted in the open pits on the cone of material produced when drilling an open hole percussion hole, approximately 229 mm diameter to a depth of 14 m. This generates approximately 1.2 t of mixed clay and gravel. During the earlier mining programs, sampling was carried out with a push tube (pipe spear) manually inserted into the blast cone at 5–8 locations and deposited in a calico bag for an approximate 2.5–3 kg sample. From 2012, the sample tube was replaced with an electric auger. Sample weights remained unchanged. Agoratek International completed a review of the sampling that confirmed similar precision in both sampling styles. 8.2 Sample Security Methods Sample security at the Lihir Operations has not historically been monitored. Sample collection from drill point to laboratory relies upon the fact that samples are either always attended to, or stored in the locked on-site preparation facility, or stored in a secure area prior to laboratory shipment. Chain-of-custody procedures consist of sample submittal forms to be sent to the laboratory with sample shipments to ensure that all samples are received by the laboratory. Grade control samples submitted to the site laboratory are retained as 300 g pulps for a period of three months and then discarded. Drill core samples are retained as half core and 300 g sample pulps at the exploration core shed. This incorporates an undercover pallet storage area as well as numerous sea containers. Some of the containers are freezer units for selective samples required for metallurgical testing. 8.3 Density Determinations The physical density determination was undertaken on solid pieces of core, typically, 10 cm in length. Intervals for density determination are selected according to lithology or alteration/mineralization type (as defined by the geologist). The measurements are performed on site as part of the logging process by geological assistants. Measurements are generally taken at 50 m intervals down hole, or more frequently if required. Density is determined by calculating the volume after measuring the diameter and length of the core with a Vernier caliper then weighing the selected interval on a balance. The density is then calculated by the following formula; • Density = weight/(π * (diameter/2)2 * length). There is a total of 11,535 determinations available for resource estimation. Density gravity values range from 3.94 t/m3 in fresh rock to 1.01 t/m3 in altered and oxidized material. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-3 8.4 Analytical and Test Laboratories A number of third-party, independent analytical and sample preparation laboratories were used prior to 1997, including Pilbara Laboratories (subsequently underwent name change to Analabs, later Genalysis), SGS, and ALS Chemex. There is no accreditation data available in the Project database for these laboratories at the time of use. The onsite laboratory was constructed in 1997, and has been the primary preparation and analytical laboratory since that date. The onsite laboratory is not independent and holds no accreditations. After commissioning, the onsite laboratory was operated by Lihir Gold until 2010. The onsite laboratory has been operated by Newcrest since 2010, and Newmont since November, 2023. Standard and Reference Laboratories, located in Perth, Western Australia, was used as a check laboratory during 2012. The laboratory was independent, and accredited to ISO9001 at the time of use. Standard and Reference Laboratories became part of the Inspectorate group, now Bureau Veritas. From 2010, samples were sent to SGS Lae, SGS Townsville, ALS Chemex Brisbane or the Newcrest (now Newmont) Services Laboratory in Orange (NSLO) for check or additional analysis. Any of these laboratories could be used for primary analysis for selected samples. There is no accreditation data available in the Project database for SGS Lae, or SGS Townsville. Both laboratories were independent at the time. ALS Chemex Brisbane and the NSLO hold ISO17025 accreditations. ALS Chemex Brisbane is an independent laboratory. The NSLO was not independent of Newcrest and is not independent of Newmont. Half-core HQ samples are currently sent to Intertek laboratory in Lae (Papua New Guinea) for sample preparation, and pulp samples flown to Intertek Townsville (Australia) for multi-element geochemistry, LECO, and fire-assay analysis. Intertek Lae and Intertek Townsville were independent of Newcrest and are independent of Newmont. The laboratories hold ISO17025 accreditation for selected analytical techniques. Umpire sample checks are completed at the NSLO. Gold and sulfide sulfur assays on ore control and plant samples are currently performed at the onsite mine laboratory. Samples can be sent to the NSLO; however, this is primarily done for metallurgical samples and samples requiring multi-element analyses. 8.5 Sample Preparation 8.5.1 Legacy Sample preparation procedures for the majority of the legacy data are not recorded in the Project database. Standard and Reference Laboratories used a wet screen sizings at 75 µm, and this was reported as the percentage passing 75 µm. No other information is available. Preparation methodologies for the legacy data are not recorded in the Project database.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-4 8.5.2 Current The current procedure at the onsite laboratory for ore control samples is: • Samples are dried in an oven at 105°C; • Each 3 kg sample is pulverized using a Labtechnics LM5 pulverizing mill to specified grind parameters of 95% passing 106 µm; • A 150 g sub-sample is collected for analysis and submitted to the assay laboratory. A similar preparation protocol is used at the NSLO. 8.6 Analysis Where known, analytical methods and detection limits are provided in Table 8-1. 8.6.1 Legacy Analytical methodologies for the majority of the legacy data are not recorded in the Project database. Information recorded typically consists only of the element and detection limit. Standard and Reference Laboratories used method code FA9 for gold analysis, whereby a gold– silver prill was dissolved in aqua regia and determined instrumentally via AAS. 8.6.2 Current Core samples are analyzed on a 50 g aliquot using a fire assay with an ICP-OES finish for gold, four-acid multi-element analysis via ICP-MS, and sulfur speciation via a LECO instrument using a proprietary technique. Blast hole, RC, and process samples are routinely analyzed for gold, copper and sulfide sulfur. The onsite laboratory uses a 25 g aliquot that is fire assayed with an AAS finish for gold. Sulfur is assayed via a LECO instrument, using a proprietary LMC technique. The NSLO uses a 30 g aliquot that is fire assayed with an AAS finish for gold. The major analytical focus at the NSLO is multi-element analysis. Results are electronically recorded and sent to the Geology Department to be uploaded to the resource database for checking and validation. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-5 Table 8-1: Assay Techniques and Detection Limits Laboratory Method Element ALS Chemex ME-ICP41 Hg (1 ppm); K (0.01%); La (10 ppm); Mg (0.01%); Mn (5 ppm); Mo (1 ppm); Na (0.01%); Ni (1 ppm); P (10 ppm); Pb (2 ppm); S (0.01%); Sb (2 ppm); Sc (1 ppm); Th (20 ppm); Ti (0.01%); Tl (10 ppm); U (10 ppm); W (10 ppm); Zn (2 ppm) Onsite laboratory (Lihir Gold) AU25 Au (0.02, 0.1 ppm) * Cu (0.1 ppm) * S (0.01%) Onsite laboratory (Newcrest/Newmont) AU25 Au (0.01 ppm) LECO C (0.01%) * Cu (0.01%) LECO S (0.01%) Intertek Townsville ME48; 4AD; ICP-MS Ag (0.05, 0.1 ppm); Al (0.005 %); As (0.2 ppm); Ba (0.1 ppm); Be (0.05); Bi (0.01 ppm); Cd (0.02); Cs (0.05 ppm); Ga (0.1 ppm); Ge (0.1 ppm); Hf (0.05 ppm); In (0.01 ppm); Li (0.1 ppm); Mo (0.1 ppm); Nb (0.05 ppm); Ni (0.5 ppm); P (0.005%); Pb (0.5 ppm); Rb (0.05 ppm); Re (0.02 ppm); Sb (0.05 ppm); Sc (0.1 ppm); Se (0.5 ppm); Sn (0.1 ppm); Sr (0.05, ppm); Ta (0.01, 1 ppm); Te (0.2 ppm); Th (0.01 ppm); Tl (0.02 ppm); U (0.01 ppm); V (0.01 ppm); W (0.1 ppm); Y (0.05 ppm); Zr (0.1 ppm) FA50 Au (0.01 ppm) LECO C (0.01%, 0.02%; S (0.01%, 0.2%) NSLO MEAD4MS Ag (0.05, 0.1 ppm); As (1 ppm); Ba (0.05, 0.1 ppm); Be (0.1, 0.2 ppm); Bi (0.005, 0.05 ppm); Cd (0.02, 0.05 ppm); Cs (0.005, 0.1 ppm); Ga (0.02, 0.2 ppm); Ge (0.05, 0.2 ppm); Hf (0.01, 0.1 ppm); In (0.005, 0.05 ppm); Li (0.02, 0.1 ppm); Mo (0.02, 0.1 ppm); Nb (0.01, 0.1 ppm); Rb (0.02, 0.1 ppm); Re (0.005, 0.5 ppm); Sb (0.05, 0.1 ppm); Sc (0.05, 0.1 ppm); Se (0.1, 2 ppm); Sn (0.1 ppm); Sr (0.05, 0.5 ppm); Ta (0.01, 1 ppm); Te (0.01, 0.1 ppm); Th (0.005, 0.5 ppm); Tl (0.01, 0.02 ppm); U (0.005. 0.05 ppm); Y (0.01, 0.1 ppm); Zr (0.05, 0.5 ppm) MEAD4OES Ag (0.2 ppm); Al (0.01%, 50, 100 ppm); As (2 ppm); Ba (0.5 ppm); Ca (0.01%, 50, 100 ppm); Cd (0.2 ppm); Ce (2 ppm); Co (0.5, 3 ppm); Cr (1, 2 ppm); Cu (2, 3 ppm); Fe (0.01%, 100 ppm); Hf (0.5 ppm); K (0.01%, 40, 100 ppm); La (1 ppm); Mg (0.01%, 20, 100 ppm); Mn (0.5, 1 ppm); Na (0.01%, 50, 100 ppm); Ni (1, 2, 5 ppm); P (5, 10 ppm); Pb (2, 10, 15 ppm); S (0.01%, 50, 100 ppm); Sc (0.2, 5 ppm); Sr (10 ppm); Ta (1 ppm); Ti (0.01%, 50, 100 ppm); V (2, 5 ppm); W (1, 3, 5 ppm); WO3 (0.005%); Y (0.2 ppm); Zn (0., 1, 2 ppm); Zr (0.1 ppm) CUAD5AAS AsCu (10 ppm) FA301 Au (0.01 ppm) LECO C (0.01%, 0.02%; S (0.01%, 0.2%)

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-6 Laboratory Method Element AAS3A Cu (0.01%) ICP3AO Cu (0.01 ppm) CuCN CuCN (5 ppm) XRFOR1 Fe (0.01%), S (0.01%); SO4 (0.01%, 0.2%) Standard and Reference Laboratories * Ag (1 ppm); As (20 ppm); Ba (1 ppm); Sb (1 ppm) Note: * method not recorded in database. 8.7 Quality Assurance and Quality Control 8.7.1 Procedures All assays are checked and verified in accordance with quality assurance quality control (QA/QC) and database management procedures. QA/QC procedures were in place for all of the legacy drilling programs. A detailed QA/QC program is in place for ongoing assessment of sampling and analytical procedures. The process can involve submission and analysis of some or all of the following: • Blind submissions of standard reference materials (SRMs) to the onsite laboratory; • Duplicates from the LM5 pulverize pulp, assayed during the same batch; • Blind resubmission of pulps to the onsite laboratory; • Replicate submissions of pulps to an alternative laboratory for analysis; • Replicate submissions of coarse duplicates to an alternative laboratory for analysis; • Submission of coarse blank samples (non-Aniolam Island barren rock samples); • Checks on grind and crush size from the sample preparation steps; • Visits to the laboratory for confirmation of actual procedures applied; • Monthly QA/QC meetings with laboratory personnel. A monthly report is prepared for the site Technical Services Manager detailing QA/QC performance, and an annual report is prepared to support the documentation of the mineral resource estimate. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-7 8.7.2 Pre-2012 QA/QC 8.7.2.1 Standard Reference Materials A total of 14 SRMs were used. The LMC series (LMC1-6) were used until the end of 2008 and the LGL series (LGL7-14) were brought into use progressively from November 2008 (LGL7) until July 2010 (LGL13). Both the LMC and LGL series were matrix-matched to materials from the Lihir deposit. Ore Research and Exploration Pty Ltd prepared the LGL SRMs. Best values for the LGL series were estimated for gold, sulfide sulfur and total sulfur. Best values for the LMC series may have been estimated for gold only; there are no sulfur best values data in the database and the certificates are not available. SRM performance is generally unacceptable for the evaluation period, largely because of the extreme number of SRMs that appear to have been mislabeled or swapped with routine samples. 8.7.2.2 Blanks Blank samples were inserted in the sample stream. The database contains records for 598 gold blanks, all dating from March 2008 to the end of 2010. There are two groups of blanks, and two different lower detection limits. There are few spikes in the data with the higher detection limit. The other data, however, show poorer control, frequent results above 0.2 ppm, and some spikes that appear to be sample swaps. 8.7.2.3 Duplicates A total of 10,006 pulp duplicates were analyzed prior to November 2009. The mean bias is +10% suggesting the likely presence of a number of sample swaps. There are 1,137 duplicate samples after November 2009. Precision was 13.7% for the entire data set improving to 8.3% for pair averages of 0.5 ppm or better and 5.3% for pair averages of 2 ppm or better. 8.7.2.4 Check Assays Approximately 49,500 samples that were analyzed by the site laboratory between 2000 and 2005 were reanalyzed by Standard and Reference Laboratories. Reanalysis was completed for gold only. There are large discrepancies between the two laboratories’ results for individual samples, but the averages are similar. As far as can be ascertained in a data set with such poor precision, there is an inconsistent, generally positive, bias. In 2010, 167 samples plus eight SRMs were sent to Standard and Reference Laboratories for gold-assay checks. Standard and Reference Laboratories analyzed the samples in duplicate. Agreement between the two laboratories was good. There is no record of any check assays for sulfur for this time period.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-8 8.7.2.5 Observations and Interpretations Historical QA/QC (through 2011) performance was relatively poor (see discussion in Section 12.3), and all control measures used indicate that there were problems at the mine with sample mix-ups, swaps and mislabeling of control samples, and by inference, the routine drill samples. However, in summary: • Accuracy for this time period cannot be reliably estimated because of the erratic assays of standards; • Contamination is low and acceptable for much of the time covered. The later months appear to have numerous sample swaps so no conclusions can be made; • Precision appears to be adequate; • Check assays for gold indicate that gold bias is quite small and acceptable. The gold data suggested there was a systematic negative bias in the onsite laboratory performance for gold of the order of -5%. The data for sulfide sulfur analysis suggests there was a systematic positive bias in the onsite laboratory performance for sulfur of the order of 15–20%. The positive bias is considered to be due to the degradation of the LabFit procedure over time such that it measured total sulfur rather than the sulfide sulfur the procedure was established for, and also the procedure used to generate the expected value of the SRMs. However, the sulfide sulfur assays are used for metallurgical characterization and are not directly applied to mineral resource and mineral reserve estimates. Historical QA/QC results do not suggest there is a serious bias in the performance of the onsite laboratory itself in terms of gold analysis. In the QP’s opinion, the QA/QC data indicates the historical (prior to 2011) sample preparation, security and analytical procedures were adequate and results independently verified and as such the data are considered to be acceptable inputs for mineral resource estimation. 8.7.3 2012–2023 QA/QC Batches are prepared for gold assaying with 40 primary samples and six laboratory QA/QC (three SRMs, two duplicates, one blank). Field samples are submitted with around 37 primary samples plus three geology QA/QC samples. 8.7.3.1 Grind Size Routine grind size checks are completed at a 1:20 frequency. Where a sample does not pass the recommended P95 106 µm value, regrind is completed on 10 samples either side of the failure. Where the grind check is completed after sample analysis has been completed, re-analysis of the regrind pulps is required. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-9 There have been minimal to no grind size failures. 8.7.3.2 Blanks Barren flush material is used at the start of every batch or if clay build up is noticed in the pulverize. Blank samples are inserted with the primary samples at a rate of one in 40. In addition, the laboratory uses a barren flush (not assayed) at the start of every batch, and if pulverizer bowls have residual clay in them. Flushes are prepared from ceramic pots that are broken into the bowls. There have been minimal to no issues indicated from the monitoring of blanks. 8.7.3.3 Crush Duplicates Crush duplicates are collected at a 1:20 frequency, and precision for gold is considered within acceptable limits for all laboratories. There have been minimal to no issues indicated from the monitoring of crush duplicates. 8.7.3.4 Pulp Duplicates Laboratory duplicates represent two pulp packets collected from the crusher or the pulveriser, a replicate is a repeat analysis from the one pulp packet. There have been minimal to no issues indicated from the monitoring of crush duplicates. 8.7.3.5 Pulp Replicates Laboratory duplicates represent two pulp packets collected from the crusher or the pulveriser, a replicate is a repeat analysis from the one pulp packet. Pulp replicate assays are provided by the laboratory as evidence of internal QA/QC. There were no issues indicated from the monitoring of pulp replicates. 8.7.3.6 Standard Reference Materials SRMs are prepared and certified by Oreas, and are sourced from in-pit blast hole material (matrix- matched). SRMs are stored on site in sealed 30 or 60 g packets. This is only sufficient for one fire assay, so when an SRM is submitted there are two packets supplied. Monthly performance is charted by developing a “Z score” for all of the combined SRM assays in respect to the individual economic and the main deleterious elements. The results are considered acceptable.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-10 8.7.3.7 Short Term QA/QC Measures and Reporting Weekly monitoring of key metrics including SRMs and blanks have been recorded by the sites on the corporate server since November 2011 and that process was in place as at December 31, 2023. A log of non-compliant laboratory batches with associated actions has been filed on the corporate server since December 2013. This monitoring continued as at December 31, 2023. 8.7.3.8 Longer Term Control Measures and Reporting From November 2010 to June 2017, the corporate QA/QC specialist prepared monthly consolidated assay reviews that highlighted improvements and issues needing attention. This reporting was accompanied by individual QA/QC reviews of assays used for resource modelling. These reports are filed on the corporate server and were reviewed by the QA/QC specialist to investigate any issues requiring improvement actions. From June 2017 to July 2019, the procedure was modified such that all reporting was done by the mine site on a monthly basis. A corporate review of the monitoring was conducted in July 2019. From July 2019, monthly site-based reporting has been undertaken. All reports were filed on the corporate server and reviewed by the corporate QA/QC specialist. 8.7.4 Newcrest Legacy QA/QC Reviews 8.7.4.1 2013 Newcrest staff performed a review of the available QA/QC data in 2013 (Jones, 2013). SRMs analyzed at the onsite laboratory were noted to have a negative bias for gold (approximately -5%) and a very strong positive bias for sulfur (in the range +15 to +20%). Standard and Reference Laboratories also returned a negative bias for the SRMs, leaving some doubt as to whether the SRMs were correctly certified. The SRMs showed evidence of sample swaps and/or mislabeled SRMs, which affected as many as one in six of the SRMs. It appears likely that many of the problem results are SRMs swapped with routine samples, which suggests that there are probably also swaps of routine samples for routine samples. Apart from sample swaps, the paired data performed acceptably well at levels of more than about 20 times the detection limit. The Standard and Reference Laboratories data agree with the onsite laboratory data, and suggest that there is not a major difference between the two laboratories. The database contains 349 pulp samples that appear to be resubmissions, which were originally submitted between January 2002 and February 2003. The samples appear to have been selected on a grade basis and there are no samples with an original result <0.31 g/t Au. Gold showed a Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-11 small positive bias (original relative to check) above about 6 g/t Au and smaller negative bias below that. The overall bias is -1%. Sulfur showed a strong positive bias (original relative to check), particularly between sulfur grades of 3–7% and >10%. Summary population statistics indicate a precision problem with the sulfur analyses. The bias between original and resubmitted results is unlikely to be consistent, and should be considered to be a symptom of the between-job variance in the sulfur analyses, probably because the second set of analyses was undertaken over a relatively short period. Had the resubmissions been spread over a year as was the case for the original assays, it is likely the bias would have been much closer to zero. The review also noted that the majority of the SRMs used were certified for total sulfur or not certified for any sulfur species. Sulfide sulfur assays are used for metallurgical characterization and are not directly applied to mineral resource and mineral reserve estimates. 8.7.4.2 2014 Newcrest reviewed the 2011–2012 QA/QC data (Jones, 2014). This indicated: • Gold data from the onsite laboratory tend to be biased by about -5%, relative to the matrix- matched SRMs. Late in the program the bias disappeared. Some samples, apparently from late in the program, were sent to the NSLO for check analyses. These had a median bias of +7% relative to the mean of the onsite laboratory and the NSLO values. This possibly relates to different fluxes in use at the onsite and the NSLO laboratories; • The sulfide analytical method tends to over-report sulfide above about 5% and may under- report below that figure; • Coarse duplicates returned 5% for gold and 9% for sulfide from cleaned data. Laboratory pulp replicates had a cleaned data precision of 6% for gold, and 7% for sulfide. 8.7.5 2014 Database Validation A database validation was performed by Newcrest personnel in November 2014. Minor errors were identified and corrected. Many of the errors are minor inconsistencies in data entry that would not have had a material impact on the current mineral resource estimate. Collar locations, downhole surveys, assay identifiers and data, quality control data, drill hole diameter, and drill interval gaps and overlaps were compared to original data and corrected if found to be in error. Some logging discrepancies were not resolved; however, this was not considered to be material as spectral data and geochemistry were used to develop estimation domains. 8.7.6 Pulp Checks Two batches of pulps from the onsite laboratory were resubmitted to the NSLO laboratory, one in May 2014, and one in September 2014. The results indicated a high degree of imprecision. The onsite laboratory had internal replicate imprecision of 3.4% and the NSLO laboratory had nearly

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-12 double the imprecision of the onsite laboratory at 8.4%. However, the 24% imprecision between the laboratories is significantly higher. Potential reasons to this include the following: • Sample swaps when the duplicate batches are prepared; • The mean grade of the inter-laboratory checks (2.2 g/t Au) is higher than the internal onsite laboratory replicate pulp grades (1.65 g/t Au). No similar issues were noted since 2014. The issue is not considered material to the current mineral resource estimate. 8.7.7 Sulfur Bias Studies were completed in 2013 (Jones, 2013) and 2016 (Gardner, 2016). In December 2013, a period of time where the sulfide sulfur assay data reported by the onsite laboratory were positively biased (in comparison to SRM values) was identified and documented. This bias was shown to have progressively increased over time, from +10% in 2008 to in excess of 20% at the end of 2012. The bias is most likely attributed to the degradation of the LabFit analytical instrument(s) and adherence to the analysis methodology adopted by the onsite laboratory during this time. After bias recognition, Newcrest developed a set of correction factors for the data. The majority of the 2012–2013 information affected by the bias has been subsequently mined out. During 2016–2017, assays at NSLO showed better precision and a low bias. From March 29, 2018, assays were reported from the onsite laboratory using a newly-commissioned bank of four LECO analyzers. Precision improvements have occurred since September 1, 2018, as the result of the completion of the implementation period and associated system improvements. Sulfide sulfur assays are used for metallurgical characterization as these determine the initial process route. If the sulfide sulfur is low, flotation is required before oxidation in the autoclave. If the sulfide sulfur values are above approximately 4% sulfide sulfur, the material can be sent directly to the autoclaves. As the biases were adjusted using correction factors, and the current methodology uses LECO instrument data, the likelihood of sending material to the wrong process route has been mitigated, and the sulfide sulfur data are considered suitable for process material classification and operational control requirements. 8.8 Database Data are stored in a SQL server database using acQuire software. Assay data and geological data are electronically loaded into acQuire and the database is replicated to a centralized database server. The geological team on-site currently manages all data. Data are collected from geotechnical logging, geological logging and drilling data (collar, survey) and imported/logged directly into the acQuire database. Regular reviews of data quality are conducted by site and corporate teams prior to resource estimation, in addition to external reviews. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 8-13 Exclusive control over the checking and entry of analyses from the laboratory is restricted to database administrator(s) and designated geologists. Login and access permissions are limited to control access to the database and to maintain the integrity of the resource data. Data access is generally limited to project geologists and the database administrators. The database is regularly backed up, and copies are stored both offsite and in Newmont facilities. 8.9 Qualified Person’s Opinion on Sample Preparation, Security, and Analytical Procedures In the opinion of the QP, the sample preparation, analysis, and security practices and results for the Kennecott, Lihir Gold, Rio Tinto and Newcrest/Newmont programs are acceptable, meet industry-standard practice, are adequate to support mineral resource and mineral reserve estimation, and can be used for mine planning purposes.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 9-1 9.0 DATA VERIFICATION 9.1 Internal Data Verification 9.1.1 Laboratory Visits Laboratory inspections are carried out regularly, although older inspection records are no longer available. Inspection periods have varied between monthly and six-monthly intervals. Additional measures include laboratory visits performed by the Newcrest Operations Chemistas follows: • Intertek Lae: 2013; 2023 • Intertek Perth: 2013, 2017; • Bureau Veritas Perth: 2013; • Intertek Townsville: 2023. Laboratory visits have also been undertaken on Newmont’s behalf by consultant sampling specialists such as Agoratek International. 9.1.2 Laboratory Checks Round-robin programs are run by Geostats Pty Ltd, an independent third-party organization that undertakes world-wide assay programs. Each program is run quarterly and routinely involves more than 200 laboratories each time. The onsite laboratory and the NSLO participate in Geostats programs on a six-monthly basis, and each has performed within expected industry standards. The most recent program participation report for each laboratory was dated April 2019. Details of each laboratory’s performance are reviewed by the Newmont personnel, and improvement plans put in place if required. 9.1.3 Internal Data Verification Drill hole data for the Project were collected over many years by a number of operators. Resource documentation indicates that at various times the older data were reviewed and compiled into a drill hole database. It is unlikely that original laboratory certificates are available for the older data. More recent drilling activity by Newcrest/Newmont has used standard operating procedures that include data verification before data are accepted into the drill hole database. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 9-2 9.1.4 Mineral Resource and Mineral Reserve Estimates Newmont established a system of “layered responsibility” for documenting the information supporting the mineral resource and mineral reserve estimates, describing the methods used, and ensuring the validity of the estimates. The concept of a system of “layered responsibility” is that individuals at each level within the organization assume responsibility, through a sign-off or certification process, for the work relating to preparation of mineral resource and mineral reserve estimates that they are most actively involved in. In the case of Lihir Operations, the resource model, mine designs, and mine plans were built by Newcrest staff. Newmont staff reviewed the models and designs, and requested that certain aspects be adjusted to align with Newmont’s corporate standards and procedures. Mineral reserve and mineral resource estimates were prepared by Newmont personnel at the regional level, and were subsequently reviewed by corporate qualified persons based in Newmont’s Brisbane, Melbourne, Perth, and Denver offices. 9.1.5 Reconciliation Newmont staff have performed a number of internal studies and reports in support of mineral resource and mineral reserve estimation. These include reconciliation studies, mineability and dilution evaluations, investigations of grade discrepancies between model assumptions and drill hole data, drill hole density evaluations, long-range plan reviews, and mining studies. 9.1.6 Mineral Resource and Mineral Reserve Review Newmont completed a mineral resource and mineral reserve review, termed a 3R review, which examined • Geological model; • Geostatistical assumptions; • Confidence classifications; • Assumptions used when assessing reasonable prospects of economic extraction; • Inferred not included in mine plan; • Pit optimization planning; • Ore loss and dilution; • Geotechnical and hydrogeological assumptions; • Throughput rates and metallurgical recovery assumptions; • Capital and operating costs; • Sustainability;

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 9-3 • Mine plan and production schedule; • Review of risks and opportunities. Mr. Doe led the team that completed the 3R review. The review identified areas within the estimates that required reclassification from mineral reserves to mineral resources, or downgrading of mineral resources. 9.1.7 Subject Matter Expert Reviews The QP requested that information, conclusions, and recommendations presented in the body of this Report be reviewed by Newmont experts or experts retained by Newmont in each discipline area as a further level of data verification. Peer reviewers were requested to cross-check all numerical data, flag any data omissions or errors, review the manner in which the data were reported in the technical report summary, check the interpretations arising from the data as presented in the report, and were asked to review that the QP’s opinions stated as required in certain Report chapters were supported by the data and by Newmont’s future intentions and Project planning. Feedback from the subject matter experts was incorporated into the Report as required. 9.2 External Data Verification SRK Consulting (Australasia) Pty Ltd (SRK) performed an independent review of the current resource model (Kentwall and Guibal, 2018). The review initially examined inputs to the model, including the database, QA/QC, drill type, logging, density, and exploration concept model. The second part of the review focused on the modelling, and covered modelling, domaining, compositing, declustering, top-cutting, variography, estimation and interpolation. SRK provided Newcrest with a number of minor recommendations for future modelling efforts and concluded that there were no significant concerns or issues with the reviewed model. 9.3 Data Verification by Qualified Person The QP performed a site visit in November 2023 (refer to Chapter 2.4). Observations made during the visit, in conjunction with discussions with site-based technical staff also support the geological interpretations, and analytical and database quality. The QP’s personal inspection supports the use of the data in mineral resource and mineral reserve estimation, and in mine planning. The QP received reconciliation reports from the operations. Through the review of these reconciliation factors, the QP can accept the use of the data in support of the mineral resource and mineral reserve estimates. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 9-4 9.4 Qualified Person’s Opinion on Data Adequacy Data that were verified on upload to the database, checked using the layered responsibility protocols, and reviewed by subject matter experts are acceptable for use in mineral resource and mineral reserve estimation.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 10-1 10.0 MINERAL PROCESSING AND METALLURGICAL TESTING 10.1 Introduction Independent laboratories and testwork facilities used during initial metallurgical evaluation included: Sherritt International Corporation (Sherritt), Metso Minerals Process Technology (Metso), Hazen Research Inc. (Hazen), Pocock Industrial (Pocock), IPRC, Lakefield, E.L. Bateman, Eimco, RESCAN, Alberta Research Council, Dorr-Oliver, Lurgi, Davy McKee, and NSR Environmental. Geometallurgical testwork conducted between 2012 and 2022 was primarily conducted at Core Resources Laboratories in Brisbane, who are independent of Newmont. Metallurgical testwork supporting the original process design included comminution (crushing (impact), rod mill, ball mill, abrasion, MacPherson's semi-autogenous grind (SAG) indices), flotation, pressure oxidation (POX), and mineralogy. The processing facility commenced operations in 1997 at a nominal 2.8 Mt/a, treating high-grade ore with lower-grade ore stockpiled for later processing. The original process plant flow sheet consisted of grinding, whole ore oxidation in pressure autoclaves, followed by gold recovery from washed oxidized slurry using conventional carbon-in-leach (CIL) cyanidation. In 2001, heat-exchangers were installed ahead of the autoclaves to pre-heat slurry prior to oxidation in the autoclaves in response to declining sulfide sulfur head grade. A pebble crushing circuit was installed on the then single, grinding train to increase mill throughput from a nominal 4 Mt/a to 4.6 Mt/a. In May 2007, an additional grinding and flotation plant upgrade (FGO) was commissioned. The additional grinding train increased nominal throughput to 6 Mt/a. This was achieved without a significant change in autoclave throughput enabled by the introduction of flotation, which was primarily used to increase autoclave feed sulfide sulfur grade. This also reduced the mass flow to the autoclaves. In early 2008, a feasibility study on a major plant expansion (the MOPU expansion) was approved by Lihir Gold, and works commenced in 2009. Following Newcrest’s takeover of Lihir Gold in 2010, Newcrest completed the outstanding work of the major plant upgrade. The plant upgrade added primary jaw crushers, another grinding circuit (HGO2), another autoclave (AC4) and oxygen plant, as well as a second CIL circuit. The plant expansion was completed and commissioned in January 2013. The nominal plant capacity was 11–12 Mt/a; however, actual throughput was about 9–10 Mt/a. Shortly after commissioning of the MOPU expansion, Newcrest installed a second flotation circuit for the original high-grade ore (HGO) mill, to enable treatment of low-sulfur ores. In December 2014, the operating strategy for the Lihir Operations was changed to using partial pressure oxidation (minimum of 50% sulfide oxidation instead of total pressure oxidation with >98% sulfide oxidized). The switch in strategy was due to the recognition that irrespective of how Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 10-2 gold in sulfide sulfur was presented to the autoclave or from which source (ore or flotation concentrate), only a fraction of the refractory sulfide is required to undergo oxidation to unlock the majority of the gold for subsequent recovery. Most of the gold (generally >90%) is associated with arsenian pyrite, which is microcrystalline in nature, highly reactive, and oxidizes fastest in the autoclaves. The other pyrite type, (blocky pyrite) is generally coarser, contains low levels of gold, and is relatively unreactive in acidic conditions. The blocky pyrite requires full oxidation for gold recovery, and it is not economic to specifically target this pyrite if gold-rich arsenian pyrite is available to oxidize. 10.2 Metallurgical Testwork 10.2.1 Early Testwork The major focus of the early metallurgical testing programs was the selection of a process for oxidation of pyrite, to make gold particles in the sulfide ore amenable to cyanidation. Investigations included roasting and pressure oxidation (POX)—both whole-ore and pyrite concentrate. Biologically assisted oxidation was also investigated. By 1988, POX was identified as the most applicable process. Extensive testing was carried out for ore comminution (crushing and grinding) and on the flotation of a pyrite concentrate. Material handling testwork (including bulk crushed ore handling, rheology, and thickening tests) was also included. Cyanidation of oxidized products for gold recovery was used as a measure of oxidation process performance, and additional cyanidation and carbon adsorption tests were conducted to determine design and operating criteria for the CIL circuit. Oxide ore testwork included material handling and comminution testing, agitation leach-carbon adsorption, and agglomeration and heap leach testwork. Key issues for this approach were the high clay content, high rainfall setting, and moisture content of the ores. 10.2.2 1992 Feasibility Study The metallurgical test program in support of the 1992 design process consumed 58 t of sample (Collins et al., 2011). The POX test program, conducted at Sherritt in Fort Saskatchewan in Canada, included more than 100 batch pressure oxidation and cyanide leach tests and nine continuous pilot plant campaigns, for a total of 889 hours of autoclave operation over a period of three years. Gold extractions >90% were achieved from all ore types in the POX and cyanide leach tests, with extractions of 94–96% being common, provided that chloride was sufficiently washed from the ore prior to autoclave processing. The extent of sulfide sulfur oxidation required to reach 94–96% gold extraction was typically in the range of 98–98.5%. The pilot plant work was relatively extensive, and included consideration of chloride as a deleterious element in the process flowsheet. More than half of the pressure oxidation test program was directed toward defining and mitigating the effects of chloride.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 10-3 10.2.3 2014 Pilot Plant Pressure Oxidation During 2014, Hazen completed pilot plant POX operations and additional laboratory experiments in support of existing plant operations. The results from this program were used to optimize the operating strategy. 10.2.4 Geometallurgical Test Program A geometallurgical testwork program has been used at Lihir since 2012. This incorporates the combination of metallurgical test results using standard test procedures, together with traditional analytical and geological data in mine resource modelling. Data from the geometallurgical program is used to develop plant throughput and recovery models, based on the underlying geological properties. Geometallurgical testing is undertaken on ore from all future mining phases to refine metallurgical models and assumptions. Samples for the geometallurgical programs are selected to be spatially and materially representative of the planned mining area(s). Geometallurgical testwork has shown the connection between process plant response and geological alteration. Ore from historical stockpiles also shows lower flotation recovery. This understanding has formed the basis of metallurgical models and assumptions. 10.2.5 Mineralogy Microscopic examination identified pyrite as the dominant opaque mineral, with accessory marcasite. Minor amounts of chalcopyrite, pyrrhotite, sphalerite, galena, covellite and arsenopyrite were also identified, along with the major gangue minerals potassium feldspar, biotite and white mica, and clay. Minor gangue minerals identified include silica, anhydrite and calcite. Minute gold particles were only occasionally observed, ranging in size from the sub- micrometer detection level to 4 µm. Investigation of pyrite-hosted gold was conducted by Rio Tinto in 2004–2005. The deposit was found to contain different pyrite types, including blocky, fractured/porous, framboidal and disseminated, and the gold tenor differed with each of these pyrite types. Each pyrite type was estimated to exist in the feed materials (hard, medium and soft blast composites) in similar proportions; however, given the variation in gold grade within the pyrite types, it was estimated that approximately 60% of the pyrite contained 90% of the gold. A combination of optical microscopy, scanning electron microscopy and secondary-ion mass spectrometry established that most of the gold occurs as a nearly atomic dispersion in the pyrite. It was estimated that at least 80% of the gold present in the pyrite grains was <5 nm in diameter. During 2016, a laser ablation inductively-coupled plasma mass spectrometry (LA-ICP-MS) study identified two separate pyrite morphologies, micro-crystalline versus blocky pyrite. These morphologies had varying reactivities due to the changing abundance of elemental impurities, in addition to different gold contents. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 10-4 10.2.6 Metallurgical Types Lithological, alteration and “ore type” models were developed during the exploration and feasibility stages. Thirteen principal ore types were distinguished on the basis of hardness, alteration, vein intensity and degree of brecciation: alluvium; oxide (oxide, white rock and white clay); transition; advanced argillic (referred to as advanced argillic condensate when not at near-surface location); argillic; clay silica; silica clay; siliceous breccia; quartz stockwork; boiling zone; argillic overprinted boiling zone (AOPBZ); anhydrite sealed; and propylitic. The ore type model was selected as the base model for the geostatistical, metallurgical and geotechnical evaluation of the deposit. Initial metallurgical testing was carried out on samples that consisted of multiple drill hole intervals of the same ore type, as well as a lesser number of ore type combination blends, the proportions of which were derived from the mine plan at the time. Over time this, this ore type model has undergone several iterations as well as simplifications for metallurgical purposes and is currently evaluated using the alteration domain model. Most metallurgical parameters are derived using the defined alteration groups with certain limits placed on specific alteration sub domains due to operational constraints. An ore characterization program that commenced in 2012 determined that gold in the fine fraction of the flotation tailings was largely cyanide-soluble. This led to the staged introduction of float tails leach, where a portion of the flotation tailings are directed to the existing CIL circuit to recover cyanide-soluble gold without pressure oxidation. In the first stage of implementation in December 2015, an un-sized split of the HGO flotation tailings stream was directed to the CIL circuit, via CCD, up to the maximum available CCD/CIL circuit capacity. A second stage implementation consisted of a cyclone circuit which recovered the fine, higher cyanide recoverable tailings from both flotation circuits to CIL, thereby increasing the quantity of flotation tails that can be treated. 10.3 Recovery Estimates 10.3.1 Comminution Response An SMC based power model is used to predict power draw based on mill feed type and grind size. The model is also set up to optimize grind size based on power availability and throughput. The geometallurgical data indicate that there is not a significant difference between many of the alteration types. Historically, SBX (silica breccia) was noted as being significantly harder when milled; however, there is much less of this alteration type in the LOM plan. The alteration groups have been split into argillic and non-argillic from a comminution perspective, with 50th percentile values used as the basis for the power models. The SMC-based power models have been calibrated against plant operating data using an operating work index, which was also estimated using the SMC model For practical reasons, the model limits grind-size selection and optimization within a range of 125– 212 μm.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 10-5 10.3.2 Basis of Recovery Forecast Future recovery projections for Lihir are based on laboratory testwork for future ores in combination with past actual plant performance. This has been found to be sufficiently accurate for the purposes of projecting recovery and hence gold production from Lihir ores. The Kapit area has been metallurgically tested and these data were incorporated into future recovery projections. A description of gold recovery modelling for flotation and neutralization, cyanidation and adsorption (NCA) are provided in the following sub-sections. 10.3.3 Flotation Recovery An analysis of the ore deposit knowledge database and actual plant recoveries were used to determine a set of fixed flotation recovery values for the three alteration groups for fresh and stockpiled material. The plant data were normalized to a mass pull of 30% and a grind P80 of 150 μm. The overall impact of mass pull on flotation gold recovery was determined from an extensive population of plant operating data from 2016 to 2022. For modelling purposes, sulfur flotation recovery is derived from gold recovery using the plant operating data The flotation recovery is adjusted to allow for the impact of grind size, based on geo- metallurgical testwork flotation response data. The average LOM flotation recovery forecasts are summarized in Table 10-1. 10.3.4 Neutralization, Cyanidation and Adsorption Recovery The model for the gold extraction from neutralization, cyanidation and adsorption (NCA) solids is based on the relationship with NCA feed sulfide sulfur grade. It has been derived from plant operating data from 2019 to 2023. Based on plant operating data, the NCA solution tail grade is assumed to be 0.01 g/t Au. This is used as the basis for calculation gold losses in solution. 10.3.5 Recovery Uplift The metallurgical recovery estimates result from two improvement projects. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 10-6 10.3.5.1 Front End Recovery The front end recovery project aims to increase the overall Lihir plant gold recovery by reducing flotation circuits gold losses through: • Installation of a flash flotation cell and upgrades to the primary cyclones in the HGO grinding circuit to reduce mineral fines, generated from overgrinding, and send the higher- grade concentrate stream to the autoclaves; • Installation of circuit cyclone efficiency upgrades in the flotation-grade ore grinding to achieve a reduction in unliberated coarse mineral particle recovery. A study supporting the front end recovery project was completed in 2020. The infrastructure required for the project is under construction and nearing completion, with commissioning scheduled for Q2 CY2024. A LOM plant recovery benefit of 0.9% has been included, based on the study findings. 10.3.5.2 Model Predictive Control Model predictive control is being implemented to improve the stability and performance of the Lihir process plant. Model predictive control is based on the process response models, which are typically obtained by performing process trials and modeling the measured responses. These process models are used to predict process behavior in the future. Based on this prediction, a set of future control actions are calculated to drive the process to the desired setpoint. Once implemented, better control result is achieved when compared to traditional single loop controls. Model predictive control is planned to be implemented across all areas of the process plant. The model predictive control has been commissioned in the flotation and autoclave circuits, with the grinding circuit model predictive control in commissioning. Each of these installations have resulted in a positive impact on process plant performance.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 10-7 Table 10-1: Metallurgical Recovery Forecasts Ore Type Recovery in Fresh Rock (%) Stockpile Recovery (%) Porphyry 94 78 Epithermal 87 75 Argillic 70 60 Studies for the application of model predictive control within the Lihir process have been completed. A LOM plant recovery benefit of 0.75% has been included in the recovery forecasts. This is lower than that based on the findings of the supporting studies; however, the conservative approach was taken to counter the risk of individual model predictive control installations not achieving the expected benefits. 10.3.6 Final Recoveries The average metallurgical recovery for gold over the LOM plan is predicted to be 77.7%. Daily and monthly recovery varies, based on ore grade, the fraction of milled ore sent to flotation, and the amount of stockpiled ore being treated. These values include recovery uplift from projects of 1.65% from the current base. Naturally fine-grained ores (mostly argillic material) and clays (from fresh or stockpile ore) can impact on both plant throughput and metallurgical recovery. For the crushing and materials handling areas, wet and sticky ores are managed through blending and on-going mechanical modifications to conveyors and chutes etc. Once in slurry form, these ores can display high and variable non-Newtonian shear-thinning behavior, which can impact the milling, flotation, POX and CIL circuits. However, dilution has been found effective in controlling slurry rheology to date. The maximum proportion of fines and clays (mainly from argillic ores) that can be treated within the plant is not known with certainty. There are several types of clay minerals with varying impact on plant performance. There is some risk that high proportions of such ore types in plant feed may lead to lower short-term recovery and throughput rates, until an adjustment to the mine plan and/or additional plant modifications can be implemented. 10.4 Metallurgical Variability During 2012 Newcrest conducted an ore variability characterization program to improve the level of orebody knowledge. This involved a combination of re-interpretation of old geology logs, re- logging of existing drill holes where required, and an extensive program of Corescan hyperspectral imaging and multi-element geochemical analysis across typical sections through Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 10-8 the deposit. To complement this deposit-scale exercise, bulk samples of material were collected from both in-situ locations and stockpiles. Samples were subjected to optical, mineral liberation analysis, and X-ray diffraction mineralogy, hyperspectral imaging, multi-element geochemical analysis, comminution testing, diagnostic leach and flotation tests. LA-ICP-MS analysis of pyrite particles was completed on selected samples to revisit the work started by Rio Tinto. By the end of three phases of LA-ICP-MS work, over two million data points detailing pyrite chemistry were collected, covering the full range of material types and grade variations observed within the deposit. Overall, samples selected for metallurgical testing during feasibility, development and expansion studies were representative of the various styles of mineralization within the different mineralized zones. Samples were selected from a range of locations within the deposit zones. Sufficient samples were taken, and tests were performed, using sufficient sample mass for the respective tests undertaken. 10.5 Deleterious Elements There are no penalty elements that affect doré sales. Deleterious components in the ore that may affect aspects of plant operation are typically localized, and to date, have had only short-term effects. These can include: • Copper: elevated copper levels in the plant may cause instances of higher cyanide usage; • Chloride: chloride management in the POX plant requires the use of fresh water to maintain set chloride limits in autoclave discharge; • Clays: can cause isolated or localized effects on the crushing, grinding, POX and CIL circuits; this is generally managed using water dilution; • Carbonate: can cause excessive venting and oxygen loss in the autoclaves; this is typically managed using blending and flotation. 10.6 Qualified Person’s Opinion on Data Adequacy The testwork undertaken is of an adequate level to ensure an appropriate representation of metallurgical characterization and the derivation of corresponding metallurgical recovery factors. Initial metallurgical assumptions are supported by 22 years of production data. The average metallurgical recovery for gold over the LOM plan is predicted to be 77.7%. Daily and monthly recovery varies, based on ore grade, the fraction of milled ore sent to flotation, and the amount of stockpiled ore being treated. These values include recovery uplift from projects of 1.65% from the current base.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 10-9 Naturally fine-grained ores (mostly argillic material) and clays (from fresh or stockpile ore) can impact on both plant throughput and metallurgical recovery. For the crushing and materials handling areas, wet and sticky ores are managed through blending and on-going mechanical modifications to conveyors and chutes etc. Once in slurry form, these ores can display high and variable non-Newtonian shear-thinning behavior, which can impact the milling, flotation, POX, and CIL circuits. The maximum proportion of fines and clays (mainly from argillic ores) that can be treated within the plant is not known with certainty; however, studies are underway. There is some risk that high proportions of such ore types in plant feed may lead to both lower recovery and throughput, until an adjustment to the mine plan and/or additional plant modifications can be implemented. There are no penalty elements that affect doré sales. Deleterious components in the ore that may affect aspects of plant operation are typically localized, and to date have had short-term effects. Geometallurgical testwork is used to both develop metallurgical assumptions and recovery model, and ensure future ore response is consistent with the defined model. Operating data is used to calibrate metallurgical models and assumptions. Recovery uplifts have used a conservative value compared to the projected benefits in the relevant studies. Given these projects are well advanced through execution it is appropriate that they be included for estimating mineral resources and mineral reserves. Actual benefits achieved are to be reviewed post commissioning, with, if required, the recovery assumptions adjusted accordingly. The metallurgical data are acceptable to support mineral resource and mineral reserve estimation. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 11-1 11.0 MINERAL RESOURCE ESTIMATES 11.1 Introduction The database close-out date for the mineral resource estimate is November 25, 2016. Vulcan 10.0.4/10.0.5, Isatis 2016.2/2017.0, Leapfrog 3.1.1/4.0 and Supervisor 8.6/8.7 were the modelling and geostatistical software systems used in modelling and estimation. Geological interpretation is supported by core, RC (blast hole), rotary drilling, in-pit mapping, and grade control sampling data. Core drilling can include drill holes completed for geotechnical, geothermal, resource definition, and metallurgical purposes, if there are assay data for the drill holes. Not all core holes, if completed for purposes other than resource definition, have analytical data. Only core holes support grade estimation. 11.2 Exploratory Data Analysis The blast hole data are closely spaced (averaging 5 x 5 m) and provide a substantial dataset for ground truth modelling and data bias analysis. Potential biases between the core and blast hole data were tested by pairing each blast hole with the nearest 12 m RD composite and examining the statistics. The pair tolerance is <5 m and both datasets were capped for outliers. The statistics suggest no material bias between the two data types. Contact plots for all the elements that were estimated were generated for the alteration domain contacts. Contacts were defined as either soft, firm, or hard. The mineralization mean and variance statistics are very sensitive to the declustering approach and the cell size. Vulcan cell declustering was used, with 12 grid offsets to eliminate origin bias. 11.3 Geological Models Ore control data were used to verify or help define domain boundaries. The blast hole database was flagged into three sub-horizontal layers (argillic, epithermal and porphyry). Lateral domains were identified within the ore control data set using statistical methods. The alteration model was used as the underlying geological model because alteration (based on mineralogy and chemistry) was found to characterize key processing parameters better than other geological parameters. Calcium was identified as a suitable proxy for flotation performance and calcium grades were estimated using the alteration domains. Five structural domains and three alteration domains were used in estimation.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 11-2 11.4 Density Assignment Block density data were estimated via ordinary kriging (OK), based on alteration domains. Density values <1.5 t/m3 and >3.5 t/m3 were discarded and not used for analysis and estimation. 11.5 Grade Capping/Outlier Restrictions Geostatistical evaluations indicate that gold and sulfur are not highly skewed populations. Gold distributions have outliers that required examination and adjustment. Outliers are capped such that the tail of the distribution is reasonably contiguous. Domain cap limits vary by domain and range from 5–30 g/t Au. No capping was applied to sulfide sulfur composites. 11.6 Composites All core data are composited 12 m downhole; this composite length corresponds to the mining bench height. To accommodate sulfide sulfur and minor element estimation, where there can be a lack of contiguous sampling, a Vulcan option was used where all final composites, regardless of length, are retained together with the final composite lengths. The composite lengths are used as an additional weighting variable in statistical analysis and estimation. 11.7 Variography Variography was performed in Supervisor. All data were capped and final declustering weights were used. Variograms were calculated for gold, sulfide sulfur, arsenic, silver, calcium, carbonate, copper, and molybdenum. Gold variograms in real space were unobtainable; hence, Gaussian transforms were used for calculations and modelling. The Gaussian variogram models were back-transformed to real space for panel kriging and uniform conditioning (UC). The argillic domains generally had the lowest nuggets (5%, 17%, 15%), while the porphyries had the highest nuggets (23%, 40%, 31%). Sulfide sulfur variograms were calculated and modelled in real space. Density variogram calculation and modelling were performed in real space, and declustering weights were not used. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 11-3 11.8 Estimation/interpolation Methods 11.8.1 Kriging Neighborhood Analysis Kriging neighborhood analysis was performed for all uniform conditioning (UC) domains (gold and sulfide sulfur) in Supervisor, using the following: • Establish optimum panel size by maximizing the kriging efficiency and slope of regression; • Select the minimum and maximum sample limits by maximizing slope of regression while at the same time ensuring that the percentage of negative kriging weights is approximately <2%; • Maximize the search ellipse ensuring that the previously-established slope of regression and negative kriging weight thresholds are not violated. The analysis was not performed for the minor elements (silver, copper, arsenic, carbonate, calcium, and molybdenum), as the number of samples available was usually insufficient. 11.8.2 Gold and Sulfide Sulfur Grade Estimation Gold and sulfide sulfur were estimated with the non-linear UC method into large 100 x 100 x 12 m panels in their respective domains. The panel UC grade–tonnage curve was subdivided into 20 x 20 x 12 m selective mining unit (SMU) blocks for the final output model. Vulcan and Isatis versions of UC were compared, and checked against the internal UC code. These tests indicated that Isatis was the preferred software and was used for all UC estimates. Gold and sulfide sulfur boundaries were hard. Local uniform conditioning (LUC) post-processing from the UC panels was performed in Isatis using a proportional panel method. 11.8.3 Minor Element Estimation Minor elements (silver, copper, arsenic, carbonate, calcium, and molybdenum) were estimated directly into the SMU blocks using OK. All estimations were done in Vulcan 10.1, and hard boundary conditions were used between the argillic, epithermal and porphyry domains. 11.9 Validation The block model and composites were examined in plan and section views to ensure no obvious errors. No major errors were detected. Means of the declustered composites were compared with the means of the models by domain. The means were found to be acceptably similar. A nearest neighbor (NN) declustering was performed in a 10 x 10 x 12 m size grid. The NN, panel, and LUC models were restricted to a

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 11-4 common volume, and means compared. The means of the panels, blocks and NN declustered comps were comparable. A review of swath plots indicated no major biases. Grade–tonnage curves for all models were compared with grade–tonnage curves generated from the theoretical discrete Gaussian model change of support. No material flaws were noted. The direct block simulation methodology available in Isatis 2016.2 was used to generate 100 realizations of the gold grade using the gold domains as per the resource model. The direct block simulations were validated through comparison with actual historical production, and the simulations compared well to the production data. 11.10 Reconciliation Reconciliation based on blast hole sampling is considered to be acceptable, and the results are adequate to provide validation support for the mineral resource estimate. 11.11 Confidence Classification of Mineral Resource Estimate 11.11.1 Mineral Resource Confidence Classification Mineral resources were classified as either indicated or inferred mineral resources, based on a combination of the estimation slope of regression and the variogram-weighted distance. A slope of regression ≥ 0.70 is considered well estimated for the Lihir deposit. For Indicated mineral resources, a lower distance of 75 m was selected as the variogram-weighted distance. A slope of regression value of 0.65 is taken as the estimation limit for inferred mineral resources, and the upper limit of the scatter plot as the distance limit, which, in this case, was 160 m. Mineral resources contained within stockpiles are classified as measured as they are derived from grade control models. 11.11.2 Uncertainties Considered During Confidence Classification Following the analysis in Chapter 11.11.1 that classified the mineral resource estimates into the indicated and inferred confidence categories, uncertainties regarding sampling and drilling methods, data processing and handling, geological modelling, and estimation were incorporated into the classifications assigned. The areas with the most uncertainty were assigned to the inferred category, and the areas with fewest uncertainties were classified as indicated. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 11-5 11.12 Reasonable Prospects of Economic Extraction 11.12.1 Input Assumptions Mineral resources were constrained within a conceptual pit design and reported above a marginal cut-off grade that used the parameter assumptions listed in Table 11-1. The 2023 financial year (FY23) LOM plan was used to develop cost inputs for pit optimization including a mining cost of $4.99/t and process, support, treatment and sustaining capital costs consistent with Table 11-1. 11.12.2 Commodity Price Commodity prices used in resource estimation are based on long-term analyst and bank forecasts established by Newcrest and accepted by Newmont. An explanation of the derivation of the commodity prices is provided in Chapter 16.2. The estimated timeframe used for the price forecasts is the 16-year LOM that supports the mineral reserve estimates. 11.12.3 Cut-off Mineral resources are reported using a marginal cut-off grade, determined using the parameters in Table 11-1. Cost inputs for marginal cut-off grade purposes were based on the cost model developed for the FY23 LOM plan Reserve case scenario. This cost model was derived from the FY23 budget cost model adjusted for LOM plan scheduled activity levels and updated long-term economic parameters. Adjustments were made to reduce general and administrative (G&A), sustaining capital and other overhead costs at the end of the mining period (stockpile feed only period). The costs from the stockpile feed-only period are used to support the marginal cut-off grade. The mineralization and resource model extents continue offshore. A seaward limit was imposed on the resource shell optimization based on an alignment of a conceptual outer seepage barrier to constrain the mineral resource estimate on the eastern extent. The conceptual barrier alignment is to the east of the original shoreline located on the harbor waste platform, and represents the maximum seaward extent of reasonable mining scenarios for open pit mining. 11.12.4 QP Statement The QP is of the opinion that any issues that arise in relation to relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work. The mineral resource estimates are performed for a deposit that is in a well-documented geological setting; the district has seen nearly a decade of active open pit operations conducted by Newmont and tis predecessors; Newmont is familiar with the economic parameters required for successful operations in the PNG area; and Newmont has a history of being able to obtain and maintain permits, social license and meet environmental standards in PNG.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 11-6 Table 11-1: Inputs for Marginal Cut-off Grade Item Unit Value Gold price US$/oz 1,600 Gold price US$/g 51.4 Royalty % 2.0 Mining levy % 0.5 Treatment charges/refining charges US$/oz 2.08 Effective price US$/g 50.0 Average processing unit cost US$/t milled 27.57 General and administrative & sustaining capital US$/t milled 11.67 Total US$/t milled 40.0 Modelled recovery % 76.5 Marginal cut-off g/t Au 1.00 There is sufficient time in the 16-year timeframe considered for the commodity price forecast for Newmont to address any issues that may arise, or perform appropriate additional drilling, testwork and engineering studies to mitigate identified issues with the estimates. 11.13 Mineral Resource Statement Mineral resources are reported using the mineral resource definitions set out in SK1300 on a 100% basis. Newmont holds a 100% Project interest. The estimates are current as at December 31, 2023. The reference point for the estimates is in situ or in stockpiles. Mineral resources are reported exclusive of those mineral resources converted to mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Measured and indicated mineral resources are provided in Table 11-2. Inferred mineral resources are shown in Table 11-3. The Qualified Person for the estimate is Mr. Donald Doe, RM SME, a Newmont employee. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 11-7 Table 11-2: Measured and Indicated Mineral Resource Statement Mineral Resource Confidence Category Area Tonnage (kt) Grade (g/t Au) Contained Metal (koz Au) Measured — — — Indicated Open pit 25,000 2.03 1,600 Stockpiles 22,200 1.47 1,000 Total measured and indicated 47,100 1.77 2,700 Table 11-3: Inferred Mineral Resource Statement Mineral Resource Confidence Category Tonnage (kt) Grade (g/t Au) Contained Metal (koz) Inferred 227,400 2.4 17,500 Notes to accompany mineral resource tables: 1. Mineral resources are current as at December 31, 2023. Mineral resources are reported using the definitions in SK1300 on a 100% basis. The Qualified Person responsible for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 2. The reference point for the mineral resources is in situ or in stockpiles. 3. Mineral resources are reported exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 4. Mineral resources that are potentially amenable to open pit mining methods are constrained within a conceptual pit design. Parameters used are shown in Table 11-2. Mineral resources in stockpiles are reported above a 1.0 g/t Au cut-off. 5. Tonnages are metric tonnes. Gold ounces are estimates of metal contained in tonnages and do not include allowances for processing losses. 6. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. Tonnes are rounded to the nearest 100,000 tonnes. Ounces are rounded to the nearest 100,000 ounces. 11.14 Uncertainties (Factors) That May Affect the Mineral Resource Estimate Areas of uncertainty that may materially impact the mineral resource estimates include: • Changes to long-term gold price and exchange rate assumptions; • Changes in local interpretations of mineralization geometry and continuity of mineralized zones; • Changes to geological shape and continuity assumptions; • Changes to metallurgical recovery assumptions; • Changes to the operating cut-off assumptions for open pit mining methods;

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 11-8 • Changes to the input assumptions used to derive the pit design used to constrain the estimate; • Changes to the marginal cut-off grade assumptions used to constrain the estimate; • Variations in geotechnical, hydrogeological and mining assumptions; • Changes to environmental, permitting and social license assumptions. The mineral resource estimate assumes successful completion of an outer seepage barrier to support continued mining below sea level. A portion of the mineral resource estimate assumes that mining near Ailaya Rock is feasible and acceptable to the local community. There are no other environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the QP that would materially affect the estimation of mineral resources that are not discussed in this Report. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 12-1 12.0 MINERAL RESERVE ESTIMATES 12.1 Introduction Mineral reserves are reported using open pit mining assumptions. Indicated mineral resources were converted to probable mineral reserves. Inferred mineral resources within the mine plan are set to waste. 12.2 Mineral Reserve Inputs and Assumptions 12.2.1 Inputs Key inputs and assumptions are based on calendar years, as follows: • A marginal cut-off grade of 1.20 g/t Au; • Gold price of US$1,300/oz; • Treatment charges/refining charges of US$2.08/oz; • 2.0% royalty and mining levy of 0.5%; • Mining costs of US$5.42/t ex-pit, which include the following cost areas: o Dewatering; o Depressurization; o Cold water injection; o Hot ground definition; o Drill & blast; o Load; o Haul; o Barge; o Ancillary; o Resource drilling; o Mine overhead; • Sheeting (note that sheeting is a term used for competent material rehandled back into the pit to dress the pit floor and improve running surface for heavy mining equipment on soft or uneven ground). An average sheeting percentage of 6% has been applied for optimization cost estimation; • Processing cost assumptions total US$26.50/t milled, consisting of allocations for:

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 12-2 o Stockpile reclaim; o Crush; o Grind; o Float; o Autoclaves; o CIL/elution; o Unallocated power; o Plant overheads; o Plant maintenance; o Power overheads. Average LOM sustaining capital and general and administrative (G&A) costs of US$15.50/t milled were included in the optimization. The resulting average metallurgical recovery for the mine life is 77.7%. Cost inputs are based on the FY23 budget cost model and adjusted for LOM application inclusive of long-term economic parameters as per Newcrest’s economic parameters. These inputs were accepted by Newmont. Mining costs include operating costs for drill and blast, load and haul, waste disposal by barge, ancillary equipment and mining related overheads. Processing unit costs were broken down by plant activity to allow a choice of two processing routes (direct to autoclave, or via flotation). Fixed costs per period for G&A, plant maintenance, plant overheads, and power were divided by the nominal mill throughput to provide a unit cost per tonne processed for optimization purposes. Sustaining capital costs for fleet replacement, plant maintenance and capital for other sustaining capital projects were also divided by the nominal mill throughput to provide a unit cost per tonne processed for optimization purposes. 12.2.2 Pit Optimization Considerations Pit optimization using Whittle software was performed to produce optimized shells on which to assist the final mineral reserves design and intermediate cutbacks. A lateral cutback mining strategy was used to progress into the Kapit zone. This strategy includes considerations for seepage barrier construction, minimizes water management and pit dewatering. Several sequential cutbacks were developed for the mineral reserves contained in the ultimate phase design (Figure 12-1). Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 12-3 Figure 12-1: LOM Pit Phase Plan Note: Figure prepared by Newmont, 2023.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 12-4 Cutbacks within the Kapit zone were developed in lateral sequence northwards to facilitate pit cooling and drainage. Allowance was made for a seepage barrier between along the pit eastern crest to effectively reduce seepage into the active pit void. Cutback designs conform to open pit design procedures established for the Lihir deposit, which include 28–31 m wide ramps at 10% gradient, and a minimum mining width of 40 m. The final pit design incorporates provision for diversion drainage around the pit crest to manage run-off from the caldera slopes. The planned final dimensions of the pit are approximately 2,000 x 1,400 m, with a final depth of approximately 350 m below sea level. 12.3 Ore Loss and Dilution Internal dilution was considered in the resource model. External dilution as a result of sheeting (competent material rehandled back to the pit) was applied. Sheeting estimates were supported by reconciliation of mine operations over the last several years. As a result, the overall external dilution of insitu resource is 6% A 3% ore loss was applied as a result of blasting and mining efficiency, reflective of the mining method. The figure is based on reconciliation data between the resource model and mill performance. 12.4 Stockpiles As the Lihir Operations are constrained by the ore tonnes that can be processed by the mill, only the higher-grade fraction of ore is processed through the mill while the lower-grade fraction is stored in long-term stockpiles. As a result, a period of low-grade stockpile processing is expected at the end of the mine life when mining operations are completed (see also discussion in Chapter 13.6). 12.5 Mineral Reserve Statement Mineral reserves are reported using the mineral reserve definitions set out in SK1300 on a 100% basis. Mineral reserves are current as at December 31, 2023. The reference point for the mineral reserve estimate is as delivered to the process facilities. Mineral reserves are reported in Table 12-1. The Qualified Person for the estimate is Mr. Donald Doe, RM SME, a Newmont employee. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 12-5 Table 12-1: Proven and Probable Mineral Reserve Statement Mineral Reserve Confidence Classification Area Tonnage (kt) Grade (g/t Au) Contained Metal (koz Au) Proven — — — — Probable Open pit 159,900 2.76 14,200 Stockpiles 57,200 1.83 3,400 Total proven and probable 217,100 2.51 17,500 Notes to accompany mineral reserves table: 1. Mineral reserves current as at December 31, 2023. Mineral reserves are reported using the definitions in SK1300 on a 100% basis. The Qualified Person responsible for the estimate is Mr. Donald Doe, RM SME, Group Executive, Reserves, a Newmont employee. 2. The reference point for the mineral reserves is the point of delivery to the process plant. 3. Parameters used are shown in Table 12-1. Mineral Reserves in stockpiles are reported above a 1.2 g/t Au cut-off. 4. Tonnages are metric tonnes. Gold ounces are estimates of metal contained in tonnages and do not include allowances for processing losses. 5. Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content. Tonnes are rounded to the nearest 100,000 tonnes. Ounces are rounded to the nearest 100,000 ounces. 12.6 Uncertainties (Factors) That May Affect the Mineral Reserve Estimate Areas of uncertainty that may materially impact the mineral reserve estimates include: • Changes to long-term gold price assumptions; • Changes to exchange rate assumptions; • Changes to the resource model or changes in the model reconciliation performance including operational mining losses; • Changes to geometallurgical recovery and throughput assumptions; • Changes to the input assumptions used to generate the open pit design; • Changes to operating, and capital assumptions used, including changes to input cost assumptions such as consumables, labor costs, royalty and taxation rates; • Variations in geotechnical and mining assumptions; including changes to designs, schedules, and costs, as a result of changes to geotechnical, hydrogeological, geothermal and engineering data used;

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 12-6 • Changes to assumptions as to pit cooling, seepage barrier and nearshore soil barrier development and operation; • Ability to source sufficient quality water supplies to support process plant operations; • Changes to the assumed permitting and regulatory environment under which the mine plan was developed; • Continued ability to use sub-sea waste disposal methods; • Ability to maintain mining permits and/or surface rights; • Ability to maintain social and environmental license to operate. Ongoing mining adjacent to, and to the west of, Ailaya Rock will require continued community acceptance. The mine plan in that area uses steep wall mining techniques. Geotechnical monitoring will be a critical control. Cut-off grades used in the mine plan assume that future cost reductions at the end of the LOM can be achieved. The mine plan assumes that the existing permitting area for marine tailings and waste disposal can be expanded as required in the LOM plan. There are no other known environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors known to the QP that would materially affect the estimation of mineral reserves that are not discussed in this Report. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 13-1 13.0 MINING METHODS 13.1 Introduction Production mining is conducted by Newmont using Owner-operated equipment fleet and an Owner workforce. A separate mining contractor operation using a smaller pioneering fleet is used to develop new working areas on the steep caldera slopes. Production mining is by conventional open pit method, using a fleet of 600/500 t class (operating weight) hydraulic face shovels loading into 135 t capacity rear-dump haul trucks, with a recently demonstrated mining rate of 30–35 Mt/a ex-pit. Ore and waste are drilled and blasted on 12 m benches and mined in a single pass. Where practicable, walls are drilled with a pre-split to assure stable wall rock conditions. The ground is frequently too hot for conventional explosives, requiring high-temperature blasting products and specialized blasting procedures for mining in hot ground. A majority of ex-pit ore is allocated by gold and sulfur grade into a blend plan agreed with process plant staff along with existing stockpiled ore. Mill feed is based on the blend plan and can be comprised of reclaimed ore from the ROM stockpiles, direct ex-pit ore and existing stockpile ore. Waste rock from the mine is either placed into 1,500 t capacity barges for off-shore submarine disposal or stockpiled for use as road base, bench sheeting, stemming, or construction fill. Submarine waste disposal is carefully planned and controlled to achieve a continuous rill along the steeply-sloping sea floor and minimize the potential for uncontrolled slumping. 13.2 Geotechnical Considerations The Lihir geotechnical slope model has been developed in conjunction with recommendations from external consultants. Slope performances that have been continuously monitored and reviewed have also been considered, verifying the nominated slope recommendation. For design purposes, the geotechnical slope parameters have been divided into 119 contiguous domain that are expected to exhibit similar geotechnical properties. These domains are typically related to the alteration boundaries and further sub-divided based on further geotechnical modelling based on geotechnical properties. The extents of these domains cover the full resource model framework. Within each domain an appropriate inter-ramp angle, batter face angle and berm width configurations for pit designs were nominated. Inter-ramp angles varied from 10–55° with batter angles varying from 25–70º. Geotechnical domains and associated parameters are provided in Table 13-1 with an illustration of the geotechnical domain distribution at the end of the mine life provided in Figure 13-1. Extensive prism, pit face radar and geotechnical monitoring of pit slopes and seismic monitoring is undertaken.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 13-2 Table 13-1: Geotechnical Zones Grouped By Inter-Ramp Angle Inter-ramp Angle (º) Bench Height (m) Bench Face Angle (º) Berm Width (m) Number Of Domains 15 12 25 18 1 18 12 25 11 4 20 12 25–40 7–18 18 22 12 28 7 3 24.5 12 40 12 1 25 12 35–50 8.6–16 5 26 12 35 7 5 28 24 35 10 1 29 12 36 5 1 30 12 45–50 8.8–11 4 32 12 50 9.1 2 34 12 48 7 1 35 12 45–65 5–12 14 36 12 50 6.5 3 40 12 55–65 6.0–8.5 2 43 12 60–80 6–10 9 45 12–24 60–75 5–13 14 48 12 63 4.7 1 49 12–24 67–70 6–12 4 50 12–24 60–70 4.5–11.5 4 51 24 67 9 1 53 12–24 70–80 6.8–9.5 2 54 12 75 5.5 1 55 12–24 65–75 4–10.5 17 15–55 12–24 25–80 4–18 118 Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 13-3 Figure 13-1: Pit Slope Design Domains Note: Figure prepared by Newmont, 2024.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 13-4 13.3 Hydrogeological Considerations The Lihir Operations receives on average 4.4 m of annual rainfall, with surface water from large- scale rainfall events dominating water inflow (approximately 85%) to be managed with the active open pit. Groundwater inflow provides a lesser contribution to pit void inflows and is proportioned between groundwater interflow via the Luise Caledra from the west and seawater inflows to the east. Historically dewatering has involved dedicated dewatering wells. However, the use of these well field ceased in approximately 2017. Currently both surface water and groundwater inflows and active mine dewatering and depressurization are managed via: • Passive depressurization using horizontal drain holes and steam relief wells; • Active dewatering using in-pit sump surface water management facilities. These system are incorporated into the LOM and staged pit designs. The largest challenge for mine dewatering is surface water management, in particular, managing the rainfall runoff from the Luise Caldera slopes and catchments. The current design and operational strategies is to intercept and divert surface water runoff via dedicated pit diversion drains, installed around the pit crest perimeter into the Luise Harbor. The current drains and future designs aims to divert and re-purpose ex-pit non-contact surface water (for water supply) as much as possible. All water within the diversion drains, produced from losses from diversion, direct rainfall recharge, seawater seepage and horizontal holes, are managed and extracted using pit floor sumps. A fleet of diesel-powered sump pumps as used for dewatering within the currently-active phase 9 and phase 11 pits. These pumps transfer water to an intermediate transfer station prior to discharge to the main diversion drains, which flow directly to the approved discharge compliance point in the Luise Harbor. 13.4 Geothermal Considerations The Luise Caldera is still geothermally active, with temperature modelling indicating current rock temperatures in some areas within the ultimate pit design exceeding 100oC. The active zone is extensive within the Kapit area. Areas with rock temperatures greater than 100oC can cause groundwater to instantaneously flash to steam when confining pressure is released by mining, with the potential for rock outburst events to occur. Potential geothermal outburst areas are managed using the methods outlined in the following subsections. 13.4.1 Geothermal Depressurization and Pit Cooling Geothermal depressurization for the Kapit area has been underway since 2004, using a program of steam relief and horizontal drain holes. Monitoring systems are in place to check the effectiveness of these systems. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 13-5 Progressive projects and studies continue to test the practicality and effectiveness of additional mining controls to practically achieve planned mining rates through hot mining areas. 13.4.2 Hot Ground Mining Methods Current operational technology allows mining of hot ground to ground temperatures of up to 160ºC, after which the bulk explosive formulation required for production blasting becomes a constraint. The potential for geysering from blast holes, or for geothermal outburst areas is identified through a combination of historical domain performance, blast-hole or probe-hole monitoring, and daily dig-face temperature measurement. A procedure is used to control all mining activities in areas identified as containing potential geothermal outburst areas. This includes specific training, demarcation, minimum distances between working shovels and other equipment or personnel, surface drainage, explosives loading, quarantining of ground after blasting, bullet-proof glass in dig equipment, and other hot ground management practices. In some cases, hot ground must be exposed and left to cool before mining. Additional projects and trials to mitigate the risk to mining activities in hot ground, and to extend successful blasting and mining of ground with temperatures of >170ºC are under evaluation. 13.5 Operational Considerations Development of the Kapit area of the open pit will require the following: • The proximity of the Kapit pit sector to the shoreline requires the construction of a seepage barrier or cut-off wall, just off the original Kapit shoreline in the shallows of Luise Harbor. The nearshore soil barrier will be a significant structure, and will be engineered to cope with earthquake and tsunami events. The final design is being completed by a specialist engineering firm and will be independently reviewed; • Pre-stripping/development of >200 Mt of overlying argillic clay waste rock; • Construction of a perimeter drainage channel around the Kapit pit sector to divert rainfall run-off from the caldera slopes around the pit footprint; • Geothermal cooling and depressurization of the Kapit pit sector to a temperature at which mining can be safely undertaken. 13.5.1 Consideration of Marginal Cut-off Grades Material above the marginal cut-off grade of 1.2 g/t Au is stored in long-term stockpiles for processing after the end of mine life. The marginal cut-off grade assumes a reduction in sustaining capital and G&A costs at the end of mine life, allowing marginal material to be economically processed (Table 13-2).

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 13-6 Table 13-2: Mineral Reserve Marginal Cut-off Grade Input Assumptions FY23 LOM Plan Units Assumption Gold price US$/oz 1,400 Gold price US$/g 44.97 Royalty % 2.0 Mining levy % 0.5 Treatment charges/refining charges US$/oz 2.08 Effective price US$/g 43.78 Average processing unit cost US$/t milled 27.50 G&A & sustaining capital US$/t milled 14.20 Total US$/t milled 41.70 Modelled recovery % 79.8 Marginal cut-off g/t Au 1.20 13.5.2 Operational Cut-off Grades An elevated cut-off strategy is employed, where only high- and medium-grade material is fed to the mill, while the lower-grade fraction is stockpiled for later processing. An average of approximately 30% of ore mined is sent to long-term low-grade stockpiles. High-grade ore (typically >3 g/t Au) is prioritized to the plant first, while medium-grade ore (1.6–3 g/t Au) is blended with long term stockpile ore to achieve the required feed properties of ore type and sulfur grade. The planned cut-off between medium-grade and low-grade material can be adjusted if needed, depending on ore supply and phase development. 13.5.3 Grade Control and Production Monitoring All blast holes in ore zones are sampled and assayed to allow grade control mark-up and to update the grade control model. Dig block inventory is reconciled against the grade control and resource models on a monthly basis to assess resource model performance. When longer-term trends are identified, corrections are undertaken to the resource model if required. 13.6 Production Schedule The mine production schedule includes several phases that first progress through the Kapit ore body after which concluding in the final Minifie pit sector phases. Stockpile material is reclaimed as required to maximize mill throughput. Ex-pit inventories will be depleted by 2039. Processing will continue until 2040. The ex-pit mining rate of mining averages 37.0 Mt/a until 2035 and then reduces to 8 Mt/a as stockpile feed becomes the majority ore source. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 13-7 The LOM production schedule is included in the cashflow analysis in Chapter 19. 13.7 Blasting and Explosives A dedicated on-site bulk explosives manufacturing facility is operated and maintained by a contract explosives company. Two mobile manufacturing units are used to deliver product to the pit on a daily basis. Due to potentially hot ground conditions, explosives are currently not slept in the ground for more than 12 hours, so blasting is usually undertaken on a daily basis. Blasts are initiated remotely by radio control after pit clearance. Newmont is currently evaluating alternative specialized explosives products to cater for the increased ground temperatures expected in the Kapit pit sector. 13.8 Mining Equipment The current mining fleet is listed in Table 13-3 (primary) and Table 13-4 (secondary/support). A contractor fleet of ancillary equipment is also used for road maintenance and drainage, mobile crushing services, pioneering work, and other minor project work where required. There are no other material changes to the equipment fleet that are currently planned. Newmont is currently reviewing mining rates, waste disposal options, stockpile feed sequences, processing assumptions including material blend constraints, and the relationship to the planned ex-pit mining sequence. Outcomes from these reviews could lead to changes in mining rate and/or equipment requirements in the future. 13.9 Personnel There are a total of approximately 1,800 personnel in mine operations including operations and maintenance.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 13-8 Table 13-3: Primary Mine Fleet Purpose Equipment Type Units Excavator/face shovels Cat 6020 2 Cat 6060 4 RH200 3 EX2600 2 EX1200 1 Primary trucks Cat 785D 39 Cat 777F 10 Drills D55 Atlas Copco 2 D65 Atlas Copco 2 PV231 2 Barge Arotrot (DA720) 1 Aiguool (DA721) 1 Amoroilio (DA722) 1 Table 13-4: Secondary/Support Mine Fleet Purpose Equipment Type Units Dozers D10T 7 D11T 8 Front-end loaders Cat 993k 2 Low loader truck and trailer Cat 785C 1 Grader Cat 18M 5 Support trucks Cat777 Serv 2 Cat773 Serv 2 Cat777 Water truck 2 Support excavators Cat 320 1 Cat 336D 1 Cat 336G/GC 6 Cat 390 2 Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 14-1 14.0 PROCESSING AND RECOVERY METHODS 14.1 Process Method Selection As the gold mineralization is refractory, the plant consists of crushing and grinding followed by partial flotation, pressure oxidation, and then recovery of gold from washed oxidized slurry using conventional cyanidation. The plant was first commissioned in 1997 and has undergone a number of alterations and expansions (refer to discussion in Chapter 10), which has allowed for improvements in the throughput rate. The testwork discussed in Chapter 10, in conjunction with operational results, were used to refine plant operations. A throughput rate of approximately 13.5 Mt is targeted in the LOM plan. 14.2 Flowsheet The process flowsheet is provided in Figure 14-1 and Figure 14-2. 14.2.1 Crushing and Milling Ore is crushed in two primary crushing circuits. The first circuit consists of a 42–65” gyratory crusher and an MMD toothed rolls crusher. Competent ore is crushed in the gyratory crusher and softer ore types in the MMD crusher. Both crushers discharge on to an overland conveyor and then to a radial stacker for stockpiling ahead of the grinding circuits. The second primary crushing circuit, installed during the 2010–2012 MOPU plant expansion, consists of two jaw crushers operating in parallel. Separate overland conveyors are used. There are three grinding circuits. One circuit (HGO2) generally treats high grade ore that is fed direct to the downstream oxidizing autoclaves. The second and third circuits (FGO circuit and HGO circuit) are generally directed to the flotation plants. However, all three circuits can be directed to flotation or direct to the autoclaves as necessary. All three grinding circuits have a primary semi-autogenous grind (SAG) mill followed by a secondary ball mill in closed circuit with classifying hydrocyclones. Pebbles from the HGO and HGO2 circuits are combined and directed to two cone pebble crushers. Crushed pebbles are directed back to the HGO mills. The current capacity of the HGO, FGO and HGO2 mills is approximately 6.5, 5.0 and 6.5 Mt/a respectively. Ground ore is thickened and washed in a one or two stage grinding thickener counter-current decant (CCD) washing circuit with raw water to minimize chloride concentration in the autoclave feed.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 14-2 Figure 14-1: Simplified Process Flow Sheet (Part A) Note: Figure prepared by Newcrest, 2020. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 14-3 Figure 14-2: Simplified Process Flow Sheet (Part B) Note: Figure prepared by Newcrest, 2020.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 14-4 14.2.2 Flotation Two rougher flotation circuits are installed. No concentrate cleaning is practiced. In the first, older, flotation circuit, ground ore from the FGO circuit mill is subjected to simple bulk rougher flotation in a single roughing stage consisting of a bank of five 150 m3 flotation tank cells (2007 installation). In the second, newer, (2013 installation) circuit ground flotation ore from the HGO and/or HGO2 circuit mill is processed by five 300 m3 flotation tank cells. The flotation circuit operates with a high mass recovery (pull) to flotation concentrate in the range of 30–45%. Flotation concentrate is directed to the grinding thickeners, and a portion of the flotation tails are directed to cyclones for partial recovery of mainly cyanide-soluble gold. 14.2.3 Flotation Tailings Gold Recovery Partial recovery of gold from flotation tailings is practiced. Following earlier partial recovery of gold in flotation tailings in 2015, a dedicated flotation tailings treatment system was commissioned in 2017. Flotation tailings are directed to two separate hydrocyclone clusters (one for FGO floats and one for HGO floats) where a separation based on size is completed. Gold in recovered fines can be recovered by direct cyanidation at up to 60–75% recovery. A flowsheet showing the process is provided in Figure 14-3. The fines are recovered at a cut-size of 40 µm and sent to a re-purposed thickener. After thickening to about 30–40% solids, the fines are then pumped to the autoclave discharge tanks, thereby effectively by-passing the autoclaves. Hydrocyclone underflow coarse solids are directed to tailings for disposal. 14.2.4 Pressure Oxidation Oxidation of the gold-bearing pyrite is undertaken via pressure oxidation in autoclaves to render gold particles in the sulphide ore amenable to cyanidation. The operating window is largely set by limits on the autoclave operations as follows: • Minimum feed sulfide sulfur of 5.0% w/w; • Maximum feed sulfide sulfur of 12% w/w; • Minimum sulfide sulfur oxidation of 50%; • Minimum oxidation–reduction potential (ORP) of 360 mV (ref Ag–AgCl in flash tank discharge); • “Front end” temperature limitations. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 14-5 Figure 14-3: Flotation Tailings Gold Recovery Note: Figure prepared by Newcrest, 2020. Thickened ore slurry is pumped to four parallel autoclave circuits via six slurry storage tanks. The buffer between the milling and autoclave circuits helps stabilize autoclave operations. Conventional gold processing Sherritt autoclave technology at a temperature of 210°C and a total pressure of 2,400 kPag is used. Feed slurry can be first preheated in the heat recovery vessels, before being pumped under pressure to each of the eight agitator horizontal autoclave vessels. If sulfide sulfur grades are high enough, operation without pre-heating is possible and is often practiced. Pure oxygen (approximately 98% v/v) from three operating cryogenic oxygen plants is injected into the autoclaves to oxidize approximately 50–90% of the sulfide minerals (predominantly pyrite). Each autoclave has a single stage of slurry temperature and pressure let-down by steam flashing. For the original, smaller, autoclaves 1, 2 and 3, flashed steam can be used in the direct contact pre-heater vessel. Flash steam from the newer autoclave 4 is not recovered for the purposes of slurry pre-heating.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 14-6 14.2.5 Counter-Current Decant Washing, Neutralization and Gold Recovery Oxidized slurry is washed to reduce acidity, and followed by gold recovery from the solids using conventional CIL technology. Oxidized slurry passes through two parallel trains of two-stage CCD circuits, where gold containing solids are washed with process water and seawater as required, reducing slurry acidity. The washed slurry is neutralized with lime slurry prepared by slaking imported quicklime. Gold is recovered from the neutralized slurry by cyanide leaching using CIL in a series of agitated tanks. The slurry is conditioned with lime in the first tank and cyanide is added to the second tank. The slurry is then agitated with granulated carbon in the absorption tanks and passes through the tanks while the carbon is retained by screens. Loaded carbon from the CIL circuit is stripped of gold in an elution system. The gold is eluted from carbon using hot caustic/cyanide solution and the carbon is then rinsed with water. The resulting gold solution is circulated through electro-winning cells where gold is recovered through electrowinning to form a gold sludge. The sludge is dried and smelted to produce doré bars, which are shipped to a refinery. Barren carbon is regenerated in two rotary kilns. 14.2.6 Residue Tailings The CIL leach residue tailings are detoxified by formation of strong metal complexes such as ferrocyanide, and through dilution with seawater (oxygen plant cooling water return). Under these conditions weakly acid-dissociable cyanide (CNWAD) converts to stable ferrocyanide. The tailings gravitate to a common disposal system which also collects the flotation tailings; remaining CCD wash water as well as oxygen plant and power plant cooling water return streams. The tailings disposal method is by deep sea tailings placement (DSTP). The combined stream flow discharges through a de-aeration tank to the ocean via a pipeline outfall at a depth of approximately 125 m below sea level. The depth of the outfall discharge is below the surface mixed layer of the ocean. Being denser than the receiving seawater, the tailings gravitate down the steep submarine slope. 14.3 Blending Strategy Ore blending prior to crushing assists in managing the significant mineralization variability that includes: • Gold and sulfide sulfur grade; • Split of barren (unreactive) and arsenian (reactive) pyrite; • Total carbonates; • Mineralogical variability particularly in terms of clay proportions and speciation; Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 14-7 • Copper and other base metal impurities; • Lithology; • Hardness and abrasiveness; • Moisture; • Chlorides; • Sulfates and oxidized ores in general; • “As-blasted” ROM ore particle size. 14.4 Equipment Sizing A list of the key equipment is provided in Table 14-1. 14.5 Power and Consumables 14.5.1 Energy The average power demand from the process plant is 114 MW, with a peak demand of 130 MW. This is met from a combination of heavy fuel oil (HFO) and geothermal sources. 14.5.2 Water The processing plant uses a combination of seawater, untreated fresh water and various treated water streams (Table 14-2). The freshwater demand at the mine site is 84,560 m3/day, and process plant raw water supply is the largest demand, accounting for 84,375 m3/day. Processing can be affected by prolonged drought periods. Newmont has developed and implemented a water conservation strategy to support operations during periods of low rainfall. This includes recovery of fresh water from some flotation tailings, minimizing non-essential usage, maximizing use of seawater throughout the process plant and maintaining a minimum base flow in the Londolovit River. 14.5.3 Process Materials Key processing reagents are oxygen (generated on site), lime and cyanide. Quick lime is imported in dedicated shipping containers. Cyanide is imported as sodium cyanide briquettes in 1 t bags and then dissolved in water for distribution to the cyanidation circuit. Other minor reagents are caustic and hydrochloric acid for gold recovery, collector and frother for flotation and flocculent for thickening. Grinding balls are imported in sea containers and stored in bunkers.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 14-8 Table 14-1: Key Process Equipment Area Asset Manufacturer/Supplier Specifications Quantity Crushing Gyratory crusher Fuller Traylor Model 1067 x 1778 TCB OSS 125–200 mm 1 MMD sizer crusher MMD MMD sizer 1150, 300 kW 1 Jaw crushers Thyssen Krupp Model: EB 16-12 /N, Single toggle. Mouth: 1,600 x 1,200 mm 2 HGO SAG mills FLSmidth 5.5 MW, 8.53 m inside diameter (28 ft), 4.1m long (flange to flange), grate discharge, design ball charge of 15%, current target 15% 2 HGO ball mills FLSmidth 5.5 MW, 5.5 m inside diameter (18 ft), 9.75 m long (flange to flange), 13.46 rpm, overflow discharge 2 FGO SAG mill Outokumpu/Outotec 4.3 MW, 7.3 m inside diameter (24 ft), 5.1 m long (flange to flange). 9.5 to 12.7 rpm range, grate discharge, design ball charge of 12%, current target 15% 1 FGO ball mill Outokumpu/Outotec 4.3 MW, 5.5 m inside diameter (18 ft), 8.53 m long (flange to flange), 13.8 rpm, overflow discharge 1 Pebble crushers FLSmidth Raptor 500; second not fully installed 2 Flotation FGO flotation cells Outotec OK150 5 HGO flotation cells Outotec OK300 5 Autoclave feed slurry thickening & storage Grinding thickeners FLSmidth 48 m FLS thickeners, dual E-duct system, max 1,500 t/h (nominal 1,000 t/h), feed flow range 2,500–7,340 m3/hr 2 Autoclave feed slurry storage tank Sun Engineering Dimensions: 16.5 x 17.3 m tank; capacity: 3,500m3; duty: sulfide flotation concentration storage tank. Operating levels: low: 0.5 m, normal: variable between limits; high: 16.8 m, freeboard: 0.5 m. Operating pressure: atmospheric Carbon steel/rubber lined; corrosion allowance 1.6 mm 1 Autoclave feed slurry storage tank CBI Constructors (PNG) Pty Ltd Dimensions: 16.5 x 17.3 m; capacity: 3,527 m3; freeboard: 0.81 m Operating pressure: atmospheric Baffled, open top, mild steel, rubber-lined 5 Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 14-9 Area Asset Manufacturer/Supplier Specifications Quantity Pressure oxidation Autoclave feed pre- heaters Hatch Engineering design Dimensions: 5.36 m (ID) x 12.656 m; 5 sets segmented splash baffle plates. Design internal pressure: 200 kpa@150oC; normal operating: 13 kPa@103oC; max operating: 180 kPa@134oC Fluid volume >> operating: 64.2 m3, full: 340 m3 3 Autoclave feed pumps, autoclaves 1, 2 &3 Envirotech/Geho Positive displacement slurry pumps; variable frequency drive; duty Flow (m3/h) >> min: 85, normal: 165, rated: 270 Discharge pressure (kPa.a) >> Normal: 2,750, Rated: 3,100 NPSHA (kPa.a): >200; slurry temperature: 40–95oC; Motor rating/speed: 315 KW/1500 6 Autoclaves Sherritt Gordon 4.5 mID x 31.23 mL, 0.36 m spherical head; operating temperature range: 200–210oC; pressure > nominal: 2580 kPa, max: 2800 kPa; nominal O2 overpressure: 867 kPa (32% O2 overpressure control philosophy) 3 Flash vessels, autoclaves 1, 2 & 3 Evans Deakin Engineering Ltd 5.5 m (I.S) x 6.9 m (tangent to tangent or T–T), 25 mm thick vessel. Carbon steel with bromo-butyl rubber lining and acid brick lining. Design pressure: 200 kPa, design temperature > max: 150oC, min: 90oC 3 Quench vessels, autoclaves 1, 2 & 3 Vertical, 3.5 m dia (I.S) x 5 m T–T with SE heads, carbon steel membrane and acid brick lined. Design exit temperature: 80oC 3 Vent scrubber, autoclaves 1, 2 & 3 Venturi type with cyclonic separator; inlet vol: 5240 Am3/h @ 85oC, outlet vol: 5565 Am3/h @ 65oC; scrubber differential pressure: 10 kPa; cooling water rate: 3.8 L/sec @ 110 kPa 3 Autoclave feed pumps, autoclave 4 Weir Minerals Type: TZPM 1200; max flow: 475 m3/h, max discharge pressure: 3100 kPa, max stroke rate: 50 spm, power: 449 kW 3 Autoclave 4 5.600 m dia IS x 44.820 L T–T; operating volume = 865 m3; operating temperature range: 200–210oC; pressure > nominal: 2580 kPa, max: 2800 kPa; nominal O2 overpressure: 867 kPa (32% O2 overpressure control philosophy) 1 Flash vessels autoclave 4 5.5 m (I.S) x 7 m (T–T), 25 mm thick vessel. Carbon steel with bromo-butyl rubber lining and acid brick lining. Design pressure: 200 kPa, design temperature > max: 150oC, total vol: 197 m3 2 Quench vessels autoclave 4 Vertical, 3.6 m (I.S) x 5 m (T–T) with SE heads, carbon steel membrane and acid brick lined; operating temperature: 90oC, design temp: 150oC; total vol: 62 m3 2

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 14-10 Area Asset Manufacturer/Supplier Specifications Quantity Vent scrubber, autoclave 4 Units: SVS Size 27/60; inlet gas vol: 20,000 m3/h @ 80oC; outlet gas vol: 19,783 m3/h @ 30oC; cooling water rate: 4.5 L/sec @ 80kPa per nozzle, 3 nozzles 2 Oxidized slurry transfer tanks Walz Construction Diameter x height: 11.0 m inside x 6.0 m; material SAF2507; sacrificial plate, seal welded; acidic slurry @ 100oC 2 Oxygen plant Air products oxygen plant Air Products 27,929 kW/day; 1,700 t/d GOX capacity 1 Linde oxygen plant Linde CyroPlants 23,000 kW/day; 1,400 t/d GOX capacity 1 Air Liquide oxygen plant Air Liquide 5,000 kW/day; 240 t/d GOX capacity 1 Flotation tailings gold recovery Flotation tailings thickener Supaflo Technologies Pty Ltd Supaflo 26 m dia, high rate thickener, design feed flowrate: 1,556 m3/h, solid flux: 0.167 m2/t/d, 1 Autoclave discharge slurry washing CCD thickeners Supaflo Technologies Pty Ltd Tank diameter: 35.5 m; tank sidewall height: 6.2 m; Freeboard to liquid level, 0.6 m; 35.5 m dia x 6.2 m side wall height thickener, rubber-lined steel, flat bottom, HDPE floor 4 Neutralization, cyanidation and adsorption (NCA) NCA 1 neutralization tank Diameter x height: 13.7 m inside x 18.0 m; operating temp: 36.8ºC; operating & design pressure: ATM; corrosion allowance: 1. 6 mm; rubber-lined; shell AS3679 GR250 & GR350 1 NCA 1 leach tank Diameter x height: 13.7 m inside x 18.0 m; operating temp: 36.8ºC; operating & design pressure: ATM; corrosion allowance: 1.6 mm; rubber-lined; shell AS3679 GR250 1 NCA 1 CIL tanks Diameter x height: 13.7 m inside x 15.0 m; operating temp: 36.8ºC; operating & design pressure: ATM; corrosion allowance: 1.6 mm; rubber-lined; shell AS3679 GR250 6 NCA 2 neutralization Tank Diameter x height: 14.2 m inside x 18.5 m; operating temp: 35ºC; operating & design pressure: ATM; corrosion allowance: 1.0 mm; shell ASTM A36; rubber-lined 1 NCA 2 leach tank Diameter x height: 14.2 m inside x 18.5 m; operating temp: 35ºC; operating & design pressure: ATM; corrosion allowance: 1.0 mm; shell ASTM A36; rubber-lined. 1 NCA 2 CIL tanks Diameter x height: 14.2 m inside x 18.5 m; operating temp: 35ºC; operating & design pressure: atmospheric; corrosion allowance: 1.0 mm; shell ASTM A36; rubber-lined 6 Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 14-11 Area Asset Manufacturer/Supplier Specifications Quantity Carbon elution and regeneration NCA 1 acid wash pressure vessel Morton Engineering Co Pty Ltd Diameter x height mm: 1,620 x 11,900; mat: AS3678-250 plate; hydrotest pressure- 550 kPa; rubber lined – 6 mm; S135 paint spec 2 NCA 1 carbon elution column Pinnacle Engineering/Wacol, Brisbane Diameter (m) x height (m): 1,320 ID x 12,150 L; design pressure, kPa (g) / design temperature: °C 350 / 120; carbon elution column, 6 mm 316l SS, with two 316 SS wedge wire bayonet screens, insulation support rings, one wire-reinforced EPDM elastomer flanged chamber 1 NCA 2 acid wash pressure vessel Not applicable Not applicable 2 NCA 2 carbon elution column Pinnacle Engineering/Wacol, Brisbane Diameter (m) x height (m): 1,320 ID x 12,150 L; design pressure, kPa (g) / design temperature: °C 350 / 120; carbon elution column, 6 mm 316l SS, with two 316 ss wedge wire bayonet screens, insulation support rings, one wire-reinforced EPDM elastomer flanged chamber. 1 NCA 2 carbon reactivation kiln Metso Size: length x diameter – 16,121 x 2,781 x 4,417 mm; required motor voltage: 415 volts 1 NCA 1 carbon reactivation kiln Nutec Bickley Type: indirect fired (diesel fuel) rotary; model: RK850X8000; L x W x H (mm): 13,000 x 3,000 x 8,200; live operating capacity: 12 hrs (12 tons @ 1000 kg/hr); 20 years design life 1 Gold room Electrowinning cells Knitted 430 SS; sludge removal type. 3.5 m3; 2 line of 2 cells, with rectifiers 4 Furnace, melting gold room Melting: tilting induction type, 30 L crucible capacity 1 Tailings Tailings de-aeration tank Size: length x diameter = 9.6 x 10 m; segmented; corrosion allowance: 4.0 mm; 12 mm bromo-butyl rubber lining; shell A3678-250 1 Lime production Lime slaking plant LS100 Newell Dunford Size: length x diameter – 2.3 x 2.2 m; required motor voltage: 132 kw; capacity 200 t/d dry lime, max 265 t/d 1 Lime slaking plant LS1100 Bradken Vertical stirred mill slaker, SM6018, 90 kW 1400 L capacity 1 Lime slaking plant LS2100 Lime Systems Size: length x diameter - 4 m diameter x 2.0 m ball mill; rubber-lined; double drive 150kW and 90 kW; mill speed 22.68 rpm; 8 dt/h capacity 1

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 14-12 Table 14-2: Water Type Useage Type Use Seawater Used for cooling the oxygen production plants and power station, quenching and scrubbing in the pressure oxidation areas, and in the post-oxidation CCD circuit. Seawater is drawn from a screened intake chamber in the small boat harbor. The plant currently uses about 21,000 m3/hr of seawater. Untreated fresh water primarily used in the milling circuits and in the grinding thickeners for washing the ground ore and control of ore chloride concentrations. Some fresh water is provided from rainfall collection on site. Most of the fresh water is drawn from a small weir on the Londolovit River, situated approximately 8.4 km north of the process plant, and pumped via pipeline to the plant raw water storage tank and the thickener circuit. The maximum permitted extraction rate from the Londolovit River is 38,016,000 m3 annually. 14.6 Personnel The process plant has a personnel count of approximately 870 including plant operations and maintenance. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 15-1 15.0 INFRASTRUCTURE 15.1 Introduction The majority of surface infrastructure to support operations is in place, and includes: • One open pit; • Mine facilities: ROM stockpiles, low-grade stockpile, waste rock dumps, crushing facilities, explosives magazine, maintenance workshops and mine support facilities; • Processing facilities: fuels, reagents, and consumables required by the processing plant; • Site services and administration: main office, laboratory, training building, warehouse and bond store, workshops, and an emergency and security services building; • Port facilities: Put Put wharf, servicing oil tankers, general cargo ships, passenger ferries and work boats; • Inner harbor for small boats; • Waste rock disposal barges and associated loading and disposal infrastructure; • Tailings pipeline and pipeline outfall; • Water management facilities: stormwater and water storage dams, diversions, culverts and water transfer pumps and pipelines; • Landfill facility; • Power generation, communications and distribution facilities; • Oxygen production facilities; • Fuel storage facilities; • Airstrip and terminal facilities. An infrastructure layout plan is included as Figure 15-1. Additional infrastructure that will be required to support the LOM plan is the nearshore soil barrier, discussed in Chapter 17.8, and shown in Figure 15-1. Infrastructure for the workforce includes housing and camp accommodation, and related community facilities such as a school, medical center, supermarkets, an open market and a police station, as well as associated messing and recreation facilities, and plants for water and sewerage treatment.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 15-2 Figure 15-1: Infrastructure Layout Plan Note: Figure prepared by Newcrest, 2020. KNSP = Kapit North stockpile; KFSP = Kapit Flat stockpile; Ph11 SP = pit phase 11 stockpile; Ph12e SP = pit phase 12 east stockpile; WWSP = western wall stockpile. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 15-3 15.2 Roads and Logistics A public road was constructed from the village of Put Put to the accommodation center at the Londolovit plantation, and from there to the airstrip at Kunaye. Haul roads run between the crushing facilities and ROM stockpiles at Ladolam, the barge loading dock in Luise Harbor, and the low-grade ore stockpiles. A wharf was constructed at Put Put for general cargo ships and tankers for deliveries of heavy fuel oil (HFO) and light fuel oil (LFO or diesel) for mobile fleet, power stations and other diesel powered equipment. An airstrip and terminal facilities were constructed on the northern portion of the island. The airstrip was certified with the PNG Civil Aviation Authority in 2007 and the airport operates both domestic flights, and international flights to Cairns. 15.3 Stockpiles Stockpiles are discussed in Chapter 12.4 and Chapter 15.3. The stockpile locations are shown on Figure 15-1. 15.4 Waste Storage Facilities Waste rock from the mine is either used for construction purposes or transported in barges for off-shore submarine disposal. Additional information on waste rock storage is provided in Chapter 17.5. 15.5 Tailings Disposal Due to the heavy rainfall typically experienced on Aniolam Island, the lack of suitable area for a tailings storage facility, and the high seismicity of the region, DSTP was selected as the preferred tailings placement method for the Lihir Operations. Additional information is provided in Chapter 17.6. 15.6 Built Infrastructure Mine facilities, including ROM stockpiles, crushing facilities, and mine support facilities, are located in the Ladolam Creek valley, immediately to the east of the ultimate pit boundary. The processing plant is on the northwestern side of Put Put Point on relatively flat land adjacent to the shoreline and on the gentler lower slopes of the eastern end of the Luise Caldera. Support buildings include a main site administration office, mine office, projects office, laboratory, and an emergency and security services building. An environmental laboratory was built, and field and laboratory equipment provided for air and water sampling, steam gauging, sediment

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 15-4 sampling, fish sampling, weather monitoring, oceanographic monitoring and industrial hygiene measurements. Facilities for handling and transport of the various fuels, reagents, and consumables required by the processing plant are located near the general ship berth and the processing plant. Port facilities are installed to service oil tankers, general cargo ships, passenger ferries and work boats. The Put Put wharf can berth general cargo ships of 13,000 dead weight tonnes (DWT) capacity, and oil tankers of 12,000 DWT, with draughts to 10 m. Small boats with a draught up to 2 m can berth in the small boat harbor excavated in the coral platform within Special Mining Lease 6. Several small boats are moored at this location and provide a ferry service to Namatanai, pilot boats for the primary port and vessels for environmental monitoring. Several small boats service the western side of Aniolam Island and the outlying islands of Mahur, Masahet and Mali. Permanent marine facilities were constructed at these locations for passenger loading and unloading. The Kunaye airstrip has a 1,200 m long runway, and is suitable for use by a variety of small to medium size passenger aircraft. The airstrip includes a taxiway and aircraft parking area for three aircraft. A terminal building next to the aircraft parking area contains arrival and departure facilities and baggage-handling equipment. 15.7 Camp and Accommodation The Londolovit accommodation centers provide housing for senior staff living on site and a number of government employees. Single persons’ quarters are provided for commuting personnel. 15.8 Power and Electrical Power is currently produced at site by a combination of heavy fuel oil (HFO) reciprocating engines. The existing total mine site power demand averages around 115 MW and can peak as high as 130 MW when all equipment is at full capacity (peak usage). The HFO power supply consists of twelve 6.3 MW units (diesel power station) and ten 8.9 MW units (interim power station and two 8.9 MW oil cubes). The site has small backup generators that use light fuel oil. 15.9 Fuel Fuel handling facilities include provision for handling of HFO and diesel fuel (distillate). HFO discharges from oil tankers to two bulk storage tanks using the supplying tanker's pumps. These HFO tanks have a total capacity of 26,500 t. An estimate of average HFO consumption is 205 t/d. Using the supplying tanker's pumps, diesel discharges to two bulk storage tanks that have a total capacity of 6,000 t. Average diesel consumption is estimated at 70 t/d. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 15-5 15.10 Communications Communications at the site, across the island and within the PNG mainland and overseas are provided through the national telephone network carrier. Internet access for the operation is provided via a dedicated satellite link. Marine and aeronautical radio systems are installed. 15.11 Water Supply Water supply is discussed in Chapter 17.9.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 16-1 16.0 MARKET STUDIES 16.1 Markets The Lihir Operations consist of an operating mine with refining contracts in place. The Lihir Operations produce gold doré containing 91–97% gold, 2.2–8.24% silver and 0.5–3% base metals, which is securely transported from the mine to a refinery. Within the Asia–Pacific region, there are a number of London Bullion Market Association- accredited refineries that have the capacity to refine doré, including the West Australian Mint refinery in Perth, WA, the ABC Refinery in Sydney, NSW, Metalor Technologies in Singapore, W.C Heraeus–Precious Metals in Hong Kong, Logam Mulia in Indonesia, and new refineries in India as well as a number of established refineries in Europe and the Middle East. Currently the West Australian Mint is the preferred refinery. There are no agency relationships relevant to the marketing strategies used. Product valuation is included in the economic analysis in Chapter 19, and is based on a combination of the metallurgical recovery, commodity pricing, and consideration of processing charges. Under the terms of the Lihir mining development contract, Newmont may be required to refine a portion of the Lihir gold production within PNG if certain quality and security requirements are met and the terms offered are commercially competitive. To date this has not occurred, and Newmont is free to enter into arms length contracts for refining. 16.2 Commodity Price Forecasts Newmont uses a combination of historical and current contract pricing, contract negotiations, knowledge of its key markets from a long operations production record, short-term versus long- term price forecasts prepared by Newmont’s corporate internal marketing group, public documents, and analyst forecasts when considering long-term commodity price forecasts. Higher metal prices are used for the mineral resource estimates to ensure the mineral reserves are a sub-set of, and not constrained by, the mineral resources, in accordance with industry- accepted practice. The long-term commodity price and exchange rate forecasts are: • Mineral reserves: o Gold: US$1,400/oz; o US$:AU$: 0.75; • Mineral resources: o Gold: US$1,600/oz; o US$:AU$: 0.75. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 16-2 16.3 Contracts Newmont’s doré is sold on the spot market, by marketing experts retained in-house by Newmont. The terms contained within the sales contracts are typical and consistent with standard industry practice and are similar to contracts for the supply of doré elsewhere in the world. There are currently eight major contracts in place to support the Lihir Operations. These contracts cover items such as refining, security transport, data management and invoicing, mining contracts, sea freight, catering and accommodations support, air transport, and labor hire. Contracts are negotiated and renewed as needed. Contract terms are in line with industry norms, and typical of similar contracts in Papua New Guinea that Newmont is familiar with.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 17-1 17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS 17.1 Introduction Mine development and operations (i.e. processing) at the Lihir Operations commenced in 1997 in accordance with the agreed development plans stipulated in the approved Proposal for Development, which forms the basis of the Mining Development Contract (MDC) and the subsequently issued Special Mining Lease 6. The original Environmental Plan associated with mine development was completed in 1995 (NSR, 1995) and approved by the PNG Minister of Environment. An Environmental Impact Statement (EIS) was prepared under the Environment Act 2000 for the Production Improvement Program, which facilitated the subsequent incorporation of the existing Water Use Permits into two new Level 3 Environment Permits (Lihir Gold, 2005). The EIS was subsequently approved by the PNG Department of Environment and Conservation (DEC) in 2008, with new environmental permits issued for waste discharge and water abstraction in October 2008 (DEC, 2008a; 2008b). Newcrest completed a major plant upgrade in 2013, which did not require any change to the current rate of mining or to the extent of the pit footprint. Instead, additional ore processing was made possible by increasing the rate of processing for stockpiled low-grade ore and increases to tailing disposal, as part of the MOPU project. An EIS for the expansion was submitted to the PNG DEC (Coffey, 2009) and was approved by the PNG Environment Council in February 2011. The existing waste discharge and water extraction permits were amended in March 2012 and November 2014, respectively. A regulatory-approved Environmental Management and Monitoring Plan (EMMP) is used to manage and monitor the predicted environmental impacts associated with the Project. The EMMP is updated every four years for review and endorsement by the PNG Conservation and Environment Protection Authority (CEPA; formerly DEC). In addition, an annual environmental report is prepared and submitted to CEPA as well as other national, provincial and local level government bodies. Newmont has an operating environmental management system (EMS). 17.2 Baseline and Supporting Studies Baseline studies were completed in support of permitting and operations in the period 1988–1992. Additional studies were conducted during the MOPU expansion from 2009–2013. Completed studies included the following major discipline areas: • Vegetation; • Fauna and avifauna (including megapodes); Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 17-2 • Freshwater and coastal fish; • Marine biological habitat; • Fringing coral reefs; • Bathymetry; • Upper ocean characteristics (e.g. water temperature, salinity, density, dissolved oxygen, light penetration); • Meteorology and hydrology; • Oceanic currents; • Land use; • Marine resources use; • Riparian resources use; • Archaeology and material culture. Additional surveys, evaluations, and models included: • Waste rock characterization; • Submarine tailings hydraulics and dissolution, tailings dispersal; • Trial waste dumping, plume modelling. 17.3 Environmental Considerations/Monitoring Programs The onsite Environment Department uses and references a number of records, documentation and information management systems to store assess and review data: • Environmental data monitoring (EQuIS) database: water quality criteria and monitoring results; water run-off volumes and quality, stream flows and suspended sediment flux; • Hydrometeorology: water level, pH, water temperature, and weather information, fresh- water management model for the Londolovit River; • Meteorology: rainfall, evaporation, relative humidity, solar radiation, air temperature, prevailing winds; • Air quality and noise monitoring; • Groundwater monitoring; • Vegetation and soil monitoring; • Megapode monitoring; • Aquatic biomonitoring: fish, shellfish and seagrass; • Waste rock disposal and submerged waste stockpile dimensions;

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 17-3 • DSTP tailings discharge volumes, chemistry; • Ocean physio-chemical monitoring, near shore sedimentation rates and turbidity, water quality; • Land management model: land disturbance and progressive rehabilitation statistics; • Laboratory information management: sample collection, registration, and chain of custody and reporting. Newmont maintains a central compliance system for all sites, including the Lihir Operations, to report environmental incidents, notifications, investigations, tracking of actions, reporting, inspections and track action completion. 17.4 Stockpiles All stockpiles, except Kapit North and Wild West, are within the planned final pit boundary, and will need to be consumed or relocated to allow final pit development. All major existing stockpiles are scheduled to be reclaimed over the next eight years. The Phase 9 pit void is used for low-grade stockpiling to meet LOM plan requirements. The design includes 10 m berms, 24 m face height, 28 m ramps, batter angle of 35º, and inter-ramp angle of 28º. The stockpile will have a total capacity of about 50 Mt. Acid and metalliferous drainage (AMD) will be generated from medium-term storage of ore stockpiles prior to processing. This requires management of runoff and drainage to ensure discharges comply with the requirements of the site’s Environment Permits. Regular monitoring is undertaken of water quality for regulatory reporting. Newmont is currently conducting studies to assess appropriate means of managing AMD as the basis for an amendment to the Environment Permit for Waste Discharge. 17.5 Waste Rock Disposal Waste rock from the mine is either transferred into 1,500 t capacity barges for off-shore submarine disposal within the boundaries of Special Mining Lease 6, tipped at the harbor waste platform, or stockpiled for use as road base, bench sheeting, stemming or construction fill. Submarine waste disposal is carefully planned and controlled to achieve a continuous rill along the steeply-sloping sea floor and minimize the potential for uncontrolled slumping. In March 2023, Newcrest applied to CEPA and MRA for a new lease for mining purposes to host an extension of the existing marine waste rock dump. The extension will provide sufficient capacity to support mine waste disposal. Approval of the marine waste rock dump extension is assumed to be granted by the end of March 2025. 17.6 Tailings Disposal Tailings are disposed using deep sea tailings placement (DSTP). This disposal process was selected as the preferred tailings management option from an environmental and social point of Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 17-4 view because the Lihir Operations have limited space for terrestrial tailings storage and the mine is situated in a seismically active region. Baseline studies were undertaken prior to the approval by PNG environmental authorities and commencement of the DSTP. Tailings are discharged from a pipeline that extends from the de-aeration tank through a directionally-drilled hole in the shoreline at Put Put Point to a discharge point beneath the productive euphotic (sunlight-penetrating) zone at a depth of approximately 115 m below the surface. The process tailings comprise a dilute mixture of treated mill feed material and seawater from the cooling water systems and discharged through the DSTP system at a depth of approximately 115 m within the boundaries of the Special Mining Lease. Given that the waste rock and tailing materials contain sulfide minerals (including pyrite), submerging these materials prevents oxidation and potential AMD generation. Ongoing monitoring of DSTP is conducted under a government-approved EMMP. Detailed seabed and tailings footprint surveys are regularly conducted as per EMMP requirements. These surveys include seabed bathymetry, ocean water quality, seabed physio-chemical characterization, and abundance of deep-sea marine fauna. Newcrest conducted numerous studies to investigate the performance of the DSTP system including potential impacts from mine-derived sediment, waste rock and tailing disposal (CSIRO, 2009). The PNG Government also conducted studies on the DSTP system independently of Newcrest (SAMS, 2008). The studies found that the system performed according to approved environmental permits and regulatory monitoring requirements. In addition, periodic independent technical reviews (e.g. Scottish Association of Marine Science) have been undertaken to assess whether the DSTP system is functioning as designed, and to develop ongoing research projects. There have been no significant operational, compliance, environmental or social issues related to the operation of the DSTP system since 2010. 17.7 Water Management Pit perimeter diversion drains are installed on a 50 m wide drainage berm sloping at 3% to intercept as much surface runoff as possible from the Luise Caldera, which is diverted around the mining operation and into the ocean. Remaining surface runoff, groundwater seepage and rainfall is collected by 16 m wide drainage berms incorporated into pit designs and directed into sumps. Water is then pumped by in-pit dewatering pumps to the surface drainage system before ocean discharge. 17.8 Nearshore Soil Barrier The nearshore soil barrier project is required to enable access to the mineral reserves within the Kapit pit sector. The preferred construction method is a high-strength, reinforced, concrete diaphragm wall, spanning 800 m, with a nominal depth of 30.5 m. The design uses updated

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 17-5 conventional pit slopes with corresponding phase pit designs to allow access to the mineral reserves at significantly reduced capital cost, technical risk and construction time than previously- considered alternatives. The project scope includes the following: • Construction of a nearshore soil barrier to limit seepage from the ocean and groundwater through permeable mine waste rock fill and underlying marine sediments from entering the Kapit pit sector; • Design and relocation of services/infrastructure which are within the construction footprint of the nearshore soil barrier wall construction and development of the proposed Kapit pit sector; • Infilling of the Inner Harbor; • Infrastructure upgrades to support the project. 17.9 Water Supply 17.9.1 Fresh Water Supply Overview The rugged topography, steep stream gradients and high earthquake risk on Aniolam Island mean that there are few locations suitable for cost effective construction of large volume water storages. Furthermore, those locations most amenable to large dam construction are also those most suitable for human habitation, and have the greatest population density and resource value to the local community. As a consequence, development of water supply yield on the island is necessarily focused on run-of-river and/or groundwater resources. The nearest available source of water in sufficient quantity is the Londolovit River where a 3–4 m high, broad diversion causeway weir scheme and associated pumping station were constructed. Four large turbine pumps supply the process plant via a pipeline from the weir that discharges to both the plant raw water storage tank and the thickener circuit. Water can also be sourced from a natural fresh-water spring within the caldera. The operations water demand is currently met by a combination of Londolovit raw water from the weir, caldera extraction via the Kapit spring and seawater supplement. Fresh water from pit diversion can also be substituted into the plant supply. The catchment area is very small (12 km length and surface catchment area of about 26.1 km2), and flow in the Londolovit River is dependent on rainfall, with the system draining within 3–5 days of rainfall events. Over the record since 1999, the system has delivered 80–85% reliability for supply at licensed extraction rates. Prolonged drought conditions are a risk to continued plant operations due to the lack of water. Sea water substitution measures can be implemented in the plant under major drought conditions and can mitigate a portion, but not all, of the drought-related effects on production. Based on the Aqueduct Water Risk Atlas, which assesses water risk on a five-tiered scale against a series of indicators (including physical quantity, quality, and regulatory and reputational risk) the Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 17-6 water risk range rating for the Lihir Operations is “high”, the second-highest risk rating assigned under the scale. Newmont is investigating augmenting freshwater catchment and retention, including: • Clean water drain project (Kapit North stockpile drain); • Harbor side storage facility project (additional dam storage); • Improved collection of freshwater from Caldera clean water diversions and dewatering bores. 17.9.2 Fresh Water Supply Water Extraction Permits Extraction from the Londolovit River is governed by PNG government permit under the PNG Environment Act 2000, under permit number WE-L3(143). Two uses are permitted from the Londolovit surface water system by WE-L3 (143): • #3: Extraction from the Londolovit weir for use at the Londolovit township & camp(s) at 1,250,000 m3/year or 145 m3/hour; • #5: Extraction from the Londolovit weir for operations use for ore processing at 38,016,000 m3/year, or 4,400 m3/hour. A key condition of the permit is the specification for maintenance of environment flow as a mandatory requirement for extraction at Londolovit Weir. Environmental flow is set at 200 L/second, or 720 m3/hour, which is to be maintained below the extraction point and weir at all times during the extraction of water. Environmental flow is required as a minimum requirement to protect downstream aquatic water quality and ecosystems along the lower reaches of Londolovit River. 17.9.3 Seawater Seawater is sourced from Luise Harbor to supply the back end of the process plant and cooling water for the power stations. The demand at a production rate of 14 Mt/a is 636,375 m3/day. 17.10 Closure Considerations In compliance with regulatory requirements, Newcrest commissioned a conceptual mine closure plan in 1995, which was submitted to the PNG government, and which has been updated and refined in accordance with the Newcrest closure standard, including in FY23. A technical review is planned during 2024 to assess the status of the closure plan, and refine the cost estimate. A detailed Mine Rehabilitation and Mine Closure Plan is required to be submitted to the regulator a minimum of five years prior to the cessation of operations. Planned closure is divided into three stages: • Cessation of mining and processing;

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 17-7 • Active closure; • Maintenance and monitoring. Site rehabilitation and closure will involve dismantling and demolition of infrastructure not intended for subsequent community use, removal of residual materials and remediation of disturbed areas. Community requirements and long-term land use objectives will also be considered. The closure cost estimates are currently being updated following a review of the closure options and update of the Lihir Operations closure plan. There are currently no known requirements to post performance or reclamation bonds. However, new closure policy documentation that is being drafted by the State may introduce bonding requirements. A bond of PGK111,000 was posted prior to the Lihir Operations commencing in 1997. A mine closure risk assessment and associated closure cost estimates were updated in June 2023. The current LOM closure cost estimate is US$316 million. 17.11 Permitting Newmont currently holds the key applicable permits required to support current operations. Permit renewals are applied for where required. Additional permits will be required as follows: • Nearshore soil barrier: currently approved with existing approvals but requires sign off by the Chief Inspector of Mines (MRA) pursuant to the Mining (Safety) Act 1977. The construction of this barrier was previously approved as part of the 2005 Production Improvement Programme Environmental Impact Statement; • In March 2023, Newcrest applied to CEPA and MRA for a new lease for mining purposes to host an extension of the existing marine waste rock dump. The extension will provide sufficient capacity to support mine waste disposal. Approval of the marine waste rock dump extension is assumed to be granted by the end of March 2025. • Special Mining Lease extension: Special Mining Lease 6 expires March 16, 2035. Subject to outcomes of current study work, additional permits may be required as follows: • Changes to the AMD management strategy to manage AMD at the source, pathway, and receptor; • Investigation into alternatives for future waste rock disposal. The Lihir Operations are conducted in accordance with the development plans stipulated in the MDC and the accompanying Approved Proposal for Development (APFD) signed between the State and Lihir Gold in 1995. The MDC and APFD represent the principal agreement/contract between the State and Lihir Gold in accordance with that described in the Mining Act 1992 Part IV. The MDC and APFD provide details of the conditions and implementation of the Project’s Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 17-8 approved environmental, financial, business, training/localization, land-owner agreements and infrastructure plans. The Project’s approved Environmental Plan was prepared in accordance with the Environmental Planning Act 1978, the Water Resources Act 1982, and the Environmental Contaminants Act 1978. The Environment Act 2000, which came into effect in January 2004, allows for existing approvals, permits and licenses issued under the now repealed Environmental Planning, Water Resources and Environmental Contaminant acts to continue to be valid and in force for existing projects such as the Lihir Operations. The operations EMMP provides details of the environmental monitoring requirements and reporting commitments to CEPA, MRA, New Island Provincial Government Nimamar Local Level Government, and community representatives such as the Lihir Mine Area Landholders Association. The EMMP lists the various monitoring requirements, which arose from the identification of key environmental issues documented in the Project’s Environmental Plan (NSR, 1992) and subsequent EISs. The EMMP includes statutory monitoring associated with the water extraction permit for the Lihir Operations, which regulates the volume of water extracted from rivers and the ocean to operate the mine, and the waste discharge permit, which limits the volume and concentration of discharged waste streams. 17.12 Considerations of Social and Community Impacts There are a number of culturally significant sites within the mining area including Ailaya Rock on the edge of the operational pit. Lihirians believe Ailaya Rock to be the portal to the afterlife. There was a cave at the base of the Ailaya prior to disturbance in the 1990s where it was believed that spirits entered and then rose through it to the afterlife. The Ailaya Rock remains a site of deep cultural and religious significance to the majority of Lihirians and the image of the rock is a symbol of Lihirian identity. There is a 10 m exclusion zone around the top of the rock, reduced from the regulated 100 m buffer under an agreement with the landowner group who are custodians of Ailaya Rock. There are several cultural sites located on the Ailaya Rock that are also of cultural importance. These require ongoing management in consultation with local communities, customary landowners and regulators that pose significant risk to company reputation and social license to operate. The current suite of Customary Landholder Agreements were signed on December 21, 2020 after a review process with Lihir’s tenement landholders and relocation family groups that lasted several years. The full set of agreements were then registered by the PNG Registrar of Tenements on April 30, 2021 in fulfilment of a key requirement of the Mining Act 1992. Newcrest and the local landholders agreed to replace the former integrated benefits package agreement regime with a new suite of landholder agreements resulting in the following: • The 1995 integrated benefits package, 2007 revised integrated benefits package, and certain other associated agreements were terminated;

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 17-9 • New agreements setting out distinct compensation, relocation and benefits arrangements were implemented in place of the terminated agreements; • Certain existing agreements (e.g., the Lihir Mining Development Contract, 2007 Memorandum of Agreement, and various community agreements) continued without modification. Incorporated within the new regime were: • An Umbrella Transition Deed (which is the framework agreement setting out the structure of the new suite of agreements and terminating the previous integrated benefits package regime); • Three subject-specific agreements (which set out the details of the compensation, relocation, and benefit arrangements in place); • 15 individual agreements with specific landholder and resettled family groups (which record the specific entitlement of each particular group). Several management plans have been approved by the MRA and CEPA, and are critical to the resolution of social issues and fulfillment of commitments: • Lihir Mine Plan; • Local Business Development Plan; • Supply and Procurement Plan; • Training and Development Management Plan; • Environmental Management and Monitoring Plan; • Cultural Heritage Management and Monitoring Plan; • Lands and Compensation Management and Monitoring Plan; • Relocation and Resettlement Management and Monitoring Plan; • Social Development Management Plan; • Socio-economic Impact Monitoring and Management Plan; • Foundation Building Management Plan; • Health and Safety Management Plan; • Lihir Mine Closure Plan. The Socio-economic Impact Monitoring and Management Plan will need to be updated in CY24. Agreements and obligations are currently registered in a Community, Health, Environment, Safety and Security (CHESS) system. Community Agreements are currently registered in both the CHESS Obligations register and the Community Agreements register. Environmental Permits, Agreements and Obligations are also currently registered using the same system. Specific policies, standards and guidelines are referenced in each of the management plans. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 17-10 Newmont has established generally good working relationships with local communities and although occasional disputes do occur, they are relatively minor in nature. The last disputes that resulted in brief disruptions to operations occurred in 2014–2015. 17.13 Qualified Person’s Opinion on Adequacy of Current Plans to Address Issues Damage to Ailaya Rock as a result of mining activities could result in a significant social issue. Continued monitoring and careful planning, along with transparent dialogue with local communities will be necessary. Based on the information provided to the QP by Newmont (see Chapter 25), there are no other material issues known to the QP. The Lihir Operations are mature mining operations and currently have the social license to operate within the local communities.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 18-1 18.0 CAPITAL AND OPERATING COSTS 18.1 Introduction Capital and operating cost estimates are at a minimum at a pre-feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. 18.2 Capital Cost Estimates 18.2.1 Basis of Estimate As the Lihir Operations are a steady-state operation, sustaining capital costs largely consist of site infrastructure upkeep and mobile equipment replacement costs. An allowance for miscellaneous equipment, small projects, and other minor capital costs was included for mining, processing, and site general. The sustaining capital cost estimate is based current budget level costs, combined with recent average sustaining capital spend. The major projects included in the mineral reserves estimate include: • Nearshore soil barrier; • Phase 14A mining project (Phase 14A is the steep wall mining phase below Ailaya rock); • Power generation. Mine capital costs were based on modelling, using mine plans and schedules, material quantities, equipment data, consumable estimates and labor schedules. Mining sustaining capital costs are based on the continuation of Owner-operator mining model. Mine sustaining capital estimates were built up from the current detailed budget combined with project to date actual spend, and adjusted using forward production plans and schedules, engineering designs, and equipment strategies. Mining sustaining capital costs were estimated to average $32 M/a, for a total of $550 M over the remaining LOM. Newmont has made allowances for non-sustaining capital to pursue a variety of interrelated and inter-dependent studies, that include, but are not limited to, the seepage barrier, Phase 14A mining project, hot ground mining, power generation and miscellaneous studies aimed at optimizing production outputs. Mining-related non-sustaining capital costs were estimated at US$751 M over the remaining LOM. Process plant sustaining capital estimates were built up from the current detailed budget combined with project-to-date actual expenditure. These are adjusted using forward production plans and schedules, engineering designs and equipment strategies. Process plant non- sustaining capital expenditure, primarily the power generation project and supporting infrastructure capital, were based on equipment lists and material take-offs from engineering Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 18-2 drawings. Process plant sustaining capital costs were estimated to average US$40 M/a, for a total of US$685 M over the remaining LOM. Site G&A sustaining capital estimates were built up from the current detailed budget combined with project-to-date actual expenditure and adjusted using forward production plans and schedules, and engineering designs. These costs include major maintenance activities to maintain airport, port, site access roads, camps and accommodation. These costs were estimated to average US$10 M/a, for a total of US$176 M over the remaining LOM. The site power and utilities sustaining capital estimates were built up from the current detailed budget combined with project-to-date actual spend and adjusted using forward production plans and schedules, engineering designs and equipment strategies. The site power and utilities, inclusive of the projects and engineering areas, sustaining capital costs were estimated to average US$10 M/a, for a total of US$170 M over the remaining LOM. Power and utilities-related non-sustaining capital costs were estimated at US$169 M over the remaining LOM. 18.2.2 Capital Cost Summary Sustaining capital costs are summarized in Table 18-1. Sustaining and non-sustaining capital costs will total US$2,500 M over the anticipated LOM. 18.3 Operating Cost Estimates 18.3.1 Basis of Estimate The operating costs used in the financial model were derived from a variety of sources. The mining costs were derived from a purpose-built, activity-based cost model, while ore treatment and G&A costs were based on budgeted numbers adjusted for Newcrest’s long-term consumable price forecasts. These costs were accepted by Newmont. All operating costs are presented in US$, and reflect 2023 market terms. Inputs in currencies other than US$ were converted at exchange rates as per Newcrest’s economic parameters. These costs were accepted by Newmont. Mining operating costs are forecast to average US$5.72/t of material mined or US$12.72/t ore milled, for a total of US$2,762 M over the remaining life of mine. Mining costs include provision for load and haul, barging, drill and blast, ancillary costs, overheads and stockpile re-handle. Process operating costs are forecast to average US$28.40/t milled, for a total of US$6,165 M at a throughput rate of 12.77 Mt/a over the remaining LOM. Process costs include provision for crushing and grinding, flotation, autoclave, neutralization, cyanidation and adsorption, unallocated power, overheads, and ancillary costs. Infrastructure and other distributable costs (power and utilities) are included in the mining and processing operating costs.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 18-3 Table 18-1: Sustaining Capital Cost Estimate Sustaining Capital Description Average Sustaining Capital Cost (US$M/a) Sustaining Capital Cost (US$M) % of Estimate Mining 32 550 35 Processing 40 685 43 Infrastructure (power and utilities) 10 170 11 General and administrative 10 176 11 Totals 92 1,581 100 Note: Numbers have been rounded. General and administrative operating costs are forecast to average US$15.50/t milled, for a total of US$3,365 M over the remaining LOM. 18.3.2 Operating Cost Summary The projected LOM plan operating costs are summarized in Table 18-2, and are anticipated to total US$56.62/t milled. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 18-4 Table 18-2: Operating Cost Estimate Cost Area Units Value Mining cost US$/t ore milled 12.72 Ore treatment US$/t ore milled 28.40 General and administrative US$/t ore milled 15.50 Site Costs US$/t ore milled 56.62 Note: Numbers have been rounded.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 19-1 19.0 ECONOMIC ANALYSIS 19.1 Methodology Used The financial model that supports the mineral reserve declaration is a standalone model that calculates annual cash flows based on scheduled ore production, assumed processing recoveries, metal sale prices and New Guinea kina/US$ exchange rate, projected operating and capital costs and estimated taxes. The financial analysis is based on an after-tax discount rate of 10%. All costs and prices are in unescalated “real” dollars. The currency used to document the cash flow is US$. All costs are based on the 2023 budget, as completed in June, 2023. Revenue is calculated from the recoverable metals and long-term metal price and exchange rate forecasts. 19.2 Financial Model Parameters The economic analysis is based on the metallurgical recovery predictions in Chapter 10.4, the mineral reserve estimates in Chapter 12, the mine plan discussed in Chapter 13.10, the commodity price forecasts in Chapter 16, closure cost estimates in Chapter 17.3, and the capital and operating costs outlined in Chapter 18. Royalties were summarized in Chapter 3.2.5 and Chapter 3.8. Lihir is subject to a corporate income tax rate of 30% on taxable income. It is also subject to a mineral royalty of 2% on net smelter returns and a production levy of 0.5% of assessable income. The economic analysis is based on 100% equity financing and is reported on a 100% project ownership basis. The economic analysis assumes constant prices with no inflationary adjustments. The NPV at a discount rate of 10% is $1.0 B. The internal rate of return (IRR) is estimated at 37% and the payback period is 5.3 years. The active mining operation ceases in 2039, and processing in 2040; however, closure costs are estimated to 2053. A summary of the financial results is provided in Table 19-1. An annualized cashflow statement is provided in Table 19-2 and Table 19-3. The tables present the financial results on a 100% basis. Total tonnage and metal may differ from declared values in the mineral reserve table due to the financial model being based on a projected end of year topography. The QP does not consider any differences to be material. In these tables, EBITDA = earnings before interest, taxes, depreciation and amortization. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 19-2 Table 19-1: Cashflow Summary Table Item Unit Value Metal price, gold $/oz 1,400 Tonnage treated Mt 217 Gold grade g/t 2.51 Gold ounces, contained Moz 17.5 Capital costs $B 2.5 Direct operating costs $B 14.7 Exchange rate US dollar to PNG kina 3.50 Discount rate % 10 Free cash flow $B 2.5 Net present value $B 1.0 Note: Cashflow presented on a 100% basis. Numbers have been rounded.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 19-3 Table 19-2: Annualized Cashflow (2023–2034) Area Units LOM 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Material mined Mt 483 41.0 37.7 34.3 32.0 36.8 39.4 40.0 40.0 39.1 40.0 35.0 Ore processed Mt 217 11.9 13.0 13.2 13.5 13.5 13.3 13.0 13.5 13.3 13.4 13.4 Contained gold, processed Moz 17.5 0.84 0.94 1.19 1.50 1.30 1.35 1.36 1.37 1.24 1.08 0.96 Contained gold, gold grade g/t 2.51 2.19 2.24 2.78 3.44 3.01 3.17 3.26 3.17 2.91 2.51 2.23 Recovered gold Moz 14 0.64 0.70 0.88 1.11 0.95 1.08 1.12 1.08 1.03 0.89 0.79 Net revenue US$ B 19 0.9 1.0 1.2 1.6 1.3 1.5 1.6 1.5 1.4 1.3 1.1 Cost applicable to sales US$ B -12 -0.9 -0.9 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 Other expenses US$ B -0.9 -0.0 -0.1 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 Total expenses US$ B -13 -1.0 -1.0 -0.9 -0.9 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 EBITDA US$ B 5.9 -0.1 0.0 0.3 0.7 0.5 0.7 0.8 0.7 0.6 0.4 0.3 Operating cash flow US$ B 5.0 -0.0 0.1 0.4 0.6 0.4 0.5 0.6 0.5 0.5 0.4 0.3 Total capital US$ B -2.5 -0.2 -0.2 -0.4 -0.5 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 Free cash flow (pre-tax) US$ B 3.4 -0.2 -0.2 -0.0 0.2 0.3 0.5 0.6 0.6 0.5 0.4 0.2 Free cash flow (post-tax) US$ B 2.5 -0.2 -0.2 -0.0 0.1 0.2 0.4 0.5 0.4 0.4 0.3 0.2 Note: Numbers have been rounded. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 19-4 Table 19-3: Annualized Cashflow (2035–2040) Area Units 2035 2036 2037 2038 2039 2040 Material mined Mt 20.9 21.1 17.0 7 1 — Ore processed Mt 13.4 13.5 13.6 14 13 5 Contained gold, processed Moz 0.96 0.90 0.78 0.79 0.75 0.22 Contained gold, gold grade g/t 2.23 2.08 1.79 1.82 1.74 1.46 Recovered gold Moz 0.74 0.69 0.61 0.58 0.56 0.20 Net revenue US$ B 1.0 1.0 0.9 0.8 0.8 0.3 Cost applicable to sales US$ B -0.7 -0.7 -0.7 -0.6 -0.5 -0.2 Other expenses US$ B -0.1 -0.1 -0.1 -0.1 -0.1 -0.0 Total expenses US$ B -0.8 -0.8 -0.7 -0.7 -0.6 -0.2 EBITDA US$ B 0.3 0.2 0.1 0.1 0.2 0.1 Operating cash flow US$ B 0.3 0.2 0.2 0.2 0.2 0.1 Total capital US$ B -0.1 -0.1 -0.1 -0.1 -0.1 -0.0 Free cash flow (pre-tax) US$ B 0.2 0.2 0.1 0.1 0.2 0.1 Free cash flow (post-tax) US$ B 0.2 0.1 0.1 0.1 0.2 0.1 Note: Numbers have been rounded.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 19-5 Table 19-1, Table 19-2, and Table 19-3 contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Please refer to the note regarding forward-looking information at the front of the Report. The cash flow is only intended to demonstrate the financial viability of the Project. Investors are cautioned that the above is based upon certain assumptions which may differ from Newmont’s long-term outlook or actual financial results, including, but not limited to commodity prices, escalation assumptions and other technical inputs. For example, Table 19-1, Table 19-2, and Table 19-3 use the price assumptions stated in the table, including a gold commodity price assumption of US$1,400/oz, which varies significantly from current gold prices and the assumptions that Newmont uses for its long-term guidance. Please be reminded that significant variation of metal prices, costs and other key assumptions may require modifications to mine plans, models, and prospects. 19.3 Sensitivity Analysis The sensitivity of the Project to changes in grades, sustaining capital costs and operating cost assumptions was tested using a range of 25% above and below the base case values. The changes in metal prices are representative of changes in grade. The Project is most sensitive to changes in the gold price and grade, less sensitive to changes in operating costs, and least sensitive to capital cost changes, as shown in Figure 19-1. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 19-6 Figure 19-1: Sensitivity Analysis Note: Figure prepared by Newmont, 2024. FCF = free cashflow; Sens = sensitivity; OPEX = operating cost estimate; CAPEX = capital cost estimate. -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 -25% -15% 0 15% 25% FC F or N PV ($ B) FCF OPEX Sens FCF CAPEX Sens FCF Au Price Sens NPV OPEX Sens NPV CAPEX Sens NPV Au Price Sens

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 20-1 20.0 ADJACENT PROPERTIES This Chapter is not relevant to this Report. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 21-1 21.0 OTHER RELEVANT DATA AND INFORMATION This Chapter is not relevant to this Report.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 22-1 22.0 INTERPRETATION AND CONCLUSIONS 22.1 Introduction The QP notes the following interpretations and conclusions, based on the review of data available for this Report. 22.2 Property Setting The Lihir Operations have a 23-year operating history. As a result, mining-related infrastructure and the supply of goods available to support mining operations is well-established. Personnel with experience in mining-related activities are available in PNG and Australia. Aniolam Island has a high rainfall, which can have short-term impacts on open pit operations. Exploration activities may be curtailed by heavy rainfall. The mine is located within the Luise Caldera of the Luise Volcano which is located on the east coast of the island. The caldera is an extinct volcanic crater that is geothermally active, in the form of hot springs and fumaroles. Aniolam Island is located in the West Melanesian Arc seismic source zone where earthquakes of up to magnitude eight have been recorded. Most earthquakes in the region result from strike-slip movement but some occur along steeply-dipping reverse faults resulting in a strong vertical motion component and have potential to generate local tsunamis. Both tsunami and earthquake risks were assessed and incorporated into the Project design criteria. Mining operations are conducted year-round. 22.3 Ownership Newmont indirectly wholly-owns the Lihir Operations. 22.4 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements The Project consists of a granted Special Mining Lease, two granted Mining Leases, one granted Exploration License, five granted Leases for Mining Purposes, and three Mining Easements. The total area under license is approximately 238 km2. The Lihir deposit is located on Special Mining Lease 6. Special Mining Lease 6, Leases for Mining Purposes 34–40, and Mining Easements 71–73 expire on March 16, 2035. Exploration License 485 expires in March 2024, and Mining Lease 125 and Mining Lease 126 both expire on July 20, 2025. Newmont must lodge annual and bi-annual reports on activities conducted on the mineral tenure. As at December 31, 2023, all statutory reporting requirements had been met. The Project area is situated on land held under customary, State and private ownership, including under State lease. The bulk of the land that will be affected by Project operations and closure is Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 22-2 customary owned. Newmont has been granted rights to undertake mining and processing of gold and related activities, through negotiations with the state and local government, and landowners in the area. Newmont holds a granted Special Mining Lease which encompasses all of the area where mineral reserves are estimated. The Special Mining Lease entitles Newmont to enter and occupy the land for the purpose of mining and the ancillary mining purposes for which the Mining Lease was granted. An Environment Permit for Water Extraction is in place to support Project operations. Newmont is entitled to 100% of the minerals produced from the mineral tenure subject to the payment of prescribed annual rents and royalties. A 2% royalty is payable to the State of PNG on the realized prices of all gold and silver doré produced. Under the MoA, the State is responsible for direct distribution of all royalties derived from the Lihir Operations to Special Mining Lease 6 landowners (20%), Nimamar Local Level Government (30%) and the New Ireland Provincial Government (50%). A production levy of 0.5% is also payable on the gross value of production (i.e., excluding the offsets of treatment and refining charges, payable terms and freight) to the MRA. 22.5 Geology and Mineralization The Lihir deposit is considered to be an example of an epithermal gold deposit. The geological understanding of the settings, lithologies, and structural and alteration controls on mineralization in the different zones is sufficient to support estimation of mineral resources and mineral reserves. The geological knowledge of the area is also considered sufficiently acceptable to reliably inform mine planning. The mineralization style and setting are well understood and can support declaration of mineral resources and mineral reserves. There is some remaining exploration potential in the Project area, with a number of prospects that may warrant additional investigation. 22.6 History The Lihir Operations have over 24 years of active mining history, and exploration activities date back to 1980 when gold was first discovered. 22.7 Exploration, Drilling, and Sampling The exploration programs completed to date are appropriate for the style of the mineralization within the Project area. Sampling methods, sample preparation, analysis and security conducted prior to Newcrest’s interest in the operations were in accordance with exploration practices and industry standards at the time the information was collected. Current Newmont/Newcrest sampling methods are acceptable for mineral resource and mineral reserve estimation. Sample preparation, analysis

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 22-3 and security for the Newmont/Newcrest programs are currently performed in accordance with exploration best practices and industry standards. The quantity and quality of the lithological, geotechnical, collar and down-hole survey data collected during the exploration and delineation drilling programs are sufficient to support mineral resource and mineral reserve estimation. The collected sample data adequately reflect deposit dimensions, true widths of mineralization, and the deposit style s. Sampling is representative of the gold grades in the deposit, reflecting areas of higher and lower grades. Density measurements are considered to provide acceptable density values for use in mineral resource and mineral reserve estimation. The sample preparation, analysis, quality control, and security procedures used by the Lihir Operations have changed over time to meet evolving industry practices. Practices at the time the information was collected were industry-standard, and frequently were industry-leading practices. The sample preparation, analysis, quality control, and security procedures are sufficient to provide reliable data to support estimation of mineral resources and mineral reserves. The QA/QC programs adequately address issues of precision, accuracy and contamination. Modern drilling programs typically included blanks, duplicates and standard samples. QA/QC submission rates meet industry-accepted standards. 22.8 Data Verification The QP performed a site visit in November 2023. Observations made during the visit, in conjunction with discussions with site-based technical staff also support the geological interpretations, and analytical and database quality. The QP’s personal inspection supports the use of the data in mineral resource and mineral reserve estimation, and in mine planning. The QP receives and reviews monthly reconciliation reports from the mine site. Through the review of these reconciliation factors the QP is able to ascertain the quality and accuracy of the data and its suitability for use in the assumptions underlying the mineral resource and mineral reserve estimates. 22.9 Metallurgical Testwork Industry-standard studies were performed as part of process development and initial mill design. Subsequent production experience and focused investigations guided mill alterations and process changes. Testwork programs, both internal and external, continue to be performed to support current operations and potential improvements. From time to time, this may lead to requirements to adjust cut-off grades, modify the process flowsheet, or change reagent additions and plant parameters to meet concentrate quality, production, and economic targets. Samples selected for testing were representative of the various types and styles of mineralization. Samples were selected from a range of depths within the deposit. Sufficient samples were taken so that tests were performed on sufficient sample mass. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 22-4 Recovery factors estimated are based on appropriate metallurgical testwork, and are appropriate to the mineralization types and the selected process routes. The average metallurgical recovery for gold over the LOM plan is predicted to be 77.7%. Daily and monthly recovery varies, based on ore grade, the fraction of milled ore sent to flotation, and the amount of stockpiled ore being treated. These values include recovery uplift from projects of 1.65% from the current base. Naturally fine-grained ores (mostly argillic material) and clays (from fresh or stockpile ore) can impact on both plant throughput and metallurgical recovery. The maximum proportion of fines and clays (mainly from argillic ores) that can be treated within the plant is not known with certainty. There are several types of clay minerals with varying impact on plant performance. There is some risk that high proportions of such ore types in plant feed may lead to both lower recovery and throughput, until an adjustment to the mine plan and/or additional plant modifications can be implemented. Wet and sticky ores are managed through blending and on-going mechanical modifications to conveyors and chutes etc. Once in slurry form, these ores can display high and variable non- Newtonian shear-thinning behavior, which can impact the milling, flotation, POX and CIL circuits. However, dilution has been found effective in controlling slurry rheology to date. There are no penalty elements that affect doré sales. Deleterious components in the ore such as clay, chloride, copper and carbonate content of mill feed materials can affect aspects of plant operation, are typically localised, and to date, have had only short-term effects. 22.10 Mineral Resource Estimates There is a set of protocols, internal controls, and guidelines in place to support the mineral resource estimation process. Vulcan, Isatis, Leapfrog, and Supervisor were the modelling and geostatistical software systems used in modelling and estimation. Estimation was performed by Newmont/Newcrest personnel. All mineralogical information, exploration boreholes and background information were provided to the estimators by the geological staff at the operations or by exploration staff. Geological interpretation is supported by core, RC (blast hole), rotary drilling, in-pit mapping, and grade control sampling data. Mineral resources are reported using the mineral resource definitions set out in SK1300, and are reported exclusive of those mineral resources converted to mineral reserves. The reference point for the estimate is in situ or in stockpiles. Areas of uncertainty that may materially impact the mineral resource estimates include: the lack of stationarity in gold domains; changes to long-term gold price assumptions; changes in local interpretations of mineralization geometry and continuity of mineralized zones; changes to geological shape and continuity assumptions; changes to metallurgical recovery assumptions; changes to the operating cut-off assumptions for open pit mining methods; changes to the input assumptions used to derive the pit design used to constrain the estimate; changes to the marginal cut-off grade assumptions used to constrain the estimate; variations in geotechnical, geothermal,

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 22-5 hydrogeological and mining assumptions; and changes to environmental, permitting and social license assumptions. 22.11 Mineral Reserve Estimates Mineral reserves were converted from measured and indicated mineral resources. Inferred mineral resources were set to waste. Estimation was performed by Newmont/Newcrest personnel. All current mineral reserves will be exploited using open pit mining methods or are in stockpiles. The mine plan is based on an approximate 14 Mt/a mill throughput rate. Pit designs are full crest and toe detailed designs with final ramps. Pit designs honor geotechnical guidelines. Mineral reserves are reported using the mineral reserve definitions set out in SK1300. The reference point for the estimate is the point of delivery to the process plant. Areas of uncertainty that may materially impact the mineral reserve estimates include: changes to long-term gold price assumptions; changes to exchange rate assumptions; changes to the resource model or changes in the model reconciliation performance including operational mining losses; changes to geometallurgical recovery and throughput assumptions; changes to the input assumptions used to generate the open pit design; changes to operating, and capital assumptions used, including changes to input cost assumptions such as consumables, labor costs, royalty and taxation rates; variations in geotechnical and mining assumptions; including changes to designs, schedules, and costs, changes to geotechnical, hydrogeological, geothermal and engineering data used; changes to assumptions as to pit cooling and seepage barrier development and operation; ability to source sufficient quality water supplies to support process plant operations; changes to the assumed permitting and regulatory environment under which the mine plan was developed; continued ability to use sub-sea waste and tailings disposal methods; ability to maintain mining permits and/or surface rights; and the ability to maintain social and environmental license to operate. Ongoing mining adjacent to, and to the west of, Ailaya Rock will require continued community acceptance. The mine plan in that area uses steep wall mining techniques. Geotechnical monitoring will be a critical control. Cut-off grades used in the mine plan assume that future cost reductions at the end of the LOM can be achieved. The mine plan assumes that the existing permitting area for marine tailings and waste disposal can be expanded as required in the LOM plan. 22.12 Mining Methods Mining operations are conducted year-round. Operations are Owner-conducted, except for when a smaller, contractor-operated, pioneering fleet is used to develop new working areas on the steep caldera slopes. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 22-6 The open pit mine plans are appropriately developed to maximise mining efficiencies, based on the current knowledge of geotechnical, hydrological, mining and processing information on the Project. Production mining is by a conventional open pit method, using a conventional mining fleet. Mining is being carried out at elevations below sea level. Sea surge inundation is a risk to operations. The Kapit pit sector will require completion of a number of initiatives, including construction of a, the nearshore soil barrier (cut-off wall) to control seepage, pre-stripping/development of >200 Mt of overlying argillic clay waste rock, construction of a perimeter drainage channel, and geothermal cooling and depressurization to a temperature at which mining can be safely undertaken. Ex-pit inventories will be depleted by 2039. Processing will continue until 2040. The ex-pit mining rate of mining averages 37.0 Mt/a until 2035 and then reduces to 8 Mt/a as stockpile feed becomes the majority ore source. An average of approximately 30% of ore mined is sent to long-term low-grade stockpiles. High- grade ore (typically >3 g/t Au) is prioritized to the plant first, while medium-grade ore (1.6–3 g/t Au) is blended with long-term stockpile ore to achieve the required feed properties of ore type and sulfur grade. The planned cut-off between medium-grade and low-grade material can be adjusted if needed, depending on ore supply and phase development. As part of day-to-day operations, Newmont will continue to perform reviews of the mine plan and consider alternatives to, and variations within, the plan. Alternative scenarios and reviews may be based on ongoing or future mining considerations, evaluation of different potential input factors and assumptions, and corporate directives. 22.13 Recovery Methods The process plant flowsheet design was based on testwork results, previous study designs and industry-standard practices. As the gold mineralisation is refractory, the plant consists of crushing and grinding followed by partial flotation, pressure oxidation, and then recovery of gold from washed oxidised slurry using conventional cyanidation. The process methods are conventional CIL and pressure oxidation methods. The comminution and recovery processes used in the plant have no significant elements of technological innovation. The plant will produce variations in recovery due to the day-to-day changes in ore type or combinations of ore type being processed. These variations are expected to trend to the forecast recovery value for monthly or longer reporting periods. 22.14 Infrastructure The majority of the key infrastructure to support the mining activities envisaged in the LOM is in place. The nearshore soil barrier project is required to enable access to the mineral reserves within the Kapit pit sector. The preferred construction method is a high strength reinforced concrete diaphragm wall, spanning 800 m, with a nominal depth of 30.5 m. Power is currently produced at site by HFO reciprocating engines.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 22-7 The existing infrastructure, staff availability, existing power, water, and communications facilities, and the methods whereby goods are transported to the mine are all in place and well-established, and can support the estimation of mineral resources and mineral reserves. 22.15 Market Studies Newmont’s bullion is sold on the spot market, by marketing experts retained in-house by Newmont. The terms contained within the sales contracts are typical and consistent with standard industry practice and are similar to contracts for the supply of doré elsewhere in the world. Metal price assumptions are provided by Newmont management. Newmont considers analyst and broker price predictions, and price projections used by peers as inputs when preparing the management pricing forecasts. The largest in-place contracts other than for product sales cover items such as refining, security transport, data management and invoicing, mining contracts, sea freight, catering and accommodations support, air transport, and labor hire.. Contracts are negotiated and renewed as needed. Contract terms are typical of similar contracts in PNG that Newmont is familiar with. 22.16 Environmental, Permitting and Social Considerations Baseline studies were completed in support of mine permitting. Environmental and social management plans were developed in support of operations. Mine development and operations commenced in 1997 in accordance with the MDC. A regulatory-approved EMMP is in place. All long-term stockpiles, except Kapit North and Wild West, are within the planned final pit boundary, and will need to be consumed or relocated to allow final pit development. Waste rock from the mine is either used for construction purposes or transported in barges for off-shore submarine disposal. Tailings are disposed using a DSTP methodology. Water sources include a weir, spring, seawater supplement, and can include pit diversion run-off. Prolonged drought conditions are a risk to continued plant operations due to the lack of water. Sea water substitution measures can be implemented in the plant under major drought conditions, and can mitigate a portion, but not all, of the drought-related effects on production. All major permits and approvals are either in place or Newmont expects to obtain them in the normal course of business. Additional permitting will be required to support the nearshore soil barrier required in the LOM plan. Where permits have specific terms, renewal applications are made of the relevant regulatory authority as required, prior to the end of the permit term. Regular monitoring is undertaken of water quality for regulatory reporting. Newmont is currently conducting studies to assess appropriate means of managing AMD as the basis for an amendment to the Environment Permit for Waste Discharge. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 22-8 A mine closure risk assessment and cost estimates were updated in June 2023. The LOM cost estimate is US$315.5 million. 22.17 Capital Cost Estimates Capital costs were based on recent prices or operating data and are at a minimum at a pre- feasibility level of confidence, having an accuracy level of ±25% and a contingency range not exceeding 15%. Capital costs included allowances for miscellaneous equipment, small projects, and other minor capital costs was included for mining, processing, and site general. The sustaining capital cost estimate is based current budget level costs, combined with recent average sustaining capital expenditures. Sustaining and non-sustaining capital costs will total US$2,500 M over the anticipated LOM. 22.18 Operating Cost Estimates Operating costs were derived from a variety of sources. The mining costs were derived from a purpose-built, activity-based cost model, while ore treatment and G&A costs were based on budgeted numbers adjusted for Newcrest’s long-term consumable price forecasts. Newmont accepted these inputs. Mining operating costs are forecast to average $5.72/t of material mined or US$12.72/t ore milled, for a total of US$2,762 M over the remaining LOM. Process operating costs are forecast to average US$28.40/t milled, for a total of US$6,165 M at a throughput rate of 12.77 Mt/a over the remaining LOM. General and administrative operating costs are forecast to average US$15.50/t milled, for a total of US$3,365 M over the remaining LOM. The projected LOM plan operating costs are anticipated to total US$56.62/t milled. 22.19 Economic Analysis The NPV at a discount rate of 10% is $1.0 B. The internal rate of return (IRR) is estimated at 37% and the payback period is 5.3 years. The active mining operation ceases in 2039, and processing in 2040; however, closure costs are estimated to 2053. The sensitivity of the Project to changes in grades, sustaining capital costs and operating cost assumptions was tested using a range of 25% above and below the base case values. The changes in metal prices are representative of changes in grade. The Project is most sensitive to changes in the gold price and grade, less sensitive to changes in operating costs, and least sensitive to capital cost changes.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 22-9 22.20 Risks and Opportunities 22.20.1 Risks Risks that may affect the mineral resource and mineral reserve estimates are identified in Chapter 11.14 and Chapter 12.6 respectively. The Project is located in a seismically-active area, and is subject to risks associated with earthquakes and tsunamis. If such events were to occur, impacts would include effects on infrastructure, the open pit, mine plans and the capital and operating costs that support the mineral reserves and economic analysis. The mine is proximal to a corrosive marine environment, which can have an effect on built infrastructure. The mine plan assumes asset integrity; however, unforeseen major corrosion could have an effect on the infrastructure, mine plan and the capital and operating costs that support the mineral reserves and economic analysis. The economic outcome in this Report assumes that Special Mining Lease 6, Leases for Mining Purposes 34–40, and Mining Easements 71–73, which expire on March 16, 2035, can be renewed for the remaining post-2035 mine life. The current mine plan envisages that mining will be allowed adjacent to, and to the west of, Ailaya Rock. The mine plan assumes steep wall mining techniques, and geotechnical monitoring will be a critical control. There is a risk that the technical aspects could result in damage to Ailaya Rock, and result in a significant social issue. The outcome could affect the social license to operate and affect the mine plan and economic forecasts in this Report. The LOM plan assumes that mining is feasible at elevations significantly below sea level, once the seepage, nearshore soil and off-shore barriers are in place and operational. If these barriers are ineffective or permit seawater ingress, there is a likely effect on the mine plan and economic forecasts in this Report. There is a risk that ongoing work will result in confidence classification changes, such that some of the material now classified as higher-confidence categories will be reclassified to lower confidence categories that cannot support conversion to mineral reserves, or be of such low confidence that they cannot be classified as inferred mineral resources. Changes to modelling methods may also affect confidence classifications. This could affect the mineral resource and mineral reserve estimates, locally affect the mine plan, stockpiling and recovery assumptions, and may affect the economic outcomes as presented in the Report. There is a risk that insufficient understanding of the distribution of the advanced/argillic or lower competency material could result in effects on the materials handling assumptions and equipment. There is a risk that the mill and crushers will be unable to efficiently process significant quantities of these types of materials. The mine plan assumes that DSTP can continue for the LOM, and that extensions to the area that is subject to DSTP can be extended. There is a risk that if these assumptions are incorrect, there will be an effect on the mine plan and economic forecasts in this Report if the alternatives come at a higher operating or sustaining capital cost and/or reduced productivity. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 22-10 The LOM plan assumes that future cost reductions at the end of the LOM can be achieved to support processing of lower-grade material. The PNG government has announced that it is considering replacing the current PNG Income Tax Act with a new Income Tax Act with limited consultation undertaken to date. The latest draft legislation provides that the new Income Tax Act will come into force from January 1, 2025. It remains uncertain as to whether existing tax attributes for the Lihir Operations will be transitioned under the new law due to the lack of transitional provisions, key regulations and other key ancillary pieces of legislation. This is a risk to the cashflow analysis that supports the mineral reserves, and the assumptions used when estimating mineral reserves. 22.20.2 Opportunities There is Project upside opportunity if the mineral resources exclusive of mineral reserves can be upgraded to mineral reserves with additional testwork and studies. Newmont intends to introduce its “Full Potential” program to the Lihir Operations. This program seeks to implement continuous improvements in cost reduction and productivity. 22.21 Conclusions Under the assumptions presented in this Report, the Lihir Operations have a positive cash flow, and mineral reserve estimates can be supported.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 23-1 23.0 RECOMMENDATIONS As Lihir is an operating mine, the QP has no material recommendations to make. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 24-1 24.0 REFERENCES 24.1 Bibliography Ageneau, M., 2012: Geology of the Kapit Ore Zone and Comparative Geochemistry with Minifie and Lienetz Ore Zones, Ladolam Gold Deposit, Lihir Island, Papua New Guinea: unpublished PhD thesis, University of Tasmania, 269 p. Aqueduct Water Risk Atlas: https://www.wri.org/applications/maps/aqueduct-atlas. Asian Geos Pty Ltd., 2012: Geophysical Investigation Report, for Kapit Coffer Dam Offshore Geophysical Investigation, Lihir Island, Offshore Papua New Guinea: draft report prepared for Newcrest, September 28, 2012, 188 p. Blackwell, J.L., 2010: Characteristics and Origins of Breccias in a Volcanic-hosted Alkalic Epithermal Gold Deposit, Ladolam, Lihir Island, Papua New Guinea: unpublished PhD thesis, University of Tasmania, Australia, 203 p. Blood, A.M., 2015: Approvals and Regulation in Papua New Guinea: article posted to AusIMM website, December 2015. Carman, G.D., 1994: Genesis of the Ladolam Gold Deposit, Lihir Island, Papua New Guinea: unpublished PhD thesis, Monash University, Australia, 381 p. Cater, G., 2002: Deep Hydrothermal Alteration at the Ladolam Epithermal Gold Deposit, Lihir Island, Papua New Guinea: unpublished MSc thesis, University of Auckland, New Zealand, 94 p. Collins, M.J., Hasenbank, A., Parekh, B., and Hewitt, B., 2011: Design of the New Lihir Gold Pressure Oxidation Autoclave: in Davis, B.R. and Kapusta, J.P.T., eds, New Technology Implementation in Metallurgical Processes, Proceedings of the 50th Annual Conference of the Metallurgists of CIM, pp. 101–110. Corbett, G., 2002: Epithermal Gold for Explorationists: AIG Journal, Applied Geoscientific Practice and Research in Australia: Paper 2002-01, February 2002; https://corbettgeology.com/wp-content/uploads/2016/07/Epithermal-Gold-2002.pdf Davies, R.M., and Ballantyne, G.H., 1987: Geology of the Ladolam Gold Deposit, Lihir Island, Papua New Guinea: PACRIM Conference ’87, Gold Coast, August 26–29, 1987, pp. 943– 949. Department of Environment and Conservation (DEC), 2004: Guideline for Conduct of Environmental Impact Assessment and Preparation of an Environmental Impact Statement: PNG Department of Environment and Conservation. Gardner, K., 2016: Lihir Database Sulphide Sulphur Adjustments: internal Newcrest memorandum, December 19, 2016, 6 p. Gardner, K., 2019: RRSC Note – Lihir Alteration Model: internal Newcrest memorandum, October 21, 2019, 4 p.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 24-2 Gardner, K., Seaman, D., and O’Callaghan, J., 2017: Ore Deposit Knowledge – the Value of Continuous Improvement: The Conference of Metallurgists hosting World Gold & Nickel Cobalt Proceedings, August 27–30, 2017, Vancouver, Canada. Garwin, S., Hall, R., and Watanbe, Y., 2005: Tectonic Setting, Geology and Gold and Copper Mineralisation in Cenozoic Magmatic Arcs of Southeast Asia and the West Pacific: Economic Geology 100th Anniversary Volume, pp. 891–930. GBG Australia Pty Ltd, 2017: Marine and Land Based Geophysical Investigations Inner Harbour, Newcrest Gold Lihir, Lihir Island, PNG: report prepared for Newcrest, June 5, 2017, 20 p. Gleeson, K., Butt, S., O’Callaghan, J., and Jones, C., 2020: Lihir Operations, Aniolam Island, Papua New Guinea, NI 43-101 Technical Report: report prepared for Newcrest, effective date June 30, 2020. Harris, A., 2016: Lihir Island–Island-Scale Exploration Targeting; Review of Historical Data Sets, March 2016: internal Newcrest PowerPoint presentation, March 11, 2016. Hill, K.C., Kendrick, R.D., Crowhurst, P.V., and Gow, P.A., 2002: Copper–Gold Mineralisation in New Guinea: Tectonics, Lineaments, Thermochronology and Structure: Australian Journal of Earth Sciences, v. 49, pp. 737−752. Independent State of Papua New Guinea, 2005: Mine Closure Policy and Guidelines. Independent State of Papua New Guinea, 2019: Mining Project Rehabilitation and Closure Guidelines: Papua New Guinea, September 2019, Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development. Jones, R., 2013: Lihir Resource Development, QAQC Review: internal Newcrest memorandum, undated. Jones, R., 2013b: Sulphur Bias at Lihir Since 2003: internal Newcrest memorandum, December 23, 2013, 14 p. Jones, R., 2014: QAQC Review to Accompany Resource Statement on Work Carried Out In 2011-12: internal Newcrest memorandum, January 11, 2014, Kentwell, D., and Guibal, D., 2018: Lihir Mineral Resource Review: report prepared by SRK Consulting (Australasia) Pty Ltd for Newcrest, February 20, 2018, 15 p. Ketchan, V.J., O’Reilly, J.F., and Vardill, W.D., 1993: The Lihir Gold Project; Process Plant Design: Minerals Engineering, 16(8–10), pp. 1037–1065. Knight, P., 2018: PFS Technical Study Report, Lihir Pit Cooling Study, (PFS1): internal Newcrest report, January 30, 2018. Knight, P., 2019: PFS Technical Study Report, Lihir Pit Cooling Study, (PFS2): internal Newcrest report, August 23, 2019. Lawlis, E., 2020: Geology and Geochemistry of the Kapit NE Prospect, Lihir Gold Deposit, Papua New Guinea: unpublished PhD thesis, University of Tasmania, Australia. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 24-3 Malana, E., 2018: Kinami Field Mapping, EL 485 – Lihir Island: internal Newcrest report, June 4, 2018, 16 p. Moorhead, C., 2014, Technical Report on the Lihir Property in Papua New Guinea; March 2014, NI 43-101 Technical Report by Newcrest Mining Limited, 88 p. Napier-Munn, T. J., 2014: Statistical Methods for Mineral Engineers - How to Design Experiments and Analyze Data: JKMRC Monograph Series in Mining and Mineral Processing, 627 p. Phillips, G., 2019: QAQC Report for the Period 26/6/2012 to 31/5/2019: internal Newcrest memorandum, June 2019, 9 p. Reynolds, M., 2017, Slope Model 2017 v5.1 Release Notes; September 3, 2017, Newcrest Internal Memorandum Report to Dave Grigg, 3 p. Richards, J.P., 2003: Tectono-Magmatic Precursors for Porphyry Cu-(Mo-Au) Deposit Formation: Economic Geology Vol. 98, 2003, pp. 1515–1533. Seaman, D., and Gardner, K., 2017: Updated Metallurgical Functions – New Alteration Domains: internal Newcrest memorandum, April 4, 2017, 20 p. Sillitoe, R., 2010: Porphyry Copper Systems: Economic Geology, v. 105, pp. 3–41. Smith, R. I., 1990: Tertiary Plate Tectonic Setting and Evolution of Papua New Guinea, in Carman, G.J., and Carman, Z. eds: Petroleum Exploration in Papua New Guinea: Proceedings of the First PNG Petroleum Convention. Port Moresby, pp. 229–244. Struckmeyer, H.I.M., Young, M., and Pigram, C.J., 1993: Mesozoic and Cainozoic Plate Tectonic and Palaeogeographic Evolution of the New Guinea Region: in Carman, G., J., and Carman, Z., eds: Petroleum Exploration and Development in Papua New Guinea: Proceedings of the Second PNG Petroleum Convention, Port Moresby, pp 261–290. Sykora, S., 2016: Origin, Evolution and Significance of Anhydrite-Bearing Vein Arrays and Breccias, Lienetz Orebody, Lihir Gold Deposit, Papua New Guinea: unpublished PhD thesis, University of Tasmania, Australia. The National, 2017: National Executive Council to Review New Policies: newspaper article, The National, October 6, 2017, accessed at http://www.thenational.com.pg/national-executive- council-review-new-policies/. Tingey, R.J., and Grainger, D.J., 1976: Markham, Papua New Guinea 1:250,000 Geological Series: Bureau of Mineral Resources, Australia, Explanatory Notes, SB/55-10.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 24-4 24.2 Abbreviations Abbreviation/Symbol Term AA atomic absorption AMD acid and metalliferous drainage APFD Approved Proposal for Development ARD acid rock drainage CCD counter-current decantation CEPA Conservation and Environment Protection Authority CIL carbon-in-leach CV co-efficient of variation CY calendar year DGPS differential global positioning system DSTP deep sea tailings placement EMMP Environmental Management and Monitoring Plan FA fire assay FGO grinding and flotation plant upgrade FIFO fly-in-fly-out FY financial year G&A general and administrative GPS global positioning system HGO high-grade ore ICP-AES inductively coupled plasma atomic emission spectroscopy ICP-MS inductively coupled plasma–mass spectrometry ICP-OES inductively coupled plasma optical emission spectroscopy ID2 inverse distance to the power of two IFC International Finance Corporation IP induced polarization koz thousand ounces kt thousand tonnes LA–ICP–MS laser ablation inductively-coupled plasma mass spectrometry LBMA London Bullion Market Association (now known simply as LBMA) LECO analyzer designed for wide-range measurement of carbon and sulfur content of mineralization LG Lerchs–Grossmann LME London Metal Exchange LOM life-of-mine LUC local uniform conditioning Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 24-5 Abbreviation/Symbol Term MAC Mining Advisory Council Mlb million pounds MOPU major plant expansion MRA Minerals Resources Authority MSHA United States Mine Safety and Health Administration Mt million tonnes MX$ Mexican peso MXN Mexican NCA neutralization, cyanidation and adsorption NewFields NewFields Consultants Inc. Newmont Newmont Corporation NN nearest neighbor NPV net present value NSR net smelter return OES optical emission spectrometry PAG potentially acid-generating PC pyrite calcite alteration PGK PNG kina PM10 Particulate matter with a diameter of ≤10 µm, inhalable into lungs PM2.5 Particulate matter with a diameter of ≤2.5 µm, inhalable into lungs PNG Papua New Guinea POX pressure oxide leach QA/QC quality assurance and quality control QP Qualified Person RAB rotary air blast RC reverse circulation ROM run-of-mine RQD rock quality description SAG semi-autogenous grind SG specific gravity SME Society for Mining, Metallurgy and Exploration SMU selective mining unit SRCE standard reclamation cost estimator UC uniform conditioning US United States US$ United States dollar v/v volume/volume

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 24-6 Abbreviation/Symbol Term w/w weight/weight 24.3 Glossary of Terms Term Definition acid rock drainage/ acid mine drainage Characterized by low pH, high sulfate, and high iron and other metal species. alluvium Unconsolidated terrestrial sediment composed of sorted or unsorted sand, gravel, and clay that was deposited by water. ANFO A free-running explosive used in mine blasting made of 94% prilled aluminum nitrate and 6% No. 3 fuel oil. aquifer A geologic formation capable of transmitting significant quantities of groundwater under normal hydraulic gradients. azimuth The direction of one object from another, usually expressed as an angle in degrees relative to true north. Azimuths are usually measured in the clockwise direction, thus an azimuth of 90 degrees indicates that the second object is due east of the first. ball mill A piece of milling equipment used to grind ore into small particles. It is a cylindrical shaped steel container filled with steel balls into which crushed ore is fed. The ball mill is rotated causing the balls themselves to cascade, which in turn grinds the ore. bullion Unrefined gold and/or silver mixtures that have been melted and cast into a bar or ingot. carbonaceous Containing graphitic or hydrocarbon species, e.g., in an ore or concentrate; such materials generally present some challenge in processing, e.g., preg- robbing characteristics. comminution/crushing/grinding Crushing and/or grinding of ore by impact and abrasion. Usually, the word "crushing" is used for dry methods and "grinding" for wet methods. Also, "crushing" usually denotes reducing the size of coarse rock while "grinding" usually refers to the reduction of the fine sizes. concentrate The concentrate is the valuable product from mineral processing, as opposed to the tailing, which contains the waste minerals. The concentrate represents a smaller volume than the original ore counter-current decantation (CCD) A process where a slurry is thickened and washed in multiple stages, where clean water is added to the last thickener, and overflows from each thickener are progressively transferred to the previous thickener, countercurrent to the flow of thickened slurry. customary Rules and practices that govern an indigenous people of a society in their way of life, and their roles and responsibilities toward each other. customary land A form of collective and inalienable title which adapts and sustains common benefits over many generations. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 24-7 Term Definition cut-off grade A grade level below which the material is not “ore” and considered to be uneconomical to mine and process. The minimum grade of ore used to establish reserves. data verification The process of confirming that data was generated with proper procedures, was accurately transcribed from the original source and is suitable to be used for mineral resource and mineral reserve estimation density The mass per unit volume of a substance, commonly expressed in grams/ cubic centimeter. diatreme A volcanic vent or pipe that formed when magma was forced through flat-lying sedimentary rock dilution Waste of low-grade rock which is unavoidably removed along with the ore in the mining process. easement Areas of land owned by the property owner, but in which other parties, such as utility companies, may have limited rights granted for a specific purpose. encumbrance An interest or partial right in real property which diminished the value of ownership, but does not prevent the transfer of ownership. Mortgages, taxes and judgements are encumbrances known as liens. Restrictions, easements, and reservations are also encumbrances, although not liens. feasibility study A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section, together with any other relevant operational factors, and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. A feasibility study is more comprehensive, and with a higher degree of accuracy, than a pre-feasibility study. It must contain mining, infrastructure, and process designs completed with sufficient rigor to serve as the basis for an investment decision or to support project financing. flotation Separation of minerals based on the interfacial chemistry of the mineral particles in solution. Reagents are added to the ore slurry to render the surface of selected minerals hydrophobic. Air bubbles are introduced to which the hydrophobic minerals attach. The selected minerals are levitated to the top of the flotation machine by their attachment to the bubbles and into a froth product, called the "flotation concentrate." If this froth carries more than one mineral as a designated main constituent, it is called a "bulk float". If it is selective to one constituent of the ore, where more than one will be floated, it is a "differential" float. flowsheet The sequence of operations, step by step, by which ore is treated in a milling, concentration, or smelting process. frother A type of flotation reagent which, when dissolved in water, imparts to it the ability to form a stable froth fumarole An opening that emits steam and gases. gangue The fraction of ore rejected as tailing in a separating process. It is usually the valueless portion, but may have some secondary commercial use

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 24-8 Term Definition geothermal Heat generated within the earth gravity concentrator Uses the differences in specific gravity between gold and gangue minerals to realize a separation of the gold from the gangue. heap leaching A process whereby valuable metals, usually gold and silver, are leached from a heap or pad of crushed ore by leaching solutions percolating down through the heap and collected from a sloping, impermeable liner below the pad. indicated mineral resource An indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The term adequate geological evidence means evidence that is sufficient to establish geological and grade or quality continuity with reasonable certainty. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. inferred mineral resource An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The term limited geological evidence means evidence that is only sufficient to establish that geological and grade or quality continuity is more likely than not. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. A qualified person must have a reasonable expectation that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration; and should be able to defend the basis of this expectation before his or her peers. initial assessment An initial assessment is a preliminary technical and economic study of the economic potential of all or parts of mineralization to support the disclosure of mineral resources. The initial assessment must be prepared by a qualified person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment is required for disclosure of mineral resources but cannot be used as the basis for disclosure of mineral reserves internal rate of return (IRR) The rate of return at which the Net Present Value of a project is zero; the rate at which the present value of cash inflows is equal to the present value of the cash outflows. life of mine (LOM) Number of years that the operation is planning to mine and treat ore, and is taken from the current mine plan based on the current evaluation of ore reserves. measured mineral resource A measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The term conclusive geological evidence means evidence that is sufficient to test and confirm geological and grade or quality continuity. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 24-9 Term Definition factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. merger A voluntary combination of two or more companies whereby both stocks are merged into one. mill Includes any ore mill, sampling works, concentration, and any crushing, grinding, or screening plant used at, and in connection with, an excavation or mine. mineral reserve A mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. The determination that part of a measured or indicated mineral resource is economically mineable must be based on a preliminary feasibility (pre- feasibility) or feasibility study, as defined by this section, conducted by a qualified person applying the modifying factors to indicated or measured mineral resources. Such study must demonstrate that, at the time of reporting, extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The study must establish a life of mine plan that is technically achievable and economically viable, which will be the basis of determining the mineral reserve. The term economically viable means that the qualified person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The term investment and market assumptions includes all assumptions made about the prices, exchange rates, interest and discount rates, sales volumes, and costs that are necessary to determine the economic viability of the mineral reserves. The qualified person must use a price for each commodity that provides a reasonable basis for establishing that the project is economically viable. mineral resource A mineral resource is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. The term material of economic interest includes mineralization, including dumps and tailings, mineral brines, and other resources extracted on or within the earth’s crust. It does not include oil and gas resources, gases (e.g., helium and carbon dioxide), geothermal fields, and water. When determining the existence of a mineral resource, a qualified person, as defined by this section, must be able to estimate or interpret the location, quantity, grade or quality continuity, and other geological characteristics of the mineral resource from specific geological evidence and knowledge, including sampling; and conclude that there are reasonable prospects for economic extraction of the mineral resource based on an initial assessment, as defined in this section, that he or she conducts by qualitatively applying relevant technical and economic factors likely to influence the prospect of economic extraction.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 24-10 Term Definition net present value (NPV) The present value of the difference between the future cash flows associated with a project and the investment required for acquiring the project. Aggregate of future net cash flows discounted back to a common base date, usually the present. NPV is an indicator of how much value an investment or project adds to a company. net smelter return (NSR) A defined percentage of the gross revenue from a resource extraction operation, less a proportionate share of transportation, insurance, and processing costs. open pit A mine that is entirely on the surface. Also referred to as open-cut or open- cast mine. ounce (oz) (troy) Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035 grams. overburden Material of any nature, consolidated or unconsolidated, that overlies a deposit of ore that is to be mined. pebble crushing A crushing process on screened larger particles that exit through the grates of a SAG mill. Such particles (typically approx. 50 mm diameter) are not efficiently broken in the SAG mill and are therefore removed and broken, typically using a cone crusher. The crushed pebbles are then fed to a grinding mill for further breakage. phyllic alteration Minerals include quartz-sericite-pyrite plant A group of buildings, and especially to their contained equipment, in which a process or function is carried out; on a mine it will include warehouses, hoisting equipment, compressors, repair shops, offices, mill or concentrator. potassic alteration A relatively high temperature type of alteration which results from potassium enrichment. Characterized by biotite, K-feldspar, adularia. preg-robbing A characteristic of certain ores, typically that contain carbonaceous species, where dissolved gold is re-adsorbed by these species, leading to an overall reduction in gold recovery. Such ores require more complex treatment circuits to maximize gold recovery. preliminary feasibility study, pre- feasibility study A preliminary feasibility study (prefeasibility study) is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a qualified person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product. A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a qualified person to determine if all or part of the indicated and measured mineral resources may be converted to mineral reserves at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable pressure oxidation A process recovery that uses elevated temperatures and pressures in the presence of oxygen to recover valuable elements. probable mineral reserve A probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource. For a probable mineral Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 24-11 Term Definition reserve, the qualified person’s confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality is lower than what is sufficient for a classification as a proven mineral reserve, but is still sufficient to demonstrate that, at the time of reporting, extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The lower level of confidence is due to higher geologic uncertainty when the qualified person converts an indicated mineral resource to a probable reserve or higher risk in the results of the application of modifying factors at the time when the qualified person converts a measured mineral resource to a probable mineral reserve. A qualified person must classify a measured mineral resource as a probable mineral reserve when his or her confidence in the results obtained from the application of the modifying factors to the measured mineral resource is lower than what is sufficient for a proven mineral reserve. propylitic Characteristic greenish color. Minerals include chlorite, actinolite and epidote. Typically contains the assemblage quartz–chlorite–carbonate proven mineral reserve A proven mineral reserve is the economically mineable part of a measured mineral resource. For a proven mineral reserve, the qualified person has a high degree of confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality. A proven mineral reserve can only result from conversion of a measured mineral resource. qualified person A qualified person is an individual who is a mineral industry professional with at least five years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and an eligible member or licensee in good standing of a recognized professional organization at the time the technical report is prepared. For an organization to be a recognized professional organization, it must: (A) Be either: (1) An organization recognized within the mining industry as a reputable professional association, or (2) A board authorized by U.S. federal, state or foreign statute to regulate professionals in the mining, geoscience or related field; (B) Admit eligible members primarily on the basis of their academic qualifications and experience; (C) Establish and require compliance with professional standards of competence and ethics; (D) Require or encourage continuing professional development; (E) Have and apply disciplinary powers, including the power to suspend or expel a member regardless of where the member practices or resides; and; (F) Provide a public list of members in good standing. reclamation The restoration of a site after mining or exploration activity is completed. refining A high temperature process in which impure metal is reacted with flux to reduce the impurities. The metal is collected in a molten layer and the impurities in a slag layer. Refining results in the production of a marketable material.

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 24-12 Term Definition resistivity Observation of electric fields caused by current introduced into the ground as a means of studying earth resistivity in geophysical exploration. Resistivity is the property of a material that resists the flow of electrical current rock quality designation (RQD) A measure of the competency of a rock, determined by the number of fractures in a given length of drill core. For example, a friable ore will have many fractures and a low RQD. royalty An amount of money paid at regular intervals by the lessee or operator of an exploration or mining property to the owner of the ground. Generally based on a specific amount per tonne or a percentage of the total production or profits. Also, the fee paid for the right to use a patented process. run-of-mine (ROM) Rehandle where the raw mine ore material is fed into the processing plant’s system, usually the crusher. This is where material that is not direct feed from the mine is stockpiled for later feeding. Run-of-mine relates to the rehandle being for any mine material, regardless of source, before entry into the processing plant’s system. semi-autogenous grinding (SAG) A method of grinding rock into fine powder whereby the grinding media consists of larger chunks of rocks and steel balls. specific gravity The weight of a substance compared with the weight of an equal volume of pure water at 4°C. tailings Material rejected from a mill after the recoverable valuable minerals have been extracted. triaxial compressive strength A test for the compressive strength in all directions of a rock or soil sample uniaxial compressive strength A measure of the strength of a rock, which can be determined through laboratory testing, and used both for predicting ground stability underground, and the relative difficulty of crushing. Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 25-1 25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT 25.1 Introduction The QP fully relied on the registrant for the information used in the areas noted in the following sub-sections. The QP considers it reasonable to rely on the registrant for the information identified in those sub-sections, for the following reasons: • The registrant, through its merger with Newcrest, has been Owner and operator of the mining operations for about 14 years; • The registrant has employed industry professionals with expertise in the areas listed in the following sub-sections; • The registrant has a formal system of oversight and governance over these activities, including a layered responsibility for review and approval; • The registrant has considerable experience in each of these areas. 25.2 Macroeconomic Trends • Information relating to inflation, interest rates, discount rates, exchange rates, and taxes was obtained from the registrant. This information is used in the economic analysis in Chapter 19. It supports the assessment of reasonable prospects for economic extraction of the mineral resource estimates in Chapter 11, and inputs to the determination of economic viability of the mineral reserve estimates in Chapter 12. 25.3 Markets • Information relating to market studies/markets for product, market entry strategies, marketing and sales contracts, product valuation, product specifications, refining and treatment charges, transportation costs, agency relationships, material contracts (e.g., mining, concentrating, smelting, refining, transportation, handling, hedging arrangements, and forward sales contracts), and contract status (in place, renewals), was obtained from the registrant. This information is used in the economic analysis in Chapter 19. It supports the assessment of reasonable prospects for economic extraction of the mineral resource estimates in Chapter 11, and inputs to the determination of economic viability of the mineral reserve estimates in Chapter 12. 25.4 Legal Matters • Information relating to the corporate ownership interest, the mineral tenure (concessions, payments to retain property rights, obligations to meet expenditure/reporting of work

 
Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 25-2 conducted), surface rights, water rights (water take allowances), royalties, encumbrances, easements and rights-of-way, violations and fines, permitting requirements, and the ability to maintain and renew permits was obtained from the registrant. This information is used in support of the property description and ownership information in Chapter 3, the permitting and mine closure descriptions in Chapter 17, and the economic analysis in Chapter 19. It supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11, and the assumptions used in demonstrating economic viability of the mineral reserve estimates in Chapter 12. 25.5 Environmental Matters • Information relating to baseline and supporting studies for environmental permitting, environmental permitting and monitoring requirements, ability to maintain and renew permits, emissions controls, closure planning, closure and reclamation bonding and bonding requirements, sustainability accommodations, and monitoring for and compliance with requirements relating to protected areas and protected species was obtained from the registrant. This information is used when discussing property ownership information in Chapter 3, the permitting and closure discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11, and the assumptions used in demonstrating economic viability of the mineral reserve estimates in Chapter 12. 25.6 Stakeholder Accommodations • Information relating to social and stakeholder baseline and supporting studies, hiring and training policies for workforce from local communities, partnerships with stakeholders (including national, regional, and state mining associations; trade organizations; fishing organizations; state and local chambers of commerce; economic development organizations; non-government organizations; and, state and federal governments), and the community relations plan was obtained from the registrant. This information is used in the social and community discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the reasonable prospects of economic extraction for the mineral resource estimates in Chapter 11, and the assumptions used in demonstrating economic viability of the mineral reserve estimates in Chapter 12. 25.7 Governmental Factors • Information relating to taxation and royalty considerations at the Project level, monitoring requirements and monitoring frequency, bonding requirements, and violations and fines was obtained from the registrant. This information is used in the discussion on royalties and property encumbrances in Chapter 3, the monitoring, permitting and closure discussions in Chapter 17, and the economic analysis in Chapter 19. It supports the reasonable prospects of economic extraction for the mineral resource Lihir Operations Papua New Guinea Technical Report Summary Date: February 2024 Page 25-3 estimates in Chapter 11, and the assumptions used in demonstrating economic viability of the mineral reserve estimates in Chapter 12.

 
EX-97.1 22 q42023exhibit971.htm EX-97.1 q42023exhibit971
    NEWMONT CORPORATION POLICY FOR THE RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION I. PURPOSE The purpose of this Policy is to describe the circumstances in which Newmont Corporation will be required to recover and executive officers will be required to repay or return erroneously awarded compensation to Newmont Corporation or any of its subsidiaries reported on a consolidated bases (collectively, the “Company”) in accordance with the applicable rules of The New York Stock Exchange Listed Company Manual (the “NYSE Rules”), Section 10D and Rule 10D-1 (“Rule 10D-1”) of the Exchange Act (as defined below). This Policy shall be effective as of December 1, 2023 (the “Effective Date”). II. ADMINISTRATION This Policy shall be administered by the Leadership Development and Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company. Any determinations made by the Committee shall be final and binding on all affected individuals. III. DEFINITIONS For purposes of this Policy, the following capitalized terms shall have the meanings set forth below. (a) “Accounting Restatement” shall mean an accounting restatement that is due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (a “Big R” restatement), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a “little r” restatement). (b) “Clawback Eligible Incentive Compensation” shall mean all Incentive-based Compensation Received by an Executive Officer (i) on or after the effective date of applicable NYSE rules, or October 2, 2023, (ii) after beginning service as an Executive Officer, (iii) who served as an Executive Officer at any time during the applicable performance period for any Incentive- based Compensation (whether or not such Executive Officer is serving at the time the Erroneously Awarded Compensation is required to be repaid to the Company), (iii) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (iv) during the applicable Clawback Period. EXHIBIT 97.1

 
2 (c) “Clawback Period” shall mean, with respect to any Accounting Restatement, the three completed fiscal years of the Company immediately preceding the Restatement Date, and if the Company changes its fiscal year, any transition period of less than nine months within or immediately following those three completed fiscal years. (d) “Erroneously Awarded Compensation” shall mean, with respect to each Executive Officer in connection with an Accounting Restatement, the amount of Clawback Eligible Incentive Compensation that exceeds the amount of Incentive-based Compensation that otherwise would have been Received had it been determined based on the restated amounts, computed without regard to any taxes paid. (e) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. (f) “Executive Officer” shall mean each individual who is currently or was previously designated as an “officer” of the Company as defined in Rule 16a-1(f) of the Exchange Act. For the avoidance of doubt, the identification of an executive officer for purposes of this Policy shall include, at a minimum, each executive officer who is or was identified pursuant to Item 401(b) of Regulation S-K, as well as the principal financial officer and principal accounting officer (or, if there is no principal accounting officer, the controller). (g) “Financial Reporting Measures” shall mean measures that are determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and all other measures that are derived wholly or in part from such measures. Stock price and total shareholder return (and any measures that are derived wholly or in part from stock price or total shareholder return) shall for purposes of this Policy be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not be presented in the Company’s financial statements or included in a filing with the SEC. (h) “Incentive-based Compensation” shall mean any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure. (i) “NYSE” shall mean the New York Stock Exchange. (j) “Policy” shall mean this Policy for the Recovery of Erroneously Awarded Compensation, as the same may be amended and/or restated from time to time. (k) “Received” shall, with respect to any Incentive-based Compensation, mean actual or deemed receipt, and Incentive-based Compensation shall be deemed received in the Company’s fiscal period during which the Financial Reporting Measure specified in the Incentive-based Compensation award is attained, even if the payment or grant of the Incentive- based Compensation to the Executive Officer occurs after the end of that period. (l) “Restatement Date” shall mean the earlier to occur of (i) the date the Board, a committee of the Board or the officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.

 
3 (m) “SEC” shall mean the U.S. Securities and Exchange Commission. IV. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION (a) In the event of an Accounting Restatement, the Company will, reasonably promptly, recover the Erroneously Awarded Compensation Received in accordance with NYSE Rules and Rule 10D-1 of the Exchange Act as follows: (1) After an Accounting Restatement, the Committee shall determine the amount of any Erroneously Awarded Compensation Received by each Executive Officer and shall promptly thereafter provide each Executive Officer with a written notice containing the amount of any Erroneously Awarded Compensation and a demand for repayment or return of such compensation, as applicable. For Incentive-based Compensation based on (or derived from) the Company’s stock price or total shareholder return where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the applicable Accounting Restatement: (i) the amount to be repaid or returned shall be determined by the Committee based on a reasonable estimate of the effect of the Accounting Restatement on the Company’s stock price or total shareholder return upon which the Incentive-based Compensation was Received; and (ii) the Company shall maintain documentation of the determination of such reasonable estimate and provide the relevant documentation to the NYSE, as required by the applicable NYSE Rules. (2) The Committee shall have broad discretion to determine the appropriate means and method of recovery of Erroneously Awarded Compensation based on all applicable facts and circumstances. Notwithstanding the foregoing, except as set forth in Section 4(b) below, in no event may the Company accept an amount that is less than the amount of Erroneously Awarded Compensation in satisfaction of an Executive Officer’s obligations hereunder. (3) To the extent that the Executive Officer has already reimbursed the Company for any Erroneously Awarded Compensation Received under any duplicative recovery obligations established by the Company or applicable law, it shall be appropriate for any such reimbursed amount to be credited to the amount of Erroneously Awarded Compensation that is subject to recovery under this Policy. (4) To the extent that an Executive Officer fails to repay all Erroneously Awarded Compensation to the Company when due, the Company shall take all actions reasonable and appropriate to recover such Erroneously Awarded Compensation from the applicable Executive Officer. The applicable Executive Officer shall be required to reimburse the Company for any and all expenses reasonably incurred (including legal fees) by the Company in recovering such Erroneously Awarded Compensation in accordance with the immediately preceding sentence.

 
4 (b) Notwithstanding anything herein to the contrary, the Company shall not be required to take the actions contemplated by Section 4(a) above if the Committee (comprised of independent directors, or in the absence of such a committee, a majority of the independent directors serving on the Board) determines that recovery would be impracticable and any of the following two conditions are met: (i) The Committee has determined that the direct expenses paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered. Before making this determination, the Company must make a reasonable attempt to recover the Erroneously Awarded Compensation, documented such attempt(s) and provided such documentation to the NYSE; or (ii) Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of the Internal Revenue Code of 1986, as amended, and regulations thereunder. V. DISCLOSURE REQUIREMENTS The Company shall file all disclosures with respect to this Policy in accordance with the requirement of the federal securities laws, including the disclosure required by the applicable SEC filings and rules. VI. PROHIBITION OF INDEMNIFICATION The Company shall not be permitted to insure or indemnify any Executive Officer against (i) the loss of any Erroneously Awarded Compensation that is repaid, returned or recovered pursuant to the terms of this Policy, or (ii) any claims relating to the Company’s enforcement of its rights under this Policy. Further, the Company shall not enter into any agreement that exempts any Incentive-based Compensation that is granted, paid or awarded to an Executive Officer from the application of this Policy or that waives the Company’s right to recovery of any Erroneously Awarded Compensation, and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date). VII. INTERPRETATION The Committee is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy and for the Company’s compliance with NYSE Rules, Rule 10D-1 of the Exchange Act and any other applicable law, regulation, rule or interpretation of the SEC or NYSE promulgated or issued in connection therewith. VIII. AMENDMENT; TERMINATION The Committee may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary.

 
5 Notwithstanding anything in this Section VIII to the contrary, no amendment or termination of this Policy shall be effective if such amendment or termination would (after taking into account any actions taken by the Company contemporaneously with such amendment or termination) cause the Company to violate any federal securities laws, SEC rule or NYSE rule. IX. OTHER RECOVERY RIGHTS The Committee intends that this Policy will be applied to the fullest extent required by applicable the law. Any employment agreement, equity award agreement, compensatory plan or any other agreement or arrangement with an Executive Officer shall be deemed to include, as a condition to the grant of any benefit thereunder, an agreement by the Executive Officer to abide by the terms of this Policy. Any right of recovery under this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Company under applicable law, regulation or rule or pursuant to the terms of any policy of the Company or any provision in any employment agreement, equity award agreement, compensatory plan, agreement or other arrangement. XI. SUCCESSORS This Policy shall be binding and enforceable against all Executive Officers and, to the extent required by applicable law or guidance from the SEC or NYSE, their beneficiaries, heirs, executors, administrators or other legal representatives. Effective as of December 1, 2023 * * *